Document:

Unassociated Document

    

    

    

    FINANCIAL
      ASSET SECURITIES CORP.,

    Depositor

    

    

    WELLS
      FARGO BANK, N.A.,

    Servicer

    

    

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer and Trust Administrator

    

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee
      

    

    

    

    POOLING
      AND SERVICING AGREEMENT

    

    Dated
      as
      of March 1, 2006

    

    

    ___________________________

    Soundview
      Home Loan Trust 2006-2

    

    Asset-Backed
      Certificates, Series 2006-2

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Table
      of Contents

     

    

    
      	
              ARTICLE
                I

              DEFINITIONS

               

            
	
              SECTION
                1.01

            	
              Defined
                Terms. 

            
	
              SECTION
                1.02

            	
              Accounting. 

            
	
              SECTION
                1.03

            	
              Allocation
                of Certain Interest Shortfalls. 

               

            
	
              ARTICLE
                II

              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

               

            
	
              SECTION
                2.01

            	
              Conveyance
                of Mortgage Loans. 

            
	
              SECTION
                2.02

            	
              Acceptance
                by Trustee. 

            
	
              SECTION
                2.03

            	
              Repurchase
                or Substitution of Mortgage Loans by an Originator or the
                Seller. 

            
	
              SECTION
                2.04

            	
              [Reserved]. 

            
	
              SECTION
                2.05

            	
              Representations,
                Warranties and Covenants of the Servicer and the Master
                Servicer. 

            
	
              SECTION
                2.06

            	
              Representations
                and Warranties of the Depositor. 

            
	
              SECTION
                2.07

            	
              Issuance
                of Certificates. 

            
	
              SECTION
                2.08

            	
              [Reserved]. 

            
	
              SECTION
                2.09

            	
              Conveyance
                of REMIC Regular Interests and Acceptance of REMIC 1, REMIC 2, REMIC
                3,
                REMIC 4, REMIC 5 and REMIC 6 by the Trustee; Issuance of
                Certificates. 

               

            
	
              ARTICLE
                III

              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

               

            
	
              SECTION
                3.01

            	
              Servicer
                to Act as Servicer. 

            
	
              SECTION
                3.02

            	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers; Subcontractors. 

            
	
              SECTION
                3.03

            	
              Successor
                Sub-Servicers. 

            
	
              SECTION
                3.04

            	
              Liability
                of the Servicer. 

            
	
              SECTION
                3.05

            	
              No
                Contractual Relationship Between Sub-Servicers and the Trustee, the
                Trust
                Administrator or Certificateholders. 

            
	
              SECTION
                3.06

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Master Servicer. 

            
	
              SECTION
                3.07

            	
              Collection
                of Certain Mortgage Loan Payments. 

            
	
              SECTION
                3.08

            	
              Sub-Servicing
                Accounts. 

            
	
              SECTION
                3.09

            	
              Collection
                of Taxes, Assessments and Similar Items; Servicing Accounts. 

            
	
              SECTION
                3.10

            	
              Collection
                Account. 

            
	
              SECTION
                3.11

            	
              Withdrawals
                from the Collection Account. 

            
	
              SECTION
                3.12

            	
              Investment
                of Funds in the Collection Account. 

            
	
              SECTION
                3.13

            	
              [Reserved]. 

            
	
              SECTION
                3.14

            	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage. 

            
	
              SECTION
                3.15

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption Agreements. 

            
	
              SECTION
                3.16

            	
              Realization
                Upon Defaulted Mortgage Loans. 

            
	
              SECTION
                3.17

            	
              Trustee
                to Cooperate; Release of Mortgage Files. 

            
	
              SECTION
                3.18

            	
              Servicing
                Compensation. 

            
	
              SECTION
                3.19

            	
              Reports;
                Collection Account Statements. 

            
	
              SECTION
                3.20

            	
              Statement
                as to Compliance. 

            
	
              SECTION
                3.21

            	
              Assessments
                of Compliance and Attestation Reports. 

            
	
              SECTION
                3.22

            	
              Access
                to Certain Documentation. 

            
	
              SECTION
                3.23

            	
              Title,
                Management and Disposition of REO Property. 

            
	
              SECTION
                3.24

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest Shortfalls. 

            
	
              SECTION
                3.25

            	
              Obligations
                of the Servicer in Respect of Monthly Payments. 

            
	
              SECTION
                3.26

            	
              Net
                WAC Rate Carryover Reserve Account. 

            
	
              SECTION
                3.27

            	
              Advance
                Facility

            
	
              SECTION
                3.28

            	
              Late
                Remittance. 

               

            
	
              ARTICLE
                IIIA

              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

               

            
	
              SECTION
                3A.01

            	
              Master
                Servicer to Act as Master Servicer. 

            
	
              SECTION
                3A.02

            	
              [Reserved].
                

            
	
              SECTION
                3A.03

            	
              Monitoring
                of Servicer. 

            
	
              SECTION
                3A.04

            	
              Fidelity
                Bond. 

            
	
              SECTION
                3A.05

            	
              Power
                to Act; Procedures. 

            
	
              SECTION
                3A.06

            	
              Due
                on Sale Clauses; Assumption Agreements. 

            
	
              SECTION
                3A.07

            	
              [Reserved].
                

            
	
              SECTION
                3A.08

            	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                Trustee.
                

            
	
              SECTION
                3A.09

            	
              Compensation
                for the Master Servicer. 

            
	
              SECTION
                3A.10

            	
              Obligations
                of the Master Servicer in Respect of Prepayment Interest Shortfalls.
                

            
	
              SECTION
                3A.11

            	
              Distribution
                Account. 

            
	
              SECTION
                3A.12

            	
              Permitted
                Withdrawals and Transfers from the Distribution Account. 

               

            
	
              ARTICLE
                IV

              FLOW
                OF FUNDS

               

            
	
              SECTION
                4.01

            	
              Distributions. 

            
	
              SECTION
                4.02

            	
              [Reserved]. 

            
	
              SECTION
                4.03

            	
              Statements. 

            
	
              SECTION
                4.04

            	
              Remittance
                Reports; Advances. 

            
	
              SECTION
                4.05

            	
              Commission
                Reporting. 

            
	
              SECTION
                4.06

            	
              [Reserved] 

            
	
              SECTION
                4.07

            	
              [Reserved] 

            
	
              SECTION
                4.08

            	
              Distributions
                on the REMIC Regular Interests. 

            
	
              SECTION
                4.09

            	
              Allocation
                of Realized Losses. 

            
	
              SECTION
                4.10

            	
              Swap
                Account. 

            
	
              SECTION
                4.11

            	
              Tax
                Treatment of Swap Payments and Swap Termination Payments. 

               

            
	
              ARTICLE
                V

              THE
                CERTIFICATES

               

            
	
              SECTION
                5.01

            	
              The
                Certificates. 

            
	
              SECTION
                5.02

            	
              Registration
                of Transfer and Exchange of Certificates. 

            
	
              SECTION
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates. 

            
	
              SECTION
                5.04

            	
              Persons
                Deemed Owners. 

            
	
              SECTION
                5.05

            	
              Appointment
                of Paying Agent. 

               

            
	
              ARTICLE
                VI

              THE
                MASTER SERVICER aND THE DEPOSITOR

               

            
	
              SECTION
                6.01

            	
              Liability
                of the Master Servicer, the Servicer and the Depositor. 

            
	
              SECTION
                6.02

            	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the Master
                Servicer or the Depositor. 

            
	
              SECTION
                6.03

            	
              Limitation
                on Liability of the Servicer, the Master Servicer and Others. 

            
	
              SECTION
                6.04

            	
              Limitation
                on Resignation of the Servicer; Assignment of Master
                Servicing. 

            
	
              SECTION
                6.05

            	
              Successor
                Master Servicer. 

            
	
              SECTION
                6.06

            	
              Delegation
                of Duties. 

            
	
              SECTION
                6.07

            	
              [Reserved]. 

            
	
              SECTION
                6.08

            	
              Inspection. 

            
	
              SECTION
                6.09

            	
              Duties
                of the Credit Risk Manager. 

            
	
              SECTION
                6.10

            	
              Limitation
                Upon Liability of the Credit Risk Manager. 

            
	
              SECTION
                6.11

            	
              Removal
                of the Credit Risk Manager. 

               

            
	
              ARTICLE
                VII

              DEFAULT

               

            
	
              SECTION
                7.01

            	
              Master
                Servicer Events of Termination and Servicer Events of
                Termination. 

            
	
              SECTION
                7.02

            	
              Master
                Servicer or Trustee to Act; Appointment of Successor Servicer. 

            
	
              SECTION
                7.03

            	
              Trustee
                to Act; Appointment of Successor Master Servicer. 

            
	
              SECTION
                7.04

            	
              Waiver
                of Defaults. 

            
	
              SECTION
                7.05

            	
              Notification
                to Certificateholders. 

            
	
              SECTION
                7.06

            	
              Survivability
                of Servicer and Master Servicer Liabilities. 

               

            
	
              ARTICLE
                VIII

              THE
                TRUSTEE AND THE TRUST ADMINISTRATOR

               

            
	
              SECTION
                8.01

            	
              Duties
                of Trustee and Trust Administrator. 

            
	
              SECTION
                8.02

            	
              Certain
                Matters Affecting the Trustee and the Trust Administrator. 

            
	
              SECTION
                8.03

            	
              Trustee
                and Trust Administrator Not Liable for Certificates or Mortgage
                Loans. 

            
	
              SECTION
                8.04

            	
              Trustee
                and Trust Administrator May Own Certificates. 

            
	
              SECTION
                8.05

            	
              Trust
                Administrator and Trustee Compensation and Expenses. 

            
	
              SECTION
                8.06

            	
              Eligibility
                Requirements for Trustee and Trust Administrator. 

            
	
              SECTION
                8.07

            	
              Resignation
                or Removal of Trustee or Trust Administrator. 

            
	
              SECTION
                8.08

            	
              Successor
                Trustee. 

            
	
              SECTION
                8.09

            	
              Merger
                or Consolidation of Trustee or Trust Administrator. 

            
	
              SECTION
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee. 

            
	
              SECTION
                8.11

            	
              Limitation
                of Liability. 

            
	
              SECTION
                8.12

            	
              Trustee
                May Enforce Claims Without Possession of Certificates. 

            
	
              SECTION
                8.13

            	
              Suits
                for Enforcement. 

            
	
              SECTION
                8.14

            	
              Waiver
                of Bond Requirement. 

            
	
              SECTION
                8.15

            	
              Waiver
                of Inventory, Accounting and Appraisal Requirement. 

               

            
	
              ARTICLE
                IX

              REMIC
                ADMINISTRATION

               

            
	
              SECTION
                9.01

            	
              REMIC
                Administration. 

            
	
              SECTION
                9.02

            	
              Prohibited
                Transactions and Activities. 

            
	
              SECTION
                9.03

            	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status. 

               

            
	
              ARTICLE
                X

              TERMINATION

               

            
	
              SECTION
                10.01

            	
              Termination. 

            
	
              SECTION
                10.02

            	
              Additional
                Termination Requirements. 

               

            
	
              ARTICLE
                XI

              MISCELLANEOUS
                PROVISIONS

               

            
	
              SECTION
                11.01

            	
              Amendment. 

            
	
              SECTION
                11.02

            	
              Recordation
                of Agreement; Counterparts. 

            
	
              SECTION
                11.03

            	
              Limitation
                on Rights of Certificateholders. 

            
	
              SECTION
                11.04

            	
              Governing
                Law; Jurisdiction. 

            
	
              SECTION
                11.05

            	
              Notices. 

            
	
              SECTION
                11.06

            	
              Severability
                of Provisions. 

            
	
              SECTION
                11.07

            	
              Article
                and Section References. 

            
	
              SECTION
                11.08

            	
              Notice
                to the Rating Agencies. 

            
	
              SECTION
                11.09

            	
              Further
                Assurances. 

            
	
              SECTION
                11.10

            	
              Benefits
                of Agreement. 

            
	
              SECTION
                11.11

            	
              Acts
                of Certificateholders. 

            
	
              SECTION
                11.12

            	
              Intention
                of the Parties and Interpretation.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibits:

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class A-1 Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class A-2 Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class A-3 Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class A-4 Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class M-1 Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-2 Certificates

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-3 Certificates

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-4 Certificates

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-5 Certificates

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-6 Certificates

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-7 Certificates

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-8 Certificates

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-9 Certificates

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-10 Certificates

            
	
              Exhibit
                A-15

            	
              Form
                of Class B-1 Certificates

            
	
              Exhibit
                A-16

            	
              Form
                of Class B-2 Certificates

            
	
              Exhibit
                A-17

            	
              Form
                of Class B-3 Certificates

            
	
              Exhibit
                A-18

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-19

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-20

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                A-21 

            	
              Form
                of Class R-X Certificates

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C

            	
              Forms
                of Assignment Agreements

            
	
              Exhibit
                D

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Trustee’s Initial Certification

            
	
              Exhibit
                F-2

            	
              Form
                of Trustee’s Final Certification

            
	
              Exhibit
                F-3

            	
              Form
                of Receipt of Mortgage Note

            
	
              Exhibit
                G

            	
              [Reserved]

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I

            	
              Form
                of Limited Power of Attorney

            
	
              Exhibit
                J

            	
              Form
                of Investment Letter

            
	
              Exhibit
                K

            	
              Form
                of Transfer Affidavit for Residual Certificates

            
	
              Exhibit
                L

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                M

            	
              Form
                of ERISA Representation Letter

            
	
              Exhibit
                N-1

            	
              Form
                of Certification to be Provided by the Depositor with Form
                10-K

            
	
              Exhibit
                N-2

            	
              Form
                of Certification to be Provided to the Depositor by the
                Servicer

            
	
              Exhibit
                O

            	
              Form
                of Cap Contract

            
	
              Exhibit
                P

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                Q

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                R-1

            	
              Form
                of Delinquency Report 

            
	
              Exhibit
                R-2

            	
              Form
                of Monthly Remittance Advice 

            
	
              Exhibit
                R-3

            	
              Form
                of Realized Loss Report

            
	
              Exhibit
                S

            	
              Servicing
                Criteria

            
	
              Exhibit
                T

            	
              Form
                10-D, Form 8-K and Form 10-K Reporting Responsibility

            
	
              Schedule
                I

            	
              Prepayment
                Charge Schedule

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of March 1, 2006 (the “Agreement”),
      among FINANCIAL ASSET SECURITIES CORP., as depositor (the “Depositor”), WELLS
      FARGO BANK, N.A., as master servicer and trust administrator (the “Master
      Servicer” and “Trust Administrator”), WELLS FARGO BANK, N.A., as servicer (the
“Servicer”) and DEUTSCHE BANK NATIONAL TRUST COMPANY, as trustee (the
“Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder. The Certificates will consist of twenty-one classes
      of
      certificates, designated as (i) the Class A-1 Certificates, (ii) the Class
      A-2
      Certificates, (iii) the Class A-3 Certificates, (iv) the Class A-4 Certificates,
      (v) the Class M-1 Certificates, (vi) the Class M-2 Certificates, (vii) the
      Class
      M-3 Certificates, (viii) the Class M-4 Certificates, (ix) the Class M-5
      Certificates, (x) the Class M-6 Certificates, (xi) the Class M-7 Certificates,
      (xii) the Class M-8 Certificates, (xiii) the Class M-9 Certificates, (xiv)
      the
      Class M-10 Certificates, (xv) the Class B-1 Certificates, (xvi) the Class B-2
      Certificates, (xvii) the Class B-3 Certificates, (xviii) the Class C
      Certificates, (xix) the Class P Certificates, (xx) the Class R Certificates
      and
      (xxi) the Class R-X Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      1

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets subject to
      this Agreement (exclusive of the Net WAC Rate Carryover Reserve Account, any
      Servicer Prepayment Charge Payment Amounts, the Cap Contract, the Swap Account,
      the Supplemental Interest Trust and the Interest Rate Swap Agreement) as a
      REMIC
      for federal income tax purposes, and such segregated pool of assets shall be
      designated as “REMIC 1.” The Class R-1 Interest shall represent the sole class
      of “residual interests” in REMIC 1 for purposes of the REMIC Provisions (as
      defined herein). The following table irrevocably sets forth the designation,
      the
      Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal
      Balance and, for purposes of satisfying Treasury Regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 1
      Regular Interests (as defined herein). None of the REMIC 1 Regular Interests
      shall be certificated. 

     

    
      	
              Designation

            	 	
              Uncertificated
                REMIC 1

              Pass-Through
                Rate

            	 	
              Initial

              Uncertificated
                Principal

              Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              I

            	 	
              Variable(2)

            	 	
              $

            	
              186,096,599.99

            	 	
              March
                25, 2036

            	 
	
              I-1-A

            	 	
              Variable(2)

            	 	
              $

            	
              10,939,343.75

            	 	
              March
                25, 2036

            	 
	
              I-1-B

            	 	
              Variable(2)

            	 	
              $

            	
              10,939,343.75

            	 	
              March
                25, 2036

            	 
	
              I-2-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,164,955.00

            	 	
              March
                25, 2036

            	 
	
              I-2-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,164,955.00

            	 	
              March
                25, 2036

            	 
	
              I-3-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,354,400.00

            	 	
              March
                25, 2036

            	 
	
              I-3-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,354,400.00

            	 	
              March
                25, 2036

            	 
	
              I-4-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,505,936.25

            	 	
              March
                25, 2036

            	 
	
              I-4-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,505,936.25

            	 	
              March
                25, 2036

            	 
	
              I-5-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,618,112.50

            	 	
              March
                25, 2036

            	 
	
              I-5-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,618,112.50

            	 	
              March
                25, 2036

            	 
	
              I-6-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,809,545.00

            	 	
              March
                25, 2036

            	 
	
              I-6-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,809,545.00

            	 	
              March
                25, 2036

            	 
	
              I-7-A

            	 	
              Variable(2)

            	 	
              $

            	
              11,712,938.75

            	 	
              March
                25, 2036

            	 
	
              I-7-B

            	 	
              Variable(2)

            	 	
              $

            	
              11,712,938.75

            	 	
              March
                25, 2036

            	 
	
              I-8-A

            	 	
              Variable(2)

            	 	
              $

            	
              12,276,161.25

            	 	
              March
                25, 2036

            	 
	
              I-8-B

            	 	
              Variable(2)

            	 	
              $

            	
              12,276,161.25

            	 	
              March
                25, 2036

            	 
	
              I-9-A

            	 	
              Variable(2)

            	 	
              $

            	
              42,006,962.50

            	 	
              March
                25, 2036

            	 
	
              I-9-B

            	 	
              Variable(2)

            	 	
              $

            	
              42,006,962.50

            	 	
              March
                25, 2036

            	 
	
              I-10-A

            	 	
              Variable(2)

            	 	
              $

            	
              100,564,707.50

            	 	
              March
                25, 2036

            	 
	
              I-10-B

            	 	
              Variable(2)

            	 	
              $

            	
              100,564,707.50

            	 	
              March
                25, 2036

            	 
	
              I-11-A

            	 	
              Variable(2)

            	 	
              $

            	
              19,827,321.25

            	 	
              March
                25, 2036

            	 
	
              I-11-B

            	 	
              Variable(2)

            	 	
              $

            	
              19,827,321.25

            	 	
              March
                25, 2036

            	 
	
              I-12-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,450,530.00

            	 	
              March
                25, 2036

            	 
	
              I-12-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,450,530.00

            	 	
              March
                25, 2036

            	 
	
              I-13-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,338,713.75

            	 	
              March
                25, 2036

            	 
	
              I-13-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,338,713.75

            	 	
              March
                25, 2036

            	 
	
              I-14-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,232,358.75

            	 	
              March
                25, 2036

            	 
	
              I-14-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,232,358.75

            	 	
              March
                25, 2036

            	 
	
              I-15-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,131,183.75

            	 	
              March
                25, 2036

            	 
	
              I-15-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,131,183.75

            	 	
              March
                25, 2036

            	 
	
              I-16-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,034,917.50

            	 	
              March
                25, 2036

            	 
	
              I-16-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,034,917.50

            	 	
              March
                25, 2036

            	 
	
              I-17-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,943,306.25

            	 	
              March
                25, 2036

            	 
	
              I-17-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,943,306.25

            	 	
              March
                25, 2036

            	 
	
              I-18-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,856,112.50

            	 	
              March
                25, 2036

            	 
	
              I-18-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,856,112.50

            	 	
              March
                25, 2036

            	 
	
              I-19-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,773,107.50

            	 	
              March
                25, 2036

            	 
	
              I-19-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,773,107.50

            	 	
              March
                25, 2036

            	 
	
              I-20-A

            	 	
              Variable(2)

            	 	
              $

            	
              2,896,131.25

            	 	
              March
                25, 2036

            	 
	
              I-20-B

            	 	
              Variable(2)

            	 	
              $

            	
              2,896,131.25

            	 	
              March
                25, 2036

            	 
	
              I-21-A

            	 	
              Variable(2)

            	 	
              $

            	
              6,745,461.25

            	 	
              March
                25, 2036

            	 
	
              I-21-B

            	 	
              Variable(2)

            	 	
              $

            	
              6,745,461.25

            	 	
              March
                25, 2036

            	 
	
              I-22-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,739,076.25

            	 	
              March
                25, 2036

            	 
	
              I-22-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,739,076.25

            	 	
              March
                25, 2036

            	 
	
              I-23-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,221,613.75

            	 	
              March
                25, 2036

            	 
	
              I-23-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,221,613.75

            	 	
              March
                25, 2036

            	 
	
              I-24-A

            	 	
              Variable(2)

            	 	
              $

            	
              1,033,476.25

            	 	
              March
                25, 2036

            	 
	
              I-24-B

            	 	
              Variable(2)

            	 	
              $

            	
              1,033,476.25

            	 	
              March
                25, 2036

            	 
	
              I-25-A

            	 	
              Variable(2)

            	 	
              $

            	
              994,543.75

            	 	
              March
                25, 2036

            	 
	
              I-25-B

            	 	
              Variable(2)

            	 	
              $

            	
              994,543.75

            	 	
              March
                25, 2036

            	 
	
              I-26-A

            	 	
              Variable(2)

            	 	
              $

            	
              957,122.50

            	 	
              March
                25, 2036

            	 
	
              I-26-B

            	 	
              Variable(2)

            	 	
              $

            	
              957,122.50

            	 	
              March
                25, 2036

            	 
	
              I-27-A

            	 	
              Variable(2)

            	 	
              $

            	
              921,148.75

            	 	
              March
                25, 2036

            	 
	
              I-27-B

            	 	
              Variable(2)

            	 	
              $

            	
              921,148.75

            	 	
              March
                25, 2036

            	 
	
              I-28-A

            	 	
              Variable(2)

            	 	
              $

            	
              886,565.00

            	 	
              March
                25, 2036

            	 
	
              I-28-B

            	 	
              Variable(2)

            	 	
              $

            	
              886,565.00

            	 	
              March
                25, 2036

            	 
	
              I-29-A

            	 	
              Variable(2)

            	 	
              $

            	
              853,316.25

            	 	
              March
                25, 2036

            	 
	
              I-29-B

            	 	
              Variable(2)

            	 	
              $

            	
              853,316.25

            	 	
              March
                25, 2036

            	 
	
              I-30-A

            	 	
              Variable(2)

            	 	
              $

            	
              821,346.25

            	 	
              March
                25, 2036

            	 
	
              I-30-B

            	 	
              Variable(2)

            	 	
              $

            	
              821,346.25

            	 	
              March
                25, 2036

            	 
	
              I-31-A

            	 	
              Variable(2)

            	 	
              $

            	
              790,606.25

            	 	
              March
                25, 2036

            	 
	
              I-31-B

            	 	
              Variable(2)

            	 	
              $

            	
              790,606.25

            	 	
              March
                25, 2036

            	 
	
              I-32-A

            	 	
              Variable(2)

            	 	
              $

            	
              761,043.75

            	 	
              March
                25, 2036

            	 
	
              I-32-B

            	 	
              Variable(2)

            	 	
              $

            	
              761,043.75

            	 	
              March
                25, 2036

            	 
	
              I-33-A

            	 	
              Variable(2)

            	 	
              $

            	
              732,615.00

            	 	
              March
                25, 2036

            	 
	
              I-33-B

            	 	
              Variable(2)

            	 	
              $

            	
              732,615.00

            	 	
              March
                25, 2036

            	 
	
              I-34-A

            	 	
              Variable(2)

            	 	
              $

            	
              705,273.75

            	 	
              March
                25, 2036

            	 
	
              I-34-B

            	 	
              Variable(2)

            	 	
              $

            	
              705,273.75

            	 	
              March
                25, 2036

            	 
	
              I-35-A

            	 	
              Variable(2)

            	 	
              $

            	
              678,976.25

            	 	
              March
                25, 2036

            	 
	
              I-35-B

            	 	
              Variable(2)

            	 	
              $

            	
              678,976.25

            	 	
              March
                25, 2036

            	 
	
              I-36-A

            	 	
              Variable(2)

            	 	
              $

            	
              653,681.25

            	 	
              March
                25, 2036

            	 
	
              I-36-B

            	 	
              Variable(2)

            	 	
              $

            	
              653,681.25

            	 	
              March
                25, 2036

            	 
	
              I-37-A

            	 	
              Variable(2)

            	 	
              $

            	
              629,350.00

            	 	
              March
                25, 2036

            	 
	
              I-37-B

            	 	
              Variable(2)

            	 	
              $

            	
              629,350.00

            	 	
              March
                25, 2036

            	 
	
              I-38-A

            	 	
              Variable(2)

            	 	
              $

            	
              605,941.25

            	 	
              March
                25, 2036

            	 
	
              I-38-B

            	 	
              Variable(2)

            	 	
              $

            	
              605,941.25

            	 	
              March
                25, 2036

            	 
	
              I-39-A

            	 	
              Variable(2)

            	 	
              $

            	
              15,833,661.25

            	 	
              March
                25, 2036

            	 
	
              I-39-B

            	 	
              Variable(2)

            	 	
              $

            	
              15,833,661.25

            	 	
              March
                25, 2036

            	 
	
              P

            	 	
              Variable(2)

            	 	
              $

            	
              100.00

            	 	
              March
                25, 2036

            	 

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) Calculated
      in accordance with the definition of “Uncertificated REMIC 1 Pass-Through Rate”
herein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC 1 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 2.”
The Class R-2 Interest shall evidence the sole class of “residual interests” in
      REMIC 2 for purposes of the REMIC Provisions under federal income tax law.
      The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      2 Pass-Through Rate, the initial Uncertificated Principal Balance and, for
      purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC 2 Regular Interests (as
      defined herein). None of the REMIC 2 Regular Interests shall be
      certificated.

     

    
      	
              Designation

            	
              Uncertificated
                REMIC 2

              Pass-Through
                Rate

            	
              Initial
                Uncertificated

              Principal
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              LTAA

            	
              Variable(2)

            	
              $ 793,897,732.94

            	
              March
                25, 2036

            
	
              LTA1

            	
              Variable(2)

            	
              $ 2,898,630.00

            	
              March
                25, 2036

            
	
              LTA2

            	
              Variable(2)

            	
              $ 947,660.00

            	
              March
                25, 2036

            
	
              LTA3

            	
              Variable(2)

            	
              $ 1,881,130.00

            	
              March
                25, 2036

            
	
              LTA4

            	
              Variable(2)

            	
              $ 498,200.00

            	
              March
                25, 2036

            
	
              LTM1

            	
              Variable(2)

            	
              $ 295,690.00

            	
              March
                25, 2036

            
	
              LTM2

            	
              Variable(2)

            	
              $ 267,330.00

            	
              March
                25, 2036

            
	
              LTM3

            	
              Variable(2)

            	
              $ 170,120.00

            	
              March
                25, 2036

            
	
              LTM4

            	
              Variable(2)

            	
              $ 145,820.00

            	
              March
                25, 2036

            
	
              LTM5

            	
              Variable(2)

            	
              $ 145,820.00

            	
              March
                25, 2036

            
	
              LTM6

            	
              Variable(2)

            	
              $ 125,570.00

            	
              March
                25, 2036

            
	
              LTM7

            	
              Variable(2)

            	
              $ 121,510.00

            	
              March
                25, 2036

            
	
              LTM8

            	
              Variable(2)

            	
              $ 101,260.00

            	
              March
                25, 2036

            
	
              LTM9

            	
              Variable(2)

            	
              $ 81,010.00

            	
              March
                25, 2036

            
	
              LTM10

            	
              Variable(2)

            	
              $ 81,010.00

            	
              March
                25, 2036

            
	
              LTB1

            	
              Variable(2)

            	
              $ 81,010.00

            	
              March
                25, 2036

            
	
              LTB2

            	
              Variable(2)

            	
              $ 64,810.00

            	
              March
                25, 2036

            
	
              LTB3

            	
              Variable(2)

            	
              $ 97,210.00

            	
              March
                25, 2036

            
	
              LTZZ

            	
              Variable(2)

            	
              $ 8,198,204.55

            	
              March
                25, 2036

            
	
              LTP

            	
              Variable(2)

            	
              $ 100.00

            	
              March
                25, 2036

            
	
              LTIO

            	
              Variable(2)

            	
              (3)

            	
              March
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) Calculated
      in accordance with the definition of “Uncertificated REMIC 2 Pass-Through Rate”
herein.

    (3) REMIC
      2
      Regular Interest LTIO will not have an Uncertificated Principal Balance, but
      will accrue interest on its Uncertificated Notional Amount, as defined
      herein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC 2 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 3.”
The Class R-3 Interest shall evidence the sole class of “residual interests” in
      REMIC 3 for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for each Class of Certificates that represents one or more of the “regular
      interests” in REMIC 3 created hereunder:

     

    
      	
              Designation

            	
              Original
                Class Certificate Principal Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible Maturity Date(1)

            
	
              Class
                A-1

            	
              $ 289,863,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                A-2

            	
              $ 94,766,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                A-3

            	
              $ 188,113,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                A-4

            	
              $ 49,820,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-1

            	
              $ 29,569,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-2

            	
              $ 26,733,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-3

            	
              $ 17,012,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-4

            	
              $ 14,582,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-5

            	
              $ 14,582,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-6

            	
              $ 12,557,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-7

            	
              $ 12,151,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-8

            	
              $ 10,126,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-9

            	
              $ 8,101,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                M-10

            	
              $ 8,101,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                B-1

            	
              $ 8,101,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                B-2

            	
              $ 6,481,000.00

            	
              Variable(2) 

            	
              March
                25, 2036

            
	
              Class
                B-3

            	
              $ 9,721,000.00

            	
              5.0000%
                per annum(3)

            	
              March
                25, 2036

            
	
              Class
                C Interest

            	
              $ 9,720,727.49

            	
              Variable(4)

            	
              March
                25, 2036

            
	
              Class
                P Interest

            	
              $ 100.00

            	
              N/A(5)

            	
              March
                25, 2036

            
	
              Class
                IO Interest

            	
              (6)

            	
              (7)

            	
              March
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) Calculated
      in accordance with the definition of “Pass-Through Rate” herein.

    (3) Subject
      to increase and limitation as set forth in the definition of “Pass-Through Rate”
herein.

    (4) The
      Class
      C Interest will accrue interest at its variable Pass-Through Rate on the
      Notional Amount of the Class C Interest outstanding from time to time which
      shall equal the aggregate Uncertificated Principal Balance of the REMIC 2
      Regular Interests (other than REMIC 2 Regular Interest LTP). The Class C
      Interest will not accrue interest on its Certificate Principal
      Balance.

    (5) The
      Class
      P Interest will not accrue interest.

    (6) For
      federal income tax purposes, the Class IO Interest will not have a Certificate
      Principal Balance, but will have a notional amount equal to the Uncertificated
      Notional Amount of REMIC 2 Regular Interest LTIO.

    (7) For
      federal income tax purposes, the Class IO Interest will not have a Pass-Through
      Rate, but will be entitled to 100% of the amounts distributed on REMIC 2 Regular
      Interest LTIO.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      4

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class C Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 4.”
The Class R-4 Interest represents the sole class of “residual interests” in
      REMIC 4 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate
      ,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Class of Certificates that represents a “regular
      interest” in REMIC 4 created hereunder:

     

    
      	
              Designation

            	
              Original
                Class Certificate Principal Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible Maturity Date(1)

            
	
              Class
                C Certificates

            	
              $
                9,720,727.49

            	
              Variable(2)

            	
              March
                25, 2036

            

    

    _______________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) The
      Class
      C Certificates will receive 100% of amounts received in respect of the Class
      C
      Interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      5

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class P Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC 5.”
The Class R-5 Interest represents the sole class of “residual interests” in
      REMIC 5 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the designation, Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated Class of Certificates that represents a “regular
      interest” in REMIC 5 created hereunder:

     

    
      	
              Designation

            	
              Original
                Class Certificate Principal Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible Maturity Date(1)

            
	
              Class
                P

            	
              $100.00

            	
              Variable(2)

            	
              March
                25, 2036

            

    

    _______________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) The
      Class
      P Certificates will receive 100% of amounts received in respect of the Class
      P
      Interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      6

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class IO Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 6.”
The Class R-6 Interest represents the sole class of “residual interests” in
      REMIC 6 for purposes of the REMIC Provisions. 

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for the indicated REMIC 6 Regular Interest, which will be
      uncertificated.

     

    
      	
              Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible Maturity Date(1)

            
	
              SWAP
                IO

            	
              N/A

            	
              Variable(2)

            	
              March
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) REMIC
      6
      Regular Interest SWAP IO shall receive 100% of amounts received in respect
      of
      the Class IO Interest.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    
      	SECTION
              1.01  	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. Unless otherwise specified, all calculations in
      respect of interest on the Floating Rate Certificates shall be made on the
      basis
      of the actual number of days elapsed and a 360-day year and all calculations
      in
      respect of interest on the
      Fixed
      Rate Certificates,
      the
      Class C Certificates and all other calculations of interest described herein
      shall be made on the basis of a 360-day year consisting of twelve 30-day months.
      The Class P Certificates and the Residual Certificates are not entitled to
      distributions in respect of interest and, accordingly, will not accrue
      interest.

     

    “10-K
      Filing Deadline” has the meaning set forth in Section
      4.05(a)(iv)(A).

     

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

     

    “Account”:
      Either of the Collection Account or Distribution Account.

     

    “Accepted
      Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
      either (x) those customary mortgage loan master servicing practices of prudent
      mortgage servicing institutions that master service mortgage loans of the same
      type and quality as such Mortgage Loan in the jurisdiction where the related
      Mortgaged Property is located, to the extent applicable to the Master Servicer
      (except in its capacity as successor to the Servicer), or (y) as provided in
      Section 3A.01 hereof, but in no event below the standard set forth in clause
      (x).

     

    “Accrual
      Period”: With respect to the Floating Rate Certificates and each Distribution
      Date, the period commencing on the preceding Distribution Date (or in the case
      of the first such Accrual Period, commencing on the Closing Date) and ending
      on
      the day preceding such Distribution Date. With respect to the Fixed Rate
      Certificates and the Class C Certificates and each Distribution Date, the
      calendar month prior to the month of such Distribution Date.

     

    “Additional
      Disclosure Notification”: The meaning set forth in Section 4.05(a)(ii).

     

    “Additional
      Form 10-D Disclosure”: The
      meaning set forth in Section 4.05(a)(i).

     

    “Additional
      Form 10-K Disclosure”: The meaning set forth in Section
      4.05(a)(iv).

     

    “Adjustable-Rate
      Mortgage Loan”: A first lien Mortgage Loan which provides at any period during
      the life of such loan for the adjustment of the Mortgage Rate payable in respect
      thereto. The Adjustable Rate Mortgage Loans are identified as such on the
      Mortgage Loan Schedule.

     

    “Adjusted
      Net Maximum Mortgage Rate”: With respect to any Mortgage Loan (or the related
      REO Property), as of any date of determination, a per annum rate of interest
      equal to the applicable Maximum Mortgage Rate for such Mortgage Loan (or the
      Mortgage Rate in the case of any Fixed-Rate Mortgage Loan) as of the first
      day
      of the month preceding the month in which the related Distribution Date occurs
      minus the sum of (i) the Servicing Fee Rate, (ii) the Administration Fee Rate
      and (iii) the Credit Risk Manager Fee Rate.

     

    “Adjusted
      Net Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
      Property), as of any date of determination, a per annum rate of interest equal
      to the applicable Mortgage Rate for such Mortgage Loan as of the first day
      of
      the month preceding the month in which the related Distribution Date occurs
      minus sum of (i) the Servicing Fee Rate and (ii) the Administration Fee Rate
      and
      (iii) the Credit Risk Manager Fee Rate.

     

    “Adjustment
      Date”: With respect to each Adjustable-Rate Mortgage Loan, each adjustment date,
      on which the Mortgage Rate of such Mortgage Loan changes pursuant to the related
      Mortgage Note. The first Adjustment Date following the Cut-off Date as to each
      Adjustable-Rate Mortgage Loan is set forth in the Mortgage Loan
      Schedule.

     

    “Administration
      Fee”: The amount payable to the Trust Administrator on each Distribution Date
      pursuant to Section 8.05 as compensation for all services rendered by the Trust
      Administrator in the execution and administration of the trust created hereby
      and in the exercise and performance of any of the powers and duties of the
      Trust
      Administrator hereunder, which amount, with respect to the Mortgage Loans and
      REO Properties and for any calendar month, shall be equal to one-twelfth of
      the
      Administration Fee Rate (without regard to the words “per annum” in the
      definition thereof) multiplied by the Stated Principal Balance of the Mortgage
      Loans as of the first day of the related Due Period. The fee payable to the
      Trustee for all services rendered by it in the exercise and performance of
      any
      of its respective powers and duties hereunder will be paid by the Trust
      Administrator on an annual basis from its own funds in accordance with a
      separate agreement between the Trust Administrator and the Trustee.

     

    “Administration
      Fee Rate”: 0.0050% per annum.

     

    “Advance”:
      As to any Mortgage Loan or REO Property, any advance made by the Master Servicer
      or Servicer in respect of any Distribution Date pursuant to Section
      4.04

     

    “Advance
      Facility”: As defined in Section 3.29 hereof.

     

    “Advance
      Facility Notice”: As defined in Section 3.29 hereof.

     

    “Advance
      Financing Person”: As defined in Section 3.29 hereof.

     

    “Advance
      Reimbursement Amounts”: As defined in Section 3.29 hereof.

     

    “Adverse
      REMIC Event”: As defined in Section 9.01(f) hereof.

     

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

     

    “Agreement”:
      This Pooling and Servicing Agreement and all amendments hereof and supplements
      hereto.

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Mezzanine Certificates or the Class B Certificates, the sum of (i) any Realized
      Losses allocated to such Class of Certificates on such Distribution Date and
      (ii) the amount of any Allocated Realized Loss Amount for such Class of
      Certificates remaining undistributed from the previous Distribution Date as
      reduced by an amount equal to the increase in the related Certificate Principal
      Balance due to the receipt of Subsequent Recoveries.

     

    “Assessment
      of Compliance”: As defined in Section 3.21.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect or record the sale of
      the
      Mortgage.

     

    “Assignment
      Agreements”: Each Assignment and Recognition Agreement, dated March 17, 2006,
      among the Seller, the related Originator and the Depositor, pursuant to which
      certain of the Seller’s rights under the related Master Agreement were assigned
      to the Depositor, substantially in the forms attached hereto as Exhibit
      C.

     

    “Assumed
      Final Maturity Date”: As to each Class of Certificates, the date set forth as
      such in the Prospectus Supplement.

     

    “Attestation
      Report”: As defined in Section 3.21.

     

    “Available
      Funds”: With respect to any Distribution Date, an amount equal to the excess of
      (i) the sum of (a) the aggregate of the related Monthly Payments received on
      the
      Mortgage Loans on or prior to the related Determination Date, (b) Net
      Liquidation Proceeds, Insurance Proceeds, Principal Prepayments, Subsequent
      Recoveries, proceeds from repurchases of and substitutions for such Mortgage
      Loans and other unscheduled recoveries of principal and interest in respect
      of
      the Mortgage Loans received during the related Prepayment Period, (c) the
      aggregate of any amounts received in respect of a related REO Property withdrawn
      from any REO Account and deposited in the Collection Account for such
      Distribution Date, (d) the aggregate of any amounts deposited in the Collection
      Account by the Servicer in respect of related Prepayment Interest Shortfalls
      for
      such Distribution Date, (e) the aggregate of any Advances made by the Servicer
      for such Distribution Date in respect of the Mortgage Loans, (f) the aggregate
      of any related advances made by the Trustee in respect of the Mortgage Loans
      for
      such Distribution Date pursuant to Section 7.02 and (g) the amount of any
      Prepayment Charges collected by the Servicer in connection with the full or
      partial prepayment of any of the Mortgage Loans and any Servicer Prepayment
      Charge Payment Amount over (ii) the sum of (a) amounts reimbursable or payable
      to the Servicer pursuant to Section 3.11(a) or to the Master Servicer pursuant
      to Section 3A.09, (b) Extraordinary Trust Fund Expenses reimburseable to the
      Trustee, the Servicer, the Master Servicer or the Trust Administrator pursuant
      to 3A.12 or the Trustee pursuant to Section 3.11(b) or the Swap Provider
      (including any New Swap Payment and Swap Termination Payment owed to the Swap
      Provider but excluding any Swap Termination Payment owed to the Swap Provider
      resulting from a Swap Provider Trigger Event), (b) amounts deposited in the
      Collection Account or the Distribution Account pursuant to clauses (a) through
      (g) above, as the case may be, in error, (c) the amount of any Prepayment
      Charges collected by the Servicer in connection with the full or partial
      prepayment of any of the Mortgage Loans and any Servicer Prepayment Charge
      Payment Amount, (d) any indemnification payments or expense reimbursements
      made
      by the Trust Fund pursuant to Section 6.03 or Section 8.05, (e) any Net Swap
      Payment or Swap Termination Payment owed to the Swap Provider (other than any
      Swap Termination Payment owed to the Swap Provider resulting from a Swap
      Provider Trigger Event) and (f) without duplication, any amounts in respect
      of
      the items set forth in clauses (I)(a) and (I)(b) permitted hereunder to be
      retained by the Master Servicer or to be withdrawn by the Master Servicer from
      the Distribution Account pursuant to 3A.12. 

     

    “Back-Up
      Certification”: The meaning set forth in Section 4.05(a)(iv). 

     

    “Balloon
      Mortgage Loan”: A Mortgage Loan that provides for the payment of the unamortized
      Stated Principal Balance of such Mortgage Loan in a single payment at the
      maturity of such Mortgage Loan that is substantially greater than the preceding
      monthly payment.

     

    “Balloon
      Payment”: A payment of the unamortized Stated Principal Balance of a Mortgage
      Loan in a single payment at the maturity of such Mortgage Loan that is
      substantially greater than the preceding Monthly Payment.

     

    “Bankruptcy
      Code”: The Bankruptcy Reform Act of 1978 (Title 11 of the United States Code),
      as amended.

     

    “Basic
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Principal Remittance Amount for such Distribution Date over
      (ii) the Overcollateralization Release Amount, if any, for such Distribution
      Date.

     

    “Book-Entry
      Certificates”: Any of the Certificates that shall be registered in the name of
      the Depository or its nominee, the ownership of which is reflected on the books
      of the Depository or on the books of a Person maintaining an account with the
      Depository (directly, as a “Depository Participant”, or indirectly, as an
      indirect participant in accordance with the rules of the Depository and as
      described in Section 5.02 hereof). On the Closing Date, the Floating Rate
      Certificates and the Fixed Rate Certificates shall be Book-Entry
      Certificates.

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking or
      savings institutions in the State of Delaware, the State of New York, the State
      of Texas, the State of California, the State of Minnesota or in the city in
      which the Corporate Trust Office of the Trustee or the Corporate Trust Office
      of
      the Trust Administrator is located are authorized or obligated by law or
      executive order to be closed.

     

    “Cap
      Amount”: The Cap Amount for any Class of the Floating Rate Certificates is equal
      to (i) the aggregate amount received by the Trust from the Cap Contract
      multiplied by (ii) a fraction equal to (a) the Certificate Principal Balance
      of
      such Class immediately prior to the applicable Distribution Date divided by
      (b)
      the aggregate Certificate Principal Balance of the Floating Rate Certificates
      immediately prior to the applicable Distribution Date.

     

    “Cap
      Contract”: The Cap Contract between the Trust Administrator (in its capacity as
      Supplemental Interest Trust Trustee) and the counterparty thereunder, a form
      of
      which is attached hereto as Exhibit O.

     

    “Certificate”:
      Any Regular Certificate or Residual Certificate.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that a Disqualified Organization or non-U.S. Person
      shall not be a Holder of a Residual Certificate for any purpose hereof and,
      solely for the purposes of giving any consent pursuant to this Agreement, any
      Certificate registered in the name of the Depositor, the Servicer or the Master
      Servicer or any Affiliate thereof shall be deemed not to be outstanding and
      the
      Voting Rights to which it is entitled shall not be taken into account in
      determining whether the requisite percentage of Voting Rights necessary to
      effect any such consent has been obtained, except as otherwise provided in
      Section 11.01. The Trust Administrator and the Trustee may conclusively rely
      upon a certificate of the Depositor, the Servicer or the Master Servicer in
      determining whether a Certificate is held by an Affiliate thereof. All
      references herein to “Holders” or “Certificateholders” shall reflect the rights
      of Certificate Owners as they may indirectly exercise such rights through the
      Depository and participating members thereof, except as otherwise specified
      herein; provided, however, that the Trust Administrator and the Trustee shall
      be
      required to recognize as a “Holder” or “Certificateholder” only the Person in
      whose name a Certificate is registered in the Certificate Register.

     

    “Certificate
      Margin”: With respect to the Floating Rate Certificates and for purposes of the
      Marker Rate and the Maximum Uncertificated Accrued Interest Deferral Amount,
      the
      specified REMIC 2 Regular Interest, as follows:

     

    
      	
              Class

            	
              REMIC
                2

              Regular
                Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              A-1

            	
              LTA1

            	
              0.0700%

            	
              0.1400%

            
	
              A-2

            	
              LTA2

            	
              0.1300%

            	
              0.2600%

            
	
              A-3

            	
              LTA3

            	
              0.1800%

            	
              0.3600%

            
	
              A-4

            	
              LTA4

            	
              0.2700%

            	
              0.5400%

            
	
              M-1

            	
              LTM1

            	
              0.3300%

            	
              0.4950%

            
	
              M-2

            	
              LTM2

            	
              0.3500%

            	
              0.5250%

            
	
              M-3

            	
              LTM3

            	
              0.3700%

            	
              0.5550%

            
	
              M-4

            	
              LTM4

            	
              0.4700%

            	
              0.7050%

            
	
              M-5

            	
              LTM5

            	
              0.4900%

            	
              0.7350%

            
	
              M-6

            	
              LTM6

            	
              0.5500%

            	
              0.8250%

            
	
              M-7

            	
              LTM7

            	
              1.1000%

            	
              1.6500%

            
	
              M-8

            	
              LTM8

            	
              1.2250%

            	
              1.8375%

            
	
              M-9

            	
              LTM9

            	
              2.2500%

            	
              3.3750%

            
	
              M-10

            	
              LTM10

            	
              2.5000%

            	
              3.7500%

            
	
              B-1

            	
              LTB1

            	
              2.5000%

            	
              3.7500%

            
	
              B-2

            	
              LTB2

            	
              2.5000%

            	
              3.7500%

            

    

    __________

    (1) For
      the
      Accrual Period for each Distribution Date on or prior to the Optional
      Termination Date.

    (2) For
      each
      other Accrual Period.

    

    “Certificate
      Owner”: With respect to each Book-Entry Certificate, any beneficial owner
      thereof.

     

    “Certificate
      Principal Balance”: With respect to any Class of Regular Certificates (other
      than the Class C Certificates) immediately prior to any Distribution Date,
      will
      be equal to the Initial Certificate Principal Balance thereof plus any
      Subsequent Recoveries added to the Certificate Principal Balance of such
      Certificate pursuant to Section 4.01, reduced by the sum of all amounts actually
      distributed in respect of principal of such Class and, in the case of a
      Mezzanine Certificate or the Class B Certificates, Realized Losses allocated
      thereto on all prior Distribution Dates. With respect to the Class C
      Certificates as of any date of determination, an amount equal to the excess,
      if
      any, of (A) the then aggregate Uncertificated Principal Balance of the REMIC
      2
      Regular Interests over (B) the then aggregate Certificate Principal Balance
      of
      the Fixed Rate Certificates, the Floating Rate Certificates and the Class P
      Certificates then outstanding.

     

    “Certificate
      Register” and “Certificate Registrar”: The register maintained and registrar
      appointed pursuant to Section 5.02 hereof.

     

    “Certification”:
      As defined in Section 3.22(b)(ii).

     

    “Certification
      Parties”: The meaning set forth in Section 4.05(a)(iv).

     

    “Certifying
      Person”: The meaning set forth in Section 4.05(a)(iv).

     

    “Class”:
      Collectively, Certificates which have the same priority of payment and bear
      the
      same class designation and the form of which is identical except for variation
      in the Percentage Interest evidenced thereby.

     

    “Class
      A-1 Certificate”: Any one of the Class A-1 Certificates executed by the
Trust
      Administrator,
      and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-1, representing (i) a Regular Interest in
      REMIC
      3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii) the
      obligation to pay the Class IO Distribution Amount.

     

    “Class
      A-2 Certificate”: Any one of the Class A-2 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-2, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      A-3 Certificate”: Any one of the Class A-3 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-3, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      A-4 Certificate”: Any one of the Class A-4 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-4, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      B
      Certificates”: Collectively, the Class B-1 Certificates, Class B-2 Certificates
      and Class B-3 Certificates.

     

    “Class
      B-1 Certificate”: Any one of the Class B-1 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-16, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      B-2 Certificate”: Any one of the Class B-2 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-17, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      B-3 Certificate”: Any one of the Class B-3 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-18, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      B-1 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date), (xi) the Certificate Principal
      Balance of the Class M-10 Certificates (after taking into account the
      distribution of the Class M-10 Principal Distribution Amount on such
      Distribution Date) and (xii) the Certificate Principal Balance of the Class
      B-1
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 93.60% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the Overcollateralization Floor.

     

    “Class
      B-2 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date), (xi) the Certificate Principal
      Balance of the Class M-10 Certificates (after taking into account the
      distribution of the Class M-10 Principal Distribution Amount on such
      Distribution Date), (xii) the Certificate Principal Balance of the Class B-1
      Certificates (after taking into account the distribution of the Class B-1
      Principal Distribution Amount on such Distribution Date) and (xiii) the
      Certificate Principal Balance of the Class B-2 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 95.20%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      B-3 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date), (xi) the Certificate Principal
      Balance of the Class M-10 Certificates (after taking into account the
      distribution of the Class M-10 Principal Distribution Amount on such
      Distribution Date), (xii) the Certificate Principal Balance of the Class B-1
      Certificates (after taking into account the distribution of the Class B-1
      Principal Distribution Amount on such Distribution Date), (xiii) the Certificate
      Principal Balance of the Class B-2 Certificates (after taking into account
      the
      distribution of the Class B-2 Principal Distribution Amount on such Distribution
      Date) and (xiv) the Certificate Principal Balance of the Class B-3 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 97.60% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      C
      Certificates”: Any one of the Class C Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-17, representing (i) a Regular Interest in REMIC 4, (ii) the
      obligation to pay Net WAC Rate Carryover Amounts and Swap Termination Payments
      and (iii) the right to receive the Class IO Distribution Amount.

     

    “Class
      C
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class C Certificates, evidencing a Regular Interest
      in REMIC 3 for purposes of the REMIC Provisions.

     

    “Class
      IO
      Distribution Amount”: As defined in Section 4.10 hereof. For purposes of
      clarity, the Class IO Distribution Amount for any Distribution Date shall equal
      the amount payable to the Trust Administrator on such Distribution Date in
      excess of the amount payable on the Class IO Interest on such Distribution
      Date,
      all as further provided in Section 4.10 hereof.

     

    “Class
      IO
      Interest”: An uncertificated interest in the Trust Fund evidencing a Regular
      Interest in REMIC 3.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-6, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-1 Credit Enhancement Percentage”: With respect to any Distribution Date, the
      percentage obtained by dividing (x) the aggregate Certificate Principal Balance
      of the Mezzanine Certificates (other than the Class M-1 Certificates) and the
      Class CE Certificates by (y) the aggregate Stated Principal Balance of the
      Mortgage Loans calculated prior to taking into account distributions of
      principal on the Mortgage Loans and distribution of the Principal Distribution
      Amount to the holders of the Certificates then entitled to distributions of
      principal on such Distribution Date.

     

    “Class
      M-1 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date) and (ii) the Certificate Principal Balance of the Class
      M-1 Certificates immediately prior to such Distribution Date over (y) the lesser
      of (A) the product of (i) 61.00% and (ii) the Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-7, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-2 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date) and (iii) the
      Certificate Principal Balance of the Class M-2 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 67.60%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-8, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-3 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date) and (iv) the Certificate Principal Balance of the Class M-3 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 71.80% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-9, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-4 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 75.40% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-10, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-5 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 79.00% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-11, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-6 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Class A Principal Distribution Amount
      on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (vii) the Certificate
      Principal Balance of the Class M-6 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 82.10% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-12, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-7 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 85.10% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-13, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-8 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (ix) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 87.60% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-14, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-9 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      Certificate Principal Balance of the Senior Certificates (after taking into
      account the distribution of the Senior Principal Distribution Amount on such
      Distribution Date), (ii) the Certificate Principal Balance of the Class M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (x) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 89.60% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-15, representing (i)
      a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      M-10 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Senior Certificates (after taking
      into account the distribution of the Senior Principal Distribution Amount on
      such Distribution Date), (ii) the Certificate Principal Balance of the Class
      M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (iii) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (x) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date) and (xi) the Certificate
      Principal Balance of the Class M-10 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 91.60% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the Overcollateralization Floor.

     

    “Class
      P
      Certificates”: Any one of the Class P Certificates executed by the Trust
      Administrator, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-18, representing a Regular
      Interest in REMIC 5.

     

    “Class
      P
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class P Certificates, evidencing a Regular Interest
      in REMIC 3 for purposes of the REMIC Provisions.

     

    “Class
      R
      Certificate”: The Class R Certificate executed by the Trust Administrator, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-19 and evidencing the ownership of the Class
      R-1 Interest, the Class R-2 Interest and the Class R-3 Interest.

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed by the Trust Administrator,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-20 and evidencing the ownership of the
      Class R-4 Interest, the Class R-5 Interest and the Class R-6
      Interest.

     

    “Class
      R-1 Interest”: The uncertificated Residual Interest in REMIC 1.

     

    “Class
      R-2 Interest”: The uncertificated Residual Interest in REMIC 2.

     

    “Class
      R-3 Interest”: The uncertificated Residual Interest in REMIC 3.

     

    “Class
      R-4 Interest”: The uncertificated Residual Interest in REMIC 4.

     

    “Class
      R-5 Interest”: The uncertificated Residual Interest in REMIC 5.

     

    “Class
      R-6 Interest”: The uncertificated Residual Interest in REMIC 6.

     

    “Close
      of
      Business”: As used herein, with respect to any Business Day, 5:00 p.m. (New York
      time).

     

    “Closing
      Date”: April 6, 2006.

     

    “Code”:
      The Internal Revenue Code of 1986, as amended.

     

    “Collection
      Account”: The account or accounts created and maintained by the Servicer
      pursuant to Section 3.10(a), which shall be entitled “Wells Fargo Bank, N.A., as
      Servicer for Deutsche Bank National Trust Company as Trustee, in trust for
      the
      registered Holders of Soundview Home Loan Trust 2006-2, Asset-Backed
      Certificates, Series 2006-2,” which must be an Eligible Account.

     

    “Commission”:
      The U.S. Securities and Exchange Commission.

     

    “Compensating
      Interest”: With respect to the Servicer and any Principal Prepayment, the amount
      in respect of Prepayment Interest Shortfalls required to be paid by the Servicer
      pursuant to Section 3.24 from its own funds without right of reimbursement.
      With
      respect to the Master Servicer, the amount in respect of Prepayment Interest
      Shortfalls required to be paid by the Master Servicer pursuant to Section 3A.10
      from its own funds without right of reimbursement except as provided in Section
      3A.10.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee or the Trust
      Administrator, as the case may be, at which at any particular time its corporate
      trust business in connection with this Agreement shall be administered, which
      office at the date of the execution of this instrument is located at, (i) with
      respect to the Trustee, 1761 East St. Andrew Place, Santa Ana, California
      92705-4934, or at such other address as the Trustee may designate from time
      to
      time by notice to the Certificateholders, the Depositor, the Servicer, the
      Master Servicer, the Originator, and the Trust Administrator, or (ii) with
      respect to the Trust Administrator, (A) for Certificate transfer and surrender
      purposes, Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: Corporate Trust Services—Soundview
      2006-2 and (B) for all other purposes, Wells Fargo Bank, N.A., 9062 Old
      Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services—
Soundview 2006-2, or in each case, at such other address as the Trust
      Administrator may designate from time to time by notice to the
      Certificateholders, the Depositor, the Servicer, the Master Servicer, the
      Originator and the Trustee.

     

    “Corresponding
      Certificate”: With respect to each REMIC 2 Regular Interest set forth below, the
      corresponding Regular Certificate set forth in the table below:

     

    
      	
              REMIC
                2 Regular Interest

            	
              Regular
                Certificate

            
	
              LTA1

            	
              Class
                A-1

            
	
              LTA2

            	
              Class
                A-2

            
	
              LTA3

            	
              Class
                A-3

            
	
              LTA4

            	
              Class
                A-4

            
	
              LTM1

            	
              Class
                M-1

            
	
              LTM2

            	
              Class
                M-2

            
	
              LTM3

            	
              Class
                M-3

            
	
              LTM4

            	
              Class
                M-4

            
	
              LTM5

            	
              Class
                M-5

            
	
              LTM6

            	
              Class
                M-6

            
	
              LTM7

            	
              Class
                M-7

            
	
              LTM8

            	
              Class
                M-8

            
	
              LTM9

            	
              Class
                M-9

            
	
              LTM10

            	
              Class
                M-10

            
	
              LTB1

            	
              Class
                B-1

            
	
              LTB2

            	
              Class
                B-2

            
	
              LTB3

            	
              Class
                B-3

            
	
              LTP

            	
              Class
                P

            

    

    

    “Credit
      Enhancement Percentage”: For any Distribution Date, the percentage equivalent of
      a fraction, the numerator of which is the sum of the aggregate Certificate
      Principal Balance of the Mezzanine Certificates, the Class B Certificates and
      the Class C Certificates, and the denominator of which is the aggregate Stated
      Principal Balance of the Mortgage Loans, calculated prior to taking into account
      payments of principal on the Mortgage Loans and distribution of the Principal
      Distribution Amount to the Holders of the Certificates then entitled to
      distributions of principal on such Distribution Date.

     

    “Credit
      Risk Management Agreement”: The respective agreements between the Credit Risk
      Manager and the Servicer and/or Master Servicer regarding the loss mitigation
      and advisory services to be provided by the Credit Risk Manager.

     

    “Credit
      Risk Manager”: Clayton Fixed Income Services Inc., a Colorado corporation,
      formerly known as The Murrayhill Company, and its successors and assigns.

     

    “Credit
      Risk Manager Fee”: The amount payable to the Credit Risk Manager on each
      Distribution Date as compensation for all services rendered by it in the
      exercise and performance of any of the powers and duties of the Credit Risk
      Manager under the Credit Risk Management Agreement and any other agreement
      pursuant to which the Credit Risk Manager is to perform any duties with respect
      to the Mortgage Loans, which amount shall equal one twelfth of the product
      of
      (i) the Credit Risk Manager Fee Rate (without regard to the words “per annum”)
      and (ii) the aggregate Stated Principal Balance of the Mortgage Loans and any
      related REO Properties as of the first day of the related Due
      Period.

     

    “Credit
      Risk Manager Fee Rate”: 0.0125% per annum.

     

    “Cumulative
      Loss Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the aggregate amount of
      Realized Losses incurred from the Cut-off Date to the last day of the preceding
      calendar month and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Custodial
      Agreement”: The agreement dated March 1, 2006 among Deutsche Bank National Trust
      Company, as trustee, JPMorgan Chase Bank, N.A., as custodian and Wells Fargo
      Bank, N.A., as master servicer and servicer.

     

    “Custodian”:
      Deutsche Bank National Trust Company, as custodian of the Mortgage Files, or
      any
      successor thereto with respect to all of the Mortgage Loans other than the
      Centex Mortgage Loans. JPMorgan Chase Bank, National Association, as custodian
      of the Mortgage Files with respect to the Centex Mortgage Loans.

     

    “Cut-off
      Date”: With respect to each Mortgage Loan, March 1, 2006.

     

    “Cut-off
      Date Principal Balance”: With respect to any Mortgage Loan, the unpaid Stated
      Principal Balance thereof as of the Cut-off Date of such Mortgage Loan (or
      as of
      the applicable date of substitution with respect to a Qualified Substitute
      Mortgage Loan), after giving effect to scheduled payments due on or before
      the
      Cut-off Date, whether or not received.

     

    “Debt
      Service Reduction”: With respect to any Mortgage Loan, a reduction in the
      scheduled Monthly Payment for such Mortgage Loan by a court of competent
      jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
      resulting from a Deficient Valuation.

     

    “Deficient
      Valuation”: With respect to any Mortgage Loan, a valuation of the related
      Mortgaged Property by a court of competent jurisdiction in an amount less than
      the then outstanding Stated Principal Balance of the Mortgage Loan, which
      valuation results from a proceeding initiated under the Bankruptcy
      Code.

     

    “Definitive
      Certificates”: As defined in Section 5.02(c) hereof.

     

    “Deleted
      Mortgage Loan”: A Mortgage Loan replaced or to be replaced by one or more
      Qualified Substitute Mortgage Loans.

     

    “Delinquency
      Percentage”: For any Distribution Date, the percentage obtained by dividing (x)
      the aggregate Stated Principal Balance of Mortgage Loans that are Delinquent
      60
      days or more (including Mortgage Loans that are in foreclosure, that have been
      converted to REO Properties or that have been discharged by reason of bankruptcy
      and are Delinquent 60 days or more) in each case, as of the last day of the
      previous calendar month by (y) the aggregate Stated Principal Balance of the
      Mortgage Loans (in each case, after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period.

     

    “Delinquent”:
      With respect to any Mortgage Loan and related Monthly Payment, the Monthly
      Payment due on a Due Date which is not made by the Close of Business on the
      next
      scheduled Due Date for such Mortgage Loan. For example, a Mortgage Loan is
      60 or
      more days Delinquent if the Monthly Payment due on a Due Date is not made by
      the
      Close of Business on the second scheduled Due Date after such Due
      Date.

     

    “Depositor”:
      Financial Asset Securities Corp., a Delaware corporation, or any successor
      in
      interest.

     

    “Depository”:
      The initial Depository shall be The Depository Trust Company, whose nominee
      is
      Cede & Co., or any other organization registered as a “clearing agency”
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended.
      The
      Depository shall initially be the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(3) of the Uniform Commercial Code of the State of
      New
      York.

     

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

     

    “Determination
      Date”: With respect to any Distribution Date, the 15th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      15th
      day is
      not a Business Day, the Business Day immediately preceding such 15th
      day.

     

    “Directly
      Operate”: With respect to any REO Property, the furnishing or rendering of
      services to the tenants thereof, the management or operation of such REO
      Property, the holding of such REO Property primarily for sale to customers,
      the
      performance of any construction work thereon or any use of such REO Property
      in
      a trade or business conducted by any REMIC other than through an Independent
      Contractor; provided, however, that the Trustee (or the Servicer or the Master
      Servicer on behalf of the Trustee) shall not be considered to Directly Operate
      an REO Property solely because the Trustee (or the Servicer or the Master
      Servicer on behalf of the Trustee) establishes rental terms, chooses tenants,
      enters into or renews leases, deals with taxes and insurance, or makes decisions
      as to repairs or capital expenditures with respect to such REO
      Property.

     

    “Disqualified
      Organization”: A “disqualified organization” under Section 860E of the Code,
      which as of the Closing Date is any of: (i) the United States, any state or
      political subdivision thereof, any foreign government, any international
      organization, or any agency or instrumentality of any of the foregoing, (ii)
      any
      organization (other than a cooperative described in Section 521 of the Code)
      which is exempt from the tax imposed by Chapter 1 of the Code unless such
      organization is subject to the tax imposed by Section 511 of the Code, (iii)
      any
      organization described in Section 1381(a)(2)(C) of the Code or (iv) an “electing
      large partnership” within the meaning of Section 775 of the Code. A corporation
      will not be treated as an instrumentality of the United States or of any state
      or political subdivision thereof, if all of its activities are subject to tax
      and a majority of its board of directors is not selected by a governmental
      unit.
      The term “United States”, “state” and “international organizations” shall have
      the meanings set forth in Section 7701 of the Code.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trust
      Administrator pursuant to Section 3.10(b) which shall be entitled “Distribution
      Account, Wells Fargo Bank, N.A. as Trust Administrator, in trust for the
      registered Certificateholders of Soundview Home Loan Trust 2006-2, Asset-Backed
      Certificates, Series 2006-2” and which must be an Eligible Account.

     

    “Distribution
      Date”: The 25th
      day of
      any calendar month, or if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day,
      commencing in April 2006.

     

    “Due
      Date”: With respect to each Mortgage Loan and any Distribution Date, the first
      day of the calendar month in which such Distribution Date occurs on which the
      Monthly Payment for such Mortgage Loan was due (or, in the case of any Mortgage
      Loan under the terms of which the Monthly Payment for such Mortgage Loan was
      due
      on a day other than the first day of the calendar month in which such
      Distribution Date occurs, the day during the related Due Period on which such
      Monthly Payment was due), exclusive of any days of grace.

     

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

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a federal or state
      chartered depository institution or trust company the short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated A-1+ by S&P,
      F-1 by Fitch and P-1 by Moody’s (or comparable ratings if S&P, Fitch and
      Moody’s are not the Rating Agencies) at the time any amounts are held on deposit
      therein, (ii) an account or accounts the deposits in which are fully insured
      by
      the FDIC up to the insured amount, (iii) a trust account or accounts maintained
      with the trust department of a federal or state chartered depository
      institution, national banking association or trust company acting in its
      fiduciary capacity or (iv) an account otherwise acceptable to each Rating Agency
      without reduction or withdrawal of their then current ratings of the
      Certificates as evidenced by a letter from each Rating Agency to the Trust
      Administrator and the Trustee. Eligible Accounts may bear interest.

     

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

     

    “Escrow
      Payments”: The amounts constituting ground rents, taxes, assessments, water
      rates, fire and hazard insurance premiums and other payments required to be
      escrowed by the Mortgagor with the mortgagee pursuant to any Mortgage
      Loan.

     

    “Excess
      Overcollateralized Amount”: With respect to the Fixed Rate Certificates and the
      Floating Rate Certificates and any Distribution Date, the excess, if any, of
      (i)
      the Overcollateralized Amount for such Distribution Date, assuming that 100%
      of
      the Principal Remittance Amount is applied as a principal payment on such
      Distribution Date and (ii) any amounts received under the Interest Rate Swap
      Agreement for such purposes over (iii) the Overcollateralization Target Amount
      for such Distribution Date.

     

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

     

    “Extra
      Principal Distribution Amount”: With respect to any Distribution Date, the
      lesser of (x) the Monthly Interest Distributable Amount distributable on the
      Class C Certificates on such Distribution Date as reduced by Realized Losses
      allocated thereto with respect to such Distribution Date pursuant to Section
      4.08 and (y) the Overcollateralization Deficiency Amount for such Distribution
      Date.

     

    “Extraordinary
      Trust Fund Expense”: Any amounts reimbursable to the Master Servicer pursuant to
      Section 3A.03 or Section 6.03, to the Servicer, the Trustee or the Trust
      Administrator, or any director, officer, employee or agent of the Trustee or
      the
      Trust Administrator from the Trust Fund pursuant to Section 6.03, Section 8.05
      or Section 10.01(c) and any amounts payable from the Distribution Account in
      respect of taxes pursuant to Section 10.01(g)(iii).

     

    “Fannie
      Mae”: Federal National Mortgage Association or any successor
      thereto.

     

    “Fixed
      Rate Certificates”: The Class B-3 Certificates.

     

    “Fixed
      Swap Payment”: With respect to any Distribution Date, a fixed amount equal to
      the related amount set forth in the Interest Rate Swap Agreement.

     

    “FDIC”:
      Federal Deposit Insurance Corporation or any successor thereto.

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by the related
      Originator, the Seller or the Servicer pursuant to or as contemplated by Section
      2.03, Section 3.16(c) or Section 10.01, a determination made by the Servicer
      that all Insurance Proceeds, Liquidation Proceeds and other payments or
      recoveries which the Servicer, in its reasonable good faith judgment, expects
      to
      be finally recoverable in respect thereof have been so recovered. The Servicer
      shall maintain records, prepared by a Servicing Officer, of each Final Recovery
      Determination made thereby.

     

    “Fitch”:
      Fitch Ratings, or its successor in interest.

     

    “Floating
      Rate Certificates”: The Class A Certificates, the Mezzanine Certificates and the
      Class B Certificates (other than the Class B-3 Certificates).

     

    “Floating
      Swap Payment”: With respect to any Distribution Date, a floating amount equal to
      the product of (i) Swap LIBOR, (ii) the related Base Calculation Amount (as
      defined in the Interest Rate Swap Agreement), (iii) 250 and (iv) a fraction,
      the
      numerator of which is the actual number of days elapsed from and including
      the
      previous Floating Rate Payer Payment Date (as defined in the Interest Rate
      Swap
      Agreement) to but excluding the current Floating Rate Payer Payment (or, for
      the
      first Floating Rate Payer Payment Date, the actual number of days elapsed from
      the Closing Date to but excluding the first Floating Rate Payer Payment Date),
      and the denominator of which is 360.

     

    “Form
      8-K
      Disclosure Information”: The meaning set forth in Section
      4.06(a)(iii).

     

    “Formula
      Rate”: For any Distribution Date and the Floating Rate Certificates, the lesser
      of (a) the sum of (i) LIBOR plus (ii) the related Certificate Margin and (b)
      the
      Maximum Cap Rate.

     

    “Freddie
      Mac”: The Federal Home Loan Mortgage Corporation, or any successor
      thereto.

     

    “Gross
      Margin”: With respect to each Adjustable-Rate Mortgage Loan, the fixed
      percentage set forth in the related Mortgage Note that is added to the Index
      on
      each Adjustment Date in accordance with the terms of the related Mortgage Note
      used to determine the Mortgage Rate for such Mortgage Loan.

     

    “Highest
      Priority”: As of any date of determination, the Class of Mezzanine Certificates
      or Class B Certificates then outstanding with a Certificate Principal Balance
      greater than zero, with the highest priority for payments pursuant to Section
      4.01, in the following order of decreasing priority: Class M-1, Class M-2,
      Class
      M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class
      M-10, Class B-1 Certificates, Class B-2 Certificates and Class B-3
      Certificates.

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by the Class C
      Certificates, the Class P Certificates and/or the Class R Certificates (or
      any
      portion thereof).

     

    “Independent”:
      When used with respect to any specified Person, any such Person who (a) is
      in
      fact independent of the Depositor, the Servicer or the Master Servicer and
      their
      respective Affiliates, (b) does not have any direct financial interest in or
      any
      material indirect financial interest in the Depositor or the Servicer or any
      Affiliate thereof, and (c) is not connected with the Depositor or the Servicer
      or any Affiliate thereof as an officer, employee, promoter, underwriter,
      trustee, partner, director or Person performing similar functions; provided,
      however, that a Person shall not fail to be Independent of the Depositor or
      the
      Servicer or any Affiliate thereof merely because such Person is the beneficial
      owner of 1% or less of any class of securities issued by the Depositor or the
      Servicer or any Affiliate thereof, as the case may be.

     

    “Independent
      Contractor”: Either (i) any Person (other than the Servicer or the Master
      Servicer) that would be an “independent contractor” with respect to any of the
      REMICs created hereunder within the meaning of Section 856(d)(3) of the Code
      if
      such REMIC were a real estate investment trust (except that the ownership tests
      set forth in that section shall be considered to be met by any Person that
      owns,
      directly or indirectly, 35% or more of any Class of Certificates), so long
      as
      each such REMIC does not receive or derive any income from such Person and
      provided that the relationship between such Person and such REMIC is at arm’s
      length, all within the meaning of Treasury Regulation Section 1.856-4(b)(5),
      or
      (ii) any other Person (including the Servicer and the Master Servicer) if the
      Trust Administrator has received an Opinion of Counsel for the benefit of the
      Trustee and the Trust Administrator to the effect that the taking of any action
      in respect of any REO Property by such Person, subject to any conditions therein
      specified, that is otherwise herein contemplated to be taken by an Independent
      Contractor will not cause such REO Property to cease to qualify as “foreclosure
      property” within the meaning of Section 860G(a)(8) of the Code (determined
      without regard to the exception applicable for purposes of Section 860D(a)
      of
      the Code), or cause any income realized in respect of such REO Property to
      fail
      to qualify as Rents from Real Property.

     

    “Index”:
      With respect to each Adjustable-Rate Mortgage Loan and with respect to each
      related Adjustment Date, the index as specified in the related Mortgage
      Note.

     

    “Initial
      Certificate Principal Balance”: With respect to any Regular Certificate, the
      amount designated “Initial Certificate Principal Balance” on the face
      thereof.

     

    “Insurance
      Proceeds”: Proceeds of any title policy, hazard policy or other insurance policy
      covering a Mortgage Loan, to the extent such proceeds are received by the
      Servicer and are not to be applied to the restoration of the related Mortgaged
      Property or released to the Mortgagor in accordance with the procedures that
      the
      Servicer would follow in servicing mortgage loans held for its own account,
      subject to the terms and conditions of the related Mortgage Note and
      Mortgage.

     

    “Interest
      Determination Date”: With respect to the Floating Rate Certificates and each
      Accrual Period, the second LIBOR Business Day preceding the commencement of
      such
      Accrual Period.

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of April 6, 2006 (together with the schedule thereto, the
      Master Agreement) between the Bank of New York and the Trust Administrator
      (in
      its capacity as Supplemental Interest Trust Trustee).

     

    “Interest
      Remittance Amount”: With respect to any Distribution Date, that portion of the
      Available Funds for such Distribution Date attributable to interest received
      or
      advanced with respect to the Mortgage Loans.

     

    “Late
      Collections”: With respect to any Mortgage Loan, all amounts received by the
      Servicer subsequent to the Determination Date immediately following any related
      Due Period, whether as late payments of Monthly Payments or as Insurance
      Proceeds, Liquidation Proceeds or otherwise, which represent late payments
      or
      collections of principal and/or interest due (without regard to any acceleration
      of payments under the related Mortgage and Mortgage Note) but delinquent on
      a
      contractual basis for such Due Period and not previously recovered.

     

    “LIBOR”:
      With respect to each Accrual Period, the rate determined by the Trust
      Administrator
      on the
      related Interest Determination Date on the basis of the London interbank offered
      rate for one-month United States dollar deposits, as such rate appears on the
      Telerate Page 3750, as of 11:00 a.m. (London time) on such Interest
      Determination Date. If such rate does not appear on Telerate Page 3750, the
      rate
      for such Interest Determination Date will be determined on the basis of the
      offered rates of the Reference Banks for one-month United States dollar
      deposits, as of 11:00 a.m. (London time) on such Interest Determination Date.
      The Trust Administrator will request the principal London office of each of
      the
      Reference Banks to provide a quotation of its rate. On such Interest
      Determination Date, LIBOR for the related Accrual Period will be established
      by
      the Trust Administrator as follows:

     

    (i)  If
      on
      such Interest Determination Date two or more Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the arithmetic
      mean of such offered quotations (rounded upwards if necessary to the nearest
      whole multiple of 1/16 of 1%); and

     

    (ii)  If
      on
      such Interest Determination Date fewer than two Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the higher
      of
      (i) LIBOR as determined on the previous Interest Determination Date and (ii)
      the
      Reserve Interest Rate.

     

    “LIBOR
      Business Day”: Any day on which banks in London, England and The City of New
      York are open and conducting transactions in foreign currency and
      exchange.

     

    “Liquidated
      Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
      which the Servicer has determined, in accordance with the servicing procedures
      specified herein, as of the end of the related Prepayment Period, that all
      Liquidation Proceeds which it expects to recover with respect to the liquidation
      of the Mortgage Loan or disposition of the related REO Property have been
      recovered.

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full, (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan or (iii) such Mortgage Loan is removed from the Trust Fund
      by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      by Section 2.03, Section 3.16(c) or Section 10.01. With respect to any REO
      Property, either of the following events: (i) a Final Recovery Determination
      is
      made as to such REO Property or (ii) such REO Property is removed from the
      Trust
      Fund by reason of its being sold or purchased pursuant to Section 3.23 or
      Section 10.01.

     

    “Liquidation
      Proceeds”: The amount (other than amounts received in respect of the rental of
      any REO Property prior to REO Disposition) received by the Servicer in
      connection with (i) the taking of all or a part of a Mortgaged Property by
      exercise of the power of eminent domain or condemnation, (ii) the liquidation
      of
      a defaulted Mortgage Loan by means of a trustee’s sale, foreclosure sale or
      otherwise or (iii) the repurchase, substitution or sale of a Mortgage Loan
      or an
      REO Property pursuant to or as contemplated by Section 2.03, Section 3.16(c),
      Section 3.23 or Section 10.01. 

     

    “Loan-to-Value
      Ratio”: As of any date and as to any Mortgage Loan, the fraction, expressed as a
      percentage, the numerator of which is the Stated Principal Balance of the
      Mortgage Loan and the denominator of which is the Value of the related Mortgaged
      Property.

     

    “Losses”:
      As defined in Section 9.03.

     

    “Lost
      Note Affidavit”: With respect to any Mortgage Loan as to which the original
      Mortgage Note has been permanently lost, misplaced or destroyed and has not
      been
      replaced, an affidavit from the related Originator certifying that the original
      Mortgage Note has been lost, misplaced or destroyed (together with a copy of
      the
      related Mortgage Note) and indemnifying the Trust against any loss, cost or
      liability resulting from the failure to deliver the original Mortgage Note
      in
      the form of Exhibit H hereto.

     

    “Majority
      Certificateholders”: The Holders of Certificates evidencing at least 51% of the
      Voting Rights.

     

    “Marker
      Rate”: With respect to the Class C Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC 2 Pass-Through Rates for each REMIC 2 Regular Interest (other than REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTIO and REMIC 2 Regular
      Interest LTP), with the rate on each such REMIC 2 Regular Interest (other than
      REMIC 2 Regular Interest LTZZ) subject to a cap equal to the Pass-Through Rate
      for the Corresponding Certificate for the purpose of this calculation; and
      with
      the rate on REMIC 2 Regular Interest LTZZ subject to a cap of zero for the
      purpose of this calculation; provided, however, that solely for this purpose,
      calculations of the Uncertificated REMIC 2 Pass-Through Rate and the related
      caps with respect to each such REMIC 2 Regular Interest (other than REMIC 2
      Regular Interest LTB3 and REMIC 2 Regular Interest LTZZ) shall be multiplied
      by
      a fraction, the numerator of which is the actual number of days in the related
      Accrual Period and the denominator of which is 30.

     

    “Master
      Agreement”: Either of the Master Mortgage Loan Purchase and Interim Servicing
      Agreement, between an Originator and the Seller.

     

    “Master
      Servicer”: As of the Closing Date, Wells Fargo Bank, N.A. and thereafter, its
      respective successors in interest who meet the qualifications of the Master
      Servicer under this Agreement or any successor appointed hereunder. The Master
      Servicer and the Trust Administrator shall at all times be the same
      Person.

     

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

     

    “Master
      Servicing Compensation”: The meaning specified in Section 3A.09.

     

    “Master
      Servicing Transfer Costs”: Shall mean all reasonable out-of-pocket costs and
      expenses incurred by the Trustee in connection with the transfer of master
      servicing from a predecessor master servicer, including, without limitation,
      any
      reasonable costs or expenses associated with the complete transfer of all
      servicing data and the completion, correction or manipulation of such servicing
      data as may be required by the Trustee (or other successor master servicer)
      to
      correct any errors or insufficiencies in the servicing data or otherwise to
      enable the Trustee (or other successor master servicer) to master service the
      Mortgage Loans properly and effectively.

     

    “Maximum
      Cap Rate”: For any Distribution Date with respect to the Fixed Rate Certificates
      and the Floating Rate Certificates, a per annum rate equal to (i) the sum of
      (x)
      the weighted average of the Adjusted Net Maximum Mortgage Rates of the Mortgage
      Loans, weighted on the basis of the outstanding Stated Principal Balances of
      the
      Mortgage Loans as of the first day of the calendar month preceding the month
      of
      such Distribution Date and (y) an amount, expressed as a percentage, equal
      to a
      fraction, the numerator of which is equal to the Net Swap Payment made by the
      Swap Provider and the denominator of which is equal to the aggregate Stated
      Principal Balance of the Mortgage Loans, multiplied by 12 and (ii) with respect
      to the Floating Rate Certificates, multiplied by a fraction, the numerator
      of
      which is 30 and the denominator of which is the actual number of days elapsed
      in
      the related Accrual Period.

     

    “Maximum
      Mortgage Rate”: With respect to each Mortgage Loan, the percentage set forth in
      the related Mortgage Note as the maximum Mortgage Rate thereunder.

     

    “Maximum
      Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (a) accrued interest at the Uncertificated
      REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LTZZ for such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTZZ minus the REMIC 2 Overcollateralization Amount,
      in
      each case for such Distribution Date, over (b) the sum of the Uncertificated
      Accrued Interest on REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest
      LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2
      Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest
      LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2
      Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest
      LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC
      2
      Regular Interest LTB1, REMIC 2 Regular Interest LTB2 and REMIC 2 Regular
      Interest LTB3 with the rate on each such REMIC 2 Regular Interest subject to
      a
      cap equal to the Pass-Through Rate for the related Corresponding Certificate
      for
      the purpose of this calculation; provided, however, that for this purpose,
      calculations of the Uncertificated REMIC 2 Pass-Through Rate and the related
      caps with respect to each such REMIC 2 Regular Interest (other than REMIC 2
      Regular Interest LTB3 and REMIC 2 Regular Interest LTZZ) shall be multiplied
      by
      a fraction, the numerator of which is the actual number of days elapsed in
      the
      related Accrual Period and the denominator of which is 30.

     

    “MERS”:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

     

    “MERS®
      System”: The system of recording transfers of Mortgages electronically
      maintained by MERS.

     

    “Mezzanine
      Certificate”: Any Class M-1 Certificate, Class M-2 Certificate, Class M-3
      Certificate, Class M-4 Certificate, Class M-5 Certificate, Class M-6
      Certificate, Class M-7 Certificate, Class M-8 Certificate, Class M-9 Certificate
      or Class M-10 Certificate.

     

    “MIN”:
      The Mortgage Identification Number for Mortgage Loans registered with MERS
      on
      the MERS® System.

     

    “Minimum
      Mortgage Rate”: With respect to each Mortgage Loan, the percentage set forth in
      the related Mortgage Note as the minimum Mortgage Rate thereunder.

     

    “MOM
      Loan”: With respect to any applicable Mortgage Loan, MERS acting as the
      mortgagee of such Mortgage Loan, solely as nominee for the originator of such
      Mortgage Loan and its successors and assigns, at the origination
      thereof.

     

    “Monthly
      Interest Distributable Amount”: With respect to the Fixed Rate Certificates, the
      Floating Rate Certificates and the Class C Certificates and any Distribution
      Date, the amount of interest accrued during the related Accrual Period at the
      related Pass-Through Rate on the Certificate Principal Balance (or Notional
      Amount in the case of the Class C Certificates) of such Class immediately prior
      to such Distribution Date, in each case, reduced by any Net Prepayment Interest
      Shortfalls and Relief Act Interest Shortfalls (allocated to such Certificate
      based on its respective entitlements to interest irrespective of any Net
      Prepayment Interest Shortfalls and Relief Act Interest Shortfalls for such
      Distribution Date).

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan, (ii) any modifications to a Mortgage Loan
      pursuant to Section 3.07 and (iii) any reduction in the amount of interest
      collectible from the related Mortgagor pursuant to the Relief Act; (b) without
      giving effect to any extension granted or agreed to by the Servicer pursuant
      to
      clause (ii) of Section 3.07 and (c) on the assumption that all other amounts,
      if
      any, due under such Mortgage Loan are paid when due.

     

    “Moody’s”:
      Moody’s Investors Service, Inc., or its successor in interest.

     

    “Mortgage”:
      The mortgage, deed of trust or other instrument creating a first or second
      lien
      on, or first or second priority security interest in, a Mortgaged Property
      securing a Mortgage Note.

     

    “Mortgage
      File”: The mortgage documents listed in Section 2.01 pertaining to a particular
      Mortgage Loan and any additional documents required to be added to the Mortgage
      File pursuant to this Agreement.

     

    “Mortgage
      Loan”: Each mortgage loan transferred and assigned to the Trustee pursuant to
      Section 2.01 or Section 2.03(d) as from time to time held as a part of the
      Trust
      Fund, the Mortgage Loans so held being identified in the Mortgage Loan
      Schedule.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC 1
      on such date, separately identifying the Mortgage Loans, attached hereto as
      Exhibit D. The Mortgage Loan Schedule shall be prepared by the Seller and shall
      set forth the following information with respect to each Mortgage Loan, as
      applicable:

     

    
      	(1)  	
              the
                Mortgage Loan identifying number;

            

    

     

    
      	(2)  	
              [reserved];

            

    

     

    
      	(3)  	
              the
                state and zip code of the Mortgaged
                Property;

            

    

     

    
      	(4)  	
              a
                code indicating whether the Mortgaged Property was represented by
                the
                borrower, at the time of origination, as being
                owner-occupied;

            

    

     

    
      	(5)  	
              the
                type of Residential Dwelling constituting the Mortgaged
                Property;

            

    

     

    
      	(6)  	
              the
                original months to maturity;

            

    

     

    
      	(7)  	
              the
                stated remaining months to maturity from the Cut-off Date based on
                the
                original amortization schedule;

            

    

     

    
      	(8)  	
              the
                Loan-to-Value Ratio at origination;

            

    

     

    
      	(9)  	
              the
                Mortgage Rate in effect immediately following the Cut-off
                Date;

            

    

     

    
      	(10)  	
              the
                date on which the first Monthly Payment was due on the Mortgage
                Loan;

            

    

     

    
      	(11)  	
              the
                stated maturity date;

            

    

     

    
      	(12)  	
              the
                amount of the Monthly Payment at
                origination;

            

    

     

    
      	(13)  	
              the
                amount of the Monthly Payment due on the first Due Date after the
                Cut-off
                Date;

            

    

     

    
      	(14)  	
              the
                last Due Date on which a Monthly Payment was actually applied to
                the
                unpaid Stated Principal Balance;

            

    

     

    
      	(15)  	
              the
                original principal amount of the Mortgage
                Loan;

            

    

     

    
      	(16)  	
              the
                Stated Principal Balance of the Mortgage Loan as of the Close of
                Business
                on the Cut-off Date;

            

    

     

    
      	(17)  	
              a
                code indicating the purpose of the Mortgage Loan (i.e., purchase
                financing, rate/term refinancing, cash-out
                refinancing);

            

    

     

    
      	(18)  	
              the
                Mortgage Rate at origination;

            

    

     

    
      	(19)  	
              a
                code indicating the documentation program (i.e., full documentation,
                limited income verification, no income verification, alternative
                income
                verification);

            

    

     

    
      	(20)  	
              the
                risk grade;

            

    

     

    
      	(21)  	
              the
                Value of the Mortgaged Property;

            

    

     

    
      	(22)  	
              the
                sale price of the Mortgaged Property, if
                applicable;

            

    

     

    
      	(23)  	
              the
                actual unpaid principal balance of the Mortgage Loan as of the Cut-off
                Date;

            

    

     

    
      	(24)  	
              the
                type and term of the related Prepayment
                Charge;

            

    

     

    
      	(25)  	
              with
                respect to any Adjustable-Rate Mortgage Loan, the rounding code,
                the
                Minimum Mortgage Rate, the Maximum Mortgage Rate, the Gross Margin,
                the
                next Adjustment Date and the Periodic Rate
                Cap;

            

    

     

    
      	(26)  	
              the
                program code;

            

    

     

    
      	(27)  	
              the
                lien priority; and

            

    

     

    
      	(28)  	
              the
                MIN, if applicable.

            

    

     

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      the Mortgage Loans as of the Cut-off Date: (1) the number of Mortgage Loans;
      (2)
      the current Principal Balance of the Mortgage Loans; (3) the weighted average
      Mortgage Rate of the Mortgage Loans and (4) the weighted average remaining
      term
      to maturity of the Mortgage Loans. The Mortgage Loan Schedule shall be amended
      from time to time by the Servicer in accordance with the provisions of this
      Agreement. With respect to any Qualified Substitute Mortgage Loan, Cut-off
      Date
      shall refer to the Cut-off Date for such Mortgage Loan, determined in accordance
      with the definition of Cut-off Date herein. On the Closing Date, the Depositor
      will deliver to the Servicer, as of the Cut-off Date, an electronic copy of
      the
      Mortgage Loan Schedule.

     

    “Mortgage
      Note”: The original executed note or other evidence of indebtedness evidencing
      the indebtedness of a Mortgagor under a Mortgage Loan.

     

    “Mortgage
      Pool”: The pool of Mortgage Loans, identified on Exhibit D from time to time,
      and any REO Properties acquired in respect thereof.

     

    “Mortgage
      Rate”: With respect to each fixed-rate Mortgage Loan, the rate set forth in the
      related Mortgage Note. With respect to each Adjustable-Rate Mortgage Loan,
      the
      annual rate at which interest accrues on such Mortgage Loan from time to time
      in
      accordance with the provisions of the related Mortgage Note, which rate (A)
      as
      of any date of determination until the first Adjustment Date following the
      Cut-off Date shall be the rate set forth in the Mortgage Loan Schedule as the
      Mortgage Rate in effect immediately following the Cut-off Date and (B) as of
      any
      date of determination thereafter shall be the rate as adjusted on the most
      recent Adjustment Date, to equal the sum, rounded to the next highest or nearest
      0.125% (as provided in the Mortgage Note), of the Index, determined as set
      forth
      in the related Mortgage Note, plus the related Gross Margin subject to the
      limitations set forth in the related Mortgage Note. With respect to each
      Mortgage Loan that becomes an REO Property, as of any date of determination,
      the
      annual rate determined in accordance with the immediately preceding sentence
      as
      of the date such Mortgage Loan became an REO Property.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of a fee simple estate in a parcel of real property
      improved by a Residential Dwelling.

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
      disposition of related Mortgaged Property (including REO Property) the related
      Liquidation Proceeds and Insurance Proceeds net of Advances, Servicing Advances,
      Servicing Fees and any other accrued and unpaid servicing fees or ancillary
      income received and retained in connection with the liquidation of such Mortgage
      Loan or Mortgaged Property.

     

    “Net
      Monthly Excess Cashflow”: With respect to each Distribution Date, the sum of (a)
      any Overcollateralization Release Amount for such Distribution Date and (b)
      the
      excess of (x) Available Funds for such Distribution Date over (y) the sum for
      such Distribution Date of (A) the Monthly Interest Distributable Amounts for
      the
      Fixed Rate Certificates and the Floating Rate Certificates, (B) the Unpaid
      Interest Shortfall Amounts for the Senior Certificates and (C) the Principal
      Remittance Amount.

     

    “Net
      Mortgage Rate”: With respect to any Mortgage Loan (or the related REO Property),
      as of any date of determination, a per annum rate of interest equal to the
      then
      applicable Mortgage Rate for such Mortgage Loan minus the Servicing Fee
      Rate.

     

    “Net
      Prepayment Interest Shortfall”: With respect to any Distribution Date, the
      excess, if any, of any Prepayment Interest Shortfalls for such date over the
      related Compensating Interest.

     

    “Net
      WAC
      Rate”: For any Distribution Date with respect to the Fixed Rate Certificates and
      the Floating Rate Certificates, a per annum rate (which rate, in the case of
      the
      Floating Rate Certificates, shall be multiplied by a fraction, the numerator
      of
      which is 30 and the denominator of which is the actual number of days elapsed
      in
      the related Accrual Period) equal to the weighted average of the Adjusted Net
      Mortgage Rates of the Mortgage Loans, weighted based on their outstanding Stated
      Principal Balances as of the first day of the calendar month preceding the
      month
      in which the Distribution Date occurs minus (i) an amount, expressed as a
      percentage, equal to the product of (x) the Net Swap Payment, if any, paid
      by
      the Trust for such Distribution Date divided by the aggregate Stated Principal
      Balance of the Mortgage Loans and (y) 12 and (ii) an amount, expressed as a
      percentage, equal to the product of (x) the Swap Termination Payment, if any,
      due from the Trust (other than any Swap Termination Payment resulting from
      a
      Swap Provider Trigger Event) for such Distribution Date divided by the aggregate
      Stated Principal Balance of the Mortgage Loans, and (y) 12. For federal income
      tax purposes, the equivalent of the foregoing shall be expressed as a per annum
      rate (which rate, in the case of the Floating Rate Certificates, shall be
      multiplied by a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Accrual Period) equal
      to the weighted average of the Uncertificated REMIC 2 Pass-Through Rates on
      each
      REMIC 2 Regular Interest (other than REMIC 2 Regular Interests LTIO), weighted
      on the basis of the Uncertificated Principal Balance of each such REMIC 2
      Regular Interest.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect to the Fixed Rate Certificates and the
      Floating Rate Certificates and any Distribution Date, the sum of (A) the
      positive excess of (i) the amount of interest accrued on such Class of
      Certificates on such Distribution Date calculated at the related Formula Rate
      over (ii) the amount of interest accrued on such Class of Certificates at the
      Net WAC Rate for such Distribution Date and (B) the Net WAC Rate Carryover
      Amount for the previous Distribution Date not previously paid, together with
      interest thereon at a rate equal to the related Formula Rate for the most
      recently ended Accrual Period.

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The account established and maintained pursuant
      to Section 3.28.

     

    “New
      Lease”: Any lease of REO Property entered into on behalf of the Trust, including
      any lease renewed or extended on behalf of the Trust if the Trust has the right
      to renegotiate the terms of such lease.

     

    “Nonrecoverable
      Advance”: Any Advance or Servicing Advance previously made or proposed to be
      made in respect of a Mortgage Loan or REO Property that, in the good faith
      business judgment of the Servicer or the Master Servicer, as applicable, will
      not be ultimately recoverable from Late Collections, Insurance Proceeds,
      Liquidation Proceeds or condemnation proceeds on such Mortgage Loan or REO
      Property as provided herein.

     

    “Nonrecoverable
      Servicing Advance”: Any Servicing Advance previously made or proposed to be made
      in respect of a Mortgage Loan or REO Property that, in the good faith business
      judgment of the Servicer, will not or, in the case of a proposed Servicing
      Advance, would not be ultimately recoverable from related Late Collections,
      Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property
      as provided herein.

     

    “Notional
      Amount”: Immediately prior to any Distribution Date with respect to the Class C
      Interest, the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests (other than the REMIC 2 Regular Interest LTP).

     

    “Offered
      Certificates”: The Class A Certificates and the Mezzanine Certificates offered
      to the public pursuant to the Prospectus Supplement.

     

    “Officers’
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president (however denominated),
      and by the Treasurer, the Secretary, or one of the assistant treasurers or
      assistant secretaries of the Servicer, the Master Servicer, the Originators,
      the
      Seller or the Depositor, as applicable.

     

    “Opinion
      of Counsel”: A written opinion of counsel, who may, without limitation, be a
      salaried counsel for the Depositor, the Seller, the Servicer or the Master
      Servicer, acceptable to the Trustee, if such opinion is delivered to the
      Trustee, or acceptable to the Trust Administrator, if such opinion is delivered
      to the Trust Administrator, except that any opinion of counsel relating to
      (a)
      the qualification of any REMIC as a REMIC or (b) compliance with the REMIC
      Provisions must be an opinion of Independent counsel.

     

    “Optional
      Termination Date”: The first Distribution Date on which the Terminator may opt
      to terminate the Trust Fund pursuant to Section 10.01.

     

    “Original
      Class Certificate Principal Balance”:
      With
      respect to the Fixed Rate Certificates, the Floating Rate Certificates, the
      Class C Certificates, the Class C Interest, the Class IO Interest, REMIC 6
      Regular Interest SWAP IO, the Class P Certificates and the Class P Interest,
      the
      corresponding amounts set forth opposite such Class above in the Preliminary
      Statement.

     

    “Originator”:
      Each of Aames Capital Corp., Centex Home Equity Company, LLC, Long Beach
      Mortgage Company Meritage Mortgage Corporation and NovaStar Mortgage, Inc.
      or
      their respective successor in interest, as the context requires.

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the amount, if any,
      by which the Overcollateralization Target Amount exceeds the Overcollateralized
      Amount on such Distribution Date (assuming that 100% of the Principal Remittance
      Amount is applied as a principal distribution on such Distribution
      Date).

     

    “Overcollateralization
      Floor”: $4,050,499.14

     

    “Overcollateralization
      Release Amount”: With respect to any Distribution Date, the lesser of (x) the
      Principal Remittance Amount for such Distribution Date and (y) the Excess
      Overcollateralized Amount.

     

    “Overcollateralization
      Target Amount”: With
      respect to any Distribution Date, (i) prior to the Stepdown Date, an amount
      equal to 1.20% of the aggregate Stated Principal Balance of the Mortgage Loans
      as of the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger
      Event is not in effect, the greater of (A) 2.40% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
the
      Overcollateralization Floor and
      (iii)
      on or after the Stepdown Date if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date.
      Notwithstanding the foregoing, on and after any Distribution Date following
      the
      reduction of the aggregate Certificate Principal Balance of the Fixed Rate
      Certificates and the Floating Rate Certificates to zero, the
      Overcollateralization Target Amount shall be zero.

     

    “Overcollateralized
      Amount”: For any Distribution Date, the amount equal to (i) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      (ii) the aggregate Certificate Principal Balance of the Fixed Rate Certificates,
      the Floating Rate Certificates and the Class P Certificates as of such
      Distribution Date after giving effect to distributions to be made on such
      Distribution Date.

     

    “Ownership
      Interest”: As to any Certificate, any ownership or security interest in such
      Certificate, including any interest in such Certificate as the Holder thereof
      and any other interest therein, whether direct or indirect, legal or beneficial,
      as owner or as pledgee.

     

    “Pass-Through
      Rate”: With respect to the Fixed Rate Certificates and any Distribution Date,
      the lesser of (x) the related fixed rate per annum set forth below for such
      Distribution Date and (y) the Net WAC Rate for such Distribution
      Date.

     

    
      	
              Class

            	
              Fixed
                Rate

            
	
              (1)

            	
              (2)

            
	
              B-3

            	
              5.000%
                per annum

            	
              5.500%
                per annum

            

    

    __________

    (1) For
      the
      Accrual Period for each Distribution Date on or prior to the Optional
      Termination Date.

    (2) For
      each
      other Accrual Period.

     

    With
      respect to the Floating
      Rate Certificates and any Distribution Date, the lesser of (a) the related
      Formula Rate and (b) the Net WAC Rate for such Distribution Date. 

     

    With
      respect to the Class C Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC 2 Regular Interest LTP and (ii)
      interest on the Uncertificated Balance of each REMIC 2 Regular Interest listed
      in clause (y) at a rate equal to the related Uncertificated REMIC 2 Pass-Through
      Rate minus the Marker Rate and the denominator of which is (y) the aggregate
      Uncertificated Principal Balance of REMIC 2 Regular Interests LTAA, LTA1, LTA2,
      LTA3, LTA4, LTM1, LTM2, LTM3, LTM4, LTM5, LTM6, LTM7, LTM8, LTM9, LTM10, LTB1,
      LTB2, LTB3 and LTZZ.

     

    With
      respect to the Class C Certificates, 100% of the interest distributable to
      the
      Class C Interest, expressed as a per annum rate.

     

    The
      Class
      IO Interest shall not have a Pass-Through Rate, but interest for such Regular
      Interest and each Distribution Date shall be an amount equal to 100% of the
      amounts distributable to REMIC 2 Regular Interest LTIO.

     

    The
      REMIC
      6 Regular Interest SWAP-IO Interest shall not have a Pass-Through Rate, but
      interest for such Regular Interest and each Distribution Date shall be an amount
      equal to 100% of the amounts distributable to the Class IO Interest for such
      Distribution Date.

     

    The
      Class
      P Certificates, Class R Certificates and Class R-X Certificates will not accrue
      interest and therefore will not have a Pass-Through Rate.

     

    “Paying
      Agent”: Any paying agent appointed pursuant to Section 5.05.

     

    “Percentage
      Interest”: With respect to any Certificate (other than a Residual Certificate),
      a fraction, expressed as a percentage, the numerator of which is the Initial
      Certificate Principal Balance represented by such Certificate and the
      denominator of which is the Original Class Certificate Principal Balance of
      the
      related Class. With respect to a Residual Certificate, the portion of the Class
      evidenced thereby, expressed as a percentage, as stated on the face of such
      Certificate; provided, however, that the sum of all such percentages for each
      such Class totals 100%.

     

    “Periodic
      Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
      Date therefor, the fixed percentage set forth in the related Mortgage Note,
      which is the maximum amount by which the Mortgage Rate for such Mortgage Loan
      may increase or decrease (without regard to the Maximum Mortgage Rate or the
      Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect
      immediately prior to such Adjustment Date.

     

    “Permitted
      Investments”: Any one or more of the following obligations or securities
      acquired at a purchase price of not greater than par, regardless of whether
      issued or managed by the Depositor, the Servicer, the Master Servicer, the
      Trustee, the Trust Administrator or any of their respective Affiliates or for
      which an Affiliate of the Trustee or the Trust Administrator serves as an
      advisor: 

     

    (1)  direct
      obligations of, or obligations fully guaranteed as to timely payment of
      principal and interest by, the United States or any agency or instrumentality
      thereof, provided such obligations are backed by the full faith and credit
      of
      the United States;

     

    (2)  (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or its agent acting in their respective commercial
      capacities) incorporated under the laws of the United States of America or
      any
      state thereof and subject to supervision and examination by federal and/or
      state
      authorities, so long as, at the time of such investment or contractual
      commitment providing for such investment, such depository institution or trust
      company (or, if the only Rating Agency is S&P, in the case of the principal
      depository institution in a depository institution holding company, debt
      obligations of the depository institution holding company) or its ultimate
      parent has a short-term uninsured debt rating in one of the two highest
      available ratings of Moody’s and the highest available rating category of Fitch
      and S&P and provided that each such investment has an original maturity of
      no more than 365 days; and provided further that, if the only Rating Agency
      is
      S&P and if the depository or trust company is a principal subsidiary of a
      bank holding company and the debt obligations of such subsidiary are not
      separately rated, the applicable rating shall be that of the bank holding
      company; and, provided further that, if the original maturity of such short-
      term obligations of a domestic branch of a foreign depository institution or
      trust company shall exceed 30 days, the short-term rating of such institution
      shall be A-1+ in the case of S&P if S&P is the Rating Agency; and (B)
      any other demand or time deposit or deposit which is fully insured by the
      FDIC;

     

    (3)  repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated F-1+ or higher by Fitch, P-1 by
      Moody’s and rated A-1+ or higher by S&P, provided, however, that collateral
      transferred pursuant to such repurchase obligation must be of the type described
      in clause (i) above and must (A) be valued daily at current market prices plus
      accrued interest, (B) pursuant to such valuation, be equal, at all times, to
      105% of the cash transferred by the Trust
      Administrator
      in
      exchange for such collateral and (C) be delivered to the Trust Administrator
      or,
      if the Trust Administrator is supplying the collateral, an agent for the Trust
      Administrator, in such a manner as to accomplish perfection of a security
      interest in the collateral by possession of certificated
      securities;

     

    (4)  securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America or any State thereof
      and that are rated by S&P (and if rated by any other Rating Agency, also by
      such other Rating Agency) in its highest long-term unsecured rating category
      at
      the time of such investment or contractual commitment providing for such
      investment;

     

    (5)  commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 30 days after the date of acquisition thereof) that is rated by S&P
      (and if rated by any other Rating Agency, also by such other Rating Agency)
      in
      its highest short-term unsecured debt rating available at the time of such
      investment;

     

    (6)  units
      of
      money market funds, including those money market funds managed or advised by
      the
      Trust Administrator or its Affiliates, that have been rated “AAA” by Fitch (if
      rated by Fitch), “Aaa” by Moody’s and “AAAm” or “AAAm-G” by S&P;
      and

     

    (i)  if
      previously confirmed in writing to the Trustee and the Trust Administrator,
      any
      other demand, money market or time deposit, or any other obligation, security
      or
      investment, as may be acceptable to the Rating Agencies in writing as a
      permitted investment of funds backing securities having ratings equivalent
      to
      its highest initial rating of the Senior Certificates;

     

    provided,
      that no instrument described hereunder shall evidence either the right to
      receive (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from obligations
      underlying such instrument and the interest and principal payments with respect
      to such instrument provide a yield to maturity at par greater than 120% of
      the
      yield to maturity at par of the underlying obligations.

     

    “Permitted
      Transferee”: Any transferee of a Residual Certificate other than a Disqualified
      Organization or a non-U.S. Person.

     

    “Person”:
      Any individual, corporation, limited liability company, partnership, joint
      venture, association, joint stock company, trust, unincorporated organization
      or
      government or any agency or political subdivision thereof.

     

    “Plan”:
      Any employee benefit plan or certain other retirement plans and arrangements,
      including individual retirement accounts and annuities, Keogh plans and bank
      collective investment funds and insurance company general or separate accounts
      in which such plans, accounts or arrangements are invested, that are subject
      to
      ERISA or Section 4975 of the Code.

     

    “Pool
      Balance”: As of any date of determination, the aggregate Stated Principal
      Balance of the Mortgage Loans as of such date.

     

    “Prepayment
      Assumption”: As defined in the Prospectus Supplement.

     

    “Prepayment
      Charge”: With respect to any Mortgage Loan, the charges or premiums, if any, due
      in connection with a full or partial Principal Prepayment of such Mortgage
      Loan
      in accordance with the terms thereof (other than any Servicer Prepayment Charge
      Payment Amount).

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges on the Mortgage
      Loans included in the Trust Fund on such date, attached hereto as Schedule
      I
      (including the prepayment charge summary attached thereto). The Prepayment
      Charge Schedule shall set forth the following information with respect to each
      Prepayment Charge:

     

    (ii)  the
      Mortgage Loan identifying number;

     

    (iii)  a
      code
      indicating the type of Prepayment Charge;

     

    (iv)  the
      state
      of origination of the related Mortgage Loan;

     

    (v)  the
      date
      on which the first monthly payment was due on the related Mortgage
      Loan;

     

    (vi)  the
      term
      of the related Prepayment Charge; and

     

    (vii)  the
      Stated Principal Balance of the related Mortgage Loan as of the Cut-off
      Date.

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period occurring between the first day and the fifteenth
      day
      of the calendar month in which such Distribution Date occurs, an amount equal
      to
      interest (to the extent received) at the applicable Net Mortgage Rate on the
      amount of such Principal Prepayment in full for the number of days commencing
      on
      the first day of the calendar month in which such Distribution Date occurs
      and
      ending on the date on which such prepayment is so applied.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment during the portion of the
      related Prepayment Period occurring from the first day of the related Prepayment
      Period through the last day of the calendar month preceding the month in which
      such Distribution Date occurs, an amount equal to one-month’s interest at the
      applicable Net Mortgage Rate less any payments made by the Mortgagor on the
      amount of such Principal Prepayment for the number of days commencing on the
      date such Principal Prepayment is received and ending on the last day of the
      calendar month preceding the month in which such Distribution Date
      occurs.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the
      16th
      day of
      the calendar month preceding the calendar month in which such Distribution
      Date
      occurs (or, in the case of the first Distribution Date, from January 1, 2006)
      and ending on the 15th
      day of
      the calendar month in which the related Distribution Date occurs.

     

    “Principal
      Balance”: As to any Mortgage Loan other than a Liquidated Mortgage Loan, and any
      day, the related Cut-off Date Principal Balance, minus all collections credited
      against the Cut-off Date Principal Balance of any such Mortgage Loan. For
      purposes of this definition, a Liquidated Mortgage Loan shall be deemed to
      have
      a Principal Balance equal to the Principal Balance of the related Mortgage
      Loan
      as of the final recovery of related Liquidation Proceeds and a Principal Balance
      of zero thereafter. As to any REO Property and any day, the Principal Balance
      of
      the related Mortgage Loan immediately prior to such Mortgage Loan becoming
      REO
      Property minus any REO Principal Amortization received with respect thereto
      on
      or prior to such day.

     

    “Principal
      Distribution Amount”: With respect to any Distribution Date, the sum of (i) the
      Basic Principal Distribution Amount for such Distribution Date and (ii) the
      Extra Principal Distribution Amount for such Distribution Date.

     

    “Principal
      Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan
      which is received in advance of its scheduled Due Date and which is not
      accompanied by an amount of interest representing the full amount of scheduled
      interest due on any Due Date in any month or months subsequent to the month
      of
      prepayment.

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, that portion of
      Available Funds equal to the sum of (i) each scheduled payment of principal
      collected or advanced by the Servicer that were due during the related Due
      Period, (ii) the principal portion of all partial and full Principal Prepayments
      applied by the Servicer during the related Prepayment Period, (iii) the
      principal portion of all related Net Liquidation Proceeds, Insurance Proceeds
      and Subsequent Recoveries received during the related Prepayment Period with
      respect to the Mortgage Loans, (iv) that portion of the Purchase Price,
      representing principal of any repurchased Mortgage Loan, deposited to the
      Collection Account during the related Prepayment Period, (v) the principal
      portion of any related Substitution Adjustments deposited in the Collection
      Account during the related Prepayment Period and (vi) on the Distribution Date
      on which the Trust Fund is to be terminated pursuant to Section 10.01, that
      portion of the Termination Price, in respect of principal.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated March 17, 2006 relating to
      the public offering of the Offered Certificates.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased by the
      Seller or the Servicer pursuant to or as contemplated by Section 2.03, Section
      3.16(c) or Section 10.01, and as confirmed by an Officers’ Certificate from the
      party purchasing the Mortgage Loan to the Trustee, an amount equal to the sum
      of
      (i) 100% of the Stated Principal Balance thereof as of the date of purchase
      (or
      such other price as provided in Section 10.01), (ii) in the case of (x) a
      Mortgage Loan, accrued interest on such Stated Principal Balance at the
      applicable Mortgage Rate in effect from time to time from the Due Date as to
      which interest was last covered by a payment by the Mortgagor or an Advance
      by
      the Servicer, which payment or Advance had as of the date of purchase been
      distributed pursuant to Section 4.01, through the end of the calendar month
      in
      which the purchase is to be effected, and (y) an REO Property, the sum of (1)
      accrued interest on such Stated Principal Balance at the applicable Mortgage
      Rate in effect from time to time from the Due Date as to which interest was
      last
      covered by a payment by the Mortgagor or an advance by the Servicer through
      the
      end of the calendar month immediately preceding the calendar month in which
      such
      REO Property was acquired, plus (2) REO Imputed Interest for such REO Property
      for each calendar month commencing with the calendar month in which such REO
      Property was acquired and ending with the calendar month in which such purchase
      is to be effected, net of the total of all net rental income, Insurance
      Proceeds, Liquidation Proceeds and Advances that as of the date of purchase
      had
      been distributed as or to cover REO Imputed Interest pursuant to Section 4.04,
      (iii) any unreimbursed Servicing Advances and Advances and any unpaid Servicing
      Fees allocable to such Mortgage Loan or REO Property, (iv) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan or REO Property pursuant to Section 3.23 and (v) in the case of a Mortgage
      Loan required to be purchased pursuant to Section 2.03, expenses reasonably
      incurred or to be incurred by the Servicer, the Master Servicer, the Trust
      Administrator or the Trustee in respect of the breach or defect giving rise
      to
      the purchase obligation, including any costs and damages incurred by the Trust
      Fund in connection with any violation with respect to such loan of any predatory
      or abusive lending law. With respect to each Originator and any Mortgage Loan
      or
      REO Property to be purchased pursuant to or as contemplated by Section 2.03
      or
      10.01, and as confirmed by a certificate of an Officers’ Certificate of the
      related Originator to the Trustee, an amount equal to the amount set forth
      pursuant to the terms of the related Master Agreement.

     

    “Qualified
      Insurer”: Any insurance company acceptable to Fannie Mae.

     

    “Qualified
      Substitute Mortgage Loan”: With respect to the Seller, a mortgage loan
      substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement
      which must, on the date of such substitution, (i) have an outstanding Stated
      Principal Balance (or in the case of a substitution of more than one mortgage
      loan for a Deleted Mortgage Loan, an aggregate Stated Principal Balance), after
      application of all scheduled payments of principal and interest due during
      or
      prior to the month of substitution, not in excess of, and not more than 5%
      less
      than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan
      as
      of the Due Date in the calendar month during which the substitution occurs,
      (ii)
      have a Mortgage Rate not less than (and not more than one percentage point
      in
      excess of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) if the
      Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have
      a
      Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted
      Mortgage Loan, (iv) if the Qualified Substitute Mortgage Loan is an
      Adjustable-Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the
      Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if the Qualified
      Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have a Gross
      Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan,
      (vi) if the Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage
      Loan, have a next Adjustment Date not more than two months later than the next
      Adjustment Date on the Deleted Mortgage Loan, (vii) have a remaining term to
      maturity not greater than (and not more than one year less than) that of the
      Deleted Mortgage Loan, (viii) be current as of the date of substitution, (ix)
      have a Loan-to-Value Ratio as of the date of substitution equal to or lower
      than
      the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (x) have
      a
      risk grading determined by the Originator at least equal to the risk grading
      assigned on the Deleted Mortgage Loan, (xi) have been underwritten or
      reunderwritten by the related Originator in accordance with the same
      underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) be
      a
      first lien mortgage loan if the Deleted Mortgage Loan is a first lien mortgage
      loan and (xiii) conform to each representation and warranty set forth in Section
      3.01 of the Mortgage Loan Purchase Agreement or assigned to the Depositor
      pursuant to the related Assignment Agreement applicable to the Deleted Mortgage
      Loan. In the event that one or more mortgage loans are substituted for one
      or
      more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall
      be
      determined on the basis of aggregate Stated Principal Balance, the Mortgage
      Rates described in clause (ii) hereof shall be satisfied for each such mortgage
      loan, the risk gradings described in clause (x) hereof shall be satisfied as
      to
      each such mortgage loan, the terms described in clause (vii) hereof shall be
      determined on the basis of weighted average remaining term to maturity (provided
      that no such mortgage loan may have a remaining term to maturity longer than
      the
      Deleted Mortgage Loan), the Loan-to-Value Ratios described in clause (ix) hereof
      shall be satisfied as to each such mortgage loan and, except to the extent
      otherwise provided in this sentence, the representations and warranties
      described in clause (xii) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be. With respect
      to each Originator, a mortgage loan substituted for a Deleted Mortgage Loan
      pursuant to the terms of the related Master Agreement which must, on the date
      of
      such substitution conform to the terms set forth in the related Master
      Agreement.

     

    “Rating
      Agency or Rating Agencies”: Moody’s and S&P, or their successors. If such
      agencies or their successors are no longer in existence, “Rating Agencies” shall
      be such nationally recognized statistical rating agencies, or other comparable
      Persons, designated by the Depositor, notice of which designation shall be
      given
      to the Trustee and the Master Servicer.

     

    “Realized
      Loss”: With respect to any Liquidated Mortgage Loan, the amount of loss realized
      equal to the portion of the Stated Principal Balance remaining unpaid after
      application of all Net Liquidation Proceeds in respect of such Mortgage Loan.
      If
      the Servicer receives Subsequent Recoveries with respect to any Mortgage Loan,
      the amount of the Realized Loss with respect to that Mortgage Loan will be
      reduced to the extent such recoveries are applied to principal distributions
      on
      any Distribution Date.

     

    “Record
      Date”: With respect to (i) the Floating Rate Certificates, the Close of Business
      on the Business Day immediately preceding the related Distribution Date;
      provided, however, that following the date on which Definitive Certificates
      for
      any of the Floating Rate Certificates are available pursuant to Section 5.02,
      the Record Date for such Certificates that are Definitive Certificates shall
      be
      the last Business Day of the calendar month preceding the month in which the
      related Distribution Date occurs and (ii) the Fixed Rate Certificates, the
      Class
      P Certificates, the Class C Certificates and the Residual Certificates, the
      Close of Business on the last Business Day of the calendar month preceding
      the
      month in which the related Distribution Date occurs.

     

    “Reference
      Banks”: Those banks (i) with an established place of business in London,
      England, (ii) not controlling, under the control of or under common control
      with
      the Originators, the Master Servicer, the Servicer or any Affiliate thereof
      and
      (iii) which have been designated as such by the Trust Administrator, after
      consultation with the Depositor; provided, however, that if fewer than two
      of
      such banks provide a LIBOR rate, then any leading banks selected by the Trust
      Administrator after consultation with the Depositor which are engaged in
      transactions in United States dollar deposits in the international Eurocurrency
      market.

     

    “Refinanced
      Mortgage Loan”: A Mortgage Loan the proceeds of which were not used to purchase
      the related Mortgaged Property.

     

    “Regular
      Certificate”: Any of the Fixed Rate Certificates, the Floating Rate
      Certificates, Class C Certificates or Class P Certificates.

     

    “Regulation
      AB”: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100 - 229.1123, as such may be amended from time to time, and subject
      to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time. 

     

    “Relevant
      Servicing Criteria”: The Servicing Criteria applicable to the various parties,
      as set forth on Exhibit O attached hereto. For clarification purposes, multiple
      parties can have responsibility for the same Relevant Servicing
      Criteria.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act, or any state law providing for
      similar relief.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
      Loan with respect to which there has been a reduction in the amount of interest
      collectible thereon for the most recently ended Due Period as a result of the
      application of the Relief Act, the amount by which (i) interest collectible
      on
      such Mortgage Loan during such Due Period is less than (ii) one month’s interest
      on the Stated Principal Balance of such Mortgage Loan at the Mortgage Rate
      for
      such Mortgage Loan before giving effect to the application of the Relief
      Act.

     

    “REMIC”:
      A “real estate mortgage investment conduit” within the meaning of Section 860D
      of the Code.

     

    “REMIC
      1”: The segregated pool of assets subject hereto, constituting the primary trust
      created hereby and to be administered hereunder, with respect to which a REMIC
      election is to be made consisting of: (i) such Mortgage Loans as from time
      to
      time are subject to this Agreement, together with the Mortgage Files relating
      thereto, and together with all collections thereon and proceeds thereof, (ii)
      any REO Property, together with all collections thereon and proceeds thereof,
      (iii) the Trustee’s rights with respect to the Mortgage Loans under all
      insurance policies, required to be maintained pursuant to this Agreement and
      any
      proceeds thereof, (iv) the Depositor’s rights under the Assignment Agreements
      (including any security interest created thereby) and (v) the Collection
      Account, the Distribution Account (subject to the last sentence of this
      definition) and any REO Account and such assets that are deposited therein
      from
      time to time and any investments thereof, together with any and all income,
      proceeds and payments with respect thereto. Notwithstanding the foregoing,
      however, a REMIC election will not be made with respect to the Net WAC Rate
      Carryover Reserve Account, the Cap Contract, the Swap Account, the Supplemental
      Interest Trust, the Interest Rate Swap Agreement or any Servicer Prepayment
      Charge Payment Amounts.

     

    “REMIC
      1
      Regular Interests”: Any of the 80 separate non-certificated beneficial ownership
      interests in REMIC 1 issued hereunder and designated as a “regular interest” in
      REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      2”: The segregated pool of assets consisting of all of the REMIC 1 Regular
      Interests and conveyed in trust to the Trustee, for the benefit of REMIC 3,
      as
      holder of the REMIC 2 Regular Interests, and the Class R Certificateholders,
      as
      Holders of the Class R-2 Interest, pursuant to Article II hereunder, and all
      amounts deposited therein, with respect to which a separate REMIC election
      is to
      be made.

     

    “REMIC
      2
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Stated Principal Balance
      of
      the Mortgage Loans and related REO Properties then outstanding and (ii) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTAA
      minus
      the Marker Rate, divided by (b) 12.

     

    “REMIC
      2
      Overcollateralization Target Amount”: 1.00% of the Overcollateralization Target
      Amount.

     

    “REMIC
      2
      Overcollateralization Amount”: With respect to any date of determination, (i)
      1.00% of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests (other than REMIC 2 Regular Interest LTP) minus (ii) the aggregate
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTA1, REMIC 2
      Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest
      LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2 and REMIC
      2
      Regular Interest LTB3, in each case as of such date of
      determination.

     

    “REMIC
      2
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
      a
      fraction, the numerator of which is two times the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest
      LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2
      Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest
      LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2
      Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest
      LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC
      2
      Regular Interest LTB1, REMIC 2 Regular Interest LTB2 and REMIC 2 Regular
      Interest LTB3 and the denominator of which is the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest
      LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2
      Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest
      LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2
      Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest
      LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest LTM10 and REMIC
      2
      Regular Interest LTB1, REMIC 2 Regular Interest LTB2, REMIC 2 Regular Interest
      LTB3 and REMIC 2 Regular Interest LTZZ.

     

    “REMIC
      2
      Regular Interests”: One of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a Regular Interest
      in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto. The following is
      a
      list of each of the REMIC 2 Regular Interests: REMIC 2 Regular Interest LTAA,
      REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest LTA2, REMIC 2 Regular
      Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2 Regular Interest LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTB1,
      REMIC 2 Regular Interest LTB2 and REMIC 2 Regular Interest LTB3, REMIC 2 Regular
      Interest LTZZ, REMIC 2 Regular Interest LTP and REMIC 2 Regular Interest
      LTIO.

     

    “REMIC
      3”: The segregated pool of assets consisting of all of the REMIC 2 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the Regular Certificates (other than the Class C Certificates or the Class
      P
      Certificates), the Class C Interest, the Class P Interest, the Class IO Interest
      and the Class R Certificates (in respect of the Class R-3 Interest), pursuant
      to
      Article II hereunder, and all amounts deposited therein, with respect to which
      a
      separate REMIC election is to be made.

     

    “REMIC
      4”: The segregated pool of assets consisting of the Class C Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class C Certificates
      and the Class R-X Certificates (in respect of the Class R-4 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      5”: The segregated pool of assets consisting of the Class P Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class P Certificates
      and the Class R-X Certificates (in respect of the Class R-5 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      6”: The segregated pool of assets consisting of the Class IO Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the REMIC 6 Regular
      Interest SWAP IO and the Class R-X Certificates (in respect of the Class R-6
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      Provisions”: Provisions of the federal income tax law relating to real estate
      mortgage investment conduits which appear at Section 860A through 860G of
      Subchapter M of Chapter 1 of the Code, and related provisions, and regulations
      and rulings promulgated thereunder, as the foregoing may be in effect from
      time
      to time.

     

    “REMIC
      Regular Interests”: The REMIC 1 Regular Interests, the REMIC 2 Regular
      Interests, the Class C Interest, the Class P Interest and the Class IO
      Interest.

     

    “Remittance
      Report”: A report prepared by the Servicer and delivered to the Master Servicer
      pursuant to Section 4.04.

     

    “Rents
      from Real Property”: With respect to any REO Property, gross income of the
      character described in Section 856(d) of the Code.

     

    “REO
      Account”: The account or accounts maintained by the Servicer in respect of an
      REO Property pursuant to Section 3.23.

     

    “REO
      Disposition”: The sale or other disposition of an REO Property on behalf of the
      Trust Fund.

     

    “REO
      Imputed Interest”: As to any REO Property, for any calendar month during which
      such REO Property was at any time part of the Trust Fund, one month’s interest
      at the applicable Net Mortgage Rate on the Stated Principal Balance of such
      REO
      Property (or, in the case of the first such calendar month, of the related
      Mortgage Loan if appropriate) as of the Close of Business on the Distribution
      Date in such calendar month.

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 10.01 that is allocable to such
      REO
      Property) or otherwise, net of any portion of such amounts (i) payable pursuant
      to Section 3.23 in respect of the proper operation, management and maintenance
      of such REO Property or (ii) payable or reimbursable to the Servicer pursuant
      to
      Section 3.23 for unpaid Servicing Fees in respect of the related Mortgage Loan
      and unreimbursed Servicing Advances and Advances in respect of such REO Property
      or the related Mortgage Loan, over (b) the REO Imputed Interest in respect
      of
      such REO Property for such calendar month.

     

    “REO
      Property”: A Mortgaged Property acquired by the Servicer on behalf of the Trust
      Fund through foreclosure or deed-in-lieu of foreclosure, as described in Section
      3.23.

     

    “Reporting
      Servicer”: The meaning set forth in Section 4.05(a)(iv)(A).

     

    “Reportable
      Event”: The meaning set forth in Section 4.05(a)(iii).

     

    “Request
      for Release”: A release signed by a Servicing Officer, in the form of Exhibit E
      attached hereto.

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Trust Administrator determines to be either (i) the arithmetic
      mean (rounded upwards if necessary to the nearest whole multiple of 1/16 of
      1%)
      of the one-month United States dollar lending rates which banks in The City
      of
      New York selected by the Trust Administrator are quoting on the relevant
      Interest Determination Date to the principal London offices of leading banks
      in
      the London interbank market or (ii) in the event that the Trust Administrator
      can determine no such arithmetic mean, in the case of any Interest Determination
      Date after the initial Interest Determination Date, the lowest one-month United
      States dollar lending rate which such New York banks selected by the Trust
      Administrator are quoting on such Interest Determination Date to leading
      European banks.

     

    “Residential
      Dwelling”: Any one of the following: (i) a detached one-family dwelling, (ii) a
      detached two- to four-family dwelling, (iii) a one-family dwelling unit in
      a
      Fannie Mae eligible condominium project, (iv) a manufactured home, or (v) a
      detached one-family dwelling in a planned unit development, none of which is
      a
      co-operative or mobile home.

     

    “Residual
      Certificate”: The Class R Certificates and the Class R-X
      Certificates.

     

    “Residual
      Interest”: The sole class of “residual interests” in a REMIC within the meaning
      of Section 860G(a)(2) of the Code.

     

    “Responsible
      Officer”: When used with respect to the Trustee or the Trust Administrator, any
      director, any vice president, any assistant vice president, the Secretary,
      any
      assistant secretary, the Treasurer, any assistant treasurer or any other officer
      of the Trustee or the Trust Administrator, as applicable, customarily performing
      functions similar to those performed by any of the above designated officers
      and, with respect to a particular matter, to whom such matter is referred
      because of such officer’s knowledge of and familiarity with the particular
      subject.

     

    “S&P”:
      Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc., or its successor in interest.

     

    Sarbanes-Oxley
      Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the
      Commission promulgated thereunder (including any interpretations thereof by
      the
      Commission’s staff).

     

    “Sarbanes-Oxley
      Certification”: A written certification signed by an officer of the Master
      Servicer that complies with (i) the Sarbanes-Oxley Act, and (ii) Exchange Act
      Rules 13a-14(d) and 15d-14(d), as in effect from time to time; provided that
      if,
      after the Closing Date (a) the Sarbanes-Oxley Act is amended, (b) the Rules
      referred to in clause (ii) are modified or superseded by any subsequent
      statement, rule or regulation of the Commission or any statement of a division
      thereof, or (c) any future releases, rules and regulations are published by
      the
      Commission from time to time pursuant to the Sarbanes-Oxley Act, which in any
      such case affects the form or substance of the required certification and
      results in the required certification being, in the reasonable judgment of
      the
      Master Servicer, materially more onerous that then form of the required
      certification as of the Closing Date, the Sarbanes-Oxley Certification shall
      be
      as agreed to by the Master Servicer and the Depositor following a negotiation
      in
      good faith to determine how to comply with any such new
      requirements.

     

    “Securities
      Act”: The Securities Act of 1933, as amended, and the rules and regulations
      thereunder.

     

    “Seller”:
      Greenwich Capital Financial Products, Inc., a Delaware corporation, in its
      capacity as Seller under the Assignment Agreements.

     

    “Senior
      Certificate”: Any one of the Class A-1 Certificates, the Class A-2 Certificates,
      the Class A-3 Certificates or the Class A-4 Certificates.

     

    “Senior
      Principal Distribution Amount”: The excess of (x) the Certificate Principal
      Balance of the Senior Certificates immediately prior to such Distribution Date
      over (y) the lesser of (A) the product of (i) 53.70% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the related Overcollateralization Floor.

     

    “Servicer”:
      Wells Fargo Bank, N.A. or any successor Servicer appointed as herein provided,
      each in its capacity as a Servicer hereunder. 

     

    “Servicer’s
      Assignee”: As defined in Section 3.29 hereof.

     

    “Servicer
      Certification”: As defined in Section 4.05.

     

    “Servicer
      Event of Termination”: One or more of the events described in Section
      7.01.

     

    “Servicer
      Prepayment Charge Payment Amount”: The amounts payable by the Servicer in
      respect of any waived Prepayment Charges pursuant to Section 2.05 or Section
      3.01.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, the third Business Day
      prior to such Distribution Date. 

     

    “Servicing
      Account”: The account or accounts created and maintained pursuant to Section
      3.09.

     

    “Servicing
      Advances”: The reasonable “out-of-pocket” costs and expenses incurred by the
      Servicer in connection with a default, delinquency or other unanticipated event
      by the Servicer in the performance of its servicing obligations, including,
      but
      not limited to, the cost of (i) the preservation, restoration and protection
      of
      a Mortgaged Property, (ii) any enforcement or judicial proceedings, including
      foreclosures, in respect of a particular Mortgage Loan, including any expenses
      incurred in relation to any such proceedings that result from the Mortgage
      Loan
      being registered on the MERS System, (iii) the management (including reasonable
      fees in connection therewith) and liquidation of any REO Property, (iv) the
      performance of its obligations under Section 3.01, Section 3.09, Section 3.13,
      Section 3.14, Section 3.16 and Section 3.23. Servicing Advances shall also
      include any reasonable “out-of-pocket” costs and expenses (including legal fees)
      incurred by the Servicer in connection with executing and recording instruments
      of satisfaction, deeds of reconveyance or Assignments of Mortgage in connection
      with any foreclosure in respect of any Mortgage Loan to the extent not recovered
      from the related Mortgagor or otherwise payable under this Agreement. The
      Servicer shall not be required to make any Servicing Advance in respect of
      a
      Mortgage Loan or REO Property that, in the good faith business judgment of
      the
      Servicer, would not be ultimately recoverable from related Insurance Proceeds
      or
      Liquidation Proceeds on such Mortgage Loan or REO Property as provided herein.
      The Servicer shall not be required to make any Servicing Advance that would
      be a
      Nonrecoverable Advance.

     

    “Servicing
      Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation
      AB, as such may be amended from time to time.

     

    “Servicing
      Fee”: With respect to each Mortgage Loan, the amount of the annual fee paid to
      the Servicer, which shall, for a period of one full month, be equal to
      one-twelfth of the product of (a) the Servicing Fee Rate (without regard to
      the
      words "per annum") and (b) the outstanding principal balance of such Mortgage
      Loan. Such fee shall be payable monthly, computed on the basis of the same
      principal amount and period respecting which any related interest payment on
      a
      Mortgage Loan is received. The obligation for payment of the Servicing Fee
      is
      limited to, and the Servicing Fee is payable solely from, the interest portion
      (including recoveries with respect to interest from Liquidation Proceeds) of
      such Monthly Payment collected by the Servicer, or as otherwise provided under
      Section 3.11.

     

    “Servicing
      Fee Rate”: 0.50% per annum.

     

    “Servicing
      Officer”: Any officer of the Servicer involved in, or responsible for, the
      administration and servicing of Mortgage Loans, whose name and specimen
      signature appear on a list of servicing officers furnished by the Servicer
      to
      the Master Servicer, the Trust Administrator, the Trustee and the Depositor
      on
      the Closing Date, as such list may from time to time be amended. With respect
      to
      the Master Servicer, any officer of the Master Servicer involved in or
      responsible for, the administration and master servicing of the Mortgage Loans
      whose name appears on a list of master Servicing Officers furnished by the
      Master Servicer to the Trustee, the Trust Administrator and the Depositor upon
      request, as such list may from time to time be amended.

     

    “Servicing
      Transfer Costs”: Shall mean all reasonable out-of-pocket costs and expenses
      incurred by the Trustee or the Master Servicer in connection with the transfer
      of servicing from a predecessor servicer, including, without limitation, any
      reasonable costs or expenses associated with the complete transfer of all
      servicing data and the completion, correction or manipulation of such servicing
      data as may be required by the Trustee or the Master Servicer to correct any
      errors or insufficiencies in the servicing data or otherwise to enable the
      Trustee or the Master Servicer (or any successor servicer appointed pursuant
      to
      Section 7.02) to service the Mortgage Loans properly and effectively and any
      fees associated with MERS. 

     

    “Startup
      Day”: As defined in Section 9.01(b) hereof.

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, the outstanding principal balance of such Mortgage Loan
      as
      of the Cut-off Date as shown in the Mortgage Loan Schedule, minus the sum of
      (i)
      the principal portion of each Monthly Payment due on a Due Date subsequent
      to
      the Cut-off Date to the extent received from the Mortgagor or advanced by the
      Servicer and distributed pursuant to Section 4.01 on or before such date of
      determination, (ii) all Principal Prepayments received after the Cut-off Date
      to
      the extent distributed pursuant to Section 4.01 on or before such date of
      determination, (iii) all Liquidation Proceeds and Insurance Proceeds to the
      extent distributed pursuant to Section 4.01 on or before such date of
      determination, and (iv) any Realized Loss incurred with respect thereto as
      a
      result of a Deficient Valuation made during or prior to the Due Period for
      the
      most recent Distribution Date coinciding with or preceding such date of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such Mortgage Loan would be distributed,
      zero.
      With respect to any REO Property: (a) as of any date of determination up to
      but
      not including the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed, an
      amount (not less than zero) equal to the Stated Principal Balance of the related
      Mortgage Loan as of the date on which such REO Property was acquired on behalf
      of the Trust Fund, minus the aggregate amount of REO Principal Amortization
      in
      respect of such REO Property for all previously ended calendar months, to the
      extent distributed pursuant to Section 4.01 on or before such date of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed,
      zero.

     

    “Stepdown
      Date”: The earlier to occur of (i) the Distribution Date on which the aggregate
      Certificate Principal Balance of the Senior Certificates has been reduced to
      zero and (ii) the later to occur of (x) the Distribution Date occurring in
      April
      2009 and (y) the first Distribution Date on which the Credit Enhancement
      Percentage (calculated for this purpose only after taking into account payments
      of principal on the Mortgage Loans but prior to distribution of the Principal
      Distribution Amount to the Certificates then entitled to distributions of
      principal on such Distribution Date) is equal to or greater than
      46.30%.

     

    “Subcontractor”:
      Any vendor, subcontractor or other Person that is not responsible for the
      overall servicing of Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under
      the direction or authority of any Servicer (or a Sub-Servicer of any Servicer),
      the Master Servicer, the Trustee, the Custodian or the Trust
      Administrator.

     

    “Sub-Servicer”:
      Any Person with which the Servicer has entered into a Sub- Servicing Agreement
      and which meets the qualifications of a Sub-Servicer pursuant to Section
      3.02.

     

    “Sub-Servicing
      Account”: An account established by a Sub-Servicer which meets the requirements
      set forth in Section 3.08 and is otherwise acceptable to the
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the Servicer and a Sub-Servicer
      relating to servicing and administration of certain Mortgage Loans as provided
      in Section 3.02.

     

    “Subsequent
      Recoveries”: As of any Distribution Date, amounts received by the Servicer (net
      of any related expenses permitted to be reimbursed) pursuant to Section 3.11
      specifically related to a Mortgage Loan that was the subject of a liquidation
      or
      an REO Disposition prior to the related Prepayment Period that resulted in
      a
      Realized Loss.

     

    “Substitution
      Adjustment”: As defined in Section 2.03(d) hereof.

     

    “Supplemental
      Interest Trust”: As defined in Section 4.10(a).

     

    “Supplemental
      Interest Trust Trustee”: Wells Fargo Bank, N.A., a national banking association,
      not in its individual capacity but solely in its capacity as supplemental
      interest Trust Trustee, and any successor thereto.

     

    “Swap
      Account”: The account or accounts created and maintained pursuant to Section
      4.05. The Swap Account must be an Eligible Account.

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Net WAC Rate due to a
      discrepancy between the Uncertificated Notional Amount of the REMIC 6 Regular
      Interest SWAP IO and the scheduled notional amount.

     

    “Swap
      LIBOR”:
      A per annum rate equal to the floating rate payable by the Swap Provider under
      the Swap Agreement. 

     

    “Swap
      Provider”: The Bank of New York.

     

    “Swap
      Provider Trigger Event”: A Swap Termination Payment that is triggered upon: (i)
      an Event of Default under the Interest Rate Swap Agreement with respect to
      which
      the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap
      Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement
      with
      respect to which the Swap Provider is the sole Affected Party (as defined in
      the
      Interest Rate Swap Agreement) or (iii) an Additional Termination Event under
      the
      Interest Rate Swap Agreement with respect to which the Swap Provider is the
      sole
      Affected Party.

     

    “Swap
      Termination Payment”: The payment due to either party under the Interest Rate
      Swap Agreement upon the early termination of the Interest Rate Swap
      Agreement.

     

    “Tax
      Matters Person”: The tax matters person appointed pursuant to Section 9.01(e)
      hereof.

     

    “Tax
      Returns”: The federal income tax return on Internal Revenue Service Form 1066,
      U.S. Real Estate Mortgage Investment Conduit Income Tax Return, including
      Schedule Q thereto, Quarterly Notice to Residual Interest Holders of the REMIC
      Taxable Income or Net Loss Allocation, or any successor forms, to be filed
      by
      the Trust Administrator on behalf of each REMIC, together with any and all
      other
      information reports or returns that may be required to be furnished to the
      Certificateholders or filed with the Internal Revenue Service or any other
      governmental taxing authority under any applicable provisions of federal, state
      or local tax laws.

     

    “Termination
      Price”: As defined in Section 10.01(a) hereof.

     

    “Terminator”:
      As defined in Section 10.01(a) hereof.

     

    “Trigger
      Event”: A Trigger Event is in effect with respect to any Distribution Date on or
      after the Stepdown Date if:

     

    (i)(a)
      on
      any Distribution Date on which the Class A Certificates remain outstanding,
      the
      Delinquency Percentage exceeds 34.56% of the Credit Enhancement Percentage
      or
      (ii) on any Distribution Date on which the aggregate Certificate Principal
      Balance of the Class A Certificates has been reduced to zero, the Delinquency
      Percentage exceeds 41.00% of the Class M-1 Credit Enhancement Percentage the
      Delinquency Percentage;

     

    (ii) the
      aggregate amount of Realized Losses incurred since the Cut-off Date through
      the
      last day of the related Due Period (reduced by the aggregate amount of
      Subsequent Recoveries received since the Cut-off Date through the last day
      of
      the related Due Period) divided by the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the Cut-off Date (the “Realized Loss Percentage”), exceeds
      the applicable percentages set forth below with respect to such Distribution
      Date:

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              April
                2008 through March 2009

            	
              1.45%
                for the first month, plus an additional 1/12th
                of
                1.80% for each month thereafter.

            
	
              April
                2009 through March 2010

            	
              3.25%
                for the first month, plus an additional 1/12th
                of
                1.90% for each month thereafter.

            
	
              April
                2010 through March 2011

            	
              5.15%
                for the first month, plus an additional 1/12th
                of
                1.50% for each month thereafter.

            
	
              April
                2011 through March 2012

            	
              6.65%
                for the first month, plus an additional 1/12th
                of
                0.80% for each month thereafter.

            
	
              April
                2012 and thereafter

            	
              7.45%.

            

    

    

    “Trust”:
      Soundview Home Loan Trust 2006-2, the trust created hereunder.

     

    “Trust
      Administrator”: Wells Fargo Bank, N.A., or any successor in interest, or any
      successor trust administrator appointed as herein provided.

     

    “Trust
      Fund”: All of the assets of the Trust, which is the trust created hereunder
      consisting of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6, the Cap
      Contract, the Interest Rate Swap Agreement, the Swap Account, the right to
      receive any amounts from the Net WAC Rate Carryover Reserve Account and the
      Servicer Prepayment Charge Payment Amounts.

     

    “Trustee”:
      Deutsche Bank National Trust Company, a national banking association, or any
      successor trustee appointed as herein provided.

     

    “Trustee
      Compensation”: Such compensation, if any, as set forth in the separate fee
      schedule between the Trustee and the Depositor, which compensation shall be
      payable to the Trustee on each Distribution Date pursuant to Section 8.05 as
      compensation for all services rendered by it in the execution of the trust
      hereby created and in the exercise and performance of any of the powers and
      duties of the Trustee hereunder.

     

    “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated REMIC Pass-Through Rate on the Uncertificated Principal Balance
      of such REMIC Regular Interest. In each case, Uncertificated Accrued Interest
      will be reduced by any Net Prepayment Interest Shortfalls, Relief Act Interest
      Shortfalls (allocated to such REMIC Regular Interests based on their respective
      entitlements to interest irrespective of any Net Prepayment Interest Shortfalls
      and Relief Act Interest Shortfalls for such Distribution Date).

     

    “Uncertificated
      Notional Amount”: With respect to REMIC 2 Regular Interest LTIO and each
      Distribution Date listed below, the aggregate Uncertificated Principal Balance
      of the REMIC 1 Regular Interests ending with the designation “A” listed
      below:

     

    
      	
              Distribution
                Date

            	
              REMIC
                2 Regular Interests

            
	
              1st
                through 12th

            	
              I-1-A
                through I-39-A

            
	
              13

            	
              I-2-A
                through I-39-A

            
	
              14

            	
              I-3-A
                through I-39-A

            
	
              15

            	
              I-4-A
                through I-39-A

            
	
              16

            	
              I-5-A
                through I-39-A

            
	
              17

            	
              I-6-A
                through I-39-A

            
	
              18

            	
              I-7-A
                through I-39-A

            
	
              19

            	
              I-8-A
                through I-39-A

            
	
              20

            	
              I-9-A
                through I-39-A

            
	
              21

            	
              I-10-A
                through I-39-A

            
	
              22

            	
              I-11-A
                through I-39-A

            
	
              23

            	
              I-12-A
                through I-39-A

            
	
              24

            	
              I-13-A
                through I-39-A

            
	
              25

            	
              I-14-A
                through I-39-A

            
	
              26

            	
              I-15-A
                through I-39-A

            
	
              27

            	
              I-16-A
                through I-39-A

            
	
              28

            	
              I-17-A
                through I-39-A

            
	
              29

            	
              I-18-A
                through I-39-A

            
	
              30

            	
              I-19-A
                through I-39-A

            
	
              31

            	
              I-20-A
                through I-39-A

            
	
              32

            	
              I-21-A
                through I-39-A

            
	
              33

            	
              I-22-A
                through I-39-A

            
	
              34

            	
              I-23-A
                through I-39-A

            
	
              35

            	
              I-24-A
                through I-39-A

            
	
              36

            	
              I-25-A
                through I-39-A

            
	
              37

            	
              I-26-A
                through I-39-A

            
	
              38

            	
              I-27-A
                through I-39-A

            
	
              39

            	
              I-28-A
                through I-39-A

            
	
              40

            	
              I-29-A
                through I-39-A

            
	
              41

            	
              I-30-A
                through I-39-A

            
	
              42

            	
              I-31-A
                through I-39-A

            
	
              43

            	
              I-32-A
                through I-39-A

            
	
              44

            	
              I-33-A
                through I-39-A

            
	
              45

            	
              I-34-A
                through I-39-A

            
	
              46

            	
              I-35-A
                through I-39-A

            
	
              47

            	
              I-36-A
                through I-39-A

            
	
              48

            	
              I-37-A
                through I-39-A

            
	
              49

            	
              I-38-A
                and I-39-A

            
	
              50

            	
              I-39-A

            
	
              thereafter

            	
              $0.00

            

    

    

    With
      respect to the Class IO Interest and any Distribution Date, an amount equal
      to
      the Uncertificated Notional Amount of the REMIC 2 Regular Interest
      LTIO.

     

    “Uncertificated
      Principal Balance”: With respect to each REMIC Regular Interest, the amount of
      such REMIC Regular Interest outstanding as of any date of determination. As
      of
      the Closing Date, the Uncertificated Principal Balance of each REMIC Regular
      Interest shall equal the amount set forth in the Preliminary Statement hereto
      as
      its initial Uncertificated Principal Balance. On each Distribution Date, the
      Uncertificated Principal Balance of each REMIC Regular Interest shall be reduced
      by all distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.08 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.08, and the Uncertificated Principal Balance
      of
      REMIC Regular Interest LTZZ shall be increased by interest deferrals as provided
      in Section 4.08. With respect to the Class C Interest as of any date of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC 2 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Class A Certificates, the
      Mezzanine Certificates, the Class B Certificates and the Class P Certificates
      then outstanding. The Uncertificated Principal Balance of each REMIC Regular
      Interest that has an Uncertificated Principal Balance shall never be less than
      zero.

     

    “Uncertificated
      REMIC Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate or
      Uncertificated REMIC 2 Pass-Through Rate, as applicable.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I and REMIC
      1 Regular Interest P, a per annum rate equal to the weighted average of the
      Adjusted Net Mortgage Rates of the Mortgage Loans. With respect to each REMIC
      1
      Regular Interest ending with the designation “A”, a per annum rate equal to the
      weighted average of the Adjusted Net Mortgage Rates of the Mortgage Loans
      multiplied by 2, subject to a maximum rate of 10.1200%. With respect to each
      REMIC 1 Regular Interest ending with the designation “B”, the greater of (x) a
      per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted
      average of the Adjusted Net Mortgage Rates of the Mortgage Loans over (ii)
      10.1200% and (y) 0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”:
      With
      respect to REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTA1, REMIC
      2
      Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest
      LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2, REMIC
      2
      Regular Interest LTB3, REMIC 2 Regular Interest LTZZ and REMIC 2 Regular
      Interest LTP, a
      per
      annum rate (but not less than zero) equal to the weighted average of (v) with
      respect to REMIC 1 Regular Interest I and REMIC 1 Regular Interest P, the
      Uncertificated REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests
      for
      each such Distribution Date, (w) with respect to REMIC 1 Regular Interests
      ending with the designation “B”, the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for such REMIC 1 Regular Interests, weighted on
      the
      basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interests
      for each such Distribution Date and (x) with respect to REMIC 1 Regular
      Interests ending with the designation “A”, for each Distribution Date listed
      below, the weighted average of the rates listed below for each such REMIC 1
      Regular Interest listed below, weighted on the basis of the Uncertificated
      Principal Balance of each such REMIC 1 Regular Interest for each such
      Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1st
                through 11th 

            	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	
              I-1-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	
              I-2-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	
              I-3-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	
              I-4-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	
              I-5-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	
              I-6-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	
              I-7-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	
              I-8-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	
              I-9-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	
              I-10-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	
              I-11-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	
              I-12-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	
              I-13-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	
              I-14-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	
              I-15-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	
              I-16-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	
              I-17-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	
              I-18-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	
              I-19-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	
              I-20-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	
              I-21-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	
              I-22-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	
              I-23-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	
              I-24-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	
              I-25-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	
              I-26-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	
              I-27-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	
              I-28-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	
              I-29-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	
              I-30-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              I-31-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              I-32-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              I-33-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              I-34-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              I-35-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	
              I-36-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	
              I-37-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	
              I-38-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	
              I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest LTIO, and (a) the first 11 Distribution
      Dates, the excess of (i) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
“A”
over (ii) the weighted average of the Uncertificated REMIC 1 Pass-Through Rates
      for REMIC 1 Regular Interests ending with the designation “A”, and (b) the
      twelfth Distribution Date through the 50th
      Distribution Date, the excess of (i) the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for REMIC 1 Regular Interests ending with the
      designation “A” over (ii) 2 multiplied by Swap LIBOR, and (c) thereafter 0.00%.

     

    “Uninsured
      Cause”: Any cause of damage to a Mortgaged Property such that the complete
      restoration of such property is not fully reimbursable by the hazard insurance
      policies required to be maintained pursuant to Section 3.14.

     

    “United
      States Person” or “U.S. Person”: A citizen or resident of the United States, a
      corporation, partnership (or other entity treated as a corporation or
      partnership for United States federal income tax purposes) created or organized
      in, or under the laws of, the United States, any state thereof, or the District
      of Columbia (except in the case of a partnership, to the extent provided in
      Treasury Regulations) provided that, for purposes solely of the restrictions
      on
      the transfer of Residual Certificates, no partnership or other entity treated
      as
      a partnership for United States federal income tax purposes shall be treated
      as
      a United States Person unless all persons that own an interest in such
      partnership either directly or through any entity that is not a corporation
      for
      United States federal income tax purposes are required by the applicable
      operative agreement to be United States Persons, or an estate the income of
      which from sources without the United States is includible in gross income
      for
      United States federal income tax purposes regardless of its connection with
      the
      conduct of a trade or business within the United States, or a trust if a court
      within the United States is able to exercise primary supervision over the
      administration of the trust and one or more United States persons have authority
      to control all substantial decisions of the trust. The term “United States”
shall have the meaning set forth in Section 7701 of the Code or successor
      provisions.

     

    “Unpaid
      Interest Shortfall Amount”: With respect to the Fixed Rate Certificates and the
      Floating Rate Certificates and (i) the first Distribution Date, zero, and (ii)
      any Distribution Date after the first Distribution Date, the amount, if any,
      by
      which (a) the sum of (1) the Monthly Interest Distributable Amount for such
      Class for the immediately preceding Distribution Date and (2) the outstanding
      Unpaid Interest Shortfall Amount, if any, for such Class for such preceding
      Distribution Date exceeds (b) the aggregate amount distributed on such Class
      in
      respect of interest pursuant to clause (a) of this definition on such preceding
      Distribution Date, plus interest on the amount of interest due but not
      distributed on the Certificates of such Class on such preceding Distribution
      Date, to the extent permitted by law, at the Pass-Through Rate for such Class
      for the related Accrual Period.

     

    “Value”:
      With respect to any Mortgaged Property, the lesser of (i) the value thereof
      as
      determined by an appraisal made for the originator of the Mortgage Loan at
      the
      time of origination of the Mortgage Loan by an appraiser who met the minimum
      requirements of Fannie Mae and Freddie Mac and (ii) the purchase price paid
      for
      the related Mortgaged Property by the Mortgagor with the proceeds of the
      Mortgage Loan.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times the Fixed Rate Certificates, the
      Floating Rate Certificates and the Class C Certificates shall have 98% of the
      Voting Rights (allocated among the Holders of the Fixed Rate Certificates,
      the
      Floating Rate Certificates and the Class C Certificates in proportion to the
      then outstanding Certificate Principal Balances of their respective
      Certificates), the Class P Certificates shall have 1% of the Voting Rights
      and
      the Residual Certificates shall have 1% of the Voting Rights. The Voting Rights
      allocated to any Class of Certificates (other than the Class P Certificates
      and
      the Residual Certificates) shall be allocated among all Holders of each such
      Class in proportion to the outstanding Certificate Principal Balance of such
      Certificates and the Voting Rights allocated to the Class P Certificates and
      the
      Residual Certificates shall be allocated among all Holders of each such Class
      in
      proportion to such Holders’ respective Percentage Interest; provided, however
      that when none of the Regular Certificates are outstanding, 100% of the Voting
      Rights shall be allocated among Holders of the Residual Certificates in
      accordance with such Holders’ respective Percentage Interests in the
      Certificates of such Class.

     

    
      	SECTION
              1.02  	
              Accounting.

            

    

     

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

     

    
      	SECTION
              1.03  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Fixed Rate Certificates, the Floating Rate Certificates and the Class
      C
      Certificates for any Distribution Date, (1) the aggregate amount of any Net
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be allocated
      first, among the Class C Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of each such Certificate and,
      thereafter, among the Fixed Rate Certificates and the Floating Rate Certificates
      on a
      pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate and (2) the aggregate amount of any Realized Losses and
      Net WAC Rate Carryover Amounts shall be allocated among the Class C Certificates
      on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
      1
      Regular Interest I and to the REMIC 1 Regular Interests ending with the
      designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest, and then, to REMIC
      1
      Regular Interests ending with the designation “A”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated among REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTA1,
      REMIC 2 Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular
      Interest LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2,
      REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular
      Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7,
      REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular
      Interest LTM10, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2,
      REMIC 2 Regular Interest LTB3 and REMIC 2 Regular Interest LTZZ pro
      rata based
      on,
      and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 2 Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC 2 Regular Interest.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	SECTION
              2.01  	
              Conveyance
                of Mortgage Loans.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse for the benefit of the Certificateholders all the right, title and
      interest of the Depositor, including any security interest therein for the
      benefit of the Depositor, in and to (i) each Mortgage Loan identified on the
      Mortgage Loan Schedule, including the related Cut-off Date Principal Balance,
      all interest accruing thereon on and after the Cut-off Date and all collections
      in respect of interest and principal due after the Cut-off Date; (ii) property
      which secured each such Mortgage Loan and which has been acquired by foreclosure
      or deed in lieu of foreclosure; (iii) its interest in any insurance policies
      in
      respect of the Mortgage Loans; (iv) the rights of the Depositor under the Master
      Agreements (as assigned to the Depositor pursuant to the terms of the Assignment
      Agreements), (v) the
      right
      to receive any amounts payable under the Cap Contract and the Interest Rate
      Swap
      Agreement,
      (vi)
      all other assets included or to be included in the Trust Fund and (vii) all
      proceeds of any of the foregoing. Such assignment includes all interest and
      principal due and collected by the Depositor or the Servicer after the Cut-off
      Date with respect to the Mortgage Loans.

     

    In
      connection with such transfer and assignment, the Depositor, does hereby deliver
      to, and deposit with, the Trustee (or the Custodian on behalf of the Trustee),
      the following documents or instruments with respect to each Mortgage Loan so
      transferred and assigned (with respect to each Mortgage Loan, a “Mortgage
      File”):

     

    (i)  the
      original Mortgage Note including any riders thereto, endorsed either (A) in
      blank, in which case the Trustee shall cause the endorsement to be completed
      or
      (B) in the following form: “Pay to the order of Deutsche Bank National Trust
      Company, as Trustee, without recourse” or with respect to any lost Mortgage
      Note, an original Lost Note Affidavit stating that the original mortgage note
      was lost, misplaced or destroyed, together with a copy of the related mortgage
      note; provided, however, that such substitutions of Lost Note Affidavits for
      original Mortgage Notes may occur only with respect to Mortgage Loans, the
      aggregate Cut-off Date Principal Balance of which is less than or equal to
      1.00%
      of the Pool Balance as of the Cut-off Date;

     

    (ii)  the
      original Mortgage (noting the presence of the MIN of the Mortgage Loan and
      language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan
      is
      a MOM Loan), with evidence of recording thereon, and the original recorded
      power
      of attorney, if the Mortgage was executed pursuant to a power of attorney,
      with
      evidence of recording thereon or, if such Mortgage or power of attorney has
      been
      submitted for recording but has not been returned from the applicable public
      recording office, has been lost or is not otherwise available, a copy of such
      Mortgage or power of attorney, as the case may be, certified to be a true and
      complete copy of the original submitted for recording;

     

    (iii)  unless
      the Mortgage Loan is registered on the MERS® System, an original Assignment, in
      form and substance acceptable for recording. The Mortgage shall be assigned
      either (A) in blank or (B) to “Deutsche Bank National Trust Company, as Trustee,
      without recourse”;

     

    (iv)  an
      original of any intervening assignment of Mortgage showing a complete chain
      of
      assignments (or to MERS if the Mortgage Loan is registered on the MERS® System
      and noting the presence of MIN);

     

    (v)  the
      original or a certified copy of lender’s title insurance policy;
      and

     

    (vi)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any.

     

    The
      Depositor herewith also delivers to the Trustee an executed copy of each
      Assignment Agreement and each Master Agreement.

     

    If
      any of
      the documents referred to in Section 2.01(ii), (iii) or (iv) above has as of
      the
      Closing Date been submitted for recording but either (x) has not been returned
      from the applicable public recording office or (y) has been lost or such public
      recording office has retained the original of such document, the obligations
      of
      the Depositor to deliver such documents shall be deemed to be satisfied upon
      (1)
      delivery to the Trustee (or the Custodian on behalf of the Trustee) no later
      than the Closing Date, of a copy of each such document certified by the related
      Originator in the case of (x) above or the applicable public recording office
      in
      the case of (y) above to be a true and complete copy of the original that was
      submitted for recording and (2) if such copy is certified by the related
      Originator, delivery to the Trustee (or the Custodian on behalf of the Trustee)
      promptly upon receipt thereof of either the original or a copy of such document
      certified by the applicable public recording office to be a true and complete
      copy of the original. If the original lender’s title insurance policy, or a
      certified copy thereof, was not delivered pursuant to Section 2.01(v) above,
      the
      Depositor shall deliver or cause to be delivered to the Trustee (or the
      Custodian on behalf of the Trustee), the original or a copy of a written
      commitment or interim binder or preliminary report of title issued by the title
      insurance or escrow company, with the original or a certified copy thereof
      to be
      delivered to the Trustee (or the Custodian on behalf of the Trustee), promptly
      upon receipt thereof. The Servicer or the Depositor shall deliver or cause
      to be
      delivered to the Trustee or the Custodian promptly upon receipt thereof any
      other documents constituting a part of a Mortgage File received with respect
      to
      any Mortgage Loan, including, but not limited to, any original documents
      evidencing an assumption or modification of any Mortgage Loan.

     

    Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File, the Trustee shall enforce the
      obligations of the related Originator under the related Master Agreement to
      cure
      such defect or deliver such missing document to the Trustee (or the Custodian
      on
      behalf of the Trustee) within 90 days. If such Originator does not cure such
      defect or deliver such missing document within such time period, the Trustee
      shall use commercially reasonable efforts to enforce the obligations of such
      Originator to either repurchase or substitute for such Mortgage Loan in
      accordance with Section 2.03; provided, however, that the Trustee shall not
      be
      under any obligation to take any action pursuant to this paragraph unless
      directed by the Depositor and provided, further, the Depositor hereby agrees
      to
      assist the Trustee in enforcing any obligations of either Originator to
      repurchase or substitute for a Mortgage Loan which has breached a representation
      or warranty under the related Assignment Agreement. In connection with the
      foregoing, it is understood that the Trustee shall have no duty to discover
      any
      such defects except in the course of performing its review of the Mortgage
      Files
      to the extent set forth herein.

     

    Except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage,
      the Trustee (upon receipt of notice from the Custodian) shall enforce the
      obligations of each Originator under the related Master Agreement to cause
      the
      Assignments which were delivered in blank to be completed and to record all
      Assignments referred to in Section 2.01(iii) hereof and, to the extent
      necessary, in Section 2.01(iv) hereof. The Trustee shall enforce the obligations
      of each Originator under the related Master Agreement to deliver such
      assignments for recording within 180 days of the Closing Date. In the event
      that
      any such Assignment is lost or returned unrecorded because of a defect therein,
      the Trustee shall enforce the obligations of each Originator under the related
      Master Agreement to promptly have a substitute Assignment prepared or have
      such
      defect cured, as the case may be, and thereafter cause each such Assignment
      to
      be duly recorded.

     

    Notwithstanding
      the foregoing, for administrative convenience and facilitation of servicing
      and
      to reduce closing costs, the Assignments shall not be required to be submitted
      for recording (except with respect to any Mortgage Loan located in Maryland)
      unless the Trustee and the Depositor receive notice that such failure to record
      would result in a withdrawal or a downgrading by any Rating Agency of the rating
      on any Class of Certificates; provided, however, each Assignment, except with
      respect to any Mortgage Loan for which MERS is identified on the Mortgage,
      shall
      be submitted for recording in the manner described above, at no expense to
      the
      Trust Fund or Trustee, upon the earliest to occur of: (i) reasonable direction
      by the Holders of Certificates entitled to at least 25% of the Voting Rights,
      (ii) the occurrence of a Servicer Event of Termination, (iii) the occurrence
      of
      a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the
      occurrence of a servicing transfer as described in Section 7.02 hereof, (v)
      upon
      receipt of notice from the Servicer, the occurrence of a bankruptcy, insolvency
      or foreclosure relating to the Mortgagor under the related Mortgage and (vi)
      upon receipt of notice from the Servicer, any Mortgage Loan that is 90 days
      or
      more Delinquent. In the event of (i) through (vi) set forth in the immediately
      preceding sentence, the Trustee shall enforce the obligations of the related
      Originator to deliver such Assignments for recording as provided above, promptly
      and in any event within 30 days following receipt of notice by the related
      Originator. Notwithstanding the foregoing, if the related Originator fails
      to
      pay the cost of recording the Assignments, such expense will be paid by the
      Trustee and the Trustee shall be reimbursed for such expenses by the Trust.
      In
      the event an Assignment is not recorded, neither the Trustee nor the Servicer
      will have any liability for its failure to act on notices that were not received
      and would have been had such Assignment been recorded, except, in the case
      of
      the Trustee, with respect to Mortgage Loans that are subject to provisions
      (i)
      through (vi) set forth in this paragraph, if the Trustee shall have failed
      to
      timely request the related Originator to cause such Assignments to be
      recorded.

     

    The
      Servicer shall forward to the Custodian original documents evidencing an
      assumption, modification, consolidation or extension of any Mortgage Loan
      entered into in accordance with this Agreement within two weeks of their
      execution; provided, however, that the Servicer shall provide the Custodian
      with
      a certified true copy of any such document submitted for recordation within
      two
      weeks of its execution, and shall provide the original of any document submitted
      for recordation or a copy of such document certified by the appropriate public
      recording office to be a true and complete copy of the original within 365
      days
      of its submission for recordation. In the event that the Servicer cannot provide
      a copy of such document certified by the public recording office within such
      365
      day period, the Servicer shall deliver to the Custodian, within such 365 day
      period, an Officers’ Certificate of the Servicer which shall (A) identify the
      recorded document, (B) state that the recorded document has not been delivered
      to the Custodian due solely to a delay caused by the public recording office,
      (C) state the amount of time generally required by the applicable recording
      office to record and return a document submitted for recordation, if known
      and
      (D) specify the date the applicable recorded document is expected to be
      delivered to the Custodian, and, upon receipt of a copy of such document
      certified by the public recording office, the Servicer shall immediately deliver
      such document to the Custodian. In the event the appropriate public recording
      office will not certify as to the accuracy of such document, the Servicer shall
      deliver a copy of such document certified by an officer of the Servicer to
      be a
      true and complete copy of the original to the Custodian.

     

    The
      parties hereto understand and agree that it is not intended that any Mortgage
      Loan be included in the Trust that is a “High-Cost Home Loan” as defined by the
      Homeownership and Equity Protection Act of 1994 or any other applicable
      predatory or abusive lending laws.

     

    The
      Depositor hereby directs the Trust Administrator to execute, deliver and perform
      its obligations under the Interest Rate Swap Agreement (in its capacity as
      Supplemental Interest Trust Trustee) and the Cap Contract. The Depositor, the
      Servicer and the Holders of the Fixed Rate Certificates and the Floating Rate
      Certificates by their acceptance of such Certificates acknowledge and agree
      that
      the Trust Administrator shall execute, deliver and perform its obligations
      under
      the Interest Rate Swap Agreement and the Cap Contract and shall do so solely
      in
      its capacity as Trust Administrator or as Supplemental Interest Trust Trustee,
      as the case may be, and not in its individual capacity. Every provision of
      this
      Agreement relating to the conduct or affecting the liability of or affording
      protection to the Trust Administrator shall apply to the Trust Administrator’s
      execution of the Interest Rate Swap Agreement and the Cap Contract, and the
      performance of its duties and satisfaction of its obligations
      thereunder.

     

    
      	SECTION
              2.02  	
              Acceptance
                by Trustee.

            

    

     

    Subject
      to the provisions of Section 2.01 and subject to the review described below
      and
      any exceptions noted on the exception report described in the next paragraph
      below, the Trustee acknowledges receipt (or receipt by the Custodian on behalf
      of the Trustee) of the documents referred to in Section 2.01 above and all
      other
      assets included in the definition of “Trust Fund” and declares that it holds and
      will hold such documents and the other documents delivered to it constituting
      a
      Mortgage File, and that it holds or will hold all such assets and such other
      assets included in the definition of “Trust Fund” in trust for the exclusive use
      and benefit of all present and future Certificateholders.

     

    The
      Trustee agrees to execute and deliver to the Depositor and the Servicer on
      or
      prior to the Closing Date an acknowledgment of receipt of the related original
      Mortgage Note for each Mortgage Loan (with any exceptions noted), substantially
      in the form attached as Exhibit F-3 hereto.

     

    The
      Trustee (or the Custodian on behalf of the Trustee) agrees, for the benefit
      of
      the Certificateholders, to review, or that it has reviewed pursuant to Section
      2.01 (or to cause the Custodian to review or that it has caused the Custodian
      to
      have reviewed) each Mortgage File on or prior to the Closing Date, with respect
      to each Mortgage Loan (or, with respect to any document delivered after the
      Startup Day, within 45 days of receipt and with respect to any Qualified
      Substitute Mortgage Loan, within 45 days after the assignment thereof). The
      Trustee further agrees, for the benefit of the Certificateholders, to certify
      to
      the Depositor and the Servicer in substantially the form attached hereto as
      Exhibit F-1, within 45 days after the Closing Date (and to cause the Custodian
      to certify to the Depositor and the Servicer in substantially the form attached
      as Exhibit 1 to the Custodial Agreement, on the Closing Date), with respect
      to
      each Mortgage Loan (or, with respect to any document delivered after the Startup
      Day, within 45 days of receipt and with respect to any Qualified Substitute
      Mortgage, within 45 days after the assignment thereof) that, as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or any Mortgage Loan specifically identified in the exception report
      annexed thereto as not being covered by such certification), (i) all documents
      required to be delivered to it pursuant to Section 2.01 of this Agreement are
      in
      its possession, (ii) such documents have been reviewed by it and have not been
      mutilated, damaged or torn and appear on their face to relate to such Mortgage
      Loan and (iii) based on its examination and only as to the foregoing, the
      information set forth in the Mortgage Loan Schedule that corresponds to items
      (1) and (3) of the Mortgage Loan Schedule accurately reflects information set
      forth in the Mortgage File. It is herein acknowledged that, in conducting such
      review, the Trustee (or the Custodian, as applicable) is under no duty or
      obligation to inspect, review or examine any such documents, instruments,
      certificates or other papers to determine that they are genuine, legally
      enforceable, valid or binding or appropriate for the represented purpose or
      that
      they have actually been recorded or that they are other than what they purport
      to be on their face.

     

    Prior
      to
      the first anniversary date of this Agreement the Trustee shall deliver (or
      cause
      the Custodian to deliver) to the Depositor the Trustee, the Servicer and the
      Master Servicer a final certification in the form annexed hereto as Exhibit
      F-2
      (or, in the case of the Custodian, Exhibit 2 to the Custodial Agreement), with
      any applicable exceptions noted thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee (or the Custodian, as
      applicable) finds any document or documents constituting a part of a Mortgage
      File to be missing or not to conform with respect to any characteristics which
      are within the scope of the Trustee’s (or the Custodian’s, as applicable) review
      as provided herein, at the conclusion of its review, the Trustee (or the
      Custodian on behalf of the Trustee) shall so notify the Seller, the Depositor,
      the related Originator the Trustee, the Servicer and the Master Servicer. In
      addition, upon the discovery by the Depositor or the Servicer or the Master
      Servicer (or upon receipt by the Trustee of written notification of such breach)
      of a breach of any of the representations and warranties made by an Originator
      in the related Master Agreement or the Seller in the related Assignment
      Agreement in respect of any Mortgage Loan which materially adversely affects
      such Mortgage Loan or the interests of the Certificateholders in such Mortgage
      Loan, the party discovering such breach shall give prompt written notice to
      the
      other parties to this Agreement.

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee in trust for the
      benefit of the Certificateholders and that such property not be part of the
      Depositor’s estate or property of the Depositor in the event of any insolvency
      by the Depositor. In the event that such conveyance is deemed to be, or to
      be
      made as security for, a loan, the parties intend that the Depositor shall be
      deemed to have granted and does hereby grant to the Trustee a first priority
      perfected security interest in all of the Depositor’s right, title and interest
      in and to the Mortgage Loans, the related Mortgage Notes and the related
      documents, and that this Agreement shall constitute a security agreement under
      applicable law.

     

    
      	SECTION
              2.03  	
              Repurchase
                or Substitution of Mortgage Loans by an Originator or the
                Seller.

            

    

     

    (a)  Upon
      discovery or receipt of written notice from the Custodian of any materially
      defective document in, or that a document is missing from, a Mortgage File
      or of
      the breach by an Originator or the Seller, as applicable, of any representation,
      warranty or covenant under a Master Agreement or an Assignment Agreement, as
      applicable, in respect of any Mortgage Loan which materially adversely affects
      the value of such Mortgage Loan or the interest therein of the
      Certificateholders, the Trustee shall request that the related Originator
      deliver such missing document or that the Originator or the Seller cure such
      defect or breach within 90 days from the date such Originator or the Seller
      was
      notified of such missing document, defect or breach, and if such Originator
      or
      the Seller does not deliver such missing document or cure such defect or breach
      in all material respects during such period, the Trustee shall enforce (in
      the
      manner set forth in Section 2.01) such Originator’s obligation under the related
      Master Agreement or the Seller’s obligation under the related Assignment
      Agreement and notify such Originator or the Seller, as applicable, of its
      obligation to repurchase such Mortgage Loan from the Trust Fund at the Purchase
      Price on or prior to the Determination Date following the expiration of such
      90
      day period (subject to Section 2.03(e)). The Purchase Price for the repurchased
      Mortgage Loan shall be remitted to the Servicer for deposit in the Collection
      Account, and the Trustee, (or the Custodian on behalf of the Trustee), upon
      receipt of written certification from the Servicer of such deposit, shall
      release to the related Originator or the Seller, as applicable, the related
      Mortgage File and the Trustee shall execute and deliver such instruments of
      transfer or assignment, in each case without recourse, as the related Originator
      or the Seller, as applicable, shall furnish to it and as shall be necessary
      to
      vest in the related Originator or Seller, as applicable, any Mortgage Loan
      released pursuant hereto and the Trustee and the Custodian shall have no further
      responsibility with regard to such Mortgage File (it being understood that
      the
      Trustee shall have no responsibility for determining the sufficiency of such
      assignment for its intended purpose). In lieu of repurchasing any such Mortgage
      Loan as provided above, an Originator or the Seller, as applicable, may cause
      such Mortgage Loan to be removed from the Trust Fund (in which case it shall
      become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute
      Mortgage Loans in the manner and subject to the limitations set forth in Section
      2.03(d); provided, however, the Seller may not substitute for any Mortgage
      Loan
      which breaches a representation or warranty regarding abusive or predatory
      lending laws. In furtherance of the foregoing, if an Originator or the Seller,
      as applicable, is not a member of MERS and repurchases a Mortgage Loan which
      is
      registered on the MERS® System, such Originator or the Seller, as applicable, at
      its own expense and without any right of reimbursement, shall cause MERS to
      execute and deliver an assignment of the Mortgage in recordable form to transfer
      the Mortgage from MERS to such Originator or the Seller, as applicable, and
      shall cause such Mortgage to be removed from registration on the MERS® System in
      accordance with MERS’ rules and regulations. It is understood and agreed that
      the obligation of an Originator or the Seller, as applicable, to cure or to
      repurchase (or to substitute for) any Mortgage Loan as to which a document is
      missing, a material defect in a constituent document exists or as to which
      such
      a breach has occurred and is continuing shall constitute the sole remedy against
      either Originator or the Seller, as applicable, respecting such omission, defect
      or breach available to the Trustee on behalf of the
      Certificateholders.

     

    (b)  Within
      90
      days of the earlier of discovery by the Depositor or receipt of notice by the
      Depositor of the breach of any representation, warranty or covenant of the
      Depositor set forth in Section 2.06, which materially and adversely affects
      the
      interests of the Certificateholders in any Mortgage Loan, the Depositor shall
      cure such breach in all material respects.

     

    (c)  Within
      90
      days of the earlier of discovery by the Servicer or receipt of notice by the
      Servicer of the breach of any representation, warranty or covenant of the
      Servicer set forth in Section 2.05 which materially and adversely affects the
      interests of the Certificateholders in any Mortgage Loan, the Servicer shall
      cure such breach in all material respects.

     

    (d)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the last Business
      Day
      that is within two years after the Closing Date. As to any Deleted Mortgage
      Loan
      for which the Originator or the Seller, as applicable, substitutes a Qualified
      Substitute Mortgage Loan or Loans, such substitution shall be effected by the
      related Originator or the Seller, as applicable, delivering to the Trustee,
      (or
      the Custodian on behalf of the Trustee), for such Qualified Substitute Mortgage
      Loan or Loans, the Mortgage Note, the Mortgage and the Assignment to the
      Trustee, and such other documents and agreements, with all necessary
      endorsements thereon, as are required by Section 2.01, together with an
      Officers’ Certificate providing that each such Qualified Substitute Mortgage
      Loan satisfies the definition thereof and specifying the Substitution Adjustment
      (as described below), if any, in connection with such substitution. The Trustee
      (or the Custodian on behalf of the Trustee), shall acknowledge receipt for
      such
      Qualified Substitute Mortgage Loan or Loans and, within 45 days thereafter,
      shall review such documents as specified in Section 2.02 and deliver to the
      Depositor and the Servicer, with respect to such Qualified Substitute Mortgage
      Loan or Loans, a certification substantially in the form attached hereto as
      Exhibit F-1, with any applicable exceptions noted thereon. Within one year
      of
      the date of substitution, the Trustee (or the Custodian on behalf of the
      Trustee) shall deliver to the Depositor and the Servicer a certification
      substantially in the form of Exhibit F-2 hereto with respect to such Qualified
      Substitute Mortgage Loan or Loans, with any applicable exceptions noted thereon.
      Monthly Payments due with respect to Qualified Substitute Mortgage Loans in
      the
      month of substitution are not part of the Trust Fund and will be retained by
      the
      related Originator or the Seller, as applicable. For the month of substitution,
      distributions to Certificateholders will reflect the collections and recoveries
      in respect of such Deleted Mortgage Loan in the Due Period preceding the month
      of substitution and the related Originator or the Seller, as applicable, shall
      thereafter be entitled to retain all amounts subsequently received in respect
      of
      such Deleted Mortgage Loan. The Servicer shall give or cause to be given written
      notice to the Trustee, who shall forward such notice to the Certificateholders,
      that such substitution has taken place, shall amend the Mortgage Loan Schedule
      to reflect the removal of such Deleted Mortgage Loan from the terms of this
      Agreement and the substitution of the Qualified Substitute Mortgage Loan or
      Loans and shall deliver a copy of such amended Mortgage Loan Schedule to the
      Master Servicer, the Trust Administrator, the Trustee, the Custodian and the
      Servicer. Upon such substitution by an Originator or the Seller, as applicable,
      such Qualified Substitute Mortgage Loan or Loans shall constitute part of the
      Mortgage Pool and shall be subject in all respects to the terms of this
      Agreement and the related Assignment Agreement, including all applicable
      representations and warranties thereof included in such Assignment Agreement
      as
      of the date of substitution.

     

    For
      any
      month in which an Originator or the Seller, as applicable, substitutes one
      or
      more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans,
      the Servicer will determine the amount (the “Substitution Adjustment”), if any,
      by which the aggregate Purchase Price of all such Deleted Mortgage Loans exceeds
      the aggregate, as to each such Qualified Substitute Mortgage Loan, of the Stated
      Principal Balance thereof as of the date of substitution, together with one
      month’s interest on such Stated Principal Balance at the applicable Mortgage
      Rate. On the date of such substitution, the related Originator or the Seller,
      as
      applicable, will deliver or cause to be delivered to the Servicer for deposit
      in
      the Collection Account an amount equal to the Substitution Adjustment, if any,
      and the Trustee, (or the Custodian on behalf of the Trustee), upon receipt
      of
      the related Qualified Substitute Mortgage Loan or Loans and certification by
      the
      Servicer of such deposit, shall release to the related Originator or the Seller,
      as applicable, the related Mortgage File or Files and the Trustee shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, as the related Originator or the Seller, as applicable, shall deliver
      to it and as shall be necessary to vest therein any Deleted Mortgage Loan
      released pursuant hereto.

     

    In
      addition, pursuant to the terms of the related Assignment Agreement, the related
      Originator or the Seller, as applicable, shall obtain at its own expense and
      deliver to the Trustee and the Trust Administrator an Opinion of Counsel to
      the
      effect that such substitution will not cause (a) any federal tax to be imposed
      on the Trust Fund, including without limitation, any federal tax imposed on
      “prohibited transactions” under Section 860F(a)(I) of the Code or on
“contributions after the startup date” under Section 860G(d)(I) of the Code or
      (b) any REMIC to fail to qualify as a REMIC at any time that any Certificate
      is
      outstanding. If such Opinion of Counsel can not be delivered, then such
      substitution may only be effected at such time as the required Opinion of
      Counsel can be given.

     

    (e)  Upon
      discovery by the Depositor, the Master Servicer or the Trust Administrator
      that
      any Mortgage Loan does not constitute a “qualified mortgage” within the meaning
      of Section 860G(a)(3) of the Code, the party discovering such fact shall within
      two Business Days give written notice thereof to the other parties hereto.
      In
      connection therewith, the related Originator or the Depositor, as the case
      may
      be, shall repurchase or, subject to the limitations set forth in Section
      2.03(d), substitute one or more Qualified Substitute Mortgage Loans for the
      affected Mortgage Loan within 90 days of the earlier of discovery or receipt
      of
      such notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made (i) by the related Originator if the affected
      Mortgage Loan’s status as a non-qualified mortgage is or results from a breach
      of any representation, warranty or covenant made by the related Originator
      under
      the related Assignment Agreement or (ii) the Depositor, if the affected Mortgage
      Loan’s status as a non-qualified mortgage is a breach of any representation or
      warranty of the Depositor set forth in Section 2.06, or if its status as a
      non-qualified mortgage is a breach of no representation or warranty. Any such
      repurchase or substitution shall be made in the same manner as set forth in
      Section 2.03(a) or 2.03(d), if made by an Originator, or Section 2.03(b), if
      made by the Depositor. The Trustee shall reconvey to the Depositor or the
      related Originator, as the case may be, the Mortgage Loan to be released
      pursuant hereto in the same manner, and on the same terms and conditions, as
      it
      would a Mortgage Loan repurchased for breach of a representation or
      warranty.

     

    (f)  Upon
      discovery or receipt of written notice of a breach by the Seller of any
      representation, warranty or covenant made by the Seller under the Assignment
      Agreement in respect of any Mortgage Loan which materially adversely affects
      the
      value of such Mortgage Loan or the interest therein of the Certificateholders,
      and if either (i) such Mortgage Loan is not in breach of any representation,
      warranty or covenant of the related Originator or (ii) the related Originator
      has failed to remedy such representation, warranty or covenant with respect
      to
      such Mortgage Loan, then the Trustee shall enforce the obligation of the Seller
      to remedy such breach, to the extent provided in the Assignment Agreement,
      in
      the manner and within the time periods set forth in the Assignment
      Agreement.

     

    
      	SECTION
              2.04  	
              [Reserved].

            

    

     

    
      	SECTION
              2.05  	
              Representations,
                Warranties and Covenants of the Servicer and the Master
                Servicer.

            

    

     

    (a)  The
      Servicer hereby represents, warrants and covenants to the Trust Administrator
      and the Trustee, for the benefit of each of the Trustee, the Trust
      Administrator, the Certificateholders and to the Depositor that as of the
      Closing Date or as of such date specifically provided herein:

     

    (i)  The
      Servicer is a national banking association duly formed, validly existing and
      in
      good standing under the laws of the United States of America and is duly
      authorized and qualified to transact any and all business contemplated by this
      Agreement to be conducted by the Servicer in any state in which a Mortgaged
      Property is located or is otherwise not required under applicable law to effect
      such qualification and, in any event, is in compliance with the doing business
      laws of any such State, to the extent necessary to ensure its ability to enforce
      each Mortgage Loan and to service the Mortgage Loans in accordance with the
      terms of this Agreement;

     

    (ii)  The
      Servicer has the full power and authority to conduct its business as presently
      conducted by it and to execute, deliver and perform, and to enter into and
      consummate, all transactions contemplated by this Agreement. The Servicer has
      duly authorized the execution, delivery and performance of this Agreement,
      has
      duly executed and delivered this Agreement, and this Agreement, assuming due
      authorization, execution and delivery by the Depositor and the Trust
      Administrator, constitutes a legal, valid and binding obligation of the
      Servicer, enforceable against it in accordance with its terms except as the
      enforceability thereof may be limited by bankruptcy, insolvency, reorganization
      or similar laws affecting the enforcement of creditors’ rights generally and by
      general principles of equity; 

     

    (iii)  The
      execution and delivery of this Agreement by the Servicer, the servicing of
      the
      Mortgage Loans by the Servicer hereunder, the consummation by the Servicer
      of
      any other of the transactions herein contemplated, and the fulfillment of or
      compliance with the terms hereof are in the ordinary course of business of
      the
      Servicer and will not (A) result in a breach of any term or provision of the
      charter of by-laws of the Servicer or (B) conflict with, result in a breach,
      violation or acceleration of, or result in a default under, the terms of any
      other material agreement or instrument to which the Servicer is a party or
      by
      which it may be bound, or any statute, order or regulation applicable to the
      Servicer of any court, regulatory body, administrative agency or governmental
      body having jurisdiction over the Servicer; and the Servicer is not a party
      to,
      bound by, or in breach or violation of any indenture or other agreement or
      instrument, or subject to or in violation of any statute, order or regulation
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over it, which materially and adversely affects or, to the
      Servicer’s knowledge, would in the future materially and adversely affect, (x)
      the ability of the Servicer to perform its obligations under this Agreement,
      (y)
      the business, operations, financial condition, properties or assets of the
      Servicer taken as a whole or (z) the legality, validity or enforceability of
      this Agreement;

     

    (iv)  The
      Servicer is a HUD approved mortgagee pursuant to Section 203 and Section 211
      of
      the National Housing Act. No event has occurred, including but not limited
      to a
      change in insurance coverage, that would make the Servicer unable to comply
      with
      HUD eligibility requirements or that would require notification to HUD;

     

    (v)  The
      Servicer does not believe, nor does it have any reason or cause to believe,
      that
      it cannot perform each and every covenant made by it and contained in this
      Agreement;

     

    (vi)  No
      litigation is pending against the Servicer that would materially and adversely
      affect the execution, delivery or enforceability of this Agreement or the
      ability of the Servicer to service the Mortgage Loans or to perform any of
      its
      other obligations hereunder in accordance with the terms hereof;

     

    (vii)  There
      are
      no actions or proceedings against, or investigations known to it of, the
      Servicer before any court, administrative or other tribunal (A) that might
      prohibit its entering into this Agreement, (B) seeking to prevent the
      consummation of the transactions contemplated by this Agreement or (C) that
      might prohibit or materially and adversely affect the performance by the
      Servicer of its obligations under, or the validity or enforceability of, this
      Agreement;

     

    (viii)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Servicer
      of,
      or compliance by the Servicer with, this Agreement or the consummation by it
      of
      the transactions contemplated by this Agreement, except for such consents,
      approvals, authorizations or orders, if any, that have been obtained prior
      to
      the Closing Date;

     

    (ix)  [reserved];

     

    (x)  Neither
      this Agreement nor any information, certificate of an officer, statement
      furnished in writing or report delivered to the Trustee by the Servicer in
      connection with the transactions contemplated hereby contains or will contain
      any untrue statement of a material fact;

     

    (xi)  The
      Servicer will not waive any Prepayment Charge unless it is waived in accordance
      with the standard set forth in Section 3.01; and

     

    (xii)  The
      Servicer has fully furnished and will continue to fully furnish, in accordance
      with the Fair Credit Reporting Act and its implementing regulations, accurate
      and complete information (e.g., favorable and unfavorable) on its borrower
      credit files to Equifax, Experian and Trans Union Credit Information Company
      or
      their successors (the “Credit Repositories”) in a timely manner.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee or to the related Custodian on its behalf and shall inure to the benefit
      of the Trustee, the Trust Administrator, the Depositor and the
      Certificateholders. Upon discovery by any of the Depositor, the Servicer, the
      Trust Administrator or the Trustee of a breach of any of the foregoing
      representations, warranties and covenants which materially and adversely affects
      the value of any Mortgage Loan, Prepayment Charge or the interests therein
      of
      the Certificateholders, the party discovering such breach shall give prompt
      written notice (but in no event later than two Business Days following such
      discovery) to the Servicer, the Trustee and the Trust Administrator.
      Notwithstanding the foregoing, within 90 days of the earlier of discovery by
      the
      Servicer or receipt of notice by the Servicer of the breach of the
      representation or covenant of the Servicer set forth in Section 2.05(xi) above
      which materially and adversely affects the interests of the Holders of the
      Class
      P Certificates in any Prepayment Charge, the Servicer must pay the amount of
      such waived Prepayment Charge, for the benefit of the Holders of the Class
      P
      Certificates, by depositing such amount into the Collection Account. The
      foregoing shall not, however, limit any remedies available to the
      Certificateholders, the Depositor, the Trust Administrator or the Trustee on
      behalf of the Certificateholders, pursuant to the Master Agreements respecting
      a
      breach of the representations, warranties and covenants of the
      Originators.

     

    (b)  The
      Master Servicer hereby represents, warrants and covenants to the Trustee, for
      the benefit of each of the Trustee and the Certificateholders, and to the
      Servicer and the Depositor that as of the Closing Date or as of such date
      specifically provided herein:

     

    (i)  The
      Master Servicer is a national banking association duly formed, validly existing
      and in good standing under the laws of the United States of America and is
      duly
      authorized and qualified to transact any and all business contemplated by this
      Agreement to be conducted by the Master Servicer;

     

    (ii)  The
      Master Servicer has the full power and authority to conduct its business as
      presently conducted by it and to execute, deliver and perform, and to enter
      into
      and consummate, all transactions contemplated by this Agreement. The Master
      Servicer has duly authorized the execution, delivery and performance of this
      Agreement, has duly executed and delivered this Agreement, and this Agreement,
      assuming due authorization, execution and delivery by the Depositor and the
      Trustee, constitutes a legal, valid and binding obligation of the Master
      Servicer, enforceable against it in accordance with its terms except as the
      enforceability thereof may be limited by bankruptcy, insolvency, reorganization
      or similar laws affecting the enforcement of creditors’ rights generally and by
      general principles of equity;

     

    (iii)  The
      execution and delivery of this Agreement by the Master Servicer, the
      consummation by the Master Servicer of any other of the transactions herein
      contemplated, and the fulfillment of or compliance with the terms hereof are
      in
      the ordinary course of business of the Master Servicer and will not (A) result
      in a breach of any term or provision of charter and by-laws of the Master
      Servicer or (B) conflict with, result in a breach, violation or acceleration
      of,
      or result in a default under, the terms of any other material agreement or
      instrument to which the Master Servicer is a party or by which it may be bound,
      or any statute, order or regulation applicable to the Master Servicer of any
      court, regulatory body, administrative agency or governmental body having
      jurisdiction over the Master Servicer; and the Master Servicer is not a party
      to, bound by, or in breach or violation of any indenture or other agreement
      or
      instrument, or subject to or in violation of any statute, order or regulation
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over it, which materially and adversely affects or, to the Master
      Servicer’s knowledge, would in the future materially and adversely affect, the
      ability of the Master Servicer to perform its obligations under this
      Agreement;

     

    (iv)  The
      Master Servicer or an Affiliate thereof is an approved seller/servicer for
      Fannie Mae or Freddie Mac in good standing and is a HUD approved mortgagee
      pursuant to Section 203 of the National Housing Act;

     

    (v)  The
      Master Servicer does not believe, nor does it have any reason or cause to
      believe, that it cannot perform each and every covenant made by it and contained
      in this Agreement;

     

    (vi)  No
      litigation is pending against the Master Servicer that would materially and
      adversely affect the execution, delivery or enforceability of this Agreement
      or
      the ability of the Master Servicer to perform any of its other obligations
      hereunder in accordance with the terms hereof,

     

    (vii)  There
      are
      no actions or proceedings against, or investigations known to it of, the Master
      Servicer before any court, administrative or other tribunal (A) that might
      prohibit its entering into this Agreement, (B) seeking to prevent the
      consummation of the transactions contemplated by this Agreement or (C) that
      might prohibit or materially and adversely affect the performance by the Master
      Servicer of its obligations under, or validity or enforceability of, this
      Agreement; and

     

    (viii)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Master
      Servicer of, or compliance by the Master Servicer with, this Agreement or the
      consummation of the transactions contemplated by this Agreement, except for
      such
      consents, approvals, authorizations or orders, if any, that have been obtained
      prior to the Closing Date.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the Trust Administrator, the Trustee or the Custodian, as applicable and shall
      inure to the benefit of the Trustee, the Depositor and the Certificateholders.
      Upon discovery by any of the Depositor, the Servicer, the Master Servicer or
      the
      Trustee of a breach of any of the foregoing representations, warranties and
      covenants which materially and adversely affects the value of any Mortgage
      Loan
      or the interests therein of the Certificateholders, the party discovering such
      breach shall give prompt written notice (but in no event later than two Business
      Days following such discovery) to other parties to this Agreement.

     

    
      	SECTION
              2.06  	
              Representations
                and Warranties of the Depositor.

            

    

     

    The
      Depositor represents and warrants to the Trust, the Servicer and the Trustee
      on
      behalf of the Certificateholders as follows:

     

    (i)  This
      agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii)   Immediately
      prior to the sale and assignment by the Depositor to the Trustee on behalf
      of
      the Trust of each Mortgage Loan, the Depositor had good and marketable title
      to
      each Mortgage Loan (insofar as such title was conveyed to it by the Seller)
      subject to no prior lien, claim, participation interest, mortgage, security
      interest, pledge, charge or other encumbrance or other interest of any
      nature;

     

    (iii)  As
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trustee on behalf of the Trust;

     

    (iv)  The
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust with any intent to hinder, delay or defraud any of its
      creditors;

     

    (v)  The
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full corporate power and
      authority to own its assets and conduct its business as presently being
      conducted;

     

    (vi)  The
      Depositor is not in violation of its articles of incorporation or by-laws or
      in
      default in the performance or observance of any material obligation, agreement,
      covenant or condition contained in any contract, indenture, mortgage, loan
      agreement, note, lease or other instrument to which the Depositor is a party
      or
      by which it or its properties may be bound, which default might result in any
      material adverse changes in the financial condition, earnings, affairs or
      business of the Depositor or which might materially and adversely affect the
      properties or assets, taken as a whole, of the Depositor;

     

    (vii)  The
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated thereby, do not and will not
      result in a material breach or violation of any of the terms or provisions
      of,
      or, to the knowledge of the Depositor, constitute a default under, any
      indenture, mortgage, deed of trust, loan agreement or other agreement or
      instrument to which the Depositor is a party or by which the Depositor is bound
      or to which any of the property or assets of the Depositor is subject, nor
      will
      such actions result in any violation of the provisions of the articles of
      incorporation or by-laws of the Depositor or, to the best of the Depositor’s
      knowledge without independent investigation, any statute or any order, rule
      or
      regulation of any court or governmental agency or body having jurisdiction
      over
      the Depositor or any of its properties or assets (except for such conflicts,
      breaches, violations and defaults as would not have a material adverse effect
      on
      the ability of the Depositor to perform its obligations under this
      Agreement);

     

    (viii)  To
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or Blue Sky laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this Agreement;
      and

     

    (ix)  There
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement.

     

    
      	SECTION
              2.07  	
              Issuance
                of Certificates.

            

    

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it of the Mortgage Files, subject to the provisions of Sections 2.01 and
      2.02, together with the assignment to it of all other assets included in the
      Trust Fund, receipt of which is hereby acknowledged. Concurrently with such
      assignment and delivery and in exchange therefor, the Trust Administrator,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Certificates in authorized denominations. The interests evidenced
      by the Certificates constitute the entire beneficial ownership interest in
      the
      Trust Fund.

     

    
      	SECTION
              2.08  	
              [Reserved].

            

    

     

    
      	SECTION
              2.09  	
              Conveyance
                of REMIC Regular Interests and Acceptance of REMIC 1, REMIC 2, REMIC
                3,
                REMIC 4, REMIC 5 and REMIC 6 by the Trustee; Issuance of
                Certificates.

            

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the assets
      described in the definition of REMIC 1 for the benefit of the holders of the
      REMIC 1 Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-1 Interest). The Trustee acknowledges
      receipt of the assets described in the definition of REMIC 1 and declares that
      it holds and will hold the same in trust for the exclusive use and benefit
      of
      the holders of the REMIC 1 Regular Interests and the Class R Certificates (in
      respect of the Class R-1 Interest). The interests evidenced by the Class R-1
      Interest, together with the REMIC 1 Regular Interests, constitute the entire
      beneficial ownership interest in REMIC 1.

     

    (b)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      1 Regular Interests for the benefit of the holders of the REMIC 2 Regular
      Interests (which are uncertificated) and the Class R Certificates (in respect
      of
      the Class R-2 Interest). The Trustee acknowledges receipt of the REMIC 1 Regular
      Interests and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of the holders of the REMIC 2 Regular Interests and
      the Class R Certificates (in respect of the Class R-2 Interest). The interests
      evidenced by the Class R-2 Interest, together with the REMIC 2 Regular
      Interests, constitute the entire beneficial ownership interest in REMIC
      2.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      2 Regular Interests (which are uncertificated) for the benefit of the Holders
      of
      the Regular Certificates (other than the Class C Certificates or the Class
      P
      Certificates), the
      Class
      C Interest, the Class P Interest, the Class IO Interest and
      the
      Class R Certificates (in respect of the Class R-3 Interest). The Trustee
      acknowledges receipt of the REMIC 3 Regular Interests and declares that it
      holds
      and will hold the same in trust for the exclusive use and benefit of the Holders
      of the Regular Certificates (other than the Class C Certificates or Class P
      Certificates), the Class C Interest, the Class P Interest, the Class IO Interest
      and the Class R Certificates (in respect of the Class R-3 Interest). The
      interests evidenced by the Class R-3 Interest, together with the Regular
      Certificates (other than the Class C Certificates or Class P Certificates),
      the
      Class C Interest, the Class P Interest and the Class IO Interest, constitute
      the
      entire beneficial ownership interest in REMIC 3.

     

    (d)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      C Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      C Certificates and the Class R-X Certificates (in respect of the Class R-4
      Interest). The Trustee acknowledges receipt of the Class C Interest and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the Holders of the Class C Certificates and the Class R-X Certificates (in
      respect of the Class R-4 Interest). The interests evidenced by the Class R-4
      Interest, together with the Class C Certificates, constitute the entire
      beneficial ownership interest in REMIC 4.

     

    (e)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      P Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      P Certificates and the Class R-X Certificates (in respect of the Class R-5
      Interest). The Trustee acknowledges receipt of the Class P Interest and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the Holders of the Class P Certificates and the Class R-X Certificates (in
      respect of the Class R-5 Interest). The interests evidenced by the Class R-5
      Interest, together with the Class P Certificates, constitute the entire
      beneficial ownership interest in REMIC 5.

     

    (f)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      IO Interest (which is uncertificated) for the benefit of the Holders of the
      REMIC 6 Regular Interest SWAP IO and the Class R-X Certificates (in respect
      of
      the Class R-6 Interest). The Trustee acknowledges receipt of the Class IO
      Interest and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of the Holders of the REMIC 6 Regular Interest SWAP
      IO
      and the Class R-X Certificates (in respect of the Class R-6 Interest). The
      interests evidenced by the Class R-6 Interest, together with the REMIC 6 Regular
      Interest SWAP IO, constitute the entire beneficial ownership interest in REMIC
      6.

     

    (g)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 and the
      acceptance by the Trustee thereof, pursuant to Section 2.01, Section 2.02 and
      subsection (a) hereof, (ii) the assignment and delivery to the Trustee of REMIC
      2 (including the Residual Interest therein represented by the Class R-2
      Interest) and the acceptance by the Trustee thereof, pursuant to subsection
      (b)
      hereof, (iii) the assignment and delivery to the Trustee of REMIC 3 (including
      the Residual Interest therein represented by the Class R-3 Interest) and the
      acceptance by the Trustee thereof, pursuant to subsection (c) hereof and (iv)
      the assignment and delivery to the Trustee of REMIC 4 (including the Residual
      Interest therein represented by the Class R-4 Interest) and the acceptance
      by
      the Trustee thereof, pursuant to subsection (j) hereof, (xi) the assignment
      and
      delivery to the Trustee of REMIC 5 (including the Residual Interest therein
      represented by the Class R-5 Interest) and the acceptance by the Trustee
      thereof, pursuant to subsection (k) hereof and (xii) the assignment and delivery
      to the Trustee of REMIC 6 (including the Residual Interest therein represented
      by the Class R-6 Interest) and the acceptance by the Trustee thereof, pursuant
      to subsection (l) hereof, pursuant to subsection (g) hereof, pursuant to
      subsection (g) hereof, pursuant to subsection (g) hereof, the Trust
      Administrator, pursuant to the written request of the Depositor executed by
      an
      officer of the Depositor, has executed, authenticated and delivered to or upon
      the order of the Depositor, (A) the Class R Certificates in authorized
      denominations evidencing the Class R-1 Interest, the Class R-2 Interest and
      the
      Class R-3 Interest and (B) the Class R-X Certificates in authorized
      denominations evidencing the Class R-4 Interest, the Class R-5 Interest and
      Class R-6 Interest.

     

    ARTICLE
      III  

     

     

    ADMINISTRATION
      AND SERVICING

     

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01  	
              Servicer
                to Act as Servicer.

            

    

     

    The
      Servicer shall service and administer the Mortgage Loans on behalf of the Trust
      Fund and in the best interests of and for the benefit of the Certificateholders
      (as determined by the Servicer in its reasonable judgment) in accordance with
      the terms of this Agreement and the respective Mortgage Loans and, to the extent
      consistent with such terms, in the same manner in which it services and
      administers similar mortgage loans for its own portfolio, giving due
      consideration to customary and usual standards of practice of prudent mortgage
      lenders and loan servicers administering similar mortgage loans but without
      regard to: 

     

    (1)  any
      relationship that the Servicer, any Sub-Servicer or any Affiliate of the
      Servicer or any Sub-Servicer may have with the related Mortgagor;

     

    (2)  the
      ownership or non-ownership of any Certificate by the Servicer or any Affiliate
      of the Servicer;

     

    (3)  the
      Servicer’s obligation to make Advances or Servicing Advances; or

     

    (4)  the
      Servicer’s or any Sub-Servicer’s right to receive compensation for its services
      hereunder or with respect to any particular transaction.

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes
      and (b) shall waive (or permit a Sub-Servicer to waive) a Prepayment Charge
      only
      under the following circumstances: (i) such waiver is standard and customary
      in
      servicing similar mortgage loans and such waiver relates to a default or a
      reasonably foreseeable default and would, in the reasonable judgment of the
      Servicer, maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Charge and the related Mortgage Loan, (ii) the collection of
      such Prepayment Charge would be in violation of applicable laws, (iii) the
      amount of the Prepayment Charge set forth on the Prepayment Charge Schedule
      is
      not consistent with the related Mortgage Note or is otherwise unenforceable
      or
      (iv) the collection of such Prepayment Charge would be considered “predatory”
pursuant to written guidance published or issued by any applicable federal,
      state or local regulatory authority acting in its official capacity and having
      jurisdiction over such matters. If a Prepayment Charge is waived as permitted
      by
      meeting the standard described in clauses (ii), (iii) or (iv) above, then the
      Trustee (upon receipt of written notice from the Servicer that such waiver
      has
      occurred) shall work with the Depositor to enforce the obligation of the
      Originators to pay the amount of such waived Prepayment Charge to the Trust
      Administrator for deposit in the Distribution Account for the benefit of the
      Holders of the Class P Certificates. If a Prepayment Charge is waived other
      than
      in accordance with (i), (ii), (iii) or (iv) above, the Servicer shall pay the
      amount of such waived Prepayment Charge to the Trust Administrator for deposit
      in the Distribution Account for the benefit of the Holders of the Class P
      Certificates.

     

    To
      the
      extent consistent with the foregoing, the Servicer shall also seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes. Subject only to the above-described servicing standards and the terms
      of
      this Agreement and of the respective Mortgage Loans, the Servicer shall have
      full power and authority, acting alone or through Sub-Servicers as provided
      in
      Section 3.02, to do or cause to be done any and all things in connection with
      such servicing and administration which it may deem necessary or desirable.
      Without limiting the generality of the foregoing, the Servicer in its own name
      or in the name of a Sub-Servicer is hereby authorized and empowered by the
      Trustee when the Servicer believes it appropriate in its best judgment in
      accordance with the servicing standards set forth above, to execute and deliver,
      on behalf of the Certificateholders and the Trustee, and upon notice to the
      Trustee, any and all instruments of satisfaction or cancellation, or of partial
      or full release or discharge, and all other comparable instruments, with respect
      to the Mortgage Loans and the Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trustee and Certificateholders. The Servicer shall
      service and administer the Mortgage Loans in accordance with applicable state
      and federal law and shall provide to the Mortgagors any reports required to
      be
      provided to them thereby. The Servicer shall also comply in the performance
      of
      this Agreement with all reasonable rules and requirements of any standard hazard
      insurance policy. Subject to Section 3.17, the Trustee shall execute, at the
      written request of the Servicer, and furnish to the Servicer and any
      Sub-Servicer such documents as are necessary or appropriate to enable the
      Servicer or any Sub-Servicer to carry out their servicing and administrative
      duties hereunder, and the Trustee hereby grants to the Servicer a power of
      attorney to carry out such duties. The Trustee shall not be liable for the
      actions of the Servicer or any Sub-Servicers under such powers of
      attorney.

     

    In
      accordance with the standards of the preceding paragraph, the Servicer shall
      advance or cause to be advanced funds as necessary for the purpose of effecting
      the timely payment of taxes and assessments on the Mortgaged Properties, which
      advances shall be Servicing Advances reimbursable in the first instance from
      related collections from the Mortgagors pursuant to Section 3.09, and further
      as
      provided in Section 3.11. Any cost incurred by the Servicer or by Sub-Servicers
      in effecting the timely payment of taxes and assessments on a Mortgaged Property
      shall not, for the purpose of calculating distributions to Certificateholders,
      be added to the unpaid principal balance of the related Mortgage Loan,
      notwithstanding that the terms of such Mortgage Loan so permit provided,
      however, that (subject to Section 3.07) the Servicer may capitalize the amount
      of any Servicing Advances incurred pursuant to this Section 3.01 in connection
      with the modification of a Mortgage Loan.

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS System, or cause the removal from the registration of any Mortgage
      Loan
      on the MERS System, to execute and deliver, on behalf of the Trustee and the
      Certificateholders or any of them, any and all instruments of assignment and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any reasonable expenses (i) incurred as a result of
      MERS
      discontinuing or becoming unable to continue operations in connection with
      the
      MERS System or (ii) if the affected Mortgage Loan is in default or, in the
      judgment of the Servicer, such default is reasonably foreseeable, incurred
      in
      connection with the actions described in the preceding sentence, shall be
      subject to withdrawal by the Servicer from the Collection Account.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in Section 4.03)
      and the Servicer shall not (i) permit any modification with respect to any
      Mortgage Loan (except with respect to a Mortgage Loan that is in default or,
      in
      the judgment of the Servicer, such default is reasonably foreseeable) that
      would
      change the Mortgage Rate, reduce or increase the principal balance (except
      for
      reductions resulting from actual payments of principal) or change the final
      maturity date on such Mortgage Loan or (ii) permit any modification, waiver
      or
      amendment of any term of any Mortgage Loan that would both (A) effect an
      exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
      (or
      final, temporary or proposed Treasury Regulations promulgated thereunder) and
      (B) cause any REMIC to fail to qualify as a REMIC under the Code or the
      imposition of any tax on “prohibited transactions” or “contributions after the
      startup date” under the REMIC Provisions.

     

    Notwithstanding
      anything in this Agreement to the contrary and notwithstanding its ability
      to do
      so pursuant to the terms of the related mortgage note, the Servicer shall not
      be
      required to enforce any provision in any mortgage note the enforcement of which
      would violate federal, state or local laws or ordinances designed to discourage
      predatory lending practices. 

     

    The
      Servicer may delegate its responsibilities under this Agreement; provided,
      however, that no such delegation shall release the Servicer from the
      responsibilities or liabilities arising under this Agreement.

     

    
      	SECTION
              3.02  	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers;
                Subcontractors.

            

    

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements (provided that such agreements
      would not result in a withdrawal or a downgrading by the Rating Agencies of
      the
      rating on any Class of Certificates) with Sub-Servicers, for the servicing
      and
      administration of the Mortgage Loans; provided, however, that each such
      sub-servicing arrangement and the terms of the related Sub-Servicing Agreement
      must provide for the servicing of Mortgage Loans in a manner consistent with
      the
      servicing arrangement contemplated hereunder. 

     

    (b)  Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      in which the related Mortgaged Properties it is to service are situated, if
      and
      to the extent required by applicable law to enable the Sub-Servicer to perform
      its obligations hereunder and under the Sub-Servicing Agreement and (ii) a
      Freddie Mac or Fannie Mae approved mortgage servicer. Each Sub-Servicing
      Agreement must impose on the Sub-Servicer requirements conforming to the
      provisions set forth in Section 3.08, 3.20 or 3.21 and provide for servicing
      of
      the Mortgage Loans consistent with the terms of this Agreement. The Servicer
      will examine each Sub-Servicing Agreement and will be familiar with the terms
      thereof. The terms of any Sub-Servicing Agreement will not be inconsistent
      with
      any of the provisions of this Agreement. The Servicer and the Sub-Servicers
      may
      enter into and make amendments to the Sub-Servicing Agreements or enter into
      different forms of Sub-Servicing Agreements; provided, however, that any such
      amendments or different forms shall be consistent with and not violate the
      provisions of this Agreement, and that no such amendment or different form
      shall
      be made or entered into which could be reasonably expected to be materially
      adverse to the interests of the Certificateholders, without the consent of
      the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      variation without the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights from the provisions set forth in Section 3.08
      (relating to insurance or priority requirements of Sub-Servicing Accounts,
      or
      credits and charges to the Sub- Servicing Accounts or the timing and amount
      of
      remittances by the Sub-Servicers to the Servicer), Section 3.20 or Section
      3.21,
      are conclusively deemed to be inconsistent with this Agreement and therefore
      prohibited. The Servicer shall deliver to the Trustee, the Trust Administrator
      and the Master Servicer copies of all Sub-Servicing Agreements and any
      amendments or modifications thereof, promptly upon the Servicer’s execution and
      delivery of such instruments.

     

    (c)  As
      part
      of its servicing activities hereunder, the Servicer (except as otherwise
      provided in the last sentence of this paragraph), for the benefit of the Trustee
      and the Certificateholders, shall enforce the obligations of each Sub-Servicer
      under the related Sub-Servicing Agreement, including, without limitation, any
      obligation of a Sub-Servicer to make advances in respect of delinquent payments
      as required by a Sub-Servicing Agreement. Such enforcement, including, without
      limitation, the legal prosecution of claims, termination of Sub-Servicing
      Agreements, and the pursuit of other appropriate remedies, shall be in such
      form
      and carried out to such an extent and at such time as the Servicer, in its
      good
      faith business judgment, would require were it the owner of the related Mortgage
      Loans. The Servicer shall pay the costs of such enforcement at its own expense,
      and shall be reimbursed therefor only (i) from a general recovery resulting
      from
      such enforcement, to the extent, if any, that such recovery exceeds all amounts
      due in respect of the related Mortgage Loans, or (ii) from a specific recovery
      of costs, expenses or attorneys’ fees against the party against whom such
      enforcement is directed.

     

    (d)  It
      shall
      not be necessary for the Servicer to seek the consent of the Depositor, the
      Master Servicer, the Trust Administrator or the Trustee to the utilization
      of
      any Subcontractor. The Servicer shall promptly, upon request, provide to the
      Depositor, the Master Servicer and the Trust Administrator a written description
      (in form and substance satisfactory to the Depositor, the Master Servicer and
      the Trust Administrator) of the role and function of each Subcontractor utilized
      by the Servicer or any Sub-Servicer, specifying (i) the identity of each such
      Subcontractor, (ii) which (if any) of such Subcontractors are “participating in
      the servicing function” within the meaning of Item 1122 of Regulation AB and
      (iii) which elements of the Relevant Servicing Criteria will be addressed in
      assessments of compliance provided by each Subcontractor identified pursuant
      to
      (e) below.

     

    (e)  As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Servicer shall cause any such Subcontractor used by the
      Servicer (or by any Sub-Servicer) for the benefit of the Depositor, the Master
      Servicer and the Trust Administrator to comply with the provisions of Sections
      3.20, 3.21 and 4.05 of this Agreement to the same extent as if such
      Subcontractor were the Servicer. The Servicer shall be responsible for obtaining
      from each Subcontractor and delivering to the Depositor, the Master Servicer
      and
      the Trust Administrator any assessment of compliance and attestation required
      to
      be delivered by such Subcontractor under Section 3.21, in each case as and
      when
      required to be delivered.

     

    
      	SECTION
              3.03  	
              Successor
                Sub-Servicers.

            

    

     

    The
      Servicer, shall be entitled to terminate any Sub-Servicing Agreement and the
      rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
      Agreement in accordance with the terms and conditions of such Sub-Servicing
      Agreement. In the event of termination of any Sub-Servicer, all servicing
      obligations of such Sub-Servicer shall be assumed simultaneously by the Servicer
      without any act or deed on the part of such Sub-Servicer or the Servicer, and
      the Servicer either shall service directly the related Mortgage Loans or shall
      enter into a Sub-Servicing Agreement with a successor Sub-Servicer which
      qualifies under Section 3.02.

     

    Any
      Sub-Servicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Master Servicer (if the Master Servicer is acting
      as Servicer) without fee, in accordance with the terms of this Agreement, in
      the
      event that the Servicer (or the Master Servicer, if it is then acting as
      Servicer) shall, for any reason, no longer be the Servicer (including
      termination due to a Servicer Event of Termination).

     

    
      	SECTION
              3.04  	
              Liability
                of the Servicer.

            

    

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Servicer and a Sub-Servicer or reference
      to actions taken through a Sub-Servicer or otherwise, the Servicer shall remain
      obligated and primarily liable to the Trustee and the Certificateholders for
      the
      servicing and administering of the Mortgage Loans in accordance with the
      provisions of Section 3.01 without diminution of such obligation or liability
      by
      virtue of such Sub-Servicing Agreements or arrangements or by virtue of
      indemnification from the Sub-Servicer and to the same extent and under the
      same
      terms and conditions as if the Servicer alone were servicing and administering
      the Mortgage Loans. The Servicer shall be entitled to enter into any agreement
      with a Sub- Servicer for indemnification of the Servicer by such Sub-Servicer
      and nothing contained in this Agreement shall be deemed to limit or modify
      such
      indemnification.

     

    
      	SECTION
              3.05  	
              No
                Contractual Relationship Between Sub-Servicers and the Trustee, the
                Trust
                Administrator or
                Certificateholders.

            

    

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
      and the Trustee, the Master Servicer, the Trust Administrator and the
      Certificateholders shall not be deemed parties thereto and shall have no claims,
      rights, obligations, duties or liabilities with respect to the Sub-Servicer
      except as set forth in Section 3.06. The Servicer shall be solely liable for
      all
      fees owed by it to any Sub-Servicer, irrespective of whether the Servicer’s
      compensation pursuant to this Agreement is sufficient to pay such
      fees.

     

    
      	SECTION
              3.06  	
              Assumption
                or Termination of Sub-Servicing Agreements by Master
                Servicer.

            

    

     

    In
      the
      event the Servicer shall for any reason no longer be the Servicer (including
      by
      reason of the occurrence of a Servicer Event of Termination), the Master
      Servicer or, if the Master Servicer is the Servicer, the Trustee (or the
      successor servicer appointed pursuant to Section 7.02) (or
      another successor master servicer)
      shall
      thereupon assume all of the rights and obligations of the Servicer under each
      Sub-Servicing Agreement that the Servicer may have entered into, unless the
      Master Servicer or the Trustee (or successor servicer or master servicer),
      as
      applicable, elects to terminate any Sub-Servicing Agreement in accordance with
      its terms as provided in Section 3.03. Upon such assumption, the Master Servicer
      or the Trustee, as applicable (or the successor servicer appointed pursuant
      to
      Section 7.02 (or another successor master servicer) shall be deemed, subject
      to
      Section 3.03, to have assumed all of the Servicer’s interest therein and to have
      replaced the Servicer as a party to each Sub-Servicing Agreement to the same
      extent as if each Sub-Servicing Agreement had been assigned to the assuming
      party, except that (i) the Servicer shall not thereby be relieved of any
      liability or obligations under any Sub-Servicing Agreement and (ii) none of
      the
      Trust Administrator, its designee or any successor Servicer shall be deemed
      to
      have assumed any liability or obligation of the Servicer that arose before
      it
      ceased to be the Servicer.

     

    The
      Servicer at its expense shall, upon request of the Master Servicer, deliver
      to
      the assuming party all documents and records relating to each Sub-Servicing
      Agreement and the Mortgage Loans then being serviced and an accounting of
      amounts collected and held by or on behalf of it, and otherwise use its best
      efforts to effect the orderly and efficient transfer of the Sub-Servicing
      Agreements to the assuming party. 

     

    
      	SECTION
              3.07  	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Agreement and the terms and provisions
      of any applicable insurance policies, follow such collection procedures as
      it
      would follow with respect to mortgage loans comparable to the Mortgage Loans
      and
      held for its own account. Consistent with the foregoing and the servicing
      standards set forth in Section 3.01, the Servicer may in its discretion (i)
      waive any late payment charge or, if applicable, penalty interest or (ii) extend
      the due dates for Monthly Payments due on a Mortgage Note for a period of not
      greater than 180 days; provided that any extension pursuant to clause (ii)
      above
      shall not affect the amortization schedule of any Mortgage Loan for purposes
      of
      any computation hereunder, except as provided below. In the event of any such
      arrangement pursuant to clause (ii) above, the Servicer shall make timely
      advances on such Mortgage Loan during such extension pursuant to Section 4.03
      and in accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangements. Notwithstanding the
      foregoing, in the event that any Mortgage Loan is in default or, in the judgment
      of the Servicer, such default is reasonably foreseeable, the Servicer,
      consistent with the standards set forth in Section 3.01, may waive, modify
      or
      vary any term of such Mortgage Loan (including, but not limited to,
      modifications that change the Mortgage Rate, forgive the payment of principal
      or
      interest or extend the final maturity date of such Mortgage Loan), accept
      payment from the related Mortgagor of an amount less than the Stated Principal
      Balance in final satisfaction of such Mortgage Loan (such payment, a “Short
      Pay-off”) or consent to the postponement of strict compliance with any such term
      or otherwise grant indulgence to any Mortgagor if in the Servicer’s
      determination such waiver, modification, postponement or indulgence is not
      materially adverse to the interests of the Certificateholders (taking into
      account any estimated Realized Loss that might result absent such action);
      provided, however, the Servicer shall not modify any Mortgage Loan in a manner
      that would capitalize the amount of any unpaid Monthly Payments or tax or
      insurance payments advanced by the Servicer on the Mortgagor’s behalf unless the
      related Mortgagor shall have remitted an amount equal to a full Monthly Payment
      (or, in the case of any Mortgage Loan subject to a forbearance plan or
      bankruptcy plan, a full modified monthly payment under such plan) in each of
      the
      three calendar months immediately preceding the month of such
      modification.

     

    
      	SECTION
              3.08  	
              Sub-Servicing
                Accounts.

            

    

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account and shall comply with all
      requirements of this Agreement relating to the Collection Account. The
      Sub-Servicer shall deposit in the Sub-Servicing Account, in no event more than
      two Business Days after the Sub-Servicer’s receipt thereof, all proceeds of
      Mortgage Loans received by the Sub-Servicer less its servicing compensation
      to
      the extent permitted by the Sub-Servicing Agreement. The Sub-Servicer shall
      thereafter remit such proceeds to the Servicer for deposit in the Collection
      Account not later than two Business Days after the deposit of such amounts
      in
      the Sub-Servicing Account. For purposes of this Agreement, the Servicer shall
      be
      deemed to have received payments on the Mortgage Loans when the Sub-Servicer
      receives such payments.

     

    
      	SECTION
              3.09  	
              Collection
                of Taxes, Assessments and Similar Items; Servicing
                Accounts.

            

    

     

    To
      the
      extent the terms of a Mortgage provide for Escrow Payments, the Servicer shall
      establish and maintain one or more accounts (the “Servicing Accounts”), into
      which all collections from the Mortgagors (or related advances from
      Sub-Servicers) for the payment of taxes, assessments, fire, flood, and hazard
      insurance premiums, hazard insurance proceeds (to the extent such amounts are
      to
      be applied to the restoration or repair of the property) and comparable items
      for the account of the Mortgagors (“Escrow Payments”) shall be deposited and
      retained. Servicing Accounts shall be Eligible Accounts. The Servicer shall
      deposit in the Servicing Accounts on a daily basis and in no event later than
      the second Business Day after receipt, and retain therein, all Escrow Payments
      collected on account of the Mortgage Loans, for the purpose of effecting the
      timely payment of any such items as required under the terms of this Agreement.
      Withdrawals of amounts from a Servicing Account may be made only to (i) effect
      timely payment of taxes, assessments, fire, flood, and hazard insurance
      premiums, and comparable items; (ii) reimburse the Servicer out of related
      collections for any advances made pursuant to Section 3.01 (with respect to
      taxes and assessments) and Section 3.14 (with respect to fire, flood and hazard
      insurance); (iii) refund to Mortgagors any sums as may be determined to be
      overages; (iv) pay interest, if required and as described below, to Mortgagors
      on balances in the Servicing Account; or (v) clear and terminate the Servicing
      Account at the termination of the Servicer’s obligations and responsibilities in
      respect of the Mortgage Loans under this Agreement in accordance with Article
      IX. As part of its servicing duties, the Servicer shall pay to the Mortgagors
      interest on funds in Servicing Accounts, to the extent required by law and,
      to
      the extent that interest earned on funds in the Servicing Accounts is
      insufficient, to pay such interest from its or their own funds, without any
      reimbursement therefor. Notwithstanding the foregoing, the Servicer shall not
      be
      obligated to collect Escrow Payments if the related Mortgage Loan does not
      require such payments but the Servicer shall nevertheless be obligated to make
      Servicing Advances as provided in Section 3.01. In the event the Servicer shall
      deposit in the Servicing Accounts any amount not required to be deposited
      therein, it may at any time withdraw such amount from the Servicing Accounts,
      any provision to the contrary notwithstanding.

     

    To
      the
      extent that a Mortgage does not provide for Escrow Payments, the Servicer (i)
      shall determine whether any such payments are made by the Mortgagor in a manner
      and at a time that is necessary to avoid the loss of the Mortgaged Property
      due
      to a tax sale or the foreclosure as a result of a tax lien and (ii) shall ensure
      that all insurance required to be maintained on the Mortgaged Property pursuant
      to this Agreement is maintained. If any such payment has not been made and
      the
      Servicer receives notice of a tax lien with respect to the Mortgage Loan being
      imposed, the Servicer will, to the extent required to avoid loss of the
      Mortgaged Property, advance or cause to be advanced funds necessary to discharge
      such lien on the Mortgaged Property. The Servicer assumes full responsibility
      for the payment of all such bills and shall effect payments of all such bills
      irrespective of the Mortgagor’s faithful performance in the payment of same or
      the making of the Escrow Payments and shall make Servicing Advances from its
      own
      funds to effect such payments.

     

    
      	SECTION
              3.10  	
              Collection
                Account.

            

    

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain one or more
      separate, segregated trust accounts (such account or accounts, the “Collection
      Account”), held in trust for the benefit of the Trust Administrator, the Trustee
      and the Certificateholders. On behalf of the Trust Fund, the Servicer shall
      deposit or cause to be deposited in the clearing account (which account must
      be
      an Eligible Account) in which it customarily deposits payments and collections
      on mortgage loans in connection with its mortgage loan servicing activities
      on a
      daily basis, and in no event more than two Business Days after the Servicer’s
      receipt thereof, and shall thereafter deposit in the Collection Account, in
      no
      event more than one Business Day after the deposit of such funds into the
      clearing account, as and when received or as otherwise required hereunder,
      the
      following payments and collections received or made by it from and after the
      Cut-off Date (other than in respect of principal or interest on the related
      Mortgage Loans due on or before the Cut-off Date), or payments (other than
      Principal Prepayments) received by it on or prior to the Cut-off Date but
      allocable to a Due Period subsequent thereto:

     

    (1)  all
      payments on account of principal, including Principal Prepayments (but not
      Prepayment Charges), on the Mortgage Loans;

     

    (2)  all
      payments on account of interest (net of the related Servicing Fee and any
      Prepayment Interest Excess) on each Mortgage Loan;

     

    (3)  all
      Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
      in
      respect of any particular REO Property and amounts paid by the Servicer in
      connection with a purchase of Mortgage Loans and REO Properties pursuant to
      Section 9.01); 

     

    (4)  any
      amounts required to be deposited pursuant to Section 3.12 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Collection Account;

     

    (5)  any
      amounts required to be deposited by the Servicer pursuant to the second
      paragraph of Section 3.14(a) in respect of any blanket policy
      deductibles;

     

    (6)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03 or Section 9.01;

     

    (7)  all
      amounts required to be deposited in connection with shortfalls in principal
      amount of Qualified Substitute Mortgage Loans pursuant to Section 2.03;
      and

     

    (8)  all
      Prepayment Charges collected by the Servicer and any Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans.

     

    For
      purposes of the immediately preceding sentence, the Cut-off Date with respect
      to
      any Qualified Substitute Mortgage Loan shall be deemed to be the date of
      substitution. 

     

    The
      foregoing requirements for deposit in the Collection Accounts shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of late payment charges or assumption
      fees (other than Prepayment Charges) need not be deposited by the Servicer
      in
      the Collection Account. In the event the Servicer shall deposit in the
      Collection Account any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from the Collection Account, any provision herein
      to the contrary notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Servicer shall deliver to the Trust Administrator in
      immediately available funds for deposit in the Distribution Account (i) on
      the
      Servicer Remittance Date, that portion of the Available Funds for the related
      Distribution Date then on deposit in the Collection Account, the amount of
      all
      Prepayment Charges collected during the applicable Prepayment Period by the
      Servicer and Servicer Prepayment Charge Payment Amounts in connection with
      the
      Principal Prepayment of any of the Mortgage Loans then on deposit in the
      Collection Account and (ii) on each Business Day as of the commencement of
      which
      the balance on deposit in the Collection Account exceeds $75,000 following
      any
      withdrawals pursuant to the next succeeding sentence, the amount of such excess,
      but only if the Collection Account constitutes an Eligible Account solely
      pursuant to clause (ii) of the definition of “Eligible Account.” If the balance
      on deposit in the Collection Account exceeds $75,000 as of the commencement
      of
      business on any Business Day and the Collection Account constitutes an Eligible
      Account solely pursuant to clause (ii) of the definition of “Eligible Account,”
the Servicer shall, on such Business Day, withdraw from the Collection Account
      any and all amounts payable or reimbursable to the Depositor, the Servicer,
      the
      Trustee, the Trust Administrator, the Seller or any Sub-Servicer pursuant to
      Section 3.11 and shall pay such amounts to the Persons entitled
      thereto.

     

    (c)  Funds
      in
      the Collection Account may be invested in Permitted Investments in accordance
      with the provisions set forth in Section 3.12. The Servicer shall give advance
      notice to the Trust Administrator and the Master Servicer of the location of
      the
      Collection Account maintained by it when established and prior to any change
      thereof. The Trust Administrator will then provide timely written notice to
      the
      Depositor and Trustee. 

     

    (d)  Funds
      held in the Collection Account at any time may be delivered by the Servicer
      to
      the Trust Administrator for deposit in an account (which may be the Distribution
      Account and must satisfy the standards for the Distribution Account as set
      forth
      in the definition thereof) and for all purposes of this Agreement shall be
      deemed to be a part of the Collection Account; provided, however, that the
      Trust
      Administrator shall have the sole authority to withdraw any funds held pursuant
      to this subsection (d). In the event the Servicer shall deliver to the Trust
      Administrator for deposit in the Distribution Account any amount not required
      to
      be deposited therein, it may at any time request that the Trust Administrator
      withdraw such amount from the Distribution Account and remit to it any such
      amount, any provision herein to the contrary notwithstanding. In addition,
      the
      Servicer shall deliver to the Trust Administrator from time to time for deposit,
      and upon written notification from the Servicer, the Trust Administrator shall
      so deposit, in the Distribution Account:

     

    (1)  any
      Advances, as required pursuant to Section 4.03;

     

    (2)  any
      amounts required to be deposited pursuant to Section 3.23(d) or (f) in
      connection with any REO Property; 

     

    (3)  any
      amounts to be paid by the Servicer in connection with a purchase of Mortgage
      Loans and REO Properties pursuant to Section 9.01; and

     

    (iv) any
      amounts required to be deposited pursuant to Section 3.24 in connection with
      any
      Prepayment Interest Shortfalls.

     

    (e)  The
      Servicer shall deposit in the Collection Account any amounts required to be
      deposited pursuant to Section 3.12(b) in connection with losses realized on
      Permitted Investments with respect to funds held in the Collection
      Account.

     

    
      	SECTION
              3.11  	
              Withdrawals
                from the Collection Account.

            

    

     

    The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes, without priority, or as described in Section
      4.03:

     

    (1)  to
      remit
      to the Trust Administrator for deposit in the Distribution Account the amounts
      required to be so remitted pursuant to Section 3.10(b) or permitted to be so
      remitted pursuant to the first sentence of Section 3.10(d);

     

    (2)  subject
      to Section 3.16(d), to reimburse the Servicer for Advances, but only to the
      extent of amounts received which represent Late Collections (net of the related
      Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which
      such
      Advances were made in accordance with the provisions of Section
      4.03;

     

    (3)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (A) any unpaid
      Servicing Fees, (B) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Liquidation Proceeds, Insurance
      Proceeds or other amounts as may be collected by the Servicer from a Mortgagor,
      or otherwise received with respect to such Mortgage Loan and (C) without
      limiting any right of withdrawal set forth in clause (vi) below, any Servicing
      Advances made with respect to a Mortgage Loan that, following the final
      liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the
      extent that Late Collections, Liquidation Proceeds and Insurance Proceeds
      received with respect to such Mortgage Loan are insufficient to reimburse the
      Servicer or any Sub-Servicer for such Servicing Advances;

     

    (4)  to
      pay to
      the Servicer as servicing compensation (in addition to the Servicing Fee) on
      the
      Servicer Remittance Date any interest or investment income earned on funds
      deposited in the Collection Account; 

     

    (5)  to
      pay to
      the Servicer or the Seller, as the case may be, with respect to each Mortgage
      Loan that has previously been purchased or replaced pursuant to Section 2.03
      or
      Section 3.16(c) all amounts received thereon subsequent to the date of purchase
      or substitution, as the case may be;

     

    (6)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance or
      Nonrecoverable Servicing Advance in accordance with the provisions of Section
      4.03; 

     

    (7)  to
      reimburse the Servicer, the Master Servicer or the Depositor for expenses
      incurred by or reimbursable to the Servicer, the Master Servicer or the
      Depositor, as the case may be, pursuant to Section 6.03; 

     

    (8)  to
      reimburse the Servicer, the Trust Administrator, the Master Servicer or the
      Trustee, as the case may be, for expenses reasonably incurred in respect of
      the
      breach or defect giving rise to the purchase obligation under Section 2.03
      of
      this Agreement that were included in the Purchase Price of the Mortgage Loan,
      including any expenses arising out of the enforcement of the purchase
      obligation; 

     

    (9)  [reserved];

     

    (10)  to
      pay,
      or to reimburse the Servicer for advances in respect of expenses incurred in
      connection with any Mortgage Loan pursuant to Section 3.16(b); and

     

    (11)  to
      clear
      and terminate the Collection Account pursuant to Section 9.01.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer
      shall provide written notification to the Trust Administrator, on or prior
      to
      the next succeeding Servicer Remittance Date, upon making any withdrawals from
      the Collection Account pursuant to subclause (vii) above.

     

    
      	SECTION
              3.12  	
              Investment
                of Funds in the Collection Account.

            

    

     

    (a)  The
      Servicer may direct any depository institution maintaining the Collection
      Account (for purposes of this Section 3.12, an “Investment Account”) to invest
      the funds in such Investment Account in one or more Permitted Investments
      specified in such instruction bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the Trust
      Administrator is the obligor thereon, and (ii) no later than the date on which
      such funds are required to be withdrawn from such account pursuant to this
      Agreement, if the Trust Administrator is the obligor thereon. All such Permitted
      Investments shall be held to maturity, unless payable on demand. Any investment
      of funds in an Investment Account shall be made in the name of the Trust
      Administrator (in its capacity as such) or in the name of a nominee of the
      Trust
      Administrator. The Trust Administrator shall be entitled to sole possession
      (except with respect to investment direction of funds held in the Collection
      Account and the Distribution Account and any income and gain realized thereon)
      over each such investment, and any certificate or other instrument evidencing
      any such investment shall be delivered directly to the Trust Administrator
      or
      its agent, together with any document of transfer necessary to transfer title
      to
      such investment to the Trust Administrator or its nominee. In the event amounts
      on deposit in an Investment Account are at any time invested in a Permitted
      Investment payable on demand, the Trust Administrator shall:

     

    (x) consistent
      with any notice required to be given thereunder, demand that payment thereon
      be
      made on the last day such Permitted Investment may otherwise mature hereunder
      in
      an amount equal to the lesser of (1) all amounts then payable thereunder and
      (2)
      the amount required to be withdrawn on such date; and

     

    (y) demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trust Administrator that such Permitted Investment
      would not constitute a Permitted Investment in respect of funds thereafter
      on
      deposit in the Investment Account.

     

    (b)  All
      income and gain realized from the investment of funds deposited in the
      Collection Account held by or on behalf of the Servicer, shall be for the
      benefit of the Servicer and shall be subject to its withdrawal in accordance
      with Section 3.11. The Servicer shall deposit in the Collection Account the
      amount of any loss of principal incurred in respect of any such Permitted
      Investment made with funds in such accounts immediately upon realization of
      such
      loss.

     

    (c)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trust
      Administrator may and, subject to Section 8.01 and Section 8.02(a)(v), upon
      the
      request of the Holders of Certificates representing more than 50% of the Voting
      Rights allocated to any Class of Certificates, shall take such action as may
      be
      appropriate to enforce such payment or performance, including the institution
      and prosecution of appropriate proceedings. 

     

    
      	SECTION
              3.13  	
              [Reserved].

            

    

     

    
      	SECTION
              3.14  	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            

    

     

    The
      terms
      of each Mortgage Note require the related Mortgagor to maintain fire, flood
      and
      hazard insurance policies. To the extent such policies are not maintained,
      the
      Servicer shall cause to be maintained for each Mortgaged Property fire and
      hazard insurance with extended coverage as is customary in the area where the
      Mortgaged Property is located in an amount which is at least equal to the lesser
      of the current principal balance of such Mortgage Loan and the amount necessary
      to fully compensate for any damage or loss to the improvements which are a
      part
      of such property on a replacement cost basis, in each case in an amount not
      less
      than such amount as is necessary to avoid the application of any coinsurance
      clause contained in the related hazard insurance policy. The Servicer shall
      also
      cause to be maintained fire, flood and hazard insurance on each REO Property
      with extended coverage as is customary in the area where the Mortgaged Property
      is located in an amount which is at
      least
      equal to the greater of (i) 100% of the insurable value on a replacement cost
      basis of the improvements securing such Mortgage Loan, (ii) the principal
      balance of the Mortgage Loan and (iii) maximum coverage allowable under the
      Flood Disaster Protection Act of 1973.
      The
      Servicer will comply in the performance of this Agreement with all reasonable
      rules and requirements of each insurer under any such hazard policies. Any
      amounts to be collected by the Servicer under any such policies (other than
      amounts to be applied to the restoration or repair of the property subject
      to
      the related Mortgage or amounts to be released to the Mortgagor in accordance
      with the procedures that the Servicer would follow in servicing loans held
      for
      its own account, subject to the terms and conditions of the related Mortgage
      and
      Mortgage Note) shall be deposited in the Collection Account, subject to
      withdrawal pursuant to Section 3.11, if received in respect of a Mortgage Loan,
      or in the REO Account, subject to withdrawal pursuant to Section 3.23, if
      received in respect of an REO Property. Any cost incurred by the Servicer in
      maintaining any such insurance shall not, for the purpose of calculating
      distributions to Certificateholders, be added to the unpaid principal balance
      of
      the related Mortgage Loan, notwithstanding that the terms of such Mortgage
      Loan
      so permit; provided, however, that the Servicer may capitalize the amount of
      any
      Servicing Advances incurred pursuant to this Section 3.14 in connection with
      the
      modification of a Mortgage Loan. It is understood and agreed that no earthquake
      or other additional insurance is to be required of any Mortgagor other than
      pursuant to such applicable laws and regulations as shall at any time be in
      force and as shall require such additional insurance. If the Mortgaged Property
      or REO Property is at any time in an area identified in the Federal Register
      by
      the Federal Emergency Management Agency as having special flood hazards, the
      Servicer will cause to be maintained a flood insurance policy in respect
      thereof. Such flood insurance shall be in an amount equal to the lesser of
      (i)
      100% of the insurable value on a replacement cost basis of the improvements
      securing such Mortgage Loan and (ii) the greater of (a) the outstanding
      principal balance of the Mortgage Loan and (b) an amount such that the proceeds
      of such insurance shall be sufficient to prevent the application to the
      Mortgagor or the loss payee of any coinsurance clause under the policy. If
      at
      any time during the term of the Mortgage Loan, the Servicer determines, in
      accordance with applicable law, that a Mortgaged Property is located in a
      special flood hazard area and is not covered by flood insurance or is covered
      in
      an amount less than the amount required by the Flood Disaster Protection Act
      of
      1973, as amended, the Servicer shall notify the related Mortgagor that the
      Mortgagor must obtain such flood insurance coverage, and if said Mortgagor
      fails
      to obtain the required flood insurance coverage within forty-five (45) days
      after such notification, the Company shall immediately force place the required
      flood insurance on the Mortgagor’s behalf.

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
      Guide insuring against hazard losses on all of the Mortgage Loans, it shall
      conclusively be deemed to have satisfied its obligations as set forth in the
      first two sentences of this Section 3.14, it being understood and agreed that
      such policy may contain a deductible clause, in which case the Servicer shall,
      in the event that there shall not have been maintained on the related Mortgaged
      Property or REO Property a policy complying with the first two sentences of
      this
      Section 3.14, and there shall have been one or more losses which would have
      been
      covered by such policy, deposit to the Collection Account from its own funds
      the
      amount not otherwise payable under the blanket policy because of such deductible
      clause. In connection with its activities as administrator and servicer of
      the
      Mortgage Loans, the Servicer agrees to prepare and present, on behalf of itself,
      the Trustee, the Trust Fund and the Certificateholders, claims under any such
      blanket policy in a timely fashion in accordance with the terms of such
      policy.

     

    (a)  The
      Servicer shall keep in force during the term of this Agreement a policy or
      policies of insurance covering errors and omissions for failure in the
      performance of its respective obligations under this Agreement, which policy
      or
      policies shall be in such form and amount that would meet the requirements
      of
      Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans, unless
      the Servicer, has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The Servicer shall also maintain a fidelity bond in the form and
      amount that would meet the requirements of Fannie Mae or Freddie Mac, unless
      the
      Servicer, has obtained a waiver of such requirements from Fannie Mae or Freddie
      Mac. The Servicer shall be deemed to have complied with this provision if an
      Affiliate of the Servicer, has such errors and omissions and fidelity bond
      coverage and, by the terms of such insurance policy or fidelity bond, the
      coverage afforded thereunder extends to the Servicer. Any such errors and
      omissions policy and fidelity bond shall by its terms not be cancelable without
      thirty days’ prior written notice to the Trustee and the Trust
      Administrator.

     

    The
      Servicer shall provide to the Master Servicer evidence of the authorization
      of
      the person signing any certification, statement, copy or other evidence of
      any
      fidelity bond, errors and omissions policy, financial information and reports
      or
      such other information related to the Servicer or any Sub-Servicer or to the
      Servicer’s or such Sub-Servicer’s performance hereunder. 

     

    
      	SECTION
              3.15  	
              Enforcement
                of Due-On-Sale Clauses; Assumption
                Agreements.

            

    

     

    The
      Servicer will, to the extent it has knowledge of any conveyance or prospective
      conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
      conveyance or by contract of sale, and whether or not the Mortgagor remains
      or
      is to remain liable under the Mortgage Note and/or the Mortgage), exercise
      its
      rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer shall
      not exercise any such rights if prohibited by law from doing so. If the Servicer
      reasonably believes it is unable under applicable law to enforce such
“due-on-sale” clause, or if any of the other conditions set forth in the proviso
      to the preceding sentence apply, the Servicer will enter into an assumption
      and
      modification agreement from or with the person to whom such property has been
      conveyed or is proposed to be conveyed, pursuant to which such person becomes
      liable under the Mortgage Note and, to the extent permitted by applicable state
      law, the Mortgagor remains liable thereon. The Servicer is also authorized
      to
      enter into a substitution of liability agreement with such person, pursuant
      to
      which the original Mortgagor is released from liability and such person is
      substituted as the Mortgagor and becomes liable under the Mortgage Note,
      provided that no such substitution shall be effective unless such person
      satisfies the then current underwriting criteria of the Servicer for mortgage
      loans similar to the Mortgage Loans. In connection with any assumption or
      substitution, the Servicer shall apply such underwriting standards and follow
      such practices and procedures as shall be normal and usual in its general
      mortgage servicing activities and as it applies to other mortgage loans owned
      solely by it. The Servicer shall not take or enter into any assumption and
      modification agreement, however, unless (to the extent practicable in the
      circumstances) it shall have received confirmation, in writing, of the continued
      effectiveness of any applicable hazard insurance policy. Any fee collected
      by
      the Servicer in respect of an assumption or substitution of liability agreement
      will be retained by the Servicer as additional servicing compensation. In
      connection with any such assumption, no material term of the Mortgage Note
      (including but not limited to the related Mortgage Rate and the amount of the
      Monthly Payment) may be amended or modified, except as otherwise required
      pursuant to the terms thereof. The Servicer shall notify the Trustee, the Master
      Servicer, the Trust Administrator and the Custodian that any such substitution
      or assumption agreement has been completed by forwarding to the Custodian the
      executed original of such substitution or assumption agreement, which document
      shall be added to the related Mortgage File and shall, for all purposes, be
      considered a part of such Mortgage File to the same extent as all other
      documents and instruments constituting a part thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason
      whatsoever. For purposes of this Section 3.15, the term “assumption” is deemed
      to also include a sale (of the Mortgaged Property) subject to the Mortgage
      that
      is not accompanied by an assumption or substitution of liability
      agreement.

     

    
      	SECTION
              3.16  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a)  The
      Servicer shall, consistent with the servicing standard set forth in Section
      3.01, foreclose upon or otherwise comparably convert the ownership of properties
      securing such of the Mortgage Loans as come into and continue in default and
      as
      to which no satisfactory arrangements can be made for collection of delinquent
      payments pursuant to Section 3.07. The Servicer shall be responsible for all
      costs and expenses incurred by it in any such proceedings; provided, however,
      that such costs and expenses will be recoverable as Servicing Advances by the
      Servicer as contemplated in Section 3.11 and Section 3.23. The foregoing is
      subject to the provision that, in any case in which Mortgaged Property shall
      have suffered damage from an Uninsured Cause, the Servicer shall not be required
      to expend its own funds toward the restoration of such property unless it shall
      determine in its discretion that such restoration will increase the proceeds
      of
      liquidation of the related Mortgage Loan after reimbursement to itself for
      such
      expenses.

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.16 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Servicer has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Servicer shall
      not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund, the Trust Administrator, the Servicer or the Certificateholders would
      be
      considered to hold title to, to be a “mortgagee-in-possession” of, or to be an
“owner” or “operator” of such Mortgaged Property within the meaning of the
      Comprehensive Environmental Response, Compensation and Liability Act of 1980,
      as
      amended from time to time, or any comparable law, unless the Servicer has also
      previously determined, based on its reasonable judgment and a report prepared
      by
      a Person who regularly conducts environmental audits using customary industry
      standards, that:

     

    (1)  such
      Mortgaged Property is in compliance with applicable environmental laws or,
      if
      not, that it would be in the best economic interest of the Trust Fund to take
      such actions as are necessary to bring the Mortgaged Property into compliance
      therewith; and

     

    (2)  there
      are
      no circumstances present at such Mortgaged Property relating to the use,
      management or disposal of any hazardous substances, hazardous materials,
      hazardous wastes, or petroleum-based materials for which investigation, testing,
      monitoring, containment, clean-up or remediation could be required under any
      federal, state or local law or regulation, or that if any such materials are
      present for which such action could be required, that it would be in the best
      economic interest of the Trust Fund to take such actions with respect to the
      affected Mortgaged Property.

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.16 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(ix), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund.
      The cost of any such compliance, containment, cleanup or remediation shall
      be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(ix), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    (c)  The
      Servicer shall have the right to purchase from REMIC I any defaulted Mortgage
      Loan that is 90 days or more delinquent, which the Servicer determines in good
      faith will otherwise become subject to foreclosure proceedings (evidence of
      such
      determination to be delivered in writing to the Trustee and the Trust
      Administrator, in form and substance satisfactory to the Trustee and the Trust
      Administrator prior to purchase), at a price equal to the Purchase Price. The
      Purchase Price for any Mortgage Loan purchased hereunder shall be deposited
      in
      the Collection Account, and the Trustee, upon receipt of written certification
      from the Servicer of such deposit, shall release or cause to be released to
      the
      Servicer, the related Mortgage File and the Trustee, upon receipt of written
      certification from the Servicer, as applicable, of such deposit, shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, representation or warranty as the Servicer, shall furnish and as
      shall
      be necessary to vest in the Servicer title to any Mortgage Loan released
      pursuant hereto.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the Servicer or any
      Sub-Servicer for any related unreimbursed Servicing Advances and Advances,
      pursuant to Section 3.11(a)(ii) or (a)(iii)(B); second, to accrued and unpaid
      interest on the Mortgage Loan, to the date of the Final Recovery Determination,
      or to the Due Date prior to the Distribution Date on which such amounts are
      to
      be distributed if not in connection with a Final Recovery Determination; and
      third, as a recovery of principal of the Mortgage Loan. If the amount of the
      recovery so allocated to interest is less than the full amount of accrued and
      unpaid interest due on such Mortgage Loan, the amount of such recovery will
      be
      allocated by the Servicer as follows: first, to unpaid Servicing Fees; and
      second, to the balance of the interest then due and owing. The portion of the
      recovery so allocated to unpaid Servicing Fees shall be reimbursed to the
      Servicer or any Sub-Servicer pursuant to Section 3.11(a)(iii)(A). 

     

    
      	SECTION
              3.17  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer will immediately notify the Custodian, or the Master
      Servicer may notify the Custodian on behalf of the Trustee, by a Request for
      Release in the form of Exhibit E (which certification shall include a statement
      to the effect that all amounts received or to be received in connection with
      such payment which are required to be deposited in the Collection Account
      pursuant to Section 3.10 have been or will be so deposited) of a Servicing
      Officer and shall request that the Custodian, on behalf of the Trustee, deliver
      to it the Mortgage File. Upon receipt of such certification and request, the
      related Custodian shall (pursuant to the terms of the Custodial Agreement)
      within five Business Days release the related Mortgage File to the Servicer
      (at
      the Servicer’s expense), and the Servicer is authorized to cause the removal
      from the registration on the MERS® System of any such Mortgage, if applicable,
      and to execute and deliver, on behalf of the Trustee and the Certificateholders
      or any of them, any and all instruments of satisfaction or cancellation or
      of
      partial or full release. No expenses incurred in connection with any instrument
      of satisfaction or deed of reconveyance shall be chargeable to the Collection
      Account or the Distribution Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Custodian shall (in the case of JPMorgan,
      pursuant to the terms of the Custodial Agreement), upon request of the Servicer
      and delivery to the Custodian of a Request for Release in the form of Exhibit
      E,
      release the related Mortgage File to the Servicer, and the Trustee shall, at
      the
      written direction of the Servicer, execute such documents as shall be necessary
      to the prosecution of any such proceedings. Such Request for Release shall
      obligate the Servicer to return each and every document previously requested
      from the Mortgage File to the Custodian when the need therefor by the Servicer
      no longer exists, unless the Mortgage Loan has been liquidated and the
      Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
      Collection Account or the Mortgage File or such document has been delivered
      to
      an attorney, or to a public trustee or other public official as required by
      law,
      for purposes of initiating or pursuing legal action or other proceedings for
      the
      foreclosure of the Mortgaged Property either judicially or non-judicially,
      and
      the Servicer has delivered to the Custodian, on behalf of the Trustee, a
      certificate of a Servicing Officer certifying as to the name and address of
      the
      Person to which such Mortgage File or such document was delivered and the
      purpose or purposes of such delivery. Upon receipt of a certificate of a
      Servicing Officer stating that such Mortgage Loan was liquidated and that all
      amounts received or to be received in connection with such liquidation that
      are
      required to be deposited into the Collection Account have been so deposited,
      or
      that such Mortgage Loan has become an REO Property, a copy of the Request for
      Release shall be released by the Custodian, on behalf of the Trustee, to the
      Servicer.

     

    (c)  Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer any court pleadings, requests for trustee’s sale or
      other documents reasonably necessary to the foreclosure or trustee’s sale in
      respect of a Mortgaged Property or to any legal action brought to obtain
      judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain
      a
      deficiency judgment, or to enforce any other remedies or rights provided by
      the
      Mortgage Note or Mortgage or otherwise available at law or in equity. Each
      such
      certification shall include a request that such pleadings or documents be
      executed by the Trustee and a statement as to the reason such documents or
      pleadings are required and that the execution and delivery thereof by the
      Trustee will not invalidate or otherwise affect the lien of the Mortgage, except
      for the termination of such a lien upon completion of the foreclosure or
      trustee’s sale.

     

    
      	SECTION
              3.18  	
              Servicing
                Compensation.

            

    

     

    As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan, subject to Section
      3.24. In addition, the Servicer shall be entitled to recover unpaid Servicing
      Fees out of Insurance Proceeds or Liquidation Proceeds to the extent permitted
      by Section 3.11(a)(iii)(A) and out of amounts derived from the operation and
      sale of an REO Property to the extent permitted by Section 3.23. The right
      to
      receive the Servicing Fee may not be transferred in whole or in part except
      in
      connection with the transfer of all of the Servicer’s responsibilities and
      obligations under this Agreement.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges
      and
      other similar fees and charges (other than Prepayment Charges) shall be retained
      by the Servicer (subject to Section 3.24) only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.11(a)(iv) to withdraw from the Collection Account, and
      pursuant to Section 3.23(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.12 and Section 3.24. The Servicer shall be required to
      pay
      all expenses incurred by it in connection with its servicing activities
      hereunder (including premiums for the insurance required by Section 3.14, to
      the
      extent such premiums are not paid by the related Mortgagors or by a
      Sub-Servicer, servicing compensation of each Sub-Servicer) and shall not be
      entitled to reimbursement therefor except as specifically provided
      herein.

     

    
      	SECTION
              3.19  	
              Reports;
                Collection Account Statements.

            

    

     

    Not
      later
      than fifteen days after each Distribution Date, the Servicer shall forward
      to
      the Trust Administrator, upon the request of the Trust Administrator, a
      statement prepared by the Servicer setting forth the status of the Collection
      Account as of the close of business on the last day of the calendar month
      relating to such Distribution Date and showing, for the period covered by such
      statement, the aggregate amount of deposits into and withdrawals from the
      Collection Account of each category of deposit specified in Section 3.10(a)
      and
      each category of withdrawal specified in Section 3.11. Such statement may be
      in
      the form of the then current Fannie Mae Monthly Accounting Report for its
      Guaranteed Mortgage Pass-Through Program with appropriate additions and changes,
      and shall also include information as to the aggregate of the outstanding
      principal balances of all of the Mortgage Loans as of the last day of the
      calendar month immediately preceding such Distribution Date. Copies of such
      statement shall be provided by the Trust Administrator to any Certificateholder
      and to any Person identified to the Trust Administrator as a prospective
      transferee of a Certificate, upon the request and at the expense of the
      requesting party, provided such statement is delivered by the Servicer to the
      Trust Administrator.

     

    
      	SECTION
              3.20  	
              Statement
                as to Compliance.

            

    

     

    On
      or
      before March 1 of each calendar year, commencing in 2007, the Servicer shall
      deliver or otherwise make available to the Trust Administrator and
      the
      Master Servicer
      a
      statement of compliance addressed to the Master Servicer and the Depositor
      and
      signed by an authorized officer of the Servicer, to the effect that (a) a review
      of the Servicer’s activities during the immediately preceding calendar year (or
      applicable portion thereof) and of its performance under this Agreement during
      such period has been made under such officer’s supervision, and (b) to the best
      of such officers’ knowledge, based on such review, the Servicer has fulfilled
      all of its obligations under this Agreement in all material respects throughout
      such calendar year (or applicable portion thereof) or, if there has been a
      failure to fulfill any such obligation in any material respect, specifically
      identifying each such failure known to such officer and the nature and the
      status thereof. 

     

    The
      Servicer shall deliver, or cause to be delivered, a similar Annual Statement
      of
      Compliance by any Sub-Servicer, Subcontractor or other Person engaged by it
      and
      satisfying any of the criteria set forth in Item 1108(a)(i), (ii) or (iii),
      to
      which the Servicer has delegated any servicing responsibilities with respect
      to
      the Mortgage Loans, to the Trust Administrator as described above as and when
      required with respect to the Servicer.

     

    Each
      of
      the Master Servicer and Trust Administrator shall deliver, or cause to be
      delivered, a similar Annual Statement of Compliance by any Sub-Servicer,
      Subcontractor or other Person engaged by it and satisfying any of the criteria
      set forth in Item 1108(a)(i), (ii) or (iii), to which the Master Servicer has
      delegated any servicing responsibilities with respect to the Mortgage Loans,
      to
      the Trust Administrator as described above as and when required with respect
      to
      the Master Servicer.

     

    Each
      of
      the Master Servicer and the Trust Administrator shall also provide an Annual
      Statement of Compliance, as and when provided above.

     

    Each
      of
      the Servicer, the Master Servicer and the Trust Administrator (each, an
“Indemnifying Party”) shall indemnify and hold harmless the Depositor, the
      Master Servicer, the Trust Administrator and their officers, directors and
      Affiliates, as applicable, from and against any actual losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses that such Person may sustain
      based
      upon a breach of the obligations of such Indemnifying Party under this Section
      3.20.

     

    
      	SECTION
              3.21  	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    (A) On
      or
      before March 1 of each calendar year, commencing in 2007, the Servicer
      shall:

     

    (i)  deliver
      to the Trust Administrator and the Master Servicer a report (in form and
      substance reasonably satisfactory to the Depositor, the Master Servicer and
      the
      Trust Administrator) regarding the Servicer’s assessment of compliance with the
      Relevant Servicing Criteria during the immediately preceding calendar year,
      as
      required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
      Regulation AB. Such report shall be addressed to the Master Servicer and the
      Depositor and signed by an authorized officer of the Servicer and shall address
      each of the Relevant Servicing Criteria specified substantially on Exhibit
      S
      hereto (or those Servicing Criteria otherwise mutually agreed to by the
      Depositor, the Master Servicer and the Servicer in response to evolving
      interpretations of Regulation AB;

     

    (ii)  deliver
      to the Trust Administrator and the Master Servicer a report of a registered
      public accounting firm reasonably acceptable to the Master Servicer, the
      Depositor and the Trust Administrator that attests to, and reports on, the
      assessment of the compliance made by the Servicer and delivered pursuant to
      the
      .preceding paragraph. Such attestation shall be in accordance with Rules
      1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
      Exchange Act;

     

    (iii)  cause
      each Sub-Servicer and each Subcontractor, determined by the Servicer pursuant
      to
      Section 4.24(b) to be “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB, to deliver to the Trust Administrator,
      the Master Servicer and the Depositor an assessment of compliance and
      accountants’ attestation as and when provided in paragraphs (i) and (ii) of this
      Section 3.21; and

     

    (iv)  pursuant
      to Section 4.05(a)(iv), deliver, and cause each Sub-Servicer and each
      Subcontractor to deliver to the Master Servicer a certification in the form
      attached hereto as Exhibit N-2.

     

    Each
      assessment of compliance provided by a Sub-Servicer pursuant to Section
      3.21(iii) shall address each of the Relevant Servicing Criteria applicable
      to
      the Servicer in Exhibit S. An assessment of compliance provided by a
      Subcontractor pursuant to Section 3.21(iii) need not address any elements of
      the
      Relevant Servicing Criteria other than those specified by the Servicer pursuant
      to Section 3.02.

     

    The
      Servicer acknowledges that the Master Servicer may rely on the certification
      provided by the Servicer pursuant clause (iv) above in signing the Certification
      and filing such with the Commission. Neither the Master Servicer nor the
      Depositor will request delivery of a certification under clause (iv) above
      unless the Depositor is required under the Exchange Act to file an annual report
      on Form 10-K with respect to an issuing entity whose asset pool includes
      Mortgage Loans.

     

    Each
      of
      the Master Servicer, the Trust Administrator and each Custodian shall also
      provide, and each such party and the Trustee shall cause any Sub-servicer or
      Subcontractor engaged by it to provide an Assessment of Compliance and
      Attestation Report, as and when provided above, which shall at a minimum address
      each of the Servicing Criteria specified on Exhibit O hereto which are indicated
      as applicable to each such party. Notwithstanding the foregoing, as to any
      trustee, an Assessment of Compliance is not required to be delivered unless
      it
      is required as part of Form 10-K with respect to the Trust Fund.

     

    Each
      of
      the Servicer, the Master Servicer, the Trustee (in its capacity as Custodian)
      and the Trust Administrator shall indemnify and hold harmless the Depositor,
      the
      Master Servicer and the Trust Administrator and their officers, directors and
      Affiliates from and against any actual losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that such Person may sustain based upon a breach
      of
      the obligations of such Indemnifying Party under this Section 3.21.

     

    
      	 	
              (B)

            	
              Remedies
                Regarding Statements as to Compliance, Assessments of Compliance
                and
                Attestation Reports.

            

    

     

    (i) Any
      failure by the Servicer, any Sub-Servicer or any Subcontractor to deliver any
      information, report, certification or accountants’ letter when and as required
      under Section 3.20 or Section 3.21, including (except as provided below) any
      failure by the Servicer to identify any Subcontractor “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB, which
      continues unremedied for ten (10) calendar days after the date on which such
      information, report, certification or accountants’ letter was required to be
      delivered shall constitute a Servicer Event of Termination, and shall entitle
      the Trustee (at the direction of the Depositor), to terminate the rights and
      obligations of the Servicer under this Agreement without payment
      (notwithstanding anything in this Agreement to the contrary) of any compensation
      to the Servicer; provided that to the extent that any provision of this
      Agreement expressly provides for the survival of certain rights or obligations
      following termination of the Servicer as servicer, such provision shall be
      given
      effect.

     

    Neither
      the Trustee nor the Depositor shall be entitled to terminate the rights and
      obligations of the Servicer pursuant to this subparagraph (B)(i) if a failure
      of
      the Servicer to identify a Subcontractor “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB was attributable
      solely to the role or functions of such Subcontractor with respect to mortgage
      loans other than the Mortgage Loans.

     

    (iii) The
      Servicer shall promptly reimburse the Depositor, the Master Servicer, the Trust
      Administrator, the Trustee and the Trust Fund for all reasonable expenses
      incurred by the Depositor, the Master Servicer, the Trust Administrator, the
      Trustee and the Trust Fund, as such are incurred, in connection with the
      termination of the Servicer as servicer and the transfer of servicing of the
      Mortgage Loans to a successor servicer. The provisions of this paragraph shall
      not limit whatever rights the Trustee or the Depositor may have under other
      provisions of this Agreement or otherwise, whether in equity or at law, such
      as
      an action for damages, specific performance or injunctive relief.

     

    
      	SECTION
              3.22  	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the Office of the Controller of the Currency, the
      Office of Thrift Supervision, the FDIC, and any other federal or state banking
      or insurance regulatory authority that may exercise authority over any
      Certificateholder, access to the documentation regarding the Mortgage Loans
      required by applicable laws and regulations. Such access shall be afforded
      without charge, but only upon reasonable request and during normal business
      hours at the offices of the Servicer designated by it. In addition, access
      to
      the documentation regarding the Mortgage Loans required by applicable laws
      and
      regulations will be provided to such Certificateholder, the Trustee, the Trust
      Administrator, the Master Servicer and to any Person identified to the Servicer
      as a prospective transferee of a Certificate subject to the execution of a
      confidentiality agreement in form and substance satisfactory to the servicer,
      upon reasonable request during normal business hours at the offices of the
      Servicer designated by it at the expense of the Person requesting such access.
      Nothing in this Section 3.22 shall derogate from the obligation of any such
      party to observe any applicable law prohibiting disclosure of information
      regarding the Mortgagors and the failure of any such party to provide access
      as
      provided in this Section as a result of such obligation shall not constitute
      a
      breach of this Section 3.22.

     

    
      	SECTION
              3.23  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)  In
      the
      event that title to an REO Property is acquired in foreclosure or by deed in
      lieu of foreclosure, the deed or certificate of sale shall be taken (pursuant
      to
      a limited power of attorney to be provided by the Trustee to the Servicer)
      in
      the name of the Trustee or a nominee thereof, on behalf of the
      Certificateholders, or in the event the Trustee or a nominee thereof is not
      authorized or permitted to hold title to real property in the state where the
      REO Property is located, or would be adversely affected under the “doing
      business” or tax laws of such state by so holding title, the deed or certificate
      of sale shall be taken in the name of such Person or Persons as shall be
      consistent with an Opinion of Counsel obtained by the Servicer from an attorney
      duly licensed to practice law in the state where the REO Property is located.
      Any Person or Persons holding such title other than the Trustee shall
      acknowledge in writing that such title is being held as nominee for the benefit
      of the Trustee. The Trustee’s name shall be placed on the title to such REO
      Property solely as the Trustee hereunder and not in its individual capacity.
      The
      Servicer shall ensure that the title to such REO Property references this
      Agreement and the Trustee’s capacity hereunder. The Servicer, on behalf of the
      Trust Fund, shall either sell any REO Property before the close of the third
      taxable year following the year the Trust Fund acquires ownership of such REO
      Property for purposes of Section 860G(a)(8) of the Code or request from the
      Internal Revenue Service, no later than 60 days before the day on which the
      above three-year grace period would otherwise expire, an extension of the above
      three-year grace period, unless the Servicer shall have delivered to the
      Trustee, the Trust Administrator and the Depositor an Opinion of Counsel,
      addressed to the Trustee, the Trust Administrator and the Depositor, to the
      effect that the holding by the Trust Fund of such REO Property subsequent to
      the
      close of the third taxable year after its acquisition will not result in the
      imposition on the Trust Fund of taxes on “prohibited transactions” thereof, as
      defined in Section 860F of the Code, or cause any Trust REMIC to fail to qualify
      as a REMIC under Federal law at any time that any Certificates are outstanding.
      The Servicer shall manage, conserve, protect and operate each REO Property
      for
      the Certificateholders solely for the purpose of its prompt disposition and
      sale
      in a manner which does not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
      result in the receipt by any Trust REMIC of any “income from non-permitted
      assets” within the meaning of Section 860F(a)(2)(B) of the Code, or any “net
      income from foreclosure property” which is subject to taxation under the REMIC
      Provisions.

     

    (b)  The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain with respect to REO Properties
      an account held in trust for the Trustee for the benefit of the
      Certificateholders (the “REO Account”), which shall be an Eligible Account. The
      Servicer shall be permitted to allow the Collection Account to serve as the
      REO
      Account, subject to separate ledgers for each REO Property. The Servicer shall
      be entitled to retain or withdraw any interest income paid on funds deposited
      in
      the REO Account.

     

    (c)  The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period as the Servicer deems
      to
      be in the best interests of Certificateholders. In connection therewith, the
      Servicer shall deposit, or cause to be deposited in the clearing account (which
      account must be an Eligible Account) in which it customarily deposits payments
      and collections on mortgage loans in connection with its mortgage loan servicing
      activities on a daily basis, and in no event more than two Business Days after
      the Servicer’s receipt thereof, and shall thereafter deposit in the REO Account,
      in no event more than one Business Day after the deposit of such funds into
      the
      clearing account, all revenues received by it with respect to an REO Property
      and shall withdraw therefrom funds necessary for the proper operation,
      management and maintenance of such REO Property including, without
      limitation:

     

    (1)  all
      insurance premiums due and payable in respect of such REO Property;

     

    (2)  all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

     

    (3)  all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Servicer shall advance from
      its own funds such amount as is necessary for such purposes if, but only if,
      the
      Servicer would make such advances if the Servicer owned the REO Property and
      if
      in the Servicer’s judgment, the payment of such amounts will be recoverable from
      the rental or sale of the REO Property.

     

    Notwithstanding
      the foregoing, none of the Servicer, the Trust Administrator or the Trustee
      shall:

     

    (a)  authorize
      the Trust Fund to enter into, renew or extend any New Lease with respect to
      any
      REO Property, if the New Lease by its terms will give rise to any income that
      does not constitute Rents from Real Property;

     

    (b)  authorize
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

     

    (c)  authorize
      any construction on any REO Property, other than the completion of a building
      or
      other improvement thereon, and then only if more than ten percent of the
      construction of such building or other improvement was completed before default
      on the related Mortgage Loan became imminent, all within the meaning of Section
      856(e)(4)(B) of the Code; or

     

    (d)  authorize
      any Person to Directly Operate any REO Property on any date more than 90 days
      after its date of acquisition by the Trust Fund;

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel, provided
      to
      the Trust Administrator and the Master Servicer to the effect that such action
      will not cause such REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the at any time that it is held
      by
      the Trust Fund, in which case the Servicer may take such actions as are
      specified in such Opinion of Counsel.

     

    The
      Servicer may contract with any Independent Contractor for the operation and
      management of any REO Property; provided that:

     

    (i)  the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (ii)  any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Servicer
      as soon as practicable, but in no event later than thirty days following the
      receipt thereof by such Independent Contractor;

     

    (iii)  none
      of
      the provisions of this Section 3.23(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Certificateholders with respect to the operation and management of any
      such
      REO Property; and

     

    (iv)  the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.18 is sufficient to pay such
      fees.

     

    (d)  In
      addition to the withdrawals permitted under Section 3.23(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of the
      related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
      unreimbursed Servicing Advances and Advances made in respect of such REO
      Property or the related Mortgage Loan. Any income from the related REO Property
      received during any calendar months prior to a Final Recovery Determination,
      net
      of any withdrawals made pursuant to Section 3.23(c) or this Section 3.23(d),
      shall be withdrawn by the Servicer from each REO Account maintained by it and
      remitted to the Trust Administrator for deposit into the Distribution Account
      in
      accordance with Section 3.10(d)(ii) on the Servicer Remittance Date relating
      to
      a Final Recovery Determination with respect to such Mortgage Loan, for
      distribution on the related Distribution Date in accordance with Section
      4.01.

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a), each REO Disposition
      shall
      be carried out by the Servicer at such price and upon such terms and conditions
      as the Servicer shall deem necessary or advisable, as shall be normal and usual
      in its general servicing activities for similar properties.

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
      be
      remitted to the Trust Administrator for deposit in the Distribution Account
      in
      accordance with Section 3.10(d)(ii) on the Servicer Remittance Date in the
      month
      following the receipt thereof for distribution on the related Distribution
      Date
      in accordance with Section 4.01. Any REO Disposition shall be for cash only
      (unless changes in the REMIC Provisions made subsequent to the Startup Day
      allow
      a sale for other consideration).

     

    (g)  The
      Servicer shall file information returns with respect to the receipt of mortgage
      interest received in a trade or business, reports of foreclosures and
      abandonments of any Mortgaged Property and cancellation of indebtedness income
      with respect to any Mortgaged Property as required by Sections 6050H, 6050J
      and
      6050P of the Code, respectively. Such reports shall be in form and substance
      sufficient to meet the reporting requirements imposed by such Sections 6050H,
      6050J and 6050P of the Code.

     

    
      	SECTION
              3.24  	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    The
      Servicer shall deliver to the Trust Administrator for deposit into the
      Distribution Account on the Servicer Remittance Date from its own funds (or
      from
      a Sub-Servicer’s own funds received by the Servicer in respect of Compensating
      Interest) an amount equal to the lesser of (a) the amount, if any, by which
      the
      Prepayment Interest Shortfall for the related Prepayment Period exceeds the
      Prepayment Interest Excess for the related Prepayment Period, and (b) the amount
      of the Servicing Fee payable to the Servicer for such Distribution
      Date.

     

    
      	SECTION
              3.25  	
              Obligations
                of the Servicer in Respect of Monthly Payments. 

            

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Monthly Payments or Stated Principal Balances that were made by the Servicer
      in
      a manner not consistent with the terms of the related Mortgage Note and this
      Agreement, the Servicer, upon discovery or receipt of notice thereof,
      immediately shall deliver to the Trust Administrator for deposit in the
      Distribution Account from its own funds the amount of any such shortfall and
      shall indemnify and hold harmless the Trust Fund, the Trustee, the Trust
      Administrator, the Depositor and any successor servicer in respect of any such
      liability. Such indemnities shall survive the termination or discharge of this
      Agreement. If amounts paid by the Servicer with respect to any Mortgage Loan
      pursuant to this Section 3.25 are subsequently recovered from the related
      Mortgagor, the Servicer shall be permitted to reimburse itself for such amounts
      paid by it pursuant to this Section 3.25 from such recoveries.

     

    
      	SECTION
              3.26  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    No
      later
      than the Closing Date, the Trust Administrator shall establish and maintain
      with
      itself a separate, segregated trust account titled, “Net WAC Rate Carryover
      Reserve Account, Deutsche Bank National Trust Company, as Trustee, in trust
      for
      registered Holders of Soundview Mortgage Loan Trust 2006-2, Asset-Backed
      Certificates, Series 2006-2.” All amounts deposited in the Net WAC Rate
      Carryover Reserve Account shall be distributed to the Holders of the Fixed
      Rate
      Certificates and the Floating Rate Certificates in the manner set forth in
      Section 4.01(d).

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Fixed Rate Certificates and the Floating Rate Certificates, the Trust
      Administrator has been directed by the Class C Certificateholders to, and
      therefore will, deposit into the Net WAC Rate Carryover Reserve Account the
      amounts described in Section 4.01(c)(v), rather than distributing such amounts
      to the Class C Certificateholders. In addition, any payments received by the
      Trust Administrator under the Cap Contract prior to each Distribution Date
      will
      be deposited into the Net WAC Rate Carryover Reserve Account. On each such
      Distribution Date, the Trust Administrator shall hold all such amounts for
      the
      benefit of the Holders of the Fixed Rate Certificates and the Floating Rate
      Certificates, and will distribute such amounts to the Holders of the Fixed
      Rate
      Certificates and the Floating Rate Certificates in the amounts and priorities
      set forth in Section 4.01(d).

     

    On
      each
      Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve
      Account (representing payments received by the Trust Administrator under the
      Cap
      Contract) after the payment of any Net WAC Rate Carryover Amounts on the Fixed
      Rate Certificates and the Floating Rate Certificates for such Distribution
      Date,
      shall be payable to the Trust Administrator as additional compensation. For
      so
      long as any Floating Rate Certificates are beneficially owned by the Depositor
      or any of its Affiliates, the Depositor shall refund or cause such Affiliate
      to
      refund any amounts paid to it under the Cap Contract to the Trust Administrator
      who shall, pursuant to the terms of the Cap Contract, return such amount to
      the
      counterparty thereunder.

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class C Certificates
      unless and until the date when either (a) there is more than one Class C
      Certificateholder or (b) any Class of Certificates in addition to the Class
      C
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a partnership provided, that Wells Fargo shall not be required to
      prepare and file partnership tax returns in respect of such partnership unless
      it receives additional reasonable compensation (not to exceed $10,000 per year)
      for the preparation of such filings, written notification recognizing the
      creation of a partnership agreement or comparable documentation evidencing
      the
      partnership, if any. All amounts deposited into the Net WAC Rate Carryover
      Reserve Account (other than amounts received under the Cap Contract) shall
      be
      treated as amounts distributed by REMIC 3 to the Holder of the Class C Interest
      and by REMIC 4 to the Holder of the Class C Certificates. The Net WAC Rate
      Carryover Reserve Account will be an “outside reserve fund” within the meaning
      of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust,
      or the payment in full of the Fixed Rate Certificates and the Floating Rate
      Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover
      Reserve Account will be released by the Trust and distributed to the Holders
      of
      the Class C Certificates or their designee. The Net WAC Rate Carryover Reserve
      Account will be part of the Trust but not part of any REMIC and any payments
      to
      the Holders of the Fixed Rate Certificates and the Floating Rate Certificates
      of
      Net WAC Rate Carryover Amounts will not be payments with respect to a “regular
      interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    By
      accepting a Class C Certificate, each Class C Certificateholder hereby agrees
      to
      direct the Trust Administrator, and the Trust Administrator hereby is directed,
      to deposit into the Net WAC Rate Carryover Reserve Account the amounts described
      above on each Distribution Date as to which there is any Net WAC Rate Carryover
      Amount rather than distributing such amounts to the Class C Certificateholders.
      By accepting a Class C Certificate, each Class C Certificateholder further
      agrees that such direction is given for good and valuable consideration, the
      receipt and sufficiency of which is acknowledged by such
      acceptance.

     

    Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    For
      federal tax return and information reporting, the right of the Holders of the
      Fixed Rate Certificates and Floating Rate Certificates to receive payments
      from
      the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Cap Carry
      Forward Amounts shall be assigned a value of $0.00.

     

    
      	SECTION
              3.27  	
              Advance
                Facility

            

    

     

    (a)  Either
      (i) the Servicer or (ii) the Trust Administrator, on behalf of the Trust Fund,
      with the consent of and at the direction of the Servicer, is hereby authorized
      to enter into a facility with any Person which provides that such Person (an
      “Advancing Person”) may fund Advances and/or Servicing Advances to the Trust
      Fund under this Agreement, although no such facility shall reduce or otherwise
      affect the Servicer’s obligation to fund such Advances and/or Servicing
      Advances. If the Servicer enters into such an Advance Facility pursuant to
      this
      Section 3.26, upon reasonable request of the Advancing Person, the Trust
      Administrator shall execute a letter of acknowledgment, confirming its receipt
      of notice of the existence of such Advance Facility. If the Trust Administrator
      enters into such an Advance Facility pursuant to this Section 3.26, the Servicer
      shall also be a party to such Advance Facility. To the extent that an Advancing
      Person funds any Advance or any Servicing Advance and provides the Trust
      Administrator with notice acknowledged by the Servicer that such Advancing
      Person is entitled to reimbursement, such Advancing Person shall be entitled
      to
      receive reimbursement pursuant to this Agreement for such amount to the extent
      provided in Section 3.26(b). Such notice from the Advancing Person must specify
      the amount of the reimbursement, the Section of this Agreement that permits
      the
      applicable Advance or Servicing Advance to be reimbursed and the section(s)
      of
      the Advance Facility that entitle the Advancing Person to request reimbursement
      from the Trust Administrator, rather than the Servicer, and include the
      Servicer’s acknowledgment thereto or proof of an Event of Default under the
      Advance Facility. The Trust Administrator shall have no duty or liability with
      respect to any calculation of any reimbursement to be paid to an Advancing
      Person and shall be entitled to rely without independent investigation on the
      Advancing Person’s notice provided pursuant to this Section 3.26. An Advancing
      Person whose obligations hereunder are limited to the funding of Advances and/or
      Servicing Advances shall not be required to meet the qualifications of a
      Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be
      deemed to be a Sub-Servicer under this Agreement.

     

    (b)  If
      an
      advancing facility is entered into, then the Servicer shall not be permitted
      to
      reimburse itself therefor under Section 3.11(a)(ii), Section 3.11(a)(iii) and
      Section 3.11(a)(vi) prior to the remittance to the Trust Fund, but instead
      the
      Servicer shall include such amounts in the applicable remittance to the Trust
      Administrator made pursuant to Section 3.11(a). The Trust Administrator is
      hereby authorized to pay to the Advancing Person, reimbursements for Advances
      and Servicing Advances from the Distribution Account to the same extent the
      Servicer would have been permitted to reimburse itself for such Advances and/or
      Servicing Advances in accordance with Section 3.11(a)(ii), Section 3.11(a)(iii)
      and Section 3.11(a)(vi), as the case may be, had the Servicer itself funded
      such
      Advance or Servicing Advance. The Trust Administrator is hereby authorized
      to
      pay directly to the Advancing Person such portion of the Servicing Fee as the
      parties to any advancing facility agree in writing.

     

    (c)  All
      Advances and Servicing Advances made pursuant to the terms of this Agreement
      shall be deemed made and shall be reimbursed on a “first in-first out” (FIFO)
      basis.

     

    (d)  Any
      amendment to this Section 3.26 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.26, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee, the Trust
      Administrator and the Servicer without the consent of any Certificateholder,
      notwithstanding anything to the contrary in this Agreement.

     

    
      	SECTION
              3.28  	
              Late
                Remittance.

            

    

     

    With
      respect to any remittance received by the Master Servicer after the day on
      which
      such payment was due, the Servicer shall pay to the Master Servicer interest
      on
      any such late payment at an annual rate equal to the Prime Rate, adjusted as
      of
      the date of each change, plus three percentage points, but in no event greater
      than the maximum amount permitted by applicable law. Such interest shall be
      deposited in the Distribution Account by the Servicer on the date such late
      payment is made and shall cover the period commencing with the day such payment
      was due and ending with the Business Day on which such payment is made, both
      inclusive. Such interest shall be remitted along with the distribution payable
      on the next succeeding Servicer Remittance Date. The payment by the Servicer
      of
      any such interest shall not be deemed an extension of time for payment or a
      waiver of any Servicer Event of Termination.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IIIA

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3A.01  	
              Master
                Servicer to Act as Master Servicer.

            

    

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicer to service and administer the Mortgage Loans in accordance with the
      terms of this Agreement and shall have full power and authority to do any and
      all things which it may deem necessary or desirable in connection with such
      master servicing and administration. In performing its obligations hereunder,
      the Master Servicer shall act in a manner consistent with Accepted Master
      Servicing Practices. Furthermore, the Master Servicer shall oversee and consult
      with the Servicer as necessary from time-to-time to carry out the Master
      Servicer’s obligations hereunder, shall receive, review and evaluate all
      reports, information and other data provided to the Master Servicer by the
      Servicer and shall cause the Servicer to perform and observe the covenants,
      obligations and conditions to be performed or observed by the Servicer under
      this Agreement. The Master Servicer shall independently monitor the Servicer’s
      servicing activities with respect to each Mortgage Loan, reconcile the results
      of such monitoring with such information provided in the previous sentence
      on a
      monthly basis and coordinate corrective adjustments to the Servicer’s and Master
      Servicer’s records, and based on such reconciled and corrected information, the
      Master Servicer shall provide such information to the Trust Administrator as
      shall be necessary in order for it to prepare the statements specified in
      Section 4.02, and prepare any other information and statements required to
      be forwarded by the Master Servicer hereunder. The Master Servicer shall
      reconcile the results of its Mortgage Loan monitoring with the actual
      remittances of the Servicer to the Distribution Account pursuant to Section
      3A.11.

     

    The
      Trustee shall furnish the Servicer and the Master Servicer with any powers
      of
      attorney and other documents in form as provided to it necessary or appropriate
      to enable the Servicer and the Master Servicer to service and administer the
      Mortgage Loans and REO Properties.

     

    The
      Trustee and the Trust Administrator shall provide access to the records and
      documentation in possession of the Trustee or the Trust Administrator, as
      applicable, regarding the Mortgage Loans and REO Properties and the servicing
      thereof to the Certificateholders, the FDIC, and the supervisory agents and
      examiners of the FDIC, such access being afforded only upon reasonable prior
      written request and during normal business hours at the office of the Trustee
      or
      the Trust Administrator, as applicable; provided, however, that, unless
      otherwise required by law, neither the Trustee nor the Trust Administrator
      shall
      be required to provide access to such records and documentation if the provision
      thereof would violate the legal right to privacy of any Mortgagor. The Trustee
      and the Trust Administrator shall allow representatives of the above entities
      to
      photocopy any of the records and documentation and shall provide equipment
      for
      that purpose at a charge that covers the Trustee’s or Trust Administrator’s, as
      applicable, actual costs.

     

    The
      Trustee shall execute and deliver to the Servicer and the Master Servicer any
      court pleadings, requests for trustee’s sale or other documents necessary or
      desirable to (i) the foreclosure or trustee’s sale with respect to a Mortgaged
      Property; (ii) any legal action brought to obtain judgment against any Mortgagor
      on the Mortgage Note or Security Instrument; (iii) obtain a deficiency judgment
      against the Mortgagor; or (iv) enforce any other rights or remedies provided
      by
      the Mortgage Note or Mortgage or otherwise available at law or
      equity.

     

    
      	SECTION
              3A.02  	
              [Reserved].

            

    

     

    
      	SECTION
              3A.03  	
              Monitoring
                of Servicer.

            

    

     

    In
      the
      review of the Servicer’s activities, the Master Servicer may rely upon an
      Officers’ Certificate of the Servicer (or similar document signed by a Servicing
      Officer of the Servicer) with regard to the Servicer’s compliance with the terms
      of this Agreement. In the event that the Master Servicer, in its judgment,
      determines that the Servicer should be terminated in accordance with the terms
      hereof, or that a notice should be sent pursuant to the terms hereof with
      respect to the occurrence of an event that, unless cured, would constitute
      grounds for such termination, the Master Servicer shall notify the Depositor,
      the Trust Administrator and the Trustee thereof and the Master Servicer shall
      issue such notice or take such other action as it deems
      appropriate.

     

    The
      Master Servicer or (if the Master Servicer is the Servicer) the Trustee, for
      the
      benefit of the Certificateholders, shall enforce the obligations of the Servicer
      under this Agreement, and shall, in the event that it receives notice that
      the
      Servicer has failed to perform its obligations in accordance with this
      Agreement, subject to the preceding paragraph, terminate the rights and
      obligations of the Servicer hereunder in accordance with the provisions of
      Article VII and act as Servicer of the Mortgage Loans or appoint a successor
      servicer; provided, however, it is understood and acknowledged by the parties
      hereto that there will be a period of transition (not to exceed 90 days) before
      the actual servicing functions can be fully transferred to such successor
      servicer. Such enforcement, including, without limitation, the legal prosecution
      of claims and the pursuit of other appropriate remedies, shall be in such form
      and carried out to such an extent and at such time as the Master Servicer or
      Trustee (or such other successor master servicer), as applicable, in its good
      faith business judgment, would require were it the owner of the Mortgage Loans.
      The Master Servicer or the Trustee (or such other successor master servicer),
      as
      applicable, shall pay the costs of such enforcement at its own expense, provided
      that the Master Servicer or the Trustee (or such other successor master
      servicer), as applicable, shall not be required to prosecute or defend any
      legal
      action except to the extent that the Master Servicer or the Trustee (or such
      other successor master servicer), as applicable, shall have received reasonable
      indemnity for its costs and expenses in pursuing such action.

     

    To
      the
      extent that the costs and expenses of the Master Servicer or Trustee, as
      applicable, related to any termination of the Servicer, appointment of a
      successor servicer or the transfer and assumption of servicing by the Master
      Servicer or the Trustee, as applicable, with respect to this Agreement
      (including, without limitation, (i) all legal costs and expenses and all due
      diligence costs and expenses associated with an evaluation of the potential
      termination of the Servicer as a result of a Servicer Event of Termination
      and
      (ii) all costs and expenses associated with the complete transfer of servicing,
      including all servicing files and all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      successor servicer to correct any errors or insufficiencies in the servicing
      data or otherwise to enable the successor servicer to service the Mortgage
      Loans
      in accordance with this Agreement) are not fully and timely reimbursed by the
      terminated Servicer, the Master Servicer or the Trustee, as applicable, shall
      be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account.

     

    The
      Master Servicer (or if the Master Servicer is the Servicer, the Trustee (or
      other successor master servicer)) shall, upon receipt from the Servicer, the
      Master Servicer or the Trust Administrator, of notice of any failure of the
      Servicer to comply with the remittance requirements and other obligations set
      forth in this Agreement, enforce such obligations after consultation with the
      Depositor.

     

    If
      the
      Master Servicer or the Trustee, as applicable, acts as Servicer, it will not
      assume liability for the representations and warranties of the Servicer that
      it
      replaces.

     

    
      	SECTION
              3A.04  	
              Fidelity
                Bond.

            

    

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as Master Servicer.

     

    
      	SECTION
              3A.05  	
              Power
                to Act; Procedures.

            

    

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Certificateholders and the Trustee,
      customary consents or waivers and other instruments and documents, (ii) to
      consent to transfers of any Mortgaged Property and assumptions of the Mortgage
      Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
      Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of
      the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement; provided, however,
      that the Master Servicer shall not (and, consistent with its responsibilities
      under Article X, shall not permit any Servicer to) knowingly or intentionally
      take any action, or fail to take (or fail to cause to be taken) any action
      reasonably within its control and the scope of duties more specifically set
      forth herein, that, under the REMIC Provisions, if taken or not taken, as the
      case may be, would cause the Trust REMIC to fail to qualify as a REMIC or result
      in the imposition of a tax upon the Trust Fund (including but not limited to
      the
      tax on prohibited transactions as defined in Section 860F(a)(2) of the Code
      and the tax on contributions to a REMIC set forth in Section 860G(d) of the
      Code) unless the Master Servicer has received an Opinion of Counsel (but not
      at
      the expense of the Master Servicer) to the effect that the contemplated action
      would not cause any REMIC to fail to qualify as a REMIC or result in the
      imposition of a tax upon any REMIC. The Trustee shall furnish the Master
      Servicer or the Servicer, upon written request from a Servicing Officer, with
      any powers of attorney empowering the Master Servicer or the Servicer to execute
      and deliver instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
      Property, and to appeal, prosecute or defend in any court action relating to
      the
      Mortgage Loans or the Mortgaged Property, in accordance with this Agreement,
      and
      the Trustee shall execute and deliver such other documents, as the Master
      Servicer may request, to enable the Master Servicer to master service and
      administer the Mortgage Loans and carry out its duties hereunder, in each case
      in accordance with Accepted Master Servicing Practices (and the Trustee shall
      have no liability for misuse of any such powers of attorney by the Master
      Servicer or the Servicer). If the Master Servicer or the Trustee has been
      advised that it is likely that the laws of the state in which action is to
      be
      taken prohibit such action if taken in the name of the Trustee or that the
      Trustee would be adversely affected under the “doing business” or tax laws of
      such state if such action is taken in its name, the Master Servicer shall join
      with the Trustee in the appointment of a co-trustee pursuant to
      Section 8.10 hereof. In the performance of its duties hereunder, the Master
      Servicer shall be an independent contractor and shall not, except in those
      instances where it is taking action in the name of the Trustee, be deemed to
      be
      the agent of the Trustee.

     

    
      	SECTION
              3A.06  	
              Due
                on Sale Clauses; Assumption
                Agreements.

            

    

     

    To
      the
      extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
      Servicer shall cause the Servicer to enforce such clauses in accordance with
      this Agreement. If applicable law prohibits the enforcement of a due-on-sale
      clause or such clause is otherwise not enforced in accordance with this
      Agreement, and, as a consequence, a Mortgage Loan is assumed, the original
      Mortgagor may be released from liability in accordance with this
      Agreement.

     

    
      	SECTION
              3A.07  	
              [Reserved].

            

    

     

    
      	SECTION
              3A.08  	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                Trustee.

            

    

     

    The
      Master Servicer and the Servicer shall transmit to the Trustee (or the Custodian
      on behalf of the Trustee) such documents and instruments coming into the
      possession of the Master Servicer or the Servicer from time to time as are
      required by the terms hereof to be delivered to the Trustee, the Trust
      Administrator or the Custodian. Any funds received by the Master Servicer or
      by
      the Servicer in respect of any Mortgage Loan or which otherwise are collected
      by
      the Master Servicer or by the Servicer as Liquidation Proceeds or Insurance
      Proceeds in respect of any Mortgage Loan shall be held for the benefit of the
      Trustee and the Certificateholders subject to the Master Servicer’s right to
      retain or withdraw from the Distribution Account the Master Servicing
      Compensation and other amounts provided in this Agreement, and to the right
      of
      the Servicer to retain its Servicing Fee and other amounts as provided in this
      Agreement. The Master Servicer shall, and subject to Section 3.22 shall cause
      the Servicer to, provide access to information and documentation regarding
      the
      Mortgage Loans to the Trust Administrator, its agents and accountants at any
      time upon reasonable request and during normal business hours, and to
      Certificateholders that are savings and loan associations, banks or insurance
      companies, the Office of Thrift Supervision, the FDIC and the supervisory agents
      and examiners of such Office and Corporation or examiners of any other federal
      or state banking or insurance regulatory authority if so required by applicable
      regulations of the Office of Thrift Supervision or other regulatory authority,
      such access to be afforded without charge but only upon reasonable request
      in
      writing and during normal business hours at the offices of the Master Servicer
      designated by it. In fulfilling such a request the Master Servicer shall not
      be
      responsible for determining the sufficiency of such information.

     

    All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer or the Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from Liquidation Proceeds
      or Insurance Proceeds, shall be held by the Servicer or the Master Servicer,
      as
      applicable, for and on behalf of the Trustee and the Certificateholders and
      shall be and remain the sole and exclusive property of the Trustee; provided,
      however, that the Master Servicer and the Servicer shall be entitled to setoff
      against, and deduct from, any such funds any amounts that are properly due
      and
      payable to the Master Servicer or the Servicer under this
      Agreement.

     

    
      	SECTION
              3A.09  	
              Compensation
                for the Master Servicer.

            

    

     

    The
      Master Servicer will be entitled to a portion of the Administration Fee and
      all
      income and gain realized from any investment of funds in the Distribution
      Account, pursuant to Section 3A.11 and Section 3A.12, for the
      performance of its activities hereunder (the “Master Servicing Compensation”).
      Servicing compensation in the form of assumption fees, if any, late payment
      charges, as collected, if any, or otherwise shall be retained by the Servicer
      in
      accordance with Section 3.18. The Master Servicer shall be required to pay
      all
      expenses incurred by it in connection with the performance of its duties
      hereunder and shall not be entitled to reimbursement therefor except as provided
      in this Agreement.

     

    
      	SECTION
              3A.10  	
              Obligations
                of the Master Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    In
      the
      event of a Prepayment Interest Shortfall, the Master Servicer shall remit to
      the
      Trust Administrator, from its own funds and without right of reimbursement
      (except as described below), not later than the related Distribution Date,
      Compensating Interest in an amount equal to the lesser of (i) the aggregate
      amounts in respect of Compensating Interest required to be paid by the Servicer
      pursuant to Section 3.24 with respect to Prepayment Interest Shortfalls
      attributable to Principal Prepayments in full on the Mortgage Loans for the
      related Distribution Date and not so paid by the Servicer and (ii) the aggregate
      compensation payable to the Master Servicer for the related collection period
      under this Agreement. In the event the Master Servicer pays any amount in
      respect of such Compensating Interest prior to the time it shall have succeeded
      as successor servicer, the Master Servicer shall be subrogated to the Trust
      Fund’s right to receive such amount from the Servicer. In the event the Trust
      Fund receives from the Servicer all or any portion of amounts in respect of
      Compensating Interest required to be paid by the Servicer pursuant to Section
      3.24, not so paid by the Servicer when required, and paid by the Master Servicer
      pursuant to this Section 3A.10, then the Master Servicer may reimburse
      itself for the amount of Compensating Interest paid by the Master Servicer
      from
      such receipts by the Trust Fund.

     

    
      	SECTION
              3A.11  	
              Distribution
                Account. 

            

    

     

    On
      behalf
      of the Trust Fund, the Trust Administrator shall establish and maintain one
      or
      more accounts (such account or accounts, the “Distribution Account”), held in
      Trust for the benefit of the Trustee and the Certificateholders. The
      Distribution Account shall be an Eligible Account. The Master Servicer will
      deposit in the Distribution Account as identified by the Master Servicer and as
      received by the Master Servicer, the following amounts:

     

    (1) Any
      amounts remitted to the Master Servicer by the Servicer from the Collection
      Account;

     

    (2) Any
      Advances received from the Servicer, or made by the Master Servicer or (if
      the
      Master Servicer is the Servicer) the Trustee (in each case in its capacity
      as
      successor servicer), and any payments of Compensating Interest received from
      the
      Servicer or made by the Master Servicer (unless, in the case of the Master
      Servicer, such amounts are deposited by the Master Servicer directly into the
      Distribution Account);

     

    (3) Any
      Insurance Proceeds or Net Liquidation Proceeds received by or on behalf of
      the
      Master Servicer or which were not deposited in the Collection
      Account;

     

    (4)
       Any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Distribution Account; and

     

    (5) Any
      other
      amounts received by or on behalf of the Master Servicer and required to be
      deposited in the Distribution Account pursuant to this Agreement.

     

    All
      amounts deposited to the Distribution Account shall be held by the Master
      Servicer in the name of the Trustee in Trust for the benefit of the
      Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Distribution Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of (A) late payment charges or
      assumption, tax service, statement account or payoff, substitution,
      satisfaction, release and other like fees and charges and (B) the items
      enumerated in Section 3A.12(a) (with respect the clearing and termination
      of the Distribution Account and with respect to amounts deposited in error),
      in
      Section 3A.12(b) or in clauses (i), (ii), (iii) and (iv), (v) of
      Section 3A.12(c), need not be credited by the Master Servicer to the
      Distribution Account. In the event that the Master Servicer shall deposit or
      cause to be deposited to the Distribution Account any amount not required to
      be
      credited thereto, the Trustee or the Trust Administrator, upon receipt of a
      written request therefor signed by a Servicing Officer of the Master Servicer,
      shall promptly transfer such amount to the Master Servicer, any provision herein
      to the contrary notwithstanding.

     

    The
      Trust
      Administrator may direct any depository institution maintaining the Distribution
      Account to invest the funds on deposit in such account or to hold such funds
      uninvested. All investments pursuant to this Section 3A.11 shall be in one
      or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the Trust
      Administrator is the obligor thereon or if such investment is managed or advised
      by a Person other than the Trust Administrator or an Affiliate of the Trust
      Administrator, and (ii) no later than the date on which such funds are required
      to be withdrawn from such account pursuant to this Agreement, if the Trust
      Administrator is the obligor thereon or if such investment is managed or advised
      by the Trust Administrator or any Affiliate. All such Permitted Investments
      shall be held to maturity, unless payable on demand. Any investment of funds
      in
      the Distribution Account shall be made in the name of the Trustee, or in the
      name of a nominee of the Trust Administrator. The Trust Administrator shall
      be
      entitled to sole possession over each such investment, and any certificate
      or
      other instrument evidencing any such investment shall be delivered directly
      to
      the Trust Administrator or its agent, together with any document of transfer
      necessary to transfer title to such investment to the Trust Administrator or
      its
      nominee. In the event amounts on deposit in the Distribution Account are at
      any
      time invested in a Permitted Investment payable on demand, the Trust
      Administrator shall:

     

    (x) consistent
      with any notice required to be given thereunder, demand that payment thereon
      be
      made on the last day such Permitted Investment may otherwise mature hereunder
      in
      an amount equal to the lesser of (1) all amounts then payable thereunder and
      (2)
      the amount required to be withdrawn on such date; and

     

    (y) demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trust Administrator that such Permitted Investment
      would not constitute a Permitted Investment in respect of funds thereafter
      on
      deposit in the Distribution Account.

     

    All
      income and gain realized from the investment of funds deposited in the
      Distribution Account shall be for the benefit of the Master Servicer. The Trust
      Administrator shall deposit in the Distribution Account the amount of any loss
      of principal incurred in respect of any such Permitted Investment made with
      funds in such Account immediately upon realization of such loss.

     

    
      	SECTION
              3A.12  	
              Permitted
                Withdrawals and Transfers from the Distribution
                Account.

            

    

     

    (a)
      The
      Trust Administrator will, from time to time on demand of the Master Servicer,
      the Servicer or the Trustee, make or cause to be made such withdrawals or
      transfers from the Distribution Account pursuant to this Agreement. The Trust
      Administrator may clear and terminate the Distribution Account pursuant to
      Section 9.01 and remove amounts from time to time deposited in
      error.

     

    (b)
      On an
      ongoing basis, the Trust Administrator shall withdraw funds from the
      Distribution Account to pay (i) any Extraordinary Trust Fund Expenses including
      but not limited to amounts payable to the Servicer or the Depositor pursuant
      to
      Section 6.03(b) or Master Servicer pursuant to Section 6.03(c), and
      (ii) any amounts expressly payable to the Master Servicer as set forth in
      Section 3A.09.

     

    (c)
      The
      Trust Administrator may withdraw from the Distribution Account any of the
      following amounts (in the case of any such amount payable or reimbursable to
      the
      Servicer, only to the extent the Servicer shall not have paid or reimbursed
      itself such amount prior to making any remittance to the Master Servicer
      pursuant to the terms of this Agreement):

     

    (i) to
      reimburse the Master Servicer or (if the Master Servicer is the Servicer) the
      Trustee (to the extent either of them is obligated to do so as successor
      Servicer) for any Advance of its own funds, the right of the Master Servicer
      or
      the Trustee, as applicable, to reimbursement pursuant to this subclause (i)
      being limited to amounts received on a particular Mortgage Loan (including,
      for
      this purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation
      Proceeds and Subsequent Recoveries) which represent late payments or recoveries
      of the principal of or interest on such Mortgage Loan respecting which such
      Advance was made;

     

    (ii) to
      reimburse the Master Servicer from Insurance Proceeds, Liquidation Proceeds
      or
      Subsequent Recoveries relating to a particular Mortgage Loan for amounts
      expended by the Master Servicer in good faith in connection with the restoration
      of the related Mortgaged Property which was damaged by an Uninsured Cause or
      in
      connection with the liquidation of such Mortgage Loan;

     

    (iii) to
      reimburse the Master Servicer from Insurance Proceeds relating to a particular
      Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan
      and to reimburse the Master Servicer from Liquidation Proceeds and Subsequent
      Recoveries from a particular Mortgage Loan for Liquidation Expenses incurred
      with respect to such Mortgage Loan;

     

    (iv) to
      reimburse the Master Servicer for advances of funds (other than Advances) made
      with respect to the Mortgage Loans, and the right to reimbursement pursuant
      to
      this subclause being limited to amounts received on the related Mortgage Loan
      (including, for this purpose, the Purchase Price therefor, Insurance Proceeds,
      Liquidation Proceeds and Subsequent Recoveries) which represent late recoveries
      of the payments for which such advances were made;

     

    (v) to
      reimburse the Master Servicer or (if the Master Servicer is the Servicer) the
      Trustee (to the extent either of them is obligated to do so as successor
      Servicer) for any Advance or Servicing Advance, after a Realized Loss has been
      allocated with respect to the related Mortgage Loan if the Advance or Servicing
      Advance has not been reimbursed pursuant to clauses (i) through
      (iv);

     

    (vi) to
      pay
      the Credit Risk Manager the Credit Risk Manager Fee;

     

    (vii) to
      make
      distributions in accordance with Section 4.01;

     

    (viii) to
      pay
      compensation to the Trust Administrator on each Distribution Date;

     

    (ix) to
      pay
      any amounts in respect of taxes pursuant to Section 10.01(g);

     

    (x) without
      duplication of the amount set forth in clause (iii) above, to pay any
      Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer
      from the Distribution Account;

     

    (xi) without
      duplication of any of the foregoing, to reimburse or pay the Servicer any such
      amounts as are due thereto under this Agreement and have not been retained
      by or
      paid to the Servicer, to the extent provided in this Agreement and to refund
      to
      the Servicer any amount remitted by the Servicer to the Master Servicer in
      error;

     

    (xii) to
      pay to
      the Master Servicer, any interest or investment income earned on funds deposited
      in the Distribution Account;

     

    (xiii) to
      withdraw any amount deposited in the Distribution Account in error;
      and

     

    (xiv) to
      clear
      and terminate the Distribution Account pursuant to
      Section 9.01.

     

    The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of accounting for any reimbursement
      from
      the Distribution Account pursuant to clauses (i) through (v) above or with
      respect to any such amounts which would have been covered by such clauses had
      the amounts not been retained by the Master Servicer without being deposited
      in
      the Distribution Account.

     

    On
      or
      before the Business Day prior to each Distribution Date, the Master Servicer
      or
      (if the Master Servicer is the Servicer) the Trustee (to the extent either
      of
      them is obligated to do so as successor Servicer) shall remit to the Trust
      Administrator for deposit in the Distribution Account any Advances required
      to
      be made and the Master Servicer shall deposit in the Distribution Account any
      Compensating Interest required to be paid, in either such case by the Master
      Servicer or the Trustee, as applicable, with respect to the Mortgage
      Loans.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

     

    FLOW
      OF
      FUNDS

     

    
      	SECTION
              4.01  	
              Distributions.

            

    

     

    (a)  (I)On
      each
      Distribution Date, the Trust Administrator shall withdraw from the Distribution
      Account that portion of Available Funds for such Distribution Date consisting
      of
      the Interest Remittance Amount for such Distribution Date, and make the
      following disbursements and transfers in the order of priority described below,
      in each case to the extent of the Interest Remittance Amount remaining for
      such
      Distribution Date:

     

    (i)  concurrently,
      to the Holders of the Senior Certificates, on a pro
      rata basis
      based on the entitlement of each such Class, the Monthly Interest Distributable
      Amount and the Unpaid Interest Shortfall Amount, if any, for such
      Certificates;

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates, the Class M-9 Certificates, the Class M-10 Certificates, the
      Class
      B-1 Certificates, the Class B-2 Certificates and the Class B-3 Certificates,
      in
      that order, in an amount equal to the Monthly Interest Distributable Amount
      for
      each such Class.

     

    (b)  (I)On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which
      a
      Trigger Event is in effect, distributions in respect of principal to the extent
      of the Principal Distribution Amount shall be made in the following amounts
      and
      order of priority:

     

    (i)  to
      the
      Holders of the Senior Certificates (allocated among the Senior Certificates
      in
      the priority described below), until the Certificate Principal Balances thereof
      have been reduced to zero; and

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates, the Class M-9 Certificates, the Class M-10 Certificates, the
      Class
      B-1 Certificates, the Class B-2 Certificates and the Class B-3 Certificates,
      in
      that order, in each case, until the Certificate Principal Balances thereof
      have
      been reduced to zero.

     

    (II) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Principal Distribution Amount shall be made in the following amounts and
      order of priority:

     

    (i)  to
      the
      Holders of the Senior Certificates (allocated among the Senior Certificates
      in
      the priority described below), the Senior Principal Distribution Amount until
      the Certificate Principal Balances thereof have been reduced to
      zero;

     

    (ii)  to
      the
      Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iii)  to
      the
      Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iv)  to
      the
      Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (v)  to
      the
      Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vi)  to
      the
      Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vii)  to
      the
      Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (viii)  to
      the
      Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ix)  to
      the
      Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (x)  to
      the
      Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (xi)  to
      the
      Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (xii)  to
      the
      Holders of the Class B-1 Certificates, the Class B-1 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (xiii)  to
      the
      Holders of the Class B-2 Certificates, the Class B-2 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (xiv)  to
      the
      Holders of the Class B-3 Certificates, the Class B-3 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    With
      respect to the Senior Certificates, all principal distributions will be
      distributed sequentially, first, to the Holders of the Class A-1 Certificates,
      until the Certificate Principal Balance of the Class A-1 Certificates has been
      reduced to zero; second, to the Holders of the Class A-2 Certificates, until
      the
      Certificate Principal Balance of the Class A-2 Certificates has been reduced
      to
      zero; third, to
      the
      Holders of the Class A-3 Certificates until the Certificate Principal Balance
      of
      the Class A-3 Certificates has been reduced to zero
      and
      fourth, to the Holders of the Class A-4 Certificates until the Certificate
      Principal Balance of the Class A-4 Certificates has been reduced to zero;
      provided, however, on any Distribution Date on which the aggregate Certificate
      Principal Balance of the Mezzanine Certificates, the Class B Certificates and
      the Class C Certificates has been reduced to zero, all principal distributions
      will be distributed concurrently, to the Holders of the Class A-1 Certificates,
      the Class A-2 Certificates, the Class A-3 Certificates and the Class A-4
      Certificates, on a pro
      rata basis
      based on the Certificate Principal Balance of each such Class.

     

    (c)  On
      each
      Distribution Date, the Net Monthly Excess Cashflow shall be distributed as
      follows:

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Principal Distribution Amount as described under Section 4.01(b)
      above;

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates, the Class M-9 Certificates, the Class M-10 Certificates, the
      Class
      B-1 Certificates, the Class B-2 Certificates and the Class B-3 Certificates,
      in
      that order, first, up to the Unpaid Interest Shortfall Amount for each such
      Class and second, up to the Allocated Realized Loss Amount for each such
      Class;

     

    (iii)  to
      the
      Net WAC Rate Carryover Reserve Account, the aggregate of any Net WAC Rate
      Carryover Amounts for the Fixed Rate Certificates and the Floating Rate
      Certificates which exceed the amounts received under the Cap Contract, without
      taking into account amounts, if any, received under the Swap
      Agreement;

     

    (iv)  to
      the
      Swap Provider, any Swap Termination Payments resulting from a Swap Provider
      Trigger Event;

     

    (v)  to
      the
      Holders of the Class C Certificates, (a) the Monthly Interest Distributable
      Amount for such Distribution Date and (b) on any Distribution Date on which
      the
      Certificate Principal Balances of the Fixed Rate Certificates and the Floating
      Rate Certificates have been reduced to zero, any remaining amounts in reduction
      of the Certificate Principal Balance of the Class C Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero;

     

    (vi)  if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to the Holders of the Class P Certificates, in reduction of
      the
      Certificate Principal Balance thereof, until the Certificate Principal Balance
      thereof is reduced to zero; and

     

    (vii)  any
      remaining amounts to the Holders of the Residual Certificates (in respect of
      the
      Class R-3 Interest).

     

    (d)  On
      each
      Distribution Date, after making the distributions of the Available Funds as
      set
      forth above, the Trust Administrator shall withdraw from the Net WAC Rate
      Carryover Reserve Account, to the extent of amounts remaining on deposit
      therein, the aggregate of any Net WAC Rate Carryover Amounts for such
      Distribution Date and distribute such amount in the following order of
      priority:

     

    (i)  concurrently,
      to each Class of Senior Certificates, the related Cap Amount, from payments
      made
      under the Cap Contract, in each case up to a maximum amount equal to the related
      Net WAC Rate Carryover Amount for such Distribution Date;

     

    (ii)  sequentially,
      the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
      Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class
      M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the
      Class M-9 Certificates, the Class M-10 Certificates, the Class B-1 Certificates
      and the Class B-2 Certificates, in that order, the related Cap Amount, from
      payments made under the Cap Contract, in each case up to a maximum amount equal
      to the related Net WAC Rate Carryover Amount for such Distribution
      Date;

     

    (iii)  concurrently,
      to each Class of Senior Certificates, the related Net WAC Rate Carryover Amount
      remaining undistributed pursuant to clause (i) above, on a pro
      rata
      basis
      based on such respective remaining Net WAC Rate Carryover Amounts;
      and

     

    (iv)  sequentially,
      the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
      Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class
      M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the
      Class M-9 Certificates, the Class M-10 Certificates, the Class B-1 Certificates,
      the Class B-2 Certificates and the Class B-3 Certificates, in that order, the
      related Net WAC Rate Carryover Amount remaining undistributed pursuant to clause
      (ii) above.

     

    (e)  On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow and amounts on deposit in the Net WAC Rate Carryover
      Reserve Account as set forth above, the Trust Administrator shall distribute
      the
      amount on deposit in the Swap Account as follows:

     

    (i)  to
      the
      Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to the
      Interest Rate Swap Agreement for such Distribution Date;

     

    (ii)  to
      the
      Swap Provider, any Swap Termination Payment owed to the Swap Provider not due
      to
      a Swap Provider Trigger Event pursuant to the Interest Rate Swap
      Agreement;

     

    (iii)  concurrently,
      to each Class of Senior Certificates, the related Monthly Interest Distributable
      Amount and Unpaid Interest Shortfall Amount remaining undistributed after the
      distributions of the Interest Remittance Amount, on a pro
      rata
      basis
      based on such respective remaining Monthly Interest Distributable Amount and
      Unpaid Interest Shortfall Amount;

     

    (iv)  sequentially,
      to the Class M-1 Certificates,
      Class
      M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5
      Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8
      Certificates, Class M-9 Certificates, Class M-10 Certificates, Class B-1
      Certificates, Class B-2 Certificates and Class B-3 Certificates, in that order,
      the related Monthly Interest Distributable Amount and Unpaid Interest Shortfall
      Amount, to the extent remaining undistributed after the distributions of the
      Interest Remittance Amount and the Net Monthly Excess Cashflow;

     

    (v)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Principal Distribution Amount, after taking into account distributions made
      pursuant to Section 4.01(c)(i);

     

    (vi)  sequentially
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class
      M-10 Certificates, Class B-1 Certificates, Class B-2 Certificates and the Class
      B-3 Certificates,
      in that
      order, in each case up to the related Allocated Realized Loss Amount related
      to
      such Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow;

     

    (vii)  concurrently,
      to each Class of Senior Certificates, the related Net WAC Rate Carryover Amount,
      to the extent remaining undistributed after distributions are made from the
      Net
      WAC Rate Carryover Reserve Account, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining;

     

    (viii)  sequentially,
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10
      Certificates, Class B-1 Certificates, Class B-2 Certificates and the Class
      B-3
      Certificates, in that order, the related Net WAC Rate Carryover Amount, to
      the
      extent remaining undistributed after distributions are made from the Net WAC
      Rate Carryover Reserve Account; and

     

    (ix)  any
      remaining amounts to the Holders of the Class C Certificates.

     

    (f)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period and the Servicer
      Prepayment Charge Payment Amounts paid by the Servicer during the related
      Prepayment Period will be withdrawn from the Distribution Account and
      distributed by the Trust Administrator to the Holders of the Class P
      Certificates and shall not be available for distribution to the Holders of
      any
      other Class of Certificates. The payment of the foregoing amounts to the Holders
      of the Class P Certificates shall not reduce the Certificate Principal Balances
      thereof. 

     

    (g)  The
      Trust
      Administrator shall make distributions in respect of a Distribution Date to
      each
      Certificateholder of record on the related Record Date (other than as provided
      in Section 10.01 respecting the final distribution), in the case of
      Certificateholders of the Regular Certificates, by check or money order mailed
      to such Certificateholder at the address appearing in the Certificate Register,
      or by wire transfer. Distributions among Certificateholders shall be made in
      proportion to the Percentage Interests evidenced by the Certificates held by
      such Certificateholders.

     

    (h)  Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Servicer shall have
      any
      responsibility therefor except as otherwise provided by applicable
      law.

     

    On
      each
      Distribution Date, following the foregoing distributions, an amount equal to
      the
      amount of Subsequent Recoveries deposited into the Collection Account pursuant
      to Section 3.10 shall be applied to increase the Certificate Principal Balance
      of the Class of Certificates with the Highest Priority up to the extent of
      such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. An amount equal to the amount of any remaining Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the next Highest Priority, up to the amount of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. Holders of such Certificates will not be entitled to any
      distribution in respect of interest on the amount of such increases for any
      Interest Accrual Period preceding the Distribution Date on which such increase
      occurs. Any such increases shall be applied to the Certificate Principal Balance
      of each Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (i) It
      is the
      intention of all of the parties hereto that the Class C Certificates receive
      all
      principal and interest received by the Trust on the Mortgage Loans that is
      not
      otherwise distributable to any other Class of Regular Certificates or REMIC
      Regular Interests and that the Residual Certificates are to receive no principal
      and interest. If the Trust Administrator determines that the Residual
      Certificates are entitled to any distributions, the Trust Administrator, prior
      to any such distribution to any Residual Certificate, shall notify the Depositor
      of such impending distribution but shall make such distribution in accordance
      with the terms of this Agreement until this Agreement is amended as specified
      in
      the following sentence. Upon such notification, the Depositor will request
      an
      amendment to the Pooling and Servicing Agreement to revise such mistake in
      the
      distribution provisions. The Residual Certificate Holders, by acceptance of
      their Certificates, and the Servicer(s), hereby agree to any such amendment
      and
      no further consent shall be necessary, notwithstanding anything to the contrary
      in Section 11.01 of this Pooling and Servicing Agreement; provided, however,
      that such amendment shall otherwise comply with Section 11.01
      hereof.

     

    
      	SECTION
              4.02  	
              [Reserved].

            

    

     

    
      	SECTION
              4.03  	
              Statements.

            

    

     

    (a)  On
      each
      Distribution Date, based, as applicable, on information provided to the Trust
      Administrator by the Master Servicer (which in turn shall be based, as
      applicable, on information provided to the Master Servicer by the Servicer),
      the
      Trust Administrator shall prepare and make available to each Holder of the
      Regular Certificates, the Credit Risk Manager, the Servicer and the Rating
      Agencies, a statement as to the distributions made on such Distribution
      Date:

     

    (i)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates, separately identified, allocable to principal
      and
      the amount of the distribution made to the Holders of the Class P Certificates
      allocable to Prepayment Charges and Servicer Prepayment Charge Payment
      Amounts;

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates (other than the Class P Certificates) allocable
      to
      interest, separately identified;

     

    (iii)  the
      Net
      Monthly Excess Cashflow, the Overcollateralized Amount, the
      Overcollateralization Release Amount, the Overcollateralization Deficiency
      Amount and the Overcollateralization Target Amount as of such Distribution
      Date
      and the Excess Overcollateralized Amount for the Mortgage Pool for such
      Distribution Date;

     

    (iv)  the
      fees
      and expenses of the Trust Fund accrued and paid on such Distribution Date and
      to
      whom such fees and expenses were paid;

     

    (v)  the
      aggregate amount of Advances for the related Due Period (including the general
      purpose of such Advances);

     

    (vi)  the
      Pool
      Balance at the Close of Business at the end of the related Due
      Period;

     

    (vii)  the
      number, aggregate Stated Principal Balance, weighted average remaining term
      to
      maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
      related Determination Date;

     

    (viii)  the
      number and aggregate unpaid Stated Principal Balance of Mortgage Loans (not
      including a Liquidated Mortgage Loan as of the end of the Prepayment Period)
      that were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or
      foreclosure and REO Properties) using the OTS Method (1) 30 to 59 days, (2)
      60
      to 89 days and (3) 90 or more days, (B) as to which foreclosure proceedings
      have
      been commenced and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3)
      90 or
      more days, (C) in bankruptcy and Delinquent (1) 30 to 59 days, (2) 60 to 89
      days
      and (3) 90 or more days, in each case as of the Close of Business on the last
      day of the calendar month preceding such Distribution Date and (D) REO
      Properties, as well as the aggregate principal balance of Mortgage Loans that
      were liquidated and the net proceeds resulting therefrom;

     

    (ix)  the
      total
      number and cumulative Stated Principal Balance of all REO Properties as of
      the
      Close of Business of the last day of the calendar month preceding the related
      Distribution Date;

     

    (x)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period, separately indicating Principal Prepayments in full and Principal
      Prepayments in part;

     

    (xi)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period, which will include the aggregate amount of Subsequent Recoveries
      received during the related Prepayment Period and the aggregate amount of
      Realized Losses incurred since the Closing Date, which will include the
      cumulative amount of Subsequent Recoveries received since the Closing
      Date;

     

    (xii)  the
      aggregate amount of extraordinary Trust Fund expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xiii)  the
      Certificate Principal Balance of each Class of Floating Rate Certificates and
      the Class C Certificates, before and after giving effect to the distributions
      made on such Distribution Date;

     

    (xiv)  the
      Monthly Interest Distributable Amount in respect of the Fixed Rate Certificates,
      the Floating Rate Certificates and the Class C Certificates for such
      Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect
      to the Fixed Rate Certificates and the Floating Rate Certificates for such
      Distribution Date;

     

    (xv)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to Section
      3.24; 

     

    (xvi)  the
      Credit Enhancement Percentage for such Distribution Date;

     

    (xvii)  the
      Net
      WAC Rate Carryover Amount for the Fixed Rate Certificates and the Floating
      Rate
      Certificates, if any, for such Distribution Date and the amount remaining unpaid
      after reimbursements therefor on such Distribution Date;

     

    (xviii)  whether
      the Stepdown Date or a Trigger Event has occurred, the Delinquency Percentage
      for such Distribution Date and the Realized Loss Percentage for such
      Distribution Date;

     

    (xix)  the
      total
      cashflows received and the general sources thereof;

     

    (xx)  the
      respective Pass-Through Rates applicable to the Fixed Rate Certificates, the
      Floating Rate Certificates and the Class C Certificates for such Distribution
      Date and the Pass-Through Rate applicable to the Fixed Rate Certificates and
      the
      Floating Rate Certificates for the immediately succeeding Distribution
      Date;

     

    (xxi)  payments,
      if any, made under the Cap Contract and the amount distributed to each Class
      of
      Certificates from payments made under the Cap Contract;

     

    (xxii)  the
      amount of any Net Swap Payments or Swap Termination Payments; and

     

    (xxiii)  the
      applicable Record Date, Accrual Period and any other applicable determination
      dates for calculating distributions for such Distribution Date.

     

    The
      Trust
      Administrator will make such statement (and, at its option, any additional
      files
      containing the same information in an alternative format) available each month
      to Certificateholders, the Master Servicer, the Servicer, the Depositor and
      the
      Rating Agencies via the Trust Administrator’s internet website. The Trust
      Administrator’s internet website shall initially be located at
“www.ctslink.com”. Assistance in using the website can be obtained by calling
      the Trust Administrator’s customer service desk at (301) 815-6600. Parties that
      are unable to use the above distribution options are entitled to have a paper
      copy mailed to them via first class mail by calling the customer service desk
      and indicating such. The Trust Administrator shall have the right to change
      the
      way such statements are distributed in order to make such distribution more
      convenient and/or more accessible to the above parties and the Trust
      Administrator shall provide timely and adequate notification to all above
      parties regarding any such changes. As a condition to access the Trust
      Administrator’s internet website, the Trust Administrator may require
      registration and the acceptance of a disclaimer. The Trust Administrator will
      not be liable for the dissemination of information in accordance with this
      Agreement. The Trust Administrator shall also be entitled to rely on but shall
      not be responsible for the content or accuracy of any information provided
      by
      third parties for purposes of preparing the distribution date statement and
      may
      affix thereto any disclaimer it deems appropriate in its reasonable discretion
      (without suggesting liability on the part of any other party
      thereto).

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-off
      Date.

     

    In
      addition, on each Distribution Date, based, as applicable, on information
      provided to the Trust Administrator by the Master Servicer (which in turn shall
      be based, as applicable, on information provided to the Master Servicer by
      the
      Servicer), the Trust Administrator shall prepare and make available information,
      separated for each Originator, regarding the performance of the Mortgage Loans,
      including, but not limited to, information regarding delinquency, loss and
      prepayment experience of the Mortgage Loans.

     

    (b)  Within
      a
      reasonable period of time after the end of each calendar year, the Trust
      Administrator shall, upon written request, furnish to each Person who at any
      time during the calendar year was a Certificateholder of a Regular Certificate,
      if requested in writing by such Person, such information as is reasonably
      necessary to provide to such Person a statement containing the information
      set
      forth in subclauses (i) and (ii) above, aggregated for such calendar year or
      applicable portion thereof during which such Person was a Certificateholder.
      Such obligation of the Trust Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      prepared and furnished by the Trust Administrator to Certificateholders pursuant
      to any requirements of the Code as are in force from time to time.

     

    (c)  On
      each
      Distribution Date, the Trust Administrator shall make available to the Residual
      Certificateholders a copy of the reports forwarded to the Regular
      Certificateholders in respect of such Distribution Date with such other
      information as the Trust Administrator deems necessary or
      appropriate.

     

    (d)  Within
      a
      reasonable period of time after the end of each calendar year, the Trust
      Administrator shall deliver to each Person who at any time during the calendar
      year was a Residual Certificateholder, if requested in writing by such Person,
      such information as is reasonably necessary to provide to such Person a
      statement containing the information provided pursuant to the previous paragraph
      aggregated for such calendar year or applicable portion thereof during which
      such Person was a Residual Certificateholder. Such obligation of the Trust
      Administrator shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be prepared and furnished to
      Certificateholders by the Trust Administrator pursuant to any requirements
      of
      the Code as from time to time in force.

     

    
      	SECTION
              4.04  	
              Remittance
                Reports; Advances.

            

    

     

    (a)  On
      the
      10th day of each calendar month (or, if such 10th day is not a Business Day,
      then on the next succeeding Business Day), the Servicer shall furnish to the
      Master Servicer a monthly remittance advice (which together with any
      supplemental reports is known as the “Remittance Report”) in a format attached
      as Exhibit R-2 or in any other format as mutually agreed to between the Servicer
      and the Master Servicer, containing such information regarding the Mortgage
      Loans as is needed by the Master Servicer to perform its duties as set forth
      in
      Section 4.01 and 4.02 hereof. Such Remittance Report will also include a
      delinquency report substantially in the form set forth in Exhibit R-1 and a
      realized loss report substantially in the form set forth in Exhibit R-3 (or
      in
      either case, such other format as mutually agreed to between the Servicer and
      the Master Servicer). No later than 3 Business Days after the 15th day of each
      calendar month, the Servicer shall furnish to the Master Servicer a monthly
      report containing such information regarding prepayments in full on Mortgage
      Loans during the applicable Prepayment Period in a format as mutually agreed
      to
      between the Servicer and the Master Servicer. The Master Servicer shall not
      be
      responsible to recompute, recalculate or verify any information provided to
      it
      by the Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of
      Monthly Payments (net of the related Servicing Fee), due during the related
      Due
      Period in respect of the Mortgage Loans (other than with respect to any REO
      Property or second lien Mortgage Loan as described in clauses (ii) and (iii)
      below or a Balloon Mortgage Loan as described below), which Monthly Payments
      were delinquent on a contractual basis as of the Close of Business on the
      related Determination Date, (ii) with respect to each REO Property, which REO
      Property was acquired during or prior to the related Due Period and as to which
      REO Property an REO Disposition did not occur during the related Due Period,
      an
      amount equal to the excess, if any, of the REO Imputed Interest on such REO
      Property for the most recently ended calendar month, over the net income from
      such REO Property transferred to the Distribution Account pursuant to Section
      3.23 for distribution on such Distribution Date and (iii) with respect to each
      second lien Mortgage Loan, an amount equal to the interest portion of the
      related Monthly Payment (net of the related Servicing Fee). For purposes of
      the
      preceding sentence, the Monthly Payment on each Balloon Mortgage Loan with
      a
      delinquent Balloon Payment is equal to the assumed monthly payment that would
      have been due on the related Due Date based on the original principal
      amortization schedule for such Balloon Mortgage Loan. In addition, the Servicer
      shall not be required to advance any Relief Act Interest Shortfalls or to cover
      Prepayment Interest Shortfalls in excess of its obligations under Section
      3.24.

     

    On
      or
      before the Servicer Remittance Date, the Servicer shall remit in immediately
      available funds to the Trust Administrator for deposit in the Distribution
      Account an amount equal to the aggregate amount of Advances, if any, to be
      made
      in respect of the Mortgage Loans and REO Properties for the related Distribution
      Date either (i) from its own funds or (ii) from the Collection Account, to
      the
      extent of funds held therein for future distribution (in which case it will
      cause to be made an appropriate entry in the records of Collection Account
      that
      amounts held for future distribution have been, as permitted by this Section
      4.04, used by the Servicer in discharge of any such Advance) or (iii) in the
      form of any combination of (i) and (ii) aggregating the total amount of Advances
      to be made by the Servicer with respect to the Mortgage Loans and REO
      Properties. Servicing Advances, if any, to be made by the Servicer in respect
      of
      the Mortgage Loans and REO Properties for the related Distribution Date may
      be
      made either (i) from its own funds, (ii) from the Collection Account, to the
      extent of funds held therein for future distribution (in which case, it shall
      cause to be made an appropriate entry in the records of the Collection Account
      that amounts held for future distribution have been, as permitted by this
      Section 4.03, used by the Servicer in discharge of any such Servicing Advance)
      or (iii) in the form of any combination of (i) and (ii) aggregating the total
      amount of Servicing Advances to be made by the Servicer with respect to the
      Mortgage Loans and REO Properties. Any amounts held for future distribution
      used
      by the Servicer to make an Advance or Servicing Advance as permitted in the
      preceding sentence shall be appropriately reflected in the Servicer’s records
      and replaced by the Servicer by deposit in the Collection Account on or before
      any future Servicer Remittance Date to the extent that the Available Funds
      for
      the related Distribution Date (determined without regard to Advances and
      Servicing Advances to be made on the Servicer Remittance Date) shall be less
      than the total amount that would be distributed to the Classes of
      Certificateholders pursuant to Section 4.01 on such Distribution Date if such
      amounts held for future distributions had not been so used to make Advances.
      The
      Trust Administrator will provide notice to the Servicer by telecopy by the
      Close
      of Business on any Servicer Remittance Date in the event that the amount
      remitted by the Servicer to the Trust Administrator on such date is less than
      the Advances required to be made by the Servicer for the related Distribution
      Date, as set forth in the related Remittance Report.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan, shall continue until the Mortgage Loan is paid
      in
      full or until all Liquidation Proceeds thereon have been recovered, or a Final
      Recovery Determination has been made thereon.

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance. The determination
      by the Servicer that it has made a Nonrecoverable Advance or that any proposed
      Advance or Servicing Advance, if made, would constitute a Nonrecoverable
      Advance, shall be evidenced by a certification of a Servicing Officer delivered
      to the Trust Administrator (whereupon, upon receipt of such certification,
      the
      Trust Administrator shall forward a copy of such certification to the Depositor,
      the Trustee and the Credit Risk Manager). Notwithstanding the foregoing, if
      following the application of Liquidation Proceeds on any Mortgage Loan that
      was
      the subject of a Final Recovery Determination, any Servicing Advance with
      respect to such Mortgage Loan shall remain unreimbursed to the Servicer, then
      without limiting the provisions of Section 3.11(a), a certification of a
      Servicing Officer regarding such Nonrecoverable Servicing Advance shall not
      be
      required to be delivered by the Servicer to the Trust
      Administrator.

     

    (e)  In
      the
      event the Servicer fails to make any Advance required to be made by it pursuant
      to this Section 4.03 and such failure is not remedied within the applicable
      cure
      period pursuant to Section 7.01(a), then, pursuant to Section 7.01(a), the
      Servicer will be terminated, and, in accordance with Sections 7.01(a) and 7.02,
      the Master Servicer or (if the Master Servicer is the Servicer) the Trustee
      (in
      its respective capacity as successor servicer) or another successor servicer
      shall be required to make such Advance on the Distribution Date with respect
      to
      which the Servicer was required to make such Advance, subject to the Master
      Servicer’s or the Trustee’s (or other successor servicer’s) determination of
      recoverability. The Master Servicer or the Trustee, as applicable (or other
      successor servicer) shall not be required to make any Advance to cover any
      Relief Act Interest Shortfall on any Mortgage Loan. If the Master Servicer
      or
      the Trustee, as applicable (or other successor servicer) is required to make
      any
      Advances, such advances may be made by it in the manner set forth under (b)
      above.

     

    
      	SECTION
              4.05  	
              Commission
                Reporting.

            

    

     

    (a)  (i)
      Using
      best efforts, within 10 days after each Distribution Date, and no later than
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Trust Administrator shall, in accordance with industry
      standards, prepare and file, on behalf of the Trust, with the Commission via
      the
      Electronic Data Gathering and Retrieval System (“EDGAR”), any Form 10-D required
      by the Exchange Act, in form and substance as required by the Exchange Act,
      signed by the Master Servicer, with a copy of the monthly statement to be
      furnished by the Trust Administrator to the Certificateholders for such
      Distribution Date attached thereto. Any disclosure in addition to the monthly
      statement that is required to be included on Form 10-D (“Additional Form 10-D
      Disclosure”) shall, be reported by the parties set forth on Exhibit T to the
      Depositor and the Trust Administrator and directed and approved by the Depositor
      pursuant to the following paragraph, and the Trust Administrator will have
      no
      duty or liability for any failure hereunder to determine or prepare any
      Additional Form 10-D Disclosure, except as set forth in the next
      paragraph.

     

    (ii) For
      so
      long as the Trust is subject to the reporting requirements of the Exchange
      Act,
      within 5 calendar days after the related Distribution Date, (i) the parties
      set
      forth in Exhibit T shall be required to provide, pursuant to Section 4.05(a)(v)
      below, to the Trust Administrator (by email at cts.sec.notifications@wellsfargo.com
      and by
      facsimile at 410-715-2380) and the Depositor, to the extent known, in
      EDGAR-compatible format, or in such other format as otherwise agreed upon by
      the
      Trust Administrator and such party, the form and substance of any Additional
      Form 10-D Disclosure, if applicable, together with an Additional Disclosure
      Notification in the form attached hereto as Exhibit P (an “Additional Disclosure
      Notification”) and (ii) the Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the inclusion of the Additional Form 10-D
      Disclosure on Form 10-D. The Trust Administrator has no duty under this
      Agreement to monitor or enforce the performance by the parties listed on Exhibit
      T of their duties under this paragraph or proactively solicit or procure from
      such parties any Additional Form 10-D Disclosure information. The Depositor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Trust Administrator in connection with including any Additional Form 10-D
      Disclosure on Form 10-D pursuant to this Section.

     

    After
      preparing the Form 10-D, the Trust Administrator shall, upon request, forward
      electronically a copy of the Form 10-D to the Depositor for review, only to
      the
      extent that the Form 10-D contains Additional Form 10-D Disclosure. Within
      two
      Business Days after receipt of such copy, but no later than the 7th calendar
      day
      (on a best efforts basis, and in no event later than the 12th calendar day)
      after the Distribution Date, the Depositor shall notify the Trust Administrator
      in writing (which may be furnished electronically) of any changes to or approval
      of such Form 10-D. In the absence of receipt of any written changes or approval,
      or if the Depositor does not request a copy of a Form 10-D, the Trust
      Administrator shall be entitled to assume that such Form 10-D is in final form
      and the Trust Administrator may proceed with the execution and filing of the
      Form 10-D. A duly authorized representative of the Master Servicer shall sign
      each Form 10-D. If a Form 10-D cannot be filed on time or if a previously filed
      Form 10-D needs to be amended, the Trust Administrator will follow the
      procedures set forth in Section 4.05(a)(vi). Promptly (but no later than 1
      Business Day) after filing with the Commission, the Trust Administrator will
      make available on its internet website a final executed copy of each Form 10-D
      filed by the Trust Administrator. The parties to this Agreement acknowledge
      that
      the performance by the Master Servicer and the Trust Administrator of its duties
      under Sections 4.05(a)(i), (ii) and (v) related to the timely preparation and
      filing of Form 10-D is contingent upon such parties strictly observing all
      applicable deadlines in the performance of their duties under such Sections.
      The
      Depositor acknowledges that the performance by the Master Servicer and the
      Trust
      Administrator of its duties under this Section 4.05(a)(ii) related to the timely
      preparation, execution and filing of Form 10-D is also contingent upon the
      Servicer, the Custodians and any Sub-Servicer or Subcontractor strictly
      observing deadlines no later than those set forth in this paragraph that are
      applicable to the parties to this Agreement in the delivery to the Trust
      Administrator of any necessary Additional Form 10-D Disclosure pursuant to
      the
      Custodial Agreement or any other applicable agreement. Neither the Master
      Servicer nor the Trust Administrator shall have any liability for any loss,
      expense, damage or claim arising out of or with respect to any failure to
      properly prepare, execute and/or timely file such Form 10-D and Form 10-K,
      where
      such failure results from the Trust Administrator’s inability or failure to
      receive, on a timely basis, any information from any other party hereto or
      any
      Custodian, Sub-Servicer or Subcontractor needed to prepare, arrange for
      execution or file such Form 10-D, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    (iii) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), and if requested by the
      Depositor, the Trust Administrator shall prepare and file on behalf of the
      Trust
      a Form 8-K, as required by the Exchange Act, provided that the Depositor shall
      file the initial Form 8-K in connection with the issuance of the Certificates.
      Any disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K other than the initial Form 8-K (“Form 8-K
      Disclosure Information”) shall, be reported by the parties set forth on Exhibit
      T to the Depositor and the Trust Administrator and directed and approved by
      the
      Depositor, pursuant to the following paragraph, and the Trust Administrator
      will
      have no duty or liability for any failure hereunder to determine or prepare
      any
      Form 8-K Disclosure Information or any Form 8-K, except as set forth in the
      next
      paragraph.

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than the close of business (New York City Time) on the 2nd
      Business
      Day after the occurrence of a Reportable Event (i) the parties set forth in
      Exhibit T shall be required pursuant to Section 4.05(a)(v) below to provide
      to
      the Trust Administrator and the Depositor, to the extent known, in
      EDGAR-compatible format, or in such other format as otherwise agreed upon by
      the
      Trust Administrator and such party, the form and substance of any Form 8-K
      Disclosure Information, if applicable, together with an Additional Disclosure
      Notification and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information on Form 8-K. The Depositor will be responsible for any reasonable
      fees and expenses assessed or incurred by the Trust Administrator in connection
      with including any Form 8-K Disclosure Information on Form 8-K pursuant to
      this
      Section.

     

    After
      preparing the Form 8-K, the Trust Administrator shall, upon request, forward
      electronically a copy of the Form 8-K to the Depositor for review. Promptly,
      but
      no later than the close of business on the third Business Day after the
      Reportable Event, the Depositor shall notify the Trust Administrator in writing
      (which may be furnished electronically) of any changes to or approval of such
      Form 8-K. In the absence of receipt of any written changes or approval, or
      if
      the Depositor does not request a copy of a Form 8-K, the Trust Administrator
      shall be entitled to assume that such Form 8-K is in final form and the Trust
      Administrator may proceed with the execution and filing of the Form 8-K. A
      duly
      authorized representative of the Master Servicer shall sign each Form 8-K.
      If a
      Form 8-K cannot be filed on time or if a previously filed Form 8-K needs to
      be
      amended, the Trust Administrator will follow the procedures set forth in Section
      4.05(a)(vi). Promptly (but no later than 1 Business Day) after filing with
      the
      Commission, the Trust Administrator will make available on its internet website
      a final executed copy of each Form 8-K filed by it. The parties to this
      Agreement acknowledge that the performance by the Master Servicer and the Trust
      Administrator of its duties under this Section 4.05(a)(iii) related to the
      timely preparation and filing of Form 8-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Section 4.05(a)(iii). The Depositor acknowledges that the performance
      by the Master Servicer and the Trust Administrator of its duties under this
      Section 4.05(a)(iii) related to the timely preparation, execution and filing
      of
      Form 10-D is also contingent upon the Servicer, the Custodians and any
      Sub-Servicer or Subcontractor strictly observing deadlines no later than those
      set forth in this paragraph that are applicable to the parties to this Agreement
      in the delivery to the Trust Administrator of any necessary Form 8-K Disclosure
      Information pursuant to the Custodial Agreement or any other applicable
      agreement. Neither the Master Servicer nor the Trust Administrator shall have
      any liability for any loss, expense, damage or claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file such
      Form
      8-K, where such failure results from the Trust Administrator’s inability or
      failure to receive, on a timely basis, any information from any other party
      hereto or any Custodian, Sub-servicer or Subcontractor needed to prepare,
      arrange for execution or file such Form 8-K, not resulting from its own
      negligence, bad faith or willful misconduct.

     

    (iv) (A)
      On or
      prior to 90 days after the end of each fiscal year of the Trust or such earlier
      date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
      being understood that the fiscal year for the Trust ends on December
      31st
      of each
      year), commencing in March 2007, the Trust Administrator shall prepare and
      file
      on behalf of the Trust a Form 10-K, in form and substance as required by the
      Exchange Act. Each such Form 10-K shall include the following items, in each
      case to the extent they have been delivered to the Trust Administrator within
      the applicable time frames set forth in this Agreement and the Custodial
      Agreement, (i) an annual compliance statement for the Servicer, the Master
      Servicer, the Trust Administrator and any Sub-Servicer, Subcontractor or other
      Person engaged by such parties or the Trustee (together with the Custodian,
      each
      a “Reporting Servicer”), as described under Section 3.20 of this Agreement and
      the Custodial Agreement, provided, however, that the Trust Administrator, at
      its
      discretion, may omit from the Form 10-K any annual compliance statement that
      is
      not required to be filed with such Form 10-K for each Reporting Servicer
      pursuant to Regulation AB, (ii)(A) the annual reports on assessment of
      compliance with Servicing Criteria for each Reporting Servicer, as described
      under Section 3.21 of this Agreement and the Custodial Agreement, and (B) if
      the
      report on assessment of compliance with the Servicing Criteria identifies any
      material instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if each reporting Servicer’s report on assessment of
      compliance with Servicing Criteria is not included as an exhibit to such Form
      10-K, disclosure that such report is not included and an explanation why such
      report is not included provided, however, that the Trust Administrator, at
      its
      discretion, may omit from the Form 10-K any assessment of compliance or
      attestation report described in clause (iii) below that is not required to
      be
      filed with such Form 10-K pursuant to Regulation AB, (iii)(A) the registered
      public accounting firm attestation report for each Reporting Servicer as
      described under Section 3.21 of this Agreement and the Custodial Agreement,
      and
      (B) if any registered public accounting firm attestation report described under
      Section 3.21 identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if any such registered public
      accounting firm attestation report is not included as an exhibit to such Form
      10-K, disclosure that such report is not included and an explanation why such
      report is not included, and (iv) a Sarbanes-Oxley Certification (“Sarbanes-Oxley
      Certification”) as described below. Any disclosure or information in addition to
      (i) through (iv) above that is required to be included on Form 10-K (“Additional
      Form 10-K Disclosure”) shall, be reported by the parties set forth on Exhibit T
      to the Depositor and the Trust Administrator and directed and approved by the
      Depositor pursuant to the following paragraph, and the Trust Administrator
      will
      have no duty or liability for any failure hereunder to determine or prepare
      any
      Additional Form 10-K Disclosure, except as set forth in the next
      paragraph.

     

    No
      later
      than March 1st
      (with a
      10 calendar day cure period) of each year that the Trust is subject to the
      Exchange Act reporting requirements, commencing in 2007, (i) the parties set
      forth in Exhibit T shall be required to provide pursuant to Section 4.05(a)(v)
      below to the Depositor and to the Trust Administrator (by email at cts.sec.notifications@wellsfargo.com
      and by
      facsimile at 410-715-2380) and the Depositor, to the extent known, in
      EDGAR-compatible format, or in such other format as otherwise agreed upon by
      the
      Trust Administrator and such party, the form and substance of any Additional
      Form 10-K Disclosure, if applicable, together with an Additional Disclosure
      Notification and (ii) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Additional Form 10-K
      Disclosure on Form 10-K. The Trust Administrator has no duty under this
      Agreement to monitor or enforce the performance by the parties listed on Exhibit
      T of their duties under this paragraph or proactively solicit or procure from
      such parties any Additional Form 10-K Disclosure information. The Depositor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Trust Administrator in connection with including any Additional Form 10-K
      Disclosure on Form 10-K pursuant to this Section.

     

    After
      preparing the Form 10-K, the Trust Administrator shall forward, upon request,
      electronically a copy of the Form 10-K to the Depositor for review. Within
      three
      Business Days after receipt of such copy, but no later than March 25th, the
      Depositor shall notify the Trust Administrator in writing (which may be
      furnished electronically) of any changes to or approval of such Form 10-K.
      In
      the absence of receipt of any written changes or approval, or if the Depositor
      does not request a copy of a Form 10-K, the Trust Administrator shall be
      entitled to assume that such Form 10-K is in final form and the Trust
      Administrator may proceed with the execution and filing of the Form 10-K. A
      senior officer of the Master Servicer in charge of the master servicing function
      shall sign the Form 10-K. If a Form 10-K cannot be filed on time or if a
      previously filed Form 10-K needs to be amended, the Trust Administrator will
      follow the procedures set forth in Section 4.05(a)(vi). Promptly (but no later
      than 1 Business Day) after filing with the Commission, the Trust Administrator
      will make available on its internet website a final executed copy of each Form
      10-K filed by it. The parties to this Agreement acknowledge that the performance
      by the Master Servicer and the Trust Administrator of its duties under Section
      4.05(a)(iv) and Section 4.05(a) (v) related to the timely preparation, execution
      and filing of Form 10-K is contingent upon such parties strictly observing
      all
      applicable deadlines in the performance of their duties under such Sections,
      Section 3.20 and Section 3.21. The Depositor acknowledges that the performance
      by the Master Servicer and the Trust Administrator of its duties under this
      Section 4.05(a)(iv) related to the timely preparation, execution and filing
      of
      Form 10-K is also contingent upon the Servicer, the Custodians and any
      Sub-Servicer or Subcontractor strictly observing deadlines no later than those
      set forth in this paragraph that are applicable to the parties to this Agreement
      in the delivery to the Trust Administrator of any necessary Additional Form
      10-K
      Disclosure, any annual statement of compliance and any assessment of compliance
      and attestation pursuant to the related Custodial Agreement or any other
      applicable agreement. Neither the Master Servicer nor the Trust Administrator
      shall have any liability for any loss, expense, damage, claim arising out of
      or
      with respect to any failure to properly prepare, execute and/or timely file
      such
      Form 10-K, where such failure results from the Trust Administrator’s inability
      or failure to receive, on a timely basis, any information from any other party
      hereto or any Custodian, Sub-servicer or Subcontractor needed to prepare,
      arrange for execution or file such Form 10-K, not resulting from its own
      negligence, bad faith or willful misconduct.

     

    Each
      Form
      10-K shall include a certification (the “Sarbanes-Oxley Certification”), exactly
      as set forth in Exhibit N-1 attached hereto, required to be included therewith
      pursuant to the Sarbanes-Oxley Act. Each of the Servicer, the Master Servicer
      and the Trust Administrator shall provide, and each such party and the Trustee
      shall cause any Sub-servicer or Subcontractor engaged by it to provide, to
      the
      Person who signs the Sarbanes-Oxley Certification (the “Certifying Person”), by
      March 1 of each year in which the Trust is subject to the reporting requirements
      of the Exchange Act, a certification (a “Back-Up Certification”), in the form
      attached hereto as Exhibit N-2, upon which the Certifying Person, the entity
      for
      which the Certifying Person acts as an officer, and such entity’s officers,
      directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely. A senior officer of the Master
      Servicer in charge of the master servicing function shall serve as the
      Certifying Person on behalf of the Trust. Such officer of the Certifying Person
      can be contacted by e-mail at cts.sec.notifications@wellsfargo.com or by
      facsimile at 410-715-2380. In the event that any such party or any Sub-servicer
      or Subcontractor engaged by such party is terminated or resigns pursuant to
      the
      terms of this Agreement, or any other applicable agreement, as the case may
      be,
      such party shall provide a Back-Up Certification to the Certifying Person
      pursuant to this Section 4.05(a)(iv) with respect to the period of time it
      was
      subject to this Agreement or any other applicable agreement, as the case may
      be.
      Notwithstanding the foregoing, (i) the Master Servicer and the Trust
      Administrator shall not be required to deliver a Back-Up Certification to each
      other if both are the same Person and the Master Servicer is the Certifying
      Person and (ii) the Master Servicer shall not be obligated to sign the
      Sarbanes-Oxley Certification in the event that it does not receive any Back-Up
      Certification required to be furnished to it pursuant to this section or any
      Servicing Agreement.

     

    (v) With
      respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or any Form 8-K Disclosure Information (collectively, the “Additional
      Disclosure”) relating to the Trust Fund, the Trust Administrator’s obligation to
      include such Additional Information in the applicable Exchange Act report is
      subject to receipt from the entity that is indicated in Exhibit T as the
      responsible party for providing that information, if other than the Trust
      Administrator, as and when required as described in Section 4.05(a)(ii) through
      (iv) above. Each of the Master Servicer, the Servicer, the Trust Administrator
      and Depositor hereby agree to notify and to provide, to the extent known, to
      the
      Trust Administrator and the Depositor, all Additional Disclosure relating to
      the
      Trust Fund, with respect to which such party is the responsible party for
      providing that information, as indicated in Exhibit P hereof. The Swap Provider
      will be obligated pursuant to the Swap Agreement to provide to the Trust
      Administrator any information that may be required to be included in any Form
      10-D, Form 8-K or Form 10-K. The Servicer shall be responsible for determining
      the pool concentration applicable to any Sub-Servicer or originator at any
      time,
      for purposes of disclosure as required by Items 1108 and 1110 of Regulation
      AB.

     

    (vi) On
      or
      prior to January 30 of the first year in which the Trust Administrator is able
      to do so under applicable law, the Trust Administrator shall prepare and file
      a
      Form 15 Suspension Notification relating to the automatic suspension of
      reporting in respect of the Trust under the Exchange Act. 

     

    In
      the
      event that the Trust Administrator is unable to timely file with the Commission
      all or any required portion of any Form 8-K, Form 10-D or Form 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or was delivered to it after the delivery deadlines set
      forth in this Agreement or for any other reason, the Trust Administrator will
      promptly notify electronically the Depositor. In the case of Form 10-D and
      Form
      10-K, the parties to this Agreement will cooperate to prepare and file a Form
      12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule 12b-25
      of the Exchange Act. In the case of Form 8-K, the Trust Administrator will,
      upon
      receipt of all required Form 8-K Disclosure Information and upon the approval
      and direction of the Depositor, include such disclosure information on the
      next
      succeeding Form 10-D. In the event that any previously filed Form 8-K, Form
      10-D
      or Form 10-K needs to be amended, in connection with any Additional Form 10-D
      Disclosure (other than, in the case of Form 10-D, for the purpose of restating
      any Monthly Statement), Additional Form 10-K Disclosure or Form 8-K Disclosure
      Information, the Trust Administrator will electronically notify the Depositor
      and such other parties to the transaction as are affected by such amendment,
      and
      such parties will cooperate to prepare any necessary Form 8-K/A, Form 10-D/A
      or
      Form 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K or Form
      10-D
      shall be signed by a duly authorized representative or senior officer in charge
      of master servicing, as applicable, of the Master Servicer. The parties to
      this
      Agreement acknowledge that the performance by the Master Servicer and the Trust
      Administrator of its duties under this Section 4.05(a)(vi) related to the timely
      preparation, execution and filing of Form 15, a Form 12b-25 or any amendment
      to
      Form 8-K, Form 10-D or Form 10-K is contingent upon each such party performing
      its duties under this Section. Neither the Master Servicer nor the Trust
      Administrator shall have any liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare, execute
      and/or timely file any such Form 15, Form 12b-25 or any amendments to Form
      8-K,
      Form 10-D or Form 10-K, where such failure results from the Trust
      Administrator’s inability or failure to receive, on a timely basis, any
      information from any other party hereto or any custodian, sub-servicer or
      subcontractor needed to prepare, arrange for execution or file such Form 15,
      Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, not resulting
      from its own negligence, bad faith or willful misconduct.

     

    The
      Depositor agrees to promptly furnish to the Trust Administrator, from time
      to
      time upon request, such further information, reports and financial statements
      within its control related to this Agreement and the Mortgage Loans as the
      Trust
      Administrator reasonably deems appropriate to prepare and file all necessary
      reports with the Commission. The Trust Administrator shall have no
      responsibility to file any items other than those specified in this Section
      4.05; provided, however, the Trust Administrator will cooperate with the
      Depositor in connection with any additional filings with respect to the Trust
      Fund as the Depositor deems necessary under the Exchange Act. Fees and expenses
      incurred by the Trust Administrator in connection with this Section 4.05 shall
      not be reimbursable from the Trust Fund.

     

    (b)  (A)
      The
      Trust Administrator shall indemnify and hold harmless the Depositor and its
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      (i) a
      breach of the Trust Administrator’s obligations under this Section 4.05 or the
      Trust Administrator’s negligence, bad faith or willful misconduct in connection
      therewith or (ii) any material misstatement or omission in the Annual Statement
      of Compliance and the Assessment of Compliance delivered by the Trust
      Administrator pursuant to Section 3.20 and Section 3.21.

     

    (B) The
      Depositor shall indemnify and hold harmless the Trust Administrator and the
      Master Servicer and their respective officers, directors and affiliates from
      and
      against any losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon a breach of the obligations of the Depositor under
      this Section 4.05 or the Depositor’s negligence, bad faith or willful misconduct
      in connection therewith.

     

    (C) The
      Master Servicer shall indemnify and hold harmless the Trust Administrator and
      the Depositor and their respective officers, directors and affiliates from
      and
      against any losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon (i) a breach of the obligations of the Master
      Servicer under this Section 4.05 or the Master Servicer’s negligence, bad faith
      or willful misconduct in connection therewith or (ii) any material misstatement
      or omission in the Statement as to Compliance delivered by the Master Servicer
      pursuant to Section 3.20 or the Assessment of Compliance delivered by the Master
      Servicer pursuant to Section 3.21.

     

    (D) The
      Servicer shall indemnify and hold harmless the Master Servicer, Trust
      Administrator and the Depositor and their respective officers, directors and
      affiliates from and against any losses, damages, penalties, fines, forfeitures,
      reasonable and necessary legal fees and related costs, judgments and other
      costs
      and expenses arising out of or based upon (i) a breach of the obligations of
      the
      Servicer under Section 3.20, Section 3.21 or Section 4.06, including any failure
      by the Servicer (or any Sub-Servicer or any Subcontractor engaged by the
      Servicer), to provide any Back-Up Certification, annual statement of compliance,
      annual assessment of compliance with Servicing Criteria or attestation report,
      any information, data or materials required to be included in any Exchange
      Act
      report or any other information or material when and as required under Sections
      3.20, 3.21 or 4.05, or the Servicer’s negligence, bad faith or willful
      misconduct in connection therewith and (ii) any
      material misstatement or omission contained in any information, disclosure,
      report, certification, data, accountants’ letter or other material provided
      under Sections 3.20, 3.21 and 4.05 to the Master Servicer or the Trust
      Administrator by or on behalf of the Servicer or on behalf of any Sub-Servicer
      or Subcontractor), including any material misstatement or material omission
      in
      (i) any Back-Up Certification, annual statement of compliance, annual assessment
      of compliance with Servicing Criteria or attestation report delivered by the
      Servicer, or by any Sub-Servicer or Subcontractor engaged by it, pursuant to
      this Agreement, or (ii) any Additional Form 10-D Disclosure, Additional Form
      10-K Disclosure or Form 8-K Disclosure Information provided by the
      Servicer.

     

    (E) The
      Trustee (and in its capacity as Custodian) shall indemnify and hold harmless
      the
      Master Servicer, Trust Administrator and the Depositor and their respective
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      (i) a
      breach of the obligations of the Trustee under Section 3.21 or Section 4.06,
      including any failure by the Trustee, to provide any annual assessment of
      compliance or attestation report, any information, data or materials required
      to
      be included in any Exchange Act report or any other information or material
      when
      and as required under Sections 3.21 or 4.05, or the Trustee’s negligence, bad
      faith or willful misconduct in connection therewith and (ii) any
      material misstatement or omission contained in any information, disclosure,
      report, certification, data, accountants’ letter or other material provided
      under Sections 3.20, 3.21 and 4.05 to the Master Servicer or the Trust
      Administrator by or on behalf of the Trustee,
      including any material misstatement or material omission in (i) any annual
      assessment of compliance or attestation report, or (ii) any Additional Form
      10-D
      Disclosure, Additional Form 10-K Disclosure or Form 8-K Disclosure Information
      provided by the Trustee.

     

    (F) If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, the Master Servicer, the Trustee or the Trust
      Administrator, as applicable, then the defaulting party, in connection with
      a
      breach of its respective obligations under this Section 4.05 or its respective
      negligence, bad faith or willful misconduct in connection therewith, agrees
      that
      it shall contribute to the amount paid or payable by the other parties as a
      result of the losses, claims, damages or liabilities of the other party in
      such
      proportion as is appropriate to reflect the relative fault and the relative
      benefit of the respective parties. This indemnification shall survive the
      termination of this Agreement or the termination of any party to this
      Agreement.

     

    (c)  Nothing
      shall be construed from the foregoing subsections (a) and (b) to require the
      Trust Administrator or any officer, director or Affiliate thereof to sign any
      Form 10-K or any certification contained therein. Furthermore, the inability
      of
      the Trust Administrator to file a Form 10-K as a result of the lack of required
      information as set forth in Section 4.05(a) or required signatures on such
      Form
      10-K or any certification contained therein shall not be regarded as a breach
      by
      the Trust Administrator of any obligation under this Agreement.

     

    (d)  Notwithstanding
      the provisions of Section 11.01, this Section 4.05 may be amended without the
      consent of the Certificateholders.

     

    (e)  Each
      of
      the parties agrees to provide to the Master Servicer and the Trust Administrator
      such additional information related to such party as the Master Servicer and
      the
      Trust Administrator may reasonably request, including evidence of the
      authorization of the person signing any certificate or statement, financial
      information and reports, and such other information related to such party or
      its
      performance hereunder.

     

    (f)  Any
      notice or notification required to be delivered by the Trust Administrator
      or
      Master Servicer to the Depositor pursuant to this 4.05, may be delivered via
      facsimile to the legal department at (203) 618-2132, with a copy delivered
      to
      the operations group at facsimile (203) 422-4646.

     

    
      	SECTION
              4.06  	
               [Reserved]

            

    

     

    
      	SECTION
              4.07  	
              [Reserved]

            

    

     

    
      	SECTION
              4.08  	
              Distributions
                on the REMIC Regular Interests.

            

    

     

    (a)  On
      each
      Distribution Date, the Trust Administrator shall cause in the following order
      of
      priority, the following amounts which shall be deemed to be distributed by
      REMIC
      1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from
      the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-1 Interest), as the case may be:

     

    (1) to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-39-B, on a pro
      rata
      basis,
      in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1
      Regular Interests for such Distribution Date, plus (B) any amounts payable
      in
      respect thereof remaining unpaid from previous Distribution Dates;

     

    (2) to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (A)
      above, payments of principal shall be allocated as follows: first, to REMIC
      1
      Regular interests I-1-A through I-39-B starting with the lowest numerical
      denomination until the Uncertificated Principal Balance of each such REMIC
      1
      Regular Interest is reduced to zero, provided that, for REMIC 1 Regular
      Interests with the same numerical denomination, such payments of principal
      shall
      be allocated pro rata between such REMIC 1 Regular Interests, and second, to
      the
      extent of the Overcollateralization Release Amounts, to REMIC 1 Regular Interest
      I-39-B until the Uncertificated Principal Balance of such REMIC 1 Regular
      Interest is reduced to zero; and

     

    (3) to
      the
      Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100%
      of
      the amount paid in respect of Prepayment Charges and (B) on the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date thereafter
      until $100 has been distributed pursuant to this clause.

     

    (b)  On
      each
      Distribution Date, the Trust Administrator shall cause in the following order
      of
      priority, the following amounts which shall be deemed to be distributed by
      REMIC
      2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from
      the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-2 Interest), as the case may be:

     

    (1)  first,
      to
      the Holders of REMIC 2 Regular Interest LTIO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (2)  second,
      to the extent of Available Funds, to Holders of REMIC 2 Regular Interest LTAA,
      REMIC 2 Regular Interest LTA1, REMIC 2 Regular Interest LTA2, REMIC 2 Regular
      Interest LTA3, REMIC 2 Regular Interest LTA4, REMIC 2 Regular Interest LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTM10, REMIC 2 Regular Interest LTB1,
      REMIC 2 Regular Interest LTB2, REMIC 2 Regular Interest LTB3, REMIC 2 Regular
      Interest LTZZ and REMIC 2 Regular Interest LTP, on a pro
      rata
      basis,
      in an amount equal to (A) the Uncertificated Accrued Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest
      in respect of REMIC 2 Regular Interest LTZZ shall be reduced and deferred when
      the REMIC 2 Overcollateralization Amount is less than the REMIC 2
      Overcollateralization Target Amount, by the lesser of (x) the amount of such
      difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount
      and such amount will be payable to the Holders of REMIC 2 Regular Interest
      LTA1,
      REMIC 2 Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular
      Interest LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2,
      REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular
      Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7,
      REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular
      Interest LTM10, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2
      and
      REMIC 2 Regular Interest LTB3 in the same proportion as the
      Overcollateralization Deficiency Amount is allocated to the Corresponding
      Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular
      Interest LTZZ shall be increased by such amount; and

     

    (3)  third,
      to
      the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder
      of
      the Available Funds for such Distribution Date after the distributions made
      pursuant to clause (i) above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC 2 Regular Interest LTAA and REMIC 2
      Regular Interest LTP, until the Uncertificated Principal Balance of such
      Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however,
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause;

     

    (b) 2.00%
      of
      such remainder first, to the Holders of REMIC 2 Regular Interest LTA1, REMIC
      2
      Regular Interest LTA2, REMIC 2 Regular Interest LTA3, REMIC 2 Regular Interest
      LTA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTM10, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2 and REMIC
      2
      Regular Interest LTB3, of and in the same proportion as principal payments
      are
      allocated to the Corresponding Certificates, until the Uncertificated Principal
      Balances of such REMIC 2 Regular Interests are reduced to zero, and second,
      to
      the Holders of REMIC 2 Regular Interest LTZZ, until the Uncertificated Principal
      Balance of such REMIC 2 Regular Interest is reduced to zero; and

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-2 Interest).

     

    
      	SECTION
              4.09  	
              Allocation
                of Realized Losses.

            

    

     

    (a)  All
      Realized Losses on the Mortgage Loans allocated to any Regular Certificate
      shall
      be allocated by the Trust Administrator on each Distribution Date as follows:
      first, to Net Monthly Excess Cashflow; second, to
      Net
      Swap
      Payments received under the Interest Rate Swap Agreement; third, to the Class
      C
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; fourth, to the Class B-3 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; fifth, to the Class B-2 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; sixth,
      to the Class B-1 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; seventh, to the Class M-10 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eighth, to
      the
      Class M-9 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; ninth, to the Class M-8 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; tenth to the Class M-7
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; eleventh, to the Class M-6 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; twelfth, to the Class M-5
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; thirteenth, to the Class M-4 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; fourteenth, to the Class
      M-3
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; fifteenth, to the Class M-2 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero and sixteenth, to the Class
      M-1 Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero. All Realized Losses to be allocated to the Certificate
      Principal Balances of all Classes on any Distribution Date shall be so allocated
      after the actual distributions to be made on such date as provided above. All
      references above to the Certificate Principal Balance of any Class of
      Certificates shall be to the Certificate Principal Balance of such Class
      immediately prior to the relevant Distribution Date, before reduction thereof
      by
      any Realized Losses, in each case to be allocated to such Class of Certificates,
      on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate or Class B Certificate
      on any Distribution Date shall be made by reducing the Certificate Principal
      Balance thereof by the amount so allocated; any allocation of Realized Losses
      to
      a Class C Certificates shall be made first by reducing the amount otherwise
      payable in respect thereof pursuant to Section 4.01(c)(v). No allocations of
      any
      Realized Losses shall be made to the Certificate Principal Balances of the
      Senior Certificates or the Class P Certificates.

     

    (b)  With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trust Administrator on each Distribution Date,
      first to REMIC 1 Regular Interest I until the Uncertificated Principal Balance
      has been reduced to zero, and second, to REMIC 1 Regular Interest I-1-A through
      REMIC 1 Regular Interest I-39-B, starting with the lowest numerical denomination
      until such REMIC 1 Regular Interest has been reduced to zero, provided that,
      for
      REMIC 1 Regular Interests with the same numerical denomination, such Realized
      Losses shall be allocated pro
      rata
      between
      such REMIC 1 Regular Interests.

     

    (c)  All
      Realized Losses on the Mortgage Loans shall be deemed to have been allocated
      in
      the specified percentages, as follows: first, to Uncertificated Accrued Interest
      payable to the REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTZZ
      up to an aggregate amount equal to the REMIC 2 Interest Loss Allocation Amount,
      98% and 2%, respectively; second, to the Uncertificated Principal Balances
      of
      REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an
      aggregate amount equal to the REMIC 2 Principal Loss Allocation Amount, 98%
      and
      2%, respectively; third, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest
      LTB2, REMIC 2 Regular Interest LTB3 and REMIC 2 Regular Interest LTZZ, 98%,
      1%
      and 1%, respectively, until the Uncertificated Principal Balance of REMIC 2
      Regular Interest LTB has been reduced to zero; fourth, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
      LTM10 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM10 has been
      reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM9 has been reduced to zero; sixth, to
      the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM8 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM8 has been reduced to zero; seventh, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM7 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM7 has been
      reduced to zero; eighth, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM6 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM6 has been reduced to zero; ninth, to
      the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM5 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM5 has been reduced to zero; tenth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM4 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM4 has been
      reduced to zero; eleventh, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM3 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM3 has been reduced to zero; twelfth,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
      2
      Regular Interest LTM2 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM2 has been reduced to zero and thirteenth,
      to the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA,
      REMIC
      2 Regular Interest LTM1 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM1 has been reduced to zero.

     

    
      	SECTION
              4.10  	
              Swap
                Account.

            

    

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit the Interest Rate Swap
      Agreement. The Supplemental Interest Trust shall be maintained by the
      Supplemental Interest Trust Trustee. No later than the Closing Date, the
      Supplemental Interest Trust Trustee shall establish and maintain a separate,
      segregated trust account to be held in the Supplemental Interest Trust, titled,
      “Swap Account, Wells Fargo Bank, N.A., as Supplemental Interest Trust Trustee,
      in trust for the registered Certificateholders of Soundview Home Loan Trust
      2006-2, Asset-Backed Certificates, Series 2006-2.” Such account shall be an
      Eligible Account and funds on deposit therein shall be held separate and apart
      from, and shall not be commingled with, any other moneys, including, without
      limitation, other moneys of the Trust Administrator held pursuant to this
      Agreement. Amounts therein shall be held uninvested.

     

    (b)  Prior
      to
      each Distribution Date, prior to any distribution to any Certificate, the
      Supplemental Interest Trust Trustee shall deposit into the Swap Account: (i)
      the
      amount of any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider (after taking into account any upfront payment received from
      the
      counterparty to a replacement interest rate swap agreement) from funds collected
      and received with respect to the Mortgage Loans prior to the determination
      of
      Available Funds. For federal income tax purposes, any amounts paid to the Swap
      Provider on each Distribution Date shall first be deemed paid to the Swap
      Provider in respect of REMIC 6 Regular Interest SWAP IO to the extent of the
      amount distributable on REMIC 6 Regular Interest SWAP IO on such Distribution
      Date, and any remaining amount shall be deemed paid to the Swap Provider in
      respect of a Class IO Distribution Amount (as defined below).

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the Holder of the Class C Certificates unless and until
      the date when either (a) there is more than one Class C Certificateholder or
      (b)
      any Class of Certificates in addition to the Class C Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be treated as a partnership, provided,
      that Wells Fargo shall not be required to prepare and file partnership tax
      returns in respect of such partnership unless it receives additional reasonable
      compensation (not to exceed $10,000 per year) for the preparation of such
      filings, written notification recognizing the creation of a partnership
      agreement or comparable documentation evidencing the partnership, if any. The
      Supplemental Interest Trust will be an “outside reserve fund” within the meaning
      of Treasury Regulation Section 1.860G-2(h).

     

    (d)  To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e)  The
      Trust
      Administrator shall treat the Holders of Certificates (other than the Class
      P,
      Class C, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class C Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class C, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class C Certificates an aggregate amount equal to the excess, if any, of (i)
      the
      amount payable on such Distribution Date on the REMIC 2 Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class
      IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the excess of (a) the amount of interest otherwise
      payable to such Certificates over (ii) the amount of interest payable to such
      Certificates at a per annum rate equal to the Net WAC Rate, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of Certificates with an outstanding principal balance
      to
      the extent of such balance. In addition, pursuant to such notional principal
      contract, the Holder of the Class C Certificates shall be treated as having
      agreed to pay Net WAC Rate Carryover Amounts to the Holders of the Certificates
      (other than the Class C, Class P, Class R and Class R-X Certificates) in
      accordance with the terms of this Agreement. Any payments to the Certificates
      from amounts deemed received in respect of this notional principal contract
      shall not be payments with respect to a Regular Interest in a REMIC within
      the
      meaning of Code Section 860G(a)(1). However, any payment from the Certificates
      (other than the Class C, Class P, Class R and Class R-X Certificates) of a
      Class
      IO Distribution Amount shall be treated for tax purposes as having been received
      by the Holders of such Certificates in respect of their interests in REMIC
      3 and
      as having been paid by such Holders pursuant to the notional principal contract.
      Thus, each Certificate (other than the Class P and Class R Certificates) shall
      be treated as representing not only ownership of Regular Interests in REMIC
      2,
      but also ownership of an interest in, and obligations with respect to, a
      notional principal contract.

     

    (f)  The
      Trust
      Administrator shall, at the direction of the Depositor, enforce all of its
      rights and exercise any remedies under the Swap Agreement. In the event the
      Swap
      Agreement is terminated as a result of the designation by either party thereto
      of an Early Termination Date (as defined therein), the Trust Administrator
      shall, at the direction of the Depositor, appoint a replacement counterparty
      to
      enter into a replacement swap agreement. The Trust Administrator shall have
      no
      responsibility with regard to the selection of a replacement swap provider
      or
      the negotiation of a replacement swap agreement. Any Swap Termination Payment
      received by the Trust Administrator shall be deposited in the Swap Account
      and
      shall be used to make any upfront payment required under a replacement swap
      agreement and any upfront payment received from the counterparty to a
      replacement swap agreement shall be used to pay any Swap Termination Payment
      owed to the Swap Provider.

     

    (g)  For
      federal tax return and information reporting, the right of the Holders of the
      Fixed Rate Certificates and Floating Rate Certificates to receive payments
      from
      the Supplemental Interest Trust shall be assigned a value of
      $13,918,591.

     

    
      	SECTION
              4.11  	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            

    

     

    For
      federal income tax purposes, each holder of a Floating Rate Certificate is
      deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Net WAC Rate
      Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
      Carryover Amount or the obligation to make payments to the Swap Account. For
      federal income tax purposes, the Trust Administrator will account for payments
      to each Floating Rate Certificates as follows: each Floating Rate Certificate
      will be treated as receiving their entire payment from REMIC 3 (regardless
      of
      any Swap Termination Payment or obligation under the Interest Rate Swap
      Agreement) and subsequently paying their portion of any Swap Termination Payment
      in respect of each such Class’ obligation under the Interest Rate Swap
      Agreement. In the event that any such Class is resecuritized in a REMIC, the
      obligation under the Interest Rate Swap Agreement to pay any such Swap
      Termination Payment (or any shortfall in Swap Provider Fee), will be made by
      one
      or more of the REMIC Regular Interests issued by the resecuritization REMIC
      subsequent to such REMIC Regular Interest receiving its full payment from any
      such Floating Rate Certificate. 

     

    The
      REMIC
      regular interest corresponding to a Floating Rate Certificate will be entitled
      to receive interest and principal payments at the times and in the amounts
      equal
      to those made on the certificate to which it corresponds, except that (i) the
      maximum interest rate of that REMIC regular interest will equal the Net WAC
      Rate
      computed for this purpose by limiting the Base Calculation Amount of the
      Interest Rate Swap Agreement to the aggregate Stated Principal Balance of the
      Mortgage Loans and (ii) any Swap Termination Payment will be treated as being
      payable solely from Net Monthly Excess Cashflow. As a result of the foregoing,
      the amount of distributions and taxable income on the REMIC regular interest
      corresponding to a Floating Rate Certificate may exceed the actual amount of
      distributions on the Floating Rate Certificate.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01  	
              The
                Certificates.

            

    

     

    Each
      of
      the Fixed Rate Certificates, the Floating Rate Certificates, the Class P
      Certificates, the Class C Certificates and the Residual Certificates shall
      be
      substantially in the forms annexed hereto as exhibits, and shall, on original
      issue, be executed, authenticated and delivered by the Trust Administrator
      to or
      upon the order of the Depositor concurrently with the sale and assignment to
      the
      Trust Administrator of the Trust Fund. The Fixed Rate Certificates and the
      Floating Rate Certificates shall be initially evidenced by one or more
      Certificates representing a Percentage Interest with a minimum dollar
      denomination of $25,000 and integral dollar multiples of $1.00 in excess
      thereof; provided, that the Fixed Rate Certificates and the Floating Rate
      Certificates must be purchased in minimum total investments of $100,000 per
      Class and that one Certificate of each such Class of Certificates may be in
      a
      different denomination so that the sum of the denominations of all outstanding
      Certificates of such Class shall equal the Certificate Principal Balance of
      such
      Class on the Closing Date. The Class C Certificates, the Class P Certificates
      and the Residual Certificates are issuable in any Percentage Interests;
      provided, however, that the sum of all such percentages for each such Class
      totals 100% and no more than ten Certificates of each Class may be issued and
      outstanding at any one time.

     

    The
      Certificates shall be executed on behalf of the Trust Administrator by manual
      or
      facsimile signature on behalf of the Trust Administrator by a Responsible
      Officer. Certificates bearing the manual or facsimile signatures of individuals
      who were, at the time when such signatures were affixed, authorized to sign
      on
      behalf of the Trust Administrator shall bind the Trust, notwithstanding that
      such individuals or any of them have ceased to be so authorized prior to the
      authentication and delivery of such Certificates or did not hold such offices
      at
      the date of such Certificate. No Certificate shall be entitled to any benefit
      under this Agreement or be valid for any purpose, unless such Certificate shall
      have been manually authenticated by the Trust Administrator substantially in
      the
      form provided for herein, and such authentication upon any Certificate shall
      be
      conclusive evidence, and the only evidence, that such Certificate has been
      duly
      authenticated and delivered hereunder. All Certificates shall be dated the
      date
      of their authentication. Subject to Section 5.02(c), the Fixed Rate Certificates
      and the Floating Rate Certificates shall be Book-Entry Certificates. The other
      Classes of Certificates shall not be Book-Entry Certificates.

     

    
      	SECTION
              5.02  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

    (a)  The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      a
      Certificate Register in which, subject to such reasonable regulations as it
      may
      prescribe, the Certificate Registrar shall provide for the registration of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      The Trust Administrator shall initially serve as Certificate Registrar for
      the
      purpose of registering Certificates and transfers and exchanges of Certificates
      as herein provided.

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph which office shall initially be the offices of the Trust
      Administrator’s agent located at Sixth Street and Marquette Avenue, Minneapolis,
      Minnesota 55479, Attention: Corporate Trust Services - Soundview Home Loan
      Trust
      2006-2, and, in the case of a Residual Certificate, upon satisfaction of the
      conditions set forth below, the Trust Administrator on behalf of the Trust
      shall
      execute, authenticate and deliver, in the name of the designated transferee
      or
      transferees, one or more new Certificates of the same aggregate Percentage
      Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the Trust
      Administrator shall execute on behalf of the Trust and authenticate and deliver
      the Certificates which the Certificateholder making the exchange is entitled
      to
      receive. Every Certificate presented or surrendered for registration of transfer
      or exchange shall (if so required by the Trust Administrator or the Certificate
      Registrar) be duly endorsed by, or be accompanied by a written instrument of
      transfer satisfactory to the Trust Administrator and the Certificate Registrar
      duly executed by, the Holder thereof or his attorney duly authorized in writing.
      In addition, (i) with respect to each Class R Certificate, the holder thereof
      may exchange, in the manner described above, such Class R Certificate for four
      separate certificates, each representing such holder’s respective Percentage
      Interest in the Class R-1 Interest, the Class R-2 Interest and the Class R-3
      Interest that was evidenced by the Class R Certificate being exchanged and
      (ii)
      with respect to each Class R-X Certificate, the holder thereof may exchange,
      in
      the manner described above, such Class R-X Certificate for three separate
      certificates, each representing such holder’s respective Percentage Interest in
      the Class R-4 Interest, the Class R-5 Interest and the Class R-6 Interest that
      was evidenced by the Class R-X Certificate being exchanged.

     

    (b)  Except
      as
      provided in paragraph (c) below, the Book-Entry Certificates shall at all times
      remain registered in the name of the Depository or its nominee and at all times:
      (i) registration of such Certificates may not be transferred by the Trust
      Administrator except to another Depository; (ii) the Depository shall maintain
      book-entry records with respect to the Certificate Owners and with respect
      to
      ownership and transfers of such Certificates; (iii) ownership and transfers
      of
      registration of such Certificates on the books of the Depository shall be
      governed by applicable rules established by the Depository; (iv) the Depository
      may collect its usual and customary fees, charges and expenses from its
      Depository Participants; (v) The Trustee, the Trust Administrator, the Master
      Servicer and the Depositor may for all purposes deal with the Depository as
      representative of the Certificate Owners of the Certificates for purposes of
      exercising the rights of Holders under this Agreement, and requests and
      directions for and votes of such representative shall not be deemed to be
      inconsistent if they are made with respect to different Certificate Owners;
      (vi)
      the Trust Administrator may rely and shall be fully protected in relying upon
      information furnished by the Depository with respect to its Depository
      Participants and furnished by the Depository Participants with respect to
      indirect participating firms and Persons shown on the books of such indirect
      participating firms as direct or indirect Certificate Owners; and (vii) the
      direct participants of the Depository shall have no rights under this Agreement
      under or with respect to any of the Certificates held on their behalf by the
      Depository, and the Depository may be treated by the Trust Administrator and
      its
      agents, employees, officers and directors as the absolute owner of the
      Certificates for all purposes whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository. In the event of any conflict between the terms of any such
      Letter of Representation and this Agreement, the terms of this Agreement shall
      control.

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trust Administrator in writing
      that
      the Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Trustee or the Depositor is unable
      to
      locate a qualified successor or (ii) after the occurrence of a Servicer Event
      of
      Termination or a Master Servicer Event of Termination, the Certificate Owners
      of
      the Book-Entry Certificates representing Percentage Interests of such Classes
      aggregating not less than 51% advise the Trust Administrator and Depository
      through the Financial Intermediaries and the Depository Participants in writing
      that the continuation of a book-entry system through the Depository to the
      exclusion of definitive, fully registered certificates (the “Definitive
      Certificates”) to Certificate Owners is no longer in the best interests of the
      Certificate Owners. Upon surrender to the Certificate Registrar of the
      Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Trust Administrator
      shall
      in the case of (i) and (ii) above, execute on behalf of the Trust and
      authenticate the Definitive Certificates. None of the Depositor, the Master
      Servicer, the Servicer, the Trustee or the Trust Administrator 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 Certificates, the Trustee, the Trust Administrator, the Certificate
      Registrar, the Servicer, the Master Servicer, any Paying Agent and the Depositor
      shall recognize the Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    (d)  No
      transfer, sale, pledge or other disposition of any Class
      B-1
      Certificate,
      Class
      B-2 Certificate, Class B-3 Certificate, Class C Certificate, Class P Certificate
      or Residual Certificate (the “Private Certificates”) shall be made unless such
      disposition is exempt from the registration requirements of the Securities
      Act
      of 1933, as amended (the “1933 Act”), and any applicable state securities laws
      or is made in accordance with the 1933 Act and laws. In the event of any such
      transfer (other than in connection with (i) the initial transfer of any such
      Certificate by the Depositor to an Affiliate of the Depositor or, in the case
      of
      the Class R-X Certificates, the first transfer by an Affiliate of the Depositor
      or the first transfer by the initial transferee of an Affiliate of the
      Depositor, (ii) the transfer of any such Class C, Class P or Residual
      Certificate to the issuer under the Indenture or the indenture trustee under
      the
      Indenture or (iii) a transfer of any such Class C, Class P or Residual
      Certificate from the issuer under the Indenture or the indenture trustee under
      the Indenture to the Depositor or an Affiliate of the Depositor), (x) unless
      such transfer is made in reliance upon Rule 144A (as evidenced by the investment
      letter delivered to the Trust Administrator, in substantially the form attached
      hereto as Exhibit J) under the 1933 Act, the Trust Administrator and the
      Depositor shall require a written Opinion of Counsel (which may be in-house
      counsel) acceptable to and in form and substance reasonably satisfactory to
      the
      Trust Administrator and the Depositor that such transfer may be made pursuant
      to
      an exemption, describing the applicable exemption and the basis therefor, from
      the 1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel
      shall not be an expense of the Trust Administrator or the Depositor or (y)
      the
      Trust Administrator shall require the transferor to execute a transferor
      certificate (in substantially the form attached hereto as Exhibit L) and the
      transferee to execute an investment letter (in substantially the form attached
      hereto as Exhibit J) acceptable to and in form and substance reasonably
      satisfactory to the Depositor and the Trust Administrator certifying to the
      Depositor and the Trust Administrator the facts surrounding such transfer,
      which
      investment letter shall not be an expense of the Trust Administrator or the
      Depositor. The Holder of a Private Certificate desiring to effect such transfer
      shall, and does hereby agree to, indemnify the Trustee, the Trust Administrator
      and the Depositor against any liability that may result if the transfer is
      not
      so exempt or is not made in accordance with such federal and state
      laws.

     

    Notwithstanding
      the foregoing, in the event of any such transfer of any Ownership Interest
      in
      any Private Certificate that is a Book-Entry Certificate, except with respect
      to
      the initial transfer of any such Ownership Interest by the Depositor, such
      transfer shall be required to be made in reliance upon Rule 144A under the
      1933
      Act, and the transferor will be deemed to have made each of the transferor
      representations and warranties set forth Exhibit L hereto in respect of such
      interest as if it was evidenced by a Definitive Certificate and the transferee
      will be deemed to have made each of the transferee representations and
      warranties set forth Exhibit J hereto in respect of such interest as if it
      was
      evidenced by a Definitive Certificate. The Certificate Owner of any such
      Ownership Interest in any such Book-Entry Certificate desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trust Administrator
      and
      the Depositor against any liability that may result if the transfer is not
      so
      exempt or is not made in accordance with such federal and state
      laws.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described above in this
      Section 5.02(d) will be required in connection with the transfer, on the Closing
      Date, of any Residual Certificate by the Depositor to an “accredited investor”
within the meaning of Rule 501 of the 1933 Act.

     

    No
      transfer of a Class C Certificate, Class P Certificate or Residual Certificate
      or any interest therein shall be made to any Plan subject to ERISA or Section
      4975 of the Code, any Person acting, directly or indirectly, on behalf of any
      such Plan or any Person acquiring such Certificates with “Plan Assets” of a Plan
      within the meaning of the Department of Labor regulation promulgated at 29
      C.F.R. § 2510.3-101 (“Plan Assets”), as certified by such transferee in the form
      of Exhibit M, unless the Trust Administrator is provided with an Opinion of
      Counsel for the benefit of the Trustee, the Trust Administrator, the Depositor,
      the Master Servicer and the Servicer and on which they may rely which
      establishes to the satisfaction of the Depositor, the Trust Administrator,
      the
      Servicer and the Master Servicer that the purchase of such Certificates is
      permissible under applicable law, will not constitute or result in any
      prohibited transaction under ERISA or Section 4975 of the Code and will not
      subject the Depositor, the Master Servicer, the Servicer, the Trust
      Administrator, the Trustee or the Trust Fund to any obligation or liability
      (including obligations or liabilities under ERISA or Section 4975 of the Code)
      in addition to those undertaken in this Agreement, which Opinion of Counsel
      shall not be an expense of the Depositor, the Master Servicer, the Servicer,
      the
      Trust Administrator, the Trustee or the Trust Fund. Neither a certification
      nor
      an Opinion of Counsel will be required in connection with (i) the initial
      transfer of any such Certificate by the Depositor to an Affiliate of the
      Depositor, (ii) the transfer of any such Class C Certificate, Class P
      Certificate or Residual Certificate to the issuer under the Indenture or the
      indenture trustee under the Indenture or (iii) a transfer of any such Class
      C
      Certificate, Class P Certificate or Residual Certificate from the issuer under
      the Indenture or the indenture trustee under the Indenture to the Depositor
      or
      an Affiliate of the Depositor (in which case, the Depositor or any Affiliate
      thereof shall have deemed to have represented that such Affiliate is not a
      Plan
      or a Person investing Plan Assets) and the Trust Administrator shall be entitled
      to conclusively rely upon a representation (which, upon the request of the
      Trust
      Administrator, shall be a written representation) from the Depositor of the
      status of such transferee as an affiliate of the Depositor.

     

    For
      so
      long as the Supplemental Interest Trust is in existence, each beneficial owner
      of a Floating Rate Certificate or any interest therein, shall be deemed to
      have
      represented, by virtue of its acquisition or holding of the Floating Rate
      Certificate, or interest therein, that either (i) it is not a Plan or (ii)
      (A)
      it is an accredited investor within the meaning of Prohibited Transaction
      Exemption (“PTE”) 90-59, 55 Fed. Reg. 36724 (September 6, 1990), as amended by
      PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), PTE 2000-58, 65 Fed. Reg. 67765
      (November 13, 2000) and PTE 2002-41, 67 Fed. Reg. 54487 (August 22, 2002) (the
      “Exemption”) and (B) the acquisition and holding of such Certificate and the
      separate right to receive payments from the Supplemental Interest Trust are
      eligible for the exemptive relief available under Prohibited Transaction Class
      Exemption (“PTCE”) 84-14, 91-38, 90-1, 95-60 or 96-23, in the case of a
      Mezzanine Certificate or PTCE 95-60, in the case of a Class B
      Certificate.

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each Transferee of a
      Mezzanine Certificate or Class B Certificate will be deemed to have represented
      by virtue of its purchase or holding of such Certificate (or interest therein)
      that either (a) such Transferee is not a Plan or purchasing such Certificate
      with Plan Assets, (b) in the case of a Mezzanine Certificate, it has acquired
      and is holding such Certificate in reliance on the Exemption and that it
      understands that there are certain conditions to the availability of the
      Exemption including that such Certificate must be rated, at the time of
      purchase, not lower than “BBB-” (or its equivalent) by a Rating Agency or (c)
      the following conditions are satisfied: (i) such Transferee is an insurance
      company, (ii) the source of funds used to purchase or hold such Certificate
      (or
      interest therein) is an “insurance company general account” (as defined in U.S.
      Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95-60, and
      (iii) the conditions set forth in Sections I and III of PTCE 95-60 have been
      satisfied.

     

    If
      any
      Mezzanine Certificate or Private Certificate or any interest therein is acquired
      or held in violation of the provisions of the two preceding paragraphs, the
      next
      preceding permitted beneficial owner will be treated as the beneficial owner
      of
      that Certificate retroactive to the date of transfer to the purported beneficial
      owner. Any purported beneficial owner whose acquisition or holding of any such
      Certificate or interest therein was effected in violation of the provisions
      of
      the two preceding paragraphs shall indemnify and hold harmless the Depositor,
      the Master Servicer, the Servicer, the Trust Administrator, the Trustee and
      the
      Trust from and against any and all liabilities, claims, costs or expenses
      incurred by those parties as a result of that acquisition or
      holding.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

    (i)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trust
      Administrator of any change or impending change in its status as a Permitted
      Transferee.

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro
      rata
      undivided interest.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trust Administrator shall as a condition to registration of
      the
      transfer, require delivery to it, in form and substance satisfactory to it,
      of
      each of the following:

     

    
      	 	
              (A)

            	
              an
                affidavit in the form of Exhibit K hereto from the proposed transferee
                to
                the effect that such transferee is a Permitted Transferee and that
                it is
                not acquiring its Ownership Interest in the Residual Certificate
                that is
                the subject of the proposed transfer as a nominee, trustee or agent
                for
                any Person who is not a Permitted Transferee;
                and

            

    

     

    
      	 	
              (B)

            	
              a
                covenant of the proposed transferee to the effect that the proposed
                transferee agrees to be bound by and to abide by the transfer restrictions
                applicable to the Residual
                Certificates.

            

    

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Trust Administrator shall be under no liability to any Person
      for any registration of transfer of a Residual Certificate that is in fact
      not
      permitted by this Section or for making any distributions due on such Residual
      Certificate to the Holder thereof or taking any other action with respect to
      such Holder under the provisions of this Agreement so long as the Trust
      Administrator received the documents specified in clause (iii). The Trust
      Administrator shall be entitled to recover from any Holder of a Residual
      Certificate that was in fact not a Permitted Transferee at the time such
      distributions were made all distributions made on such Residual Certificate.
      Any
      such distributions so recovered by the Trust Administrator shall be distributed
      and delivered by the Trust Administrator to the prior Holder of such Residual
      Certificate that is a Permitted Transferee.

     

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trust Administrator shall have the right but not the obligation, without notice
      to the Holder of such Residual Certificate or any other Person having an
      Ownership Interest therein, to notify the Depositor to arrange for the sale
      of
      such Residual Certificate. The proceeds of such sale, net of commissions (which
      may include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trust
      Administrator to the previous Holder of such Residual Certificate that is a
      Permitted Transferee, except that in the event that the Trust Administrator
      determines that the Holder of such Residual Certificate may be liable for any
      amount due under this Section or any other provisions of this Agreement, the
      Trust Administrator may withhold a corresponding amount from such remittance
      as
      security for such claim. The terms and conditions of any sale under this clause
      (v) shall be determined in the sole discretion of the Trust Administrator and
      it
      shall not be liable to any Person having an Ownership Interest in a Residual
      Certificate as a result of its exercise of such discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trust Administrator upon receipt of reasonable compensation will provide to
      the
      Internal Revenue Service, and to the persons specified in Sections 860E(e)(3)
      and (6) of the Code, information needed to compute the tax imposed under Section
      860E(e)(5) of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trust
      Administrator, in form and substance satisfactory to the Trust Administrator,
      (i) written notification from each Rating Agency that the removal of the
      restrictions on transfer set forth in this Section will not cause such Rating
      Agency to downgrade its rating of the Certificates and (ii) an Opinion of
      Counsel to the effect that such removal will not cause any REMIC created
      hereunder to fail to qualify as a REMIC.

     

    (e)  No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but 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 Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      canceled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      	SECTION
              5.03  	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar or the
      Certificate Registrar receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate and (ii) there is delivered to the Trustee,
      the
      Depositor and the Certificate Registrar such security or indemnity as may be
      required by them to save each of them harmless, then, in the absence of notice
      to the Trustee Administrator, the Trustee or the Certificate Registrar that
      such
      Certificate has been acquired by a bona fide purchaser, the Trust Administrator
      shall execute on behalf of the Trust, authenticate and deliver, in exchange
      for
      or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
      new
      Certificate of like tenor and Percentage Interest. Upon the issuance of any
      new
      Certificate under this Section, the Trust Administrator or the Certificate
      Registrar may require the payment of a sum sufficient to cover any tax or other
      governmental charge that may be imposed in relation thereto and any other
      expenses (including the fees and expenses of the Trustee and the Certificate
      Registrar) in connection therewith. Any duplicate Certificate issued pursuant
      to
      this Section, shall constitute complete and indefeasible evidence of ownership
      in the Trust, as if originally issued, whether or not the lost, stolen or
      destroyed Certificate shall be found at any time.

     

    
      	SECTION
              5.04  	
              Persons
                Deemed Owners.

            

    

     

    The
      Servicer, the Depositor, the Master Servicer, the Trust Administrator, the
      Trustee, the Certificate Registrar, any Paying Agent and any agent of the
      Servicer, the Depositor, the Master Servicer, the Trust Administrator, the
      Trustee, the Certificate Registrar or any Paying Agent may treat the Person,
      including a Depository, in whose name any Certificate is registered as the
      owner
      of such Certificate for the purpose of receiving distributions pursuant to
      Section 4.01 and for all other purposes whatsoever, and none of the Depositor,
      the Master Servicer, the Trust Administrator, the Trustee, the Certificate
      Registrar or any Paying Agent nor any agent of any of them shall be affected
      by
      notice to the contrary.

     

    
      	SECTION
              5.05  	
              Appointment
                of Paying Agent.

            

    

     

    (a)  The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01. The duties of the Paying Agent
      may include the obligation (i) to withdraw funds from the Collection Account
      pursuant to Section 3.11(a) and for the purpose of making the distributions
      referred to above and (ii) to distribute statements and provide information
      to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly organized and validly existing under the laws of
      the
      United States of America or any state thereof, authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trust
      Administrator. 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

     

    THE
      MASTER SERVICER AND THE DEPOSITOR

     

    
      	SECTION
              6.01  	
              Liability
                of the Master Servicer, the Servicer and the
                Depositor.

            

    

     

    The
      Master Servicer and the Servicer shall be liable in accordance herewith only
      to
      the extent of the obligations specifically imposed upon and undertaken by the
      Master Servicer and Servicer herein. The Depositor shall be liable in accordance
      herewith only to the extent of the obligations specifically imposed upon and
      undertaken by the Depositor.

     

    
      	SECTION
              6.02  	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the Master
                Servicer or the Depositor.

            

    

     

    Any
      entity into which the Servicer, the Master Servicer or Depositor may be merged
      or consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Servicer the Master Servicer or the Depositor shall
      be a party, or any corporation succeeding to the business of the Servicer the
      Master Servicer or the Depositor, shall be the successor of the Servicer the
      Master Servicer or the Depositor, as the case may be, hereunder, without the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding; provided,
      however, that the successor Servicer shall satisfy all the requirements of
      Section 7.02 with respect to the qualifications of a successor
      Servicer.

     

    
      	SECTION
              6.03  	
              Limitation
                on Liability of the Servicer, the Master Servicer and
                Others.

            

    

     

    Neither
      the Master Servicer, the Servicer or the Depositor nor any of the directors
      or
      officers or employees or agents of the Master Servicer, the Servicer or the
      Depositor shall be under any liability to the Trust or the Certificateholders
      for any action taken or for refraining from the taking of any action by the
      Master Servicer, the Servicer or the Depositor in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Master Servicer, the Servicer, the Depositor or any such
      Person against any liability which would otherwise be imposed by reason of
      its
      willful misfeasance, bad faith or negligence in the performance of duties of
      the
      Master Servicer, the Servicer or the Depositor, as the case may be, or by reason
      of its reckless disregard of its obligations and duties of the Master Servicer,
      the Servicer or the Depositor, as the case may be, hereunder; provided, further,
      that this provision shall not be construed to entitle the Master Servicer and
      the Servicer to indemnity in the event that amounts advanced by the Master
      Servicer and the Servicer to retire any senior lien exceed Liquidation Proceeds
      (in excess of related liquidation expenses) realized with respect to the related
      Mortgage Loan. The Master Servicer and the Servicer and any director or officer
      or employee or agent of the Master Servicer and the Servicer may rely in good
      faith on any document of any kind prima facie properly executed and submitted
      by
      any Person respecting any matters arising hereunder. The Master Servicer and
      the
      Servicer and the Depositor, and any director or officer or employee or agent
      of
      the Master Servicer and the Servicer or the Depositor, shall be indemnified
      by
      the Trust and held harmless against (i) any loss, liability or expense incurred
      in connection with any legal action relating to this Agreement or the
      Certificates, other than any loss, liability or expense related to any specific
      Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) and any loss,
      liability or expense incurred by reason of its willful misfeasance, bad faith
      or
      negligence in the performance of duties hereunder or by reason of its reckless
      disregard of obligations and duties hereunder or (ii) any breach of a
      representation or warranty by either Originator regarding the Mortgage Loans.
      The Master Servicer, the Servicer or the Depositor may undertake any such action
      which it may deem necessary or desirable in respect of this Agreement, and
      the
      rights and duties of the parties hereto and the interests of the
      Certificateholders hereunder. In such event, the reasonable legal expenses
      and
      costs of such action and any liability resulting therefrom shall be expenses,
      costs and liabilities of the Trust and the Depositor, the Master Servicer,
      or
      the Servicer shall be entitled to be reimbursed therefor from the Collection
      Account as and to the extent provided in Section 3.11, any such right of
      reimbursement being prior to the rights of the Certificateholders to receive
      any
      amount in the Collection Account. The Master Servicer’s and the Servicer’s right
      to indemnity or reimbursement pursuant to this Section shall survive any
      resignation or termination of the Master Servicer and the Servicer pursuant
      to
      Section 6.04 or 7.01 with respect to any losses, expenses, costs or liabilities
      arising prior to such resignation or termination (or arising from events that
      occurred prior to such resignation or termination). This paragraph shall apply
      to the Master Servicer and the Servicer solely in their capacity as Master
      Servicer and Servicer hereunder and in no other capacities.

     

    
      	SECTION
              6.04  	
              Limitation
                on Resignation of the Servicer; Assignment of Master
                Servicing.

            

    

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except upon determination that its duties hereunder are no longer permissible
      under applicable law. Any such determination pursuant to the preceding sentence
      permitting the resignation of the Servicer shall be evidenced by an Opinion
      of
      Counsel to such effect obtained at the expense of the Servicer and delivered
      to
      the Trustee, the Trust Administrator and the Master Servicer. No resignation
      of
      the Servicer shall become effective until the Master Servicer or (if the Master
      Servicer is the Servicer) the Trustee or a successor servicer shall have assumed
      the Servicer’s responsibilities, duties, liabilities (other than those
      liabilities arising prior to the appointment of such successor) and obligations
      under this Agreement.

     

    Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, no Sub-Servicer shall be a third-party
      beneficiary hereunder and the parties hereto shall not be required to recognize
      any Subservicer as an indemnitee under this Agreement.

     

    The
      Master Servicer may sell, assign or delegate its rights, duties and obligations
      as Master Servicer under this Agreement in their entirety; provided, however,
      that: (i) the purchaser or transferee accepting such sale, assignment and
      delegation (a) shall be a Person qualified to service mortgage loans for Fannie
      Mae or Freddie Mac; (b) shall have a net worth of not less than $50,000,000
      (unless otherwise approved by each Rating Agency pursuant to clause (ii) below);
      (c) shall be reasonably satisfactory to the Trustee (as evidenced in a writing
      signed by the Trustee); and (d) shall execute and deliver to the Trustee an
      agreement, in form and substance reasonably satisfactory to the Trustee, which
      contains an assumption by such Person of the due and punctual performance and
      observance of each covenant and condition to be performed or observed by it
      as
      master servicer under this Agreement from and after the effective date of such
      assumption agreement; (ii) each Rating Agency shall be given prior written
      notice of the identity of the proposed successor to the Master Servicer and
      shall confirm in writing to the Master Servicer and the Trustee that any such
      sale, assignment or delegation would not result in a withdrawal or a downgrading
      of the rating on any Class of Certificates in effect immediately prior to such
      sale, assignment or delegation; and (iii) the Master Servicer shall deliver
      to
      the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
      that all conditions precedent to such action under this Agreement have been
      fulfilled and such action is permitted by and complies with the terms of this
      Agreement. No such sale, assignment or delegation shall affect any liability
      of
      the Master Servicer arising prior to the effective date thereof.

     

    
      	SECTION
              6.05  	
              Successor
                Master Servicer.

            

    

     

    In
      connection with the appointment of any successor Master Servicer or the
      assumption of the duties of the Master Servicer, the Depositor or the Trustee
      may make such arrangements for the compensation of such successor Master
      Servicer out of payments on the Mortgage Loans as the Depositor or the Trustee
      and such successor Master Servicer shall agree. If the successor Master Servicer
      does not agree that such market value is a fair price, such successor Master
      Servicer shall obtain two quotations of market value from third parties actively
      engaged in the master servicing of single-family mortgage loans. Notwithstanding
      the foregoing, the compensation payable to a successor Master Servicer may
      not
      exceed the compensation which the Master Servicer would have been entitled
      to
      retain if the Master Servicer had continued to act as Master Servicer
      hereunder.

     

    
      	SECTION
              6.06  	
              Delegation
                of Duties.

            

    

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. Except as provided
      in Section 3.02, no such delegation is permitted that results in the delegee
      subservicing any Mortgage Loans.

     

    
      	SECTION
              6.07  	
              [Reserved].

            

    

     

    
      	SECTION
              6.08  	
              Inspection.

            

    

     

    The
      Servicer, in its capacity as Servicer, shall afford the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee, upon reasonable notice,
      during normal business hours, access to all records maintained by the Servicer
      in respect of its rights and obligations hereunder and access to officers of
      the
      Servicer responsible for such obligations.

     

    
      	SECTION
              6.09  	
              Duties
                of the Credit Risk Manager.

            

    

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans. Such reports and recommendations will be based upon information provided
      to the Credit Risk Manager pursuant to the respective Credit Risk Management
      Agreement, and the Credit Risk Manager shall look solely to the Servicer and/or
      Master Servicer, as applicable, for all information and data (including loss
      and
      delinquency information and data) relating to the servicing of the Mortgage
      Loans. Upon any termination of the Credit Risk Manager or the appointment of
      a
      successor Credit Risk Manager, the Depositor shall give written notice thereof
      to the Servicer, the Trustee, the Master Servicer, the Trust Administrator
      and
      each Rating Agency. Notwithstanding the foregoing, the termination of the Credit
      Risk Manager pursuant to this Section shall not become effective until the
      appointment of a successor Credit Risk Manager.

     

    
      	SECTION
              6.10  	
              Limitation
                Upon Liability of the Credit Risk
                Manager.

            

    

     

    Neither
      the Credit Risk Manager, nor any of its directors, officers, employees, or
      agents shall be under any liability to the Trustee, the Certificateholders,
      the
      Trust Administrator, the Servicer and/or the Master Servicer or the Depositor
      for any action taken or for refraining from the taking of any action made in
      good faith pursuant to this Agreement, in reliance upon information provided
      by
      the Servicer and/or the Master Servicer under the Credit Risk Management
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Credit Risk Manager or any such person against liability
      that would otherwise be imposed by reason of willful malfeasance or bad faith
      in
      its performance of its duties. The Credit Risk Manager and any director,
      officer, employee, or agent of the Credit Risk Manager may rely in good faith
      on
      any document of any kind prima
      facie
      properly
      executed and submitted by any Person respecting any matters arising hereunder,
      and may rely in good faith upon the accuracy of information furnished by the
      Servicer and/or the Master Servicer pursuant to the Credit Risk Management
      Agreement in the performance of its duties thereunder and
      hereunder.

     

    
      	SECTION
              6.11  	
              Removal
                of the Credit Risk Manager.

            

    

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
      holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in the
      exercise of its or their sole discretion. The Certificateholders shall provide
      written notice of the Credit Risk Manager’s removal to the Trust Administrator.
      Upon receipt of such notice, the Trust Administrator shall provide written
      notice to the Credit Risk Manager of its removal, which shall be effective
      upon
      receipt of such notice by the Credit Risk Manager. 

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	SECTION
              7.01  	
              Master
                Servicer Events of Termination and Servicer Events of
                Termination.

            

    

     

    (a)  If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i)  The
      failure by the Servicer to make any Advance; or (B) any other failure by the
      Servicer to deposit in the Collection Account or Distribution Account any
      deposit required to be made under the terms of this Agreement which continues
      unremedied for a period of one Business Day after the date upon which written
      notice (which shall also be provided via facsimile at the number listed in
      Section 11.05 of this Agreement) of such failure shall have been given to the
      Servicer by the Trust Administrator or to the Servicer and the Trust
      Administrator by any Holders of a Regular Certificate evidencing at least 25%
      of
      the Voting Rights; or

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days, after the date (A) on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Servicer by the Trust Administrator or to the Trust
      Administrator by any Holders of a Regular Certificate evidencing at least 25%
      of
      the Voting Rights or (B) of actual knowledge of such failure by a Servicing
      Officer of the Servicer; or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; or

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations;

     

    then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 5:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date (provided the Trust Administrator shall give the Servicer notice of such
      failure to advance by 5:00 P.M. New York time on the Servicer Remittance Date),
      the Trust Administrator shall terminate all of the rights and obligations of
      the
      Servicer under this Agreement, to the extent permitted by law, and in and to
      the
      Mortgage Loans and the proceeds thereof and the Master Servicer or the Trustee
      (as
      successor master servicer and servicer),
      or a
      successor servicer appointed in accordance with Section 7.02, shall make such
      Advance in accordance with Section 4.04 and assume, pursuant to Section 7.02,
      the duties of a successor Servicer and (y) in the case of (i)(B), (ii), (iii),
      (iv) and (v) above, the Trust Administrator shall, at the direction of the
      Holders of each Class of Regular Certificates evidencing Percentage Interests
      aggregating not less than 51%, by notice then given in writing to the Servicer
      (and to the Trust Administrator if given by Holders of Certificates), terminate
      all of the rights and obligations of the Servicer as servicer under this
      Agreement. Any such notice to the Servicer shall also be given to each Rating
      Agency, the Depositor and the Servicer. On or after the receipt by the Servicer
      (and by the Trustee if such notice is given by the Holders) of such written
      notice, all authority and power of the Servicer under this Agreement, whether
      with respect to the Certificates or the Mortgage Loans or otherwise, shall
      pass
      to and be vested in the Trustee pursuant to and under this Section; and, without
      limitation, and the Master Servicer and the Trustee are hereby authorized and
      empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact
      or otherwise, any and all documents and other instruments, and to do or
      accomplish all other acts or things necessary or appropriate to effect the
      purposes of such notice of termination, whether to complete the transfer and
      endorsement of each Mortgage Loan and related documents or otherwise. The
      Servicer agrees to cooperate with the Master Servicer and the Trustee (or the
      applicable successor Servicer) in effecting the termination of the
      responsibilities and rights of the Servicer hereunder, including, without
      limitation, the delivery to the Master Servicer and the Trustee (as successor
      master servicer and servicer) of all documents and records requested by it
      to
      enable it to assume the Servicer’s functions under this Agreement within ten
      Business Days subsequent to such notice, the transfer within one Business Day
      subsequent to such notice to the Trustee (or the applicable successor Servicer)
      for the administration by it of all cash amounts that shall at the time be
      held
      by the Servicer and to be deposited by it in the Collection Account, the
      Distribution Account, any REO Account or any Servicing Account or that have
      been
      deposited by the Servicer in such accounts or thereafter serviced by the
      Servicer with respect to the Mortgage Loans or any REO Property received by
      the
      Servicer (provided, however, that the Servicer shall continue to be entitled
      to
      receive all amounts accrued or owing to it under this Agreement on or prior
      to
      the date of such termination, whether in respect of Advances, Servicing
      Advances, accrued Servicing Fees or otherwise, and shall continue to be entitled
      to the benefits of Section 6.03, notwithstanding any such termination, with
      respect to events occurring prior to such termination). All reasonable costs
      and
      expenses (including attorneys’ fees) incurred in connection with transferring
      the Mortgage Files to the successor Servicer and amending this Agreement to
      reflect such succession as Servicer pursuant to this Section shall be paid
      by
      the predecessor Servicer (or if the predecessor Servicer is the Trustee, the
      initial Servicer) upon presentation of reasonable documentation of such costs
      and expenses and to the extent not paid by the Servicer, by the Trust.

     

    (b)  “Master
      Servicer Event of Termination,” wherever used herein, means any one of the
      following events:

     

    (1)  the
      Master Servicer fails to cause to be deposited in the Distribution Account
      any
      amount so required to be deposited pursuant to this Agreement (other than an
      Advance), and such failure continues unremedied for a period of three Business
      Days after the date upon which written notice of such failure, requiring the
      same to be remedied, shall have been given to the Master Servicer;
      or

     

    (2)  the
      Master Servicer fails to observe or perform in any material respect any other
      material covenants and agreements set forth in this Agreement to be performed
      by
      it, which covenants and agreements materially affect the rights of
      Certificateholders, and such failure continues unremedied for a period of 60
      days after the date on which written notice of such failure, properly requiring
      the same to be remedied, shall have been given to the Master Servicer by the
      Trustee or to the Master Servicer and the Trustee by the Holders of Certificates
      evidencing not less than 25% of the Voting Rights; or

     

    (3)  there
      is
      entered against the Master Servicer a decree or order by a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver or liquidator in any insolvency, readjustment of debt,
      marshaling of assets and liabilities or similar proceedings, or for the winding
      up or liquidation of its affairs, and the continuance of any such decree or
      order is unstayed and in effect for a period of 60 consecutive days, or an
      involuntary case is commenced against the Master Servicer under any applicable
      insolvency or reorganization statute and the petition is not dismissed within
      60
      days after the commencement of the case; or

     

    (4)  the
      Master Servicer consents to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings of or relating to the Master Servicer or
      substantially all of its property; or the Master Servicer admits in writing
      its
      inability to pay its debts generally as they become due, files a petition to
      take advantage of any applicable insolvency or reorganization statute, makes
      an
      assignment for the benefit of its creditors, or voluntarily suspends payment
      of
      its obligations; or

     

    (5)  the
      Master Servicer assigns or delegates its duties or rights under this Agreement
      in contravention of the provisions permitting such assignment or delegation
      under Section 6.05; or

     

    (6)  any
      failure of the Master Servicer to make any Advance (other than a Nonrecoverable
      Advance) required to be made from its own funds pursuant to Section 4.03 by
      5:00 p.m. New York time on the Business Day prior to the applicable Distribution
      Date.

     

    In
      each
      and every such case, so long as such Master Servicer Event of Termination with
      respect to the Master Servicer shall not have been remedied, either the Trustee
      or the Holders of Certificates evidencing not less than 51% of the Voting
      Rights, by notice in writing to the Depositor, the Master Servicer (and to
      the
      Trustee if given by such Certificateholders), with a copy to the Rating
      Agencies, may terminate all of the rights and obligations (but not the
      liabilities) of the Master Servicer under this Agreement and in and to the
      Mortgage Loans and/or the REO Property master serviced by the Master Servicer
      and the proceeds thereof. Upon the receipt by the Master Servicer of the written
      notice, all authority and power of the Master Servicer under this Agreement,
      whether with respect to the Certificates, the Mortgage Loans, REO Property
      or
      under any other related agreements (but only to the extent that such other
      agreements relate to the Mortgage Loans or related REO Property) shall, subject
      to Section 7.03, automatically and without further action pass to and be
      vested in the Trustee(as successor master servicer and servicer) pursuant to
      this Section 7.01(b); and, without limitation, the Trustee (as successor
      master servicer and servicer) is hereby authorized and empowered to execute
      and
      deliver, on behalf of the Master Servicer as attorney-in-fact or otherwise,
      any
      and all documents and other instruments and to do or accomplish all other acts
      or things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents, or otherwise. The Master Servicer
      agrees to cooperate with the Trustee in effecting the termination of the Master
      Servicer’s rights and obligations hereunder, including, without limitation, the
      transfer to the Trustee of (i) the property and amounts which are then or should
      be part of the Trust Fund or which thereafter become part of the Trust Fund;
      and
      (ii) originals or copies of all documents of the Master Servicer reasonably
      requested by the Trustee to enable it to assume the Master Servicer’s duties
      thereunder. In addition to any other amounts which are then, or, notwithstanding
      the termination of its activities under this Agreement, may become payable
      to
      the Master Servicer under this Agreement, the Master Servicer shall be entitled
      to receive, out of any amount received on account of a Mortgage Loan or related
      REO Property, that portion of such payments which it would have received as
      reimbursement under this Agreement if notice of termination had not been given.
      The termination of the rights and obligations of the Master Servicer shall
      not
      affect any obligations incurred by the Master Servicer prior to such
      termination.

     

    Notwithstanding
      the foregoing, if a Master Servicer Event of Termination described in clause
      (v)
      of this Section 7.01(b) shall occur, the Trustee shall, by notice in
      writing to the Master Servicer, which may be delivered by telecopy, immediately
      terminate all of the rights and obligations of the Master Servicer thereafter
      arising under this Agreement, but without prejudice to any rights it may have
      as
      a Certificateholder or to reimbursement of Advances and other advances of its
      own funds, and the Trustee shall (as successor master servicer) act as provided
      in Section 7.03 to carry out the duties of the Master Servicer, including
      the obligation to make any Advance the nonpayment of which was a Master Servicer
      Event of Termination described in clause (vi) of this Section 7.01(b). Any
      such action taken by the Trustee or the Trust Administrator must be prior to
      the
      distribution on the relevant Distribution Date. 

     

    
      	SECTION
              7.02  	
              Master
                Servicer or Trustee to Act; Appointment of Successor
                Servicer.

            

    

     

    (a)  Within
      90
      days of the time the Servicer (and the Trustee, if notice is sent by the
      Holders) receives a notice of termination pursuant to Section 7.01 or 6.04,
      the
      Master Servicer or (if the Master Servicer is the Servicer) the Trustee (or
      such
      other successor Servicer as is approved in accordance with this Agreement)
      shall
      be the successor in all respects to the Servicer in its capacity as servicer
      under this Agreement and the transactions set forth or provided for herein
      and
      shall be subject to all the responsibilities, duties and liabilities relating
      thereto placed on the Servicer by the terms and provisions hereof arising on
      and
      after its succession. Notwithstanding the foregoing, the parties hereto agree
      that the Master Servicer or the Trustee, in its capacity as successor Servicer,
      immediately will assume all of the obligations of the Servicer to make advances.
      Notwithstanding the foregoing, the Master Servicer or the Trustee, in its
      capacity as successor Servicer, shall not be responsible for the lack of
      information and/or documents that it cannot obtain through reasonable efforts.
      As compensation therefor, the Master Servicer or the Trustee (or such other
      successor Servicer) shall be entitled to such compensation as the Servicer
      would
      have been entitled to hereunder if no such notice of termination had been given.
      Notwithstanding the above, (i) if the Master Servicer or the Trustee is
      unwilling to act as successor Servicer or (ii) if the Master Servicer or the
      Trustee is legally unable so to act, the Master Servicer or Trustee shall
      appoint or petition a court of competent jurisdiction to appoint, any
      established housing and home finance institution, bank or other mortgage loan
      or
      home equity loan servicer having a net worth of not less than $50,000,000 as
      the
      successor to the Servicer hereunder in the assumption of all or any part of
      the
      responsibilities, duties or liabilities of the Servicer hereunder; provided,
      that the appointment of any such successor Servicer will not result in the
      qualification, reduction or withdrawal of the ratings assigned to the
      Certificates by the Rating Agencies as evidenced by a letter to such effect
      from
      the Rating Agencies. Pending appointment of a successor to the Servicer
      hereunder, the Master Servicer or the Trustee shall act in such capacity as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Servicer would otherwise
      have received pursuant to Section 3.18 (or such other compensation as the Master
      Servicer or the Trustee and such successor shall agree, not to exceed the
      Servicing Fee). The appointment of a successor Servicer shall not affect any
      liability of the predecessor Servicer which may have arisen under this Agreement
      prior to its termination as Servicer to pay any deductible under an insurance
      policy pursuant to Section 3.14 or to reimburse the Master Servicer or Trustee
      pursuant to Section 3.06), nor shall any successor Servicer be liable for any
      acts or omissions of the predecessor Servicer or for any breach by such Servicer
      of any of its representations or warranties contained herein or in any related
      document or agreement. The Master Servicer or the Trustee and such successor
      shall take such action, consistent with this Agreement, as shall be necessary
      to
      effectuate any such succession. All Servicing Transfer Costs shall be paid
      by
      the predecessor Servicer upon presentation of reasonable documentation of such
      costs, and if such predecessor Servicer defaults in its obligation to pay such
      costs, such costs shall be paid by the successor Servicer, the Master Servicer
      or the Trustee (in which case the successor Servicer, the Master Servicer or
      the
      Trustee, as applicable, shall be entitled to reimbursement therefor from the
      assets of the Trust).

     

    (b)  Any
      successor to the Servicer, including the Master Servicer or the Trustee, shall
      during the term of its service as servicer continue to service and administer
      the Mortgage Loans for the benefit of Certificateholders, and maintain in force
      a policy or policies of insurance covering errors and omissions in the
      performance of its obligations as Servicer hereunder and a fidelity bond in
      respect of its officers, employees and agents to the same extent as the Servicer
      is so required pursuant to Section 3.14.

     

    (c)  In
      connection with the resignation, removal or expiration of the term of the
      Servicer hereunder, or in connection with the resignation or removal of any
      successor to the Servicer (or any other successor to the Servicer appointed
      hereunder) acting as successor Servicer hereunder, either (i) the successor
      Servicer, (or any other successor to the Servicer appointed hereunder) acting
      as
      successor Servicer hereunder, shall represent and warrant that it is a member
      of
      MERS in good standing and shall agree to comply in all material respects with
      the rules and procedures of MERS in connection with the servicing of the
      Mortgage Loans that are registered with MERS, in which case the predecessor
      Servicer shall cooperate with the successor Servicer in causing MERS to revise
      its records to reflect the transfer of servicing to the successor Servicer
      as
      necessary under MERS’ rules and regulations or (ii) the predecessor Servicer
      shall cooperate with the successor Servicer in causing MERS to execute and
      deliver an assignment of Mortgage in recordable form to transfer the Mortgage
      from MERS to the Master Servicer or the Trustee and to execute and deliver
      such
      other notices, documents and other instruments as may be necessary or desirable
      to effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan
      on
      the MERS® System to the successor Servicer. The predecessor Servicer shall file
      or cause to be filed any such assignment in the appropriate recording office.
      The predecessor Servicer shall bear any and all fees of MERS, costs of preparing
      any assignments of Mortgage, and fees and costs of filing any assignments of
      Mortgage that may be required under this paragraph. 

     

    
      	SECTION
              7.03  	
              Trustee
                to Act; Appointment of Successor Master
                Servicer.

            

    

     

    (a)  Upon
      the
      receipt by the Master Servicer of a notice of termination pursuant to
      Section 7.01(b) or an Opinion of Counsel rendered by Independent counsel
      pursuant to Section 6.05(b) to the effect that the Master Servicer is
      legally unable to act or to delegate its duties to a Person which is legally
      able to act, the Trustee shall automatically become the successor in all
      respects to the Master Servicer in its capacity under this Agreement and the
      transactions set forth or provided for herein and shall thereafter be subject
      to
      all the responsibilities, duties, liabilities and limitations on liabilities
      relating thereto placed on the Master Servicer by the terms and provisions
      hereof; provided, however, that the Trustee (i) shall have no obligation
      whatsoever with respect to any liability (other than Advances deemed recoverable
      and not previously made) incurred by the Master Servicer at or prior to the
      time
      of termination and (ii) shall not be obligated to perform any obligation of
      the
      Master Servicer under Section 3.20 or 3.21 with respect to any period of time
      during which the Trustee was not the Master Servicer. As compensation therefor,
      but subject to Section 6.05, the Trustee shall be entitled to compensation
      which the Master Servicer would have been entitled to retain if the Master
      Servicer had continued to act hereunder, except for those amounts due the Master
      Servicer as reimbursement permitted under this Agreement for advances previously
      made or expenses previously incurred. Notwithstanding the above, the Trustee
      may, if it shall be unwilling so to act, or shall, if it is legally unable
      so to
      act, appoint or petition a court of competent jurisdiction to appoint, any
      established housing and home finance institution which is a Fannie Mae- or
      Freddie Mac-approved servicer, and with respect to a successor to the Master
      Servicer only, having a net worth of not less than $10,000,000, as the successor
      to the Master Servicer hereunder in the assumption of all or any part of the
      responsibilities, duties or liabilities of the Master Servicer hereunder;
      provided, that the Depositor shall obtain consent and a letter or other evidence
      each Rating Agency that the ratings, if any, on each of the Certificates will
      not be lowered as a result of the selection of the successor to the Master
      Servicer. Pending appointment of a successor to the Master Servicer hereunder,
      the Trustee shall act in such capacity as hereinabove provided. In connection
      with such appointment and assumption, the Trustee may make such arrangements
      for
      the compensation of such successor out of payments on the Mortgage Loans as
      it
      and such successor shall agree; provided, however, that the provisions of
      Section 6.05 shall apply, the compensation shall not be in excess of that
      which the Master Servicer would have been entitled to if the Master Servicer
      had
      continued to act hereunder, and that such successor shall undertake and assume
      the obligations of the Trustee to pay compensation to any third Person acting
      as
      an agent or independent contractor in the performance of master servicing
      responsibilities hereunder. The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession.

     

    If
      the
      Master Servicer and the Trust Administrator are the same entity, then at any
      time the Master Servicer resigns or is removed as Master Servicer, the Trust
      Administrator shall also be removed hereunder. All reasonable Master Servicing
      Transfer Costs shall be paid by the predecessor Master Servicer (or, if the
      Trustee is the predecessor master servicer, the Trust Fund) upon presentation
      of
      reasonable documentation of such costs, and if such predecessor Master Servicer
      defaults in its obligation to pay such costs, such costs shall be paid by the
      successor Master Servicer or the Trustee (in which case the successor Master
      Servicer or the Trustee, as applicable, shall be entitled to reimbursement
      therefor from the assets of the Trust Fund).

     

    If
      the
      Trustee shall succeed to any duties of the Master Servicer respecting the
      Mortgage Loans as provided herein, it shall do so in a separate capacity and
      not
      in its capacity as Trustee and, accordingly, the provisions of Article VIII
      shall be inapplicable to the Trustee in its duties as the successor to the
      Master Servicer in the master servicing of the Mortgage Loans (although such
      provisions shall continue to apply to the Trustee in its capacity as Trustee);
      the provisions of Article VI, however, shall apply to it in its capacity as
      successor Master Servicer.

     

    
      	SECTION
              7.04  	
              Waiver
                of Defaults.

            

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders, waive
      any
      events permitting removal of the Servicer as servicer pursuant to this Article
      VII, provided, however, that the Majority Certificateholders may not waive
      a
      default in making a required distribution on a Certificate without the consent
      of the Holder of such Certificate. Upon any waiver of a past default, such
      default shall cease to exist and any or Master Servicer Event of Termination
      arising therefrom shall be deemed to have been remedied for every purpose of
      this Agreement. No such waiver shall extend to any subsequent or other default
      or impair any right consequent thereto except to the extent expressly so waived.
      Notice of any such waiver shall be given by the Trust Administrator or the
      Trustee as applicable, to the Rating Agencies.

     

    
      	SECTION
              7.05  	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination or appointment of a successor to the Servicer or the Master Servicer
      pursuant to this Article VII or Section 6.04, the Trust Administrator, or in
      the
      event of the termination of the Master Servicer, the Trustee (or such other
      trust administrator) shall give prompt written notice thereof to the
      Certificateholders at their respective addresses appearing in the Certificate
      Register and each Rating Agency.

     

    (b)  No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute a Servicer Event of
      Termination or a Master Servicer Event of Termination for five Business Days
      after a Responsible Officer of the Trust Administrator (in the case of a
      Servicer Event of Termination) or the Trustee (in the case of a Master Servicer
      Event of Termination) becomes aware of the occurrence of such an event, the
      Trust Administrator or Trustee, as applicable, shall transmit by mail to the
      Credit Risk Manager and all Certificateholders notice of such occurrence unless
      such default, Servicer Event of Termination or Master Servicer Event of
      Termination shall have been waived or cured.

     

    
      	SECTION
              7.06  	
              Survivability
                of Servicer and Master Servicer
                Liabilities.

            

    

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer or the Master
      Servicer hereunder, any liabilities of the Servicer or the Master Servicer,
      as
      applicable, which accrued prior to such termination shall survive such
      termination.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE AND THE TRUST ADMINISTRATOR

     

    
      	SECTION
              8.01  	
              Duties
                of Trustee and Trust Administrator.

            

    

     

    The
      Trustee and the Trust Administrator, prior to the occurrence of a Servicer
      Event
      of Termination or Master Servicer Event of Termination and after the curing
      of
      all Servicer Events of Termination or Master Servicer Events of Termination
      which may have occurred, undertakes to perform such duties and only such duties
      as are specifically set forth in this Agreement. If a Servicer Event of
      Termination or Master Servicer Event of Termination has occurred (which has
      not
      been cured) of which a Responsible Officer has knowledge, each of the Trustee
      and the Trust Administrator shall exercise such of the rights and powers vested
      in it by this Agreement, and use the same degree of care and skill in their
      exercise, as a prudent man would exercise or use under the circumstances in
      the
      conduct of his own affairs.

     

    Each
      of
      the Trustee and the Trust Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it which are specifically required to be furnished
      pursuant to any provision of this Agreement, shall examine them to determine
      whether they conform to the requirements of this Agreement; provided, however,
      that neither the Trustee nor the Trust Administrator will be responsible for
      the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner the Trustee
      or the Trust Administrator, as applicable, shall take such action as it deems
      appropriate to have the instrument corrected, and if the instrument is not
      corrected to the Trustee’s or the Trust Administrator’s satisfaction, the
      Trustee or the Trust Administrator, as applicable, will provide notice thereof
      to the Certificateholders.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Trust Administrator from liability for its own negligent action, its own
      negligent failure to act or its own misconduct; provided, however,
      that:

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination or Master Servicer Event
      of
      Termination, and after the curing of all such Servicer Events of Termination
      or
      Master Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee and the Trust Administrator shall be determined
      solely by the express provisions of this Agreement, the Trustee and the Trust
      Administrator shall not be liable except for the performance of such duties
      and
      obligations as are specifically set forth in this Agreement, no implied
      covenants or obligations shall be read into this Agreement against the Trustee
      or the Trust Administrator and, in the absence of bad faith on the part of
      the
      Trustee or the Trust Administrator, as applicable, the Trustee or the Trust
      Administrator, as applicable, may conclusively rely, as to the truth of the
      statements and the correctness of the opinions expressed therein, upon any
      certificates or opinions furnished to the Trustee or the Trust Administrator,
      as
      the case may be, and conforming to the requirements of this
      Agreement;

     

    (ii)  neither
      the Trustee nor the Trust Administrator shall be personally liable for an error
      of judgment made in good faith by a Responsible Officer of the Trustee or the
      Trust Administrator, as applicable, unless it shall be proved that the Trustee
      or the Trust Administrator, as the case may be, was negligent in ascertaining
      the pertinent facts; 

     

    (iii)  neither
      the Trustee nor the Trust Administrator shall be personally liable with respect
      to any action taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of the Majority Certificateholders relating to
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Trustee or the Trust Administrator, as applicable, or exercising or omitting
      to exercise any trust or power conferred upon the Trustee, under this Agreement;
      and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) or of the existence of any Servicer Event of Termination
      unless a Responsible Officer of the Trustee at the Corporate Trust Office
      obtains actual knowledge of such failure or the Trustee receives written notice
      of such failure from the Depositor, the Servicer or the Majority
      Certificateholders.

     

    Neither
      the Trustee nor the Trust Administrator shall be required to expend 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
      there is reasonable ground for believing that the repayment of such funds or
      adequate indemnity against such risk or liability is not reasonably assured
      to
      it, and none of the provisions contained in this Agreement shall in any event
      require the Trustee to perform, or be responsible for the manner of performance
      of, any of the obligations of the Master Servicer under this Agreement, except
      during such time, if any, as the Trustee shall be the successor to, and be
      vested with the rights, duties, powers and privileges of, the Master Servicer
      in
      accordance with the terms of this Agreement.

     

    
      	SECTION
              8.02  	
              Certain
                Matters Affecting the Trustee and the Trust
                Administrator.

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  either
      the Trustee or the Trust Administrator may request and rely upon, and shall
      be
      protected in acting or refraining from acting upon, any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or
      other paper or document reasonably believed by it to be genuine and to have
      been
      signed or presented by the proper party or parties, and the manner of obtaining
      consents and of evidencing the authorization of the execution thereof by
      Certificateholders shall be subject to such reasonable regulations as the
      Trustee or the Trust Administrator may prescribe;

     

    (ii)  either
      the Trustee or the Trust Administrator may consult with counsel and any Opinion
      of Counsel shall be full and complete authorization and protection in respect
      of
      any action taken or suffered or omitted by it hereunder in good faith and in
      accordance with such Opinion of Counsel;

     

    (iii)  neither
      the Trustee nor the Trust Administrator shall be under any obligation to
      exercise any of the rights or powers vested in it by this Agreement, or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      at
      the request, order or direction of any of the Certificateholders, pursuant
      to
      the provisions of this Agreement, unless such Certificateholders, shall have
      offered to the Trustee or the Trust Administrator, as applicable, reasonable
      security or indemnity against the costs, expenses and liabilities which may
      be
      incurred therein or thereby; the right of the Trustee or the Trust Administrator
      to perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and neither the Trustee nor the Trust Administrator shall
      be answerable for other than its negligence or willful misconduct in the
      performance of any such act;

     

    (iv)  neither
      the Trustee nor the Trust Administrator shall be personally liable for any
      action taken, suffered or omitted by it in good faith and believed by it to
      be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination
      or
      Master Servicer Event of Termination and after the curing of all Servicer Events
      of Termination or Master Servicer Events of Termination which may have occurred,
      neither the Trustee nor the Trust Administrator shall be bound to make any
      investigation into the facts or matters stated in any resolution, certificate,
      statement, instrument, opinion, report, notice, request, consent, order,
      approval, bond or other paper or documents, unless requested in writing to
      do so
      by the Majority Certificateholder; provided, however, that if the payment within
      a reasonable time to the Trustee or the Trust Administrator, as applicable,
      of
      the costs, expenses or liabilities likely to be incurred by it in the making
      of
      such investigation is, in the opinion of the Trustee or the Trust Administrator,
      as applicable, not reasonably assured to the Trustee or the Trust Administrator,
      as applicable, by the security afforded to it by the terms of this Agreement,
      the Trustee or the Trust Administrator, as applicable, may require reasonable
      indemnity against such cost, expense or liability as a condition to such
      proceeding. The reasonable expense of every such examination shall be paid
      by
      the Servicer or, if paid by the Trustee or the Trust Administrator, as
      applicable, shall be reimbursed by the Servicer upon demand and, if not
      reimbursed by the Servicer, shall be reimbursed by the Trust. Nothing in this
      clause (v) shall derogate from the obligation of the Servicer to observe any
      applicable law prohibiting disclosure of information regarding the
      Mortgagors;

     

    (vi)  the
      Trustee or the Trust Administrator shall not be accountable, shall have no
      liability and make no representation as to any acts or omissions hereunder
      of
      the Servicer until such time as the Trustee may be required to act as Servicer
      pursuant to Section 7.02 and thereupon only for the acts or omissions of the
      Trustee as successor Servicer;

     

    (vii)  the
      Trustee or the Trust Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys, custodians or nominees;

     

    (viii)  the
      right
      of the Trustee or the Trust Administrator to perform any discretionary act
      enumerated in this Agreement shall not be construed as a duty, and the Trustee
      shall not be answerable for other than its negligence or willful misconduct
      in
      the performance of such act; 

     

    (ix)  neither
      the Trustee nor the Trust Administrator shall be personally liable for any
      loss
      resulting from the investment of funds held in the Collection Account or the
      REO
      Account made at the direction of the Servicer pursuant to Section 3.12;
      and

     

    (x)  the
      Trustee or the Trust Administrator or its Affiliates are permitted to receive
      compensation that could be deemed to be in the Trustee’s or the Trust
      Administrator’s economic self-interest for (i) serving as investment adviser,
      administrator, shareholder, servicing agent, custodian or sub-custodian with
      respect to certain of the Permitted Investments, (ii) using Affiliates to effect
      transactions in certain Permitted Investments and (iii) effecting transactions
      in certain Permitted Investments. Such compensation shall not be considered
      an
      amount that is reimbursable or payable pursuant to Section 3.11.

     

    To
      help
      fight the funding of terrorism and money laundering activities, the Trustee
      or
      the Trust Administrator will obtain, verify, and record information that
      identifies individuals or entities that establish a relationship or open an
      account with the Trustee or the Trust Administrator. The Trustee or the Trust
      Administrator will ask for the name, address, tax identification number and
      other information that will allow the Trustee or the Trust Administrator to
      identify the individual or entity who is establishing the relationship or
      opening the account. The Trustee or the Trust Administrator may also ask for
      formation documents such as articles of incorporation, an offering memorandum,
      or other identifying documents to be provided.

     

    
      	SECTION
              8.03  	
              Trustee
                and Trust Administrator Not Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than, with respect
      to
      the Trust Administrator, the authentication of the Trust Administrator on the
      Certificates) shall be taken as the statements of the Depositor, and neither
      the
      Trustee nor the Trust Administrator assumes responsibility for the correctness
      of the same. Neither the Trustee nor the Trust Administrator makes any
      representations as to the validity or sufficiency of this Agreement or of the
      Certificates (other than, with respect to the Trust Administrator, the signature
      and authentication of the Trust Administrator on the Certificates) or of any
      Mortgage Loan or related document or MERS or the MERS® System other than, with
      respect to the Trust Administrator, the Trust Administrator’s execution and
      authentication of the Certificates. Neither the Trustee nor the Trust
      Administrator shall be accountable for the use or application by the Servicer,
      or for the use or application of any funds paid to the Servicer in respect
      of
      the Mortgage Loans or deposited in or withdrawn from the Collection Account
      by
      the Servicer. The Trustee and the Trust Administrator shall at no time have
      any
      responsibility or liability for or with respect to the legality, validity and
      enforceability of any Mortgage or any Mortgage Loan, or the perfection and
      priority of any Mortgage or the maintenance of any such perfection and priority,
      or for or with respect to the sufficiency of the Trust or its ability to
      generate the payments to be distributed to Certificateholders under this
      Agreement, including, without limitation: the existence, condition and ownership
      of any Mortgaged Property; the existence and enforceability of any hazard
      insurance thereon (other than if the Trustee shall assume the duties of the
      Servicer pursuant to Section 7.02); the validity of the assignment of any
      Mortgage Loan to the Trustee or of any intervening assignment; the completeness
      of any Mortgage Loan; the performance or enforcement of any Mortgage Loan (other
      than if the Trustee shall assume the duties of the Servicer pursuant to Section
      7.02); the compliance by the Depositor, the Originator, the Seller or the
      Servicer with any warranty or representation made under this Agreement or in
      any
      related document or the accuracy of any such warranty or representation prior
      to
      the Trustee’s receipt of notice or other discovery of any non-compliance
      therewith or any breach thereof; any investment of monies by or at the direction
      of the Servicer or any loss resulting therefrom, it being understood that the
      Trust Administrator shall remain responsible for any Trust property that it
      may
      hold in its individual capacity; the acts or omissions of any of the Servicer
      (other than if the Trust Administrator shall assume the duties of the Servicer
      pursuant to Section 7.02), any Sub-Servicer or any Mortgagor; any action of
      the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02), or any Sub-Servicer taken in the name of the Trust
      Administrator; the failure of a Servicer or any Sub-Servicer to act or perform
      any duties required of it as agent of the Trust Administrator hereunder; or
      any
      action by the Trust Administrator taken at the instruction of the Servicer
      (other than if the Trustee shall assume the duties of the Servicer pursuant
      to
      Section 7.02); provided, however, that the foregoing shall not relieve the
      Trustee of its obligation to perform its duties under this Agreement, including,
      without limitation, the Trustee’s duty to review the Mortgage Files pursuant to
      Section 2.01. Neither the Trust Administrator nor the Trustee shall have
      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 it hereunder (unless the Trustee shall
      have
      become the successor Servicer).

     

    
      	SECTION
              8.04  	
              Trustee
                and Trust Administrator May Own
                Certificates.

            

    

     

    The
      Trustee and the Trust Administrator in its individual or any other capacity
      may
      become the owner or pledgee of Certificates with the same rights as it would
      have if it were not Trustee or Trust Administrator may transact any banking
      and
      trust business with the Originator, the Servicer, the Depositor or their
      Affiliates.

     

    
      	SECTION
              8.05  	
              Trust
                Administrator and Trustee Compensation and
                Expenses.

            

    

     

    (a)  The
      Trustee will be paid by the Master Servicer pursuant to a side letter between
      each other. 

     

    (b)  The
      Trustee, the Trust Administrator or any director, officer, employee or agent
      of
      any of them, shall be indemnified by the Trust Fund and held harmless against
      any loss, liability or expense (not including expenses and disbursements
      incurred or made by the Trustee or the Trust Administrator, including the
      compensation and the expenses and disbursements of its agents and counsel,
      in
      the ordinary course of the Trustee’s or the Trust Administrator’s performance in
      accordance with the provisions of this Agreement) incurred by the Trustee or
      by
      the Trust Administrator arising out of or in connection with the acceptance
      or
      administration of the obligations and duties of the Trustee or the Trust
      Administrator under this Agreement, other than any loss, liability or expense
      (i) resulting from a breach of the Servicer’s or the Master Servicer’s
      obligations and duties under this Agreement for which the Trustee or the Trust
      Administrator, as applicable, is indemnified under Section 8.05(b) or (ii)
      any
      loss, liability or expense incurred by reason of willful misfeasance, bad faith
      or negligence of the Trustee or of the Trust Administrator, as applicable,
      in
      the performance of its duties hereunder or by reason of the Trustee’s or the
      Trust Administrator’s, as applicable, reckless disregard of obligations and
      duties hereunder or as a result of a breach of the Trustee’s or the Trust
      Administrator’s, as applicable, obligations under Article X hereof. Any amounts
      payable to the Trustee, the Trust Administrator or any director, officer,
      employee or agent of the Trustee or the Trust Administrator, in respect of
      the
      indemnification provided by this Section 8.05, or pursuant to any other right
      of
      reimbursement from the Trust Fund that the Trustee, the Trust Administrator
      or
      any director, officer, employee or agent of the Trustee or the Trust
      Administrator, may have hereunder in its capacity as such, may be withdrawn
      by
      the Trust Administrator from the Distribution Account at any time. The foregoing
      indemnity shall survive the resignation or removal of the Trustee or the Trust
      Administrator.

     

    
      	SECTION
              8.06  	
              Eligibility
                Requirements for Trustee and Trust
                Administrator.

            

    

     

    Each
      of
      the Trustee and the Trust Administrator hereunder shall at all times be an
      entity duly organized and validly existing under the laws of the United States
      of America or any state thereof, authorized under such laws to exercise
      corporate trust powers, having a combined capital and surplus of at least
      $50,000,000 and subject to supervision or examination by federal or state
      authority. If such entity publishes reports of condition at least annually,
      pursuant to law or to the requirements of the aforesaid supervising or examining
      authority, then for the purposes of this Section 8.06, the combined capital
      and
      surplus of such entity shall be deemed to be its combined capital and surplus
      as
      set forth in its most recent report of condition so published. The principal
      offices of each of the Trustee and the Trust Administrator (other than the
      initial Trustee and initial Trust Administrator) shall be in a state with
      respect to which an Opinion of Counsel has been delivered to such Trustee or
      Trust Administrator, as applicable, at the time such Trustee or Trust
      Administrator, as applicable, is appointed Trustee or Trust Administrator,
      as
      applicable, to the effect that the Trust will not be a taxable entity under
      the
      laws of such state. In case at any time the Trustee or the Trust Administrator
      shall cease to be eligible in accordance with the provisions of this Section
      8.06, the Trustee or the Trust Administrator, as applicable, shall resign
      immediately in the manner and with the effect specified in Section
      8.07.

     

    
      	SECTION
              8.07  	
              Resignation
                or Removal of Trustee or Trust
                Administrator.

            

    

     

    The
      Trustee or the Trust Administrator may at any time resign and be discharged
      from
      the trusts hereby created by giving written notice thereof to the Depositor,
      the
      Servicer, the Master Servicer, each Rating Agency and, if the Trustee is
      resigning, to the Trust Administrator, or, if the Trust Administrator is
      resigning, to the Trustee. Upon receiving such notice of resignation, the
      Depositor shall promptly appoint a successor Trustee or Trust Administrator,
      (which may be the same Person in the event both the Trustee and the Trust
      Administrator resign or are removed) by written instrument, in duplicate, one
      copy of which instrument shall be delivered to the resigning Trustee or Trust
      Administrator, as applicable, and one copy to the successor Trustee or Trust
      Administrator. If no successor Trustee or Trust Administrator, as applicable,
      shall have been so appointed and having accepted appointment within 30 days
      after the giving of such notice of resignation, the resigning Trustee or Trust
      Administrator may petition any court of competent jurisdiction for the
      appointment of a successor Trustee or Trust Administrator, as
      applicable.

     

    If
      the
      Trust Administrator and the Master Servicer are the same entity, then at any
      time the Trust Administrator resigns or is removed as Trust Administrator,
      the
      Master Servicer shall also be removed hereunder. 

     

    If
      at any
      time the Trustee or the Trust Administrator shall cease to be eligible in
      accordance with the provisions of Section 8.06 and shall fail to resign after
      written request therefor by the Depositor (or in the case of the Trust
      Administrator, the Trustee), or if at any time the Trustee or the Trust
      Administrator shall be legally unable to act, or shall be adjudged bankrupt
      or
      insolvent, or a receiver of the Trustee or the Trust Administrator or of its
      property shall be appointed, or any public officer shall take charge or control
      of the Trustee or the Trust Administrator or of its property or affairs for
      the
      purpose of rehabilitation, conservation or liquidation, then the Depositor,
      the
      Servicer or the Master Servicer may remove the Trustee or the Trust
      Administrator, as applicable. If the Depositor, the Servicer or the Master
      Servicer removes the Trustee or the Trust Administrator under the authority
      of
      the immediately preceding sentence, the Depositor shall promptly appoint a
      successor Trustee or Trust Administrator, as applicable, by written instrument,
      in duplicate, one copy of which instrument shall be delivered to the Trustee
      or
      Trust Administrator so removed and one copy to the successor Trustee or Trust
      Administrator.

     

    The
      Majority Certificateholders may at any time remove the Trustee or Trust
      Administrator by written instrument or instruments delivered to the Servicer,
      the Master Servicer, the Depositor, the Trust Administrator and the Trustee;
      the
      Depositor shall thereupon use its best efforts to appoint a successor trustee
      in
      accordance with this Section.

     

    Any
      resignation or removal of the Trustee or Trust Administrator and appointment
      of
      a successor Trustee or Trust Administrator pursuant to any of the provisions
      of
      this Section 8.07 shall not become effective until acceptance of appointment
      by
      the successor trustee as provided in Section 8.08.

     

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the Trust
      Administrator shall at all times be the same Person.

     

    
      	SECTION
              8.08  	
              Successor
                Trustee.

            

    

     

    Any
      successor Trustee or Trust Administrator appointed as provided in Section 8.07
      shall execute, acknowledge and deliver to the Depositor, the Servicer, the
      Master Servicer and to its predecessor Trustee or Trust Administrator an
      instrument accepting such appointment hereunder, and thereupon the resignation
      or removal of the predecessor Trustee or Trust Administrator shall become
      effective, and such successor Trustee or Trust Administrator, without any
      further act, deed or conveyance, shall become fully vested with all the rights,
      powers, duties and obligations of its predecessor hereunder, with like effect
      as
      if originally named as Trustee or Trust Administrator. The Depositor, the Master
      Servicer, the Servicer and the predecessor Trustee or Trust Administrator 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
      Trustee Trust Administrator all such rights, powers, duties and
      obligations.

     

    No
      successor Trustee or Trust Administrator shall accept appointment as provided
      in
      this Section 8.08 unless at the time of such acceptance such successor Trustee
      or Trust Administrator shall be eligible under the provisions of Section 8.06
      and the appointment of such successor Trustee or Trust Administrator shall
      not
      result in a downgrading of the Regular Certificates by any Rating Agency, as
      evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor Trustee or Trust Administrator as
      provided in this Section 8.08, the successor Trustee or Trust Administrator
      shall mail notice of the appointment of a successor Trustee or Trust
      Administrator hereunder to all Holders of Certificates at their addresses as
      shown in the Certificate Register and to each Rating Agency.

     

    
      	SECTION
              8.09  	
              Merger
                or Consolidation of Trustee or Trust
                Administrator.

            

    

     

    Any
      entity into which the Trustee or the Trust Administrator may be merged or
      converted or with which it may be consolidated, or any entity resulting from
      any
      merger, conversion or consolidation to which the Trustee or the Trust
      Administrator shall be a party, or any entity succeeding to the business of
      the
      Trustee or Trust Administrator, shall be the successor of the Trustee or the
      Trust Administrator hereunder, as applicable, provided such entity shall be
      eligible under the provisions of Section 8.06 and 8.08, without the execution
      or
      filing of any paper or any further act on the part of any of the parties hereto,
      anything herein to the contrary notwithstanding.

     

    
      	SECTION
              8.10  	
              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 or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-Trustee or co-Trustees, jointly with the Trustee, or separate trustee or
      separate Trustees, of all or any part of the Trust, and to vest in such Person
      or Persons, in such capacity and for the benefit of the Certificateholders,
      such
      title to the Trust, or any part thereof, and, subject to the other provisions
      of
      this Section 8.10, such powers, duties, obligations, rights and trusts as the
      Servicer and the Trustee may consider necessary or desirable. Any such
      co-trustee or separate trustee shall be subject to the written approval of
      the
      Servicer. If the Servicer shall not have joined in such appointment within
      15
      days after the receipt by it of a request so to do, or in the case a Servicer
      Event of Termination shall have occurred and be continuing, the Trustee alone
      shall have the power to make such appointment. No co-Trustee or separate trustee
      hereunder shall be required to meet the terms of eligibility as a successor
      trustee under Section 8.06, and no notice to Certificateholders of the
      appointment of any co-trustee or separate trustee shall be required under
      Section 8.08. The Servicer shall be responsible for the fees of any co-trustee
      or separate trustee appointed hereunder.

     

    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 Trustee
      shall be conferred or imposed upon and exercised or performed by the 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
      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 (whether
      as
      Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee
      shall be incompetent or unqualified to perform such act or acts, in which event
      such rights, powers, duties and obligations (including the holding of title
      to
      the Trust 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 Trustee;

     

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

     

    (iii)  the
      Servicer and the Trustee, acting jointly, may at any time accept the resignation
      of or remove any separate trustee or co-trustee except that following the
      occurrence of a Servicer Event of Termination, the Trustee acting alone may
      accept the resignation or remove any separate trustee or
      co-trustee.

     

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

     

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

     

    
      	SECTION
              8.11  	
              Limitation
                of Liability.

            

    

     

    The
      Certificates are executed by the Trust Administrator, not in its individual
      capacity but solely as Trust Administrator of the Trust, in the exercise of
      the
      powers and authority conferred and vested in it by this Agreement. Each of
      the
      undertakings and agreements made on the part of the Trust Administrator in
      the
      Certificates is made and intended not as a personal undertaking or agreement
      by
      the Trust Administrator but is made and intended for the purpose of binding
      only
      the Trust.

     

    
      	SECTION
              8.12  	
              Trustee
                May Enforce Claims Without Possession of
                Certificates.

            

    

     

    (a)  All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit of the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b)  The
      Trustee shall afford the Seller, the Depositor, the Servicer and each
      Certificateholder upon reasonable prior notice during normal business hours,
      access to all records maintained by the Trustee in respect of its duties
      hereunder and access to officers of the Trustee responsible for performing
      such
      duties. Upon request, the Trustee shall furnish the Depositor, the Servicer
      and
      any requesting Certificateholder with its most recent financial statements.
      The
      Trustee shall cooperate fully with the Seller, the Servicer, the Depositor
      and
      such Certificateholder and shall make available to the Seller, the Servicer,
      the
      Depositor and such Certificateholder for review and copying such books,
      documents or records as may be requested with respect to the Trustee’s duties
      hereunder. The Seller, the Depositor, the Servicer and the Certificateholders
      shall not have any responsibility or liability for any action or failure to
      act
      by the Trustee and are not obligated to supervise the performance of the Trustee
      under this Agreement or otherwise.

     

    
      	SECTION
              8.13  	
              Suits
                for Enforcement.

            

    

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Depositor
      hereunder shall occur and be continuing, the Trustee, shall, at the direction
      of
      the Majority Certificateholders, or may, proceed to protect and enforce its
      rights and the rights of the Certificateholders under this Agreement by a suit,
      action or proceeding in equity or at law or otherwise, whether for the specific
      performance of any covenant or agreement contained in this Agreement or in
      aid
      of the execution of any power granted in this Agreement or for the enforcement
      of any other legal, equitable or other remedy, as the Trustee, being advised
      by
      counsel, and subject to the foregoing, shall deem most effectual to protect
      and
      enforce any of the rights of the Trustee and the
      Certificateholders.

     

    
      	SECTION
              8.14  	
              Waiver
                of Bond Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    
      	SECTION
              8.15  	
              Waiver
                of Inventory, Accounting and Appraisal
                Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    
      	SECTION
              9.01  	
              REMIC
                Administration.

            

    

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code.

     

    (c)  The
      Trust
      Administrator shall pay any and all expenses relating to any tax audit of any
      REMIC (including, but not limited to, any professional fees or any
      administrative or judicial proceedings with respect to any Trust REMIC that
      involve the Internal Revenue Service or state tax authorities), including the
      expense of obtaining any tax related Opinion of Counsel. The Trust Administrator
      shall be entitled to reimbursement of expenses incurred pursuant to this Section
      9.01(c) to the extent provided in Section 8.05.

     

    (d)  The
      Trust
      Administrator shall prepare, sign and file, all of the REMICs’ federal and state
      tax and information returns (including Form 8811) as the direct representative
      each REMIC created hereunder. The expenses of preparing and filing such returns
      shall be borne by the Trust Administrator.

     

    (e)  The
      Holder of the Class R Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the related “Tax Matters Person”) with respect to REMIC 1, REMIC 2
      and REMIC 3 and shall act as Tax Matters Person for each such REMIC. The Holder
      of the Class R-X Certificate at any time holding the largest Percentage Interest
      thereof shall be the Tax Matters Person with respect to REMIC 4, REMIC 5 and
      REMIC 6, and shall act as Tax Matters Person for each such REMIC. The Trust
      Administrator, as agent for the Tax Matters Person, shall perform on behalf
      of
      each REMIC all reporting and other tax compliance duties that are the
      responsibility of such REMIC under the Code, the REMIC Provisions, or other
      compliance guidance issued by the Internal Revenue Service or any state or
      local
      taxing authority. Among its other duties, if required by the Code, the REMIC
      Provisions, or other such guidance, the Trust Administrator, as agent for the
      Tax Matters Person, shall provide (i) to the Treasury or other governmental
      authority such information as is necessary for the application of any tax
      relating to the transfer of a Residual Certificate to any disqualified person
      or
      organization upon reasonable additional compensation and (ii) to the
      Certificateholders such information or reports as are required by the Code
      or
      REMIC Provisions. The Trust Administrator, as agent for the Tax Matters Person,
      shall represent each REMIC in any administrative or judicial proceedings
      relating to an examination or audit by any governmental taxing authority,
      request an administrative adjustment as to any taxable year of any REMIC, enter
      into settlement agreements with any government taxing agency, extend any statute
      of limitations relating to any item of any REMIC and otherwise act on behalf
      of
      any REMIC in relation to any tax matter involving the Trust.

     

    (f)  The
      Trust
      Administrator, the Master Servicer, the Servicer and the Holders of Certificates
      shall take any action or cause any REMIC to take any action necessary to create
      or maintain the status of each REMIC as a REMIC under the REMIC Provisions
      and
      shall assist each other as necessary to create or maintain such status. None
      of
      the Trustee, the Trust Administrator, the Servicer or the Holder of any Residual
      Certificate shall take any action, cause any REMIC created hereunder to take
      any
      action or fail to take (or fail to cause to be taken) any action that, under
      the
      REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger
      the status of such REMIC as a REMIC or (ii) result in the imposition of a tax
      upon such REMIC (including but not limited to the tax on prohibited transactions
      as defined in Code Section 860F(a)(2) and the tax on prohibited contributions
      set forth on Section 860G(d) of the Code) (either such event, an “Adverse REMIC
      Event”) unless the Trustee, the Trust Administrator and the Servicer have
      received an Opinion of Counsel, (at the expense of the party seeking to take
      such action) to the effect that the contemplated action will not endanger such
      status or result in the imposition of such a tax. In addition, prior to taking
      any action with respect to any REMIC created hereunder or the assets therein,
      or
      causing such REMIC to take any action, which is not expressly permitted under
      the terms of this Agreement, any Holder of a Residual Certificate will consult
      with the Trustee, the Trust Administrator and the Servicer, or their respective
      designees, in writing, with respect to whether such action could cause an
      Adverse REMIC Event to occur with respect to any REMIC, and no such Person
      shall
      take any such action or cause any REMIC to take any such action as to which
      the
      Trustee, the Trust Administrator or the Master Servicer has advised it in
      writing that an Adverse REMIC Event could occur.

     

    (g)  Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by a Residual Certificateholder,
      the Trust Administrator shall pay any remaining REMIC taxes out of current
      or
      future amounts otherwise distributable to the Holder of the Residual Certificate
      in the REMICs or, if no such amounts are available, out of other amounts held
      in
      the Distribution Account, and shall reduce amounts otherwise payable to Holders
      of regular interests in the related REMIC. Subject to the foregoing, in the
      event that a REMIC incurs a state or local tax, including franchise taxes,
      as a
      result of a determination that such REMIC is domiciled in the State of
      California for state tax purposes by virtue of the location of the Servicer,
      the
      Servicer agrees to pay on behalf of such REMIC when due, any and all state
      and
      local taxes imposed as a result of such a determination, in the event that
      the
      Holder of the related Residual Certificate fails to pay such taxes, if any,
      when
      imposed.

     

    (h)  The
      Trust
      Administrator, as agent for the Tax Matters Person, shall, for federal income
      tax purposes, maintain books and records with respect to each REMIC created
      hereunder on a calendar year and on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j)  None
      of
      the Trustee, the Trust Administrator, the Servicer or the Master Servicer shall
      enter into any arrangement by which any REMIC created hereunder will receive
      a
      fee or other compensation for services.

     

    (k)  [Reserved].

     

    (l)  The
      Trust
      Administrator will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete the Form 8811.

     

    
      	SECTION
              9.02  	
              Prohibited
                Transactions and Activities.

            

    

     

    None
      of
      the Depositor, the Servicer , the Master Servicer, the Trust Administrator
      or
      the Trustee shall sell, dispose of, or substitute for any of the Mortgage Loans,
      except in a disposition pursuant to (i) the foreclosure of a Mortgage Loan,
      (ii)
      the bankruptcy of the Trust Fund, (iii) the termination of any REMIC created
      hereunder pursuant to Article X of this Agreement, (iv) a substitution pursuant
      to Article II of this Agreement or (v) a repurchase of Mortgage Loans pursuant
      to Article II of this Agreement, nor acquire any assets for any REMIC, nor
      sell
      or dispose of any investments in the Distribution Account for gain, nor accept
      any contributions to either REMIC after the Closing Date, unless it has received
      an Opinion of Counsel (at the expense of the party causing such sale,
      disposition, or substitution) that such disposition, acquisition, substitution,
      or acceptance will not (a) affect adversely the status of any REMIC created
      hereunder as a REMIC or of the interests therein other than the Residual
      Certificates as the regular interests therein, (b) affect the distribution
      of
      interest or principal on the Certificates, (c) result in the encumbrance of
      the
      assets transferred or assigned to the Trust Fund (except pursuant to the
      provisions of this Agreement) or (d) cause any REMIC created hereunder to be
      subject to a tax on prohibited transactions or prohibited contributions pursuant
      to the REMIC Provisions.

     

    
      	SECTION
              9.03  	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC
                Status.

            

    

     

    (a)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Servicer of its duties and obligations set forth herein,
      the
      Servicer shall indemnify the Trustee, the Master Servicer, the Servicer, the
      Trust Administrator and the Trust Fund against any and all losses, claims,
      damages, liabilities or expenses (“Losses”) resulting from such negligence;
      provided, however, that the Servicer shall not be liable for any such Losses
      attributable to the action or inaction of the Master Servicer, the Trustee,
      the
      Trust Administrator, the Depositor or the Holder of such Residual Certificate,
      as applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Servicer has relied. The
      foregoing shall not be deemed to limit or restrict the rights and remedies
      of
      the Holder of such Residual Certificate now or hereafter existing at law or
      in
      equity. Notwithstanding the foregoing, however, in no event shall the Servicer
      have any liability (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any Losses other than arising
      out of a negligent performance by the Servicer of its duties and obligations
      set
      forth herein, and (3) for any special or consequential damages to
      Certificateholders (in addition to payment of principal and interest on the
      Certificates). 

     

    (b)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trust Administrator of its duties and obligations set forth
      herein, the Trust Administrator shall indemnify the Trust Fund against any
      and
      all Losses resulting from such negligence; provided, however, that the Trust
      Administrator shall not be liable for any such Losses attributable to the action
      or inaction of the Servicer, the Depositor or the Holder of such Residual
      Certificate, as applicable, nor for any such Losses resulting from
      misinformation provided by the Holder of such Residual Certificate on which
      the
      Trust Administrator has relied. The foregoing shall not be deemed to limit
      or
      restrict the rights and remedies of the Holder of such Residual Certificate
      now
      or hereafter existing at law or in equity. Notwithstanding the foregoing,
      however, in no event shall the Trust Administrator have any liability (1) for
      any action or omission that is taken in accordance with and in compliance with
      the express terms of, or which is expressly permitted by the terms of, this
      Agreement, (2) for any Losses other than arising out of a negligent performance
      by the Trust Administrator of its duties and obligations set forth herein,
      and
      (3) for any special or consequential damages to Certificateholders (in addition
      to payment of principal and interest on the Certificates).

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X

     

    TERMINATION

     

    
      	SECTION
              10.01  	
              Termination.

            

    

     

    (a)  The
      respective obligations and responsibilities of the Servicer, the Depositor,
      the
      Master Servicer, the Trust Administrator and the Trustee created hereby (other
      than the obligation of the Trust Administrator to make certain payments to
      Certificateholders after the final Distribution Date and the obligation of
      the
      Servicer to send certain notices as hereinafter set forth) shall terminate
      upon
      notice to the Trust Administrator upon the earliest of (i) the Distribution
      Date
      on which the Certificate Principal Balances of the Regular Certificates have
      been reduced to zero, (ii) the final payment or other liquidation of the last
      Mortgage Loan in the Trust, (iii) the optional purchase by the Terminator of
      the
      Mortgage Loans as described below and (iv) the Distribution Date in March 2036.
      Notwithstanding the foregoing, in no event shall the trust created hereby
      continue beyond the expiration of 21 years from the death of the last survivor
      of the descendants of Joseph P. Kennedy, the late ambassador of the United
      States to the Court of St. James’s, living on the date hereof.

     

    The
      Master Servicer, or if the Master Servicer fails to exercise such option the
      Servicer, (in such capacity, the “Terminator”), may, at its option, terminate
      this Agreement on any date on which the aggregate Stated Principal Balance
      of
      the Mortgage Loans (after giving effect to scheduled payments of principal
      due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) on such date is equal to or less than 10% of the aggregate Stated
      Principal Balance of the Mortgage Loans on the Cut-off Date, by purchasing,
      on
      the next succeeding Distribution Date, all of the outstanding Mortgage Loans
      and
      REO Properties at a price equal to the greater of (i) the Stated Principal
      Balance of the Mortgage Loans (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) fair market
      value
      of the Mortgage Loans and REO Properties (as determined and as agreed upon
      as of
      the close of business on the third Business Day next preceding the date upon
      which notice of any such termination is furnished to the related
      Certificateholders pursuant to Section 10.01(c) by (x) the Terminator, (y)
      the
      Holders of a majority in Percentage Interest in the Class C Certificates and
      (z)
      if the Fixed Rate Certificates and the Floating Rate Certificates will not
      receive all amounts owed to it as a result of the termination, the Trust
      Administrator, provided that if this clause (z) applies to such determination,
      such determination shall be based solely upon an appraisal obtained as provided
      in the last sentence of this paragraph), plus accrued and unpaid interest
      thereon at the weighted average of the Mortgage Rates through the end of the
      Due
      Period preceding the final Distribution Date plus unreimbursed Servicing
      Advances, Advances, any unpaid Servicing Fees allocable to such Mortgage Loans
      and REO Properties and any accrued and unpaid Net WAC Rate Carryover Amounts
      and
      any Swap Termination payment payable to the Swap Provider (the “Termination
      Price”); provided, however, such option may only be exercised if the Termination
      Price is sufficient to result in the payment of all interest accrued on, as
      well
      as amounts necessary to retire the principal balance of, each class of notes
      issued pursuant to the Indenture. If the determination of the fair market value
      of the Mortgage Loans and REO Properties shall be required to be made and agreed
      upon by the Terminator, the Holders of a majority in Percentage Interest in
      the
      Class C Certificates and the Trust Administrator as provided in (ii) above,
      such
      determination shall be based on an appraisal of the value of the Mortgage Loans
      and REO Properties conducted by an independent appraiser mutually agreed upon
      by
      the Terminator, the Holders of a majority in Percentage Interest in the Class
      C
      Certificates and the Trust Administrator in their reasonable discretion, and
      (A)
      such appraisal shall be obtained at no expense to the Trustee and (B) the Trust
      Administrator may conclusively rely on, and shall be protected in relying on,
      such appraisal.

     

    By
      acceptance of a Residual Certificate, the Holders of the Residual Certificates
      agree, in connection with any termination hereunder, to assign and transfer
      any
      amounts in excess of par, and to the extent received in respect of such
      termination, to pay any such amounts to the Holders of the Class C
      Certificates.

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Terminator shall deposit in the Distribution Account all amounts then on deposit
      in the Collection Account, which deposit shall be deemed to have occurred
      immediately preceding such purchase.

     

    Any
      such
      purchase shall be accomplished by deposit into the Distribution Account on
      the
      Determination Date before such Distribution Date of the Termination
      Price.

     

    (b)  Notice
      of
      any termination, specifying the Distribution Date (which shall be a date that
      would otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates to the Trust Administrator for payment of the
      final
      distribution and cancellation, shall be given promptly by the Trust
      Administrator upon the Trust Administrator receiving notice of such date from
      the Terminator, by letter to the Certificateholders mailed not earlier than
      the
      15th
      day and
      not later than the 25th
      day of
      the month next preceding the month of such final distribution specifying (1)
      the
      Distribution Date upon which final distribution of the Certificates will be
      made
      upon presentation and surrender of such Certificates at the office or agency
      of
      the Trust Administrator therein designated, (2) the amount of any such final
      distribution and (3) that the Record Date otherwise applicable to such
      Distribution Date is not applicable, distributions being made only upon
      presentation and surrender of the Certificates at the office or agency of the
      Trust Administrator therein specified.

     

    (c)  Upon
      presentation and surrender of the Certificates, the Trust Administrator shall
      cause to be distributed to the Holders of the Certificates on the Distribution
      Date for such final distribution, in proportion to the Percentage Interests
      of
      their respective Class and to the extent that funds are available for such
      purpose, an amount equal to the amount required to be distributed to such
      Holders in accordance with the provisions of Section 4.01 for such Distribution
      Date. By acceptance of the Residual Certificates, the Holders of the Residual
      Certificates agree, in connection with any termination hereunder, to assign
      and
      transfer any amounts in excess of the par value of the Mortgage Loans, and
      to
      the extent received in respect of such termination, to pay any such amounts
      to
      the Holders of the Class C Certificates.

     

    (d)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trust Administrator shall promptly following such date cause all funds in the
      Distribution Account not distributed in final distribution to Certificateholders
      to be withdrawn therefrom and credited to the remaining Certificateholders
      by
      depositing such funds in a separate Servicing Account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans) or the Trust Administrator (in any other case)
      shall give a second written notice to the remaining Certificateholders, to
      surrender their Certificates for cancellation and receive the final distribution
      with respect thereto. If within nine months after the second notice all the
      Certificates shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto, and the Trust Administrator upon transfer of such
      funds shall be discharged of any responsibility for such funds, and the
      Certificateholders shall look to the Residual Certificateholders for
      payment.

     

    
      	SECTION
              10.02  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Terminator exercises its purchase option as provided in Section
      10.01, each REMIC shall be terminated in accordance with the following
      additional requirements, unless the Trust Administrator shall have been
      furnished with an Opinion of Counsel to the effect that the failure of the
      Trust
      to comply with the requirements of this Section will not (i) result in the
      imposition of taxes on “prohibited transactions” of the Trust as defined in
      Section 860F of the Code or (ii) cause any REMIC constituting part of the Trust
      Fund to fail to qualify as a REMIC at any time that any Certificates are
      outstanding:

     

    (i)  Within
      90
      days prior to the final Distribution Date, the Terminator shall adopt and the
      Trust Administrator shall sign a plan of complete liquidation of each REMIC
      created hereunder meeting the requirements of a “Qualified Liquidation” under
      Section 860F of the Code and any regulations thereunder; and

     

    (ii)  At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Trust Administrator shall sell all
      of
      the assets of the Trust Fund to the Terminator for cash pursuant to the terms
      of
      the plan of complete liquidation.

     

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trust Administrator as their attorney in fact to: (i) adopt such a plan of
      complete liquidation (and the Certificateholders hereby appoint the Trust
      Administrator as their attorney in fact to sign such plan) as appropriate and
      (ii) to take such other action in connection therewith as may be reasonably
      required to carry out such plan of complete liquidation all in accordance with
      the terms hereof.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer,
      the
      Master Servicer, the Trust Administrator and the Trustee; and without the
      consent of the Certificateholders (i) to cure any ambiguity, (ii) to correct
      or
      supplement any provisions herein which may be defective or inconsistent with
      any
      other provisions herein or (iii) to make any other provisions with respect
      to
      matters or questions arising under this Agreement which shall not be
      inconsistent with the provisions of this Agreement; provided that such action
      shall not as evidenced by either (a) an Opinion of Counsel delivered to the
      Servicer, the Master Servicer, the Trustee and the Trust Administrator or (b)
      written notice to the Depositor, the Servicer the Master Servicer, the Trustee
      and the Trust Administrator from each Rating Agency that such action will not
      result in the reduction or withdrawal of the rating of any outstanding Class
      of
      Certificates with respect to which it is a Rating Agency, adversely affect
      in
      any material respect the interests of any Certificateholder. No amendment shall
      be deemed to adversely affect in any material respect the interests of any
      Certificateholder who shall have consented thereto, and no Opinion of Counsel
      or
      Rating Agency confirmation shall be required to address the effect of any such
      amendment on any such consenting Certificateholder.

     

    In
      addition, this Agreement may be amended from time to time by the Depositor,
      the
      Servicer, the Master Servicer, the Trust Administrator, and the Trustee with
      the
      consent of the Majority Certificateholders 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 Swap Provider
      or
      the Holders of Certificates; provided, however, that no such amendment or waiver
      shall (x) reduce in any manner the amount of, or delay the timing of, payments
      on the Certificates or distributions which are required to be made on any
      Certificate without the consent of the Holder of such Certificate, (y) adversely
      affect in any material respect the interests of the Swap Provider or the Holders
      of any Class of Certificates (as evidenced by either (i) an Opinion of Counsel
      delivered to the Trustee or (ii) written notice to the Depositor, the Servicer
      the Master Servicer and the Trustee from each Rating Agency that such action
      will not result in the reduction or withdrawal of the rating of any outstanding
      Class of Certificates with respect to which it is a Rating Agency) in a manner
      other than as described in clause (x) above, without the consent of the Holders
      of Certificates of such Class evidencing at least a 66% Percentage Interest
      in
      such Class, or (z) reduce the percentage of Voting Rights required by clause
      (y)
      above without the consent of the Holders of all Certificates of such Class
      then
      outstanding. Upon approval of an amendment, a copy of such amendment shall
      be
      sent to the Rating Agencies.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee and the Trust
      Administrator shall not consent to any amendment to this Agreement unless it
      shall have first received an Opinion of Counsel, delivered by (and at the
      expense of) the Person seeking such Amendment, to the effect that such amendment
      will not result in the imposition of a tax on any REMIC created hereunder
      constituting part of the Trust Fund pursuant to the REMIC Provisions or cause
      any REMIC created hereunder constituting part of the Trust to fail to qualify
      as
      a REMIC at any time that any Certificates are outstanding and that the amendment
      is being made in accordance with the terms hereof.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Servicer, the Master Servicer, the Trust Administrator or the Trustee shall
      enter into any amendment to this Agreement that adversely affects in any respect
      the rights and interests hereunder of the Swap Provider without the prior
      written consent of the Swap Provider.

     

    Promptly
      after the execution of any such amendment the Trust Administrator shall furnish,
      at the expense of the Person that requested the amendment if such Person is
      the
      Servicer (but in no event at the expense of the Trustee or the Trust
      Administrator), otherwise at the expense of the Trust, a copy of such amendment
      and the Opinion of Counsel referred to in the immediately preceding paragraph
      to
      the Servicer and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment; instead it shall
      be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trust Administrator may prescribe.

     

    The
      Trustee and the Trust Administrator may, but neither shall be obligated to,
      enter into any amendment pursuant to this Section 11.01 that affects its rights,
      duties and immunities under this Agreement or otherwise.

     

    
      	SECTION
              11.02  	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Trust, but only upon direction of the Certificateholders accompanied by
      an
      Opinion of Counsel to the effect that such recordation materially and
      beneficially affects the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    
      	SECTION
              11.03  	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third person
      by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      	SECTION
              11.04  	
              Governing
                Law; Jurisdiction.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws. With respect to any claim arising
      out
      of this Agreement, each party irrevocably submits to the exclusive jurisdiction
      of the courts of the State of New York and the United States District Court
      located in the Borough of Manhattan in The City of New York, and each party
      irrevocably waives any objection which it may have at any time to the laying
      of
      venue of any suit, action or proceeding arising out of or relating hereto
      brought in any such courts, irrevocably waives any claim that any such suit,
      action or proceeding brought in any such court has been brought in any
      inconvenient forum and further irrevocably waives the right to object, with
      respect to such claim, suit, action or proceeding brought in any such court,
      that such court does not have jurisdiction over such party, provided that
      service of process has been made by any lawful means.

     

    
      	SECTION
              11.05  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile or by express delivery service, to
      (a)
      in the case of the Servicer, 1 Home Campus, Des Moines, IA 50328-0001,
      Attention: John B. Brown, MAC X 2401-042, (telecopy number: (515) 213-7121),
      with a copy to General Counsel, 1 Home Campus, Des Moines, IA 50328-0001, MAC
      X
      2401-06T, (telecopy number: (515) 213-5192), or such other address or telecopy
      number as may hereafter be furnished to the Depositor, the Master Servicer,
      the
      Trust Administrator and the Trustee in writing by the Servicer, (b) in the
      case
      of the Master Servicer or the Trust Administrator, Wells Fargo Bank, N.A.,
      P.O.
      Box 98, Columbia, Maryland 21046, Attention: Soundview 2006-2 (telecopy number
      (410) 715-2380), with a copy to Wells Fargo Bank, N.A., 9062 Old Annapolis
      Road,
      Columbia, Maryland 21045, Attention: Soundview 2006-2 (telecopy number (410)
      715-2380), and for certificate transfer purposes, with a copy to Wells Fargo
      Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
      Attention: Soundview 2006-2, or such other address or telecopy number as may
      hereafter be furnished to the Servicer, the Trustee and the Depositor in writing
      by the Master Servicer, (c) in the case of the Trustee, Deutsche Bank National
      Trust Company, 1761 East St. Andrew Place, Santa Ana, California 92705-4934,
      Attention: Trust Admin—GC06S2 (telecopy number: (714) 247-6329), or such other
      address or telecopy number as may hereafter be furnished to the Depositor,
      the
      Servicer, the Trust Administrator and the Master Servicer in writing by the
      Trustee, or such other address or telecopy number as may hereafter be furnished
      to the Master Servicer and the Depositor in writing by the Trustee, (d) in
      the
      case of the Credit Risk Manager, 1700 Lincoln Street, Suite 1600, Denver,
      Colorado 80203, Attention: General Counsel, or such other address or telecopy
      number as may hereafter be furnished to the Depositor, the Servicer, and the
      Trustee and (e) in the case of the Depositor, Financial Asset Securities Corp.,
      600 Steamboat Road, Greenwich, Connecticut 06830, Attention: Legal, or such
      other address or telecopy number as may hereafter be furnished to the Servicer,
      the Master Servicer, the Trust Administrator and the Trustee in writing by
      the
      Depositor. Any notice required or permitted to be mailed to a Certificateholder
      shall be given by first class mail, postage prepaid, at the address of such
      Holder as shown in the Certificate Register. Notice of the Servicer Event of
      Termination shall be given by telecopy and by certified mail. Any notice so
      mailed within the time prescribed in this Agreement shall be conclusively
      presumed to have duly been given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder shall also be mailed to the appropriate party in the manner
      set forth above.

     

    
      	SECTION
              11.06  	
              Severability
                of Provisions.

            

    

     

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

     

    
      	SECTION
              11.07  	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	SECTION
              11.08  	
              Notice
                to the Rating Agencies.

            

    

     

    (a)  Each
      of
      the Trustee, the Trust Administrator, the Master Servicer and the Servicer
      shall
      be obligated to use its best reasonable efforts promptly to provide notice
      to
      the Rating Agencies with respect to each of the following of which a Responsible
      Officer of the Trust Administrator, the Master Servicer or the Servicer, as
      the
      case may be, has actual knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Servicer Event of Termination or Master Servicer Event of
      Termination that has not been cured or waived;

     

    (iii)  the
      resignation or termination of Master Servicer, the Trust Administrator or the
      Trustee;

     

    (iv)  the
      final
      payment to Holders of the Certificates of any Class;

     

    (v)  any
      change in the location of any Account; and

     

    (vi)  if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b)  In
      addition, the Trust Administrator shall promptly make available to each Rating
      Agency copies of each Statement to Certificateholders described in Section
      4.03
      hereof and copies of the following:

     

    (i)  each
      annual statement as to compliance described in Section 3.20 hereof;

     

    (ii)  each
      Attestation Report described in Section 3.21 hereof; and

     

    (iii)  each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) Moody’s Investors
      Service, Inc., 99 Church Street, New York, New York 10007 and (ii) Standard
      & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., 55
      Water Street, 41st
      Floor,
      New York, New York 10041, Attention: Residential Mortgage Surveillance
      Group.

     

    
      	SECTION
              11.09  	
              Further
                Assurances.

            

    

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    
      	SECTION
              11.10  	
              Benefits
                of Agreement.

            

    

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

     

    
      	SECTION
              11.11  	
              Acts
                of Certificateholders.

            

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Servicer. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      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 Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 11.11.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      	SECTION
              11.12  	
              Intention
                of the Parties and Interpretation.

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and  4.05 of this Agreement is to facilitate compliance by
      the Depositor with the provisions of Regulation AB promulgated by the SEC
      under the 1934 Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may be amended
      from time to time and subject to clarification and interpretive advice as may
      be
      issued by the staff of the SEC from time to time. Therefore, each of the parties
      agrees that (a) the obligations of the parties hereunder shall be interpreted
      in
      such a manner as to accomplish that purpose, (b) the parties’ obligations
      hereunder will be supplemented and modified as necessary to be consistent with
      any such amendments, interpretive advice or guidance, convention or consensus
      among active participants in the asset-backed securities markets, advice of
      counsel, or otherwise in respect of the requirements of Regulation AB, (c)
      the
      parties shall comply, with requests made by the Depositor for delivery of
      additional or different information as the Depositor may determine in good
      faith is necessary to comply with the provisions of Regulation AB, and (d)
      no
      amendment of this Agreement shall be required to effect any such changes in
      the
      parties’ obligations as are necessary to accommodate evolving interpretations of
      the provisions of Regulation AB.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Servicer, the Master Servicer, the Trust
      Administrator and the Trustee have caused their names to be signed hereto by
      their respective officers thereunto duly authorized, in each case as of the
      day
      and year first above written.

     

    
      	 	 	 	 	 	 	 	
              FINANCIAL
                ASSET SECURITIES CORP.,

              as
                Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Ara Balabanian

            
	 	 	 	 	 	 	 	
              Name:

            	
              Ara
                Balabanian

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            

    

    

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Servicer

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Laurie McGoogan 

            
	 	 	 	 	 	 	 	
              Name:

            	
              Laurie
                McGoogan

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            

    

    

     

    
      	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, N.A., as Master Servicer and Trust
                Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Patriciz M F Russo

            
	 	 	 	 	 	 	 	
              Name:

            	
              Patriciz
                M F Russo

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                President

            

    

    

     

    
      	 	 	 	 	 	 	 	
              DEUTSCHE
                BANK NATIONAL TRUST

              COMPANY,
                as Trustee

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Ronaldo Reyes

            
	 	 	 	 	 	 	 	
              Name:

            	
              Ronaldo
                Reyes

            
	 	 	 	 	 	 	 	
              Title:

            	
              Vice
                Presidemt

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              /s/
                Hang Luu

            
	 	 	 	 	 	 	 	
              Name:

            	
              Hang
                Luu

            
	 	 	 	 	 	 	 	
              Title:

            	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    For
      purposes of Sections 6.09, 6.10 and 6.11:

    CLAYTON
      FIXED INCOME SERVICES INC.

    

    
      	
               

              By:

            	
               

              /s/
                Kevin J. Kanouff

            
	
              Name:

            	
              Kevin
                J. Kanouff

            
	
              Title:

            	
              President
                and General Counsel

            
	 
	 	 
	 	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CONNECTICUT

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF FAIRFIELD

            	
              )

            	 

    

    

    On
      the
      _____ day of April, 2006 before me, a notary public in and for said State,
      personally appeared _________________________ known to me to be
      _______________________ of Financial Asset Securities Corp., a Delaware
      corporation that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      the
      _____ day of, April 2006 before me, a notary public in and for said State,
      personally appeared ____________________________ known to me to be a
      ___________________________ of Wells Fargo Bank, N.A., a limited partnership
      that executed the within instrument, and also known to me to be the person
      who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF ORANGE

              	
                )

              	 

      

       

    

     

    On
      the
      ____ day of April, 2006 before me, a notary public in and for said State,
      personally appeared _________________________, known to me to be a(n)
      _______________________ and _________________________, known to me to be a(n)
      _______________________of Deutsche Bank National Trust Company, a corporation
      that executed the within instrument, and also known to me to be the person
      who
      executed it on behalf of said association, and acknowledged to me that such
      corporation executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      EXHIBIT
        A-1

       

      FORM
        OF
        CLASS A-1 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

                 

              	
                :

                 

              	
                $289,863,000.00

                 

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

                 

              	
                $289,863,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NC 8

              
	
                Class

                 

              	
                :

                 

              	
                A-1

                 

              
	
                Assumed
                  Maturity Date

                 

              	
                :

                 

              	
                March
                  2036

                 

              

      

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        A-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-1 Certificate (obtained by dividing the Denomination
        of this Class A-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class A-1 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class A-1 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Reference
        is hereby made to the further provisions of this Class A-1 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-2

                 

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

              
	 	
                By:

              	 

      

      

      
        	
                This
                  is one of the Certificates referenced

                in
                  the within-mentioned Agreement

                 

              	 
	
                By:

              	 	
              
	 	
                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N.A.,

                as
                  Trust Administrator

              	
              

      

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-1Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:

              
	 

      

      

       

      Dated:_________________

       

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

      
         

        
          	
                  Distributions
                    shall be made, by wire transfer or otherwise, in immediately
                    available
                    

                
	
                  funds
                    to

                	 
	 
	
                  for
                    the account of

                	 
	
                  account
                    number

                	 	
                  or,
                    if mailed by check, to

                
	 
	
                  Applicable
                    statements should be mailed to

                	 
	 
	 
	
                  This
                    information is provided by

                	 
	
                  assignee
                    named above, or

                	 
	
                  its
                    agent.

                	 

        

        

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS A-2 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

                 

              	
                :

                 

              	
                $94,766,000.00

                 

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

                 

              	
                $94,766,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  ND 6

              
	
                Class

                 

              	
                :

                 

              	
                A-2

                 

              
	
                Assumed
                  Maturity Date

                 

              	
                :

                 

              	
                March
                  2036

                 

              

      

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        A-2

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-2 Certificate (obtained by dividing the Denomination
        of this Class A-2 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class A-2 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class A-2 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Reference
        is hereby made to the further provisions of this Class A-2 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-2 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-2Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

              
	 

      

      

       

      Dated:_________________

       

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS A-3 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

                 

              	
                :

                 

              	
                $188,113,000.00

                 

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

                 

              	
                $188,113,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NE 4

              
	
                Class

                 

              	
                :

                 

              	
                A-3

                 

              
	
                Assumed
                  Maturity Date

                 

              	
                :

                 

              	
                March
                  2036

                 

              

      

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        A-3

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-3 Certificate (obtained by dividing the Denomination
        of this Class A-3 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class A-3 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class A-3 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Reference
        is hereby made to the further provisions of this Class A-3 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-3 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

        

          
            
               

               

              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      [Reverse
        of Class A-3Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

              
	 

      

      

       

      Dated:_________________

       

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS A-4 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

                 

              	
                :

                 

              	
                $49,820,000.00

                 

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

                 

              	
                $49,820,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NF 1

              
	
                Class

                 

              	
                :

                 

              	
                A-4

                 

              
	
                Assumed
                  Maturity Date

                 

              	
                :

                 

              	
                March
                  2036

                 

              

      

      

      
        
          A-4-

          [TPW:
            NYLEGAL:485481.5] 16159-00473 04/12/2006 03:17 PM

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        A-4

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class A-4 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class A-4 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class A-4 Certificate (obtained by dividing the Denomination
        of this Class A-4 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class A-4 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class A-4 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      Reference
        is hereby made to the further provisions of this Class A-4 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class A-4 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class A-4 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

              
	 

      

      

       

      Dated:_________________

       

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS M-1 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $29,569,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $29,569,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NH 7

              
	
                Class

                 

              	
                :

                 

              	
                M-1

                 

              
	
                Assumed
                  Maturity Date

                 

              	
                :

                 

              	
                March
                  2036

                 

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-1 Certificate (obtained by dividing the Denomination
        of this Class M-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-1 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-1 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-1 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

        

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-1 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

      
        	 

      

      

       

      

       

      Dated:_________________

       

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS M-2 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND CLASS M-1 CERTIFICATES
        TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $26,733,000.00

                 

              
	
                Original
                  Class Certificate

                 

                Principal
                  Balance of this Class

                 

              	
                :

                 

              	
                $26,733,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable
                  

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NJ 3

              
	
                Class

                 

              	
                :

                 

              	
                M-2

                 

              
	
                Assumed
                  Maturity Date

                 

              	
                :

                 

              	
                March
                  2036

                 

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-2

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-2 Certificate (obtained by dividing the Denomination
        of this Class M-2 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-2 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-2 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-2 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-2 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      [Reverse
        of Class M-2 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

              
	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-7

       

      FORM
        OF
        CLASS M-3 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES
        AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $17,012,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $17,012,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable
                  

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NK 0

              
	
                Class

                 

              	
                :

                 

              	
                M-3

                 

              
	
                Assumed
                  Maturity Date

                 

              	
                :

                 

              	
                March
                  2036

                 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-3

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-3 Certificate (obtained by dividing the Denomination
        of this Class M-3 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-3 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-3 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-3 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-3 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-3 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

                 

              

      

      Dated:_________________

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-8

       

      FORM
        OF
        CLASS M-4 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, AND THE CLASS M-3 CERTIFICATES TO THE EXTENT
        DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $14,582,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $14,582,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NL 8

              
	
                Class

                 

              	
                :

                 

              	
                M-4

                 

              
	
                Assumed
                  Maturity Date

                 

              	
                :

                 

              	
                March
                  2036

                 

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-4

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-4 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-4 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-4 Certificate (obtained by dividing the Denomination
        of this Class M-4 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-4 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-4 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-4 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-4 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

        

          
            
               

               

              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      [Reverse
        of Class M-4 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

                 

                ______________________________________________________________________________

                 

              

      

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-9

       

      FORM
        OF
        CLASS M-5 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND THE CLASS M-4
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $14,582,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $14,582,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NM 6

              
	
                Class

                 

              	
                :

                 

              	
                M-5

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-5

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-5 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-5 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-5 Certificate (obtained by dividing the Denomination
        of this Class M-5 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-5 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-5 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-5 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-5 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [REVERSE
        OF CLASS M-5 CERTIFICATE]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

                 

                ______________________________________________________________________________

                 

              

      

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-10

       

      FORM
        OF
        CLASS M-6 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $12,557,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $12,557,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable
                  

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NN 4

              
	
                Class

                 

              	
                :

                 

              	
                M-6

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-6

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-6 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-6 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-6 Certificate (obtained by dividing the Denomination
        of this Class M-6 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-6 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-6 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-6 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-6 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-6 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

                 

              

      

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-11

       

      FORM
        OF
        CLASS M-7 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $12,151,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $12,151,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NP 9

              
	
                Class

                 

              	
                :

                 

              	
                M-7

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-7

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-7 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-7 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-7 Certificate (obtained by dividing the Denomination
        of this Class M-7 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-7 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-7 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-7 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-7 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-7 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

                
                

              

      

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-12

       

      FORM
        OF
        CLASS M-8 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES AND
        THE
        CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $10,126,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $10,126,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable
                  

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NQ 7

              
	
                Class

                 

              	
                :

                 

              	
                M-8

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-8

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-8 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-8 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-8 Certificate (obtained by dividing the Denomination
        of this Class M-8 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-8 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-8 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-8 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-8 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-8 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      
        	
                I
                  (We) further direct the Trust Administrator to issue a new Certificate
                  of
                  a like denomination and Class, to the above named assignee and
                  deliver
                  such Certificate to the following address:______

                
                

              

      

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-13

       

      FORM
        OF
        CLASS M-9 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, CLASS M-1 CERTIFICATES,
        THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS M-4
        CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
        CLASS
        M-7 CERTIFICATES AND THE M-8 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING
        AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $8,101,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $8,101,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NR 5

              
	
                Class

                 

              	
                :

                 

              	
                M-9

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-9

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-9 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-9 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-9 Certificate (obtained by dividing the Denomination
        of this Class M-9 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-9 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-9 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-9 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class M-9 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-9 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

       

      ______________________________________________________________________________

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-14

       

      FORM
        OF
        CLASS M-10 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR
        CERTIFICATES, CLASS M-1 CERTIFICATES, CLASS M-2 CERTIFICATES, CLASS M-3
        CERTIFICATES, CLASS M-4 CERTIFICATES, CLASS M-5 CERTIFICATES, CLASS M-6
        CERTIFICATES, CLASS M-7 CERTIFICATES, CLASS M-8 CERTIFICATES AND CLASS M-9
        CERTIFICATES,
        TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $8,101,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $8,101,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable
                  

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NS 3

              
	
                Class

                 

              	
                :

                 

              	
                M-10

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        M-10

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class M-10 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class M-10 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class M-10 Certificate (obtained by dividing the Denomination
        of this Class M-10 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class M-10 Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class M-10 Certificate by
        virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable sate securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act, and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trustee and the Depositor in writing the facts surrounding
        the
        transfer. The Holder hereof desiring to effect such transfer shall, and does
        hereby agree to indemnify the Trustee and the Depositor against any liability
        that may result if the transfer is not so exempt or is not made in accordance
        with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-10 Certificate set
        forth on the reverse hereof, which further provisions shall for all purposes
        have the same effect as if set forth at this place.

       

      This
        Class M-10 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class M-10 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                    if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-15

       

      FORM
        OF
        CLASS B-1 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
        CERTIFICATES, TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $8,101,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $8,101,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NT 1

              
	
                Class

                 

              	
                :

                 

              	
                B-1

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        B-1

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class B-1 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class B-1 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class B-1 Certificate (obtained by dividing the Denomination
        of this Class B-1 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class B-1 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class B-1 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable sate securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act, and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. The Holder hereof desiring to effect such transfer
        shall, and does hereby agree to indemnify the Trust Administrator and the
        Depositor against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class B-1 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class B-1 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
         

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

      

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class B-1 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-16

       

      FORM
        OF
        CLASS B-2 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
        CERTIFICATES, TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $6,481,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $6,481,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NU 8

              
	
                Class

                 

              	
                :

                 

              	
                B-2

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        B-2

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class B-2 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class B-2 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class B-2 Certificate (obtained by dividing the Denomination
        of this Class B-2 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class B-2 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class B-2 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable sate securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act, and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. The Holder hereof desiring to effect such transfer
        shall, and does hereby agree to indemnify the Trust Administrator and the
        Depositor against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class B-2 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class B-2 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class B-2 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-17

       

      FORM
        OF
        CLASS B-3 CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
        CERTIFICATES, TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

                 

              	
                :

                 

              	
                $9,721,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

                 

              	
                :

                 

              	
                $9,721,000.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

                 

              	
                :

                 

              	
                Variable

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NV 6

              
	
                Class

                 

              	
                :

                 

              	
                B-3

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                March
                  2036

              

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        B-3

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class B-3 Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class B-3 Certificate does not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced by this Class B-3 Certificate (obtained by dividing the Denomination
        of this Class B-3 Certificate by the Original Class Certificate Principal
        Balance) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
        (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of March 1, 2006 (the “Agreement”) among the Depositor, Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”), and Deutsche Bank
        National Trust Company, a national banking association, as trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Class B-3 Certificate is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class B-3 Certificate by
        virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable sate securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act, and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. The Holder hereof desiring to effect such transfer
        shall, and does hereby agree to indemnify the Trust Administrator and the
        Depositor against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class B-3 Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class B-3 Certificate shall not be entitled to any benefit under the Agreement
        or be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class B-3 Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

      
        	 

      

      

       

      Dated:_________________

       

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

       

      

        
          
            
               

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

       

      EXHIBIT
        A-18

       

      FORM
        OF
        CLASS C CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Notional Amount

                of
                  this Certificate (“Denomination”)

              	
                :

                 

              	
                $9,720,727.49

                 

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

              	
                :

                 

              	
                $9,720,727.49

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NW 4

              
	
                Class

                 

              	
                :

                 

              	
                C

                 

              

      

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        C

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class C Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class C Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer, the Master Servicer, the Trust Administrator or the Trustee referred
        to below or any of their respective affiliates.

       

      This
        certifies that Greenwich Capital Financial Products, Inc. is the registered
        owner of the Percentage Interest evidenced by this Class C Certificate (obtained
        by dividing the Denomination of this Class C Certificate by the Original
        Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of March 1, 2006 (the “Agreement”) among the
        Depositor, Wells Fargo Bank, N.A. as master servicer, servicer and trust
        administrator (the “Master Servicer”, “Servicer” and “Trust Administrator”), and
        Deutsche Bank National Trust Company, a national banking association, as
        trustee
        (the “Trustee”). To the extent not defined herein, the capitalized terms used
        herein have the meanings assigned in the Agreement. This Class C Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class C Certificate by virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. In the event that such a transfer is not to be
        made
        pursuant to Rule 144A of the Act, there shall be delivered to the Trust
        Administrator and the Depositor of an Opinion of Counsel that such transfer
        may
        be made pursuant to an exemption from the Act, which Opinion of Counsel shall
        not be obtained at the expense of the Trustee, the Servicer, the Master
        Servicer, the Trust Administrator or the Depositor; or there shall be delivered
        to the Trust Administrator and the Depositor a transferor certificate by
        the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trust Administrator and the Depositor against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

      

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

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

       

      This
        Class C Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

        

          
            
               

               

              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      [Reverse
        of Class C Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-19

       

      FORM
        OF
        CLASS P CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

                 

              	
                :

                 

              	
                $100.00

                 

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

                 

              	
                $100.00

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NX 2

              
	
                Class

                 

              	
                :

                 

              	
                P

                 

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        P

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class P Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof, as described herein. This Class P Certificate does not evidence
        an obligation of, or an interest in, and is not guaranteed by the Depositor,
        the
        Servicer, the Master Servicer, the Trust Administrator or the Trustee referred
        to below or any of their respective affiliates.

       

      This
        certifies that Greenwich Capital Financial Products, Inc. is the registered
        owner of the Percentage Interest evidenced by this Class P Certificate (obtained
        by dividing the Denomination of this Class P Certificate by the Original
        Class
        Certificate Principal Balance) in certain distributions with respect to a
        Trust
        consisting primarily of the Mortgage Loans deposited by Financial Asset
        Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
        and Servicing Agreement dated as of March 1, 2006 (the “Agreement”) among the
        Depositor, Wells Fargo Bank, N.A. as master servicer, servicer and trust
        administrator (the “Master Servicer”, “Servicer” and “Trust Administrator”), and
        Deutsche Bank National Trust Company, a national banking association, as
        trustee
        (the “Trustee”). To the extent not defined herein, the capitalized terms used
        herein have the meanings assigned in the Agreement. This Class P Certificate
        is
        issued under and is subject to the terms, provisions and conditions of the
        Agreement, to which Agreement the Holder of this Class P Certificate by virtue
        of the acceptance hereof assents and by which such Holder is bound.

       

      This
        Certificate does not have a pass-through rate and will be entitled to
        distributions only to the extent set forth in the Agreement.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. In the event that such a transfer is not to be
        made
        pursuant to Rule 144A of the Act, there shall be delivered to the Trust
        Administrator and the Depositor of an Opinion of Counsel that such transfer
        may
        be made pursuant to an exemption from the Act, which Opinion of Counsel shall
        not be obtained at the expense of the Trustee, the Servicer, the Master
        Servicer, the Trust Administrator or the Depositor; or there shall be delivered
        to the Trust Administrator and the Depositor a transferor certificate by
        the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trust Administrator and the Depositor against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

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

       

      This
        Class P Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class P Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-20

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUST ADMINISTRATOR A TRANSFER AFFIDAVIT IN
        ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100%

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NY 0

                 

              
	
                Class

                 

              	
                :

                 

              	
                R

                 

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        R

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Greenwich Capital Markets, Inc. is the registered owner of
        the
        Percentage Interest evidenced by this Certificate specified above in the
        interest represented by all Certificates of the Class to which this Certificate
        belongs in a Trust consisting primarily of the Mortgage Loans deposited by
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of March 1, 2006 (the
        “Agreement”) among the Depositor, Wells Fargo Bank, N.A. as master servicer,
        servicer and trust administrator (the “Master Servicer”, “Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Office or the office or agency maintained by the Trust
        Administrator.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. In the event that such a transfer is not to be
        made
        pursuant to Rule 144A of the Act, there shall be delivered to the Trust
        Administrator and the Depositor of an Opinion of Counsel that such transfer
        may
        be made pursuant to an exemption from the Act, which Opinion of Counsel shall
        not be obtained at the expense of the Trustee, the Servicer, the Master
        Servicer, the Trust Administrator or the Depositor; or there shall be delivered
        to the Trust Administrator and the Depositor a transferor certificate by
        the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trust Administrator and the Depositor against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trust Administrator
        of
        (a) a transfer affidavit of the proposed transferee and (b) a transfer
        certificate of the transferor, each of such documents to be in the form
        described in the Agreement, (iii) each person holding or acquiring any Ownership
        Interest in this Certificate must agree to require a transfer affidavit and
        to
        deliver a transfer certificate to the Trust Administrator as required pursuant
        to the Agreement, (iv) each person holding or acquiring an Ownership Interest
        in
        this Certificate must agree not to transfer an Ownership Interest in this
        Certificate if it has actual knowledge that the proposed transferee is not
        a
        Permitted Transferee and (v) any attempted or purported transfer of any
        Ownership Interest in this Certificate in violation of such restrictions
        will be
        absolutely null and void and will vest no rights in the purported transferee.
        Pursuant to the Agreement, The Trust Administrator will provide the Internal
        Revenue Service and any pertinent persons with the information needed to
        compute
        the tax imposed under the applicable tax laws on transfers of residual interests
        to disqualified organizations, if any person other than a Permitted Transferee
        acquires an Ownership Interest on a Class R Certificate in violation of the
        restrictions mentioned above.

       

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

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized officer of
        the
        Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2 Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      

       

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A-21

       

      FORM
        OF
        CLASS R-X CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
        THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
        REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CLASS R-X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUST ADMINISTRATOR A TRANSFER AFFIDAVIT IN
        ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

                 

              	
                :

                 

              	
                1

                 

              
	
                Cut-off
                  Date

                 

              	
                :

                 

              	
                March
                  1, 2006

                 

              
	
                First
                  Distribution Date

                 

              	
                :

                 

              	
                April
                  25, 2006

                 

              
	
                Percentage
                  Interest

                 

              	
                :

                 

              	
                100.00%

                 

              
	
                CUSIP

                 

              	
                :

                 

              	
                83611M
                  NZ 7

                 

              
	
                Class

                 

              	
                :

                 

              	
                R-X

                 

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      Series
        2006-2

      CLASS
        R-X

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting of second
        lien,
        fixed rate mortgage loans (the “Mortgage Loans”)

       

      FINANCIAL
        ASSET SECURITIES CORP., AS DEPOSITOR

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that Greenwich Capital Markets, Inc. is the registered owner of
        the
        Percentage Interest evidenced by this Certificate specified above in the
        interest represented by all Certificates of the Class to which this Certificate
        belongs in a Trust consisting primarily of the Mortgage Loans deposited by
        Financial Asset Securities Corp. (the “Depositor”). The Trust was created
        pursuant to a Pooling and Servicing Agreement dated as of March 1, 2006 (the
        “Agreement”) among the Depositor, Wells Fargo Bank, N.A. as master servicer,
        servicer and trust administrator (the “Master Servicer”, “Servicer” and “Trust
        Administrator”), and Deutsche Bank National Trust Company, a national banking
        association, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Office or the office or agency maintained by the Trust
        Administrator.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event that a transfer is to be made
        in
        reliance upon an exemption from the Act and such laws, in order to assure
        compliance with the Act and such laws, the Certificateholder desiring to
        effect
        such transfer and such Certificateholder’s prospective transferee shall each
        certify to the Trust Administrator and the Depositor in writing the facts
        surrounding the transfer. In the event that such a transfer is not to be
        made
        pursuant to Rule 144A of the Act, there shall be delivered to the Trust
        Administrator and the Depositor of an Opinion of Counsel that such transfer
        may
        be made pursuant to an exemption from the Act, which Opinion of Counsel shall
        not be obtained at the expense of the Trustee, the Servicer, the Master
        Servicer, the Trust Administrator or the Depositor; or there shall be delivered
        to the Trust Administrator and the Depositor a transferor certificate by
        the
        transferor and an investment letter shall be executed by the transferee.
        The
        Holder hereof desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trust Administrator and the Depositor against any liability
        that
        may result if the transfer is not so exempt or is not made in accordance
        with
        such federal and state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Trust Administrator
        of
        (a) a transfer affidavit of the proposed transferee and (b) a transfer
        certificate of the transferor, each of such documents to be in the form
        described in the Agreement, (iii) each person holding or acquiring any Ownership
        Interest in this Certificate must agree to require a transfer affidavit and
        to
        deliver a transfer certificate to the Trust Administrator as required pursuant
        to the Agreement, (iv) each person holding or acquiring an Ownership Interest
        in
        this Certificate must agree not to transfer an Ownership Interest in this
        Certificate if it has actual knowledge that the proposed transferee is not
        a
        Permitted Transferee and (v) any attempted or purported transfer of any
        Ownership Interest in this Certificate in violation of such restrictions
        will be
        absolutely null and void and will vest no rights in the purported transferee.
        Pursuant to the Agreement, the Trust Administrator will provide the Internal
        Revenue Service and any pertinent persons with the information needed to
        compute
        the tax imposed under the applicable tax laws on transfers of residual interests
        to disqualified organizations, if any person other than a Permitted Transferee
        acquires an Ownership Interest on a Class R-X Certificate in violation of
        the
        restrictions mentioned above.

       

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

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized officer of
        the
        Trust Administrator.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        April __, 2006

      
         

        
          	 	
                  SOUNDVIEW
                    HOME LOAN TRUST 2006-2

                   

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

                
	 	
                  By:

                	 

        

        

        
          	
                  This
                    is one of the Certificates referenced

                  in
                    the within-mentioned Agreement

                   

                	 
	
                  By:

                	 	
                
	 	
                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Trust Administrator

                	
                

        

         

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [Reverse
        of Class R-X Certificate]

       

      Soundview
        Home Loan Trust 2006-2

      Asset-Backed
        Certificates,

      SERIES
        2006-2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2
        (herein collectively called the “Certificates”), and representing a beneficial
        ownership interest in the Trust created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trust Administrator is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trust Administrator.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, then the Business
        Day
        immediately following such Distribution Date (the “Distribution Date”),
        commencing on the first Distribution Date specified on the face hereof, to
        the
        Person in whose name this Certificate is registered at the close of business
        on
        the applicable Record Date in an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount required to be distributed
        to Holders of Certificates of the Class to which this Certificate belongs
        on
        such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office of the Trust
        Administrator or the Trust Administrator’s agent specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trust
        Administrator and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Servicer, the Master Servicer, the Trust
        Administrator and the Trustee and of Holders of the requisite percentage
        of the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Certificate Registrar upon surrender of this Certificate for registration
        of
        transfer at the offices or agencies of the Trust Administrator as provided
        in
        the Pooling and Servicing Agreement accompanied by a written instrument of
        transfer in form satisfactory to the Trust Administrator and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee and any agent of the Depositor, the Servicer, the Master Servicer,
        the
        Trust Administrator or the Trustee may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of the
        Depositor, the Trustee, the Servicer, the Master Servicer, the Trust
        Administrator or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date at which the remaining aggregate Principal
        Balance of the Mortgage Loans is less than 10% of the sum of (i) the aggregate
        Stated Principal Balance of the Initial Mortgage Loans and the Additional
        Mortgage Loans as of the related Cut-off Date and (ii) the Original Pre-Funded
        Amounts, the Servicer may purchase, in whole, from the Trust the Mortgage
        Loans
        at a purchase price determined as provided in the Agreement. In the event
        that
        no such optional termination occurs, the obligations and responsibilities
        created by the Agreement will terminate upon notice to the Trust Administrator
        upon the earliest of (i) the Distribution Date on which the Certificate
        Principal Balances of the Regular Certificates have been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan in the Trust,
        (iii) the optional purchase by the Servicer of the Mortgage Loans as described
        in the Agreement and (iv) the Distribution Date in March 2036.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

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

              
	
                unto

              	 
	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trust Administrator to issue a new Certificate of a like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:______

      
        	 	 

      

      

       

      Dated:_________________

       

      

      
        
           

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately available
                  

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                Account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                Assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        B

       

      [RESERVED]

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      FORM
        OF
        ASSIGNMENT AND RECOGNITION AGREEMENTS

       

       

      
        

          ASSIGNMENT
            AND RECOGNITION AGREEMENT

           

          THIS
            ASSIGNMENT AND RECOGNITION AGREEMENT, dated April 6, 2006, (“Agreement”)
            among
            Greenwich Capital Financial Products, Inc. (“Assignor”),
            Financial Asset Securities Corp. (“Assignee”)
            and
            Aames Capital Corp. (the “Company”):

           

          For
            and
            in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
            consideration the receipt and sufficiency of which hereby are acknowledged,
            and
            of the mutual covenants herein contained, the parties hereto hereby agree
            as
            follows:

           

          Assignment
            and Conveyance

           

          1.  The
            Assignor hereby conveys, sells, grants, transfers and assigns to the
            Assignee
            all of the right, title and interest of the Assignor, as purchaser, in,
            to and
            under (a) those certain Mortgage Loans listed as being originated by
            the Company
            on the schedule (the “Mortgage
            Loan Schedule”)
            attached hereto as Exhibit A (the “Mortgage
            Loans”)
            and
            (b) that certain Master Mortgage Loan Purchase and Interim Servicing
            Agreement
            dated as of December 1, 2005, as amended (the “Purchase
            Agreement”),
            between the Assignor, as purchaser (the “Purchaser”),
            and
            the Company, as seller, solely insofar as the Purchase Agreement relates
            to the
            Mortgage Loans.

           

          The
            Assignor specifically reserves and does not assign to the Assignee hereunder
            any
            and all right, title and interest in, to and under and any obligations
            of the
            Assignor with respect to any mortgage loans subject to the Purchase Agreement
            which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
            and are
            not the subject of this Agreement.

           

          Recognition
            of the Company

           

          2.  From
            and
            after the date hereof, the Company shall and does hereby recognize that
            the
            Assignee will transfer the Mortgage Loans and assign its rights under
            the
            Purchase Agreement (solely to the extent set forth herein) and this Agreement
            to
            Soundview Home Loan Trust 2006-2 (the “Trust”)
            created pursuant to a Pooling and Servicing Agreement, dated as of March
            1, 2006
            (the “Pooling
            Agreement”),
            among
            the Assignee, Wells Fargo Bank, N.A., as master servicer and servicer
            (the
“Master Servicer” and “Servicer”) and Deutsche Bank National Trust Company, as
            trustee (including its successors in interest and any successor trustees
            under
            the Pooling Agreement, the “Trustee”).
            The
            Company hereby acknowledges and agrees that from and after the date hereof
            (i) the Trust will be the owner of the Mortgage Loans, (ii) the
            Company shall look solely to the Trust for performance of any obligations
            of the
            Assignor insofar as they relate to the enforcement of the representations,
            warranties and covenants with respect to the Mortgage Loans, (iii) the
            Trust (including the Trustee and the Servicer acting on the Trust’s behalf)
            shall have all the rights and remedies available to the Assignor, insofar
            as
            they relate to the Mortgage Loans, under the Purchase Agreement, including,
            without limitation, the enforcement of the document delivery requirements
            and
            remedies with respect to breaches of representations and warranties set
            forth in
            the Purchase Agreement, and shall be entitled to enforce all of the obligations
            of the Company thereunder insofar as they relate to the Mortgage Loans,
            and
            (iv) all references to the Purchaser (insofar as they relate to the rights,
            title and interest and, with respect to obligations of the Purchaser,
            only
            insofar as they relate to the enforcement of the representations, warranties
            and
            covenants of the Company) or the Custodian under the Purchase Agreement
            insofar
            as they relate to the Mortgage Loans, shall be deemed to refer to the
            Trust
            (including the Trustee and the Servicer acting on the Trust’s behalf). Neither
            the Company nor the Assignor shall amend or agree to amend, modify, waive,
            or
            otherwise alter any of the terms or provisions of the Purchase Agreement
            which
            amendment, modification, waiver or other alteration would in any way
            affect the
            Mortgage Loans or the Company’s performance under the Purchase Agreement with
            respect to the Mortgage Loans without the prior written consent of the
            Trustee.

           

          Representations
            and Warranties of the Company

           

          3.  The
            Company warrants and represents to the Assignor, the Assignee and the
            Trust as
            of the date hereof that:

           

                          (a) The
            Company is duly organized, validly existing and in good standing under
            the laws
            of the jurisdiction of its incorporation;

           

          (b)
             The
            Company has full power and authority to execute, deliver and perform
            its
            obligations under this Agreement and has full power and authority to
            perform its
            obligations under the Purchase Agreement. The execution by the Company
            of this
            Agreement is in the ordinary course of the Company’s business and will not
            conflict with, or result in a breach of, any of the terms, conditions
            or
            provisions of the Company’s charter or bylaws or any legal restriction, or any
            material agreement or instrument to which the Company is now a party
            or by which
            it is bound, or result in the violation of any law, rule, regulation,
            order,
            judgment or decree to which the Company or its property is subject. The
            execution, delivery and performance by the Company of this Agreement
            have been
            duly authorized by all necessary corporate action on the part of the
            Company.
            This Agreement has been duly executed and delivered by the Company and,
            upon the
            due authorization, execution and delivery by the Assignor and the Assignee,
            will
            constitute the valid and legally binding obligation of the Company, enforceable
            against the Company in accordance with its terms except as enforceability
            may be
            limited by bankruptcy, reorganization, insolvency, moratorium or other
            similar
            laws now or hereafter in effect relating to creditors’ rights generally, and by
            general principles of equity regardless of whether enforceability is
            considered
            in a proceeding in equity or at law;

           

          (c)
             No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            the Company in connection with the execution, delivery or performance
            by the
            Company of this Agreement; and

           

          (d)
             There
            is
            no action, suit, proceeding or investigation pending or threatened against
            the
            Company, before any court, administrative agency or other tribunal, which
            would
            draw into question the validity of this Agreement or the Purchase Agreement,
            or
            which, either in any one instance or in the aggregate, would result in
            any
            material adverse change in the ability of the Company to perform its
            obligations
            under this Agreement or the Purchase Agreement, and the Company is
            solvent.

           

          4.  Pursuant
            to Section 12 of the Purchase Agreement, the Company hereby represents and
            warrants, for the benefit of the Assignor, the Assignee and the Trust,
            that the
            representations and warranties (i) set forth in Sections 7.02 (iii),
            (iv),
            (vii), (xv), (xvii), (xviii), (xxiii), (xxxii) and (l) of the Agreement
            are true
            and correct as of the date that the Mortgage Loans were purchased from
            the
            Company, (ii) set forth in Section 7.01 of the Agreement are true and
            correct as
            of the date hereof, and (iii) set forth in Section 7.02 of the Agreement
            (other
            than those listed in clause (i) herein) are true and correct as of the
            date that
            the Company transferred the servicing of the Mortgage Loans, except that
            the
            representation and warranty set forth in Section 7.02(i) of the Agreement
            shall, for purposes of this Agreement, relate to the Mortgage Loan Schedule
            attached hereto. 

           

          5.  The
            Assignor hereby represents and warrants that to the best of the Assignor’s
            knowledge, nothing has occurred in the period of time from the Closing
            Date (as
            defined in the Purchase Agreement) to the date hereof which would cause
            such
            representation and warranties referred to in Section 4 (i) herein to
            be untrue
            in any material respect as of the date hereof.

           

          Remedies
            for Breach of Representations and Warranties

           

          6.  The
            Company hereby acknowledges and agrees that the remedies available to
            the
            Assignor, the Assignee and the Trust (including the Trustee and the Servicer
            acting on the Trust’s behalf) in connection with any breach of the
            representations and warranties made by the Company set forth in Sections
            3 and 4
            hereof shall be as set forth in Subsection 7.03 of the Purchase Agreement
            as if they were set forth herein (including without limitation the repurchase
            and indemnity obligations set forth therein).

           

          The
            Assignor hereby acknowledges and agrees that the remedies available to
            the
            Assignee and the Trust (including the Trustee and the Servicers acting
            on the
            Trust’s behalf) in connection with any breach of the representations and
            warranties made by the Assignor set forth in Section 5 hereof shall be
            as set
            forth in Section 2.03 of the Pooling Agreement as if they were set forth
            herein.

           

          Notwithstanding
            the foregoing, the Assignor may, at its option, satisfy any obligation
            of the
            Company with respect to any breach of representation and warranty made
            by the
            Company regarding the Mortgage Loans.

           

          Miscellaneous

           

          7.  This
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

           

          8.  No
            term
            or provision of this Agreement may be waived or modified unless such
            waiver or
            modification is in writing and signed by the party against whom such
            waiver or
            modification is sought to be enforced, with the prior written consent
            of the
            Trustee.

           

          9.  This
            Agreement shall inure to the benefit of (i) the successors and assigns
            of the
            parties hereto and (ii) the Trust (including the Trustee and the Servicer
            acting
            on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
            be merged or consolidated shall, without the requirement for any further
            writing, be deemed Assignor, Assignee or Company, respectively,
            hereunder.

           

          10.  Each
            of
            this Agreement and the Purchase Agreement shall survive the conveyance
            of the
            Mortgage Loans and the assignment of the Purchase Agreement (to the extent
            assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
            and
            nothing contained herein shall supersede or amend the terms of the Purchase
            Agreement.

           

          11.  This
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument.

           

          12.  In
            the
            event that any provision of this Agreement conflicts with any provision
            of the
            Purchase Agreement with respect to the Mortgage Loans, the terms of this
            Agreement shall control.

           

          13.  Capitalized
            terms used in this Agreement (including the exhibits hereto) but not
            defined in
            this Agreement shall have the meanings given to such terms in the Purchase
            Agreement.

           

          [SIGNATURE
            PAGE FOLLOWS]

           

          

          
            
              
                

                 

              

              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          IN
            WITNESS WHEREOF, the parties have caused this Agreement to be executed
            by their
            duly authorized officers as of the date first above written.

          
 

          
            	 	GREENWICH CAPITAL
                    FINANCIAL
                    PRODUCTS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	 	FINANCIAL ASSET SECURITIES
                    CORP.
	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	 	 AAMES CAPITAL
                    CORP.
	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

          

           

          
 

          
            
               

               

              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            I

           

          REPRESENTATIONS
            AND WARRANTIES

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Capitalized
            terms used in this Schedule I but not defined in this Agreement shall
            have the
            meanings given to such terms in the Purchase Agreement.

          

          1.  The
            information set forth in the related Mortgage Loan Schedule is complete, true
            and correct in all material respects;

           

          2.  The
            Mortgage Loan is in compliance with all requirements set forth in the
            related
            Confirmation, and the characteristics of the related Mortgage Loan Package
            as
            set forth in the related Confirmation are true and correct; provided,
            however,
            that in the event of any conflict between the terms of any Confirmation
            and this
            Agreement, the terms of this Agreement shall control;

           

          3.  All
            payments required to be made up to the close of business on the Closing
            Date for
            such Mortgage Loan under the terms of the Mortgage Note have been made
            (except
            that the Mortgage Loans may be up to 29 days delinquent as set forth
            below); the
            Seller has not advanced funds, or induced, solicited or knowingly received
            any
            advance of funds from a party other than the owner of the related Mortgaged
            Property, directly or indirectly, for the payment of any amount required
            by the
            Mortgage Note or Mortgage; no Mortgage Loan is thirty (30) or more days
            delinquent as of the Closing Date and there has been no delinquency of
            more than
            29 days, in any payment by the Mortgagor thereunder since the origination
            of the
            Mortgage Loan;

           

          4.  Except
            as
            set forth on Schedule 7.02(iv), there are no delinquent taxes, ground
            rents,
            water charges, sewer rents, assessments, insurance premiums, leasehold
            payments,
            including assessments payable in future installments or other outstanding
            charges affecting the related Mortgaged Property;

           

          5.  The
            terms
            of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or
            modified in any respect, except by written instruments, recorded in the
            applicable public recording office if necessary to maintain the lien
            priority of
            the Mortgage, and which have been delivered to the Custodian; the substance
            of
            any such waiver, alteration or modification has been approved by the
            title
            insurer, to the extent required by the related policy, and is reflected
            on the
            related Mortgage Loan Schedule. No instrument of waiver, alteration or
            modification has been executed, and no Mortgagor has been released, in
            whole or
            in part, except in connection with an assumption agreement approved by
            the
            title
            insurer, to the extent required by the policy, and which assumption agreement
            has been delivered to the Custodian and the terms of which are reflected
            in the
            related Mortgage Loan Schedule;

           

          6.  The
            Mortgage Note and the Mortgage are not subject to any right of rescission,
            set-off, counterclaim or defense, including the defense of usury, nor
            will the
            operation of any of the terms of the Mortgage Note and the Mortgage,
            or the
            exercise of any right thereunder, render the Mortgage unenforceable,
            in whole or
            in part, or subject to any right of rescission, set-off, counterclaim
            or
            defense, including the defense of usury and no such right of rescission,
            set-off, counterclaim or defense has been asserted with respect thereto.
            Each
            Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
            enforceable and collectible under applicable federal, state and local
            law;

           

          7.  All
            buildings upon the Mortgaged Property are insured by a Qualified Insurer
            acceptable to prudent mortgage lenders in the secondary mortgage market
            against
            loss by fire, hazards of extended coverage and such other hazards as
            are
            customary in the area where the Mortgaged Property is located, pursuant
            to
            insurance policies providing coverage in an amount not less than the
            greatest of
            (i) 100% of the replacement cost of all improvements to the Mortgaged
            Property,
            (ii) either (A) the outstanding principal balance of the Mortgage Loan
            with
            respect to each first lien Mortgage Loan or (B) with respect to each
            second lien
            Mortgage Loan, the sum of the outstanding principal balance of the related
            first
            lien mortgage loan and the outstanding principal balance of the second
            lien
            Mortgage Loan, or (iii) the amount necessary to avoid the operation of
            any
            co-insurance provisions with respect to the Mortgaged Property, and consistent
            with the amount that would have been required as of the date of origination
            in
            accordance with the Underwriting Guidelines. All such insurance policies
            contain
            a standard mortgagee clause naming the Seller, its successors and assigns
            as
            mortgagee and all premiums thereon have been paid. If the Mortgaged Property
            is
            in an area identified on a Flood Hazard Map or Flood Insurance Rate Map
            issued
            by the Federal Emergency Management Agency as having special flood hazards
            (and
            such flood insurance has been made available) a flood insurance policy
            meeting
            the requirements of the current guidelines of the Federal Insurance
            Administration. The Mortgage obligates the Mortgagor thereunder to maintain
            all
            such insurance at the Mortgagor's cost and expense, and on the Mortgagor's
            failure to do so, authorizes the holder of the Mortgage to maintain such
            insurance at Mortgagor's cost and expense and to seek reimbursement therefor
            from the Mortgagor;

           

          8.  Any
            and
            all requirements of any federal, state or local law including, without
            limitation, usury, truth in lending, real estate settlement procedures,
            predatory and abusive lending, consumer credit protection, equal credit
            opportunity, fair housing or disclosure laws applicable to the origination
            and
            servicing of mortgage loans of a type similar to the Mortgage Loans and
            applicable to any prepayment penalty associated with the Mortgage Loans
            at
            origination have been complied with;

           

          9.  The
            Mortgage has not been satisfied, cancelled, subordinated or rescinded,
            in whole
            or in part, and the Mortgaged Property has not been released from the
            lien of
            the Mortgage, in whole or in part, nor has any instrument been executed
            that
            would effect any such satisfaction, cancellation, subordination, rescission
            or
            release;

           

          10.  The
            Mortgage (including any Negative Amortization which may arise thereunder)
            is a
            valid, existing and enforceable (A) first lien and first priority security
            interest with respect to each Mortgage Loan which is indicated by the
            Seller to
            be a first lien (as reflected on the Mortgage Loan Schedule), or (B)
            second lien
            and second priority security interest with respect to each Mortgage Loan
            which
            is indicated by the Seller to be a second lien (as reflected on the Mortgage
            Loan Schedule), in either case, on the Mortgaged Property, including
            all
            improvements on the Mortgaged Property subject only to (a) the lien of
            current
            real property taxes and assessments not yet due and payable, (b) covenants,
            conditions and restrictions, rights of way, easements and other matters
            of the
            public record as of the date of recording being acceptable to mortgage
            lending
            institutions generally and specifically referred to in the lender's title
            insurance policy delivered to the originator of the Mortgage Loan and
            which do
            not adversely affect the Appraised Value of the Mortgaged Property, (c)
            with
            respect to each Mortgage Loan which is indicated by the Seller to be
            a second
            lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a first
            lien on
            the Mortgaged Property; and (d) other matters to which like properties
            are
            commonly subject which do not materially interfere with the benefits
            of the
            security intended to be provided by the Mortgage or the use, enjoyment,
            value or
            marketability of the related Mortgaged Property. Any security agreement,
            chattel
            mortgage or equivalent document related to and delivered in connection
            with the
            Mortgage Loan establishes and creates a valid, existing and enforceable
            first or
            second lien and first or second priority security interest (in each case,
            as
            indicated on the Mortgage Loan Schedule) on the property described therein
            and
            the Seller has full right to sell and assign the same to the Purchaser.
            The
            Mortgaged Property was not, as of the date of origination of the Mortgage
            Loan,
            subject to a mortgage, deed of trust, deed to secure debt or other security
            instrument creating a lien subordinate to the lien of the Mortgage;

           

          11.  The
            Mortgage Note and the related Mortgage are genuine and each is the legal,
            valid
            and binding obligation of the maker thereof, enforceable in accordance
            with its
            terms;

           

          12.  All
            parties to the Mortgage Note and the Mortgage had legal capacity to enter
            into
            the Mortgage Loan and to execute and deliver the Mortgage Note and the
            Mortgage,
            and the Mortgage Note and the Mortgage have been duly and properly executed
            by
            such parties. Except as set forth on Schedule 7.02(xii), the Mortgagor
            is a
            natural person;

           

          13.  The
            proceeds of the Mortgage Loan have been fully disbursed to or for the
            account of
            the Mortgagor and there is no obligation for the Mortgagee to advance
            additional
            funds thereunder and any and all requirements as to completion of any
            on-site or
            off-site improvement and as to disbursements of any escrow funds therefor
            have
            been complied with. All costs, fees and expenses incurred in making or
            closing
            the Mortgage Loan and the recording of the Mortgage have been paid, and
            the
            Mortgagor is not entitled to any refund of any amounts paid or due to
            the
            Mortgagee pursuant to the Mortgage Note or Mortgage;

           

          14.  The
            Seller is the sole legal, beneficial and equitable owner of the Mortgage
            Note
            and the Mortgage and has full right to transfer and sell the Mortgage
            Loan to
            the Purchaser free and clear of any encumbrance, equity, lien, pledge,
            charge,
            claim or security interest;

           

          15.  All
            parties which have had any interest in the Mortgage Loan, whether as
            mortgagee,
            assignee, pledgee or otherwise, are (or, during the period in which they
            held
            and disposed of such interest, were) in compliance with any and all applicable
            “doing business” and licensing requirements of the laws of the state wherein the
            Mortgaged Property is located;

           

          16.  The
            Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
            title insurance policy (which, in the case of an Adjustable Rate Mortgage
            Loan
            has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or
            6.1)
            generally acceptable in the subprime secondary mortgage market, issued
            by a
            title insurer generally acceptable in the subprime secondary mortgage
            market and
            qualified to do business in the jurisdiction where the Mortgaged Property
            is
            located, insuring (subject to the exceptions contained in (x)(a) and
            (b), and
            with respect to any second lien Mortgage Loan (c), above) the Seller,
            its
            successors and assigns as to the first or second priority lien (as indicated
            on
            the Mortgage Loan Schedule) of the Mortgage in the original principal
            amount of
            the Mortgage Loan (including, if the Mortgage Loan provides for Negative
            Amortization, the maximum amount of Negative Amortization in accordance
            with the
            Mortgage) and, with respect to any Adjustable Rate Mortgage Loan, against
            any
            loss by reason of the invalidity or unenforceability of the lien resulting
            from
            the provisions of the Mortgage providing for adjustment in the Mortgage
            Interest
            Rate and Monthly Payment and Negative Amortization provisions of the
            Mortgage
            Note. Additionally, such lender's title insurance policy affirmatively
            insures
            ingress and egress to and from the Mortgaged Property, and against encroachments
            by or upon the Mortgaged Property or any interest therein. The Seller
            is the
            sole insured of such lender's title insurance policy, and such lender’s title
            insurance policy is in full force and effect and will be in full force
            and
            effect upon the consummation of the transactions contemplated by this
            Agreement.
            No claims have been made under such lender's title insurance policy,
            and no
            prior holder of the related Mortgage, including the Seller, has done,
            by act or
            omission, anything which would impair the coverage of such lender's title
            insurance policy;

           

          17.  Except
            with respect to (i) real property taxes and assessments previously due
            and
            payable as described on Schedule 7.02(iv), property insurance and other
            costs
            for maintenance of the Mortgaged Property advanced by the Seller, and
            (ii) the
            non-payment of the Monthly Payment by the Mortgagor on the most recent
            Due Date,
            there
            is
            no default, breach, violation or event of acceleration existing under
            the
            Mortgage or the Mortgage Note and no event which, with the passage of
            time or
            with notice and the expiration of any grace or cure period, would constitute
            a
            default, breach, violation or event of acceleration, and the Seller has
            not
            waived any default, breach, violation or event of acceleration. With
            respect to
            each second lien Mortgage Loan (i) the first lien mortgage loan is in
            full force
            and effect, (ii) except
            with respect to (x) real property taxes and assessments previously due
            and
            payable as described on Schedule 7.02(iv), property insurance and other
            costs
            for maintenance of the Mortgaged Property advanced by the Seller, and
            (y) the
            non-payment of the Monthly Payment by the Mortgagor on the most recent
            Due Date,
there
            is
            no default, breach, violation or event of acceleration existing under
            such first
            lien mortgage or the related mortgage note, (iii) no event which, with
            the
            passage of time or with notice and the expiration of any grace or cure
            period,
            would constitute a default, breach, violation or event of acceleration
            thereunder, (iv) either (A) the first lien mortgage contains a provision
            which
            allows or (B) applicable law requires, the mortgagee under the second
            lien
            Mortgage Loan to receive notice of, and affords such mortgagee an opportunity
            to
            cure any default by payment in full or otherwise under the first lien
            mortgage,
            (v) the related first lien does not provide for or permit negative amortization
            under such first lien Mortgage Loan, and (vi) either no consent for the
            Mortgage
            Loan is required by the holder of the first lien or such consent has
            been
            obtained and is contained in the Mortgage File;

           

          18.  There
            are
            no mechanics' or similar liens or claims which have been filed for work,
            labor
            or material (and no rights are outstanding that under law could give
            rise to
            such lien) affecting the related Mortgaged Property which are or may
            be liens
            prior to, or equal or coordinate with, the lien of the related
            Mortgage;

           

          19.  All
            improvements which were considered in determining the Appraised Value
            of the
            related Mortgaged Property lay wholly within the boundaries and building
            restriction lines of the Mortgaged Property, and no improvements on adjoining
            properties encroach upon the Mortgaged Property;

           

          20.  The
            Mortgage Loan was originated by the Seller or by a savings and loan association,
            a savings bank, a commercial bank or similar banking institution which
            is
            supervised and examined by a federal or state authority, or by a mortgagee
            approved as such by the Secretary of HUD;

           

          21.  
            Principal payments on the Mortgage Loan commenced no more than sixty
            (60) days
            after the proceeds of the Mortgage Loan were disbursed. The Mortgage
            Loan bears
            interest at the Mortgage Interest Rate. With respect to each Mortgage
            Loan which
            is not a Negative Amortization Loan, the Mortgage Note is payable on
            the first
            day of each month in Monthly Payments, which, in the case of a Fixed
            Rate
            Mortgage Loans, are sufficient to fully amortize the original principal
            balance
            over the original term thereof (other than with respect to a Mortgage
            Loan
            identified on the related Mortgage Loan Schedule as an interest-only
            Mortgage
            Loan during the interest-only period or a Mortgage Loan which is identified
            on
            the related Mortgage Loan Schedule as a Balloon Mortgage Loan) and to
            pay
            interest at the related Mortgage Interest Rate, and, in the case of an
            Adjustable Rate Mortgage Loan, are changed on each Adjustment Date, and
            in any
            case, are sufficient to fully amortize the original principal balance
            over the
            original term thereof (other than with respect to a Mortgage Loan identified
            on
            the related Mortgage Loan Schedule as an interest-only Mortgage Loan
            during the
            interest-only period or a Mortgage Loan which is identified on the related
            Mortgage Loan Schedule as a Balloon Mortgage Loan) and to pay interest
            at the
            related Mortgage Interest Rate. With respect to each Negative Amortization
            Mortgage Loan, the related Mortgage Note requires a Monthly Payment which
            is
            sufficient during the period following each Payment Adjustment Date,
            to fully
            amortize the outstanding principal balance as of the first day of such
            period
            (including any Negative Amortization) over the then remaining term of
            such
            Mortgage Note and to pay interest at the related Mortgage Interest Rate;
            provided, that the Monthly Payment shall not increase to an amount that
            exceeds
            107.5% of the amount of the Monthly Payment that was due immediately
            prior to
            the Payment Adjustment Date; provided, further, that the payment adjustment
            cap
            shall not be applicable with respect to the adjustment made to the Monthly
            Payment that occurs in a year in which the Mortgage Loan has been outstanding
            for a multiple of five (5) years and in any such year the Monthly Payment
            shall
            be adjusted to fully amortize the Mortgage Loan over the remaining term.
            With
            respect to each Mortgage Loan identified on the Mortgage Loan Schedule
            as an
            interest-only Mortgage Loan, the interest-only period shall not exceed
            ten (10)
            years (or such other period specified on the Mortgage Loan Schedule)
            and
            following the expiration of such interest-only period, the remaining
            Monthly
            Payments shall be sufficient to fully amortize the original principal
            balance
            over the remaining term of the Mortgage Loan and to pay interest at the
            related
            Mortgage Interest Rate. With respect to each Balloon Mortgage Loan, the
            Mortgage
            Note requires a monthly payment which is sufficient to fully amortize
            the
            original principal balance over the original amortization term thereof
            (ignoring
            the balloon term) and to pay interest at the related Mortgage Interest
            Rate and
            requires a final Monthly Payment substantially greater than the preceding
            monthly payment which is sufficient to repay the remained unpaid principal
            balance of the Balloon Mortgage Loan as the Due Date of such monthly
            payment.
            The Index for each Adjustable Rate Mortgage Loan is as set forth on the
            Mortgage
            Loan Schedule. No Mortgage Loan is a Convertible Mortgage Loan. No Balloon
            Mortgage Loan has an original stated maturity of less than seven (7)
            years;

           

          22.  The
            origination, servicing and collection practices used with respect to
            each
            Mortgage Note and Mortgage including, without limitation, the establishment,
            maintenance and servicing of the Escrow Accounts and Escrow Payments,
            if any,
            since origination, have been in all respects legal, proper, prudent and
            customary in the mortgage origination and servicing industry. The Mortgage
            Loan
            has been serviced by the Seller and any predecessor servicer in accordance
            with
            the terms of the Mortgage Note and Accepted Servicing Practices. With
            respect to
            escrow deposits and Escrow Payments, if any, all such payments are in
            the
            possession of, or under the control of, the Seller and, except as set
            forth on
            Schedule 7.02(xxii), there exist no deficiencies in connection therewith
            for
            which customary arrangements for repayment thereof have not been made.
            No escrow
            deposits or Escrow Payments or other charges or payments due the Seller
            have
            been capitalized under any Mortgage or the related Mortgage Note and
            no such
            escrow deposits or Escrow Payments are being held by the Seller for any
            work on
            a Mortgaged Property which has not been completed;

           

          23.  The
            Mortgaged Property is free of material damage and there is no proceeding
            pending
            for the total or partial condemnation thereof;

           

          24.  The
            Mortgage and related Mortgage Note contain customary and enforceable
            provisions
            such as to render the rights and remedies of the holder thereof adequate
            for the
            realization against the Mortgaged Property of the benefits of the security
            provided thereby, including, (a) in the case of a Mortgage designated
            as a deed
            of trust, by trustee's sale, and (b) otherwise by judicial foreclosure.
            The
            Mortgaged Property has not been subject to any bankruptcy proceeding
            or
            foreclosure proceeding and the Mortgagor has not filed for protection
            under
            applicable bankruptcy laws. There is no homestead or other exemption
            available
            to the Mortgagor which would interfere with the right to sell the Mortgaged
            Property at a trustee's sale or the right to foreclose the Mortgage.
            Except as
            set forth on Schedule 7.02(xxiv), the Mortgagor has not notified the
            Seller and
            the Seller has no knowledge of any relief requested or allowed to the
            Mortgagor
            under the Servicemembers’ Civil Relief Act;

           

          25.  The
            Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
            in
            effect at the time the Mortgage Loan was originated; and the Mortgage
            Note and
            Mortgage are on forms generally acceptable to prudent sub-prime
            lenders;

           

          26.  The
            Mortgage Note is not and has not been secured by any collateral except
            the lien
            of the corresponding Mortgage on the Mortgaged Property and the security
            interest of any applicable security agreement or chattel mortgage referred
            to in
            (x) above;

           

          27.  The
            Mortgage File contains an appraisal of the related Mortgaged Property
            which
            satisfied the standards of Fannie Mae and Freddie
            Mac,
            was on
            appraisal form 1004 or form 2055 with an interior inspection and was
            made and
            signed, prior to the approval of the Mortgage Loan application, by a
            qualified
            appraiser, duly appointed by the Seller, who had no interest, direct
            or indirect
            in the Mortgaged Property or in any loan made on the security thereof,
            whose
            compensation is not affected by the approval or disapproval of the Mortgage
            Loan
            and who met the minimum qualifications of the Financial Institutions
            Reform,
            Recovery, and Enforcement Act of 1989. Each appraisal of the Mortgage
            Loan was
            made in accordance with the relevant provisions of the Financial Institutions
            Reform, Recovery, and Enforcement Act of 1989;

           

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

           

          29.  No
            Mortgage Loan contains provisions pursuant to which Monthly Payments
            are (a)
            paid or partially paid with funds deposited in any separate account established
            by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
            paid by
            any source other than the Mortgagor or (c) contains any other similar
            provisions
            which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
            payment mortgage loan and the Mortgage Loan does not have a shared appreciation
            or other contingent interest feature;

           

          30.  The
            Mortgagor has received all disclosure materials required by applicable
            law with
            respect to the making of fixed rate mortgage loans in the case of Fixed
            Rate
            Mortgage Loans, and adjustable rate mortgage loans in the case of Adjustable
            Rate Mortgage Loans and rescission materials with respect to Refinanced
            Mortgage
            Loans, and such disclosure materials are and will remain in the Mortgage
            File;

           

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

           

          32.  The
            Seller has no knowledge of any circumstances or condition with respect
            to the
            Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
            standing (taking into account that such Mortgage Loan is a subprime mortgage
            loan) that can reasonably be expected to cause the Mortgage Loan to be
            an
            unacceptable investment or adversely affect the value of the Mortgage
            Loan;

           

          33.  No
            Mortgage Loan had an LTV or a CLTV at origination in excess of 100%.
            No Mortgage
            Loan is subject to a lender paid primary mortgage insurance policy;

           

          34.  At
            the
            time of origination, the Mortgaged Property was lawfully occupied under
            applicable law; all inspections, licenses and certificates required to
            be made
            or issued with respect to all occupied portions of the Mortgaged Property
            and,
            with respect to the use and occupancy of the same, including but not
            limited to
            certificates of occupancy, have been made or obtained from the appropriate
            authorities;

           

          35.  No
            error,
            omission, misrepresentation, negligence, fraud or similar occurrence
            with
            respect to a Mortgage Loan has taken place on the part of any person,
            including
            without limitation the Mortgagor, any appraiser, any builder or developer,
            or
            any other party involved in the origination of the Mortgage Loan or in
            the
            application of any insurance in relation to such Mortgage Loan;

           

          36.  The
            Assignment of Mortgage is in recordable form, except for the name of
            the
            assignee which is blank, and is acceptable for recording under the laws
            of the
            jurisdiction in which the Mortgaged Property is located;

           

          37.  Any
            principal advances made to the Mortgagor prior to the Cut-off Date have
            been
            consolidated with the outstanding principal amount secured by the Mortgage,
            and
            the secured principal amount, as consolidated, bears a single interest
            rate and
            single repayment term. The lien of the Mortgage securing the consolidated
            principal amount is expressly insured as having first or second (as indicated
            on
            the Mortgage Loan Schedule) lien priority by a title insurance policy,
            an
            endorsement to the policy insuring the mortgagee's consolidated interest
            or by
            other generally acceptable title evidence acceptable to prudent mortgage
            purchasers in the secondary mortgage market. The consolidated principal
            amount
            does not exceed the original principal amount of the Mortgage Loan plus
            any
            Negative Amortization;

           

          38.  If
            the
            Residential Dwelling on the Mortgaged Property is a condominium unit
            or a unit
            in a planned unit development (other than a de minimis planned unit development)
            such condominium or planned unit development project meets the eligibility
            requirements generally required in the subprime secondary mortgage
            market;

           

          39.  The
            source of the down payment with respect to each Mortgage Loan has been
            fully
            verified by the Seller if required by the Underwriting Guidelines;

           

          40.  Except
            as
            set forth on Schedule (xl), interest on each Mortgage Loan is calculated
            on the
            basis of a 360-day year consisting of twelve 30-day months;

           

          41.  At
            the
            time of origination, the Mortgaged Property was in material compliance
            with all
            applicable environmental laws pertaining to environmental hazards including,
            without limitation, asbestos, and neither the Seller nor, to the Seller’s
            knowledge, the related Mortgagor, has received any notice of any violation
            or
            potential violation of such law;

           

          42.  The
            Seller shall, at its own expense, cause each Mortgage Loan to be covered
            by a
            Tax Service Contract which is assignable to the Purchaser or its designee;
            provided however, that if the Seller fails to purchase such Tax Service
            Contract, the Seller shall be required to reimburse the Purchaser for
            all costs
            and expenses incurred by the Purchaser in connection with the purchase
            of any
            such Tax Service Contract;

           

          43.  Each
            Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
            to
            the Purchaser or its designee or, for each Mortgage Loan not covered
            by such
            Flood Zone Service Contract, the Seller agrees to purchase such Flood
            Zone
            Service Contract;

           

          44.  No
            Mortgage Loan is (a)(1) subject to the provisions of the Homeownership
            and
            Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an APR or total
            points and fees that are equal to or exceeds the HOEPA thresholds (as
            defined in
            12 CFR 226.32 (a)(1)(i) and (ii)), (b) a “high cost” mortgage loan, “covered”
mortgage loan, “high risk home” mortgage loan, or “predatory” mortgage loan or
            any other comparable term, no matter how defined under any federal, state
            or
            local law, (c) subject to any comparable federal, state or local statutes
            or
            regulations, or any other statute or regulation providing for heightened
            regulatory scrutiny or assignee liability to holders of such mortgage
            loans, or
            (d) a High Cost Loan or Covered Loan, as applicable (as such terms are
            defined
            in the current Standard & Poor’s LEVELS® Version 5.6(c) Glossary Revised,
            Appendix E);

           

          45.  No
            predatory, abusive, or deceptive lending practices, including but not
            limited
            to, the extension of credit to a Mortgagor without regard for the Mortgagor’s
            ability to repay the Mortgage Loan and the extension of credit to a mortgagor
            which has no apparent benefit to the Mortgagor, were employed in connection
            with
            the origination of the Mortgage Loan;

           

          46.  Except
            as
            set forth on Schedule 7.02(xlvi), the debt-to-income ratio of the related
            Mortgagor was not greater than 60% at the origination of the related
            Mortgage
            Loan;

           

          47.  No
            Mortgagor was required to purchase any credit insurance product (e.g.,
            life,
            mortgage, disability, accident, unemployment or health insurance product)
            or
            debt cancellation agreement as a condition of obtaining the extension
            of credit.
            No Mortgagor obtained a prepaid single premium credit insurance policy
            (e.g.,
            life, mortgage, disability, accident, unemployment or health insurance)
            or debt
            cancellation agreement in connection with the origination of the Mortgage
            Loan.
            No proceeds from any Mortgage Loan were used to purchase single premium
            credit
            insurance policies or debt cancellation agreements as part of the origination
            of, or as a condition to closing, such Mortgage Loan;

           

          48.  The
            Mortgage Loans were not selected from the outstanding one- to four-family
            mortgage loans in the Seller’s portfolio as to which the representations and
            warranties set forth in this Agreement could be made at the related Closing
            Date
            in a manner so as to affect adversely the interests of the
            Purchaser;

           

          49.  The
            Mortgage contains an enforceable provision for the acceleration of the
            payment
            of the unpaid principal balance of the Mortgage Loan in the event that
            the
            Mortgaged Property is sold or transferred without the prior written consent
            of
            the mortgagee thereunder;

           

          50.  The
            Mortgage Loan complies with all applicable consumer credit statutes and
            regulations, including, without limitation, the respective Uniform Consumer
            Credit Code laws in effect in Alabama, Colorado, Idaho, Indiana, Iowa,
            Kansas,
            Maine, Oklahoma, South Carolina, Utah, West Virginia and Wyoming, has
            been
            originated by a properly licensed entity, and in all other respects,
            complies
            with all of the material requirements of any such applicable laws;

           

          51.  The
            information set forth in the Mortgage Loan Schedule as to Prepayment
            Charges is
            complete, true and correct in all material respects and each Prepayment
            Charge
            is permissible, enforceable and collectable in accordance with its terms
            upon
            the Mortgagor’s full and voluntary principal payment under applicable
            law;

           

          52.  The
            Mortgage Loan was not prepaid in full prior to the Closing Date and the
            Seller
            has not received notification from a Mortgagor that a prepayment in full
            shall
            be made after the Closing Date;

           

          53.  No
            Mortgage Loan is secured by cooperative housing, commercial property
            or mixed
            use property;

           

          54.  Each
            Mortgage Loan is eligible for sale in the secondary market or for inclusion
            in a
            Securitization Transaction;

           

          55.  Except
            as
            set forth on the related Mortgage Loan Schedule, none of the Mortgage
            Loans are
            subject to a Prepayment Charge. For any Mortgage Loan originated prior
            to
            October 1, 2002 that is subject to a Prepayment Charge, such Prepayment
            Charge
            does not extend beyond five (5) years after the date of origination.
            For any
            Mortgage Loan originated on or following October 1, 2002 that is subject
            to a
            Prepayment Charge, such Prepayment Charge does not extend beyond three
            (3) years
            after the date of origination. With respect to any Mortgage Loan that
            contains a
            provision permitting imposition of a premium upon a prepayment prior
            to
            maturity: (i) prior to the Mortgage Loan's origination, the Mortgagor
            agreed to
            such premium in exchange for a monetary benefit, including but not limited
            to a
            rate or fee reduction, (ii) prior to the Mortgage Loan's origination,
            the
            Mortgagor was offered the option of obtaining a Mortgage Loan that did
            not
            require payment of such a premium, (iii) the prepayment premium is disclosed
            to
            the Mortgagor in the loan documents pursuant to applicable state and
            federal
            law, and (iv) notwithstanding any state or federal law to the contrary,
            the
            Seller shall not impose such Prepayment Charge in any instance when the
            mortgage
            debt is accelerated as the result of the Mortgagor's default in making
            the loan
            payments;

           

          56.  The
            Seller has complied with all applicable anti-money laundering laws and
            regulations, including without limitation the USA Patriot Act of 2001
            (collectively, the “Anti-Money Laundering Laws”); the Seller has established an
            anti-money laundering compliance program as required by the Anti-Money
            Laundering Laws, has conducted the requisite due diligence in connection
            with
            the origination of each Mortgage Loan for purposes of the Anti-Money
            Laundering
            Laws, including with respect to the legitimacy of the applicable Mortgagor
            and
            the origin of the assets used by the said Mortgagor to purchase the Mortgaged
            Property, and maintains, and will maintain, sufficient information to
            identify
            the applicable Mortgagor for purposes of the Anti-Money Laundering Laws.
            No
            Mortgage Loan is subject to nullification pursuant to Executive Order
            13224 (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
            Assets Control of the United States Department of the Treasury (the “OFAC
            Regulations”) or in violation of the Executive Order or the OFAC Regulations,
            and no Mortgagor is subject to the provisions of such Executive Order
            or the
            OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
            Regulations;

           

          57.  No
            Mortgagor was encouraged or required to select a Mortgage Loan product
            offered
            by the Mortgage Loan's originator which is a higher cost product designed
            for
            less creditworthy borrowers, unless at the time of the Mortgage Loan's
            origination, such Mortgagor did not qualify taking into account credit
            history
            and debt to income ratios for a lower cost credit product then offered
            by the
            Mortgage Loan's originator or any affiliate of the Mortgage Loan's originator.
            If, at the time of loan application, the Mortgagor may have qualified
            for a
            lower cost credit product then offered by any mortgage lending affiliate
            of the
            Mortgage Loan's originator, the Mortgage Loan's originator referred the
            Mortgagor's application to such affiliate for underwriting consideration.
            With
            respect to any Mortgage Loan, the Mortgagor was assigned the highest
            credit
            grade available with respect to a mortgage loan product offered by such
            Mortgage
            Loan’s originator, based on a comprehensive assessment of risk factors,
            including the Mortgagor’s credit history;

           

          58.  The
            methodology used in underwriting the extension of credit for each Mortgage
            Loan
            employs objective mathematical principles which relate the Mortgagor's
            income,
            assets and liabilities to the proposed payment and such underwriting
            methodology
            does not rely on the extent of the Mortgagor's equity in the collateral
            as the
            principal determining factor in approving such credit extension. Such
            underwriting methodology confirmed that at the time of origination
            (application/approval) the Mortgagor had a reasonable ability to make
            timely
            payments on the Mortgage Loan;

           

          59.  With
            respect to each Mortgage Loan, the Seller has fully and accurately furnished
            complete information (i.e., favorable and unfavorable) on the related
            borrower
            credit files to Equifax, Experian and Trans Union Credit Information
            Company, in
            accordance with the Fair Credit Reporting Act and its implementing regulations,
            on a monthly basis and, for each Mortgage Loan, the Seller will furnish,
            in
            accordance with the Fair Credit Reporting Act and its implementing regulations,
            accurate and complete information on its borrower credit files to Equifax,
            Experian, and Trans Union Credit Information Company, on a monthly
            basis;

           

          60.  All
            points and fees related to each Mortgage Loan were disclosed in writing
            to the
            related Borrower in accordance with applicable state and federal laws
            and
            regulations. All fees and charges (including finance charges) and whether
            or not
            financed, assessed, collected or to be collected in connection with the
            origination and servicing of each Mortgage Loan were disclosed in writing
            to the
            related Mortgagor in accordance with applicable state and federal laws
            and
            regulations;

           

          61.  The
            Seller will transmit full-file credit reporting data for each Mortgage
            Loan
            pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage
            Loan,
            Seller agrees it shall report one of the following statuses each month
            as
            follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
            foreclosed, or charged-off;

           

          62.  With
            respect to any Mortgage Loan which is secured by manufactured housing,
            if such
            Mortgage Loans are permitted hereunder, such Mortgage Loan satisfies
            the
            requirements for inclusion in residential mortgage backed securities
            transactions rated by Standard & Poor's Ratings Services and such
            manufactured housing is the principal residence of the Mortgagor at the
            time of
            the origination of the Mortgage Loan;

           

          63.  Each
            Mortgage Loan constitutes a “qualified mortgage” under
            Section 860G(a)(3)(A) of the Code and Treasury Regulation
            Section 1.860G-2(a)(1);

           

          64.  No
            Mortgage Loan is secured by real property or secured by a manufactured
            home
            located in the state of Georgia unless (x) such Mortgage Loan was originated
            prior to October 1, 2002 or after March 6, 2003, or (y) the property
            securing
            the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
            Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
            defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”). Each
            Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all
            applicable provisions of the Georgia Act. No Mortgage Loan secured by
            owner
            occupied real property or an owner occupied manufactured home located
            in the
            State of Georgia was originated (or modified) on or after October 1,
            2002
            through and including March 6, 2003;

           

          65.  No
            Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
            Section 6-1, effective as of April 1, 2003;

           

          66.  No
            Mortgage Loan (a) is secured by property located in the State of New
            York; (b)
            had an unpaid principal balance at origination of $300,000 or less, and
            (c) has
            an application date on or after April 1, 2003, the terms of which Mortgage
            Loan
            equal or exceed either the APR or the points and fees threshold for “high-cost
            home loans”, as defined in Section 6-1 of the New York State Banking
            Law;

           

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

           

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

           

          69.  No
            Mortgage Loan secured by property located in the State of Nevada is a
“home
            loan” as defined in the Nevada Assembly Bill No. 284;

           

          70.  No
            Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a
“High-Cost
            Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
            New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
            et
            seq.);

           

          71.  No
            Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
            and
            Equity protection Act;

           

          72.  No
            Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
            Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
            seq.);

           

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

           

          74.  No
            Loan
            that is secured by property located within the State of Maine meets the
            definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
            Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
            defined under the Maine House Bill 383 L.D. 494, effective as of September
            13,
            2003;

           

          75.  With
            respect to any Loan for which a mortgage loan application was submitted
            by the
            Mortgagor after April 1, 2004, no such Loan secured by Mortgaged Property
            in the
            State of Illinois which has a Loan Interest Rate in excess of 8.0% per
            annum has
            lender-imposed fees (or other charges) in excess of 3.0% of the original
            principal balance of the Loan;

           

          76.  No
            Mortgage Loan is a “High Cost Home Mortgage Loan” as defined in the
            Massachusetts Predatory Home Loan Practices Act, effective November 7,
            2004
            (Mass. Ann. Laws Ch. 183C). No Mortgage Loan secured by a Mortgaged Property
            located in the Commonwealth of Massachusetts was made to pay off or refinance
            an
            existing loan or other debt of the related borrower (as the term “borrower” is
            defined in the regulations promulgated by the Massachusetts Secretary
            of State
            in connection with Massachusetts House Bill 4880 (2004)) unless either
            (1) (a)
            the related Mortgage Interest Rate (that would be effective once the
            introductory rate expires, with respect to Adjustable Rate Mortgage Loans)
            did
            or would not exceed by more than 2.25% the yield on United States Treasury
            securities having comparable periods of maturity to the maturity of the
            related
            Mortgage Loan as of the fifteenth day of the month immediately preceding
            the
            month in which the application for the extension of credit was received
            by the
            related lender or (b) the Mortgage Loan is an “open-end home loan” (as such term
            is used in the Massachusetts House Bill 4880 (2004)) and the related
            Mortgage
            Note provides that the related Mortgage Interest Rate may not exceed
            at any time
            the Prime rate index as published in The Wall Street Journal plus a margin
            of
            one percent, or (2) such Mortgage Loan is in the "borrower's interest,"
            as
            documented by a "borrower's interest worksheet" for the particular Mortgage
            Loan, which worksheet incorporates the factors set forth in Massachusetts
            House
            Bill 4880 (2004) and the regulations promulgated thereunder for determining
            "borrower's interest," and otherwise complies in all material respects
            with the
            laws of the Commonwealth of Massachusetts;

           

          77.  No
            Loan
            is a “High Cost Home Loan” as defined by the Indiana Home Loan Practices Act,
            effective January 1, 2005 ( Ind. Code Ann. §§ 24-9-1 et seq.);

           

          78.  The
            Mortgagor has not made or caused to be made any payment in the nature
            of an
“average” or “yield spread premium” to a mortgage broker or a like Person which
            has not been fully disclosed to the Mortgagor;

           

          79.  The
            sale
            or transfer of the Mortgage Loan by the Seller complies with all applicable
            federal, state, and local laws, rules, and regulations governing such
            sale or
            transfer, including, without limitation, the Fair and Accurate Credit
            Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
            amended from time to time, and the Seller has not received any actual
            or
            constructive notice of any identity theft, fraud, or other misrepresentation
            in
            connection with such Mortgage Loan or any party thereto;

           

          80.  Reserved;

           

          81.  Reserved;

           

          82.  With
            respect to each second lien Mortgage Loan, either no consent for the
            Mortgage
            Loan is required by the holder of the first lien or such consent has
            been
            obtained and is contained in the Mortgage File; and

           

          83.  No
            Mortgagor agreed to submit to arbitration to resolve any dispute arising
            out of
            or relating in any way to the Mortgage Loan transaction. No Mortgage
            Loan is
            subject to any mandatory arbitration.

        

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated April 6, 2006, (“Agreement”)
          among
          Greenwich Capital Financial Products, Inc. (“Assignor”),
          Financial Asset Securities Corp. (“Assignee”)
          and
          Centex Home Equity Company, LLC (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

        

        1.    The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master Mortgage Loan Purchase
          and
          Interim Servicing Agreement dated as of September 1, 2005, as amended (the
          “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

        

        Recognition
          of the Company

        

        2.    From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          Soundview Home Loan Trust 2006-2 (the “Trust”) created pursuant to a Pooling and
          Servicing Agreement, dated as of March 1, 2006 (the “Pooling Agreement”), among
          the Assignee, Wells Fargo Bank, N.A., as master servicer and servicer (the
          “Master Servicer” and “Servicer”) and Deutsche Bank National Trust Company, as
          trustee (including its successors in interest and any successor trustees
          under
          the Pooling Agreement, the “Trustee”). The Company hereby acknowledges and
          agrees that from and after the date hereof (i) the Trust will be the owner
          of the Mortgage Loans, (ii) the Company shall look solely to the Trust for
          performance of any obligations of the Assignor insofar as they relate to
          the
          enforcement of the representations, warranties and covenants with respect
          to the
          Mortgage Loans, (iii) the Trust (including the Trustee and the Servicer
          acting on the Trust’s behalf) shall have all the rights and remedies available
          to the Assignor, insofar as they relate to the Mortgage Loans, under the
          Purchase Agreement, including, without limitation, the enforcement of the
          document delivery requirements and remedies with respect to breaches of
          representations and warranties set forth in the Purchase Agreement, and
          shall be
          entitled to enforce all of the obligations of the Company thereunder insofar
          as
          they relate to the Mortgage Loans, and (iv) all references to the Purchaser
          (insofar as they relate to the rights, title and interest and, with respect
          to
          obligations of the Purchaser, only insofar as they relate to the enforcement
          of
          the representations, warranties and covenants of the Company) or the Custodian
          under the Purchase Agreement insofar as they relate to the Mortgage Loans,
          shall
          be deemed to refer to the Trust (including the Trustee and the Servicer
          acting
          on the Trust’s behalf). Neither the Company nor the Assignor shall amend or
          agree to amend, modify, waiver, or otherwise alter any of the terms or
          provisions of the Purchase Agreement which amendment, modification, waiver
          or
          other alteration would in any way affect the Mortgage Loans or the Company’s
          performance under the Purchase Agreement with respect to the Mortgage Loans
          without the prior written consent of the Trustee.

        

        Representations
          and Warranties of the Company

        

        3.    The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

        

        (a) The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

        

        (b) The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of this
          Agreement is in the ordinary course of the Company’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Company’s charter or bylaws or any legal restriction, or any
          material agreement or instrument to which the Company is now a party or
          by which
          it is bound, or result in the violation of any law, rule, regulation, order,
          judgment or decree to which the Company or its property is subject. The
          execution, delivery and performance by the Company of this Agreement have
          been
          duly authorized by all necessary corporate action on part of the Company.
          This
          Agreement has been duly executed and delivered by the Company, and, upon
          the due
          authorization, execution and delivery by the Assignor and the Assignee,
          will
          constitute the valid and legally binding obligation of the Company, enforceable
          against the Company in accordance with its terms except as enforceability
          may be
          limited by bankruptcy, reorganization, insolvency, moratorium or other
          similar
          laws now or hereafter in effect relating to creditors’ rights generally, and by
          general principles of equity regardless of whether enforceability is considered
          in a proceeding in equity or at law; 

        

        (c) No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; and

        

        (d) There
          is
          no action, suit, proceeding or investigation pending or threatened against
          the
          Company, before any court, administrative agency or other tribunal, which
          would
          draw into question the validity of this Agreement or the Purchase Agreement,
          or
          which, either in any one instance or in the aggregate, would result in
          any
          material adverse change in the ability of the Company to perform its obligations
          under this Agreement or the Purchase Agreement, and the Company is
          solvent.

        

        4.    Pursuant
          to Section 12 of the Purchase Agreement, the Company hereby represents
          and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Sections 7.01 and 7.02 of the
          Purchase Agreement, are true and correct as of the date hereof as if such
          representations and warranties were made on the date hereof, except that
          the
          representation and warranty set forth in Section 7.02(a) shall, for purposes
          of
          this Agreement, relate to the Mortgage Loan Schedule attached
          hereto.

        

        5.    The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

        

        (a) Each
          Mortgage Loan at the time it was made complied in all  material
          respects with applicable local, state, and federal laws, including, but
          not
          limited  to,
          all
          applicable predatory and abusive lending laws;

        

        (b) None
          of
          the mortgage loans are High Cost as defined by any  applicable
          predatory and abusive lending laws;

        

        (c) No
          Mortgage Loan is a high cost loan or a covered loan, as   applicable
          (as such terms are defined in Standard & Poor’s LEVELS Version 5.6(c)
 Glossary
          Revised, Appendix E); and

        

        (d) No
          loan
          originated on or after October 1, 2002 through March 6,  2003
          is
          governed by the Georgia Fair Lending Act.

        

         

        Remedies
          for Breach of Representations and Warranties

        

        6.    The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and each of
          the
          Servicers acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Sections
          3 and 4
          hereof shall be as set forth in Subsection 7.03 of the Purchase Agreement
          as if
          they were set forth herein (including without limitation the repurchase
          and
          indemnity obligations set forth therein); provided, however, that the purchase
          price payable to the Trust in respect of a breach of a representation and
          warranty shall in no event be greater than the unpaid Principal Balance
          of the
          related Mortgage Loan plus unpaid accrued interest and any amount owed
          by the
          Company in excess of such amount shall be payable to the Assignor.

        

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

        Miscellaneous

        

        7.    This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws. 

        

         

        8.    No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee. 

         

        9.    This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee and each of the
          Servicers acting on the Trust’s behalf). Any entity into which Assignor,
          Assignee or Company may be merged or consolidated shall, without the requirement
          for any further writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder. 

         

        10.    Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement. 

         

        11.    This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument. 

         

        12.    In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        13.    Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

         

        [SIGNATURE
          PAGE FOLLOWS]

        

        
          
            
              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

         

        
          
            	 	GREENWICH CAPITAL
                    FINANCIAL
                    PRODUCTS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	 	FINANCIAL ASSET SECURITIES
                    CORP.
	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	 	CENTEX HOME EQUITY
                    COMPANY,
                    LLC
	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

          

           

          
 

        

               

        
          
             

             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        MORTGAGE
          LOAN SCHEDULE

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          I

        REPRESENTATIONS
          AND WARRANTIES

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Capitalized
          terms used in this Schedule I but not defined in this Agreement shall have
          the
          meanings set forth in the Purchase Agreement.

         

        (i)    The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

         

        (ii)    The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct; provided, however,
          that in the event of any conflict between the terms of any Confirmation
          and this
          Agreement, the terms of this Agreement shall control, except to the extent
          specifically set forth in the Confirmation;

         

        (iii)    All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          neither
          the Seller nor the Servicer has advanced funds, or induced, solicited or
          knowingly received any advance of funds from a party other than the owner
          of the
          related Mortgaged Property, directly or indirectly, for the payment of
          any
          amount required by the Mortgage Note or Mortgage; no Mortgage Loan is thirty
          (30) or more days delinquent as of the Closing Date and there has been
          no
          delinquency, exclusive of any period of grace, in any payment by the Mortgagor
          thereunder since the origination of the Mortgage Loan;

         

        (iv)    There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        (v)    The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office if necessary to maintain the lien priority
          of
          the Mortgage, and which have been delivered to the Custodian; the substance
          of
          any such waiver, alteration or modification has been approved by the title
          insurer, to the extent required by the related policy, and is reflected
          on the
          related Mortgage Loan Schedule. No instrument of waiver, alteration or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, except in connection with an assumption agreement approved by
          the title
          insurer, to the extent required by the policy, and which assumption agreement
          has been delivered to the Custodian and the terms of which are reflected
          in the
          related Mortgage Loan Schedule;

         

        (vi)    The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        (vii)    All
          buildings upon the Mortgaged Property are insured by a Qualified Insurer
          acceptable to Fannie Mae and Freddie Mac against loss by fire, hazards
          of
          extended coverage and such other hazards as are customary in the area where
          the
          Mortgaged Property is located, pursuant to insurance policies providing
          coverage
          in an amount not less than the greatest of (i) 100% of the replacement
          cost of
          all improvements to the Mortgaged Property, (ii) either (A) the outstanding
          principal balance of the Mortgage Loan with respect to each first lien
          Mortgage
          Loan or (B) with respect to each second lien Mortgage Loan, the sum of
          the
          outstanding principal balance of the related first lien mortgage loan and
          the
          outstanding principal balance of the second lien Mortgage Loan, or (iii)
          the
          amount necessary to avoid the operation of any co-insurance provisions
          with
          respect to the Mortgaged Property, and consistent with the amount that
          would
          have been required as of the date of origination in accordance with the
          Underwriting Guidelines. All such insurance policies contain a standard
          mortgagee clause naming the Seller, its successors and assigns as mortgagee
          and
          all premiums thereon have been paid. If the Mortgaged Property is in an
          area
          identified on a Flood Hazard Map or Flood Insurance Rate Map issued by
          the
          Federal Emergency Management Agency as having special flood hazards (and
          such
          flood insurance has been made available) a flood insurance policy meeting
          the
          requirements of the current guidelines of the Federal Insurance Administration
          is in effect which policy conforms to the requirements of Fannie Mae and
          Freddie
          Mac. The Mortgage obligates the Mortgagor thereunder to maintain all such
          insurance at the Mortgagor's cost and expense, and on the Mortgagor's failure
          to
          do so, authorizes the holder of the Mortgage to maintain such insurance
          at
          Mortgagor's cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        (viii)    Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          predatory and abusive lending, consumer credit protection, equal credit
          opportunity, fair housing or disclosure laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans and
          applicable to any prepayment penalty associated with the Mortgage Loans
          at
          origination have been complied with;

         

        (ix)    The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        (x)    The
          Mortgage (including any Negative Amortization which may arise thereunder)
          is a
          valid, existing and enforceable (A) first lien and first priority security
          interest with respect to each Mortgage Loan which is indicated by the Seller
          to
          be a first lien (as reflected on the Mortgage Loan Schedule), or (B) second
          lien
          and second priority security interest with respect to each Mortgage Loan
          which
          is indicated by the Seller to be a second lien (as reflected on the Mortgage
          Loan Schedule), in either case, on the Mortgaged Property, including all
          improvements on the Mortgaged Property subject only to (a) the lien of
          current
          real property taxes and assessments not yet due and payable, (b) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording being acceptable to mortgage
          lending
          institutions generally and specifically referred to in the lender's title
          insurance policy delivered to the originator of the Mortgage Loan and which
          do
          not adversely affect the Appraised Value of the Mortgaged Property, (c)
          with
          respect to each Mortgage Loan which is indicated by the Seller to be a
          second
          lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a first
          lien on
          the Mortgaged Property; and (d) other matters to which like properties
          are
          commonly subject which do not materially interfere with the benefits of
          the
          security intended to be provided by the Mortgage or the use, enjoyment,
          value or
          marketability of the related Mortgaged Property. Any security agreement,
          chattel
          mortgage or equivalent document related to and delivered in connection
          with the
          Mortgage Loan establishes and creates a valid, existing and enforceable
          first or
          second lien and first or second priority security interest (in each case,
          as
          indicated on the Mortgage Loan Schedule) on the property described therein
          and
          the Seller has full right to sell and assign the same to the
          Purchaser;

         

        (xi)    The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        (xii)    All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        (xiii)    The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        (xiv)    The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage and has full right to transfer and sell the Mortgage Loan
          to
          the Purchaser free and clear of any encumbrance, equity, lien, pledge,
          charge,
          claim or security interest;

         

        (xv)    All
          parties which have had any interest in the Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          “doing business” and licensing requirements of the laws of the state wherein the
          Mortgaged Property is located;

         

        (xvi)    The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
          title insurance policy or a comparable form in the States of California
          or Texas
          (which, in the case of an Adjustable Rate Mortgage Loan has an adjustable
          rate
          mortgage endorsement in the form of ALTA 6.0 or 6.1) acceptable to Fannie
          Mae
          and Freddie Mac, issued by a title insurer acceptable to Fannie Mae and
          Freddie
          Mac and qualified to do business in the jurisdiction where the Mortgaged
          Property is located, insuring (subject to the exceptions contained in (x)(a)
          and
          (b), and with respect to any second lien Mortgage Loan (c), above) the
          Seller or
          the Servicer, its successors and assigns as to the first or second priority
          lien
          (as indicated on the Mortgage Loan Schedule) of the Mortgage in the original
          principal amount of the Mortgage Loan (including, if the Mortgage Loan
          provides
          for Negative Amortization, the maximum amount of Negative Amortization
          in
          accordance with the Mortgage) and, with respect to any Adjustable Rate
          Mortgage
          Loan, against any loss by reason of the invalidity or unenforceability
          of the
          lien resulting from the provisions of the Mortgage providing for adjustment
          in
          the Mortgage Interest Rate and Monthly Payment and Negative Amortization
          provisions of the Mortgage Note. Additionally, such lender's title insurance
          policy affirmatively insures ingress and egress to and from the Mortgaged
          Property, and against encroachments by or upon the Mortgaged Property or
          any
          interest therein. The Seller is the sole insured of such lender's title
          insurance policy, and such lender’s title insurance policy is in full force and
          effect and will be in full force and effect upon the consummation of the
          transactions contemplated by this Agreement. No claims have been made under
          such
          lender's title insurance policy, and no prior holder of the related Mortgage,
          including the Seller, has done, by act or omission, anything which would
          impair
          the coverage of such lender's title insurance policy;

         

        (xvii)    There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and neither the Seller
          nor
          the Servicer has waived any default, breach, violation or event of acceleration.
          With respect to each second lien Mortgage Loan (i) the related first lien
          mortgage loan is in full force and effect, (ii) there is no default, breach,
          violation or event of acceleration existing under such first lien mortgage
          or
          the related mortgage note, (iii) no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration thereunder, (iv) either
          (A)
          the first lien mortgage contains a provision which allows or (B) applicable
          law
          requires, the mortgagee under the second lien Mortgage Loan to receive
          notice
          of, and affords such mortgagee an opportunity to cure any default by payment
          in
          full or otherwise under the first lien mortgage, (v) the related first
          lien does
          not provide for or permit negative amortization under such first lien Mortgage
          Loan, and (vi) either no consent for the Mortgage Loan is required by the
          holder
          of the first lien or such consent has been obtained and is contained in
          the
          Mortgage File;

         

        (xviii)    There
          are
          no mechanics' or similar liens or claims which have been filed for work,
          labor
          or material (and no rights are outstanding that under law could give rise
          to
          such lien) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related
          Mortgage;

         

        (xix)    All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        (xx)    The
          Mortgage Loan was originated by the Servicer or by a savings and loan
          association, a savings bank, a commercial bank or similar banking institution
          which is supervised and examined by a federal or state authority, or by
          a
          mortgagee approved as such by the Secretary of HUD;

         

        (xxi)    Principal
          payments on the Mortgage Loan commenced no more than sixty (60) days after
          the
          proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
          at the Mortgage Interest Rate. With respect to each Mortgage Loan which
          is not a
          Negative Amortization Loan, the Mortgage Note is payable on the day of
          each
          month specified in the related Mortgage Note in Monthly Payments, which,
          in the
          case of a Fixed Rate Mortgage Loans, are sufficient to fully amortize the
          original principal balance over the original term thereof (other than with
          respect to a Mortgage Loan identified on the related Mortgage Loan Schedule
          as
          an interest-only Mortgage Loan during the interest-only period or a Mortgage
          Loan which is identified on the related Mortgage Loan Schedule as a Balloon
          Mortgage Loan) and to pay interest at the related Mortgage Interest Rate,
          and,
          in the case of an Adjustable Rate Mortgage Loan, are changed on each Adjustment
          Date, and in any case, are sufficient to fully amortize the original principal
          balance over the original term thereof (other than with respect to a Mortgage
          Loan identified on the related Mortgage Loan Schedule as an interest-only
          Mortgage Loan during the interest-only period or a Mortgage Loan which
          is
          identified on the related Mortgage Loan Schedule as a Balloon Mortgage
          Loan) and
          to pay interest at the related Mortgage Interest Rate. With respect to
          each
          Negative Amortization Mortgage Loan, the related Mortgage Note requires
          a
          Monthly Payment which is sufficient during the period following each Payment
          Adjustment Date, to fully amortize the outstanding principal balance as
          of the
          first day of such period (including any Negative Amortization) over the
          then
          remaining term of such Mortgage Note and to pay interest at the related
          Mortgage
          Interest Rate; provided, that the Monthly Payment shall not increase to
          an
          amount that exceeds 107.5% of the amount of the Monthly Payment that was
          due
          immediately prior to the Payment Adjustment Date; provided, further, that
          the
          payment adjustment cap shall not be applicable with respect to the adjustment
          made to the Monthly Payment that occurs in a year in which the Mortgage
          Loan has
          been outstanding for a multiple of five (5) years and in any such year
          the
          Monthly Payment shall be adjusted to fully amortize the Mortgage Loan over
          the
          remaining term. With respect to each Mortgage Loan identified on the Mortgage
          Loan Schedule as an interest-only Mortgage Loan, the interest-only period
          shall
          not exceed ten (10) years (or such other period specified on the Mortgage
          Loan
          Schedule) and following the expiration of such interest-only period, the
          remaining Monthly Payments shall be sufficient to fully amortize the original
          principal balance over the remaining term of the Mortgage Loan and to pay
          interest at the related Mortgage Interest Rate. With respect to each Balloon
          Mortgage Loan, the Mortgage Note requires a monthly payment which is sufficient
          to fully amortize the original principal balance over the original term
          thereof
          and to pay interest at the related Mortgage Interest Rate and requires
          a final
          Monthly Payment substantially greater than the preceding monthly payment
          which
          is sufficient to repay the remained unpaid principal balance of the Balloon
          Mortgage Loan as the Due Date of such monthly payment. The Index for each
          Adjustable Rate Mortgage Loan is as set forth on the Mortgage Loan Schedule.
          No
          Mortgage Loan is a Convertible Mortgage Loan. No Balloon Mortgage Loan
          has an
          original stated maturity of less than seven (7) years;

         

        The
          origination, servicing and collection practices used with respect to each
          Mortgage Note and Mortgage including, without limitation, the establishment,
          maintenance and servicing of the Escrow Accounts and Escrow Payments, if
          any,
          since origination, have been in all respects legal, proper, prudent and
          customary in the mortgage origination and servicing industry. The Mortgage
          Loan
          has been serviced by the Servicer and any predecessor servicer in accordance
          with the terms of the Mortgage Note and Accepted Servicing Practices. With
          respect to escrow deposits and Escrow Payments, if any, all such payments
          are in
          the possession of, or under the control of, the Servicer and there exist
          no
          deficiencies in connection therewith for which customary arrangements for
          repayment thereof have not been made. No escrow deposits or Escrow Payments
          or
          other charges or payments due the Servicer have been capitalized under
          any
          Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
          Payments are being held by the Servicer for any work on a Mortgaged Property
          which has not been completed; provided that, certain Insurance Proceeds
          may be
          held by the Servicer in escrow pending the completion of repairs which
          are
          required to be made to a Mortgaged Property in connection with the payment
          of
          such Insurance Proceeds;

        

        (xxii)    The
          Mortgaged Property is free of damage and waste and there is no proceeding
          pending for the total or partial condemnation thereof;

         

        (xxiii)    The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (b) otherwise by judicial foreclosure.
          The
          Mortgaged Property is not subject to any bankruptcy proceeding or foreclosure
          proceeding and the Mortgagor has not filed for protection under applicable
          bankruptcy laws. There is no homestead or other exemption available to
          the
          Mortgagor which would interfere with the right to sell the Mortgaged Property
          at
          a trustee's sale or the right to foreclose the Mortgage. The Mortgagor
          has not
          notified the Servicer and the Servicer has no knowledge of any relief requested
          or allowed to the Mortgagor under the Servicemembers’ Civil Relief
          Act;

         

        (xxiv)    The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          Centex Home Equity Company, LLC in effect at the time the Mortgage Loan
          was
          originated; and the Mortgage Note and Mortgage are on forms acceptable
          to
          prudent lenders in the secondary market;

         

        (xxv)    The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

         

        (xxvi)    The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of Fannie Mae and Freddie Mac, was on appraisal
          form
          1004 or form 2055 with an interior inspection and was made and signed,
          prior to
          the approval of the Mortgage Loan application, by a qualified appraiser,
          duly
          appointed by the Servicer, who had no interest, direct or indirect in the
          Mortgaged Property or in any loan made on the security thereof, whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan
          and who met the minimum qualifications of Fannie Mae and Freddie Mac. Each
          appraisal of the Mortgage Loan was made in accordance with the relevant
          provisions of the Financial Institutions Reform, Recovery, and Enforcement
          Act
          of 1989;

         

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

         

        (xxviii)  
No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Servicer, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid
          by any source other than the Mortgagor or (c) contains any other similar
          provisions which may constitute a “buydown” provision. The Mortgage Loan is not
          a graduated payment mortgage loan and the Mortgage Loan does not have a
          shared
          appreciation or other contingent interest feature;

         

        (xxix)    The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

        (xxx)    No
          Mortgage Loan was made in connection with (a) the construction or rehabilitation
          of a Mortgaged Property or (b) facilitating the trade-in or exchange of
          a
          Mortgaged Property;

         

        (xxxi)    The
          Servicer has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          or
          adversely affect the value of the Mortgage Loan;

         

        (xxxii)    No
          Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. No
          Mortgage
          Loan is subject to a lender paid primary mortgage insurance policy;

         

        (xxxiii)  
The
          Mortgaged Property is lawfully occupied under applicable law; all inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy,
          have been made or obtained from the appropriate authorities;

         

        (xxxiv)   No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        (xxxv)    The
          Assignment of Mortgage is in recordable form, except for the name of the
          assignee which is blank, and is acceptable for recording under the laws
          of the
          jurisdiction in which the Mortgaged Property is located;

         

        (xxxvi)   Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first or second (as indicated
          on
          the Mortgage Loan Schedule) lien priority by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee's consolidated interest
          or by
          other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated
          principal amount does not exceed the original principal amount of the Mortgage
          Loan plus any Negative Amortization;

         

        (xxxvii)  
If
          the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of Fannie Mae and Freddie Mac;

         

        (xxxviii)   The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Servicer;

         

        (xxxix)  
Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (xl)      
          The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller or the Servicer nor, to the Seller’s or the
          Servicer’s knowledge, the related Mortgagor, has received any notice of any
          violation or potential violation of such law;

         

        (xli)    The
          Servicer shall, at its own expense, cause each Mortgage Loan to be covered
          by a
          Tax Service Contract which is assignable to the Purchaser or its designee;
          provided however, that if the Servicer fails to purchase such Tax Service
          Contract, the Servicer shall be required to reimburse the Purchaser for
          all
          costs and expenses incurred by the Purchaser in connection with the purchase
          of
          any such Tax Service Contract;

         

        (xlii)    Each
          Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
          to
          the Purchaser or its designee or, for each Mortgage Loan not covered by
          such
          Flood Zone Service Contract, the Servicer agrees to purchase such Flood
          Zone
          Service Contract;

         

        (xliii)  
 No
          Mortgage Loan is (a)(1) subject to the provisions of the Homeownership
          and
          Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an APR or total
          points and fees that are equal to or exceeds the HOEPA thresholds (as defined
          in
          12 CFR 226.32 (a)(1)(i) and (ii)), (b) a “high cost” mortgage loan, “covered”
mortgage loan (excluding home loans defined as “covered home loans” pursuant to
          clause (1) of the definition of that term in the New Jersey Home Ownership
          Security Act), “high risk home” mortgage loan, or “predatory” mortgage loan or
          any other comparable term, no matter how defined under any federal, state
          or
          local law, (c) subject to any comparable federal, state or local statutes
          or
          regulations, or any other statute or regulation providing for heightened
          regulatory scrutiny or assignee liability to holders of such mortgage loans,
          or
          (d) a High Cost Loan or Covered Loan, as applicable (as such terms are
          defined
          in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

         

        (xliv)   No
          predatory, abusive, or deceptive lending practices, including but not limited
          to, the extension of credit to a Mortgagor without regard for the Mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a mortgagor
          which has no apparent benefit to the Mortgagor, were employed in connection
          with
          the origination of the Mortgage Loan;

         

        (xlv)    The
          debt-to-income ratio of the related Mortgagor was not greater than 60%
          at the
          origination of the related Mortgage Loan;

         

        (xlvi)    No
          Mortgagor was required to purchase any credit insurance product (e.g.,
          life,
          mortgage, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.,
          life, mortgage, disability, accident, unemployment or health insurance)
          or debt
          cancellation agreement in connection with the origination of the Mortgage
          Loan.
          No proceeds from any Mortgage Loan were used to purchase single premium
          credit
          insurance policies or debt cancellation agreements as part of the origination
          of, or as a condition to closing, such Mortgage Loan;

         

        (xlvii)    The
          Mortgage Loans were not selected from the outstanding one- to four-family
          mortgage loans in the Seller’s portfolio as to which the representations and
          warranties set forth in this Agreement could be made at the related Closing
          Date
          in a manner so as to affect adversely the interests of the
          Purchaser;

         

        (xlviii)  
The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the mortgagee thereunder;

         

        (xlix)    The
          Mortgage Loan complies with all applicable consumer credit statutes and
          regulations, including, without limitation, the respective Uniform Consumer
          Credit Code laws in effect in Alabama, Colorado, Idaho, Indiana, Iowa,
          Kansas,
          Maine, Oklahoma, South Carolina, Utah, West Virginia and Wyoming, has been
          originated by a properly licensed entity, and in all other respects, complies
          with all of the material requirements of any such applicable laws;

         

        (l)    The
          information set forth in the Mortgage Loan Schedule as to Prepayment Charges
          is
          complete, true and correct in all material respects and each Prepayment
          Charge
          is permissible, enforceable and collectable in accordance with its terms
          upon
          the Mortgagor’s full and voluntary principal payment under applicable
          law;

         

        (li)    The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Servicer
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date;

         

        (lii)    No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        (liii)    As
          of the
          related Closing Date, each Mortgage Loan is eligible for sale in the secondary
          market or for inclusion in a Securitization Transaction without unreasonable
          credit enhancement;

         

        (liv)    Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Charge. For any Mortgage Loan originated prior
          to
          October 1, 2004 that is subject to a Prepayment Charge, such Prepayment
          Charge
          does not extend beyond three (3) years after the date of origination, except
          to
          the extent set forth on the Mortgage Loan Schedule. For any Mortgage Loan
          originated on or following October 1, 2004 that is subject to a Prepayment
          Charge, such Prepayment Charge does not extend beyond three (3) years after
          the
          date of origination. With respect to any Mortgage Loan that contains a
          provision
          permitting imposition of a premium upon a prepayment prior to maturity:
          (i)
          prior to the Mortgage Loan's origination, the Mortgagor agreed to such
          premium
          in exchange for a monetary benefit, including but not limited to a rate
          or fee
          reduction, (ii) prior to the Mortgage Loan's origination, the Mortgagor
          was
          offered the option of obtaining a Mortgage Loan that did not require payment
          of
          such a premium, (iii) the prepayment premium is disclosed to the Mortgagor
          in
          the loan documents pursuant to applicable state and federal law, and (iv)
          notwithstanding any state or federal law to the contrary, the Servicer
          shall not
          impose such Prepayment Charge in any instance when the mortgage debt is
          accelerated as the result of the Mortgagor's default in making the loan
          payments;

         

        (lv)    Each
          of
          the Seller and the Servicer has complied with all applicable anti-money
          laundering laws and regulations, including without limitation the USA Patriot
          Act of 2001 (collectively, the “Anti-Money Laundering Laws”); the Seller and the
          Servicer have each established an anti-money laundering compliance program
          as
          required by the Anti-Money Laundering Laws, has conducted the requisite
          due
          diligence in connection with the origination of each Mortgage Loan for
          purposes
          of the Anti-Money Laundering Laws, including with respect to the legitimacy
          of
          the applicable Mortgagor and the origin of the assets used by the said
          Mortgagor
          to purchase the Mortgaged Property, and maintains, and will maintain, sufficient
          information to identify the applicable Mortgagor for purposes of the Anti-Money
          Laundering Laws. No Mortgage Loan is subject to nullification pursuant
          to
          Executive Order 13224 (the “Executive Order”) or the regulations promulgated by
          the Office of Foreign Assets Control of the United States Department of
          the
          Treasury (the “OFAC Regulations”) or in violation of the Executive Order or the
          OFAC Regulations, and no Mortgagor is subject to the provisions of such
          Executive Order or the OFAC Regulations nor listed as a “blocked person” for
          purposes of the OFAC Regulations;

         

        (lvi)    No
          Mortgagor was encouraged or required to select a Mortgage Loan product
          offered
          by the Mortgage Loan's originator which is a higher cost product designed
          for
          less creditworthy borrowers, unless at the time of the Mortgage Loan's
          origination, such Mortgagor did not qualify taking into account credit
          history
          and debt to income ratios for a lower cost credit product then offered
          by the
          Mortgage Loan's originator or any affiliate of the Mortgage Loan's originator.
          If, at the time of loan application, the Mortgagor may have qualified for
          a for
          a lower cost credit product then offered by any mortgage lending affiliate
          of
          the Mortgage Loan's originator, the Mortgage Loan's originator referred
          the
          Mortgagor's application to such affiliate for underwriting consideration.
          With
          respect to any Mortgage Loan, the Mortgagor was assigned the highest credit
          grade available with respect to a mortgage loan product offered by such
          Mortgage
          Loan’s originator, based on a comprehensive assessment of risk factors,
          including the Mortgagor’s credit history;

         

        (lvii)    The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the Mortgagor's
          income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the Mortgagor's equity in the collateral
          as the
          principal determining factor in approving such credit extension. Such
          underwriting methodology confirmed that at the time of origination
          (application/approval) the Mortgagor had a reasonable ability to make timely
          payments on the Mortgage Loan;

         

        (lviii)    With
          respect to each Mortgage Loan, the Servicer has fully and accurately furnished
          complete information (i.e., favorable and unfavorable) on the related borrower
          credit files to Equifax, Experian and Trans Union Credit Information Company,
          in
          accordance with the Fair Credit Reporting Act and its implementing regulations,
          on a monthly basis and, for each Mortgage Loan, the Servicer will furnish,
          in
          accordance with the Fair Credit Reporting Act and its implementing regulations,
          accurate and complete information on its borrower credit files to Equifax,
          Experian, and Trans Union Credit Information Company, on a monthly
          basis;

         

        (lix)    All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Borrower in accordance with applicable state and federal laws and
          regulations. Except to the extent specified on the Mortgage Loan Schedule,
          no
          related Borrower was charged “points and fees” (whether or not financed) in an
          amount greater than (a) $1,000 or (b) 5% of the principal amount of such
          loan,
          whichever is greater, such 5% limitation is calculated in accordance with
          Fannie
          Mae’s anti-predatory lending requirements as set forth in the Fannie Mae Guides.
          For purposes of this representation, “points and fees” (a) include origination,
          underwriting, broker and finder’s fees and other charges that the lender imposed
          as a condition of making the loan, whether they are paid to the lender
          or a
          third party, and (b) exclude bona fide discount points, fees paid for actual
          services rendered in connection with the origination of the mortgage (such
          as
          attorneys’ fees, notaries fees and fees paid for property appraisals, credit
          reports, surveys, title examinations and extracts, flood and tax certifications,
          and home inspections); the cost of mortgage insurance or credit-risk price
          adjustments; the costs of title, hazard, and flood insurance policies;
          state and
          local transfer taxes or fees; escrow deposits for the future payment of
          taxes
          and insurance premiums; and other miscellaneous fees and charges that,
          in total,
          do not exceed 0.25 percent of the loan amount. All points, fees and charges
          (including finance charges) and whether or not financed, assessed, collected
          or
          to be collected in connection with the origination and servicing of each
          Mortgage Loan were disclosed in writing to the related Mortgagor in accordance
          with applicable state and federal laws and regulations;

         

        (lx)    The
          Servicer will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Servicer agrees it shall report one of the following statuses each month
          as
          follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
          foreclosed, or charged-off;

         

        (lxi)    With
          respect to any Mortgage Loan which is secured by manufactured housing,
          if such
          Mortgage Loans are permitted hereunder, such Mortgage Loan satisfies the
          requirements for inclusion in residential mortgage backed securities
          transactions rated by Standard & Poor's Ratings Services and such
          manufactured housing is the principal residence of the Mortgagor at the
          time of
          the origination of the Mortgage Loan;

         

        (lxii)    Each
          Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
          the Code and Treasury Regulation Section 1.860G-2(a)(1);

         

        (lxiii)    No
          Mortgage Loan is secured by real property or secured by a manufactured
          home
          located in the state of Georgia unless (x) such Mortgage Loan was originated
          prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
          the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
          Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
          defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”). Each
          Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all
          applicable provisions of the Georgia Act. No Mortgage Loan secured by owner
          occupied real property or an owner occupied manufactured home located in
          the
          State of Georgia was originated (or modified) on or after October 1, 2002
          through and including March 6, 2003;

         

        (lxiv)    No
          Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
          Section 6-1, effective as of April 1, 2003;

         

        (lxv)    No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans”, as defined in Section 6-1 of the New York State Banking
          Law;

         

        (lxvi)    No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 16, 2003 (Act 1340 or 2003);

         

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

         

        (lxviii)  
            No
          Mortgage Loan secured by property located in the State of Nevada is a “home
          loan” as defined in the Nevada Assembly Bill No. 284;

         

        (lxix)    No
          Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
          Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
          New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
          et
          seq.);

         

        (lxx)    No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        (lxxi)  
No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
          seq.);

         

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

         

        (lxxiii)
             No
          Loan
          that is secured by property located within the State of Maine meets the
          definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
          Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
          defined under the Maine House Bill 383 L.D. 494, effective as of September
          13,
          2003;

         

        (lxxiv)   With
          respect to any Loan for which a mortgage loan application was submitted
          by the
          Mortgagor after April 1, 2004, no such Loan secured by Mortgaged Property
          in the
          State of Illinois which has a Loan Interest Rate in excess of 8.0% per
          annum has
          lender-imposed fees (or other charges) in excess of 3.0% of the original
          principal balance of the Loan;

         

        (lxxv)   No
          Mortgage Loan is a “High Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 7,
          2004
          (Mass. Ann. Laws Ch. 183C). No Mortgage Loan secured by a Mortgaged Property
          located in the Commonwealth of Massachusetts was made to pay off or refinance
          an
          existing loan or other debt of the related borrower (as the term “borrower” is
          defined in the regulations promulgated by the Massachusetts Secretary of
          State
          in connection with Massachusetts House Bill 4880 (2004)) unless either
          (1) (a)
          the related Mortgage Interest Rate (that would be effective once the
          introductory rate expires, with respect to Adjustable Rate Mortgage Loans)
          did
          or would not exceed by more than 2.25% the yield on United States Treasury
          securities having comparable periods of maturity to the maturity of the
          related
          Mortgage Loan as of the fifteenth day of the month immediately preceding
          the
          month in which the application for the extension of credit was received
          by the
          related lender or (b) the Mortgage Loan is an “open-end home loan” (as such term
          is used in the Massachusetts House Bill 4880 (2004)) and the related Mortgage
          Note provides that the related Mortgage Interest Rate may not exceed at
          any time
          the Prime rate index as published in The Wall Street Journal plus a margin
          of
          one percent, or (2) such Mortgage Loan is in the "borrower's interest,"
          as
          documented by a "borrower's interest worksheet" for the particular Mortgage
          Loan, which worksheet incorporates the factors set forth in Massachusetts
          House
          Bill 4880 (2004) and the regulations promulgated thereunder for determining
          "borrower's interest," and otherwise complies in all material respects
          with the
          laws of the Commonwealth of Massachusetts;

         

        (lxxvi)   No
          Loan
          is a “High Cost Home Loan” as defined by the Indiana Home Loan Practices Act,
          effective January 1, 2005 (Ind. Code Ann. §§ 24-9-1 et seq.);

         

        (lxxvii)   
            The
          Mortgagee has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (lxxviii)  The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto;

         

        (lxxix) 
            With
          respect to each MOM Loan, a MIN has been assigned by MERS and such MIN
          is
          accurately provided on the Mortgage Loan Schedule. The related Assignment
          of
          Mortgage to MERS has been duly and properly recorded, or has been delivered
          for
          recording to the applicable recording office;

         

        (lxxx)  
            With
          respect to each MOM Loan, Seller has not received any notice of liens or
          legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS;

         

        (lxxxi)     With
          respect to each second lien Mortgage Loan, either no consent for the Mortgage
          Loan is required by the holder of the first lien or such consent has been
          obtained and is contained in the Mortgage File; and

         

        (lxxxii)  
            No
          Mortgage Loan is subject to mandatory arbitration except when the terms
          of the
          arbitration also contain a waiver provision that provides that in the event
          of a
          sale or transfer of the Mortgage Loan or interest in the Mortgage Loan
          to Fannie
          Mae or Freddie Mac, the terms of the arbitration are null and void and
          cannot be
          reinstated. The seller hereby covenants that the seller or servicer of
          the
          Mortgage Loan, as applicable, will notify the borrower in writing within
          60 days
          of the sale or transfer of the Mortgage Loan to Fannie Mae or Freddie Mac
          that
          the terms of the arbitration are null and void.

      

      
 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      

        ASSIGNMENT
          AGREEMENT

         

        THIS
          ASSIGNMENT AGREEMENT, dated April 6, 2006, (“Agreement”)
          between Greenwich Capital Financial Products, Inc. (“Assignor”),
          Financial Asset Securities Corp. (“Assignee”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

        

        1.    The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          Long
          Beach Mortgage Company (the “Company”) on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Mortgage Loan Purchase and
          Interim
          Servicing Agreement dated as of April 1, 2005 as amended (the “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement. Notwithstanding the foregoing, however,
          such assignment shall not include any Servicing Rights with respect to
          the
          Mortgage Loans.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

        

        2.    The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

        

        (a)    To
          the
          best of the Assignor’s knowledge, nothing has occurred in the period of time
          from the related Closing Date (as defined in the Purchase Agreement) to
          the date
          hereof which would cause the representations and warranties of the Company
          set
          forth in Sections 3.1 and 3.2 of the Purchase Agreement to be untrue in
          any
          material respect as of the date hereof; 

        

        (b)    No
          Mortgage Loan is subject to the requirements of the Home Ownership and
          Equity
          Protection Act of 1994 (“HOEPA”) and no Mortgage Loan is in violation of any
          state law or ordinance similar to HOEPA; 

        

        (c)    Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws; 

        

        (d)    None
          of
          the mortgage loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; and

        

        (e)    No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in the then current Standard & Poor’s LEVELS Version
          5.6(c) Glossary Revised, Appendix E).

         

        Remedies
          for Breach of Representations and Warranties

        

        3.    The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and the Servicers acting
          on the
          Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor set forth in Section 3 hereof shall be
          as set
          forth in Section 2.03 of the Pooling Agreement as if they were set forth
          herein.
          With respect to the representations and warranties contained herein that
          are
          made to the knowledge or the best knowledge of the Assignor or as to which
          the
          Assignor has no knowledge, if it is discovered that the substance of any
          such
          representation and warranty is inaccurate and the inaccuracy materially
          and
          adversely affects the value of the related Mortgage Loan, or the interest
          therein of the Assignee or the Assignee’s, designee or transferee, then
          notwithstanding the Assignor’s lack of knowledge with respect to the substance
          of such representation and warranty being inaccurate at the time the
          representation and warranty was made, such inaccuracy shall be deemed a
          breach
          of the applicable representation and warranty and the Assignor shall take
          such
          action described above in Section 3 of this Agreement.

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

        Miscellaneous

        

        4.    This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws. 

         

        5.    No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee. 

         

        6.    This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee and the Servicer
          acting
          on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
          be merged or consolidated shall, without the requirement for any further
          writing, be deemed Assignor, Assignee or Company, respectively, hereunder.
          

         

        7.    Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement. 

         

        8.    This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument. 

         

        9.    In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        10.    Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

         

        [SIGNATURE
          PAGE FOLLOWS]

        

        
          
            
              

               

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

         

         

         

        
          	 	
                  GREENWICH
                    CAPITAL FINANCIAL

                  PRODUCTS,
                    INC.

                
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

         

         

         

        
           

          
            	 	
                    
                      FINANCIAL
                        ASSET SECURITIES CORP.

                    

                  
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 

          

        

         

        Acknowledged:

         

        
          
            	
                    LONG
                      BEACH MORTGAGE COMPANY

                  	 
	 	 	 
	
                    By:

                  	 	 
	
                    Name:

                  	 	 
	
                    Title:

                  	 	 

          

        

         

        
          
             

             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        AVAILABLE
          UPON REQUEST 

        

        
          
             

             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          I

         

        REPRESENTATIONS
          AND WARRANTIES

        

        

        
          
             

             

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Capitalized
          terms used in this Schedule I but not defined in this Agreement shall have
          the
          meanings given to such terms in the Purchase Agreement.

        

        1.  The
          information with respect to such Mortgage Loan set forth on the related
          Mortgage
          Loan Schedule is true and correct in all material respects as of the Cut-off
          Date, unless another date is set forth on the Mortgage Loan
          Schedule.

         

        2.    Each
          Mortgage is a valid and enforceable second lien on the Mortgaged Property,
          including all improvements thereon, subject only to (i) the lien of
          non-delinquent current real property taxes and assessments, (ii) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of
          public record as of the date of recording of such Mortgage, such exceptions
          appearing of record being acceptable to mortgage lending institutions generally
          or specifically reflected in the appraisal made in connection with the
          origination of the related Mortgage Loan and which do not materially interfere
          with the benefits of the security intended to be provided by such Mortgage,
          (iii) other matters to which like properties are commonly subject which
          do not
          materially interfere with the benefits of the security intended to be provided
          by such Mortgage and (iv) a first lien on such Mortgaged Property.

         

        3.    Immediately
          prior to the transfer of the Mortgage Loans to the Purchaser pursuant to
          Section 2.1, the Seller had good title to, and was the sole legal and
          beneficial owner of, each Mortgage Loan, free and clear of any pledge,
          lien,
          encumbrance or security interest and has full right and authority, subject
          to no
          interest or participation of, or agreement with, any other party to sell
          and
          assign the same. The form of endorsement of each Mortgage Note satisfied
          the
          requirement, if any, of endorsement in order to transfer all right, title
          and
          interest of the party so endorsing, as noteholder or assignee thereof,
          in and to
          that Mortgage Note; and each Assignment of Mortgage to be delivered hereunder
          is
          in recordable form and is sufficient to effect the assignment of and to
          transfer
          to the assignee thereunder the benefits of the assignor, as mortgagee or
          assignee thereof, under each Mortgage to which that Assignment of Mortgage
          relates.

         

        4.    There
          is
          no delinquent tax or assessment lien against the related Mortgaged
          Property.

         

        5.    There
          is
          no valid offset, defense or counterclaim to the related Mortgage Note (including
          any obligation of the Mortgagor to pay the unpaid principal of or interest
          on
          such Mortgage Note) or the related Mortgage, nor will the operation of
          any of
          the terms of the related Mortgage Note and such Mortgage, or the exercise
          of any
          right thereunder, render such Mortgage Note or such Mortgage unenforceable,
          in
          whole or in part, or subject to any right of rescission, set-off, counterclaim
          or defense, including the defense of usury; and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect
          thereto.

         

        6.    There
          are
          no mechanics’ liens or claims for work, labor or material affecting the related
          Mortgaged Property which are or may be a lien prior to, or equal with,
          the lien
          of the related Mortgage, except those which are insured against by the
          title
          insurance policy referred to in (j) below.

         

        7.    Each
          Mortgaged Property is free of material damage and is at least in average
          repair.

         

        8.    Each
          Mortgage Loan at origination complied in all material respects with applicable
          local, state and federal laws, including, without limitation, usury, equal
          credit opportunity, real estate settlement procedures, truth-in-lending,
          disclosure, and all predatory and abusive lending laws applicable to the
          originating lender, and the consummation of the transactions contemplated
          hereby, including without limitation the receipt of interest, does not
          involve
          the violation of any such laws.

         

        9.    Neither
          the Seller nor any prior holder of the related Mortgage has modified such
          Mortgage in any material respect, satisfied, canceled or subordinated such
          Mortgage in whole or in part; released the related Mortgaged Property in
          whole
          or in part from the lien of such Mortgage; or executed any instrument of
          release, cancellation, modification or satisfaction with respect thereto
          (except
          that such Mortgage Loan may have been modified by a written instrument
          signed by
          the Seller or a prior holder of the Mortgage Loan which has been recorded,
          if
          necessary, to protect the interests of the Seller and the Purchaser and
          which
          has been delivered to the Purchaser or any assignee, transferee or designee
          of
          the Purchaser as part of the Collateral File, and the terms of which are
          reflected in the Mortgage Loan Schedule).

         

        10.    A
          lender’s policy of title insurance together with a condominium endorsement and
          extended coverage endorsement, if applicable, or a commitment (binder)
          to issue
          the same was effective on the date of the origination of such Mortgage
          Loan,
          each such policy is valid and remains in full force and effect, the transfer
          of
          such Mortgage Loan to the Purchaser does not affect the validity or
          enforceability of such policy and each such policy was issued by a title
          insurer
          qualified to do business in the jurisdiction where the related Mortgaged
          Property is located and acceptable to Fannie Mae or Freddie Mac and in
          a form
          acceptable to Fannie Mae or Freddie Mac on the date of origination of such
          Mortgage Loan, which policy insures the Seller and successor owners of
          indebtedness secured by the insured Mortgage, as to the second priority
          lien of
          the Mortgage; to the best of the Seller’s knowledge, no claims have been made
          under such mortgage title insurance policy and no prior holder of the related
          Mortgage, including the Seller, has done, by act or omission, anything
          which
          would impair the coverage of such mortgage title insurance policy.

         

        11.    Such
          Mortgage Loan was originated by, or generated on behalf of, the Seller,
          or
          originated by a savings and loan association, savings bank, commercial
          bank,
          credit union, insurance company or similar institution which is supervised
          and
          examined by a federal or state authority, or by a mortgagee approved by
          the
          Secretary of HUD pursuant to Sections 203 and 211 of the National Housing
          Act.

         

        12.    The
          related Mortgage Note is payable on the first day of each month in
          self-amortizing monthly installments of principal and interest, with interest
          payable in arrears, and requires a Monthly Payment which is sufficient
          to fully
          amortize the outstanding principal balance of such Mortgage Loan over its
          remaining term and to pay interest at the applicable Mortgage Interest
          Rate.
          Such Mortgage Loan is not subject to negative amortization. 

         

        13.    All
          of
          the improvements that were included for the purpose of determining the
          value (as
          determined by the Appraised Value) of the Mortgaged Property lie wholly
          within
          the boundaries and building restriction lines of such property, and no
          improvements on adjoining properties encroach upon the Mortgaged
          Property.

         

        14.    All
          inspections, licenses and certificates required to be made or issued with
          respect to all occupied portions of the Mortgaged Property and, with respect
          to
          the use and occupancy of the same, including but not limited to certificates
          of
          occupancy, have been made or obtained from the appropriate authorities,
          the
          Mortgaged Property is lawfully occupied under applicable law.

         

        15.    All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          licensing requirements of the laws of the state wherein the Mortgaged Property
          is located.

         

        16.    The
          Mortgage Note and the related Mortgage are genuine, and each is the legal,
          valid
          and binding obligation of the Mortgagor enforceable against the Mortgagor
          by the
          mortgagee or its representative in accordance with its terms, except only
          as
          such enforcement may be limited by bankruptcy, insolvency, reorganization,
          moratorium or other similar laws affecting the enforcement of creditors’ rights
          generally and by law. All parties to the Mortgage Note and the Mortgage
          had full
          legal capacity to execute all Mortgage Loan documents and to convey the
          estate
          purported to be conveyed by the Mortgage and the Mortgage Note and Mortgage
          have
          been duly and validly executed by such parties or pursuant to a valid power
          of
          attorney that has been recorded with the Mortgage.

         

        17.    The
          proceeds of such Mortgage Loan have been fully disbursed, there is no
          requirement for future advances thereunder and any and all requirements
          as to
          completion of any on-site or off-site improvements and as to disbursements
          of
          any escrow funds therefor have been complied with. All costs, fees and
          expenses
          incurred in making, closing or recording such Mortgage Loan have been paid
          or
          shall be paid in the ordinary course of business.

         

        18.    The
          related Mortgage contains customary and enforceable provisions which render
          the
          rights and remedies of the holder thereof adequate for the realization
          against
          the Mortgaged Property of the benefits of the security, including, (i)
          in the
          case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii)
          otherwise by judicial foreclosure. There is no homestead or other exemption
          available to the Mortgagor which would interfere with the right to sell
          the
          Mortgaged Property at a trustee’s sale or the right to foreclose the
          Mortgage.

         

        19.    With
          respect to each Mortgage constituting a deed of trust, a trustee, duly
          qualified
          under applicable law to serve as such, has been properly designated and
          currently so serves and is named in such Mortgage, and no fees or expenses
          are
          or will become payable by the Purchaser to the trustee under the deed of
          trust,
          except in connection with a trustee’s sale after default by the
          Mortgagor.

         

        20.    There
          are
          no required escrow deposits or payments required under the Mortgage or
          the
          related Mortgage Note.

         

        21.    The
          origination, underwriting and collection practices used by the Seller and
          the
          correspondent originator, if any, with respect to each Mortgage Loan have
          been
          in all material respects legal, proper, prudent and customary in the subprime
          mortgage origination and servicing business. Each Mortgage Loan is currently
          serviced by Washington Mutual Bank. Each Mortgage Loan has been originated
          by
          the Seller or a correspondent originator.

         

        22.    There
          is
          no pledged account or other security other than real estate securing the
          Mortgagor’s obligations.

         

        23.    No
          Mortgage Loan has a shared appreciation feature, or other contingent interest
          feature.

         

        24.    The
          improvements upon the related Mortgaged Property are covered by a valid
          and
          existing hazard insurance policy with a generally acceptable carrier that
          provides for fire extended coverage and coverage of such other hazards
          as are
          customarily covered by hazard insurance policies with extended coverage
          in the
          area where such Mortgaged Property is located representing coverage not
          less
          than the lesser of (A) the sum of (i) the outstanding principal
          balance of the related Mortgage Loan and (ii) the outstanding principal
          balance of the related First Mortgage Loan or (B) the minimum amount
          required to compensate for damage or loss on a replacement cost basis.
          All
          individual insurance policies and flood policies referred to in this clause
          (x)
          and in clause (y) below contain a standard mortgagee clause naming the
          Seller or
          the original mortgagee, and its successors in interest, as mortgagee, and
          the
          Seller has received no notice that any premiums due and payable thereon
          have not
          been paid; the Mortgage obligates the Mortgagor thereunder to maintain
          all such
          insurance, including flood insurance, at the Mortgagor’s cost and expense, and
          upon the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to
          obtain and maintain such insurance at the Mortgagor’s cost and expense and to
          seek reimbursement therefor from the Mortgagor.

         

        25.    If
          the
          Mortgaged Property is in an area identified in the Federal Register by
          the
          Federal Emergency Management Agency as subject to special flood hazards,
          a flood
          insurance policy in a form meeting the requirements of the current guidelines
          of
          the Flood Insurance Administration is in effect with respect to such Mortgaged
          Property with a generally acceptable carrier in an amount representing
          coverage
          not less than the least of (A) the sum of (i) the original outstanding
          principal balance of the Mortgage Loan and (ii) the original outstanding
          balance of the related First Mortgage Loan, (B) the minimum amount required
          to
          compensate for damage or loss on a replacement cost basis or (C) the maximum
          amount of insurance that is available under the Flood Disaster Protection
          Act of
          1973.

         

        26.    There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note; and neither the Seller nor any other
          entity involved in originating or servicing such Mortgage Loan has waived
          any
          default, breach, violation or event of acceleration. With respect to each
          Mortgage Loan (i) the First Mortgage Loan is in full force and effect,
          (ii) to
          the best of Seller’s knowledge, there is no default, breach, violation or event
          of acceleration existing under such First Mortgage Loan or the related
          mortgage
          note, (iii) to the best of the Seller’s knowledge, no event which, with the
          passage of time or with notice and the expiration of any grace or cure
          period,
          would constitute a default, breach, violation or event of acceleration
          thereunder, and either (A) the First Mortgage Loan contains a provision
          which
          allows or (B) applicable law requires, the mortgagee under the Mortgage
          Loan to
          receive notice of, and affords such mortgagee an opportunity to cure any
          default
          by payment in full or otherwise under the First Mortgage Loan.

         

        27.    The
          related Mortgaged Property is improved by a one- to four-family residential
          dwelling, including condominium units and dwelling units in planned unit
          developments, which does not include cooperatives and does not constitute
          property other than real property under state law. 

         

        28.    There
          is
          no obligation on the part of the Seller or any other party under the terms
          of
          the Mortgage or related Mortgage Note to make payments in addition to those
          made
          by the Mortgagor.

         

        29.    Any
          future advances made prior to the Cut-off Date have been consolidated with
          the
          outstanding principal amount secured by the Mortgage, and the secured principal
          amount, as consolidated, bears a single interest rate and single repayment
          term
          reflected on the related Mortgage Loan Schedule. The consolidated principal
          amount does not exceed the original principal amount of the Mortgage
          Loan.

         

        30.    Each
          Mortgage Loan was underwritten in accordance with the Seller’s underwriting
          guidelines in effect at the time such Mortgage Loan was underwritten as
          applicable to its credit grade in all material respects.

         

        31.    The
          appraisal of such Mortgage Loan that was used to determine the Appraised
          Value
          of the related Mortgaged Property was conducted generally in accordance
          with the
          Seller’s underwriting guidelines in effect at the time such Mortgage Loan was
          underwritten and in compliance with the Financial Institutions Reform,
          Recovery
          and Enforcement Act of 1989, and included an assessment by the appraiser
          of the
          fair market value of the related Mortgaged Property at the time of the
          appraisal. The Credit File contains an appraisal of the applicable Mortgaged
          Property.

         

        32.    Such
          Mortgage Loan is not a graduated payment Mortgage Loan, nor is it subject
          to a
          temporary buydown or similar arrangement.

         

        33.    As
          of the
          Cut-off Date, the Monthly Payment due on such Mortgage Loan in the month
          immediately preceding the month of the related Closing Date has been made,
          such
          Mortgage Loan has not been contractually delinquent for more than 30 days
          more
          than once during the preceding twelve months and such Mortgage Loan has
          not
          experienced a delinquency of 60 or more days since the origination
          thereof.

         

        34.    The
          related Mortgage contains a provision that is, to the extent not prohibited
          by
          federal or state law, enforceable for the acceleration of the payment of
          the
          unpaid principal balance of such Mortgage Loan in the event that the Mortgaged
          Property is sold or transferred without the prior written consent of the
          mortgagee thereunder.

         

        35.    No
          misrepresentation, negligence, fraud or similar occurrence with respect
          to such
          Mortgage Loan has taken place on the part of any person, including, without
          limitation, the Mortgagor, any appraiser, any builder or developer, or
          any other
          party involved in the origination of such Mortgage Loan or in the application
          of
          any insurance in relation to such Mortgage Loan.

         

        36.    Each
          Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section
          860G(a)(3) of the Code.

         

        37.    The
          Prepayment Charge with respect to such Mortgage Loan, if any, is permissible
          and
          enforceable in accordance with its terms under applicable law upon the
          related
          Mortgagor’s voluntary Principal Prepayment (except to the extent that: (1) the
          enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
          receivership and other similar laws relating to creditors’ rights generally; or
          (2) the collectability thereof may be limited due to acceleration in connection
          with a foreclosure or other involuntary prepayment). If the related Mortgage
          Loan was originated before October 1, 2002, it does not have a Prepayment
          Charge for a term in excess of five years from the date of its origination
          and
          if the related Mortgage Loan was originated on or after October 1, 2002, it
          does not have a Prepayment Charge for a term in excess of three years from
          the
          date of its origination.

         

        38.    The
          Loan-to-Value Ratio for such Mortgage Loan was no greater than 100% at
          the time
          of origination.

         

        39.    The
          first
          date on which the related Mortgagor must make a payment on the related
          Mortgage
          Note is no later than 60 days from the date of the origination of such
          Mortgage
          Loan.

         

        40.    The
          transfer, assignment and conveyance of the Mortgage Note and the Mortgage
          by the
          Seller pursuant to this Agreement are not subject to the bulk transfer
          or any
          similar statutory provisions in effect in any relevant jurisdiction, except
          any
          as may have been complied with.

         

        41.    There
          are
          no defaults in complying with the terms of the Mortgage, and either (1)
          any
          taxes, governmental assessments, insurance premiums, water, sewer and municipal
          charges or ground rents which previously became due and owing have been
          paid, or
          (2) an escrow of funds has been established in an amount sufficient to
          pay for
          every such item which remains unpaid and which has been assessed but is
          not yet
          due and payable. Except for payments in the nature of escrow payments,
          including
          without limitation, taxes and insurance payments, the Seller has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          by a
          party other than the Mortgagor, directly or indirectly, for the payment
          of any
          amount required by the Mortgage Note, except for interest accruing from
          the date
          of the Mortgage Note or date of disbursement of the Mortgage proceeds,
          whichever
          is greater, to the day which precedes by one month the Due Date of the
          first
          installment of principal and interest.

         

        42.    There
          is
          no proceeding pending, or to best of the Seller’s knowledge threatened, for the
          total or partial condemnation of the Mortgaged Property or the taking by
          eminent
          domain of any Mortgaged Property.

         

        43.    The
          related Mortgagor was not required to purchase any credit life, disability,
          accident or health insurance product as a condition of obtaining the extension
          of credit. The related Mortgagor did not obtain a prepaid single-premium
          credit
          life, disability, accident or health insurance policy in connection with
          the
          origination of the Mortgage Loan.

         

        44.    The
          Seller did not select such Mortgage Loan with the intent to adversely affect
          the
          interests of the Purchaser.

         

        45.    The
          Seller has not received any notice that the related Mortgagor has filed
          for any
          bankruptcy or similar legal protection.

         

        46.    Such
          Mortgage Loan is not a “High Cost Loan” or “Covered Loan” (as such terms are
          defined in the Standard & Poor’s LEVELS® Glossary in effect on the related
          Closing Date applicable portions of which are attached to the related Term
          Sheet
          as Exhibit A), to the extent applicable to the originating lender under
          the
          governing state or local law or regulation and, if such Mortgage Loan was
          originated on or after October 1, 2002 and before March 7, 2003, such
          Mortgage Loan is not governed by the Georgia Act.

         

        47.    Either
          (a) no consent for such Mortgage Loan is required by the holder of the
          related
          first lien or (b) such consent has been obtained and is contained in the
          related
          Collateral File.

         

        48.    The
          Seller has not received notice of any intervening mortgage, lien, attachment,
          lis pendens or other encumbrance adversely affecting the priority of such
          Mortgage Loan. 

         

        49.    Such
          Mortgage Loan is not a “home equity line of credit”.

         

        50.    The
          related First Mortgage Loan does not provide for negative amortization.
          

         

        51.    To
          the
          Seller’s knowledge, the Mortgaged Property is in material compliance with all
          applicable environmental laws pertaining to environmental hazards including,
          without limitation, asbestos, and neither the Seller nor, to the Seller’s
          knowledge, the related Mortgagor, has received any notice of any violation
          or
          potential violation of such law.

         

        52.    With
          respect to any Mortgage Loan originated on or after August 1, 2004, neither
          the
          related Mortgage nor the related Mortgage Note requires the Mortgagor to
          submit
          to arbitration to resolve any dispute arising out of or relating in any
          way to
          the Mortgage Loan transaction.

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

        

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated April 6, 2006, (“Agreement”)
          among
          Greenwich Capital Financial Products, Inc. (“Assignor”),
          Financial Asset Securities Corp. (“Assignee”)
          and
          Meritage Mortgage Corp. (the “Company”):

         

        

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

         

        Assignment
          and Conveyance

         

        1. The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master Mortgage Loan Purchase
          and
          Interim Servicing Agreement dated as of May 1, 2003 as amended (the
“Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement. Notwithstanding the foregoing, however,
          such assignment shall not include any Servicing Rights with respect to
          the
          Mortgage Loans.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        Recognition
          of the Company

         

        2. From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          Soundview Home Loan Trust 2006-2 (the “Trust”)
          created pursuant to a Pooling and Servicing Agreement, dated as of March
          1, 2006
          (the “Pooling
          Agreement”),
          among
          the
          Assignee, Wells Fargo Bank, N.A. as master servicer and servicer (the “Master
          Servicer” and “Servicer”) and Deutsche Bank National Trust Company, as trustee
          (including its successors in interest and any successor trustees under
          the
          Pooling Agreement, the “Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i) the Trust will be the owner of the Mortgage Loans, (ii) the
          Company shall look solely to the Trust for performance of any obligations
          of the
          Assignor insofar as they relate to the enforcement of the representations,
          warranties and covenants with respect to the Mortgage Loans, (iii) the
          Trust (including the Trustee and each of the Servicers acting on the Trust’s
          behalf) shall have all the rights and remedies available to the Assignor,
          insofar as they relate to the Mortgage Loans, under the Purchase Agreement,
          including, without limitation, the enforcement of the document delivery
          requirements and remedies with respect to breaches of representations and
          warranties set forth in the Purchase Agreement, and shall be entitled to
          enforce
          all of the obligations of the Company thereunder insofar as they relate
          to the
          Mortgage Loans, and (iv) all references to the Purchaser (insofar as they
          relate to the rights, title and interest and, with respect to obligations
          of the
          Purchaser, only insofar as they relate to the enforcement of the
          representations, warranties and covenants of the Company) or the Custodian
          under
          the Purchase Agreement insofar as they relate to the Mortgage Loans, shall
          be
          deemed to refer to the Trust (including the Trustee and each of the Servicers
          acting on the Trust’s behalf). Neither the Company nor the Assignor shall amend
          or agree to amend, modify, waiver, or otherwise alter any of the terms
          or
          provisions of the Purchase Agreement which amendment, modification, waiver
          or
          other alteration would in any way affect the Mortgage Loans or the Company’s
          performance under the Purchase Agreement with respect to the Mortgage Loans
          without the prior written consent of the Trustee.

         

        Representations
          and Warranties of the Company

         

        3. The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a) The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (b) The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of this
          Agreement is in the ordinary course of the Company’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Company’s charter or bylaws or any legal restriction, or any
          material agreement or instrument to which the Company is now a party or
          by which
          it is bound, or result in the violation of any law, rule, regulation, order,
          judgment or decree to which the Company or its property is subject. The
          execution, delivery and performance by the Company of this Agreement have
          been
          duly authorized by all necessary corporate action on part of the Company.
          This
          Agreement has been duly executed and delivered by the Company, and, upon
          the due
          authorization, execution and delivery by the Assignor and the Assignee,
          will
          constitute the valid and legally binding obligation of the Company, enforceable
          against the Company in accordance with its terms except as enforceability
          may be
          limited by bankruptcy, reorganization, insolvency, moratorium or other
          similar
          laws now or hereafter in effect relating to creditors’ rights generally, and by
          general principles of equity regardless of whether enforceability is considered
          in a proceeding in equity or at law; 

         

        (c) No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; and

         

        (d) There
          is
          no action, suit, proceeding or investigation pending or threatened against
          the
          Company, before any court, administrative agency or other tribunal, which
          would
          draw into question the validity of this Agreement or the Purchase Agreement,
          or
          which, either in any one instance or in the aggregate, would result in
          any
          material adverse change in the ability of the Company to perform its obligations
          under this Agreement or the Purchase Agreement, and the Company is
          solvent.

         

        4. Pursuant
          to Section 12 of the Purchase Agreement, the Company hereby represents
          and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Sections 7.01 and 7.02 of the
          Purchase Agreement, are true and correct as of the date hereof as if such
          representations and warranties were made on the date hereof, except that
          the
          representation and warranty set forth in Section 7.02(a) shall, for purposes
          of
          this Agreement, relate to the Mortgage Loan Schedule attached
          hereto.

         

        5. The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a) Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (b) None
          of
          the mortgage loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; 

         

        (c) No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in Standard & Poor’s LEVELS Version 5.6(c) Glossary
          Revised, Appendix E); and

         

        (d) No
          loan
          originated on or after October 1, 2002 through March 6, 2003 is governed
          by the
          Georgia Fair Lending Act.

         

        Remedies
          for Breach of Representations and Warranties

         

        6. The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and each of
          the
          Servicers acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Sections
          3 and 4
          hereof shall be as set forth in Subsection 7.03 of the Purchase Agreement
          as if
          they were set forth herein (including without limitation the repurchase
          and
          indemnity obligations set forth therein).

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and the Servicers acting
          on the
          Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor set forth in Section 5 hereof shall be
          as set
          forth in Section 2.03 of the Pooling Agreement as if they were set forth
          herein.

         

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

        Miscellaneous

         

        7. This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws. 

         

        8. No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee. 

         

        9. This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee and each of the
          Servicers acting on the Trust’s behalf). Any entity into which Assignor,
          Assignee or Company may be merged or consolidated shall, without the requirement
          for any further writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder. 

         

        10. Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement. 

         

        11. This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument. 

         

        12. In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        13. Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

         

        [SIGNATURE
          PAGE FOLLOWS]

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        GREENWICH
          CAPITAL FINANCIAL PRODUCTS, INC.

        

        

        By: __________________________________

        Name:
          

        Title:

        

        

        FINANCIAL
          ASSET SECURITIES CORP.

        

        

        By: __________________________________

        Name:
          

        Title:

        

        

        MERITAGE
          MORTGAGE CORP.

        

        

        By: __________________________________

        Name:
          

        Title:

        
          
             

            

            

            

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        AVAILABLE
          UPON REQUEST 

        
          
             

            

            

            

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          I

         

        REPRESENTATIONS
          AND WARRANTIES

        

        
          
             

            

            

            

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Capitalized
          terms used in this Schedule I but not defined in this Agreement shall have
          the
          meanings given to such terms in the Purchase Agreement.

        

        1.  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

         

        2.  The
          Mortgage Loan is in compliance with all requirements set forth in the Seller’s
          Underwriting Guides and the characteristics of the related Mortgage Loan
          Package
          as set forth in the related Confirmation are true and correct, provided,
          however, that in the event of any conflict between the terms of any Confirmation
          and this agreement, the terms of this agreement shall control;

         

        3.  All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          the
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage; and there has been no delinquency, exclusive
          of any
          period of grace, in any payment by the Mortgagor thereunder since the
          origination of the Mortgage Loan;

         

        4.  There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        5.  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office if necessary to maintain the lien priority
          of
          the Mortgage, and which have been delivered to the Custodian; the substance
          of
          any such waiver, alteration or modification has been approved by the title
          insurer, to the extent required by the related policy, and is reflected
          on the
          related Mortgage Loan Schedule. No instrument of waiver, alteration or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, except in connection with an assumption agreement approved by
          the title
          insurer, to the extent required by the policy, and which assumption agreement
          has been delivered to the Custodian and the terms of which are reflected
          in the
          related Mortgage Loan Schedule;

         

        6.  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        7.  All
          buildings upon the Mortgaged Property are insured by an insurer acceptable
          to
          FNMA or FHLMC against loss by fire, hazards of extended coverage and such
          other
          hazards as are customary in the area where the Mortgaged Property is located,
          pursuant to insurance policies conforming to the requirements of the Servicing
          Addendum. All such insurance policies contain a standard mortgagee clause
          naming
          the Seller, its successors and assigns as mortgagee and all premiums thereon
          have been paid. If the Mortgaged Property is in an area identified on a
          Flood
          Hazard Map or Flood Insurance Rate Map issued by the Federal Emergency
          Management Agency as having special flood hazards (and such flood insurance
          has
          been made available) a flood insurance policy meeting the requirements
          of the
          current guidelines of the Federal Insurance Administration is in effect
          which
          policy conforms to the requirements of FNMA or FHLMC. The Mortgage obligates
          the
          Mortgagor thereunder to maintain all such insurance at the Mortgagor’s cost and
          expense, and on the Mortgagor’s failure to do so, authorizes the holder of the
          Mortgage to maintain such insurance at Mortgagor’s cost and expense and to seek
          reimbursement therefor from the Mortgagor;

         

        8.  Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, all applicable predatory and abusive
          lending, real estate settlement procedures, consumer credit protection,
          equal
          credit opportunity or disclosure laws applicable to the origination and
          servicing of such Mortgage Loan have been complied with, the consummation
          of the
          transactions contemplated hereby will not involve the violation of any
          such laws
          or regulations, and the Seller shall maintain or shall cause its agent
          to
          maintain in its possession, available for the inspection of the Purchaser,
          and
          shall deliver to the Purchaser, upon two Business Days’ request, evidence of
          compliance with all such requirements;

         

        9.  The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release. With
          respect to each Second Lien Mortgage Loan (i) the First Lien is in full
          force
          and effect, (ii) there is no default, breach, violation or event of acceleration
          existing under such First Lien or the related mortgage note, (iii) no event
          which, with the passage of time or with notice and the expiration of any
          grace
          or cure period, would constitute a default, breach, violation or event
          of
          acceleration thereunder, and either (A) the First Lien contains a provision
          which allows or (B) applicable law requires, the mortgagee under the Second
          Lien
          Mortgage Loan to receive notice of, and affords such mortgagee an opportunity
          to
          cure any default by payment in full or otherwise under the First
          Lien; 

         

        10.  The
          Mortgage is a valid, existing and enforceable first or second lien on the
          Mortgaged Property, including all improvements on the Mortgaged Property
          subject
          only to (a) the lien of current real property taxes and assessments not
          yet due
          and payable, (b) covenants, conditions and restrictions, rights of way,
          easements and other matters of the public record as of the date of recording
          being acceptable to mortgage lending institutions generally and specifically
          referred to in the lender’s title insurance policy delivered to the originator
          of the Mortgage Loan and which do not adversely affect the Appraised Value
          of
          the Mortgaged Property, (c) other matters to which like properties are
          commonly
          subject which do not materially interfere with the benefits of the security
          intended to be provided by the Mortgage or the use, enjoyment, value or
          marketability of the related Mortgaged Property and (d) with respect to
          each
          Second Lien Mortgage Loan, a First Lien. Any security agreement, chattel
          mortgage or equivalent document related to and delivered in connection
          with the
          Mortgage Loan establishes and creates a valid, existing and enforceable
          (A)
          first lien and first priority security interest with
          respect to each Mortgage Loan that is indicated by the Seller to be a First
          Lien
          and (B) second lien and second priority security interest with respect
          to each
          Mortgage Loan which is indicated by the Seller to be a Second Lien Mortgage
          Loan, in either case, on
          the
          property described therein and the Seller has full right to sell and assign
          the
          same to the Purchaser. The Mortgaged Property was not, as of the date of
          origination of the Mortgage Loan, subject to a mortgage, deed of trust,
          deed to
          secure debt or other security instrument creating a lien subordinate to
          the lien
          of the Mortgage;

         

        11.  The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        12.  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        13.  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        14.  The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage and has full right to transfer and sell the Mortgage Loan
          to
          the Purchaser free and clear of any encumbrance, equity, lien, pledge,
          charge,
          claim or security interest;

         

        15.  All
          parties which have had any interest in the Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          “doing business” and licensing requirements of the laws of the state wherein the
          Mortgaged Property is located;

         

        16.  The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) ALTA
          lender’s title insurance policy (which, in the case of an Adjustable Rate
          Mortgage Loan has an adjustable rate mortgage endorsement in the form of
          ALTA
          6.0 or 6.1) acceptable to FNMA or FHLMC, issued by a title insurer acceptable
          to
          FNMA or FHLMC and qualified to do business in the jurisdiction where the
          Mortgaged Property is located, insuring (subject to the exceptions contained
          in
          (j) (a), (b) and (c) above and (d) with respect to each Second Lien Mortgage
          Loan) the Seller, its successors and assigns as to the first priority lien
          of
          the Mortgage in the original principal amount of the Mortgage Loan and,
          with
          respect to any Adjustable Rate Mortgage Loan, against any loss by reason
          of the
          invalidity or unenforceability of the lien resulting from the provisions
          of the
          Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
          Payment. Additionally, such lender’s title insurance policy affirmatively
          insures ingress and egress to and from the Mortgaged Property, and against
          encroachments by or upon the Mortgaged Property or any interest therein.
          The
          Seller is the sole insured of such lender’s title insurance policy, and such
          lender’s title insurance policy is in full force and effect and will be in full
          force and effect upon the consummation of the transactions contemplated
          by this
          Agreement. No claims have been made under such lender’s title insurance policy,
          and no prior holder of the related Mortgage, including the Seller, has
          done, by
          act or omission, anything which would impair the coverage of such lender’s title
          insurance policy;

         

        17.  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and the Seller has
          not
          waived any default, breach, violation or event of acceleration. With
          respect to each Mortgage Loan which is indicated by the Seller to be a
          Second
          Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) (i) the
          First
          Lien is in full force and effect, (ii) there is no default, breach, violation
          or
          event of acceleration existing under such First Lien mortgage or the related
          mortgage note, (iii) no event which, with the passage of time or with notice
          and
          the expiration of any grace or cure period, would constitute a default,
          breach,
          violation or event of acceleration thereunder, and either (A) the First
          Lien
          mortgage contains a provision which allows or (B) applicable law requires,
          the
          mortgagee under the Second Lien Mortgage Loan to receive notice of, and
          affords
          such mortgagee an opportunity to cure any default by payment in full or
          otherwise under the First Lien mortgage;

         

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

         

        19.  All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        20.  The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank or similar banking institution which
          is
          supervised and examined by a federal or state authority, or by a mortgagee
          approved as such by the Secretary of HUD;

         

        21.  Principal
          payments on the Mortgage Loan commenced no more than sixty days after the
          proceeds of the Mortgage Loan were disbursed, except in the case of interest
          only loans. The Mortgage Loan bears interest at the Mortgage Interest Rate.
          With
          respect to each Mortgage Loan, the Mortgage Note is payable on the first
          day of
          each month in Monthly Payments, which, in the case of a Fixed Rate Mortgage
          Loans, are suffi-cient to fully amortize the original principal balance
          over the
          original term thereof and to pay interest at the related Mortgage Interest
          Rate,
          and, in the case of an Adjustable Rate Mortgage Loan or interest only loans,
          are
          changed on each Adjustment Date, and in any case, are sufficient to fully
          amortize the original principal balance over the original term thereof
          and to
          pay interest at the related Mortgage Interest Rate. The Index for each
          Adjustable Rate Mortgage Loan is as provided on the related Mortgage Loan
          Schedule. The Mortgage Note does not permit negative amortization. No Mortgage
          Loan is a Convertible Mortgage Loan;

         

        22.  The
          origination and collection practices used by the Seller with respect to
          each
          Mortgage Note and Mortgage have been in all respects legal, proper, prudent
          and
          customary in the mortgage origination and servicing industry. The Mortgage
          Loan
          has been serviced by the Seller or its designee and any predecessor servicer
          in
          accordance with the terms of the Mortgage Note. With respect to escrow
          deposits
          and Escrow Payments (other
          than with respect to each Mortgage Loan which is indicated by the Seller
          to be a
          Second Lien Mortgage Loan and for which the mortgagee under the First Lien
          is
          collecting Escrow Payments (as reflected on the Mortgage Loan
          Schedule)),
          if any,
          all such payments are in the possession of, or under the control of, the
          Seller
          or its designee and there exist no deficiencies in connection therewith
          for
          which customary arrangements for repayment thereof have not been made.
          No escrow
          deposits or Escrow Payments or other charges or payments due the Seller
          have
          been capitalized under any Mortgage or the related Mortgage Note and no
          such
          escrow deposits or Escrow Payments are being held by the Seller for any
          work on
          a Mortgaged Property which has not been completed;

         

        23.  The
          Mortgaged Property is free of damage and waste and there is no proceeding
          pending for the total or partial condemnation thereof;

         

        24.  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee’s sale, and (b) otherwise by judicial foreclosure. The
          Mortgaged Property is not subject to any bankruptcy proceeding or foreclosure
          proceeding and the Mortgagor has not filed for protection under applicable
          bankruptcy laws. There is no homestead or other exemption available to
          the
          Mortgagor which would interfere with the right to sell the Mortgaged Property
          at
          a trustee’s sale or the right to foreclose the Mortgage. The Mortgagor has not
          notified the Seller and the Seller has no knowledge of any relief requested
          or
          provided to the Mortgagor under the Soldiers and Sailors Civil Relief Act
          of
          1940;

         

        25.  The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          the Seller in effect at the time the Mortgage Loan was originated; and
          the
          Mortgage Note and Mortgage and applicable riders are on forms acceptable
          to
          prudent lenders in the secondary market; 

         

        26.  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

         

        27.  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of FNMA or FHLMC and was made and signed, prior
          to the
          funding of the Mortgage Loan application, by a qualified appraiser, duly
          appointed by the Seller, who had no interest, direct or indirect in the
          Mortgaged Property or in any loan made on the security thereof, whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan
          and who met the minimum qualifications of FNMA or FHLMC. Each appraisal
          of the
          Mortgage Loan was made in accordance with the relevant provisions of the
          Financial Institutions Reform, Recovery, and Enforcement Act of
          1989;

         

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

         

        29.  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid by
          any source other than the Mortgagor or (c) contains any other similar provisions
          which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
          payment mortgage loan and the Mortgage Loan does not have a shared appreciation
          or other contingent interest feature;

         

        30.  The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

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

         

        32.  The
          Seller has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          or
          adversely affect the value of the Mortgage Loan;

         

        33.  The
          Mortgaged Property is lawfully occupied under applicable law; all inspections,
          licenses and certificates required to be made or issued with respect to
          all
          occupied portions of the Mortgaged Property and, with respect to the use
          and
          occupancy of the same, including but not limited to certificates of occupancy,
          have been made or obtained from the appropriate authorities;

         

        34.  No
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        35.  The
          Assignment of Mortgage is in recordable form and is acceptable for recording
          under the laws of the jurisdiction in which the Mortgaged Property is
          located;

         

        36.  Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having (A) first lien priority
          with
          respect to each Mortgage Loan which is indicated by the Seller to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien priority
          with respect to each Mortgage Loan which is indicated by the Seller to
          be a
          Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
          in
          either case by
          a
          title insurance policy, an endorsement to the policy insuring the mortgagee’s
          consolidated interest or by other title evidence acceptable to FNMA or
          FHLMC.
          The consolidated principal amount does not exceed the original principal
          amount
          of the Mortgage Loan;

         

        37.  As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
          is
          in recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

         

        38.  If
          the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of Seller’s underwriting guides; 

         

        39.  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Seller if required pursuant to the Seller’s underwriting
          guidelines;

         

        40.  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        41.  The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        42.  Each
          Mortgage Loan is covered by a fully assignable, life of loan Tax Service
          Contract which is assignable to the Purchaser or its designee;

         

        43.  Each
          Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
          to
          the Purchaser or its designee or, for each Mortgage Loan not covered by
          such
          Flood Zone Service Contract, the Seller agrees to purchase such Flood Zone
          Service Contract;

         

        44.  No
          Mortgage Loan is (a) subject to the provisions of the Homeownership and
          Equity
          Protection Act of 1994 as amended ("HOEPA"), (b) a "high cost" mortgage
          loan,
          "covered" mortgage loan or "predatory" mortgage loan under any federal,
          state or
          local law, or (c) subject to any comparable federal, state or local statutes
          or
          regulations, including, without limitation, the provisions of the Georgia
          Fair
          Lending Act, the City of Oakland, California Anti-Predatory Lending Ordinance
          No. 12361 or any other statute or regulation providing assignee liability
          to
          holders of such mortgage loans;

         

        45.  No
          predatory, abusive or deceptive lending practices, including but not limited
          to,
          the extension of credit to a mortgagor without regard for the mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a mortgagor
          which has no apparent benefit to the mortgagor, were employed in connection
          with
          the origination of the Mortgage Loan;

         

        46.  The
          debt-to-income ratio of the related Mortgagor was not greater than 60%
          at the
          origination of the related Mortgage Loan;

         

        47.  None
          of
          the proceeds of the Mortgage Loan were used to finance the purchase of
          single
          premium credit life or disability insurance policies or any comparable
          insurance.

         

        48.  No
          Mortgage Loan had a Loan-to-Value Ratio or Combined Loan-to-Value Ratio
          in
          excess of 100% origination of such Mortgage Loan; 

         

        49.  The
          Mortgage Loans were not selected from the outstanding fixed and adjustable
          rate
          one to four-family mortgage loans in the Seller’s portfolio at the related
          Closing Date as to which the representations and warranties set forth in
          this
          Agreement could be made in a manner so as to affect adversely the interests
          of
          the Purchaser;

         

        50.  
          The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the mortgagee thereunder;

         

        51.  The
          Mortgage Loan complies with all applicable consumer credit statutes and
          regulations, including, without limitation, the respective Uniform Consumer
          Credit Code laws in effect in Colorado, Idaho, Indiana, Iowa, Kansas, Maine,
          Oklahoma, South Carolina, Utah and Wyoming, has been originated by a properly
          licensed entity, and in all other respects, complies with all of the material
          requirements of any such applicable laws;

         

        52.  
          The
          information set forth in the Prepayment Charge schedule is complete, true
          and
          correct in all material respects and each Prepayment Charge is permissible,
          enforceable and collectable under applicable federal or state law;

         

        53.  The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Seller
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date; 

         

        54.  
          No
          Mortgage Loan which is secured by a Mortgaged Property which is located
          in the
          state of Georgia was originated prior to March 7, 2003; 

         

        55.  With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          assignment of Mortgage to MERS has been duly and properly recorded;

         

        56.  With
          respect to each MERS Mortgage Loan, the Seller has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS; and

         

        57.  With
          respect to each Mortgage Loan which is a Second Lien, (i) the related first
          lien
          does not provide for negative amortization, and (ii) either no consent
          for the
          Mortgage Loan is required by the holder of the first lien or such consent
          has
          been obtained and is contained in the Mortgage File.

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated April 6, 2006, (“Agreement”)
          among
          Greenwich Capital Financial Products, Inc. (“Assignor”),
          Financial Asset Securities Corp. (“Assignee”)
          and
          NovaStar Mortgage, Inc. (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

         

        1. The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master Mortgage Loan Purchase
          and
          Interim Servicing Agreement as Amended and Restated as of December 31,
          2005, as
          amended (the “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the Mortgage Loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        Recognition
          of the Company

         

        2. From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          Soundview Home Loan Trust 2006-2 (the “Trust”)
          created pursuant to a Pooling and Servicing Agreement, dated as of March
          1, 2006
          (the “Pooling
          Agreement”),
          among
          the Assignee, Wells Fargo Bank, N.A., as master servicer and servicer (the
          “Master Servicer” and “Servicer”) and Deutsche Bank National Trust Company, as
          trustee (including its successors in interest and any successor trustees
          under
          the Pooling Agreement, the “Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i) the Trust will be the owner of the Mortgage Loans, (ii) the
          Company shall look to the Trust and the Assignor for performance of any
          obligations of the Assignor insofar as they relate to the enforcement of
          the
          representations, warranties and covenants with respect to the Mortgage
          Loans,
          (iii) the Trust (including the Trustee and the Servicer acting on the
          Trust’s behalf) shall have all the rights and remedies available to the
          Assignor, insofar as they relate to the Mortgage Loans, under the Purchase
          Agreement, including, without limitation, the enforcement of the document
          delivery requirements and remedies with respect to breaches of representations
          and warranties set forth in the Purchase Agreement, and shall be entitled
          to
          enforce all of the obligations of the Company thereunder insofar as they
          relate
          to the Mortgage Loans, and (iv) all references to the Purchaser (insofar as
          they relate to the rights, title and interest and, with respect to obligations
          of the Purchaser, only insofar as they relate to the enforcement of the
          representations, warranties and covenants of the Company) or the Custodian
          under
          the Purchase Agreement insofar as they relate to the Mortgage Loans, shall
          be
          deemed to refer to the Trust (including the Trustee and the Servicer acting
          on
          the Trust’s behalf) and the Assignor. Neither the Company nor the Assignor shall
          amend or agree to amend, modify, waiver, or otherwise alter any of the
          terms or
          provisions of the Purchase Agreement which amendment, modification, waiver
          or
          other alteration would in any way affect the Mortgage Loans or the Company’s
          performance under the Purchase Agreement with respect to the Mortgage Loans
          without the prior written consent of the Trustee.

         

        Representations
          and Warranties of the Assignor

         

        3. The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)  To
          the
          best of the Assignor’s knowledge, nothing has occurred in the period of time
          from the related Closing Date (as defined in the Purchase Agreement) to
          the date
          hereof which would cause such representations and warranties referred to
          in
          Schedule I herein to be untrue in any material respects as of the date
          hereof;

         

        (b)  Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (c)  None
          of
          the Mortgage Loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; 

         

        (d)  No
          Mortgage Loan is a high cost loan or a covered loan, as applicable (as
          such
          terms are defined in the then current Standard & Poor’s LEVELS Glossary
          which is now Version 5.6(c), Appendix E);

         

        (e)  No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governed by the Georgia Fair Lending Act; and

         

        (f)  With
          respect to the Group I Mortgage Loans, the original principal balance of
          each
          Group I mortgage loan underlying the security is within Freddie Mac’s dollar
          amount limits for conforming one-to-four-family mortgage loans.

         

        Remedies
          for Breach of Representations and Warranties

         

        4. The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and each of the Servicers
          acting
          on the Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor as set forth in Section 2.03 of the Pooling
          Agreement as if they were set forth herein (including without limitation
          the
          repurchase and indemnity obligations set forth therein). In addition, the
          Assignor hereby acknowledges and agrees that any breach of the representations
          set forth in Section 3(f) hereof shall be deemed to materially and adversely
          affect the value of the related mortgage loans or the interests of the
          Trust in
          the related mortgage loans.

         

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

        Miscellaneous

         

        5. This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws.

         

        6. No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee.

         

        7. This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee and each of the
          Servicers acting on the Trust’s behalf). Any entity into which Assignor,
          Assignee or Company may be merged or consolidated shall, without the requirement
          for any further writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder.

         

        8. Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        9. This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        10. Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

        [SIGNATURE
          PAGE FOLLOWS]

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        

         

        
          	 	
                  GREENWICH
                    CAPITAL FINANCIAL PRODUCTS, INC.

                
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 
	 	 	 
	 	 	 
	 	
                  FINANCIAL
                    ASSET SECURITIES CORP.

                
	 	 	 
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 
	 	 	 
	 	 	 
	 	
                  NOVASTAR
                    MORTGAGE, INC.

                
	 	 	 
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

        

        
          
            

             

             

            
            

          

          
            
            

            
              

            

          

           

        

        EXHIBIT
          A

         

        MORTGAGE
          LOAN SCHEDULE

         

        

         

        
          
            

             

             

            
            

          

          
            
            

            
              

            

          

           

        

        SCHEDULE
          I

         

        REPRESENTATIONS
          AND WARRANTIES

         

        

         

        
          
            

             

             

            
            

          

          
            
            

            
              

            

          

           

        

        Capitalized
          terms used in this Schedule I but not defined in this Agreement shall have
          the
          meanings given to such terms in the Purchase Agreement.

         

        1.  The
          information set forth in the related Mortgage Loan Schedule is complete,
          true
          and correct;

         

        2.  The
          Mortgage Loan is in compliance with all requirements set forth in the related
          Confirmation, and the characteristics of the related Mortgage Loan Package
          as
          set forth in the related Confirmation are true and correct; provided, however,
          that in the event of any conflict between the terms of any Confirmation
          and this
          Agreement, the terms of this Agreement shall control, unless otherwise
          set forth
          herein or in the related Confirmation;

         

        3.  All
          payments required to be made up to the close of business on the Closing
          Date for
          such Mortgage Loan under the terms of the Mortgage Note have been made;
          the
          Seller has not advanced funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the related Mortgaged
          Property, directly or indirectly, for the payment of any amount required
          by the
          Mortgage Note or Mortgage; no Mortgage Loan is thirty (30) or more days
          delinquent as of the Closing Date and there has been no delinquency, exclusive
          of any period of grace, in any payment by the Mortgagor thereunder since
          the
          origination of the Mortgage Loan;

         

        4.  There
          are
          no delinquent taxes, ground rents, water charges, sewer rents, assessments,
          insurance premiums, leasehold payments, including assessments payable in
          future
          installments or other outstanding charges affecting the related Mortgaged
          Property;

         

        5.  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments, recorded in the
          applicable public recording office if necessary to maintain the lien priority
          of
          the Mortgage, and which have been delivered to the Custodian; the substance
          of
          any such waiver, alteration or modification has been approved by the title
          insurer, to the extent required by the related policy, and is reflected
          on the
          related Mortgage Loan Schedule. No instrument of waiver, alteration or
          modification has been executed, and no Mortgagor has been released, in
          whole or
          in part, except in connection with an assumption agreement approved by
          the
          title
          insurer, to the extent required by the policy, and which assumption agreement
          has been delivered to the Custodian and the terms of which are reflected
          in the
          related Mortgage Loan Schedule;

         

        6.  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including the defense of usury, nor will
          the
          operation of any of the terms of the Mortgage Note and the Mortgage, or
          the
          exercise of any right thereunder, render the Mortgage unenforceable, in
          whole or
          in part, or subject to any right of rescission, set-off, counterclaim or
          defense, including the defense of usury and no such right of rescission,
          set-off, counterclaim or defense has been asserted with respect thereto.
          Each
          Prepayment Charge or penalty with respect to any Mortgage Loan is permissible,
          enforceable and collectible under applicable federal, state and local
          law;

         

        7.  All
          buildings upon the Mortgaged Property are insured by a Qualified Insurer
          acceptable to Fannie Mae and Freddie
          Mac
          against
          loss by fire, hazards of extended coverage and such other hazards as are
          customary in the area where the Mortgaged Property is located, pursuant
          to
          insurance policies providing coverage in an amount not less than the greatest
          of
          (i) 100% of the replacement cost of all improvements to the Mortgaged Property,
          (ii) either (A) the outstanding principal balance of the Mortgage Loan
          with
          respect to each first lien Mortgage Loan or (B) with respect to each second
          lien
          Mortgage Loan, the sum of the outstanding principal balance of the related
          first
          lien mortgage loan and the outstanding principal balance of the second
          lien
          Mortgage Loan, or (iii) the amount necessary to avoid the operation of
          any
          co-insurance provisions with respect to the Mortgaged Property, and consistent
          with the amount that would have been required as of the date of origination
          in
          accordance with the Underwriting Guidelines. All such insurance policies
          contain
          a standard mortgagee clause naming the Seller, its successors and assigns
          as
          mortgagee and all premiums thereon have been paid. If the Mortgaged Property
          is
          in an area identified on a Flood Hazard Map or Flood Insurance Rate Map
          issued
          by the Federal Emergency Management Agency as having special flood hazards
          (and
          such flood insurance has been made available) a flood insurance policy
          meeting
          the requirements of the current guidelines of the Federal Insurance
          Administration is in effect which policy conforms to the requirements of
          Fannie
          Mae and Freddie
          Mac.
          The
          Mortgage obligates the Mortgagor thereunder to maintain all such insurance
          at
          the Mortgagor's cost and expense, and on the Mortgagor's failure to do
          so,
          authorizes the holder of the Mortgage to maintain such insurance at Mortgagor's
          cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        8.  Any
          and
          all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          predatory and abusive lending, consumer credit protection, equal credit
          opportunity, fair housing or disclosure laws applicable to the origination
          and
          servicing of mortgage loans of a type similar to the Mortgage Loans and
          applicable to any prepayment penalty associated with the Mortgage Loans
          at
          origination have been complied with;

         

        9.  The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

         

        10.  The
          Mortgage (including any Negative Amortization which may arise thereunder)
          is a
          valid, existing and enforceable (A) first lien and first priority security
          interest with respect to each Mortgage Loan which is indicated by the Seller
          to
          be a first lien (as reflected on the Mortgage Loan Schedule), or (B) second
          lien
          and second priority security interest with respect to each Mortgage Loan
          which
          is indicated by the Seller to be a second lien (as reflected on the Mortgage
          Loan Schedule), in either case, on the Mortgaged Property, including all
          improvements on the Mortgaged Property subject only to (a) the lien of
          current
          real property taxes and assessments not yet due and payable, (b) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of the
          public record as of the date of recording being acceptable to mortgage
          lending
          institutions generally and specifically referred to in the lender's title
          insurance policy delivered to the originator of the Mortgage Loan and which
          do
          not adversely affect the Appraised Value of the Mortgaged Property, (c)
          with
          respect to each Mortgage Loan which is indicated by the Seller to be a
          second
          lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) a first
          lien on
          the Mortgaged Property; and (d) other matters to which like properties
          are
          commonly subject which do not materially interfere with the benefits of
          the
          security intended to be provided by the Mortgage or the use, enjoyment,
          value or
          marketability of the related Mortgaged Property. Any security agreement,
          chattel
          mortgage or equivalent document related to and delivered in connection
          with the
          Mortgage Loan establishes and creates a valid, existing and enforceable
          first or
          second lien and first or second priority security interest (in each case,
          as
          indicated on the Mortgage Loan Schedule) on the property described therein
          and
          the Seller has full right to sell and assign the same to the Purchaser.
          The
          Mortgaged Property was not, as of the date of origination of the Mortgage
          Loan,
          subject to a mortgage, deed of trust, deed to secure debt or other security
          instrument creating a lien subordinate to the lien of the Mortgage;

         

        11.  The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms;

         

        12.  All
          parties to the Mortgage Note and the Mortgage had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note and the
          Mortgage,
          and the Mortgage Note and the Mortgage have been duly and properly executed
          by
          such parties. The Mortgagor is a natural person;

         

        13.  The
          proceeds of the Mortgage Loan have been fully disbursed to or for the account
          of
          the Mortgagor and there is no obligation for the Mortgagee to advance additional
          funds thereunder and any and all requirements as to completion of any on-site
          or
          off-site improvement and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage have been paid, and
          the
          Mortgagor is not entitled to any refund of any amounts paid or due to the
          Mortgagee pursuant to the Mortgage Note or Mortgage;

         

        14.  The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage and has full right to transfer and sell the Mortgage Loan
          to
          the Purchaser free and clear of any encumbrance, equity, lien, pledge,
          charge,
          claim or security interest;

         

        15.  All
          parties which have had any interest in the Mortgage Loan, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) in compliance with any and all applicable
          “doing business” and licensing requirements of the laws of the state wherein the
          Mortgaged Property is located;

         

        16.  The
          Mortgage Loan is covered by an American Land Title Association (“ALTA”) lender’s
          title insurance policy (which, in the case of an Adjustable Rate Mortgage
          Loan
          has an adjustable rate mortgage endorsement in the form of ALTA 6.0 or
          6.1)
          acceptable to Fannie Mae and Freddie
          Mac,
          issued
          by a title insurer acceptable to Fannie Mae and Freddie
          Mac
          and
          qualified to do business in the jurisdiction where the Mortgaged Property
          is
          located, insuring (subject to the exceptions contained in (x)(a) and (b),
          and
          with respect to any second lien Mortgage Loan (c), above) the Seller, its
          successors and assigns as to the first or second priority lien (as indicated
          on
          the Mortgage Loan Schedule) of the Mortgage in the original principal amount
          of
          the Mortgage Loan (including, if the Mortgage Loan provides for Negative
          Amortization, the maximum amount of Negative Amortization in accordance
          with the
          Mortgage) and, with respect to any Adjustable Rate Mortgage Loan, against
          any
          loss by reason of the invalidity or unenforceability of the lien resulting
          from
          the provisions of the Mortgage providing for adjustment in the Mortgage
          Interest
          Rate and Monthly Payment and Negative Amortization provisions of the Mortgage
          Note. Additionally, such lender's title insurance policy affirmatively
          insures
          ingress and egress to and from the Mortgaged Property, and against encroachments
          by or upon the Mortgaged Property or any interest therein. The Seller is
          the
          sole insured of such lender's title insurance policy, and such lender’s title
          insurance policy is in full force and effect and will be in full force
          and
          effect upon the consummation of the transactions contemplated by this Agreement.
          No claims have been made under such lender's title insurance policy, and
          no
          prior holder of the related Mortgage, including the Seller, has done, by
          act or
          omission, anything which would impair the coverage of such lender's title
          insurance policy;

         

        17.  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the Mortgage Note and no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration, and the Seller has
          not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each second lien Mortgage Loan (i) the first lien mortgage loan is in full
          force
          and effect, (ii) to the best of Seller’s knowledge, there is no default, breach,
          violation or event of acceleration existing under such first lien mortgage
          or
          the related mortgage note, (iii) no event which, with the passage of time
          or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration thereunder, (iv) either
          (A)
          the first lien mortgage contains a provision which allows or (B) applicable
          law
          requires, the mortgagee under the second lien Mortgage Loan to receive
          notice
          of, and affords such mortgagee an opportunity to cure any default by payment
          in
          full or otherwise under the first lien mortgage, (v) the related first
          lien does
          not provide for or permit negative amortization under such first lien Mortgage
          Loan, and (vi) either no consent for the Mortgage Loan is required by the
          holder
          of the first lien or such consent has been obtained and is contained in
          the
          Mortgage File;

         

        18.  There
          are
          no mechanics' or similar liens or claims which have been filed for work,
          labor
          or material (and no rights are outstanding that under law could give rise
          to
          such lien) affecting the related Mortgaged Property which are or may be
          liens
          prior to, or equal or coordinate with, the lien of the related
          Mortgage;

         

        19.  All
          improvements which were considered in determining the Appraised Value of
          the
          related Mortgaged Property lay wholly within the boundaries and building
          restriction lines of the Mortgaged Property, and no improvements on adjoining
          properties encroach upon the Mortgaged Property;

         

        20.  The
          Mortgage Loan was originated by the Seller or by a savings and loan association,
          a savings bank, a commercial bank or similar institution which is supervised
          and
          examined by a federal or state authority, or by a mortgagee approved as
          such by
          the Secretary of HUD;

         

        21.  
          Principal payments on the Mortgage Loan commenced no more than sixty (60)
          days
          after the proceeds of the Mortgage Loan were disbursed. The Mortgage Loan
          bears
          interest at the Mortgage Interest Rate. With respect to each Mortgage Loan
          which
          is not a Negative Amortization Loan, the Mortgage Note is payable on the
          first
          day of each month in Monthly Payments, which, in the case of a Fixed Rate
          Mortgage Loans, are sufficient to fully amortize the original principal
          balance
          over the original term thereof (other than with respect to a Mortgage Loan
          identified on the related Mortgage Loan Schedule as an interest-only Mortgage
          Loan during the interest-only period or a Mortgage Loan which is identified
          on
          the related Mortgage Loan Schedule as a Balloon Mortgage Loan) and to pay
          interest at the related Mortgage Interest Rate, and, in the case of an
          Adjustable Rate Mortgage Loan, are changed on each Adjustment Date, and
          in any
          case, are sufficient to fully amortize the original principal balance over
          the
          original term thereof (other than with respect to a Mortgage Loan identified
          on
          the related Mortgage Loan Schedule as an interest-only Mortgage Loan during
          the
          interest-only period or a Mortgage Loan which is identified on the related
          Mortgage Loan Schedule as a Balloon Mortgage Loan) and to pay interest
          at the
          related Mortgage Interest Rate. With respect to each Negative Amortization
          Mortgage Loan, the related Mortgage Note requires a Monthly Payment which
          is
          sufficient during the period following each Payment Adjustment Date, to
          fully
          amortize the outstanding principal balance as of the first day of such
          period
          (including any Negative Amortization) over the then remaining term of such
          Mortgage Note and to pay interest at the related Mortgage Interest Rate;
          provided, that the Monthly Payment shall not increase to an amount that
          exceeds
          107.5% of the amount of the Monthly Payment that was due immediately prior
          to
          the Payment Adjustment Date; provided, further, that the payment adjustment
          cap
          shall not be applicable with respect to the adjustment made to the Monthly
          Payment that occurs in a year in which the Mortgage Loan has been outstanding
          for a multiple of five (5) years and in any such year the Monthly Payment
          shall
          be adjusted to fully amortize the Mortgage Loan over the remaining term.
          With
          respect to each Mortgage Loan identified on the Mortgage Loan Schedule
          as an
          interest-only Mortgage Loan, the interest-only period shall not exceed
          ten (10)
          years (or such other period specified on the Mortgage Loan Schedule) and
          following the expiration of such interest-only period, the remaining Monthly
          Payments shall be sufficient to fully amortize the original principal balance
          over the remaining term of the Mortgage Loan and to pay interest at the
          related
          Mortgage Interest Rate. With respect to each Balloon Mortgage Loan, the
          Mortgage
          Note requires a monthly payment which is sufficient to fully amortize the
          original principal balance over the original term thereof and to pay interest
          at
          the related Mortgage Interest Rate and requires a final Monthly Payment
          substantially greater than the preceding monthly payment which is sufficient
          to
          repay the remained unpaid principal balance of the Balloon Mortgage Loan
          as the
          Due Date of such monthly payment. The Index for each Adjustable Rate Mortgage
          Loan is as set forth on the Mortgage Loan Schedule. No Mortgage Loan is
          a
          Convertible Mortgage Loan. No Balloon Mortgage Loan has an original stated
          maturity of less than seven (7) years;

         

        22.  The
          origination, servicing and collection practices used with respect to each
          Mortgage Note and Mortgage including, without limitation, the establishment,
          maintenance and servicing of the Escrow Accounts and Escrow Payments, if
          any,
          since origination, have been in all respects legal, proper, prudent and
          customary in the mortgage origination and servicing industry. The Mortgage
          Loan
          has been serviced by the Seller and any predecessor servicer in accordance
          with
          the terms of the Mortgage Note and Accepted Servicing Practices. With respect
          to
          escrow deposits and Escrow Payments, if any, all such payments are in the
          possession of, or under the control of, the Seller and there exist no
          deficiencies in connection therewith for which customary arrangements for
          repayment thereof have not been made. No escrow deposits or Escrow Payments
          or
          other charges or payments due the Seller have been capitalized under any
          Mortgage or the related Mortgage Note and no such escrow deposits or Escrow
          Payments are being held by the Seller for any work on a Mortgaged Property
          which
          has not been completed;

         

        23.  The
          Mortgaged Property is free of damage and waste and there is no proceeding
          pending for the total or partial condemnation thereof;

         

        24.  The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (b) otherwise by judicial foreclosure.
          The
          Mortgaged Property has not been subject to any bankruptcy proceeding or
          foreclosure proceeding and the Mortgagor has not filed for protection under
          applicable bankruptcy laws. There is no homestead or other exemption available
          to the Mortgagor which would interfere with the right to sell the Mortgaged
          Property at a trustee's sale or the right to foreclose the Mortgage. The
          Mortgagor has not notified the Seller and the Seller has no knowledge of
          any
          relief requested or allowed to the Mortgagor under the Servicemembers’ Civil
          Relief Act;

         

        25.  The
          Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
          in
          effect at the time the Mortgage Loan was originated with exceptions thereto
          exercised in a prudent manner; and the Mortgage Note and Mortgage are on
          forms
          acceptable to Fannie Mae and Freddie
          Mac;

         

        26.  The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the corresponding Mortgage on the Mortgaged Property and the security
          interest of any applicable security agreement or chattel mortgage referred
          to in
          (x) above;

         

        27.  The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          satisfied the standards of Fannie Mae and Freddie
          Mac,
          was on
          appraisal form 1004 or form 2055 with an interior inspection and was made
          and
          signed, prior to the approval of the Mortgage Loan application, by a qualified
          appraiser, duly appointed by the Seller, who had no interest, direct or
          indirect
          in the Mortgaged Property or in any loan made on the security thereof,
          whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan
          and who met the minimum qualifications of Fannie Mae and Freddie
          Mac.
          Each
          appraisal of the Mortgage Loan was made in accordance with the relevant
          provisions of the Financial Institutions Reform, Recovery, and Enforcement
          Act
          of 1989;

         

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

         

        29.  No
          Mortgage Loan contains provisions pursuant to which Monthly Payments are
          (a)
          paid or partially paid with funds deposited in any separate account established
          by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b)
          paid by
          any source other than the Mortgagor or (c) contains any other similar provisions
          which may constitute a “buydown” provision. The Mortgage Loan is not a graduated
          payment mortgage loan and the Mortgage Loan does not have a shared appreciation
          or other contingent interest feature;

         

        30.  The
          Mortgagor has executed a statement to the effect that the Mortgagor has
          received
          all disclosure materials required by applicable law with respect to the
          making
          of fixed rate mortgage loans in the case of Fixed Rate Mortgage Loans,
          and
          adjustable rate mortgage loans in the case of Adjustable Rate Mortgage
          Loans and
          rescission materials with respect to Refinanced Mortgage Loans, and such
          statement is and will remain in the Mortgage File;

         

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

         

        32.  The
          Seller has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
          standing that can reasonably be expected to cause the Mortgage Loan to
          be an
          unacceptable investment, cause the Mortgage Loan to become delinquent,
          or
          adversely affect the value of the Mortgage Loan;

         

        33.  No
          Mortgage Loan had an LTV or a CLTV at origination in excess of 100%. Except
          to
          the extent specified on the Mortgage Loan Schedule, no Mortgage Loan is
          subject
          to a lender paid primary mortgage insurance policy;

         

        34.  At
          origination, the Mortgaged Property was lawfully occupied under applicable
          law
          and as of the Closing Date, to the best of Seller’s knowledge, the Mortgaged
          Property is lawfully occupied under applicable law; all inspections, licenses
          and certificates required to be made or issued with respect to all occupied
          portions of the Mortgaged Property and, with respect to the use and occupancy
          of
          the same, including but not limited to certificates of occupancy, have
          been made
          or obtained from the appropriate authorities;

         

        35.  No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of any person, including
          without limitation the Mortgagor, any appraiser, any builder or developer,
          or
          any other party involved in the origination of the Mortgage Loan or in
          the
          application of any insurance in relation to such Mortgage Loan;

         

        36.  The
          Assignment of Mortgage is in recordable form, except for the name of the
          assignee which is blank, and is acceptable for recording under the laws
          of the
          jurisdiction in which the Mortgaged Property is located;

         

        37.  Any
          principal advances made to the Mortgagor prior to the Cut-off Date have
          been
          consolidated with the outstanding principal amount secured by the Mortgage,
          and
          the secured principal amount, as consolidated, bears a single interest
          rate and
          single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having first or second (as indicated
          on
          the Mortgage Loan Schedule) lien priority by a title insurance policy,
          an
          endorsement to the policy insuring the mortgagee's consolidated interest
          or by
          other title evidence acceptable to Fannie Mae and Freddie
          Mac.
          The
          consolidated principal amount does not exceed the original principal amount
          of
          the Mortgage Loan plus any Negative Amortization;

         

        38.  If
          the
          Residential Dwelling on the Mortgaged Property is a condominium unit or
          a unit
          in a planned unit development (other than a de minimis planned unit development)
          such condominium or planned unit development project meets the eligibility
          requirements of Fannie Mae and Freddie
          Mac;

         

        39.  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Seller;

         

        40.  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        41.  The
          Mortgaged Property is in material compliance with all applicable environmental
          laws pertaining to environmental hazards including, without limitation,
          asbestos, and neither the Seller nor, to the Seller’s knowledge, the related
          Mortgagor, has received any notice of any violation or potential violation
          of
          such law;

         

        42.  The
          Seller shall, at its own expense, cause each Mortgage Loan to be covered
          by a
          Tax Service Contract which is assignable to the Purchaser or its designee;
          provided however, that if the Seller fails to purchase such Tax Service
          Contract, the Seller shall be required to reimburse the Purchaser for all
          costs
          and expenses incurred by the Purchaser in connection with the purchase
          of any
          such Tax Service Contract. The Purchaser shall be responsible for any costs
          incurred in connection with changing the provider of the Tax Service Contract
          for any Mortgage Loan that is covered by a Tax Service Contract.

         

        43.  Each
          Mortgage Loan is covered by a Flood Zone Service Contract which is assignable
          to
          the Purchaser or its designee or, for each Mortgage Loan not covered by
          such
          Flood Zone Service Contract, the Seller agrees to purchase such Flood Zone
          Service Contract;

         

        44.  No
          Mortgage Loan is (a)(1) subject to the provisions of the Homeownership
          and
          Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an APR or total
          points and fees that are equal to or exceeds the HOEPA thresholds (as defined
          in
          12 CFR 226.32 (a)(1)(i) and (ii)), (b) a “high cost” mortgage loan, “covered”
mortgage loan, “high risk home” mortgage loan, or “predatory” mortgage loan or
          any other comparable term, no matter how defined under any federal, state
          or
          local law, (c) subject to any comparable federal, state or local statutes
          or
          regulations, or any other statute or regulation providing for heightened
          regulatory scrutiny or assignee liability to holders of such mortgage loans,
          or
          (d) a High Cost Loan or Covered Loan, as applicable (as such terms are
          defined
          in the current Standard & Poor’s LEVELS® Glossary Revised, Appendix
          E);

         

        45.  No
          predatory, abusive, or deceptive lending practices, including but not limited
          to, the extension of credit to a Mortgagor without regard for the Mortgagor’s
          ability to repay the Mortgage Loan and the extension of credit to a Mortgagor
          which has no apparent benefit to the Mortgagor, were employed in connection
          with
          the origination of the Mortgage Loan. Each Mortgage Loan is in compliance
          with
          the anti-predatory lending eligibility for purchase requirements of the
          Fannie
          Mae Guides;

         

        46.  The
          debt-to-income ratio of the related Mortgagor was not greater than 60%
          at the
          origination of the related Mortgage Loan;

         

        47.  No
          Mortgagor was required to purchase any credit insurance product (e.g.,
          life,
          mortgage, disability, accident, unemployment or health insurance product)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.,
          life, mortgage, disability, accident, unemployment or health insurance)
          or debt
          cancellation agreement in connection with the origination of the Mortgage
          Loan.
          No proceeds from any Mortgage Loan were used to purchase single premium
          credit
          insurance policies ) or debt cancellation agreements as part of the origination
          of, or as a condition to closing, such Mortgage Loan;

         

        48.  [Reserved];

         

        49.  The
          Mortgage contains an enforceable provision for the acceleration of the
          payment
          of the unpaid principal balance of the Mortgage Loan in the event that
          the
          Mortgaged Property is sold or transferred without the prior written consent
          of
          the mortgagee thereunder;

         

        50.  The
          Mortgage Loan complies with all applicable consumer credit statutes and
          regulations, including, without limitation, the respective Uniform Consumer
          Credit Code laws in effect in Alabama, Colorado, Idaho, Indiana, Iowa,
          Kansas,
          Maine, Oklahoma, South Carolina, Utah, West Virginia and Wyoming, has been
          originated by a properly licensed entity, and in all other respects, complies
          with all of the material requirements of any such applicable laws;

         

        51.  The
          information set forth in the Mortgage Loan Schedule as to Prepayment Charges
          is
          complete, true and correct in all material respects and each Prepayment
          Charge
          is permissible, enforceable and collectable in accordance with its terms
          upon
          the Mortgagor’s full and voluntary principal payment under applicable
          law;

         

        52.  The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Seller
          has not received notification from a Mortgagor that a prepayment in full
          shall
          be made after the Closing Date;

         

        53.  No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        54.  Each
          Mortgage Loan is eligible for sale in the secondary market or for inclusion
          in a
          Securitization Transaction under customary secondary market terms and
          conditions;

         

        55.  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Charge. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a Prepayment Charge, such Prepayment
          Charge
          does not extend beyond five (5) years after the date of origination. For
          any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          Prepayment Charge, such Prepayment Charge does not extend beyond three
          (3) years
          after the date of origination. With respect to any Mortgage Loan that contains
          a
          provision permitting imposition of a premium upon a prepayment prior to
          maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to
          such premium in exchange for a monetary benefit, including but not limited
          to a
          rate or fee reduction, (ii) prior to the Mortgage Loan’s origination, the
          Mortgagor was offered the option of obtaining a Mortgage Loan that did
          not
          require payment of such a premium, (iii) the prepayment premium is disclosed
          to
          the Mortgagor in the loan documents pursuant to applicable state and federal
          law, and (iv) notwithstanding any state or federal law to the contrary,
          the
          Seller shall not impose such Prepayment Charge in any instance when the mortgage
          debt is accelerated as the result of the Mortgagor’s default in making the loan
          payments;

         

        56.  To
          the
          extent applicable, the Seller has complied with all applicable anti-money
          laundering laws and regulations, including without limitation the USA Patriot
          Act of 2001 (collectively, the “Anti-Money Laundering Laws”); the Seller, if
          required, has established an anti-money laundering compliance program as
          and to
          the extent required by the Anti-Money Laundering Laws, has conducted the
          requisite due diligence in connection with the origination of each Mortgage
          Loan
          for purposes of the Anti-Money Laundering Laws, including with respect
          to the
          legitimacy of the applicable Mortgagor and the origin of the assets used
          by the
          said Mortgagor to purchase the Mortgaged Property, and maintains, and will
          maintain, sufficient information to identify the applicable Mortgagor for
          purposes of the Anti-Money Laundering Laws. No Mortgage Loan is subject
          to
          nullification pursuant to Executive Order 13224 (the “Executive Order”) or the
          regulations promulgated by the Office of Foreign Assets Control of the
          United
          States Department of the Treasury (the “OFAC Regulations”) or in violation of
          the Executive Order or the OFAC Regulations, and no Mortgagor is subject
          to the
          provisions of such Executive Order or the OFAC Regulations nor listed as
          a
“blocked person” for purposes of the OFAC Regulations;

         

        57.  No
          Mortgagor was encouraged or required to select a Mortgage Loan product
          offered
          by the Mortgage Loan's originator which is a higher cost product designed
          for
          less creditworthy borrowers, unless at the time of the Mortgage Loan’s
          origination, such Mortgagor did not qualify taking into account credit
          history
          and debt to income ratios for a lower cost credit product then offered
          by the
          Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
          If, at the time of loan application, the Mortgagor may have qualified for
          a for
          a lower cost credit product then offered by any mortgage lending affiliate
          of
          the Mortgage Loan's originator, the Mortgage Loan's originator referred
          the
          Mortgagor’s application to such affiliate for underwriting consideration. With
          respect to any Mortgage Loan, the Mortgagor was assigned the highest credit
          grade available with respect to a mortgage loan product offered by such
          Mortgage
          Loan’s originator, based on a comprehensive assessment of risk factors,
          including the Mortgagor’s credit history;

         

        58.  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the Mortgagor's
          income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such credit extension. Such
          underwriting methodology confirmed that at the time of origination
          (application/approval) the Mortgagor had a reasonable ability to make timely
          payments on the Mortgage Loan;

         

        59.  With
          respect to each Mortgage Loan, the Seller has fully and accurately furnished
          complete information (i.e., favorable and unfavorable) on the related borrower
          credit files to Equifax, Experian and Trans Union Credit Information Company,
          in
          accordance with the Fair Credit Reporting Act and its implementing regulations,
          on a monthly basis and, for each Mortgage Loan, the Seller will furnish,
          in
          accordance with the Fair Credit Reporting Act and its implementing regulations,
          accurate and complete information on its borrower credit files to Equifax,
          Experian, and Trans Union Credit Information Company, on a monthly
          basis;

         

        60.  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          related Borrower in accordance with applicable state and federal laws and
          regulations. Except to the extent set forth on the Mortgage Loan Schedule,
          no
          related Borrower was charged “points and fees” (whether or not financed) in an
          amount greater than (a) $1,000 or (b) 5% of the principal amount of such
          loan,
          whichever is greater, such 5% limitation is calculated in accordance with
          Fannie
          Mae’s anti-predatory lending requirements as set forth in the Fannie Mae Guides.
          For purposes of this representation, “points and fees” (a) include origination,
          underwriting, broker and finder’s fees and other charges that the lender imposed
          as a condition of making the loan, whether they are paid to the lender
          or a
          third party, and (b) exclude bona fide discount points, fees paid for actual
          services rendered in connection with the origination of the mortgage (such
          as
          attorneys’ fees, notaries fees and fees paid for property appraisals, credit
          reports, surveys, title examinations and extracts, flood and tax certifications,
          and home inspections); the cost of mortgage insurance or credit-risk price
          adjustments; the costs of title, hazard, and flood insurance policies;
          state and
          local transfer taxes or fees; escrow deposits for the future payment of
          taxes
          and insurance premiums; and other miscellaneous fees and charges that,
          in total,
          do not exceed 0.25 percent of the loan amount. All points, fees and charges
          (including finance charges) and whether or not financed, assessed, collected
          or
          to be collected in connection with the origination and servicing of each
          Mortgage Loan were disclosed in writing to the related Mortgagor in accordance
          with applicable state and federal laws and regulations;

         

        61.  The
          Seller will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Seller agrees it shall report one of the following statuses each month
          as
          follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
          foreclosed, or charged-off;

         

        62.  With
          respect to any Mortgage Loan which is secured by manufactured housing,
          if such
          Mortgage Loans are permitted hereunder, such Mortgage Loan satisfies the
          requirements for inclusion in residential mortgage backed securities
          transactions rated by Standard & Poor's Ratings Services and such
          manufactured housing is the principal residence of the Mortgagor at the
          time of
          the origination of the Mortgage Loan;

         

        63.  Each
          Mortgage Loan constitutes a “qualified mortgage” under
          Section 860G(a)(3)(A) of the Code and Treasury Regulation
          Section 1.860G-2(a)(1);

         

        64.  No
          Mortgage Loan is secured by real property or secured by a manufactured
          home
          located in the state of Georgia unless (x) such Mortgage Loan was originated
          prior to October 1, 2002 or after March 6, 2003, or (y) the property securing
          the Mortgage Loan is not, nor will be, occupied by the Mortgagor as the
          Mortgagor’s principal dwelling. No Mortgage Loan is a “High Cost Home Loan” as
          defined in the Georgia Fair Lending Act, as amended (the “Georgia Act”). Each
          Mortgage Loan that is a “Home Loan” under the Georgia Act complies with all
          applicable provisions of the Georgia Act. No Mortgage Loan secured by owner
          occupied real property or an owner occupied manufactured home located in
          the
          State of Georgia was originated (or modified) on or after October 1, 2002
          through and including March 6, 2003;

         

        65.  No
          Mortgage Loan is a “High-Cost” loan as defined under the New York Banking Law
          Section 6-1, effective as of April 1, 2003;

         

        66.  No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans”, as defined in Section 6-1 of the New York State Banking
          Law;

         

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

         

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

         

        69.  No
          Mortgage Loan secured by property located in the State of Nevada is a “home
          loan” as defined in the Nevada Assembly Bill No. 284;

         

        70.  No
          Mortgage Loan is a “manufactured housing loan” or “home improvement home loan”
pursuant to the New Jersey Home Ownership Act. No Mortgage Loan is a “High-Cost
          Home Loan” or a refinanced “Covered Home Loan,” in each case, as defined in the
          New Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A. 46;10B-22
          et
          seq.);

         

        71.  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        72.  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
          seq.);

         

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

         

        74.  No
          Loan
          that is secured by property located within the State of Maine meets the
          definition of a (i) “high-rate, high-fee” mortgage loan under Article VIII,
          Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan” as
          defined under the Maine House Bill 383 L.D. 494, effective as of September
          13,
          2003;

         

        75.  With
          respect to any Loan for which a mortgage loan application was submitted
          by the
          Mortgagor after April 1, 2004, no such Loan secured by Mortgaged Property
          in the
          State of Illinois which has a Loan Interest Rate in excess of 8.0% per
          annum has
          lender-imposed fees (or other charges) in excess of 3.0% of the original
          principal balance of the Loan;

         

        76.  No
          Mortgage Loan is a “High Cost Home Mortgage Loan” as defined in the
          Massachusetts Predatory Home Loan Practices Act, effective November 7,
          2004
          (Mass. Ann. Laws Ch. 183C). No Mortgage Loan secured by a Mortgaged Property
          located in the Commonwealth of Massachusetts was made to pay off or refinance
          an
          existing loan or other debt of the related borrower (as the term “borrower” is
          defined in the regulations promulgated by the Massachusetts Secretary of
          State
          in connection with Massachusetts House Bill 4880 (2004)) unless either
          (1) (a)
          the related Mortgage Interest Rate (that would be effective once the
          introductory rate expires, with respect to Adjustable Rate Mortgage Loans)
          did
          or would not exceed by more than 2.25% the yield on United States Treasury
          securities having comparable periods of maturity to the maturity of the
          related
          Mortgage Loan as of the fifteenth day of the month immediately preceding
          the
          month in which the application for the extension of credit was received
          by the
          related lender or (b) the Mortgage Loan is an “open-end home loan” (as such term
          is used in the Massachusetts House Bill 4880 (2004)) and the related Mortgage
          Note provides that the related Mortgage Interest Rate may not exceed at
          any time
          the Prime rate index as published in The Wall Street Journal plus a margin
          of
          one percent, or (2) such Mortgage Loan is in the "borrower's interest,"
          as
          documented by a "borrower's interest worksheet" for the particular Mortgage
          Loan, which worksheet incorporates the factors set forth in Massachusetts
          House
          Bill 4880 (2004) and the regulations promulgated thereunder for determining
          "borrower's interest," and otherwise complies in all material respects
          with the
          laws of the Commonwealth of Massachusetts;

         

        77.  No
          Loan
          is a “High Cost Home Loan” as defined by the Indiana Home Loan Practices Act,
          effective January 1, 2005 ( Ind. Code Ann. §§ 24-9-1 et seq.);

         

        78.  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
“average” or “yield spread premium” to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        79.  The
          sale
          or transfer of the Mortgage Loan by the Seller complies with all applicable
          federal, state, and local laws, rules, and regulations governing such sale
          or
          transfer, including, without limitation, the Fair and Accurate Credit
          Transactions Act (“FACT Act”) and the Fair Credit Reporting Act, each as may be
          amended from time to time, and the Seller has not received any actual or
          constructive notice of any identity theft, fraud, or other misrepresentation
          in
          connection with such Mortgage Loan or any party thereto;

         

        80.  With
          respect to each MOM Loan, a MIN has been assigned by MERS and such MIN
          is
          accurately provided on the Mortgage Loan Schedule. The related Assignment
          of
          Mortgage to MERS has been duly and properly recorded, or has been delivered
          for
          recording to the applicable recording office;

         

        81.  With
          respect to each MOM Loan, Seller has not received any notice of liens or
          legal
          actions with respect to such Mortgage Loan and no such notices have been
          electronically posted by MERS;

         

        82.  With
          respect to each second lien Mortgage Loan, either no consent for the Mortgage
          Loan is required by the holder of the first lien or such consent has been
          obtained and is contained in the Mortgage File; and

         

        83.  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction. No Mortgage Loan
          is
          subject to any mandatory arbitration.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

       

      

      Previously
        Filed

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE (DEUTSCHE BANK)

       

      
        	 	
                To:
                  

                 

              	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

              

      

      

       

      
        	 	
                Re:

                 

              	
                Pooling
                  and Servicing Agreement dated as of March 1, 2006, among Financial
                  Asset
                  Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master
                  Servicer,
                  Servicer and Trust Administrator and Deutsche Bank National Trust
                  Company,
                  a national banking association, as Trustee

              	
              

      

       

      In
        connection with the administration of the Mortgage Loans held by you as Trustee
        pursuant to the above-captioned Pooling and Servicing Agreement, we request
        the
        release, and hereby acknowledge receipt of the Trustee’s Mortgage File Or the
        Mortgage Loan described below, for the reason indicated. Any payments received
        in connection with this Request for Release of documents have been or will
        be
        deposited into the Collection Account for the benefit of the Trust.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                _________1.

                 

              	
                Mortgage
                  Paid in Full

                 

              	 
	
                _________2.

                 

              	
                Foreclosure

                 

              	 
	
                _________3.

                 

              	
                Substitution

                 

              	 
	
                _________4.

                 

              	
                Other
                  Liquidation (Repurchases, etc.)

                 

              	 
	
                _________5.

                 

              	
                Nonliquidation

                 

              	
                Reason:_____________________

                 

              

      

      Address
        to which Trustee should deliver

       

      the
        Trustee’s Mortgage File:

       

      
        	 
	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	 	
                By:

              	 
	 	 	
                (authorized
                  signer)

              
	 	 	 
	 	
                Issuer:

              	 
	 	 	 
	 	
                Address:

              	 
	 	 	 
	 	 	 
	 	 	 
	 	
                Date:

              	 
	 	 	 

      

      

       

      Trustee

       

      Deutsche
        Bank National Trust Company

       

      Please
        acknowledge the execution of the above request by your signature and date
        below:

       

      
        	 	 	 
	
                Signature

              	 	
                Date

              
	 	 	 
	
                Documents
                  returned to Trustee:

              	 	 
	 	 	 
	
                Trustee

              	 	
                Date

              

      

      

       

      

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-1

       

      FORM
        OF
        TRUSTEE’S INITIAL CERTIFICATION

       

      April
        __,
        2006

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of March 1, 2006, among Financial
                  Asset
                  Securities Corp. as Depositor, Wells Fargo Bank, N.A. as Master
                  Servicer,
                  Servicer and Trust Administrator and Deutsche Bank National Trust
                  Company,
                  a national banking association, as Trustee

              	
              

      

      

       

      Ladies
        and Gentlemen:

       

      Attached
        is the Trustee’s preliminary exception report delivered in accordance with
        Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”). Capitalized terms used but not otherwise defined herein
        shall have the meanings set forth in the Pooling and Servicing
        Agreement.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Pooling and
        Servicing Agreement. The Trustee makes no representations as to (i) the
        validity, legality, sufficiency, enforceability or genuineness of any of
        the
        documents contained in the Mortgage File pertaining to the Mortgage Loans
        identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan or (iii) whether any
        Mortgage File includes any of the documents specified in clause (vi) of Section
        2.01 of the Pooling and Servicing Agreement.

       

      
        	 	
                [DEUTSCHE
                  BANK NATIONAL TRUST COMPANY] [JPMORGAN CHASE BANK,
                  N.A.]

              
	 	 	 
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-2

       

      FORM
        OF
        TRUSTEE’S FINAL CERTIFICATION

       

      ________________

       

      [Date]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        	 	
                Re:

                 

              	
                Pooling
                  and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                  of March 1, 2006 among Financial Asset Securities Corp., as Depositor,
                  Wells Fargo Bank, N.A. as Master Servicer, Servicer and Trust
                  Administrator and Deutsche Bank National Trust Company, as Trustee
                  with
                  respect to Soundview Home Loan Trust 2006-2, Asset-Backed Certificates,
                  Series 2006-2

              	
              

      

      

      Ladies
        and Gentlemen:

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
        in the Mortgage Loan Schedule (other than any Mortgage loan paid in full
        or
        listed on Schedule I hereto) it (or its custodian) has received the applicable
        documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in items 1, 3, 10, 11 and 15 of the
        definition of Mortgage Loan Schedule in the Pooling and Servicing Agreement
        accurately reflects information in the Mortgage File.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	 	
                [DEUTSCHE
                  BANK NATIONAL TRUST COMPANY] [JPMORGAN CHASE BANK,
                  N.A.]

              
	 	 	 
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      
 

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      
        
          	 	
                  Re:

                   

                	
                  
                    Soundivew
                      Home Loan Trust 2006-2, 

                    Asset-Backed
                      Certificates Series 2006-2

                  

                	
                

        

         

      

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.01 of the Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”), dated as of March 1, 2006 among Financial Asset
        Securities Corp., as Depositor, Wells Fargo Bank, N.A. as Master Servicer,
        Servicer and Trust Administrator and Deutsche Bank National Trust Company,
        as
        Trustee, we hereby acknowledge the receipt of the original Mortgage Notes
        (a
        copy of which is attached hereto as Exhibit 1) with any exceptions thereto
        listed on Exhibit 2.

      
         

        
          	 	
                  [DEUTSCHE
                    BANK NATIONAL TRUST COMPANY] [JPMORGAN CHASE BANK,
                    N.A.]

                
	 	 	 
	 	 	 
	 	
                  By:

                	 
	 	
                  Name:

                	 
	 	
                  Title:

                	 

        

        
 

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      [RESERVED]

       

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Personally
        appeared before me the undersigned authority to administer oaths,
        __________________ who first being duly sworn deposes and says: Deponent
        is
        __________________________ of ____________________________, successor by
        merger
        to _________________________ (“Seller”) and who has personal knowledge of the
        facts set out in this affidavit.

       

      On
        _________________________________, _________________________________ did
        execute
        and deliver a promissory note in the principal amount of
        $____________________.

       

      That
        said
        note has been misplaced or lost through causes unknown and is presently lost
        and
        unavailable after diligent search has been made. Seller’s records show that an
        amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and Seller is still owner and holder in due course of said
        lost
        note.

       

      Seller
        executes this Affidavit for the purpose of inducing Deutsche Bank National
        Trust
        Company, as trustee on behalf of Soundview Home Loan Trust 2006-2, Asset-Backed
        Certificates Series 2006-2, to accept the transfer of the above described
        loan
        from Seller.

       

      Seller
        agrees to indemnify Deutsche Bank National Trust Company and Financial Asset
        Securities Corp. harmless for any losses incurred by such parties resulting
        from
        the above described promissory note has been lost or misplaced.

       

      
        	
                By:

              	 	
              
	
                 

              	 	
              
	 	 	
              

      

      

      
        	
                STATE
                  OF

              	
                )

              
	 	
                ) SS:

              
	
                COUNTY
                  OF

                 

              	
                )

                 

              

      

      On
        this
        ______ day of ______________, 20_, before me, a Notary Public, in and for
        said
        County and State, appeared , who acknowledged the extension of the foregoing
        and
        who, having been duly sworn, states that any representations therein contained
        are true.

       

      Witness
        my hand and Notarial Seal this _________ day of 20__.

       

      
        	 
	 

      

      

       

      My
        commission expires __________________________.

       

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        I

       

      FORM
        OF
        LIMITED POWER OF ATTORNEY

       

      KNOW
        ALL
        MEN BY THESE PRESENTS, that [NAME OF MORTGAGEE, ASSIGNEE OR LAST ENDORSEE,
        AS
        APPLICABLE], [a ___________________ corporation][a national banking
        organization], having its principal place of business at
        __________________________, (the “Undersigned”), pursuant to that Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) among Financial
        Asset Securities Corp. (the “Owner”), Deutsche Bank National Trust Company and
        Wells Fargo Bank, N.A. (“Wells Fargo”), hereby constitutes and appoints Wells
        Fargo, by and through Wells Fargo’s officers, the Undersigned's true and lawful
        Attorney-in-Fact, in the Undersigned's name, place and stead, as their interests
        may appear, and for the Undersigned's respective benefit, in connection with
        all
        Mortgage Loans serviced by Wells Fargo pursuant to the Pooling and Servicing
        Agreement, for the purpose of performing all acts and executing all documents
        in
        the name of the Undersigned as may be customarily and reasonably necessary
        and
        appropriate to effectuate the following enumerated transactions in respect
        of
        any of the mortgages, deeds of trust or security instrument (each a “Mortgage”
or a “Deed of Trust” respectively) and promissory notes secured thereby (each a
“Mortgage Note”) for which the Undersigned is acting as Servicer pursuant to the
        Pooling and Servicing Agreement (whether the Undersigned is named therein
        as
        mortgagee or beneficiary or has become mortgagee by virtue of endorsement
        of the
        Mortgage Note secured by any such Mortgage or Deed of Trust) all subject
        to the
        terms of the related Pooling and Servicing Agreement.

       

      This
        appointment shall apply to the following enumerated transactions
        only:

       

      1. The
        modification or re-recording of a Mortgage or Deed of Trust, where said
        modification or re-recording is for the purpose of correcting the Mortgage
        or
        Deed of Trust to conform same to the original intent of the parties thereto
        or
        to correct title errors discovered after such title insurance was issued
        and
        said modification or re-recording, in either instance, does not adversely
        affect
        the lien of the Mortgage or Deed of Trust as insured.

       

      2. The
        subordination of the lien of a Mortgage or Deed of Trust to an easement in
        favor
        of a public utility company or a governmental agency or authority thereunder
        with powers of eminent domain; this section shall include, without limitation,
        the execution of partial satisfaction/release, partial reconveyances or the
        execution of requests to trustees to accomplish same.

       

      3. The
        conveyance of the properties to the mortgage insurer, or the closing of the
        title to the property to be acquired as real estate owned, or conveyance
        of
        title to real estate owned.

       

      4. The
        completion of loan assumption agreements.

       

      5. The
        full
        satisfaction/release of a Mortgage or Deed of Trust or full reconveyance
        upon
        payment and discharge of all sums secured thereby, including, without
        limitation, cancellation of the related Mortgage Note.

       

      6. The
        assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
        in
        connection with the repurchase of the mortgage loan secured and evidenced
        thereby.

       

      7. The
        full
        assignment of a Mortgage or Deed of Trust upon payment and discharge of all
        sums
        secured thereby in conjunction with the refinancing thereof, including, without
        limitation, the assignment of the related Mortgage Note.

       

      8. With
        respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a
        deed in
        lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
        or termination, cancellation or rescission of any such foreclosure, including,
        without limitation, any and all of the following acts:

       

      a) the
        substitution of trustee(s) serving under a Deed of Trust, in accordance with
        state law and the Deed of Trust;

      b) the
        preparation and issuance of statements of breach or
        non-performance;

      c) the
        preparation and filing of notices of default and/or notices of
        sale;

      d) the
        cancellation/rescission of notices of default and/or notices of
        sale;

      e) the
        taking of a deed in lieu of foreclosure; and

      f) the
        preparation and execution of such other documents and performance of such
        other
        actions as may be necessary under the terms of the Mortgage, Deed of Trust
        or
        state law to expeditiously complete said transactions in paragraphs 8(a)
        through
        8(e) above.

       

      9. The
        full
        assignment of a Mortgage or Deed of Trust upon sale of a loan pursuant to
        a
        mortgage loan sale agreement for the sale of a loan or pool of loans, including,
        without limitation, the assignment of the related Mortgage Note.

       

      The
        Undersigned gives said Attorney-in-Fact full power and authority to execute
        such
        instruments and to do and perform all and every act and thing necessary and
        proper to carry into effect the power or powers granted by or under this
        Limited
        Power of Attorney, each subject to the terms and conditions set forth in
        the
        related Pooling and Servicing Agreement and in accordance with the standard
        of
        care applicable to the servicer in the Pooling and Servicing Agreement as
        fully
        as the undersigned might or could do, and hereby does ratify and confirm
        to all
        that said Attorney-in-Fact shall lawfully do or cause to be done by authority
        hereof. This Limited Power of Attorney shall be effective as of [SERVICING
        TRANSFER EFFECTIVE DATE].

       

      Nothing
        contained herein shall (i) limit in any manner any indemnification provided
        by
        Wells Fargo to the Owner under the Pooling and Servicing Agreement, or (ii)
        be
        construed to grant Wells Fargo the power to initiate or defend any suit,
        litigation or proceeding in the name of the Undersigned except as specifically
        provided for herein or under the Pooling and Servicing Agreement.

       

      Wells
        Fargo hereby agrees to indemnify and hold the Undersigned and its directors,
        officers, employees and agents harmless from and against any and all
        liabilities, obligations, losses, damages, penalties, actions, judgments,
        suits,
        costs, expenses or disbursements of any kind or nature whatsoever incurred
        by
        reason or result of or in connection with the exercise by Wells Fargo of
        the
        powers granted to it hereunder. The foregoing indemnity shall survive the
        termination of this Limited Power of Attorney and the Pooling and Servicing
        Agreement or the earlier resignation or removal of the Undersigned under
        the
        Pooling and Servicing Agreement.

       

      Any
        third
        party without actual notice of fact to the contrary may rely upon the exercise
        of the power granted under this Limited Power of Attorney; and may be satisfied
        that this Limited Power of Attorney shall continue in full force and effect
        and
        has not been revoked unless an instrument of revocation has been made in
        writing
        by the undersigned, and such third party put on notice thereof. This Limited
        Power of Attorney shall be in addition to and shall not revoke or in any
        way
        limit the authority granted by any previous power of attorney executed by
        the
        Undersigned.

       

      IN
        WITNESS WHEREOF, ____________________ pursuant to the Pooling and Servicing
        Agreement, has caused its corporate seal to be hereto affixed and these presents
        to be signed and acknowledged in its name and behalf by ______________________,
        its duly elected and authorized _________________________ this ___ day of
        _________________, 2006.

       

      By:_____________________________________

      Name:
        ______________________

      Title:
        ___________________________

       

      Acknowledged
        and Agreed

      Wells
        Fargo Bank, N.A.

      

      By:_________________________

      Name:

      Title:

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        J

       

      FORM
        OF
        INVESTMENT LETTER [NON-RULE 144A]

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attn:
        Corporate Trust Services—

      Soundview
        Home Loan Trust 2006-2

       

      
        
          
            	 	
                    Re:

                     

                  	
                    
                      Soundivew
                        Home Loan Trust 2006-2, 

                      Asset-Backed
                        Certificates Series 2006-2

                    

                  	
                  

          

           

        

      

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above-captioned Certificates, we certify
        that (a) we understand that the Certificates are not being registered under
        the
        Securities Act of 1933, as amended (the “Act”), or any state securities laws and
        are being transferred to us in a transaction that is exempt from the
        registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
        knowledge and experience in financial and business matters that we are capable
        of evaluating the merits and risks of investments in the Certificates, (c)
        we
        have had the opportunity to ask questions of and receive answers from the
        Depositor concerning the purchase of the Certificates and all matters relating
        thereto or any additional information deemed necessary to our decision to
        purchase the Certificates, (d) we are not an employee benefit plan that is
        subject to the Employee Retirement Income Security Act of 1974, as amended,
        or a
        plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
        as
        amended, nor are we acting on behalf of any such plan, (e) we are acquiring
        the
        Certificates for investment for our own account and not with a view to any
        distribution of such Certificates (but without prejudice to our right at
        all
        times to sell or otherwise dispose of the Certificates in accordance with
        clause
        (g) below), (f) we have not offered or sold any Certificates to, or solicited
        offers to buy any Certificates from, any person, or otherwise approached
        or
        negotiated with any person with respect thereto, or taken any other action
        which
        would result in a violation of Section 5 of the Act, and (g) we will not
        sell,
        transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
        or other disposition is made pursuant to an effective registration statement
        under the Act 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 Certificate 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 Pooling and Servicing Agreement.

       

      
        	
                 

              	
                Very
                  truly yours,

              
	
                 

              	
                [NAME
                  OF TRANSFEREE]

              
	 	
              
	
                 

              	
                Authorized
                  Officer

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      FORM
        OF
        RULE 144A INVESTMENT LETTER

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attn:
        Corporate Trust Services—

      Soundview
        Home Loan Trust 2006-2

       

      
        
          
            
              	 	
                      Re:

                       

                    	
                      
                        Soundivew
                          Home Loan Trust 2006-2, 

                        Asset-Backed
                          Certificates Series 2006-2

                      

                    	
                    

            

             

          

        

      

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above Certificates we certify that
        (a) we
        understand that the Certificates are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws, (b) we have had the opportunity
        to
        ask questions of and receive answers from the Depositor concerning the purchase
        of the Certificates and all matters relating thereto or any additional
        information deemed necessary to our decision to purchase the Certificates,
        (c)
        we are not an employee benefit plan that is subject to the Employee Retirement
        Income Security Act of 1974, as amended, or a plan that is subject to Section
        4975 of the Internal Revenue Code of 1986, as amended, nor are we acting
        on
        behalf of any such plan, (d) we have not, nor has anyone acting on our behalf
        offered, transferred, pledged, sold or otherwise disposed of the Certificates,
        any interest in the Certificates or any other similar security to, or solicited
        any offer to buy or accept a transfer, pledge or other disposition of the
        Certificates, any interest in the Certificates or any other similar security
        from, or otherwise approached or negotiated with respect to the Certificates,
        any interest in the Certificates or any other similar security with, any
        person
        in any manner, or made any general solicitation by means of general advertising
        or in any other manner, or taken any other action, that would constitute
        a
        distribution of the Certificates under the Securities Act or that would render
        the disposition of the Certificates a violation of Section 5 of the Securities
        Act or require registration pursuant thereto, nor will act, nor has authorized
        or will authorize any person to act, in such manner with respect to the
        Certificates, (e) we are a “qualified institutional buyer” as that term is
        defined in Rule 144A under the Securities Act and have completed either of
        the
        forms of certification to that effect attached hereto as Annex 1 or Annex
        2. We
        are aware that the sale to us is being made in reliance on Rule 144A. We
        are
        acquiring the Certificates for our own account or for resale pursuant to
        Rule
        144A and further, understand that such Certificates may be resold, pledged
        or
        transferred only (i) to a person reasonably believed to be a qualified
        institutional buyer that purchases for its own account or for the account
        of a
        qualified institutional buyer to whom notice is given that the resale, pledge
        or
        transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
        exemption from registration under the Securities Act.

      
         

        
          	
                   

                	
                  Very
                    truly yours,

                
	
                   

                	
                  [NAME
                    OF TRANSFEREE]

                
	 	
                
	
                   

                	
                  Authorized
                    Officer

                

        

        

          
            
              
                 

              

              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

      

      ANNEX
        1 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      

       

      [For
        Transferees Other Than Registered Investment Companies]

      

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1.     As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2.     In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis $                    1 
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
        category marked below.

       

      _________
        Corporation,
        etc.
        The Buyer is a corporation (other than a bank, savings and loan association
        or
        similar institution), Massachusetts or similar business trust, partnership,
        or
        charitable organization described in Section
        501(c)(3) of the Internal Revenue Code of 1986, as amended.

       

      _________
        Bank.
        The
        Buyer (a) is a national bank or banking institution organized under the laws
        of
        any State, territory or the District of Columbia, the business of which is
        substantially confined to banking and is supervised by the State or territorial
        banking commission or similar official or is a foreign bank or equivalent
        institution, and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a copy of which is
        attached hereto.

       

      _________
        Savings
        and Loan.
        The
        Buyer (a) is a savings and loan association, building and loan association,
        cooperative bank, homestead association or similar institution, which is
        supervised and examined by a State or Federal authority having supervision
        over
        any such institutions or is a foreign savings and loan association or equivalent
        institution and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a copy of which is
        attached hereto.

       

      _________
        Broker-Dealer.
        The
        Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
        Act of 1934.

       

      _________
        Insurance
        Company.
        The
        Buyer is an insurance company whose primary and predominant business activity
        is
        the writing of insurance or the reinsuring of risks underwritten by insurance
        companies and which is subject to supervision by the insurance commissioner
        or a
        similar official or agency of a State, territory or the District of
        Columbia.

       

      _________
        State
        or Local Plan.
        The
        Buyer is a plan established and maintained by a State, its political
        subdivisions, or any agency or instrumentality of the State or its political
        subdivisions, for the benefit of its employees.

       

      _________
        ERISA
        Plan.
        The
        Buyer is an employee benefit plan within the meaning of Title I of the Employee
        Retirement Income Security Act of 1974.

       

      Investment
        Advisor.
        The
        Buyer is an investment advisor registered under the Investment Advisors Act
        of
        1940.

       

      _________
        Small
        Business Investment Company.
        Buyer
        is a small business investment company licensed by the U.S. Small Business
        Administration under Section 301(c) or (d) of the Small Business Investment
        Act
        of 1958.

       

      _________
        Business
        Development Company.
        Buyer
        is a business development company as defined in Section 202(a)(22) of the
        Investment Advisors Act of 1940.

       

      3.   
           The
        term
“SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that are
        affiliated with the Buyer, (ii) securities that are part of an unsold allotment
        to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
        issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
        deposit notes and certificates of deposit (v) loan participations, (vi)
        repurchase agreements, (vii) securities owned but subject to a repurchase
        agreement and (viii) currency, interest rate and commodity swaps.

       

      4.     For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has
        been published. If clause (ii) in the preceding sentence applies, the securities
        may be valued at market. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer’s direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934, as
        amended.

       

      5.    The
        Buyer
        acknowledges that it is familiar with Rule 144A and understands that the
        seller
        to it and other parties related to the Certificates are relying and will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      6.    Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each
        of the
        parties to which this certification is made of any changes in the information
        and conclusions herein. Until such notice is given, the Buyer’s purchase of the
        Certificates will constitute a reaffirmation of this certification as of
        the
        date of such purchase. In addition, if the Buyer is a bank or savings and
        loan
        is provided above, the Buyer agrees that it will furnish to such parties
        updated
        annual financial statements promptly after they become available.

       

      
        	 	
              	
              
	
                 

                 

              	
                Print
                  Name of Buyer

              
	
                 

              	
                By:

              	 
	
                 

              	
                Name:

              	 
	
                 

              	
              	 
	 	
                Title:

              	 
	
                 

              	
                Date:

              	 

      

       

      

        

        
          1 Buyer
            must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Buyer is a dealer, and, in that case, Buyer must own
            and/or
            invest on a discretionary basis at least $10,000,000 in
            securities.

        

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      ANNEX
        2 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That are Registered Investment Companies]

      

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1.    As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2.    In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year. For
        purposes of determining the amount of securities owned by the Buyer or the
        Buyer’s Family of Investment Companies, the cost of such securities was used,
        except (i) where the Buyer or the Buyers Family of Investment Companies reports
        its securities holdings in its financial statements on the basis of their
        market
        value, and (ii) no current information with respect to the cost of those
        securities has been published. If clause (ii) in the preceding sentence applies,
        the securities may be valued at market.

       

      _________
        The
        Buyer
        owned $_________ in securities (other than the excluded securities referred
        to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      _________
        The
        Buyer
        is part of a Family of Investment Companies which owned in the aggregate
        $___________ in securities (other than the excluded securities referred to
        below) as of the end of the Buyer’s most recent fiscal year (such amount being
        calculated in accordance with Rule 144A).

       

      3.    The
        term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
        investment companies (or series thereof) that have the same investment adviser
        or investment advisers that are affiliated (by virtue of being majority owned
        subsidiaries of the same parent or because one investment adviser is a majority
        owned subsidiary of the other).

       

      4.    The
        term
“SECURITIES” as used herein does not include (i) securities of issuers that are
        affiliated with the Buyer or are part of the Buyer’s Family of Investment
        Companies, (ii) securities issued or guaranteed by the U.S. or any
        instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
        (iv) loan participations, (v) repurchase agreements, (vi) securities owned
        but
        subject to a repurchase agreement and (vii) currency, interest rate and
        commodity swaps.

       

      5.    The
        Buyer
        is familiar with Rule 144A and understands that the parties listed in the
        Rule
        144A Transferee Certificate to which this certification relates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
        purchase for the Buyer’s own account.

       

      6.    Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer’s purchase of the Certificates will constitute a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

      
         

        
          	 	
                	
                
	
                   

                   

                	
                  Print
                    Name of Buyer or
                    Adviser

                
	
                   

                	
                  By:

                	 
	
                   

                	
                  Name:

                	 
	 	Title:	 
	
                   

                	
                	 
	 	
                  IF
                    AN ADVISER:

                
	 	 	 
	 	
                  Print
                    Name of Buyer

                
	 	
                   

                	 
	
                   

                	
                  Date:

                	 

        

      

       

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        K

       

      FORM
        OF
        TRANSFER AFFIDAVIT FOR RESIDUAL CERTIFICATES

      PURSUANT
        TO SECTION 5.02(D)

       

      SOUNDVIEW
        HOME LOAN TRUST 2006-2

      ASSET-BACKED
        CERTIFICATES, SERIES 2006-2

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss:

              
	
                COUNTY
                  OF

                 

              	
                )

                 

              

      

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

       

      1.  The
        undersigned is an officer of, the proposed Transferee of an Ownership Interest
        in a Residual Certificate (the “Certificate”)
        issued
        pursuant to the Pooling and Servicing Agreement dated as of March 1, 2006
        (the
“Agreement”),
        among
        Financial Asset Securities Corp., as depositor (the “Depositor”),
        Wells
        Fargo Bank, N.A. as master servicer, servicer and trust administrator (the
        “Master Servicer”, “Servicer” and “Trust Administrator”) and Deutsche Bank
        National Trust Company, as trustee (the “Trustee”).
        Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
        shall have the meanings ascribed to such terms in the Agreement. The Transferee
        has authorized the undersigned to make this affidavit on behalf of the
        Transferee for the benefit of the Depositor and the Trustee.

       

      2.  The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate for its own account. The Transferee has no knowledge
        that any such affidavit is false.

       

      3.  The
        Transferee has been advised of, and understands that (i) a tax will be
        imposed on Transfers of the Certificate to Persons that are not Permitted
        Transferees; (ii) such tax will be imposed on the transferor, or, if such
        Transfer is through an agent (which includes a broker, nominee or middleman)
        for
        a Person that is not a Permitted Transferee, on the agent; and (iii) the
        Person otherwise liable for the tax shall be relieved of liability for the
        tax
        if the subsequent Transferee furnished to such Person an affidavit that such
        subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
        such Person does not have actual knowledge that the affidavit is
        false.

       

      4.  The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5.  The
        Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
        and understands the legal consequences of the acquisition of an Ownership
        Interest in the Certificate including, without limitation, the restrictions
        on
        subsequent Transfers and the provisions regarding voiding the Transfer and
        mandatory sales. The Transferee expressly agrees to be bound by and to abide
        by
        the provisions of Section 5.02(d) of the Agreement and the restrictions
        noted on the face of the Certificate. The Transferee understands and agrees
        that
        any breach of any of the representations included herein shall render the
        Transfer to the Transferee contemplated hereby null and void.

       

      6.  The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
        a
        certificate substantially in the form set forth as Exhibit L to the
        Agreement (a “Transferor
        Certificate”)
        to the
        effect that such Transferee has no actual knowledge that the Person to which
        the
        Transfer is to be made is not a Permitted Transferee.

       

      7.  The
        Transferee has historically paid its debts as they have come due, intends
        to pay
        its debts as they come due in the future, and understands that the taxes
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become due. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificate.

       

      8.  The
        Transferee’s taxpayer identification number is ___________.

       

      9.  The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10.  The
        Transferee is aware that the Certificate may be a “noneconomic residual
        interest” within the meaning of proposed Treasury regulations promulgated
        pursuant to the Code and that the transferor of a noneconomic residual interest
        will remain liable for any taxes due with respect to the income on such residual
        interest, unless no significant purpose of the transfer was to impede the
        assessment or collection of tax.

       

      11.  The
        Transferee will not cause income from the Certificate to be attributable
        to a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Transferee or any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

      o  The
        present
        value of the anticipated tax liabilities associated with holding the
        Certificate, as applicable, does not exceed the sum of:

       

      
        	
                 

                (i)

              	
                 

                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              
	
                 

                (ii)

              	
                 

                the
                  present value of the expected future distributions on such Certificate;
                  and

              
	
                 

                (iii)

              	
                 

                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) of the Code if the Transferee has been subject
        to the
        alternative minimum tax under Section 55 of the Code in the preceding two
        years
        and will compute its taxable income in the current taxable year using the
        alternative minimum tax rate) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

      o  The
        transfer
        of the Certificate complies with U.S. Treasury Regulations Sections
        1.860E-1(c)(5) and (6) and, accordingly,

       

      
        	
                 

                (i)

              	
                 

                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United States;

              
	
                 

                (ii)

              	
                 

                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              
	
                 

                (iii)

              	
                 

                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations; and

              
	
                 

                (iv)

              	
                 

                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

      o  None
        of the
        above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
            
        day
        of
                  ,
        20  .

       

      
         

        
          	 	
                	[NAME
                  OF TRANSFEREE]
	 	 	 
	
                   

                	
                  By:

                	 
	
                   

                	
                  Name:

                	 
	 	
                  Title:

                	 

        

         

      

      

      
        	
                [Corporate
                  Seal]

              	
              
	
                ATTEST:

              	
              
	 	
              
	
                [Assistant]
                  Secretary

              	
              

      

       

      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 Transferee, and acknowledged that he executed the same as his free act
        and
        deed and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this     
        day
        of
        
        ,
        20  .

       

      

      
        	 	
              
	
                 

              	
                NOTARY
                  PUBLIC

              
	
                 

              	
                My
                  Commission expires the __ day

                of
                  _________, 20__

              

      

       

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        L

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attn:
        Corporate Trust Services—

      Soundview
        Home Loan Trust 2006-2

       

      
        
          
            
              
                	 	
                        Re:

                         

                      	
                        
                          Soundivew
                            Home Loan Trust 2006-2, 

                          Asset-Backed
                            Certificates Series 2006-2

                        

                      	
                      

              

            

          

        

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our disposition of the above Certificates we certify that
        (a) we
        understand that the Certificates have not been registered under the Securities
        Act of 1933, as amended (the “Act”), and are being disposed by us in a
        transaction that is exempt from the registration requirements of the Act,
        (b) we
        have not offered or sold any Certificates to, or solicited offers to buy
        any
        Certificates from, any person, or otherwise approached or negotiated with
        any
        person with respect thereto, in a manner that would be deemed, or taken any
        other action which would result in, a violation of Section 5 of the Act,
        (c) to
        the extent we are disposing of a Class [ ] Certificate, we have no knowledge
        the
        Transferee is not a Permitted Transferee and (d) no purpose of the proposed
        disposition of a Class [ ] Certificate is to impede the assessment or collection
        of tax.

       

       

      
        	
                 

              	
                Very
                  truly yours,

              
	
                 

              	
                TRANSFEROR

              
	 	
              	 
	 	
              	 
	
                 

              	
                By:

              	 
	
                 

              	
                Name:

              	 
	
                 

              	
                Title:

              	 

      

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        M

       

      FORM
        OF
        ERISA REPRESENTATION LETTER

       

      _____________,
        20__

       

      

      
        	
                Financial
                  Asset Securities Corp.

                600
                  Steamboat Road

                Greenwich,
                  Connecticut 06830

                 

              	
                Wells
                  Fargo Bank, N.A.

                Sixth
                  Street and Marquette Avenue

                Minneapolis,
                  Minnesota 55479

                Attn:
                  Corporate Trust Services—

                Soundview
                  Home Loan Trust 2006-2

                 

              

      

       

      
         

        
          
            
              
                
                  	 	
                          Re:

                           

                        	
                          
                            Soundivew
                              Home Loan Trust 2006-2, 

                            Asset-Backed
                              Certificates Series 2006-2

                          

                        	
                        

                

              

            

          

        

         

      

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Soundview Home
        Loan Trust 2006-2, Asset-Backed Certificates Series 2006-2, Class [C][P][R[-X]]
        (the “Certificates”), issued pursuant to a Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”) dated as of March 1, 2006 among Financial
        Asset Securities Corp. as depositor (the “Depositor”), Wells Fargo Bank, N.A. as
        master servicer, servicer and trust administrator (the “Master Servicer”,
“Servicer” and “Trust Administrator”) and Deutsche Bank National Trust Company
        as trustee (the “Trustee”). Capitalized terms used herein and not otherwise
        defined shall have the meanings assigned thereto in the Pooling and Servicing
        Agreement. The Transferee hereby certifies, represents and warrants to, and
        covenants with the Depositor, the Trustee and the Servicer the
        following:

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R.ss.2510.3-101, and (iii) will not be
        transferred to any entity that is deemed to be investing in plan assets within
        the meaning of the DOL regulation at 29 C.F.R.ss. 2510.3-101.

       

      
         

        
          	
                   

                	
                  Very
                    truly yours,

                
	 	 
	
                   

                	
                  [Transferee]

                
	
                   

                	
                  By:

                	 
	
                   

                	
                  Name:

                	 
	
                   

                	
                  Title:

                	 

        

        

          
            
              
              

              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

      

      EXHIBIT
        N-1

       

      FORM
        CERTIFICATION TO BE PROVIDED BY THE MASTER SERVICER WITH FORM 10-K

       

      
        
           

          
            
              
                
                  
                    	 	
                            Re:

                             

                          	
                            
                              Soundivew
                                Home Loan Trust 2006-2, 

                              Asset-Backed
                                Certificates Series 2006-2

                            

                          	
                          

                  

                

              

            

          

        

      

       

      
        
           

          
            
              
                
                  
                    	 	
                            Re:

                             

                          	
                            
                              Soundivew
                                Home Loan Trust 2006-2, 

                              Asset-Backed
                                Certificates Series 2006-2

                            

                          	
                          

                  

                

              

            

          

        

      

      
      

      Certification

       

      I,
        [identify the certifying individual], certify that:

       

      1.    I
        have
        reviewed this annual report on Form 10-K, and all reports on Form 10-D required
        to be filed in respect of the period covered by this report on Form 10-K
        [identify issuing entity] (i.e., the name of the specific deal to which this
        certification relates rather than just the name of the Depositor)] (the
“Exchange Act periodic reports”);

       

      2.    Based
        on
        my knowledge, the Exchange Act periodic reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3.    Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act periodic reports;

       

      4.    Based
        on
        my knowledge and compliance statement required in this report under Item
        1123 of
        Regulation AB, and except as disclosed in the Exchange Act periodic reports,
        the
        servicer has fulfilled its obligations under the Pooling and Servicing Agreement
        in all material respects; and

       

      5.    All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated party: Deutsche Bank National Trust
        Company.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
           

          
            	
                     

                  	
                    WELLS
                      FARGO BANK, N.A.

                  
	 	 
	
                     

                  	
                    By:

                  	 
	
                     

                  	
                    Name:

                  	 
	
                     

                  	
                    Title:

                  	 

          

          
 

        

      

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        N-2

       

      FORM
        CERTIFICATION TO BE

      PROVIDED
        TO MASTER SERVICER BY THE SERVICER

       

       

      
        
          
             

            
              
                
                  
                    
                      	 	
                              Re:

                               

                            	
                              
                                Soundivew
                                  Home Loan Trust 2006-2, 

                                Asset-Backed
                                  Certificates Series 2006-2

                              

                            	
                            

                    

                  

                

              

            

          

        

         

      

       

      I,
        ________________________________, the _______________________ of Wells Fargo
        Bank, N.A., certify to Financial Asset Securities Corp. and the Master Servicer,
        and their officers, with the knowledge and intent that they will rely upon
        this
        certification, that:

       

      (1)    I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the Master Servicer pursuant
        to the Agreement (collectively, the “Company Servicing
        Information”);

       

      (2)    Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3)    Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the Master
        Servicer;

       

      (4)    I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (5)    The
        Compliance Statement required to be delivered by the Company pursuant to
        [the
        Agreement], and the Servicing Assessment and Attestation Report required
        to be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to [Wells Fargo]. Any material instances of
        noncompliance described in such reports have been disclosed to [Wells Fargo].
        Any material instance of noncompliance with the Servicing Criteria has been
        disclosed in such reports.

       

      
        	
                 Date:

              	 	 By:	 
	 	 	 Name: 	 
	 	 	 	 
	 	 	 	 

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        O

       

      FORM
        OF
        CAP CONTRACT

       

       

       

      

        

        

        

        Dated:
          April 6, 2006

        

        Rate
          Cap
          Transaction

        

        Re:
          BNY
          Reference No. 37517

        

        Ladies
          and Gentlemen:

        

        The
          purpose of this letter agreement is to confirm the terms and conditions
          of the
          rate cap Transaction entered into on the Trade Date specified below (the
          “Transaction”) between The Bank of New York (“BNY”), a trust company duly
          organized and existing under the laws of the State of New York and Wells
          Fargo Bank, N.A., not individually, but solely as trustee on behalf of
          the
          Supplemental Interest Trust with respect to Soundview Home Loan Trust 2006-2,
          Asset-Backed Certificates, Series 2006-2 (the “Counterparty”). The
          definitions and provisions contained in the 2000 ISDA Definitions, as published
          by the International Swaps and Derivatives Association, Inc., are incorporated
          into this Confirmation. In the event of any inconsistency between those
          definitions and provisions and this Confirmation, this Confirmation will
          govern.
Capitalized
          terms not otherwise defined herein or in the Definitions or the Master
          Agreement
          shall have the meaning defined for such term in the Pooling and Servicing
          Agreement.

        

        1. This
          Confirmation constitutes a “Confirmation” as referred to in and supplements,
          forms part of and is subject to, the ISDA Master Agreement dated as of
          April 6,
          2006, as amended and supplemented from time to time (the “Agreement”), between
          The Bank of New York and Counterparty. All provisions contained in the
          Agreement
          govern this Confirmation except as expressly modified below. 

        

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

        

        Type
          of
          Transaction:                     
Rate
          Cap

        

        Notional
          Amount:                          
With
          respect to any Calculation Period shall equal the lesser of (1) the amount
          set
          forth for such period on Schedule I attached hereto and (2) the aggregate
          Certificate Principal Balance of the Floating Rate Certificates and the
          Fixed
          Rate Certificates immediately preceding the related Floating Rate Payer
          Payment
          Date (as defined in the Pooling and Servicing Agreement) for such Floating
          Rate
          Payer Payment Date. The Trust Administrator shall make available each month
          via
          the Trust Administrator’s website a statement containing the aggregate
          Certificate Principal Balance of the Floating Rate Certificates and the
          Fixed
          Rate Certificates as of the first day of such Calculation Period and shall
          notify BNY at least five (5) Business Days prior to the related Floating
          Rate
          Payer Payment Date of the aggregate Certificate Principal Balance of the
          Floating Rate Certificates and the Fixed Rate Certificates as of the first
          day
          of such Calculation Period and shall send such notification to BNY provided,
          however, that if the Trust Administrator shall not provide such notification,
          BNY is permitted to rely upon the statement of aggregate Certificate Principal
          Balance of the Floating Rate Certificates and the Fixed Rate Certificates
          made
          available on the Trust Administrator’s website. The Trust Administrator’s
          internet website shall initially be located at www.ctslink.com and assistance
          in
          using the website can be obtained by calling the Trust Administrator’s customer
          service line at 301-815-6600.

        

        For
          avoidance of doubt, CUSIP Numbers, ISIN Number

        and
          Issue
          Descriptions of the Floating Rate Certificates and the Fixed Rate Certificates,
          are set forth on Annex A attached hereto.

        

        

        Trade
          Date:                                      
March
          21,
          2006

        

        Effective
          Date:                                 
April
          25,
          2006

        

        Termination
          Date:                           
February
          25, 2007, subject to adjustment in accordance with the Following Business
          Day
          Convention

        

        Floating
          Amounts:

        

        Floating
          Rate
          Payer:                       
BNY

        

        
          	 	 	
                  Cap
                    Rate:

                	 	
                  For
                    each Calculation Period, as set forth for such period on Schedule
                    I
                    attached hereto.

                

        

        

        Floating
          Rate Payer 

        Period
          End
          Dates:                          
The
          25th
          calendar
          day of each month during
          the Term
          of
          this Transaction, commencing May 25, 2006, and ending on the Termination
          Date,
          subject to adjustment in accordance with the Following Business Day
          Convention.

        

        Floating
          Rate Payer 

        Payment
          Dates:                               Early
          Payment shall be applicable. The Floating Rate Payer Payment Date shall
          be one
          (1) Business Days preceding each Floating Rate Payer Period End
          Date.

        

        Floating
          Rate
          Option:                    
USD-LIBOR-BBA;
          provided, however, if the Floating Rate Option for a Calculation Period
          is
          greater than 10.50% then the Floating Rate Option for such Calculation
          Period
          shall be deemed equal to 10.50%.

        

        Designated
          Maturity:                     
One
          month

        

        Floating
          Rate Day 

        Count
          Fraction:                               
Actual/360

        

        Reset
          Dates:                                    
The
          first
          day of each Calculation Period

        

        Compounding:                                
          Inapplicable

        

        
          	 	
                   

                	
                  Business
                    Days:

                	
                  New
                    York

                

        

        

        
          	 	 	
                  Calculation
                    Agent:

                	
                  BNY

                

        

        

        

        Account
          Details and

        Settlement
          Information:                             
Payments
          to BNY:

          
          The Bank of New York

          
          Derivative Products Support Department 

          
          32 Old Slip, 16th
          Floor

          
          New York, New York 10286

          
          Attention: Renee Etheart

          
          ABA #021000018   

          
          Account #890-0068-175 

          
          Reference: Interest Rate Caps

         

        
          	 	 	 	 	 	
                  Payments
                    to Counterparty:

                

        

        

          
          Wells Fargo Bank, N.A.

          
          ABA No. 121000248

          
          For Credit to: SAS Clearing

          
          Acct: 3970771416

          
          FFC to: Soundview 06-2 Dist Acct # 5090701

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        Please
          confirm that the foregoing correctly sets forth the terms of our agreement
          by
          executing this agreement and returning it via facsimile to Derivative Products
          Support Dept., Attn: Eugene Chun/Kenny Au-Yeung at 212-804-5818/5837. Once
          we
          receive this we will send you two original confirmations for
          execution.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

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

        

        Very
          truly yours,

        

        THE
          BANK OF NEW YORK

        

        

        By: _______________________________ 

        Name:
          

        Title:  

        

         

        

        

        

        

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

        

        WELLS
          FARGO BANK, N.A., NOT INDIVIDUALLY BUT SOLELY AS TRUSTEE ON BEHALF OF THE
          SUPPLEMENTAL INTEREST TRUST WITH RESPECT TO SOUNDVIEW HOME LOAN TRUST 2006-2,
          ASSET-BACKED CERTIFICATES, SERIES 2006-2

        

        

        

        By: _______________________________
          

        Name: 

        Title:

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        SCHEDULE
          I

        

        

        All
          dates
          subject to adjustment in accordance with the Following Business Day
          Convention.

         

        

        
          	
                  Accrual

                  Start
                    Date

                	
                  Accrual

                  End
                    Date

                	
                  Notional
                    Amount: in USD

                	
                  Cap
                    Rate

                
	
                  25-Apr-06

                	
                  25-May-06

                	
                  $783,499,396

                	
                  7.661880%

                
	
                  25-May-06

                	
                  25-Jun-06

                	
                  $775,438,944

                	
                  7.416470%

                
	
                  25-Jun-06

                	
                  25-Jul-06

                	
                  $766,489,265

                	
                  7.664370%

                
	
                  25-Jul-06

                	
                  25-Aug-06

                	
                  $756,665,188

                	
                  7.416820%

                
	
                  25-Aug-06

                	
                  25-Sep-06

                	
                  $745,985,011

                	
                  7.416520%

                
	
                  25-Sep-06

                	
                  25-Oct-06

                	
                  $734,470,554

                	
                  7.663430%

                
	
                  25-Oct-06

                	
                  25-Nov-06

                	
                  $722,152,255

                	
                  7.415950%

                
	
                  25-Nov-06

                	
                  25-Dec-06

                	
                  $709,088,998

                	
                  7.665130%

                
	
                  25-Dec-06

                	
                  25-Jan-07

                	
                  $695,460,258

                	
                  7.418600%

                
	
                  25-Jan-07

                	
                  25-Feb-07

                	
                  $681,295,166

                	
                  7.418410%

                

        

        

        

        

        

        

        ANNEX
          A

        ISSUER:
          SOUNDVIEW HOME LN TR

         

        CUSIP
          NUMBER: 83611M NC 8

        ISIN
          NUMBER: US83611MNC81

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL A-1

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M ND 6

        ISIN
          NUMBER : US83611MND64

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL A-2

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NE 4

        ISIN
          NUMBER : US83611MNE48

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL A-3

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NF 1

        ISIN
          NUMBER : US83611MNF13

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL A-4

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NG 9

        ISIN
          NUMBER : US83611MNG95

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL A-5

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NH 7

        ISIN
          NUMBER : US83611MNH78

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-1

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NJ 3

        ISIN
          NUMBER : US83611MNJ35

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-2

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NK 0

        ISIN
          NUMBER : US83611MNK08

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-3

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NL 8

        ISIN
          NUMBER : US83611MNL80

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-4

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NM 6

        ISIN
          NUMBER : US83611MNM63

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-5

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NN 4

        ISIN
          NUMBER : US83611MNN47

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-6

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NP 9

        ISIN
          NUMBER : US83611MNP94

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-7

        RATE:

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NQ 7

        ISIN
          NUMBER : US83611MNQ77

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-8

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NR 5

        ISIN
          NUMBER : US83611MNR50

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-9

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NS 3

        ISIN
          NUMBER : US83611MNS34

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL M-10

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NT 1

        ISIN
          NUMBER : US83611MNT17

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL B-1

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NU 8

        ISIN
          NUMBER : US83611MNU89

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL B-2

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NV 6

        ISIN
          NUMBER : US83611MNV62

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL B-3

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NW 4

        ISIN
          NUMBER : US83611MNW46

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL C

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NX 2

        ISIN
          NUMBER : US83611MNX29

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL P

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NY 0

        ISIN
          NUMBER : US83611MNY02

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL R

        MATURITY:
          03/25/2036

         

        CUSIP
          NUMBER: 83611M NZ 7

        ISIN
          NUMBER : US83611MNZ76

        ISSUE
          DESCRIPTION: 2006-2 MTG PASSTHRU CTF CL R-X

        MATURITY:
          03/25/2036

 

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        P

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

       

      **SEND
        TO WELLS FARGO VIA FAX TO 410-715-2380 AND VIA EMAIL TO
        cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESS
        IMMEDIATELY BELOW. SEND TO THE DEPOSITOR AT THE ADDRESS
        BELOW**

      

       

      Wells
        Fargo Bank, N.A. as Securities Administrator

      Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Fax:
        (410) 715-2380

      E-mail:
        cts.sec.notifications@wellsfargo.com

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06080

       

      Attn:
        Corporate Trust Services - Soundview Home Loan Trust 2006-2-SEC REPORT
        PROCESSING

       

      RE:
        **Additional Form [ ] Disclosure**Required

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [   ] of the Pooling and Servicing Agreement,
        dated as of March 1, 2006, among the Depositor, Wells Fargo Bank, N.A. as
        master
        servicer, servicer and trust administrator (the “Master Servicer”, “Servicer”
and “Trust Administrator”), and Deutsche Bank National Trust Company, a national
        banking association, as trustee (the “Trustee”). The Undersigned, as [ ], hereby
        notifies you that certain events have come to our attention that [will][may]
        need to be disclosed on Form [   ].

       

      Description
        of Additional Form [ ] Disclosure:

       

      List
        of
        Any Attachments hereto to be included in the Additional Form [ ]
        Disclosure:

       

      Any
        inquiries related to this notification should be directed to [ ], phone number:
        [ ]; email address: [ ].

       

      
         

        
          	
                   

                	
                  [NAME
                    OF PARTY]

                  as
                    [role]

                
	 	 
	
                   

                	
                  By:

                	 
	
                   

                	
                   

                	
                  Name:

                
	
                   

                	
                   

                	
                  Title:

                

        

        
 

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        Q

       

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT

       

       

       

      

        

        

        

        Dated:
          April 6, 2006

        

          
          Rate Swap Transaction

        

        Re: 
           BNY
          Reference No. 37516

        

        Ladies
          and Gentlemen:

        

        The
          purpose of this letter agreement is to confirm the terms and conditions
          of the
          rate swap Transaction entered into on the Trade Date specified below (the
          “Transaction”) between The Bank of New York (“BNY”), a trust company duly
          organized and existing under the laws of the State of New York and Wells
          Fargo Bank, N.A., not individually, but solely as trustee on behalf of
          the
          Supplemental Interest Trust with respect to Soundview Home Loan Trust 2006-2,
          Asset-Backed Certificates, Series 2006-2 (the “Counterparty”). The
          definitions and provisions contained in the 2000 ISDA Definitions, as published
          by the International Swaps and Derivatives Association, Inc., are incorporated
          into this Confirmation. In the event of any inconsistency between those
          definitions and provisions and this Confirmation, this Confirmation will
          govern. Capitalized
          terms not otherwise defined herein or in the Definitions or the Master
          Agreement
          shall have the meaning defined for such term in the Pooling and Servicing
          Agreement.

        

        1. This
          Confirmation constitutes a “Confirmation” as referred to in and supplements,
          forms part of and is subject to, the ISDA Master Agreement dated as of
          April 6,
          2006, as amended and supplemented from time to time (the “Agreement”), between
          The Bank of New York and Counterparty. All provisions contained in the
          Agreement
          govern this Confirmation except as expressly modified below. 

        

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

        

        Type
          of
          Transaction:                      Rate
          Swap

        

        Notional
          Amount:     
          With
          respect to any Calculation Period the amount set forth for such period
          on
          Schedule I attached hereto

        

        Trade
          Date:                                       March
          21,
          2006

        

        Termination
          Date:                            May
          25,
          2010, subject to adjustment in accordance with the Following Business Day
          Convention

        

        

        Fixed
          Amounts:

        

        Fixed
          Rate
          Payer:                            
Counterparty

        

        Fixed
          Rate Payer

        Effective
          Date:                                
February
          25, 2007

        

        Fixed
          Rate:                                        5.06%

        

        Fixed
          Rate Payer 

        Period
          End
          Dates:                         
The
          25th
          calendar
          day of each month during
          the Term
          of
          this Transaction, commencing March 25, 2007, and ending on May 25, 2010,
          subject
          to No Adjustments.

         

        Fixed
          Rate Payer 

        Payment
          Dates:                              
Early
          Payment shall be applicable. The Fixed Rate Payer Payment Date shall be
          one (1)
          Business Days preceding each Fixed Rate Payer Period End Date.

        

        Fixed
          Amount:                                 
To
          be
          determined in accordance with the following formula:

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

                

        

        

        Fixed
          Rate Day 

        Count
          Fraction:                               
30/360

        

        Floating
          Amounts:

        

        Floating
          Rate
          Payer:                       
BNY

        

        Floating
          Rate Payer

        Effective
          Date:                                
February
          26, 2007

        

        Floating
          Rate Payer 

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

        

        Floating
          Rate Payer 

        Payment
          Dates:                              
Early
          Payment shall be applicable. The Floating Rate Payer Payment Date shall
          be one
          (1) Business Days preceding each Floating Rate Payer Period End
          Date.

        

        Floating
          Rate
          Option:                    
USD-LIBOR-BBA

        

        Floating
          Amount:                            To
          be
          determined in accordance with the following formula:

        250*
          Floating Rate * Notional Amount * Floating Rate Day Count Fraction

        

        Designated
          Maturity:                     
One
          month

        

        Floating
          Rate Day 

        Count
          Fraction:                               
Actual/360

        

        Reset
          Dates:                                    
The
          first
          day of each Calculation Period

        

        Compounding:                                
          Inapplicable

        

        Additional
          Terms:

        

        
          	 	 	
                  Additional
                    Payments:

                	
                  BNY
                    shall pay Counterparty USD 84,000.00 on April 6,
                    2006.

                

        

        

        
          	 	
                   

                	
                  Business
                    Days:

                	
                  New
                    York

                

        

        

        
          	 	 	
                  Calculation
                    Agent:

                	
                  BNY

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Account
          Details and

        Settlement
          Information:                             
Payments
          to BNY:

          
          The Bank of New York

          
          Derivative Products Support Department 

          
          32 Old Slip, 16th
          Floor

          
          New York, New York 10286

          
          Attention: Renee Etheart

          
          ABA #021000018   

          
          Account #890-0068-175 

          
          Reference: Interest Rate Swaps

         

        
          	 	 	 	 	 	
                  Payments
                    to Counterparty:

                

        

        

          
          Wells Fargo Bank, N.A.

          
          ABA No. 121000248

          
          For Credit to: SAS Clearing

          
          Acct: 3970771416

          
          FFC to: Soundview 06-2 Dist Acct # 5090702

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        Please
          confirm that the foregoing correctly sets forth the terms of our agreement
          by
          executing this agreement and returning it via facsimile to Derivative Products
          Support Dept., Attn: Eugene Chun/Kenny Au-Yeung at 212-804-5818/5837. Once
          we
          receive this we will send you two original confirmations for
          execution.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

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

        

        Very
          truly yours,

        

        THE
          BANK OF NEW YORK

        

        

        By: _______________________________ 

        Name:
          

        Title:  

        

         

         

        

        

        

        

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

        

        WELLS
          FARGO BANK, N.A., NOT INDIVIDUALLY BUT SOLELY AS TRUSTEE ON BEHALF OF THE
          SUPPLEMENTAL INTEREST TRUST WITH RESPECT TO SOUNDVIEW HOME LOAN TRUST 2006-2,
          ASSET-BACKED CERTIFICATES, SERIES 2006-2

        

        

        

        By: _______________________________
          

        Name: 

        Title:

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        SCHEDULE
          I

        

        

        (subject
          to adjustment in accordance with the Following Business Day Convention
          with

        respect
          to the Floating Amounts and No Adjustment with respect to the Fixed

        Amounts)

        

        
          	
                  Accrual
                    Start Date

                	
                  Accrual
                    End Date

                	
                  Notional
                    Amount 

                
	
                  25-Feb-07

                	
                  25-Mar-07

                	
                  $
                    2,496,012.51028 

                
	
                  25-Mar-07

                	
                  25-Apr-07

                	
                  $
                    2,408,497.75524 

                
	
                  25-Apr-07

                	
                  25-May-07

                	
                  $
                    2,319,178.11984 

                
	
                  25-May-07

                	
                  25-Jun-07

                	
                  $
                    2,228,342.92448 

                
	
                  25-Jun-07

                	
                  25-Jul-07

                	
                  $
                    2,136,295.43196 

                
	
                  25-Jul-07

                	
                  25-Aug-07

                	
                  $
                    2,043,350.52568 

                
	
                  25-Aug-07

                	
                  25-Sep-07

                	
                  $
                    1,948,874.16920 

                
	
                  25-Sep-07

                	
                  25-Oct-07

                	
                  $
                    1,855,170.65500 

                
	
                  25-Oct-07

                	
                  25-Nov-07

                	
                  $
                    1,756,961.37100 

                
	
                  25-Nov-07

                	
                  25-Dec-07

                	
                  $
                    1,420,905.66536 

                
	
                  25-Dec-07

                	
                  25-Jan-08

                	
                  $
                    616,388.01168 

                
	
                  25-Jan-08

                	
                  25-Feb-08

                	
                  $
                    457,769.44152 

                
	
                  25-Feb-08

                	
                  25-Mar-08

                	
                  $
                    438,165.19880 

                
	
                  25-Mar-08

                	
                  25-Apr-08

                	
                  $
                    419,455.49148 

                
	
                  25-Apr-08

                	
                  25-May-08

                	
                  $
                    401,596.61836 

                
	
                  25-May-08

                	
                  25-Jun-08

                	
                  $
                    384,547.15184 

                
	
                  25-Jun-08

                	
                  25-Jul-08

                	
                  $
                    368,267.81352 

                
	
                  25-Jul-08

                	
                  25-Aug-08

                	
                  $
                    352,721.35672 

                
	
                  25-Aug-08

                	
                  25-Sep-08

                	
                  $
                    337,872.45596 

                
	
                  25-Sep-08

                	
                  25-Oct-08

                	
                  $
                    323,687.60240 

                
	
                  25-Oct-08

                	
                  25-Nov-08

                	
                  $
                    300,518.55252 

                
	
                  25-Nov-08

                	
                  25-Dec-08

                	
                  $
                    246,554.86316 

                
	
                  25-Dec-08

                	
                  25-Jan-09

                	
                  $
                    232,642.24884 

                
	
                  25-Jan-09

                	
                  25-Feb-09

                	
                  $
                    222,869.33528 

                
	
                  25-Feb-09

                	
                  25-Mar-09

                	
                  $
                    214,601.53100 

                
	
                  25-Mar-09

                	
                  25-Apr-09

                	
                  $
                    206,645.17904 

                
	
                  25-Apr-09

                	
                  25-May-09

                	
                  $
                    198,988.20148 

                
	
                  25-May-09

                	
                  25-Jun-09

                	
                  $
                    191,619.01024 

                
	
                  25-Jun-09

                	
                  25-Jul-09

                	
                  $
                    184,526.48632 

                
	
                  25-Jul-09

                	
                  25-Aug-09

                	
                  $
                    177,699.95924 

                
	
                  25-Aug-09

                	
                  25-Sep-09

                	
                  $
                    171,129.18816 

                
	
                  25-Sep-09

                	
                  25-Oct-09

                	
                  $
                    164,804.34336 

                
	
                  25-Oct-09

                	
                  25-Nov-09

                	
                  $
                    158,715.98880 

                
	
                  25-Nov-09

                	
                  25-Dec-09

                	
                  $
                    152,855.06540 

                
	
                  25-Dec-09

                	
                  25-Jan-10

                	
                  $
                    147,212.87516 

                
	
                  25-Jan-10

                	
                  25-Feb-10

                	
                  $
                    141,781.06592 

                
	
                  25-Feb-10

                	
                  25-Mar-10

                	
                  $
                    136,551.61676 

                
	
                  25-Mar-10

                	
                  25-Apr-10

                	
                  $
                    131,516.82420 

                
	
                  25-Apr-10

                	
                  25-May-10

                	
                  $
                    126,669.28900 

                

        

        

        

 

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        R-1

      

      

      FORM
        OF DELINQUENCY REPORT

      

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

       

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting

       

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

       

      
        	
                · 

              	
                ASUM-

              	Approved Assumption
	
                · 
                  

              	
                BAP-

              	Borrower Assistance Program
	
                · 

              	
                CO-

              	Charge Off
	
                · 

              	
                DIL-

              	Deed-in-Lieu
	
                 · 

              	
                FFA-

              	Formal Forbearance Agreement
	
                 · 

              	
                MOD-

              	Loan Modification
	
                 · 

              	
                PRE-

              	Pre-Sale
	
                 · 

              	
                SS-

              	Short Sale
	
                 · 

              	
                MISC-

              	Anything else approved by the PMI
                or Pool
                Insurer

      

       

      NOTE:
        Wells
        Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      The
        Occupant
        Code
        field
        should show the current status of the property code as follows:

       

       

      
        	
                 · 

              	
                Mortgagor

              
	
                 · 

              	
                Tenant

              
	
                 · 

              	
                Unknown
                  

              
	
                 · 

              	
                Vacant

              

      

       

      The
        Property
        Condition
        field
        should show the last reported condition of the property as follows:

       

       

      
        	
                 · 
                  

              	
                Damaged

              
	
                 · 
                  

              	
                Excellent

              
	
                 · 
                  

              	
                Fair

              
	
                 · 
                  

              	
                Gone

              
	
                 · 
                  

              	
                Good

              
	
                 · 
                  

              	
                Poor

              
	
                 · 
                  

              	
                Special
                  Hazard

              
	
                 · 
                  

              	
                Unknown

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Reason Code
        field
        should show the Reason for Delinquency as follows: 

       

      

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field
        should show the Status of Default as follows: 

       

      

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        R-2 

      

      FORM
        OF MONTHLY REMITTANCE ADVICE

      

       

      
        	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	
                 

              	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the Servicer.
                  

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the Servicer.
                  

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer. 

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment amount.
                  

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                 

              	
                 

              	
                 

              	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO 

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	
                 

              	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        R-3 

      

      FORM
        OF REALIZED LOSS REPORT

      

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

      

      The
        numbers on the 332 form correspond with the numbers listed below.

      

      Liquidation
        and Acquisition Expenses:

       

      1.
   The
        Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      2.
   The
        Total
        Interest Due less the aggregate amount of servicing fee that would have been
        earned if all delinquent payments had been made as agreed. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      3.
   Accrued
        Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
        Loan
        as calculated on a monthly basis. For documentation, an Amortization Schedule
        from date of default through liquidation breaking out the net interest and
        servicing fees advanced is required.

       

      4-12.   
        Complete
        as applicable. Required documentation:

       

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period

       

      of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history 

       

      (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Officer Certificate 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      13.   The
        total
        of lines 1 through 12.

       

      Credits:
        

       

      14-21. Complete
        as applicable. Required documentation:

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney

       

      Letter
        of
        Proceeds Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form      
     

       

       

      
        
          22.  The
            total
            of lines 14 through 21.

        

      

       

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

       

      Total
        Realized Loss (or Amount of Any Gain):

       

      23. 
          The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis ( ). 

      

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      Exhibit
        3A: Calculation
        of Realized Loss/Gain Form 332

      

       

      Prepared
        by: __________________   Date:
        _______________

       

       

      Phone:
        ______________________     Email
        Address:_____________________

       

      

       

      
        	
                Servicer
                  Loan No.

                 

              	 	
                Servicer
                  Name

                 

              	 	
                Servicer
                  Address 

                 

                 

                 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

       

      Property
        Address: _________________________________________________________

       

       

      Liquidation
        Type: REO Sale  
        3rd
        Party Sale      Short
        Sale     Charge
        Off 

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes                No

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

       

      Liquidation
        and Acquisition Expenses:

       

      
        	
                 (1)

              	Actual
                Unpaid Principal Balance of Mortgage Loan  	$ ______________ 	(1)
	
                 (2)

              	Interest accrued at Net Rate	________________	(2)
	
                 (3)

              	Accrued Servicing Fees	________________	(3)
	
                 (4)

              	Attorney's Fees	________________	(4)
	
                 (5)

              	Taxes
                (see page 2) 	________________	(5)
	
                 (6)

              	Property Maintenance 	________________	(6)
	
                 (7)

              	MI/Hazard Insurance Premiums (see
                page
                2)	________________	(7)
	
                 (8)

              	Utility Expenses 	________________	(8)
	
                 (9)

              	Appraisal/BPO 	________________	(9)
	
                 (10)

              	Property Inspections	________________	(10)
	
                 (11)

              	FC Costs/Other Legal Expenses 	________________	(11)
	
                 (12)

              	Other
                (itemize)	________________	(12)
	 	
                Cash
                  for Keys _____________________________

              	________________	(12)
	 	
                HOA/Condo
                  Fees___________________________

              	________________	(12)
	 	
                ___________________________________

              	 	(12)
	 	 	 	 
	 	
                Total
                  Expenses

              	$ ______________ 	(13)
	 	 	 	 
	 	Credits:	 	 
	 	 	 	 
	
                 (14)

              	Escrow Balance	$ ______________ 	(14)
	
                 (15) 

              	HIP Refund 	________________	(15)
	
                 (16) 

              	Rental Receipts	________________	(16) 
	
                 (17)

              	Hazard Loss Proceeds	________________	(17)
	
                 (18) 

              	Primary Mortgage Insurance / Gov’t
                Insurance 	________________	(18a)
	
                 

              	HUD Part A	 	 
	 	 	________________	(18b)
	 	HUD Part B	 	 
	
                (19)

              	Pool Insurance Proceeds 	________________	(19)
	
                (20) 

              	Proceeds from Sale of Acquired
                Property 	________________	(20) 
	
                (21) 

              	Other (itemize)	________________	(21) 
	 	 	 	 
	 	
                Total
                  Credits

              	$ ______________ 	(22)
	 	Total Realized Loss (or Amount
                of
                Gain)	$ ______________ 	(23)
	 	 	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Escrow
        Disbursement Detail

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of 

                Coverage

              	
                Total
                  Paid

              	
                Base
                  

                Amount

              	
                Penalties

              	
                Interest

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

      

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        S

       

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Securities
        Administrator - waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Paying
        Agent - distributor of funds to ultimate investor 

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:    X
        - obligation

           [X]
        -
        under consideration for obligation

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Master
                  Servicer

              	
                Trust
                  Admin.

              	
                Trustee/

                Custodian

              
	
                 General
                  Servicing Considerations

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	
                X

              	 	 
	
                 Cash
                  Collection and Administration

              
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                 Investor
                  Remittances and Reporting

              
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	
                 

              	 	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	 	 	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 	
                X

              	 

      

       

      
 

      
        
          
             

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        T

       

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the Trust
        Administrator pursuant to Section 4.07(a)(iv). 

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trust Administrator based on information received from the
        Servicer and the Master Servicer; and b) items marked “Form 10-D report” are
        required to be in the Form 10-D report but not the 4.02 statement, provided
        by
        the party indicated. Information under all other Items of Form 10-D is to
        be
        included in the Form 10-D report.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.02
                  statement

              
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.02
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.02
                  statement

              
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	
                4.02
                  statement

              
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	
                4.02
                  statement

              
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	
                4.02
                  statement

              
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	
                4.02
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.02
                  statement

              
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	
                4.02
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.02
                  statement

              
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.02
                  statement

              
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	
                4.02
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.02
                  statement: Servicer and Master Servicer.

                 

                Form
                  10-D report: Depositor

              
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.02
                  statement: Master Servicer and Servicer

              
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                Form
                  10-D report; Servicer

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report: Servicer

              
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.02
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor and Servicer

                 

                 

                 

                 

                Form
                  10-D report: Depositor, Master Servicer and Servicer

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                Updated
                  pool information as required under Item 1121(b).

              	
                Depositor

              
	
                2

              	
                Legal
                  Proceedings

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                Seller

                Depositor

                Trustee

                Trust
                  Administrator

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                 

                 

                Seller

                Depositor

                Trustee

                Trust
                  Administrator

                Depositor

                Master
                  Servicer

                Depositor

                Custodian

              
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                 

                 

                Depositor

              
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                 

                 

                Trust
                  Administrator

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Trustee,
                  Trust Administrator

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                N/A

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Depositor

                Depositor

                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                8

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below

              
	
                9

              	
                Exhibits

              	 
	
                Distribution
                  report

              	
                Trust
                  Administrator

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                Examples:
                  servicing agreement, custodial agreement.

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                All
                  parties to this Agreement

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	 
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                Examples:
                  servicing agreement, custodial agreement.

              	
                All
                  parties to this Agreement

              
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Depositor, Servicer or Trustee, with respect to any of the following:
                  

                Sponsor
                  (Seller), Depositor, Servicer, Trustee, Swap Provider, Cap Provicer,
                  Custodian

              	
                Depositor/Servicer/Trustee/Trust
                  Administator

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 4.02 statement

              	
                N/A

              
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	
                Party
                  requesting material modification

              
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	
                [Not
                  included in reports to be filed under Section 4.07]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Master Servicer or Trustee

              	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee. Reg AB disclosure about any new servicer
                  or
                  trustee is also required.

              	
                Trustee,
                  Servicer or Master Servicer

                 

                 

                Depositor

              
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  Reg AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trust
                  Administrator

              
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                All
                  parties to this Agreement

              
	
                8.01

              	
                Other
                  Events

              	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	
                9B

              	
                Other
                  Information

              	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above

              
	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	
                N/A

              
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

                Determining
                  applicable disclosure threshold

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                N/A

                N/A

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Depositor

                Depositor

                Depositor

              
	
                Item
                  1117 - 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Depositor
                  

                Custodian

              
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian
                  

                Credit
                  Enhancer/Support Provider, if any

                Significant
                  Obligor, if any

              	
                 

                 

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Depositor
                  

                Custodian
                  

                Depositor

                Depositor

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                Each
                  Party participating in the servicing function

              
	
                Item
                  1123 -Servicer Compliance Statement

              	
                Master
                  Servicer, Servicer and Trust
                  Administrator

              

      

      

      

      
        
          
            
               

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      

      EXHIBIT
        U

       

      FORM
        OF
        CUSTODIAL AGREEMENT

       

       

      

         

        
          
            

          

         

         

        

         

         

        DEUTSCHE
          BANK NATIONAL TRUST COMPANY, as Trustee

        for
          the
          Soundview Home Loan Trust 2006-2,

        Asset
          Backed Certificates, Series 2006-2

         

        

         

         

        and

         

        

         

         

        JPMORGAN
          CHASE BANK, N.A.,

        as
          Custodian

         

        

         

         

        and

         

        

         

         

        WELLS
          FARGO BANK, N.A.,

        as
          Servicer

         

         

        

         

         

        CUSTODIAL
          AGREEMENT

         

        As
          of
          March 1, 2006

         

         

         

         

        

         

          
            

          

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        TABLE
          OF CONTENTS

         

        
          
            	
                    Section
                      1.

                  	
                    Definitions.

                  
	
                    Section
                      2.

                  	
                    Delivery
                      of Custodial Files.

                  
	
                    Section
                      3.

                  	
                    Custodian’s
                      Receipt, Examination and Certification of Mortgage Files; Initial
                      Trust
                      Receipt Delivered by the Custodian.

                  
	
                    Section
                      4.

                  	
                    Obligations
                      of the Custodian.

                  
	
                    Section
                      5.

                  	
                    Final
                      Trust Receipt.

                  
	
                    Section
                      6.

                  	
                    Future
                      Defects.

                  
	
                    Section
                      7.

                  	
                    Release
                      for Servicing.

                  
	
                    Section
                      8.

                  	
                    Release
                      for Payment.

                  
	
                    Section
                      9.

                  	
                    Fees
                      of Custodian.

                  
	
                    Section
                      10.

                  	
                    Removal
                      of Custodian.

                  
	
                    Section
                      11.

                  	
                    Transfer
                      of Custodial Files.

                  
	
                    Section
                      12.

                  	
                    Examination
                      of Custodial Files.

                  
	
                    Section
                      13.

                  	
                    Insurance
                      of Custodian.

                  
	
                    Section
                      14.

                  	
                    Counterparts.

                  
	
                    Section
                      15.

                  	
                    Periodic
                      Statements.

                  
	
                    Section
                      16.

                  	
                    Governing
                      Law.

                  
	
                    Section
                      17.

                  	
                    Copies
                      of Mortgage Documents.

                  
	
                    Section
                      18.

                  	
                    No
                      Adverse Interest of Custodian.

                  
	
                    Section
                      19.

                  	
                    Termination
                      by Custodian.

                  
	
                    Section
                      20.

                  	
                    Term
                      of Agreement.

                  
	
                    Section
                      21.

                  	
                    Notices.

                  
	
                    Section
                      22.

                  	
                    Successors
                      and Assigns.

                  
	
                    Section
                      23.

                  	
                    Indemnification
                      of Custodian.

                  
	
                    Section
                      24.

                  	
                    Reliance
                      of Custodian.

                  
	
                    Section
                      25.

                  	
                    Transmission
                      of Custodial Files.

                  
	
                    Section
                      26.

                  	
                    Authorized
                      Representatives.

                  
	
                    Section
                      27.

                  	
                    Reproduction
                      of Documents.

                  
	
                    Section
                      28.

                  	
                    Amendment.

                  

          

        

         

         

        EXHIBITS

         

        
          
            	
                    EXHIBIT
                      1

                  	
                    FORM
                      OF TRUST RECEIPT AND INITIAL CERTIFICATION

                  
	
                    EXHIBIT
                      2

                  	
                    FORM
                      OF FINAL TRUST RECEIPT

                  
	
                    EXHIBIT
                      3 

                  	
                    FORM
                      OF REQUEST FOR RELEASE OF DOCUMENTS

                  
	
                    EXHIBIT
                      4

                  	
                    AUTHORIZED
                      REPRESENTATIVES OF SERVICER

                  
	
                    EXHIBIT
                      5

                  	
                    AUTHORIZED
                      REPRESENTATIVES OF TRUSTEE

                  
	
                    EXHIBIT
                      6

                  	
                    AUTHORIZED
                      REPRESENTATIVES OF CUSTODIAN 

                  
	
                    EXHIBIT
                      7

                  	
                    MORTGAGE
                      LOAN SCHEDULE

                  

          

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        THIS
          CUSTODIAL AGREEMENT, dated as of March 1, 2006, among Deutsche Bank National
          Trust Company, having an address at 1761
          East
          St. Andrew Place, Santa Ana, California 92705-4934, not individually but
          solely
          as trustee for Soundview Home Loan Trust 2006-2, Asset-Backed Certificates,
          Series 2006-2 (the “Trustee”), JPMorgan Chase Bank, N.A. as custodian, having an
          address at [___________] (the “Custodian”) and Wells Fargo Bank, N.A., as master
          servicer and servicer (the “Master Servicer” and the “Servicer”), having an
          address at [____________].

         

         

        W I T N E S S E T H

         

         

        WHEREAS,
          Financial Asset Securities Corp. (the “Depositor”) has purchased certain
          conventional fixed-rate and adjustable-rate mortgage loans (the “Mortgage
          Loans”) from Greenwich Capital Financial Products, Inc. (the “Seller”), pursuant
          to the terms and conditions of the Assignment and Recognition Agreements,
          dated
          as of March 17, 2006, among the Depositor, the Servicer and the Sellers
          (the
“Purchase Agreements”);

         

         

        WHEREAS,
          the Servicer is to service the Mortgage Loans on behalf of Soundview Home
          Loan
          Trust 2006-2, under a Pooling and Servicing Agreement, dated as of March
          1,
          2006, among the Depositor, the Master Servicer and Servicer and the Trustee
          (the
“Pooling and Servicing Agreement”); and

         

         

        WHEREAS,
          the Custodian is a national banking association chartered under the laws
          of the
          United States of America and regulated by the Comptroller of the Currency,
          and
          is otherwise authorized to act as Custodian pursuant to this Agreement.
          With
          respect to each of the Mortgage Loans set forth on the Mortgage Loan Schedule
          attached as Exhibit 8 hereto, the Servicer desires to have the Custodian
          take
          possession of the Mortgages and Mortgage Notes, along with certain other
          documents specified herein, as the custodian of the Trustee, in accordance
          with
          the terms and conditions hereof.

         

         

        NOW
          THEREFORE, in consideration of the mutual undertakings herein expressed,
          the
          parties hereto hereby agree as follows:

         

         

        1.  Definitions.

         

         

        Any
          capitalized terms used but not defined herein shall have the meanings ascribed
          to them in the Pooling and Servicing Agreement.

         

         

        2.  Delivery
          of Custodial Files.

         

         

        The
          Depositor has delivered and released, or will cause to be delivered and
          released, to the Custodian on or prior to the Closing Date the following
          documents pertaining to each of the Mortgage Loans identified in the Mortgage
          Loan Schedule (the “Custodial File”):

         

         

        (i)  the
          original Mortgage Note including any riders thereto, endorsed either (A)
          in
          blank, in which case the Trustee shall cause the endorsement to be completed
          or
          (B) in the following form: “Pay to the order of Deutsche Bank National Trust
          Company, as Trustee, without recourse” or with respect to any lost Mortgage
          Note, an original Lost Note Affidavit stating that the original mortgage
          note
          was lost, misplaced or destroyed, together with a copy of the related mortgage
          note; provided, however, that such substitutions of Lost Note Affidavits
          for
          original Mortgage Notes may occur only with respect to Mortgage Loans,
          the
          aggregate Cut-off Date Principal Balance of which is less than or equal
          to 1.00%
          of the Pool Balance as of the Cut-off Date;

         

         

        (ii)  the
          original Mortgage (noting the presence of the MIN of the Mortgage Loan
          and
          language indicating that the Mortgage Loan is a MOM Loan if the Mortgage
          Loan is
          a MOM Loan), with evidence of recording thereon, and the original recorded
          power
          of attorney, if the Mortgage was executed pursuant to a power of attorney,
          with
          evidence of recording thereon or, if such Mortgage or power of attorney
          has been
          submitted for recording but has not been returned from the applicable public
          recording office, has been lost or is not otherwise available, a copy of
          such
          Mortgage or power of attorney, as the case may be, certified to be a true
          and
          complete copy of the original submitted for recording;

         

         

        (iii)  unless
          the Mortgage Loan is registered on the MERS® System, an original Assignment, in
          form and substance acceptable for recording. The Mortgage shall be assigned
          either (A) in blank or (B) to “Deutsche Bank National Trust Company, as Trustee,
          without recourse”;

         

         

        (iv)  an
          original of any intervening assignment of Mortgage showing a complete chain
          of
          assignments (or to MERS if the Mortgage Loan is registered on the MERS® System
          and noting the presence of MIN);

         

         

        (v)  the
          original or a certified copy of lender’s title insurance policy;
          and

         

         

        (vi)  the
          original or copies of each assumption, modification, written assurance
          or
          substitution agreement, if any.

         

         

        If
          any of
          the documents referred to in Section 2(ii), (iii) or (iv) above has as
          of the
          Closing Date (or Subsequent Transfer Date, with respect to Subsequent Mortgage
          Loans) been submitted for recording but either (x) has not been returned
          from
          the applicable public recording office or (y) has been lost or such public
          recording office has retained the original of such document, the obligations
          of
          the Depositor to deliver such documents shall be deemed to be satisfied
          upon (1)
          delivery to the Custodian no later than the Closing Date (or Subsequent
          Transfer
          Date, with respect to Subsequent Mortgage Loans), of a copy of each such
          document certified by the Originator in the case of (x) above or the applicable
          public recording office in the case of (y) above to be a true and complete
          copy
          of the original that was submitted for recording and (2) if such copy is
          certified by the Originator, delivery to the Custodian, promptly upon receipt
          thereof of either the original or a copy of such document certified by
          the
          applicable public recording office to be a true and complete copy of the
          original. If the original lender’s title insurance policy, or a certified copy
          thereof, was not delivered pursuant to Section 2(v) above, the Depositor
          shall
          deliver or cause to be delivered to the Custodian, the original or a copy
          of a
          written commitment or interim binder or preliminary report of title issued
          by
          the title insurance or escrow company, with the original or a certified
          copy
          thereof to be delivered to the Custodian, promptly upon receipt thereof.
          The
          Servicer or the Depositor shall deliver or cause to be delivered to the
          Custodian promptly upon receipt thereof any other documents constituting
          a part
          of a Mortgage File received with respect to any Mortgage Loan, including,
          but
          not limited to, any original documents evidencing an assumption or modification
          of any Mortgage Loan.

         

         

        Upon
          discovery or receipt of notice of any materially defective document in,
          or that
          a document is missing from, a Mortgage File, the Custodian shall notify
          the
          Servicer and the Servicer shall enforce the obligations of the Originator
          under
          the Purchase Agreement to cure such defect or deliver such missing document
          to
          the Trustee or the Custodian within 120 days. If the Originator does not
          cure
          such defect or deliver such missing document within such time period, the
          Servicer shall enforce the obligations of the Originator to either repurchase
          or
          substitute for such Mortgage Loan in accordance with Section 2.03 of the
          Pooling
          and Servicing Agreement. For purposes of this Section, “defect” shall mean a
          failure of a document to correspond to the information set forth in the
          applicable Mortgage Loan Schedule or the absence in a Mortgage File of
          any
          document required pursuant to this Agreement. In connection with the foregoing,
          it is understood that the Custodian shall have no duty to discover any
          such
          defects except in the course of performing its review of the Mortgage Files
          to
          the extent set forth herein.

         

         

        The
          Servicer shall forward to the Custodian original documents evidencing an
          assumption, modification, consolidation or extension of any Mortgage Loan
          entered into in accordance with this Agreement within two weeks of their
          execution; provided, however, that the Servicer shall provide the Custodian
          with
          a certified true copy of any such document submitted for recordation within
          two
          weeks of its execution, and shall provide the original of any document
          submitted
          for recordation or a copy of such document certified by the appropriate
          public
          recording office to be a true and complete copy of the original within
          365 days
          of its submission for recordation. In the event that the Servicer cannot
          provide
          a copy of such document certified by the public recording office within
          such 365
          day period, the Servicer shall deliver to the Custodian, within such 365
          day
          period, an Officers’ Certificate of the Servicer which shall (A) identify the
          recorded document, (B) state that the recorded document has not been delivered
          to the Custodian due solely to a delay caused by the public recording office,
          (C) state the amount of time generally required by the applicable recording
          office to record and return a document submitted for recordation, if known
          and
          (D) specify the date the applicable recorded document is expected to be
          delivered to the Custodian, and, upon receipt of a copy of such document
          certified by the public recording office, the Servicer shall immediately
          deliver
          such document to the Custodian. In the event the appropriate public recording
          office will not certify as to the accuracy of such document, the Servicer
          shall
          deliver a copy of such document certified by an officer of the Servicer
          to be a
          true and complete copy of the original to the Custodian.

         

         

        The
          Custodian hereby agrees to its duties under Section 2.03 of the Pooling
          and
          Servicing Agreement with respect to Qualified Substitute Mortgage
          Loans.

         

         

        
          	3.  	
                  Custodian’s
                    Receipt, Examination and Certification of Mortgage Files; Initial
                    Trust
                    Receipt Delivered by the Custodian.

                

        

         

         

        The
          Custodian agrees, for the benefit of the Certificateholders, to review
          each
          Custodial File on or before the Closing Date and to certify in substantially
          the
          form attached hereto as Exhibit 1 (the “Trust Receipt and Initial
          Certification”) that, as to each Mortgage Loan listed in the Mortgage Loan
          Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
          specifically identified in the exception report annexed thereto as not
          being
          covered by such certification), (i) all documents required to be delivered
          to it
          pursuant to Section 2.01 of this Agreement are in its possession, (ii)
          such
          documents have been reviewed by it and have not been mutilated, damaged
          or torn
          and appear on their face to relate to such Mortgage Loan and (iii) based
          on its
          examination and only as to the foregoing, the information set forth in
          the
          Mortgage Loan Schedule that corresponds to items (1) and (3) of the definition
          of “Mortgage Loan Schedule” in the Pooling and Servicing Agreement accurately
          reflects information set forth in the Custodial File. It is herein acknowledged
          that, in conducting such review, the Custodian was not under any duty or
          obligation (i) to inspect, review or examine any such documents, instruments,
          certificates or other papers to determine whether they are genuine, enforceable,
          or appropriate for the represented purpose or whether they have actually
          been
          recorded or that they are other than what they purport to be on their face
          or
          (ii) to determine whether any Custodial File should include any of the
          documents
          specified in clause (e) of Section 2. 

         

         

        The
          Custodian agrees to execute and deliver to the Depositor and the Servicer
          on or
          prior to the Closing Date an acknowledgment of receipt of the related original
          Mortgage Note for each Initial Mortgage Loan (with any exceptions noted),
          substantially in the form attached as Exhibit 8 hereto.

         

         

        4.  Obligations
          of the Custodian.

         

         

        With
          respect to the Mortgage Note, the Mortgage and the Assignment and other
          documents constituting each Custodial File which is delivered to the Custodian
          or which come into the possession of the Custodian, the Custodian is the
          custodian for the Trustee exclusively. The Custodian shall hold all mortgage
          documents received by it constituting the Custodial File for the exclusive
          use
          and benefit of the Trustee, and shall make disposition thereof only in
          accordance with this Agreement and the instructions furnished by the Trustee.
          The Custodian shall segregate and identify the Mortgage Loan Files by pool
          on
          its automated data system and maintain continuous custody of all mortgage
          documents constituting the Custodial File in secure and fire-resistant
          facilities in accordance with customary standards for such custody. The
          Custodian shall not be responsible to verify (i) the validity, legality,
          enforceability, sufficiency, due authorization or genuineness
          of any document in each Custodial File or of any of the Mortgage Loans
          or (ii)
          the collectability, insurability, effectiveness or suitability of any Mortgage
          Loan.
          The
          Custodian shall not execute any
          endorsements on the Mortgage Notes and Assignments of Mortgages without
          the
          prior written consent of the Trustee,
          except as otherwise set forth in Section 2 of this Agreement or as otherwise
          agreed to between the Trustee and the Custodian.

         

         

        5.  Final
          Trust Receipt.

         

         

        Within
          one (1) year
          after
          the Closing Date, the Custodian shall review each Custodial File, and shall
          deliver to the Trustee (with a copy to the Depositor and the Servicer),
          a Final
          Trust Receipt attached hereto as Exhibit 2 to the effect that, as to each
          Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
          Loan
          (i) paid in full,
          or
          (ii)
          specifically identified as an exception on the exception report attached
          to such
          Final Trust Receipt as not covered by such Final Trust Receipt): (i) all
          documents required to be delivered to it pursuant to paragraphs (i), (ii),
          (iii), (iv) and (vi) and to the extent provided in the Custodial Files
          paragraph
          (v) of Section 2 of this Agreement are in its possession; (ii) such documents
          have been reviewed by it and appear regular on their face and relate to
          such
          Mortgage Loan; (iii) based on its examination and only as to the foregoing
          documents,
          the
          information set forth in items (1) and (3) of the definition of “Mortgage Loan
          Schedule” in the Pooling and Servicing Agreement accurately reflects information
          set forth in the Custodial File; and (iv) each Mortgage Note has been endorsed
          as provided in Section 2 of this Agreement and each Mortgage has been assigned
          in accordance with Section 2 of this Agreement.

         

         

        6.  Future
          Defects.

         

         

        During
          the term of this Agreement, if the Custodian discovers any defect with
          respect
          to the Custodial File, the Custodian shall give written specification of
          such
          defect to the Servicer and the Trustee such notice to be in the form of
          an
          exception report. For purposes of this Section, “defect” shall mean a failure of
          a document to correspond to the information set forth in the applicable
          Mortgage
          Loan Schedule or the absence in a Mortgage File of any document required
          pursuant to this Agreement. 

         

         

        7.  Release
          for Servicing.

         

         

        From
          time
          to time and as appropriate for the foreclosure or servicing of any of the
          Mortgage Loans, the Custodian shall, upon receipt of two copies (or
          electronic receipt
          from the Servicer in a form acceptable to the Custodian) of a Request for
          Release of Documents and receipt in the form annexed hereto as Exhibit
          3,
          release
          to the Servicer, the related Custodial File or its designee within three
          Business Days, which, shall be sent by overnight mail, at the expense of
          the
          Servicer or the related Mortgagor. The Servicer shall return to the Custodian
          the Custodial File when the Servicer’s need therefor in connection with such
          foreclosure or servicing no longer exists, unless the Mortgage Loan shall
          be
          liquidated in which case, upon receipt of an additional Request for Release
          of
          Documents and receipt certifying such liquidation in the form annexed hereto
          as
Exhibit
          3,
          the
          request and receipt submitted pursuant to the first sentence of this Section
          7
          shall be released by the Custodian to the Servicer.

         

         

        8.  Release
          for Payment.

         

         

        Upon
          receipt by the Custodian of two copies (or electronic receipt from the
          Servicer
          in a form acceptable to the Custodian) of the Servicer’s Request for Release of
          Documents and receipt in the form annexed hereto as Exhibit
          3
          (which
          certification shall include a statement to the effect that all amounts
          received
          in connection with such payment, repurchase or liquidation have been credited
          to
          the related custodial account), the Custodian shall release the related
          Custodial File to the Servicer within three Business Days.

         

         

        9.  Fees
          and
          Expenses of Custodian.

         

         

        In
          accordance with the terms of the Pooling and Servicing Agreement, the
          Custodian’s fees detailed in Exhibit 10 related to third-party releases only, in
          connection herewith shall be paid by the Master Servicer as set forth in
          the
          Pooling and Servicing Agreement. Fees will be due upon receipt of an invoice
          from the Custodian. 

         

         

        10.  Removal
          of Custodian.

         

         

        The
          Trustee, with or without cause, may upon at least 60
          days’
notice remove and discharge the Custodian from the performance of its duties
          under this Agreement by written notice from the Trustee
          to the
          Custodian, with a copy to the Servicer and the Master Servicer. Having
          given
          notice of such removal, the Trustee promptly shall appoint (at the direction
          of
          the Depositor and with the consent of the Servicer) a successor Custodian
          to act
          on behalf of the Trustee by written instrument, one original counterpart
          of
          which instrument shall be retained by the Trustee, with a copy to the Servicer,
          and an original to the successor Custodian. In the event of any such removal,
          the Custodian shall, upon the Trustee’s surrender of the Trust Receipt and
          Initial Certifications and Final Trust Receipt, as applicable, promptly
          transfer
          to the successor Custodian, as directed, all Custodial Files being administered
          under this Agreement. In
          the
          event of any such removal and appointment the Trust Fund shall be responsible
          for the fees and expenses of the existing and successor Custodian.

         

         

        11.  Transfer
          of Custodial Files.

         

         

        Upon
          the
          Custodian’s receipt of two (2) Business Days’ written or
          electronic notification
          from the Trustee, the Custodian shall release to such persons as the
Trustee
          shall
          designate all or a portion of the Custodial Files relating to the Mortgage
          Loans
          subject to the Trust Receipt and Initial Certification or Final Trust
          Receipt,
          as
          applicable.
          

         

         

        12.  Examination
          of Custodial Files.

         

         

        Upon
          reasonable prior written notice to the Custodian but not less than two
          (2)
          Business Days notice, the Trustee and its agents, accountants, attorneys
          and
          auditors will be permitted during normal business hours to examine the
          Custodial
          Files, documents, records and other papers in the possession of or under
          the
          control of the Custodian relating to any or all of the Mortgage Loans at
          the
          expense of the Trustee.

         

         

        13.  Insurance
          of Custodian.

         

         

        At
          its
          own expense, the Custodian shall maintain at all times during the existence
          of
          this Agreement and keep in full force and effect such insurance in amounts,
          with
          standard coverage and subject to deductibles, all as is customary for insurance
          typically maintained by banks which act as Custodian. The minimum coverage
          under
          any such bond and insurance policies shall be at least equal to the
          corresponding amounts required by Fannie Mae in the Fannie Mae Servicing
          Guide
          or by Freddie Mac in the Freddie Mac Sellers’ & Servicers’ Guide. Upon
          request, the Trustee shall be entitled to receive evidence satisfactory
          to the
          Trustee that such insurance is in full force and effect.

         

         

        14.  Counterparts.

         

         

        For
          the
          purpose of facilitating the execution of this Agreement as herein provided
          and
          for other purposes, this Agreement may be executed simultaneously in any
          number
          of counterparts, each of which counterparts shall be deemed to be an original,
          and such counterparts shall constitute and be one and the same
          instrument.

         

         

        15.  Periodic
          Statements.

         

         

        Upon
          the
          written request of the Trustee, the Custodian shall provide to the Trustee
          a
          list of all the Mortgage Loans for which the Custodian holds a Custodial
          File
          pursuant to this Agreement. Such list may be in the form of a copy of the
          Mortgage Loan Schedule with manual deletions to specifically denote any
          Mortgage
          Loans paid off, repurchased or sold since the date of this
          Agreement.

         

         

        16.  GOVERNING
          LAW.

         

         

        THIS
          AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
          NEW
          YORK AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER
          SHALL BE
          DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         

         

        17.  Copies
          of Mortgage Documents.

         

         

        Upon
          the
          written request of the Trustee
          and at
          the cost and expense of the Custodian, the Custodian shall provide the
          Trustee
          with
          copies of the Mortgage Notes, Mortgages, Assignments and other documents
          relating to one or more of the Mortgage Loans.

         

         

        18.  No
          Adverse Interest of Custodian.

         

         

        By
          execution of this Agreement, the Custodian represents and warrants that
          it
          currently holds, and during the existence of this Agreement shall hold,
          no
          interest adverse to the Trustee, by way of security or otherwise, in any
          Mortgage Loan, and hereby waives and releases any such interest which it
          may
          have in any Mortgage Loan as of the date hereof.

         

         

        19.  Termination
          by Custodian.

         

         

        The
          Custodian may terminate its obligations under this Agreement upon at least
          sixty
          (60) days’ prior notice to the Servicer and the Trustee. In the event of such
          termination, the Trustee shall appoint a successor Custodian. The payment
          of
the
          existing Custodian’s or such
          successor Custodian’s fees and expenses shall be solely the responsibility of
          the Trust Fund. Upon such appointment, the Custodian shall promptly transfer
          to
          the successor Custodian, as directed, all Custodial Files being administered
          under this Agreement.

         

         

        20.  Term
          of Agreement.

         

         

        Unless
          terminated pursuant to Section 9 or Section 18 hereof, this Agreement shall
          terminate upon the final payment or other liquidation (or advance with
          respect
          thereto) of the last Mortgage Loan or the disposition of all property acquired
          upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan, and
          the
          final remittance of all funds due under the Pooling and Servicing Agreement.
          In
          such event all documents remaining in the Custodial Files shall be released
          in
          accordance with the written instructions of the Trustee.

         

         

        21.  Notices.

         

         

        All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given when received by the recipient party (i)
          in the
          case of the Custodian, the Trustee and the Servicer, at the address shown
          on the
          first page hereof, (ii) in the case of the Depositor, Financial Asset Securities
          Corp., 600 Steamboat Road, Greenwich, Connecticut 08630, Attention: Legal
          and
          (iii) in the case of the Seller, Greenwich Capital Financial Products,
          Inc., 600
          Steamboat Road, Greenwich, Connecticut 08630, Attention: Legal, or in any
          case,
          at such other addresses as may hereafter be furnished to the other party
          by like
          notice. Any such demand, notice or communication hereunder shall be deemed
          to
          have been received on the date delivered to or received at the premises
          of the
          addressee.

         

         

        22.  Successors
          and Assigns.

         

         

        This
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto; provided however, that the form of any assignment by any
          party
          of its interests hereunder shall be in a form reasonably acceptable to
          the
          Trustee, the Servicer and the Custodian. Such assignment shall be executed
          by an
          authorized representative of the assignor and any assignee shall forward
          a list
          of authorized representatives to each party to this Agreement pursuant
          to
          Section 26 of this Agreement.

         

         

        23.  Indemnification
          of Custodian.

         

         

        The
          Custodian and its directors, officers, agents and employees shall be indemnified
          and held harmless by the Trust Fund against liabilities, obligations, losses,
          damages, penalties, actions, judgments, suits, costs, expenses or disbursements,
          including reasonable attorney’s fees, that may be imposed on, incurred by, or
          asserted against it or them directly relating to or arising out of this
          Custodial Agreement or any action taken or not taken by it or them hereunder
          unless such liabilities, obligations, losses, damages, penalties, actions,
          judgments, suits, costs, expenses or disbursements were imposed on, incurred
          by
          or asserted against the Custodian because of the breach by the Custodian
          of its
          obligations hereunder, which breach was caused by negligence, lack of good
          faith
          or willful misconduct on the part of the Custodian or any of its directors,
          officers, agents or employees. The indemnification set forth in this section
          shall survive any termination or
          assignment of
          this
          Custodial Agreement and the termination or removal of the
          Custodian.

         

         

        The
          Custodian agrees to indemnify and hold the Trust Fund and Trustee, its
          employees, officers and directors harmless against liabilities, obligations,
          losses, damages, penalties, actions, judgments, suits, costs, expenses
          or
          disbursements, including reasonable attorney’s fees, that may be imposed on,
          incurred by, or asserted against them directly relating to or arising out
          of a
          failure to produce a Mortgage Note, Assignment or any other document related
          to
          a Mortgage Loan that was in its possession pursuant to Section 2 within
          two (2)
          Business Days after required or requested by the Trustee, and provided,
          that (i)
          Custodian previously delivered to the Trustee a Trust Receipt and Initial
          Certification with respect to such document (other than any Mortgage Loan
          identified in the exception report annexed thereto as not covered by such
          certification); (ii) such document is not outstanding pursuant to a Request
          for
          Release; and (iii) such document was held by the Custodian on behalf of
          the
          Trustee. In no event shall the Custodian or its directors, officers, agents
          and
          employees be liable for any special, indirect or consequential damages
          from any
          action taken or omitted to be taken by it or them hereunder or in connection
          herewith even if advised of the possibility of such damages. The foregoing
          indemnification shall survive any termination or assignment of this Agreement
          or
          the removal or resignation of the Custodian hereunder. 

         

         

        24.  Reliance
          of Custodian.

         

         

        (i)  The
          Custodian may conclusively rely, as to the truth of the statements and
          the
          correctness of the opinions expressed therein, upon any request, instructions,
          certificate, opinion or other document furnished to the Custodian, reasonably
          believed by the Custodian to be genuine and to have been signed or presented
          by
          the proper party or parties and conforming to the requirements of this
          Agreement; but in the case of any loan document or other request, instruction,
          document or certificate which by any provision hereof is specifically required
          to be furnished to the Custodian, the Custodian shall be under a duty to
          examine
          the same to determine, subject to the limitations on the Custodian’s obligations
          set forth herein, whether or not it conforms to the requirements of this
          Agreement.

         

         

        (ii)  The
          Custodian shall have no duties or responsibilities except those that are
          specifically set forth in this Agreement. The Custodian shall have no
          responsibility nor duty with respect to any Custodial File while such Custodial
          File is not in its possession. If the Custodian requests instructions from
          the
Trustee
          with
          respect to any act, action or failure to act in connection with this Agreement,
          the Custodian shall be entitled to refrain from taking such action and
          continue
          to refrain from acting unless and until the Custodian shall have received
          written instructions from the Trustee
          with
          respect to a Custodial File without incurring any liability therefor to
          the
Trustee
          or any
          other Person.

         

         

        (iii)  Other
          than as provided herein, neither the Custodian nor any of its directors,
          officers, agents or employees shall be liable for any action or omission
          to act
          hereunder except for its or their own negligence or lack of good faith
          or
          willful misconduct. In no event shall the Custodian or any of its directors,
          officers, agents or employees have any responsibility to ascertain or take
          action except as expressly provided herein.

         

         

        (iv)  Neither
          the Custodian nor any of its directors, officers, agents or employees shall
          be
          liable for any action taken or not taken by it in good faith in the performance
          of its obligations under this Agreement. The obligations of the Custodian
          or any
          of its directors, officers, agents or employees shall be determined solely
          by
          the express provisions of this Agreement. No representation, warranty,
          covenant,
          agreement, obligation or duty of the Custodian or any of its directors,
          officers, agents or employees shall be implied with respect to this Agreement
          or
          the Custodian’s services hereunder.

         

         

        (v)  The
          Custodian, its directors, officers, agents and employees shall be under
          no duty
          or obligation to inspect, review or examine the Custodial Files to determine
          that the contents thereof are genuine, enforceable or appropriate for the
          represented purpose or that they have been actually recorded or that they
          are
          other than what they purport to be on their face.

         

         

        (vi)  The
          Custodian may consult with counsel selected by the Custodian with regard
          to
          legal questions arising out of or in connection with this Agreement, and
          the
          advice or opinion of such counsel shall be full and complete authorization
          and
          protection in respect of any action reasonably taken, omitted or suffered
          by the
          Custodian in good faith and in accordance therewith.

         

         

        (vii)  No
          provision of this Agreement shall require the Custodian to expend or risk
          its
          own funds or otherwise incur financial liability (other than expenses or
          liabilities otherwise required to be incurred by the express terms of this
          Agreement) in the performance of its duties under this Agreement if it
          shall
          have reasonable grounds for believing that repayment of such funds or adequate
          indemnity is not reasonably assured to it.

         

         

        (viii)  Any
          corporation into which the Custodian may be merged or converted or with
          which it
          may be consolidated, or any corporation resulting from any merger, conversion
          or
          consolidation to which the Custodian shall be a party, or any corporation
          succeeding to the business of the Custodian shall be the successor of the
          Custodian hereunder without the execution or filing of any paper with any
          party
          hereto or any further act on the part of any of the parties hereto except
          where
          an instrument of transfer or assignment is required by law to effect such
          succession, anything herein to the contrary notwithstanding.

         

         

        25.  Transmission
          of Custodial Files.

         

         

        Written
          or
          electronic
          instructions as to the method of shipment and shipper(s) the Custodian
          is
          directed to utilize in connection with transmission of mortgage files and
          loan
          documents in the performance of the Custodian’s duties hereunder shall be
          delivered by the Servicer (a “Requesting Party”), to the Custodian prior to any
          shipment of any mortgage files and loan documents hereunder. The Requesting
          Party will arrange for the provision of such services at its sole cost
          and
          expense (or, at the Custodian’s option, reimburse the Custodian for all costs
          and expenses incurred by the Custodian consistent with such instructions)
          and
          will maintain such insurance against loss or damage to mortgage files and
          loan
          documents as the Requesting Party deems appropriate. Without limiting the
          generality of the provisions of Section 23 above, it is expressly agreed
          that in
          no event shall the Custodian have any liability for any losses or damages
          to any
          person, including without limitation, any Requesting Party, arising out
          of
          actions of the Custodian consistent with instructions of the Requesting
          Party.

         

         

        26.  Authorized
          Representatives.

         

         

        Each
          individual designated as an authorized representative of the Servicer,
          the
          Trustee and the Custodian, respectively (an “Authorized
          Representative”),
          is
          authorized to give and receive notices, requests and instructions and to
          deliver
          certificates and documents in connection with this Agreement on behalf
          of the
          Servicer, the Trustee or the Custodian, as the case may be, and the specimen
          signature for each such Authorized Representative of the Servicer, the
          Trustee
          and the Custodian, initially authorized hereunder, as set forth on Exhibit
          4,
          Exhibit
          5
          and
Exhibit
          6
          hereof,
          respectively. From time to time the parties hereto may, by delivering to
          each
          other a revised exhibit, change the information previously given pursuant
          to
          this Section 25, but each of the parties hereto shall be entitled to rely
          conclusively on the then current exhibit until receipt of a superseding
          exhibit.

         

         

        27.  Reproduction
          of Documents.

         

         

        This
          Custodial Agreement and all documents relating thereto except with respect
          to
          the Custodial File, including, without limitation, (a) consents, waivers
          and
          modifications which may hereafter be executed, and (b) certificates and
          other
          information previously or hereafter furnished, may be reproduced by any
          photographic, photostatic, microfilm, microcard, miniature photographic
          or other
          similar process. The parties agree that any such reproduction shall be
          admissible in evidence as the original itself in any judicial or administrative
          proceeding, whether or not the original is in existence and whether or
          not such
          reproduction was made by a party in the regular course of business, and
          that any
          enlargement, facsimile or further reproduction of such reproduction shall
          likewise be admissible in evidence.

         

         

        28.  Amendment.

         

         

        This
          Custodial Agreement may be amended from time to time by written agreement
          signed
          by the Servicer, the Trustee and the Custodian.

         

         

        29.  Compliance
          with Regulation AB

         

         

        (a) Intent
          of the Parties; Reasonableness. 

         

         

        The
          parties hereto acknowledge and agree that the purpose of this Section 29
          is to
          facilitate compliance by the Depositor with the provisions of Regulation
          AB and
          related rules and regulations of the Commission. The Depositor shall not
          exercise its right to request delivery of information or other performance
          under
          these provisions other than in good faith, or for purposes other than compliance
          with the Securities Act, the Exchange Act and the rules and regulations
          of the
          Commission under the Securities Act and the Exchange Act. Each of the parties
          hereto acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the mortgage-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          requests made by the Depositor in good faith for delivery of information
          under
          these provisions on the basis of evolving interpretations of Regulation
          AB to
          the extent reasonably practicable. The Custodian shall cooperate reasonably
          with
          the Depositor to deliver to the Depositor (including any of its assignees
          or
          designees), any and all disclosure, statements, reports, certifications,
          records
          and any other information necessary in the reasonable, good faith determination
          of the Depositor to permit the Depositor to comply with the provisions
          of
          Regulation AB.

         

         

        (b) Additional
          Representations and Warranties of the Custodian.

         

         

        (i)  The
          Custodian shall be deemed to represent to the Depositor as of the date
          hereof
          and on each date on which information is provided to the Depositor under
          Section
          29(c) that, except as disclosed in writing to the Depositor prior to such
          date:
          (i) there are no material legal or governmental proceedings pending (or
          known to
          be contemplated) against it; and (ii) there are no affiliations, relationships
          or transactions that are entered into outside the ordinary course of business
          or
          are on terms other than would be obtained in an arms’ length transaction with an
          unrelated third party, apart from the Securitization Transaction contemplated
          by
          the Pooling and Servicing Agreement, relating to the Custodian with respect
          to
          the Depositor or any sponsor, issuing entity, servicer, trustee, originator,
          significant obligor, enhancement or support provider or other material
          transaction party (as such terms are used in Regulation AB) relating to
          the
          Securitization Transaction contemplated by the Agreement, as identified
          by the
          Depositor to the Custodian in writing as of the Closing Date (each, a
          "Transaction Party") that, with respect to relationships or transactions,
          currently exists or that existed during the past two years and that is
          material
          to an investor’s understanding of the Certificates.

         

         

        (ii)  If
          so
          requested by the Depositor on any date following the Closing Date (until
          a
          Form 15 is filed),
          the
          Custodian shall, within five Business Days following such request, confirm
          in
          writing the accuracy of the representations and warranties set forth in
          paragraph (a) of this Section or, if any such representation and warranty
          is not
          accurate as of the date of such confirmation, provide reasonably adequate
          disclosure of the pertinent facts, in writing, to the requesting party.
          Any such
          request from the Depositor shall not be given more than once each calendar
          quarter, unless the Depositor shall have a reasonable basis for a determination
          that any of the representations and warranties may not be accurate.

         

         

        (c) Additional
          Information to Be Provided by the Custodian.
          For so
          long as the Depositor is required to file a Form 10-K, for the purpose
          of
          satisfying the Depositor 's reporting obligation under the Exchange Act
          with
          respect to any class of Certificates, the Custodian shall (a) notify the
          Depositor in writing of any material litigation or governmental proceedings
          pending against the Custodian that would be material to Certificateholders,
          and
          (b) provide to the Depositor a written description of such proceedings.
          Any
          notices and descriptions required under this Section 29(c) shall be given
          no
          later than five Business Days prior to the Determination Date following
          the
          month in which the Custodian has knowledge of the occurrence of the relevant
          event.

         

         

        (d) Report
          on Assessment of Compliance and Attestation.
          On or
          before March 15 of each calendar year, the Custodian shall:

         

         

        (i)  deliver
          to the Master Servicer and the Depositor regarding the Custodian’s assessment of
          compliance (an “Assessment of Compliance”) with the Servicing Criteria during
          the preceding calendar year, in the form required under Rules 13a-18 and
          15d-18
          of the Exchange Act and Item 1122 of Regulation AB. Such a report at a
          minimum
          shall address each of the Servicing Criteria specified on Exhibit 1 hereto
          which
          are indicated as applicable to the Custodian; and

         

         

        (ii)  cause
          a
          registered public accounting firm to deliver to the Master Servicer and
          the
          Depositor a report (an “Attestation Report”) that attests to, and reports on,
          the Assessment of Compliance made by the Custodian, as required by Rules
          13a-18
          and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which
          Attestation Report must be made in accordance with standards for attestation
          reports issued or adopted by the Public Company Accounting Oversight
          Board.

         

         

        (iii)  
          Notwithstanding the foregoing, neither an Assessment of Compliance nor
          an
          Attestation Report will be required to be delivered by the Custodian once
          a Form
          15 is filed.

         

         

        (e) Indemnification;
          Remedies.

         

         

        The
          Custodian agrees to indemnify and hold harmless the Depositor and each
          Person,
          if any, who "controls" the Depositor within the meaning of the Securities
          Act
          and its officers, directors and affiliates from and against any losses,
          damages,
          penalties, fines, forfeitures, reasonable and necessary legal fees and
          related
          costs, judgments and other costs and expenses that such Person may sustain
          arising out of third party claims based on (a) the failure of the Custodian
          to
          deliver any required Assessment of Compliance at the time required under
          Section
          29 of this Agreement or (b) any material misstatement or omission contained
          in
          any Assessment of Compliance provided. The foregoing indemnities shall
          survive
          the termination of this Agreement. In no event shall the Custodian or its
          directors, officers, agents and employees be held liable for any special,
          indirect or consequential damages resulting from any action taken or omitted
          to
          be taken by it or them hereunder or in connection herewith.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        IN
          WITNESS WHEREOF, the Trustee, the Custodian and the Servicer have caused
          their
          names to be duly signed hereto by their respective officers thereunto duly
          authorized, all as of the date first above written.

         

        

        DEUTSCHE
          BANK NATIONAL TRUST COMPANY,

        as
          Trustee for the
          Soundview
          Home Loan Trust 2006-2, Asset-Backed Certificates, Series 2006-2 

        

        By:
          _____________________________________

        Name:
          

        Title:

        

        By:
          _____________________________________

        Name:

        Title:

         

        JPMORGAN
          CHASE BANK,
          N.A.,

        as
          Custodian

        

         

        By:
          _____________________________________

        Name:

        Title:

        

        WELLS
          FARGO BANK, N.A., 

        as
          Servicer

        

         

        By:
          _____________________________________

        Name:

        Title:

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        EXHIBIT
          1

         

        FORM
          OF
          TRUST RECEIPT AND INITIAL CERTIFICATION

         

                                                               
          _____, 2006

         

        Trust
          Receipt #: ___ 

         

         

        Original
          Principal Balance of the Mortgage Loans:$_______

        

        
          	
                  Deutsche
                    Bank National Trust Company

                  1761
                    East St. Andrew Place

                  Santa
                    Ana, California 92705-4934

                  Attention:
                    Trust Administration GC04FFH4

                   

                	
                  Financial
                    Asset Securities Corp.

                  600
                    Steamboat Road

                  Greenwich,
                    Connecticut 08630

                
	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    Connecticut 08630

                   

                	 

        

        
          	 	
                  Re:

                	
                  Custodial
                    Agreement, dated as of March 1, 2006, among Deutsche
                    Bank

                

        

                        National
          Trust Company as the Trustee, Wells Fargo Bank, N.A. as

                       
          Servicer and JPMorgan
          Chase Bank, N.A.
          as the
          Custodian

         

        Ladies
          and Gentlemen:

         

        In
          accordance with the provisions of Section 3 of the above-referenced Custodial
          Agreement, the undersigned, as the Custodian, hereby certifies that it
          is
          holding the Mortgage Loans identified on the schedule attached hereto for
          the
          exclusive benefit of the Trustee pursuant to the terms and conditions of
          the
          Custodial Agreement, and it has received a Custodial File with respect
          to each
          such Mortgage Loan (other than any Mortgage Loan specifically identified
          on the
          exception report attached hereto) and that with respect to each such Mortgage
          Loan: (i) all documents required to be delivered to it pursuant to Section
          2.01
          of this Agreement are in its possession, (ii) such documents have been
          reviewed
          by it and have not been mutilated, damaged or torn and appear on their
          face to
          relate to such Mortgage Loan and (iii) based on its examination and only
          as to
          the foregoing, the information set forth in the Mortgage Loan Schedule
          that
          corresponds to items (1) and (3) of the definition of “Mortgage Loan Schedule”
in the Pooling and Servicing Agreement accurately reflects information
          set forth
          in the Custodial File.

         

         

        The
          Custodian hereby confirms that it is holding each such Custodial File as
          agent
          and bailee of and custodian for the exclusive use and benefit of the Trustee
          pursuant to the terms of the Custodial Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Capitalized
          terms used herein shall have the meaning ascribed to them in the Custodial
          Agreement. 

         

         

         

        JPMORGAN
          CHASE BANK,
          N.A. 

        (Custodian)

         

         

        By:______________________________

        Name:     

        Title:     

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        EXHIBIT
          2

         

        FORM
          OF
          FINAL TRUST RECEIPT 

         

        

        TRUST
          RECEIPT # ___

         

                                                                           
          ______, 2006

         

        Aggregate
          Amount of Mortgage Loans: _____

         

        Original
          Principal Balance of Aggregate Mortgage Loans: __________

        

        
          	
                  Deutsche
                    Bank National Trust Company

                  1761
                    East St. Andrew Place

                  Santa
                    Ana, California 92705-4934

                  Attention:
                    Trust Administration GC04FFH4

                   

                	
                  Financial
                    Asset Securities Corp.

                  600
                    Steamboat Road

                  Greenwich,
                    Connecticut 08630

                
	
                  Greenwich
                    Capital Markets, Inc.

                  600
                    Steamboat Road

                  Greenwich,
                    Connecticut 08630

                   

                	 

        

        
          	 	
                  Re:

                	
                  Custodial
                    Agreement, dated as of March 1, 2006, among Deutsche
                    Bank

                

        

                       
          National Trust Company as the Trustee, Wells Fargo Bank, N.A. as

                       
          Servicer and JPMorgan
          Chase Bank, N.A.
          as the
          Custodian

         

        Ladies
          and Gentlemen:

         

        In
          accordance with the provisions of Section 4 of the above-referenced Custodial
          Agreement, the undersigned, as the Custodian, hereby certifies that as
          to each
          Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage
          Loan
          paid in full or any Mortgage Loan listed on the attachment hereto) it has
          reviewed the Custodial Files and has determined that (i) all documents
          required
          to be delivered to it pursuant to Sections 2(i), (ii), (iii), (iv) and
          (v) of
          the Custodial Agreement are in its possession and to the extent provided
          in the
          Custodial Files paragraph (v) of Section 2 of the Custodial Agreement are
          in its
          possession; (ii) such documents have been reviewed by it and appear regular
          on
          their face and relate to such Mortgage Loan; (iii) based on its examination
          and
          only as to the foregoing documents, the information set forth in items
          (1) and
          (3) of the definition of “Mortgage Loan Schedule” in the Pooling and Servicing
          Agreement accurately reflects information set forth in the Custodial File;
          and
          (iv) each Mortgage Note has been endorsed as provided in Section 2 of the
          Custodial Agreement and each Mortgage has been assigned in accordance with
          Section 2 of the Custodial Agreement. The Custodian makes no representations
          as
          to (i) the validity, legality, enforceability, sufficiency, due authorization
          or
          genuineness of any of the documents contained in each Custodial File or
          of any
          of the Mortgage Loans or (ii) the collectability, insurability, effectiveness
          or
          suitability of any such Mortgage Loan.

         

         

        The
          Custodian hereby confirms that it is holding each such Custodial File as
          agent
          and bailee of, and custodian for the exclusive use and benefit, and subject
          to
          the sole direction, of the Trustee pursuant to the terms and conditions
          of the
          Custodial Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Capitalized
          terms used herein shall have the meaning ascribed to them in the Custodial
          Agreement.

         

        JPMORGAN
          CHASE BANK,
          N.A. 

        (Custodian)

         

         

        By:_____________________________

        Name:     

        Title:

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        EXHIBIT
          3

         

        REQUEST
          FOR RELEASE OF DOCUMENTS

        

        To:         
          JPMorgan
          Chase Bank, N.A.

        [ADDRESS]

        

        Re:    
          Custodial
          Agreement, dated as of March 1, 2006, among Deutsche Bank

                  
          National Trust Company as the Trustee, Wells Fargo Bank, N.A. as

                  
          Servicer and JPMorgan
          Chase Bank, N.A.
          as the
          Custodian

         

        In
          connection with the administration of the Mortgage Loans included in the
          Trust
          Fund established pursuant to the Pooling and Servicing Agreement dated
          as of
          March 1, 2006, among Financial Asset Securities Corp. as Depositor, Wells
          Fargo
          Bank, N.A., as Master Servicer and Servicer, and Deutsche Bank National
          Trust
          Company, a national banking association, as Trustee and held by you as
          Custodian
          pursuant to the above-captioned Custodial Agreement, we request the release,
          and
          hereby acknowledge receipt of the Custodial File for the Mortgage Loan
          described
          below, for the reason indicated.

         

        Mortgage
          Loan Number:

        

        Mortgagor
          Name, Address & Zip Code:

        

        

        Reason
          for Requesting Documents
          (check
          one):

        

        _______  1. Mortgage
          Paid in Full

        

        _______  2. Foreclosure

        

        _______  3.
           Substitution

        

        _______  4. Other
          Liquidation (Repurchases, etc.)

        

        _______  5. Nonliquidation
           Reason:___________________________

        

        Address
          to which Custodian should

        Deliver
          the Custodial
          File:                                 
__________________________________________

        __________________________________________

        __________________________________________

        

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        By:_____________________________________

                                 (authorized
          signer)

        

        Issuer:___________________________________

        Address:      

        

        Date:____________________________________

        Custodian

        

        JPMorgan
          Chase Bank, N.A.

         

        Please
          acknowledge the execution of the above request by your signature and date
          below:

        

        ____________________________________     _________________

        Signature          Date

        

        Documents
          returned to Custodian:

        

        ____________________________________     _________________

        Custodian          Date

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
               

              

               

            

          

        

         

        EXHIBIT
          4

         

        AUTHORIZED
          REPRESENTATIVES OF SERVICER

         

         

        NAME       SPECIMEN
          SIGNATURE

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

         

        EXHIBIT
          5

         

        AUTHORIZED
          REPRESENTATIVES OF TRUSTEE

         

         

        NAME       SPECIMEN
          SIGNATURE

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
               

              

               

            

          

        

         

        EXHIBIT
          6

         

        AUTHORIZED
          REPRESENTATIVES OF CUSTODIAN

         

         

        NAME       SPECIMEN
          SIGNATURE

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

        _____________________________   ______________________________

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          7

         

        SCHEDULE
          OF MORTGAGE LOANS

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          8

         

        FORM
          OF
          RECEIPT OF MORTGAGE NOTE

        

        Financial
          Asset Securities Corp.

        600
          Steamboat Road

        Greenwich,
          Connecticut 06830

         

        Re:       
          Soundivew
          Home Loan Trust 2006-2,

                     Asset-Backed
          Certificates Series 2006-2

         

        Ladies
          and Gentlemen:

         

        Pursuant
          to Section 3 of the Custodial Agreement, dated as of March 1, 2006, among
          Deutsche Bank National Trust Company as the Trustee, Wells Fargo Bank,
          N.A. as
          Master Servicer and Servicer and JPMorgan
          Chase Bank, N.A.
          as the
          Custodian, we hereby acknowledge the receipt of the original Mortgage Notes
          (a
          copy of which is attached hereto as Exhibit 1) with any exceptions thereto
          listed on Exhibit 2.

         

        JPMORGAN
          CHASE BANK, N.A.

        

        By:
          ________________________________

        Name:

        Title:

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          9

         

         

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         

        The
          assessment of compliance to be delivered by the Custodian shall address,
          at a
          minimum, the criteria identified below as “Applicable Servicing
          Criteria”:

        

         

        
          	
                   

                  Servicing
                    Criteria

                	
                  Applicable

                  Servicing
                    Criteria

                
	
                  Reference

                	
                  Criteria

                	 
	 	
                  General
                    Servicing Considerations

                	 
	
                   

                   

                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements

                	 
	
                   

                   

                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities

                	 
	
                   

                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the pool assets are maintained.

                	 
	
                   

                   

                   

                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	 
	 	
                   

                  Cash
                    Collection and Administration

                	 
	
                   

                   

                   

                  1122(d)(2)(i)

                	
                  Payments
                    on pool assets are deposited into the appropriate custodial bank
                    accounts
                    and related bank clearing accounts no more than two business
                    days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	 
	
                   

                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	 
	
                   

                   

                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	 
	
                   

                   

                   

                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	 
	
                   

                   

                   

                   

                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institutions” with respect
                    to a foreign financial institution means a foreign financial
                    institution
                    that meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act. 

                	 
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	 
	
                   

                   

                   

                   

                   

                   

                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than ther person who prepared
                    the
                    reconciliations; and (D) contain explanations for reconciling
                    items, These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	 
	 	
                   

                  Investor
                    Remittances and Reporting

                	 
	
                   

                   

                   

                   

                   

                   

                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements, (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors; or the trustee’s records as to the total unpaid principal
                    balance and number of pool assets serviced by the
                    servicer.

                	 
	
                   

                   

                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	 
	
                   

                   

                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	 
	
                   

                   

                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	 
	 	
                   

                  Pool
                    Asset Administration

                	 
	
                   

                  1122(d)(4)(i)

                	
                  Collateral
                    or security on pool assets is maintained as required by the transaction
                    agreements or related asset pool documents.

                	
                  √

                
	
                   

                  1122(d)(4)(ii)

                	
                  Pool
                    assets and related documents are safeguarded as required by the
                    transaction agreements.

                	
                  √

                
	
                   

                   

                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements

                	 
	
                   

                   

                   

                  1122(d)(4)(iv)

                	
                  Payments
                    on pool assets, including any payoffs, made in accordance with
                    the related
                    pool asset documents are posted to the servicer’s obligor records
                    maintained no more than two business days after receipt, or such
                    other
                    number of days specified in the transaction agreements, and allocated
                    to
                    principal, interest or other items (e.g., escrow) in accordance
                    with the
                    related pool asset documents.

                	 
	
                   

                  1122(d)(4)(v)

                	
                  The
                    servicer’s records regarding the pool assets agree with the servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	 
	
                   

                   

                   

                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor’s pool asset (e.g., loan
                    modifications or re-agings) are made, reviewed and approved by
                    authorized
                    personnel in accordance with the transaction agreements and related
                    pool
                    asset documents.

                	 
	
                   

                   

                   

                   

                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation of recovery actions (e.g., forbearance plans, modifications
                    and
                    deed in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    documents.

                	 
	
                   

                   

                   

                   

                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a pool
                    asset is delinquent in accordance with the transaction agreements.,
                    Such
                    records are maintained in at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent pool assets including, for
                    example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	 
	
                   

                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for pool assets with variable
                    rates
                    are computed based on the related pool asset documents.

                	 
	
                   

                   

                   

                   

                   

                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts);
                    (A) such
                    funds are analyzed, in accordance with the obligor’s pool asset documents,
                    on at least an annual basis, or such other period specified in
                    the
                    transaction agreements; (B) interest on such funds is paid, or
                    credited,
                    to obligors in accordance with applicable pool asset documents
                    and state
                    laws; and (C) such funds are returned to the obligor within 3-
                    calendar
                    days of full repayment of the related pool asset, or such other
                    number of
                    days specified in the transaction agreements.

                	 
	
                   

                   

                   

                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax ore insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the service at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	 
	
                   

                   

                   

                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	 
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	 
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible funds are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	 
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in item 1114(a)(1)
                    through (3) or item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	 

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          10

         

        FEE
          SCHEDULE

      

       

      

      
        
          
            
            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

      

      SCHEDULE
        I

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      Available
        Upon RequestUnassociated Document

    

    

    

    FINANCIAL
      ASSET SECURITIES CORP.,

    Depositor

     

    

     

    WELLS
      FARGO BANK, N.A.

    Servicer

    (Effective
      July 1, 2006)

     

     

    and

     

     

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee

     

    

    

    

    POOLING
      AND SERVICING AGREEMENT

    

     

    Dated
      as
      of April 1, 2006

     

    

    

     

    

     

    ___________________________

     

    Fremont
      Home Loan Trust 2006-1

     

    

     

    Asset-Backed
      Certificates, Series 2006-1

     

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    

     

    
      	
              ARTICLE
                I 

              DEFINITIONS

               

            
	
              SECTION
                1.01

            	
              Defined
                Terms.

            
	
              SECTION
                1.02

            	
              Accounting.

            
	
              SECTION
                1.03

            	
              Allocation
                of Certain Interest Shortfalls.

            
	
              SECTION
                1.04

            	
              Rights
                of the NIMS Insurer.

               

            
	
              ARTICLE
                II 

              CONVEYANCE
                OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

               

            
	
              SECTION
                2.01

            	
              Conveyance
                of Mortgage Loans.

            
	
              SECTION
                2.02

            	
              Acceptance
                by Trustee.

            
	
              SECTION
                2.03

            	
              Repurchase
                or Substitution of Mortgage Loans by the Originator or the
                Seller.

            
	
              SECTION
                2.04

            	
              Intentionally
                Omitted.

            
	
              SECTION
                2.05

            	
              Representations,
                Warranties and Covenants of the Servicer.

            
	
              SECTION
                2.06

            	
              Representations
                and Warranties of the Depositor.

            
	
              SECTION
                2.07

            	
              Issuance
                of Certificates.

            
	
              SECTION
                2.08

            	
              [Reserved].

            
	
              SECTION
                2.09

            	
              Acceptance
                of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5 and REMIC 6 by the
                Trustee;
                Conveyance of REMIC 1 Regular Interests, Class C Interest and Class
                P
                Interest; Issuance of Certificates.

               

            
	
              ARTICLE
                III 

              ADMINISTRATION
                AND SERVICING OF THE MORTGAGE LOANS

               

            
	
              SECTION
                3.01

            	
              Servicer
                to Act as Servicer.

            
	
              SECTION
                3.02

            	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers;
                Subcontractors.

            
	
              SECTION
                3.03

            	
              Successor
                Sub-Servicers.

            
	
              SECTION
                3.04

            	
              Liability
                of the Servicer.

            
	
              SECTION
                3.05

            	
              No
                Contractual Relationship Between Sub-Servicers and the Trustee or
                Certificateholders.

            
	
              SECTION
                3.06

            	
              Assumption
                or Termination of Sub-Servicing Agreements.

            
	
              SECTION
                3.07

            	
              Collection
                of Certain Mortgage Loan Payments.

            
	
              SECTION
                3.08

            	
              Sub-Servicing
                Accounts.

            
	
              SECTION
                3.09

            	
              Collection
                of Taxes, Assessments and Similar Items; Servicing
                Accounts.

            
	
              SECTION
                3.10

            	
              Collection
                Account.

            
	
              SECTION
                3.11

            	
              Withdrawals
                from the Collection Account.

            
	
              SECTION
                3.12

            	
              Investment
                of Funds in the Collection Account.

            
	
              SECTION
                3.13

            	
              [Reserved].

            
	
              SECTION
                3.14

            	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            
	
              SECTION
                3.15

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption Agreements.

            
	
              SECTION
                3.16

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              SECTION
                3.17

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            
	
              SECTION
                3.18

            	
              Servicing
                Compensation.

            
	
              SECTION
                3.19

            	
              Reports;
                Collection Account Statements.

            
	
              SECTION
                3.20

            	
              Statement
                as to Compliance.

            
	
              SECTION
                3.21

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              SECTION
                3.22

            	
              Remedies
                Regarding Statements as to Compliance, Assessments of Compliance
                and
                Attestation Reports.

            
	
              SECTION
                3.23

            	
              Access
                to Certain Documentation.

            
	
              SECTION
                3.24

            	
              Title,
                Management and Disposition of REO Property.

            
	
              SECTION
                3.25

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            
	
              SECTION
                3.26

            	
              Obligations
                of the Servicer in Respect of Monthly Payments.

            
	
              SECTION
                3.27

            	
              Net
                WAC Rate Carryover Reserve Account.

            
	
              SECTION
                3.28

            	
              Advance
                Facility

               

            
	
              ARTICLE
                IV 

              FLOW
                OF FUNDS

               

            
	
              SECTION
                4.01

            	
              Distributions.

            
	
              SECTION
                4.02

            	
              [Reserved].

            
	
              SECTION
                4.03

            	
              Statements.

            
	
              SECTION
                4.04

            	
              Remittance
                Reports; Advances.

            
	
              SECTION
                4.05

            	
              Swap
                Account.

            
	
              SECTION
                4.06

            	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            
	
              SECTION
                4.07

            	
              Commission
                Reporting.

            
	
              SECTION
                4.08

            	
              [Reserved].

            
	
              SECTION
                4.09

            	
              Distributions
                on the REMIC Regular Interests.

            
	
              SECTION
                4.10

            	
              Allocation
                of Realized Losses.

               

            
	
              ARTICLE
                V 

              THE
                CERTIFICATES

               

            
	
              SECTION
                5.01

            	
              The
                Certificates.

            
	
              SECTION
                5.02

            	
              Registration
                of Transfer and Exchange of Certificates.

            
	
              SECTION
                5.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              SECTION
                5.04

            	
              Persons
                Deemed Owners.

            
	
              SECTION
                5.05

            	
              Appointment
                of Paying Agent.

               

            
	
              ARTICLE
                VI 

              THE
                SERVICER, THE DEPOSITOR AND THE CREDIT RISK MANAGER

               

            
	
              SECTION
                6.01

            	
              Liability
                of the Servicer and the Depositor.

            
	
              SECTION
                6.02

            	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the Servicer
                or
                the Depositor.

            
	
              SECTION
                6.03

            	
              Limitation
                on Liability of the Servicer and Others.

            
	
              SECTION
                6.04

            	
              Servicer
                Not to Resign.

            
	
              SECTION
                6.05

            	
              Delegation
                of Duties.

            
	
              SECTION
                6.06

            	
              [Reserved].

            
	
              SECTION
                6.07

            	
              Inspection.

            
	
              SECTION
                6.08

            	
              Credit
                Risk Manager.

               

            
	
              ARTICLE
                VII 

              DEFAULT

               

            
	
              SECTION
                7.01

            	
              Servicer
                Events of Termination.

            
	
              SECTION
                7.02

            	
              Trustee
                to Act; Appointment of Successor.

            
	
              SECTION
                7.03

            	
              Waiver
                of Defaults.

            
	
              SECTION
                7.04

            	
              Notification
                to Certificateholders.

            
	
              SECTION
                7.05

            	
              Survivability
                of Servicer Liabilities.

               

            
	
              ARTICLE
                VIII 

              THE
                TRUSTEE

               

            
	
              SECTION
                8.01

            	
              Duties
                of Trustee.

            
	
              SECTION
                8.02

            	
              Certain
                Matters Affecting the Trustee.

            
	
              SECTION
                8.03

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            
	
              SECTION
                8.04

            	
              Trustee
                May Own Certificates.

            
	
              SECTION
                8.05

            	
              Trustee
                Compensation and Expenses.

            
	
              SECTION
                8.06

            	
              Eligibility
                Requirements for Trustee.

            
	
              SECTION
                8.07

            	
              Resignation
                or Removal of Trustee.

            
	
              SECTION
                8.08

            	
              Successor
                Trustee.

            
	
              SECTION
                8.09

            	
              Merger
                or Consolidation of Trustee.

            
	
              SECTION
                8.10

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              SECTION
                8.11

            	
              Limitation
                of Liability.

            
	
              SECTION
                8.12

            	
              Trustee
                May Enforce Claims Without Possession of Certificates.

            
	
              SECTION
                8.13

            	
              Suits
                for Enforcement.

            
	
              SECTION
                8.14

            	
              Waiver
                of Bond Requirement.

            
	
              SECTION
                8.15

            	
              Waiver
                of Inventory, Accounting and Appraisal Requirement.

            
	
              SECTION
                8.16

            	
              [Reserved].

               

            
	
              ARTICLE
                IX 

              REMIC
                ADMINISTRATION

               

            
	
              SECTION
                9.01

            	
              REMIC
                Administration.

            
	
              SECTION
                9.02

            	
              Prohibited
                Transactions and Activities.

            
	
              SECTION
                9.03

            	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status.

               

            
	
              ARTICLE
                X 

              TERMINATION

               

            
	
              SECTION
                10.01

            	
              Termination.

            
	
              SECTION
                10.02

            	
              Additional
                Termination Requirements.

               

            
	
              ARTICLE
                XI 

              MISCELLANEOUS
                PROVISIONS

               

            
	
              SECTION
                11.01

            	
              Amendment.

            
	
              SECTION
                11.02

            	
              Recordation
                of Agreement; Counterparts.

            
	
              SECTION
                11.03

            	
              Limitation
                on Rights of Certificateholders.

            
	
              SECTION
                11.04

            	
              Governing
                Law; Jurisdiction.

            
	
              SECTION
                11.05

            	
              Notices.

            
	
              SECTION
                11.06

            	
              Severability
                of Provisions.

            
	
              SECTION
                11.07

            	
              Article
                and Section References.

            
	
              SECTION
                11.08

            	
              Notice
                to the Rating Agencies and the NIMS Insurer.

            
	
              SECTION
                11.09

            	
              Further
                Assurances.

            
	
              SECTION
                11.10

            	
              Third
                Party Rights.

            
	
              SECTION
                11.11

            	
              Benefits
                of Agreement.

            
	
              SECTION
                11.12

            	
              Acts
                of Certificateholders.

            
	
              SECTION
                11.13

            	
              Intention
                of the Parties and Interpretation.

            
	 	 
	 	 
	
              Exhibits:

            	 
	 	 
	
              Exhibit
                A-1

            	
              Form
                of Class I-A-1 Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class II-A-1 Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class II-A-2 Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class II-A-3 Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class II-A-4 Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-1 Certificates

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-2 Certificates

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-3 Certificates

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-4 Certificates

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-5 Certificates

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-6 Certificates

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-7 Certificates

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-8 Certificates

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-9 Certificates

            
	
              Exhibit
                A-15

            	
              Form
                of Class B-1 Certificates

            
	
              Exhibit
                A-16

            	
              Form
                of Class B-2 Certificates

            
	
              Exhibit
                A-17

            	
              Form
                of Class B-3 Certificates

            
	
              Exhibit
                A-18

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-19

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-20

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                A-21

            	
              Form
                of Class R-X Certificates

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C

            	
              Form
                of Assignment Agreement

            
	
              Exhibit
                D

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Trustee’s/Custodian’s Initial Certification

            
	
              Exhibit
                F-2

            	
              Form
                of Trustee’s/Custodian’s Final Certification

            
	
              Exhibit
                F-3

            	
              Form
                of Receipt of Mortgage Note

            
	
              Exhibit
                G

            	
              [Reserved]

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I

            	
              Form
                of Limited Power of Attorney

            
	
              Exhibit
                J

            	
              Form
                of Investment Letter

            
	
              Exhibit
                K

            	
              Form
                of Transfer Affidavit for Residual Certificates

            
	
              Exhibit
                L

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                M

            	
              Form
                of ERISA Representation Letter

            
	
              Exhibit
                N-1

            	
              Form
                Certification to be Provided by the Depositor with Form
                10-K

            
	
              Exhibit
                N-2

            	
              Form
                Certification to be Provided to the Depositor by the
                Trustee

            
	
              Exhibit
                N-3

            	
              Form
                Certification to be Provided to the Depositor by the
                Servicer

            
	
              Exhibit
                O

            	
              Form
                of Cap Contract

            
	
              Exhibit
                P

            	
              Form
                of Annual Statement as to Compliance

            
	
              Exhibit
                Q

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                R

            	
              [Reserved]

            
	
              Exhibit
                S

            	
              Servicing
                Criteria

            
	
              Exhibit
                T

            	
              Form
                10-D, Form 8-K and Form 10-K Reporting Responsibility

            
	
              Schedule
                I

            	
              Prepayment
                Charge Schedule

            
	
              Schedule
                II

            	
              Swap
                Payment Schedule

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of April 1, 2006 (the “Agreement”),
      among FINANCIAL ASSET SECURITIES CORP., as depositor (the “Depositor”), WELLS
      FARGO BANK, N.A., as servicer effective July 1, 2006 (the “Servicer”) and
      DEUTSCHE BANK NATIONAL TRUST COMPANY, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which in the
      aggregate will evidence the entire beneficial ownership interest in the Trust
      Fund created hereunder. The Certificates will consist of twenty-one classes
      of
      certificates, designated as (i) the Class I-A-1 Certificates, (ii) the Class
      II-A-1 Certificates, (iii) the Class II-A-2 Certificates, (iv) Class II-A-3
      Certificates, (v) the Class II-A-4 Certificates, (vi) the Class M-1 Certificates
      (vii) the Class M-2 Certificates, (viii) the Class M-3 Certificates, (ix) the
      Class M-4 Certificates, (x) the Class M-5 Certificates, (xi) the Class M-6
      Certificates, (xii) the Class M-7 Certificates, (xiii) the Class M-8
      Certificates, (xiv) the Class M-9 Certificates, (xv) the Class B-1 Certificates,
      (xvi) the Class B-2 Certificates, (xvii) the Class B-3 Certificates, (xviii)
      the
      Class C Certificates, (xix) the Class P Certificates, (xx) the Class R
      Certificates and (xxi) the Class R-X Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      1

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets subject to
      this Agreement (exclusive of the Net WAC Rate Carryover Reserve Account, any
      Servicer Prepayment Charge Payment Amounts, the Cap Contract, the Swap Account,
      the Supplemental Interest Trust and the Interest Rate Swap Agreement) as a
      REMIC
      for federal income tax purposes, and such segregated pool of assets shall be
      designated as “REMIC 1.” The Class R-1 Interest shall represent the sole class
      of “residual interests” in REMIC 1 for purposes of the REMIC Provisions (as
      defined herein). The following table irrevocably sets forth the designation,
      the
      Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal
      Balance and, for purposes of satisfying Treasury Regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 1
      Regular Interests (as defined herein). None of the REMIC 1 Regular Interests
      shall be certificated.

     

    
      	
              Designation

            	 	
              Uncertificated
                REMIC 1

              Pass-Through
                Rate

            	 	
              Initial

              Uncertificated
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 

    

    
      	
              I

            	 	
              Variable(2)

            	 	
              $
                199,773,809.31

            	 	
              April
                25, 2036

            	 
	
              I-1-A

            	 	
              Variable(2)

            	 	
              $
                13,278,462.50

            	 	
              April
                25, 2036

            	 
	
              I-1-B

            	 	
              Variable(2)

            	 	
              $
                13,278,462.50

            	 	
              April
                25, 2036

            	 
	
              I-2-A

            	 	
              Variable(2)

            	 	
              $
                13,700,856.25

            	 	
              April
                25, 2036

            	 
	
              I-2-B

            	 	
              Variable(2)

            	 	
              $
                13,700,856.25

            	 	
              April
                25, 2036

            	 
	
              I-3-A

            	 	
              Variable(2)

            	 	
              $
                14,073,423.75

            	 	
              April
                25, 2036

            	 
	
              I-3-B

            	 	
              Variable(2)

            	 	
              $
                14,073,423.75

            	 	
              April
                25, 2036

            	 
	
              I-4-A

            	 	
              Variable(2)

            	 	
              $
                14,393,416.25

            	 	
              April
                25, 2036

            	 
	
              I-4-B

            	 	
              Variable(2)

            	 	
              $
                14,393,416.25

            	 	
              April
                25, 2036

            	 
	
              I-5-A

            	 	
              Variable(2)

            	 	
              $
                14,658,462.50

            	 	
              April
                25, 2036

            	 
	
              I-5-B

            	 	
              Variable(2)

            	 	
              $
                14,658,462.50

            	 	
              April
                25, 2036

            	 
	
              I-6-A

            	 	
              Variable(2)

            	 	
              $
                14,866,587.50

            	 	
              April
                25, 2036

            	 
	
              I-6-B

            	 	
              Variable(2)

            	 	
              $
                14,866,587.50

            	 	
              April
                25, 2036

            	 
	
              I-7-A

            	 	
              Variable(2)

            	 	
              $
                15,016,256.25

            	 	
              April
                25, 2036

            	 
	
              I-7-B

            	 	
              Variable(2)

            	 	
              $
                15,016,256.25

            	 	
              April
                25, 2036

            	 
	
              I-8-A

            	 	
              Variable(2)

            	 	
              $
                15,106,380.00

            	 	
              April
                25, 2036

            	 
	
              I-8-B

            	 	
              Variable(2)

            	 	
              $
                15,106,380.00

            	 	
              April
                25, 2036

            	 
	
              I-9-A

            	 	
              Variable(2)

            	 	
              $
                15,136,355.00

            	 	
              April
                25, 2036

            	 
	
              I-9-B

            	 	
              Variable(2)

            	 	
              $
                15,136,355.00

            	 	
              April
                25, 2036

            	 
	
              I-10-A

            	 	
              Variable(2)

            	 	
              $
                21,595,695.00

            	 	
              April
                25, 2036

            	 
	
              I-10-B

            	 	
              Variable(2)

            	 	
              $
                21,595,695.00

            	 	
              April
                25, 2036

            	 
	
              I-11-A

            	 	
              Variable(2)

            	 	
              $
                220,950,520.00

            	 	
              April
                25, 2036

            	 
	
              I-11-B

            	 	
              Variable(2)

            	 	
              $
                220,950,520.00

            	 	
              April
                25, 2036

            	 
	
              I-12-A

            	 	
              Variable(2)

            	 	
              $   
                1,317,303.75

            	 	
              April
                25, 2036

            	 
	
              I-12-B

            	 	
              Variable(2)

            	 	
              $   
                1,317,303.75

            	 	
              April
                25, 2036

            	 
	
              I-13-A

            	 	
              Variable(2)

            	 	
              $   
                1,178,042.50

            	 	
              April
                25, 2036

            	 
	
              I-13-B

            	 	
              Variable(2)

            	 	
              $   
                1,178,042.50

            	 	
              April
                25, 2036

            	 
	
              I-14-A

            	 	
              Variable(2)

            	 	
              $   
                1,131,592.50

            	 	
              April
                25, 2036

            	 
	
              I-14-B

            	 	
              Variable(2)

            	 	
              $   
                1,131,592.50

            	 	
              April
                25, 2036

            	 
	
              I-15-A

            	 	
              Variable(2)

            	 	
              $   
                1,087,076.25

            	 	
              April
                25, 2036

            	 
	
              I-15-B

            	 	
              Variable(2)

            	 	
              $   
                1,087,076.25

            	 	
              April
                25, 2036

            	 
	
              I-16-A

            	 	
              Variable(2)

            	 	
              $   
                1,044,407.50

            	 	
              April
                25, 2036

            	 
	
              I-16-B

            	 	
              Variable(2)

            	 	
              $   
                1,044,407.50

            	 	
              April
                25, 2036

            	 
	
              I-17-A

            	 	
              Variable(2)

            	 	
              $   
                1,003,502.50

            	 	
              April
                25, 2036

            	 
	
              I-17-B

            	 	
              Variable(2)

            	 	
              $   
                1,003,502.50

            	 	
              April
                25, 2036

            	 
	
              I-18-A

            	 	
              Variable(2)

            	 	
              $     
                 964,285.00

            	 	
              April
                25, 2036

            	 
	
              I-18-B

            	 	
              Variable(2)

            	 	
              $      
                964,285.00

            	 	
              April
                25, 2036

            	 
	
              I-19-A

            	 	
              Variable(2)

            	 	
              $      
                926,678.75

            	 	
              April
                25, 2036

            	 
	
              I-19-B

            	 	
              Variable(2)

            	 	
              $      
                926,678.75

            	 	
              April
                25, 2036

            	 
	
              I-20-A

            	 	
              Variable(2)

            	 	
              $      
                890,617.50

            	 	
              April
                25, 2036

            	 
	
              I-20-B

            	 	
              Variable(2)

            	 	
              $      
                890,617.50

            	 	
              April
                25, 2036

            	 
	
              I-21-A

            	 	
              Variable(2)

            	 	
              $      
                892,082.50

            	 	
              April
                25, 2036

            	 
	
              I-21-B

            	 	
              Variable(2)

            	 	
              $      
                892,082.50

            	 	
              April
                25, 2036

            	 
	
              I-22-A

            	 	
              Variable(2)

            	 	
              $   
                1,232,123.75

            	 	
              April
                25, 2036

            	 
	
              I-22-B

            	 	
              Variable(2)

            	 	
              $   
                1,232,123.75

            	 	
              April
                25, 2036

            	 
	
              I-23-A

            	 	
              Variable(2)

            	 	
              $   
                1,723,623.75

            	 	
              April
                25, 2036

            	 
	
              I-23-B

            	 	
              Variable(2)

            	 	
              $   
                1,723,623.75

            	 	
              April
                25, 2036

            	 
	
              I-24-A

            	 	
              Variable(2)

            	 	
              $      
                682,918.75

            	 	
              April
                25, 2036

            	 
	
              I-24-B

            	 	
              Variable(2)

            	 	
              $      
                682,918.75

            	 	
              April
                25, 2036

            	 
	
              I-25-A

            	 	
              Variable(2)

            	 	
              $      
                652,227.50

            	 	
              April
                25, 2036

            	 
	
              I-25-B

            	 	
              Variable(2)

            	 	
              $      
                652,227.50

            	 	
              April
                25, 2036

            	 
	
              I-26-A

            	 	
              Variable(2)

            	 	
              $      
                628,892.50

            	 	
              April
                25, 2036

            	 
	
              I-26-B

            	 	
              Variable(2)

            	 	
              $      
                628,892.50

            	 	
              April
                25, 2036

            	 
	
              I-27-A

            	 	
              Variable(2)

            	 	
              $      
                606,397.50

            	 	
              April
                25, 2036

            	 
	
              I-27-B

            	 	
              Variable(2)

            	 	
              $      
                606,397.50

            	 	
              April
                25, 2036

            	 
	
              I-28-A

            	 	
              Variable(2)

            	 	
              $      
                584,712.50

            	 	
              April
                25, 2036

            	 
	
              I-28-B

            	 	
              Variable(2)

            	 	
              $      
                584,712.50

            	 	
              April
                25, 2036

            	 
	
              I-29-A

            	 	
              Variable(2)

            	 	
              $      
                563,807.50

            	 	
              April
                25, 2036

            	 
	
              I-29-B

            	 	
              Variable(2)

            	 	
              $      
                563,807.50

            	 	
              April
                25, 2036

            	 
	
              I-30-A

            	 	
              Variable(2)

            	 	
              $      
                543,656.25

            	 	
              April
                25, 2036

            	 
	
              I-30-B

            	 	
              Variable(2)

            	 	
              $      
                543,656.25

            	 	
              April
                25, 2036

            	 
	
              I-31-A

            	 	
              Variable(2)

            	 	
              $      
                524,227.50

            	 	
              April
                25, 2036

            	 
	
              I-31-B

            	 	
              Variable(2)

            	 	
              $      
                524,227.50

            	 	
              April
                25, 2036

            	 
	
              I-32-A

            	 	
              Variable(2)

            	 	
              $      
                505,498.75

            	 	
              April
                25, 2036

            	 
	
              I-32-B

            	 	
              Variable(2)

            	 	
              $      
                505,498.75

            	 	
              April
                25, 2036

            	 
	
              I-33-A

            	 	
              Variable(2)

            	 	
              $      
                487,441.25

            	 	
              April
                25, 2036

            	 
	
              I-33-B

            	 	
              Variable(2)

            	 	
              $      
                487,441.25

            	 	
              April
                25, 2036

            	 
	
              I-34-A

            	 	
              Variable(2)

            	 	
              $      
                470,032.50

            	 	
              April
                25, 2036

            	 
	
              I-34-B

            	 	
              Variable(2)

            	 	
              $      
                470,032.50

            	 	
              April
                25, 2036

            	 
	
              I-35-A

            	 	
              Variable(2)

            	 	
              $      
                453,248.75

            	 	
              April
                25, 2036

            	 
	
              I-35-B

            	 	
              Variable(2)

            	 	
              $      
                453,248.75

            	 	
              April
                25, 2036

            	 
	
              I-36-A

            	 	
              Variable(2)

            	 	
              $      
                437,066.25

            	 	
              April
                25, 2036

            	 
	
              I-36-B

            	 	
              Variable(2)

            	 	
              $      
                437,066.25

            	 	
              April
                25, 2036

            	 
	
              I-37-A

            	 	
              Variable(2)

            	 	
              $      
                421,466.25

            	 	
              April
                25, 2036

            	 
	
              I-37-B

            	 	
              Variable(2)

            	 	
              $      
                421,466.25

            	 	
              April
                25, 2036

            	 
	
              I-38-A

            	 	
              Variable(2)

            	 	
              $      
                406,422.50

            	 	
              April
                25, 2036

            	 
	
              I-38-B

            	 	
              Variable(2)

            	 	
              $      
                406,422.50

            	 	
              April
                25, 2036

            	 
	
              I-39-A

            	 	
              Variable(2)

            	 	
              $ 
                10,968,608.75

            	 	
              April
                25, 2036

            	 
	
              I-39-B

            	 	
              Variable(2)

            	 	
              $
                 10,968,608.75

            	 	
              April
                25, 2036

            	 

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) Calculated
      in accordance with the definition of “Uncertificated REMIC 1 Pass-Through Rate”
herein.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC 1 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 2.”
The Class R-2 Interest shall evidence the sole class of “residual interests” in
      REMIC 2 for purposes of the REMIC Provisions under federal income tax law.
      The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      2 Pass-Through Rate, the initial Uncertificated Principal Balance and, for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC 2 Regular Interests (as
      defined herein). None of the REMIC 2 Regular Interests shall be
      certificated.

     

    
      	
              Designation

            	
              Uncertificated
                REMIC 2

              Pass-Through
                Rate

            	
              Initial
                Uncertificated

              Principal
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            

    

    
      	
              LTAA

            	
              Variable(2)

            	
              $
                989,782,812.57

            	
              April
                25, 2036

            
	
              LTIA1

            	
              Variable(2)

            	
              $   
                3,348,520.00

            	
              April
                25, 2036

            
	
              LTIIA1

            	
              Variable(2)

            	
              $   
                1,653,100.00

            	
              April
                25, 2036

            
	
              LTIIA2

            	
              Variable(2)

            	
              $   
                1,059,960.00

            	
              April
                25, 2036

            
	
              LTIIA3

            	
              Variable(2)

            	
              $   
                1,265,970.00

            	
              April
                25, 2036

            
	
              LTIIA4

            	
              Variable(2)

            	
              $     
                 388,700.00

            	
              April
                25, 2036

            
	
              LTM1

            	
              Variable(2)

            	
              $      
                752,440.00

            	
              April
                25, 2036

            
	
              LTM2

            	
              Variable(2)

            	
              $      
                227,240.00

            	
              April
                25, 2036

            
	
              LTM3

            	
              Variable(2)

            	
              $      
                196,950.00

            	
              April
                25, 2036

            
	
              LTM4

            	
              Variable(2)

            	
              $      
                186,850.00

            	
              April
                25, 2036

            
	
              LTM5

            	
              Variable(2)

            	
              $      
                161,600.00

            	
              April
                25, 2036

            
	
              LTM6

            	
              Variable(2)

            	
              $      
                161,600.00

            	
              April
                25, 2036

            
	
              LTM7

            	
              Variable(2)

            	
              $      
                136,350.00

            	
              April
                25, 2036

            
	
              LTM8

            	
              Variable(2)

            	
              $        
                90,900.00

            	
              April
                25, 2036

            
	
              LTM9

            	
              Variable(2)

            	
              $        
                80,800.00

            	
              April
                25, 2036

            
	
              LTB1

            	
              Variable(2)

            	
              $      
                101,000.00

            	
              April
                25, 2036

            
	
              LTB2

            	
              Variable(2)

            	
              $        
                65,650.00

            	
              April
                25, 2036

            
	
              LTB3

            	
              Variable(2)

            	
              $        
                75,750.00

            	
              April
                25, 2036

            
	
              LTZZ

            	
              Variable(2)

            	
              $ 
                10,246,269.24

            	
              April
                25, 2036

            
	
              LTP

            	
              Variable(2)

            	
              $              100.00

            	
              April
                25, 2036

            
	
              LTIO

            	
              Variable(2) 

            	
              (3)

            	
              April
                25, 2036

            

    

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) Calculated
      in accordance with the definition of “Uncertificated REMIC 2 Pass-Through Rate”
herein.

    (3) REMIC
      2
      Regular Interest LTIO shall not have an Uncertificated Principal Balance, but
      shall accrue interest on its Uncertificated Notional Amount, as defined
      herein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      3

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC 2 Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets shall be designated as “REMIC 3.”
The Class R-3 Interest shall evidence the sole class of “residual interests” in
      REMIC 3 for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Original Class Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for each Class of Certificates that represents one or more of the “regular
      interests” in REMIC 3 created hereunder.

     

    

     

    
      	
              Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                I-A-1

            	 	
              $ 334,852,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                II-A-1

            	 	
              $ 165,310,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                II-A-2

            	 	
              $ 105,996,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                II-A-3

            	 	
              $ 126,597,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                II-A-4

            	 	
              $  
                38,870,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-1

            	 	
              $  
                75,244,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-2

            	 	
              $  
                22,724,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-3

            	 	
              $  
                19,695,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-4

            	 	
              $  
                18,685,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-5

            	 	
              $  
                16,160,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-6

            	 	
              $  
                16,160,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-7

            	 	
              $  
                13,635,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-8

            	 	
              $     
                9,090,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-9

            	 	
              $    
                8,080,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                B-1

            	 	
              $  
                10,100,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                B-2

            	 	
              $     
                6,565,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                B-3

            	 	
              $     
                7,575,000.00

            	
              5.0000%
                per annum(3)

            	
              April
                25, 2036

            
	
              Class
                C Interest

            	 	
              $  
                14,644,461.81

            	
              Variable(4)

            	
              April
                25, 2036

            
	
              Class
                P Interest

            	 	
              $              100.00

            	
              Variable(5)

            	
              April
                25, 2036

            
	
              Class
                IO Interest

            	 	
              (6)

            	
              (7)

            	
              April
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) Calculated
      in accordance with the definition of “Pass-Through Rate” herein.

    (3) Subject
      to increase and limitation as set forth in the definition of “Pass-Through Rate”
herein. 

    (4) The
      Class
      C Interest will accrue interest at its variable Pass-Through Rate on the
      Notional Amount of the Class C Interest outstanding from time to time which
      will
      equal the aggregate of the Uncertificated Principal Balance of the REMIC 2
      Regular Interests (other than REMIC 2 Regular Interest LTP). The Class C
      Interest will not accrue interest on its Certificate Principal
      Balance.

    (5) The
      Class
      P Interest will not accrue interest.

    (6) For
      federal income tax purposes, the Class IO Interest will not have an Certificate
      Principal Balance, but will have a notional amount equal to the Uncertificated
      Notional Amount of REMIC 2 Regular Interest LTIO. 

    (7) For
      federal income tax purposes, the Class IO Interest will not have a Pass-Through
      Rate, but will be entitled to 100% of the amounts distributed on REMIC 2 Regular
      Interest LTIO.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      4

     

    As
      provided herein, the Trustee shall make an election to treat the Class M-6
      Interest as a REMIC for federal income tax purposes, and such segregated pool
      of
      assets will be designated as “REMIC 4.” The Class R-4 Interest represents the
      sole class of “residual interests” in REMIC 4 for purposes of the REMIC
      Provisions.

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate, the Original Class Certificate Principal Balance and, for purposes of
      satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for the Class M-6 Certificates.

     

    
      	
              Class
                Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                C

            	
              $
                14,644,461.81

            	
              Variable(2)

            	
              April
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) The
      Class
      C Certificates will receive 100% of amounts received in respect of the Class
      C
      Interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      5

     

    As
      provided herein, the Trustee shall make an election to treat the Class M-7
      Interest as a REMIC for federal income tax purposes, and such segregated pool
      of
      assets will be designated as “REMIC 5.” The Class R-5 Interest represents the
      sole class of “residual interests” in REMIC 5 for purposes of the REMIC
      Provisions.

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate, the Original Class Certificate Principal Balance and, for purposes of
      satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for the Class M-7 Certificates.

     

    
      	
              Class
                Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                P

            	
              $ 100.00

            	
              Variable(2)

            	
              April
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) The
      Class
      P Certificates will receive 100% of amounts received in respect of the Class
      P
      Interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      6

     

    As
      provided herein, the Trustee shall make an election to treat the Class M-8
      Interest as a REMIC for federal income tax purposes, and such segregated pool
      of
      assets will be designated as “REMIC 6.” The Class R-6 Interest represents the
      sole class of “residual interests” in REMIC 6 for purposes of the REMIC
      Provisions.

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate, the Original Class Certificate Principal Balance and, for purposes of
      satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date”for the Class M-8 Certificates.

     

    
      	
              Class
                Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              SWAP
                IO

            	
              N/A

            	
              Variable(2)

            	
              April
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
      Regulations.

    (2) REMIC
      6
      Regular Interest SWAP IO shall receive 100% of amounts received in respect
      of
      the Class IO Interest.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I

    DEFINITIONS

     

    
      	SECTION
              1.01  	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. Unless otherwise specified, all calculations in
      respect of interest on the Floating Rate Certificates shall be made on the
      basis
      of the actual number of days elapsed and a 360-day year and all calculations
      in
      respect of interest on the Fixed Rate Certificates, Class C Certificates, Class
      IO Interest, REMIC 1 Regular Interests, REMIC 2 Regular Interests and all other
      calculations of interest described herein shall be made on the basis of a
      360-day year consisting of twelve 30-day months. The Class P Certificates and
      the Residual Certificates are not entitled to distributions in respect of
      interest and, accordingly, will not accrue interest.

     

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

     

    “Account”:
      Either of the Collection Account or Distribution Account.

     

    “Accrual
      Period”: With respect to the Fixed Rate Certificates and the Class C
      Certificates and each Distribution Date, the calendar month prior to the month
      of such Distribution Date. With respect to the Floating Rate Certificates and
      each Distribution Date, the period commencing on the preceding Distribution
      Date
      (or in the case of the first such Accrual Period, commencing on the Closing
      Date) and ending on the day preceding the current Distribution
      Date.

     

    “Adjustable-Rate
      Mortgage Loan”: A first lien Mortgage Loan which provides at any period during
      the life of such loan for the adjustment of the Mortgage Rate payable in respect
      thereto. The Adjustable-Rate Mortgage Loans are identified as such on the
      Mortgage Loan Schedule.

     

    “Adjusted
      Net Maximum Mortgage Rate”: With respect to any Mortgage Loan (or the related
      REO Property), as of any date of determination, a per annum rate of interest
      equal to the applicable Maximum Mortgage Rate for such Mortgage Loan (or the
      Mortgage Rate in the case of any Fixed-Rate Mortgage Loan) as of the first
      day
      of the month preceding the month in which the related Distribution Date occurs
      minus the sum of (i) the Servicing Fee Rate and (ii) the Credit Risk Manager
      Fee
      Rate.

     

    “Adjusted
      Net Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
      Property), as of any date of determination, a per annum rate of interest equal
      to the applicable Mortgage Rate for such Mortgage Loan as of the first day
      of
      the month preceding the month in which the related Distribution Date occurs
      minus the sum of (i) the Servicing Fee Rate and (ii) the Credit Risk Manager
      Fee
      Rate.

     

    “Adjustment
      Date”: With respect to each Adjustable-Rate Mortgage Loan, each adjustment date,
      on which the Mortgage Rate of such Mortgage Loan changes pursuant to the related
      Mortgage Note. The first Adjustment Date following the Cut-off Date as to each
      Adjustable-Rate Mortgage Loan is set forth in the Mortgage Loan
      Schedule.

     

    “Advance”:
      As to any Mortgage Loan or REO Property, any advance made by the Servicer in
      respect of any Distribution Date pursuant to Section 4.04.

     

    “Advance
      Facility”: As defined in Section 3.29 hereof.

     

    “Advance
      Facility Notic”: As defined in Section 3.29 hereof.

     

    “Advancing
      Financing Person”: As defined in Section 3.29 hereof.

     

    “Advance
      Reimbursement Amounts”: As defined in Section 3.29 hereof.

     

    “Adverse
      REMIC Event”: As defined in Section 9.01(f) hereof.

     

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

     

    “Agreement”:
      This Pooling and Servicing Agreement and all amendments hereof and supplements
      hereto.

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Mezzanine Certificates or Class B Certificates, the sum of (i) any Realized
      Losses allocated to such Class of Certificates on such Distribution Date and
      (ii) the amount of any Allocated Realized Loss Amount for such Class of
      Certificates remaining undistributed from the previous Distribution Date as
      reduced by an amount equal to the increase in the related Certificate Principal
      Balance due to the receipt of Subsequent Recoveries.

     

    “Assessment
      of Compliance”: As defined in Section 3.21.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect or record the sale of
      the
      Mortgage.

     

    “Assignment
      Agreement”: The Assignment and Recognition Agreement, dated April [_], 2006,
      among the Seller, the Originator and the Depositor, pursuant to which certain
      of
      the Seller’s rights under the Master Agreement were assigned to the Depositor,
      substantially in the form attached hereto as Exhibit C.

     

    “Assumed
      Final Maturity Date”: As to each Class of Certificates, the date set forth as
      such in the Preliminary Statement.

     

    “Attestation
      Report”: As defined in Section 3.21.

     

    “Available
      Funds”: With respect to any Distribution Date, an amount equal to the excess of
      (i) the sum of (a) the aggregate of the related Monthly Payments on the Mortgage
      Loans due on the related Due Date and received on or prior to the related
      Determination Date, (b) Net Liquidation Proceeds, Insurance Proceeds, Subsequent
      Recoveries, Principal Prepayments, proceeds from repurchases of and
      substitutions for such Mortgage Loans and other unscheduled recoveries of
      principal and interest in respect of the Mortgage Loans received during the
      related Prepayment Period, (c) the aggregate of any amounts received in respect
      of a related REO Property withdrawn from any REO Account and deposited in the
      Collection Account for such Distribution Date, (d) the aggregate of any amounts
      deposited in the Collection Account by the Servicer in respect of related
      Prepayment Interest Shortfalls for such Distribution Date, (e) the aggregate
      of
      any Advances made by the Servicer for such Distribution Date in respect of
      the
      Mortgage Loans, (f) the aggregate of any related advances made by the Trustee
      in
      respect of the Mortgage Loans for such Distribution Date pursuant to Section
      7.02 and (g) the amount of any Prepayment Charges collected by the Servicer
      in
      connection with the full or partial prepayment of any of the Mortgage Loans
      and
      any Servicer Prepayment Charge Payment Amount over (ii) the sum of (a) amounts
      reimbursable or payable to the Servicer pursuant to Section 3.11(a) or the
      Trustee pursuant to Section 3.11(b), (b) amounts deposited in the Collection
      Account or the Distribution Account pursuant to clauses (a) through (g) above,
      as the case may be, in error, (c) the amount of any Prepayment Charges collected
      by the Servicer in connection with the full or partial prepayment of any of
      the
      Mortgage Loans and any Servicer Prepayment Charge Payment Amount, (d) any
      indemnification payments or expense reimbursements made by the Trust Fund
      pursuant to Section 8.05 and (e) any Net Swap Payment or Swap Termination
      Payment owed to the Swap Provider (other than any Swap Termination Payment
      owed
      to the Swap Provider resulting from a Swap Provider Trigger Event).

     

    “Balloon
      Mortgage Loan”: A Mortgage Loan that provides for the payment of the unamortized
      Stated Principal Balance of such Mortgage Loan in a single payment at the
      maturity of such Mortgage Loan that is substantially greater than the preceding
      monthly payment.

     

    “Balloon
      Payment”: A payment of the unamortized Stated Principal Balance of a Mortgage
      Loan in a single payment at the maturity of such Mortgage Loan that is
      substantially greater than the preceding Monthly Payment.

     

    “Bankruptcy
      Code”: The Bankruptcy Reform Act of 1978 (Title 11 of the United States Code),
      as amended.

     

    “Book-Entry
      Certificates”: Any of the Certificates that shall be registered in the name of
      the Depository or its nominee, the ownership of which is reflected on the books
      of the Depository or on the books of a Person maintaining an account with the
      Depository (directly, as a “Depository Participant”, or indirectly, as an
      indirect participant in accordance with the rules of the Depository and as
      described in Section 5.02 hereof). On the Closing Date, the Class A
      Certificates, the Class B Certificates and Mezzanine Certificates shall be
      Book-Entry Certificates.

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking or
      savings institutions in the State of Delaware, the State of Florida, the State
      of New York, the State of Texas, the State of California, the Commonwealth
      of
      Pennsylvania, or in the city in which the Corporate Trust Office of the Trustee
      is located are authorized or obligated by law or executive order to be
      closed.

     

    “Cap
      Amount”: The Cap Amount for any Class of the Floating Rate Certificates is equal
      to (i) the aggregate amount received by the Trust from the Cap Contract
      multiplied by (ii) a fraction equal to (a) the Certificate Principal Balance
      of
      such Class immediately prior to the applicable Distribution Date divided by
      (b)
      the aggregate Certificate Principal Balance of the Floating Rate Certificates
      immediately prior to the applicable Distribution Date.

     

    “Cap
      Contract”: The Cap Contract between the Trustee and the counterparty thereunder,
      a form of which is attached hereto as Exhibit O.

     

    “Certificate”:
      Any Regular Certificate or Residual Certificate.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that a Disqualified Organization or non-U.S. Person
      shall not be a Holder of a Residual Certificate for any purpose hereof and,
      solely for the purposes of giving any consent pursuant to this Agreement, any
      Certificate registered in the name of the Depositor or the Servicer or any
      Affiliate thereof shall be deemed not to be outstanding and the Voting Rights
      to
      which it is entitled shall not be taken into account in determining whether
      the
      requisite percentage of Voting Rights necessary to effect any such consent
      has
      been obtained, except as otherwise provided in Section 11.01. The Trustee and
      the NIMS Insurer may conclusively rely upon a certificate of the Depositor
      or
      the Servicer in determining whether a Certificate is held by an Affiliate
      thereof. All references herein to “Holders” or “Certificateholders” shall
      reflect the rights of Certificate Owners as they may indirectly exercise such
      rights through the Depository and participating members thereof, except as
      otherwise specified herein; provided, however, that the Trustee and the NIMS
      Insurer shall be required to recognize as a “Holder” or “Certificateholder” only
      the Person in whose name a Certificate is registered in the Certificate
      Register.

     

    “Certificate
      Margin”: With respect to each Class of Floating Rate Certificates and for
      purposes of the Marker Rate and the Maximum Uncertificated Accrued Interest
      Deferral Amount, the specified REMIC 2 Regular Interest, as
      follows:

     

    
      	
              Class

            	
              REMIC
                2

              Regular

              Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              I-A-1

            	
              LTIA1

            	
              0.155

            	
              0.310

            
	
              II-A-1

            	
              LTIIA1

            	
              0.060

            	
              0.120

            
	
              II-A-2

            	
              LTIIA2

            	
              0.120

            	
              0.240

            
	
              II-A-3

            	
              LTIIA3

            	
              0.180

            	
              0.360

            
	
              II-A-4

            	
              LTIIA4

            	
              0.270

            	
              0.540

            
	
              M-1

            	
              LTM1

            	
              0.320

            	
              0.480

            
	
              M-2

            	
              LTM2

            	
              0.360

            	
              0.540

            
	
              M-3

            	
              LTM3

            	
              0.460

            	
              0.690

            
	
              M-4

            	
              LTM4

            	
              0.490

            	
              0.735

            
	
              M-5

            	
              LTM5

            	
              0.550

            	
              0.825

            
	
              M-6

            	
              LTM6

            	
              1.050

            	
              1.575

            
	
              M-7

            	
              LTM7

            	
              1.250

            	
              1.875

            
	
              M-8

            	
              LTM8

            	
              2.150

            	
              3.225

            
	
              M-9

            	
              LTM9

            	
              2.400

            	
              3.600

            
	
              B-1

            	
              LTB1

            	
              2.400

            	
              3.600

            
	
              B-2

            	
              LTB2

            	
              2.400

            	
              3.600

            

    

    __________

    (1) For
      the
      Accrual Period for each Distribution Date on or prior to the Optional
      Termination Date.

    (2) For
      each
      other Accrual Period.

    

    “Certificate
      Owner”: With respect to each Book-Entry Certificate, any beneficial owner
      thereof.

     

    “Certificate
      Principal Balance”: With respect to any Class of Regular Certificates (other
      than the Class C Certificates) immediately prior to any Distribution Date,
      will
      be equal to the Initial Certificate Principal Balance thereof plus any
      Subsequent Recoveries added to the Certificate Principal Balance of such
      Certificate pursuant to Section 4.01, reduced by the sum of all amounts actually
      distributed in respect of principal of such Class and, in the case of a
      Mezzanine Certificate or a Class B Certificate, Realized Losses allocated
      thereto on all prior Distribution Dates. With respect to the Class C
      Certificates as of any date of determination, an amount equal to the excess,
      if
      any, of (A) the then aggregate Uncertificated Principal Balance of the REMIC
      2
      Regular Interests over (B) the then aggregate Certificate Principal Balance
      of
      the Class A, the Mezzanine Certificates, the Class B Certificates and the Class
      P Certificates then outstanding. 

     

    “Certificate
      Register” and “Certificate Registrar”: The register maintained and registrar
      appointed pursuant to Section 5.02 hereof.

     

    “Certification”:
      As defined in Section 3.22(b)(ii).

     

    “Class”:
      Collectively, Certificates which have the same priority of payment and bear
      the
      same class designation and the form of which is identical except for variation
      in the Percentage Interest evidenced thereby.

     

    “Class
      A
      Certificates”: Any Class I-A-1 Certificate, Class II-A-1 Certificate, Class
      II-A-2 Certificate, Class II-A-3 Certificate or Class II-A-4 Certificate.

     

    “Class
      B
      Certificate”: Any Class B-1 Certificate, Class B-2 Certificate and Class B-3
      Certificate.

     

    “Class
      B-1 Certificate”: Any one of the Class B-1 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-15, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      B-1 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the aggregate Certificate Principal Balance
      of
      the Class M-1 Certificates and the M-2 Certificates Certificates (after taking
      into account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on such Distribution Date), (iii) the Certificate Principal Balance of the
      Class
      M-3 Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (viii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (ix) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date) and (x) the Certificate Principal
      Balance of the Class B-1 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 94.30% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) minus the related Overcollateralization Floor.

     

    “Class
      B-2 Certificate”: Any one of the Class B-2 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-16, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      B-2 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the aggregate Certificate Principal Balance
      of
      the Class M-1 Certificates and the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iii) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (viii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (ix) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date), (x) the Certificate Principal
      Balance of the Class B-1 Certificates (after taking into account the
      distribution of the Class B-1 Principal Distribution Amount on such Distribution
      Date) and (xi) the Certificate Principal Balance of the Class B-2 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 95.60% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Class
      B-3 Certificate”: Any one of the Class B-3 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-17, representing the right to distributions
      as set forth herein and therein and evidencing (i) a REMIC Regular Interest
      in
      REMIC 3, (ii) the right to receive the related Net WAC Rate Carryover Amount
      and
      (iii) the obligation to pay any Class IO Distribution Amount.

     

    “Class
      B-3 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the aggregate Certificate Principal Balance
      of
      the Class M-1 Certificates and the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date), (iii) the Certificate Principal Balance of the Class
      M-3 Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (viii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (ix) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date), (x) the Certificate Principal
      Balance of the Class B-1 Certificates (after taking into account the
      distribution of the Class B-1 Principal Distribution Amount on such Distribution
      Date), (xi) the Certificate Principal Balance of the Class B-2 Certificates
      (after taking into account the distribution of the Class B-2 Principal
      Distribution Amount on such Distribution Date) and (xii) the Certificate
      Principal Balance of the Class B-3 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 97.10% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      C
      Certificates”: Any one of the Class C Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-18, representing (i) a Regular Interest in
      REMIC 4, (ii) the obligation to pay Net WAC Rate Carryover Amounts and Swap
      Termination Payments and (iii) the right to receive the Class IO Distribution
      Amount.

     

    “Class
      C
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class C Certificates, evidencing (i) a REMIC
      Regular Interest in REMIC 3 and (ii) the obligation to pay any Class IO
      Distribution Amount.

     

    “Class
      I-A-1 Certificate”: Any one of the Class I-A-1 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-1, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      II-A-1 Certificate”: Any one of the Class II-A-1 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-2, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      II-A-2 Certificate”: Any one of the Class II-A-2 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-3, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      II-A-3 Certificate”: Any one of the Class II-A-3 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-4, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      II-A-4 Certificate”: Any one of the Class II-A-4 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-5, representing (i) a
      Regular Interest in REMIC 3, (ii) the right to receive the Net WAC Rate
      Carryover Amount and (iii) the obligation to pay the Class IO Distribution
      Amount.

     

    “Class
      IO
      Distribution Amount”: As defined in Section 4.10 hereof. For purposes of
      clarity, the Class IO Distribution Amount for any Distribution Date shall equal
      the amount payable to the Supplemental Interest Trust Trustee on such
      Distribution Date in excess of the amount payable on the Class IO Interest
      on
      such Distribution Date, all as further provided in Section 4.10
      hereof.

     

    “Class
      IO
      Interest”: An uncertificated interest in the Trust Fund evidencing a Regular
      Interest in REMIC 3.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-6, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-1 Credit Enhancement Percentage”: For any Distribution Date is the percentage
      obtained by dividing (x) the aggregate Certificate Principal Balance of the
      Class M Certificates (other than the Class M-1 Certificates) and the Class
      B
      Certificates by (y) the aggregate Stated Principal Balance of the Mortgage
      Loans
      calculated prior to taking into account distributions of principal on the
      Mortgage Loans and distribution of the Principal Distribution Amount to the
      holders of the Certificates then entitled to distributions of principal on
      such
      Distribution Date.

     

    “Class
      M-1/M-2 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date) and (ii) the aggregate Certificate Principal Balance
      of the Class M-1 Certificates and the Class M-2 Certificates immediately prior
      to such Distribution Date over (y) the lesser of (A) the product of (i) 72.20%
      and (ii) the Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-7, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-8, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-3 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) the aggregate Certificate Principal Balance
      of
      the Class M-1 Certificates and the Class M-2 Certificates (after taking into
      account the distribution of the Class M-1/M-2 Principal Distribution Amount
      on
      such Distribution Date) and (iii) the Certificate Principal Balance of the
      Class
      M-3 Certificates immediately prior to such Distribution Date over (y) the lesser
      of (A) the product of (i) 76.10% and (ii) the aggregate Stated Principal Balance
      of the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      the related Overcollateralization Floor.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-9, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-4 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) aggregate Certificate Principal Balance of
      the
      Class M-1 Certificates and the Class M-2 Certificates (after taking into account
      the distribution of the Class M-1/M-2 Principal Distribution Amount on such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date) and (iv) the
      Certificate Principal Balance of the Class M-4 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 79.80%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-10, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-5 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) aggregate Certificate Principal Balance of
      the
      Class M-1 Certificates and the Class M-2 Certificates (after taking into account
      the distribution of the Class M-1/M-2 Principal Distribution Amount on such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (v) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 83.00% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-11, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-6 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) aggregate Certificate Principal Balance of
      the
      Class M-1 Certificates and the Class M-2 Certificates (after taking into account
      the distribution of the Class M-1/M-2 Principal Distribution Amount on such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (vi) the Certificate
      Principal Balance of the Class M-6 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 86.20% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-12, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-7 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) aggregate Certificate Principal Balance of
      the
      Class M-1 Certificates and the Class M-2 Certificates (after taking into account
      the distribution of the Class M-1/M-2 Principal Distribution Amount on such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (vii) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 88.90% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-13, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-8 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) aggregate Certificate Principal Balance of
      the
      Class M-1 Certificates and the Class M-2 Certificates (after taking into account
      the distribution of the Class M-1/M-2 Principal Distribution Amount on such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (viii) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 90.70% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) minus the related Overcollateralization
      Floor.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-14, representing (i) a Regular Interest
      in
      REMIC 3, (ii) the right to receive the Net WAC Rate Carryover Amount and (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-9 Principal Distribution Amount”: The excess of (x) the sum of (i) the
      aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Senior Principal Distribution Amount
      on such Distribution Date), (ii) aggregate Certificate Principal Balance of
      the
      Class M-1 Certificates and the Class M-2 Certificates (after taking into account
      the distribution of the Class M-1/M-2 Principal Distribution Amount on such
      Distribution Date), (iii) the Certificate Principal Balance of the Class M-3
      Certificates (after taking into account the distribution of the Class M-3
      Principal Distribution Amount on such Distribution Date), (iv) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (v) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (vi) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vii) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (viii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (ix) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 92.30% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-19, representing a Regular Interest in REMIC
      5.

     

    “Class
      P
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class P Certificates, evidencing a Regular Interest
      in REMIC 3 for purposes of the REMIC Provisions.

     

    “Class
      R
      Certificate”: The Class R Certificate executed by the Trustee, and authenticated
      and delivered by the Certificate Registrar, substantially in the form annexed
      hereto as Exhibit A-20 and evidencing the ownership of the Class R-1 Interest,
      the Class R-2 Interest and the Class R-3 Interest.

     

    “Class
      R-1 Interest”: The uncertificated Residual Interest in REMIC 1.

     

    “Class
      R-2 Interest”: The uncertificated Residual Interest in REMIC 2.

     

    “Class
      R-3 Interest”: The uncertificated Residual Interest in REMIC 3.

     

    “Class
      R-4 Interest”: The uncertificated Residual Interest in REMIC 4.

     

    “Class
      R-5 Interest”: The uncertificated Residual Interest in REMIC 5.

     

    “Class
      R-6 Interest”: The uncertificated Residual Interest in REMIC 6.

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-21 and evidencing the ownership of the Class
      R-4 Interest, the Class R-5 Interest and the Class R-6 Interest.

     

    “Close
      of
      Business”: As used herein, with respect to any Business Day, 5:00 p.m. (New York
      time).

     

    “Closing
      Date”: April 13, 2006.

     

    “Code”:
      The Internal Revenue Code of 1986, as amended.

     

    “Collection
      Account”: The account or accounts created and maintained by the Servicer
      pursuant to Section 3.10(a), which shall be entitled “Deutsche Bank National
      Trust Company, as Trustee, in trust for registered Holders of Fremont Home
      Loan
      Trust 2006-1, Asset-Backed Certificates, Series 2006-1,” which must be an
      Eligible Account.

     

    “Compensating
      Interest”: As defined in Section 3.24 hereof.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee at which at
      any particular time its corporate trust business in connection with this
      Agreement shall be administered, which office at the date of the execution
      of
      this instrument is located at 1761 East St. Andrew Place, Santa Ana, CA
      92705-4934, Attention: Trust Administration- GC06F1, or at such other address
      as
      the Trustee may designate from time to time by notice to the Certificateholders,
      the Depositor, the Servicer and the Originator.

     

    “Corresponding
      Certificate”: With respect to each REMIC 2 Regular Interest set forth below, the
      corresponding Regular Certificate set forth in the table below:

     

    
      	
              REMIC
                2 Regular Interest

            	
              Regular
                Certificate

            
	
              LTIA1

            	
              Class
                I-A-1

            
	
              LTIIA1

            	
              Class
                II-A-1

            
	
              LTIIA2

            	
              Class
                II-A-2

            
	
              LTIIA3

            	
              Class
                II-A-3

            
	
              LTIIA4

            	
              Class
                II-A-4

            
	
              LTM1

            	
              Class
                M-1

            
	
              LTM2

            	
              Class
                M-2

            
	
              LTM3

            	
              Class
                M-3

            
	
              LTM4

            	
              Class
                M-4

            
	
              LTM5

            	
              Class
                M-5

            
	
              LTM6

            	
              Class
                M-6

            
	
              LTM7

            	
              Class
                M-7

            
	
              LTM8

            	
              Class
                M-8

            
	
              LTM9

            	
              Class
                M-9

            
	
              LTB1

            	
              Class
                B-1

            
	
              LTB2

            	
              Class
                B-2

            
	
              LTB3

            	
              Class
                B-3

            
	
              LTP

            	
              Class
                P

            

    

    

    “Credit
      Risk Management Agreement”: The Credit Risk Management Agreement, dated April
      13, 2006, between the Servicer and the Credit Risk Manager.

     

    “Credit
      Risk Manager”: Clayton Fixed Income Services Inc., formerly known as The
      Murrayhill Company, its successors and assigns.

     

    “Credit
      Risk Manager Fee”: for
      any
      Distribution Date is the premium payable to the Credit Risk Manager at the
      Credit Risk Manager Fee Rate on the aggregate principal balance of the Mortgage
      Loans as of the prior Determination Date. 

     

    “Credit
      Risk Manager Fee Rate”: for any Distribution Date is 0.0125% per
      annum.

     

    “Cumulative
      Loss Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the aggregate amount of
      Realized Losses incurred from the Cut-off Date to the last day of the preceding
      calendar month and the denominator of which is the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Custodian”:
      A Custodian, which shall be Deutsche Bank National Trust Company.

     

    “Cut-off
      Date”: With respect to each Mortgage Loan, April 1, 2006. 

     

    “Cut-off
      Date Principal Balance”: With respect to any Mortgage Loan, the unpaid Stated
      Principal Balance thereof as of the Cut-off Date of such Mortgage Loan (or
      as of
      the applicable date of substitution with respect to a Qualified Substitute
      Mortgage Loan), after giving effect to scheduled payments due on or before
      the
      Cut-off Date, whether or not received.

     

    “Debt
      Service Reduction”: With respect to any Mortgage Loan, a reduction in the
      scheduled Monthly Payment for such Mortgage Loan by a court of competent
      jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
      resulting from a Deficient Valuation.

     

    “Deficient
      Valuation”: With respect to any Mortgage Loan, a valuation of the related
      Mortgaged Property by a court of competent jurisdiction in an amount less than
      the then outstanding Stated Principal Balance of the Mortgage Loan, which
      valuation results from a proceeding initiated under the Bankruptcy
      Code.

     

    “Definitive
      Certificates”: As defined in Section 5.02(c) hereof.

     

    “Deleted
      Mortgage Loan”: A Mortgage Loan replaced or to be replaced by one or more
      Qualified Substitute Mortgage Loans.

     

    “Delinquency
      Percentage”: For any Distribution Date, the percentage obtained by dividing (x)
      the aggregate Stated Principal Balance of Mortgage Loans that are Delinquent
      60
      days or more (including Mortgage Loans that are in foreclosure, that have been
      converted to REO Properties or that have been discharged by reason of bankruptcy
      and are Delinquent 60 days or more) by (y) the aggregate Stated Principal
      Balance of the Mortgage Loans, in each case, as of the last day of the previous
      calendar month.

     

    “Delinquent”:
      With respect to any Mortgage Loan and related Monthly Payment, the Monthly
      Payment due on a Due Date which is not made by the Close of Business on the
      next
      scheduled Due Date for such Mortgage Loan. For example, a Mortgage Loan is
      60 or
      more days Delinquent if the Monthly Payment due on a Due Date is not made by
      the
      Close of Business on the second scheduled Due Date after such Due
      Date.

     

    “Depositor”:
      Financial Asset Securities Corp., a Delaware corporation, or any successor
      in
      interest.

     

    “Depository”:
      The initial Depository shall be The Depository Trust Company, whose nominee
      is
      Cede & Co., or any other organization registered as a “clearing agency”
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended.
      The
      Depository shall initially be the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(3) of the Uniform Commercial Code of the State of
      New
      York.

     

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

     

    “Determination
      Date”: With respect to any Distribution Date, the 15th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      15th
      day is
      not a Business Day, the Business Day immediately preceding such 15th
      day.

     

    “Directly
      Operate”: With respect to any REO Property, the furnishing or rendering of
      services to the tenants thereof, the management or operation of such REO
      Property, the holding of such REO Property primarily for sale to customers,
      the
      performance of any construction work thereon or any use of such REO Property
      in
      a trade or business conducted by any REMIC other than through an Independent
      Contractor; provided, however, that the Trustee (or the Servicer on behalf
      of
      the Trustee) shall not be considered to Directly Operate an REO Property solely
      because the Trustee (or the Servicer on behalf of the Trustee) establishes
      rental terms, chooses tenants, enters into or renews leases, deals with taxes
      and insurance, or makes decisions as to repairs or capital expenditures with
      respect to such REO Property.

     

    “Disqualified
      Organization”: A “disqualified organization” under Section 860E of the Code,
      which as of the Closing Date is any of: (i) the United States, any state or
      political subdivision thereof, any foreign government, any international
      organization, or any agency or instrumentality of any of the foregoing, (ii)
      any
      organization (other than a cooperative described in Section 521 of the Code)
      which is exempt from the tax imposed by Chapter 1 of the Code unless such
      organization is subject to the tax imposed by Section 511 of the Code, (iii)
      any
      organization described in Section 1381(a)(2)(C) of the Code or (iv) an “electing
      large partnership” within the meaning of Section 775 of the Code. A corporation
      will not be treated as an instrumentality of the United States or of any state
      or political subdivision thereof, if all of its activities are subject to tax
      and, a majority of its board of directors is not selected by a governmental
      unit. The term “United States”, “state” and “international organizations” shall
      have the meanings set forth in Section 7701 of the Code.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.10(b) which shall be entitled “Distribution Account,
      Deutsche Bank National Trust Company, as Trustee, in trust for the registered
      Certificateholders of Fremont Home Loan Trust 2006-1, Asset-Backed Certificates,
      Series 2006-1” and which must be an Eligible Account.

     

    “Distribution
      Date”: The 25th
      day of
      any calendar month, or if such 25th
      day is
      not a Business Day, the Business Day immediately following such 25th
      day,
      commencing in May 2006.

     

    “Due
      Date”: With respect to each Mortgage Loan and any Distribution Date, the first
      day of the calendar month in which such Distribution Date occurs on which the
      Monthly Payment for such Mortgage Loan was due (or, in the case of any Mortgage
      Loan under the terms of which the Monthly Payment for such Mortgage Loan was
      due
      on a day other than the first day of the calendar month in which such
      Distribution Date occurs, the day during the related Due Period on which such
      Monthly Payment was due), exclusive of any days of grace.

     

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

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a federal or state
      chartered depository institution or trust company the short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated A-1+ by S&P,
      F-1 by Fitch and P-1 by Moody’s (or comparable ratings if S&P, Fitch and
      Moody’s are not the Rating Agencies) at the time any amounts are held on deposit
      therein, (ii) an account or accounts the deposits in which are fully insured
      by
      the FDIC up to the insured amount, (iii) a trust account or accounts maintained
      with the trust department of a federal or state chartered depository
      institution, national banking association or trust company acting in its
      fiduciary capacity or (iv) an account otherwise acceptable to each Rating Agency
      without reduction or withdrawal of their then current ratings of the
      Certificates as evidenced by a letter from each Rating Agency to the Trustee
      and
      the NIMS Insurer. Eligible Accounts may bear interest.

     

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

     

    “Escrow
      Account”: The account or accounts created and maintained pursuant to Section
      3.09.

     

    “Escrow
      Payments”: The amounts constituting ground rents, taxes, assessments, water
      rates, fire and hazard insurance premiums and other payments required to be
      escrowed by the Mortgagor with the mortgagee pursuant to any Mortgage
      Loan.

     

    “Excess
      Overcollateralized Amount”: With respect to the Fixed Rate Certificates and the
      Floating Rate Certificates and any Distribution Date, the excess, if any, of
      the
      sum of (i) the Overcollateralized Amount for such Distribution Date, assuming
      that 100% of the Principal Remittance Amount is applied as a principal payment
      on such Distribution Date and (ii) any amounts received under the Interest
      Rate
      Swap Agreement for such purpose over (iii) the Overcollateralization Target
      Amount for such Distribution Date.

     

    “Extra
      Principal Distribution Amount”: With respect to any Distribution Date, the
      lesser of (x) the Monthly Interest Distributable Amount payable on the Class
      C
      Certificates on such Distribution Date as reduced by Realized Losses allocated
      thereto with respect to such Distribution Date pursuant to Section 4.08 and
      (y)
      the Overcollateralization Deficiency Amount for such Distribution
      Date.

     

    “Fannie
      Mae”: Federal National Mortgage Association or any successor
      thereto.

     

    “FDIC”:
      Federal Deposit Insurance Corporation or any successor thereto.

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by the
      Originator, the Seller or the Servicer pursuant to or as contemplated by Section
      2.03, Section 3.16(c) or Section 10.01), a determination made by the Servicer
      that all Insurance Proceeds, Liquidation Proceeds and other payments or
      recoveries which the Servicer, in its reasonable good faith judgment, expects
      to
      be finally recoverable in respect thereof have been so recovered. The Servicer
      shall maintain records, prepared by a Servicing Officer, of each Final Recovery
      Determination made thereby.

     

    “Fitch”:
      Fitch Ratings, or its successor in interest.

     

    “Fixed
      Rate Certificates”: The Class B-3 Certificates.

     

    “Fixed-Rate
      Mortgage Loan”: A first lien or second lien Mortgage Loan which provides for a
      fixed Mortgage Rate payable with respect thereto. The Fixed-Rate Mortgage Loans
      are identified as such on the Mortgage Loan Schedule.

     

    “Fixed
      Swap Payment”: With respect to any Distribution Date, a fixed amount equal to
      the related amount set forth in the Interest Rate Swap Agreement.

     

    “Floating
      Rate Certificates”: Any Class A Certificate, Mezzanine Certificate or Class B
      Certificate (other than the Class B-3 Certificates).

     

    “Floating
      Swap Payment”: With respect to any Distribution Date, a floating amount equal to
      the product of (i) Swap LIBOR, (ii) the related Base Calculation Amount
(as
      defined in the Interest Rate Swap Agreement),
      (iii)
      250 and (iv) a fraction, the numerator of which is the actual number of days
      elapsed from and including the previous Floating Rate Payer Payment Date (as
      defined in the Interest Rate Swap Agreement) to but excluding the current
      Floating Rate Payer Payment (or, for the first Floating Rate Payer Payment
      Date,
      the actual number of days elapsed from the Closing Date to but excluding the
      first Floating Rate Payer Payment Date), and the denominator of which is
      360.

     

    “Formula
      Rate”: For any Distribution Date and the Floating Rate Certificates, the lesser
      of (a) the sum of (i) LIBOR plus (ii) the related Certificate Margin and (b)
      the
      Maximum Cap Rate.

     

    “Freddie
      Mac”: The Federal Home Loan Mortgage Corporation, or any successor
      thereto.

     

    “Gross
      Margin”: With respect to each Adjustable-Rate Mortgage Loan, the fixed
      percentage set forth in the related Mortgage Note that is added to the Index
      on
      each Adjustment Date in accordance with the terms of the related Mortgage Note
      used to determine the Mortgage Rate for such Mortgage Loan.

     

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

     

    “Group
      I
      Basic Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Group I Principal Remittance Amount for such Distribution
      Date
      over (ii)(a) the Overcollateralization Release Amount, if any, for such
      Distribution Date multiplied by (b) the Group I Allocation
      Percentage.

     

    “Group
      I
      Certificates”: The Class I-A-1 Certificates.

     

    “Group
      I
      Interest Remittance Amount”: With respect to any Distribution Date, that portion
      of the Available Funds for such Distribution Date attributable to interest
      received or advanced with respect to the Group I Mortgage Loans.

     

    “Group
      I
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group I with a Stated Principal
      Balance at origination that conforms to Fannie Mae and Freddie Mac loan limits.
      The aggregate principal balance of the Group I Mortgage Loans as of the Cut-off
      Date is equal to $438,288,546.34.

     

    “Group
      I
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the Group I Basic Principal Distribution Amount for such Distribution
      Date and (ii)(a) the Extra Principal Distribution Amount for such Distribution
      Date multiplied by (b) the Group I Allocation Percentage.

     

    “Group
      I
      Principal Remittance Amount”: With respect to any Distribution Date, that
      portion of Available Funds equal to the sum of (i) each scheduled payment of
      principal collected or advanced on the Group I Mortgage Loans by the Servicer
      that were due during the related Due Period, (ii) the principal portion of
      all
      full Principal Prepayments of the Group I Mortgage Loans applied by the Servicer
      during the related Prepayment Period, (iii) the principal portion of all related
      partial Principal Prepayments, Net Liquidation Proceeds, Insurance Proceeds
      and
      Subsequent Recoveries received during the prior calendar month with respect
      to
      the Group I Mortgage Loans, (iv) that portion of the Purchase Price,
      representing principal of any repurchased Group I Mortgage Loan, deposited
      to
      the Collection Account during the prior calendar month, (v) the principal
      portion of any related Substitution Adjustments deposited in the Collection
      Account during the prior calendar month with respect to the Group I Mortgage
      Loans and (vi) on the Distribution Date on which the Trust Fund is to be
      terminated pursuant to Section 10.01, that portion of the Termination Price,
      in
      respect of principal on the Group I Mortgage Loans.

     

    “Group
      I
      Senior Principal Distribution Amount”: The excess of (x) the Certificate
      Principal Balance of the Group I Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 52.80% and
      (ii)
      the aggregate Stated Principal Balance of the Group I Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the aggregate Stated Principal Balance of the Group I Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period) minus the related Overcollateralization
      Floor.

     

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

     

    “Group
      II
      Basic Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Group II Principal Remittance Amount for such Distribution
      Date over (ii)(a) the Overcollateralization Release Amount, if any, for such
      Distribution Date multiplied by (b) the Group II Allocation
      Percentage.

     

    “Group
      II
      Certificates”: Any Class II-A-1 Certificate, Class II-A-2 Certificate, Class
      II-A-3 Certificate or Class II-A-4 Certificate.

     

    “Group
      II
      Interest Remittance Amount”: With respect to any Distribution Date, that portion
      of the Available Funds for such Distribution Date attributable to interest
      received or advanced with respect to the Group II Mortgage Loans.

     

    “Group
      II
      Mortgage Loan”: A Mortgage Loan assigned to Loan Group II with a Stated
      Principal Balance at origination that may or may not conform to Fannie Mae
      and
      Freddie Mac loan limits. The aggregate principal balance of the Group II
      Mortgage Loans as of the Cut-off Date is equal to $571,694,015.47.

     

    “Group
      II
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the Group II Basic Principal Distribution Amount for such Distribution
      Date and (ii)(a) the Extra Principal Distribution Amount for such Distribution
      Date multiplied by (b) the Group II Allocation Percentage.

     

    “Group
      II
      Principal Remittance Amount”: With respect to any Distribution Date, that
      portion of Available Funds equal to the sum of (i) each scheduled payment of
      principal collected or advanced on the Group II Mortgage Loans by the Servicer
      that were due during the related Due Period, (ii) the principal portion of
      all
      full Principal Prepayments of the Group II Mortgage Loans applied by the
      Servicer during the related Prepayment Period, (iii) the principal portion
      of
      all related partial Principal Prepayments, Net Liquidation Proceeds, Insurance
      Proceeds and Subsequent Recoveries received during the prior calendar month
      with
      respect to the Group II Mortgage Loans, (iv) that portion of the Purchase Price,
      representing principal of any repurchased Group II Mortgage Loan, deposited
      to
      the Collection Account during the prior calendar month, (v) the principal
      portion of any related Substitution Adjustments deposited in the Collection
      Account during the prior calendar month with respect to the Group II Mortgage
      Loans and (vi) on the Distribution Date on which the Trust Fund is to be
      terminated pursuant to Section 10.01, that portion of the Termination Price,
      in
      respect of principal on the Group II Mortgage Loans. 

     

    “Group
      II
      Senior Principal Distribution Amount”: The excess of (x) the aggregate
      Certificate Principal Balance of the Group II Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i) 52.80%
      and
      (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans
      as of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) and (B) the aggregate Stated Principal Balance of
      the
      Group II Mortgage Loans as of the last day of the related Due Period (after
      giving effect to scheduled payments of principal due during the related Due
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) minus the related
      Overcollateralization Floor.

     

    “Highest
      Priority”: As
      of any
      date of determination, the Class of Mezzanine Certificates or Class B
      Certificates then outstanding with a Certificate Principal Balance greater
      than
      zero, with the highest priority for payments pursuant to Section 4.01, in the
      following order of decreasing priority: Class M-1, Class M-2, Class M-3, Class
      M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class B-1, Class
      B-2
      and Class B-3 Certificates.

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by the Class C
      Certificates, the Class P Certificates and/or Residual Certificates (or any
      portion thereof) which may or may not be guaranteed by the NIMS
      Insurer.

     

    “Independent”:
      When used with respect to any specified Person, any such Person who (a) is
      in
      fact independent of the Depositor, the Servicer and their respective Affiliates,
      (b) does not have any direct financial interest in or any material indirect
      financial interest in the Depositor or the Servicer or any Affiliate thereof,
      and (c) is not connected with the Depositor or the Servicer or any Affiliate
      thereof as an officer, employee, promoter, underwriter, trustee, partner,
      director or Person performing similar functions; provided, however, that a
      Person shall not fail to be Independent of the Depositor or the Servicer or
      any
      Affiliate thereof merely because such Person is the beneficial owner of 1%
      or
      less of any class of securities issued by the Depositor or the Servicer or
      any
      Affiliate thereof, as the case may be.

     

    “Independent
      Contractor”: Either (i) any Person (other than the Servicer) that would be an
“independent contractor” with respect to any of the REMICs created hereunder
      within the meaning of Section 856(d)(3) of the Code if such REMIC were a real
      estate investment trust (except that the ownership tests set forth in that
      section shall be considered to be met by any Person that owns, directly or
      indirectly, 35% or more of any Class of Certificates), so long as each such
      REMIC does not receive or derive any income from such Person and provided that
      the relationship between such Person and such REMIC is at arm’s length, all
      within the meaning of Treasury Regulation Section 1.856-4(b)(5), or (ii) any
      other Person (including the Servicer) if the Trustee has received an Opinion
      of
      Counsel to the effect that the taking of any action in respect of any REO
      Property by such Person, subject to any conditions therein specified, that
      is
      otherwise herein contemplated to be taken by an Independent Contractor will
      not
      cause such REO Property to cease to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Code (determined without regard to the
      exception applicable for purposes of Section 860D(a) of the Code), or cause
      any
      income realized in respect of such REO Property to fail to qualify as Rents
      from
      Real Property.

     

    “Index”:
      With respect to each Adjustable-Rate Mortgage Loan and with respect to each
      related Adjustment Date, the index as specified in the related Mortgage
      Note.

     

    “Initial
      Certificate Principal Balance”: With respect to any Regular Certificate, the
      amount designated “Initial Certificate Principal Balance” on the face
      thereof.

     

    “Insurance
      Proceeds”: Proceeds of any title policy, hazard policy or other insurance policy
      covering a Mortgage Loan to the extent such proceeds are received by the
      Servicer and are not to be applied to the restoration of the related Mortgaged
      Property or released to the Mortgagor in accordance with the procedures that
      the
      Servicer would follow in servicing mortgage loans held for its own account,
      subject to the terms and conditions of the related Mortgage Note and
      Mortgage.

     

    “Interest
      Determination Date”: With respect to the Class A Certificates, the Mezzanine
      Certificates and the Class B Certificates and each Accrual Period, the second
      LIBOR Business Day preceding the commencement of such Accrual
      Period.

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of April 13, 2006 (together with the schedule thereto, the
      Master Agreement) between HSBC Bank USA, National Association and the Trustee
      (in its capacity as Supplemental Interest Trust Trustee).

     

    “Late
      Collections”: With respect to any Mortgage Loan, all amounts received subsequent
      to the Determination Date immediately following any related Due Period, whether
      as late payments of Monthly Payments or as Insurance Proceeds, Liquidation
      Proceeds or otherwise, which represent late payments or collections of principal
      and/or interest due (without regard to any acceleration of payments under the
      related Mortgage and Mortgage Note) but delinquent on a contractual basis for
      such Due Period and not previously recovered.

     

    “LIBOR”:
      With respect to each Accrual Period, the rate determined by the Trustee on
      the
      related Interest Determination Date on the basis of the London interbank offered
      rate for one-month United States dollar deposits, as such rate appears on the
      Telerate Page 3750, as of 11:00 a.m. (London time) on such Interest
      Determination Date. If such rate does not appear on Telerate Page 3750, the
      rate
      for such Interest Determination Date will be determined on the basis of the
      offered rates of the Reference Banks for one-month United States dollar
      deposits, as of 11:00 a.m. (London time) on such Interest Determination Date.
      The Trustee will request the principal London office of each of the Reference
      Banks to provide a quotation of its rate. On such Interest Determination Date,
      LIBOR for the related Accrual Period will be established by the Trustee as
      follows:

     

    (i)  If
      on
      such Interest Determination Date two or more Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the arithmetic
      mean of such offered quotations (rounded upwards if necessary to the nearest
      whole multiple of 1/16 of 1%); and

     

    (ii)  If
      on
      such Interest Determination Date fewer than two Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the higher
      of
      (i) LIBOR as determined on the previous Interest Determination Date and (ii)
      the
      Reserve Interest Rate.

     

    “LIBOR
      Business Day”: Any day on which banks in London, England and The City of New
      York are open and conducting transactions in foreign currency and
      exchange.

     

    “Liquidated
      Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
      which the Servicer has determined, in accordance with the servicing procedures
      specified herein, as of the end of the related Prepayment Period, that all
      Liquidation Proceeds which it expects to recover with respect to the liquidation
      of the Mortgage Loan or disposition of the related REO Property have been
      recovered.

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full, (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan or (iii) such Mortgage Loan is removed from the Trust Fund
      by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      by Section 2.03, Section 3.16(c) or Section 10.01. With respect to any REO
      Property, either of the following events: (i) a Final Recovery Determination
      is
      made as to such REO Property or (ii) such REO Property is removed from the
      Trust
      Fund by reason of its being sold or purchased pursuant to Section 3.23 or
      Section 10.01.

     

    “Liquidation
      Proceeds”: The amount (other than amounts received in respect of the rental of
      any REO Property prior to REO Disposition) received by the Servicer in
      connection with (i) the taking of all or a part of a Mortgaged Property by
      exercise of the power of eminent domain or condemnation, (ii) the liquidation
      of
      a defaulted Mortgage Loan by means of a trustee’s sale, foreclosure sale or
      otherwise or (iii) the repurchase, substitution or sale of a Mortgage Loan
      or an
      REO Property pursuant to or as contemplated by Section 2.03, Section 3.16(c),
      Section 3.23 or Section 10.01.

     

    “Loan-to-Value
      Ratio”: As of any date and as to any Mortgage Loan, the fraction, expressed as a
      percentage, the numerator of which is the Stated Principal Balance of the
      Mortgage Loan and the denominator of which is the Value of the related Mortgaged
      Property.

     

    “Loan
      Group”: Either Loan Group I or Loan Group II, as the context
      requires.

     

    “Loan
      Group I”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group I.

     

    “Loan
      Group II”: The group of Mortgage Loans identified in the Mortgage Loan Schedule
      as having been assigned to Loan Group II.

     

    “Losses”:
      As defined in Section 9.03.

     

    “Lost
      Note Affidavit”: With respect to any Mortgage Loan as to which the original
      Mortgage Note has been permanently lost, misplaced or destroyed and has not
      been
      replaced, an affidavit from the Originator certifying that the original Mortgage
      Note has been lost, misplaced or destroyed (together with a copy of the related
      Mortgage Note) and indemnifying the Trust against any loss, cost or liability
      resulting from the failure to deliver the original Mortgage Note in the form
      of
      Exhibit H hereto.

     

    “Majority
      Certificateholders”: The Holders of Certificates evidencing at least 51% of the
      Voting Rights.

     

    “Marker
      Rate”: With respect to the Class C Certificates and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC 2 Pass-Through Rates for each REMIC 2 Regular Interest (other than REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTIO and REMIC 2 Regular
      Interest LTP) subject to a cap (for each such REMIC 2 Regular Interest other
      than REMIC 2 Regular Interest LTZZ) equal to the Pass-Through Rate for the
      Corresponding Certificate for the purpose of this calculation; with the rate
      on
      REMIC 2 Regular Interest LTZZ subject to a cap of zero for the purpose of this
      calculation; provided, however, that solely for this purpose, calculations
      of
      the Uncertificated REMIC 2 Pass-Through Rate and the related caps with respect
      to each such REMIC 2 Regular Interest, other than REMIC 2 Regular Interest
      LTB3
      and REMIC 2 Regular Interest LTZZ, shall be multiplied by a fraction, the
      numerator of which is the actual number of days in the Interest Accrual Period
      and the denominator of which is 30. 

     

    “Master
      Agreement”: The Master Mortgage Loan Purchase and Interim Servicing Agreement,
      dated as of December 1, 2006, between Fremont Investment & Loan and
      Greenwich Capital Financial Products, Inc..

     

    “Maximum
      Cap Rate”: For any Distribution Date and any Class of the Floating Rate
      Certificates, a per annum rate equal to the product of (i) the sum of (x) the
      weighted average of the Adjusted Net Maximum Mortgage Rates of the Mortgage
      Loans, weighted on the basis of the outstanding Principal Balances of the
      Mortgage Loans as of the first day of the month preceding the month of such
      Distribution Date and (y) an amount, expressed as a percentage, equal to a
      fraction, the numerator of which is equal to the Net Swap Payment made by the
      Swap Provider and the denominator of which is equal to the aggregate Stated
      Principal Balance of the Mortgage Loans, multiplied by 12 and (ii) a fraction,
      the numberator of which is 30 and the denominator of which is the actual number
      of days elapsed in the related Accrual Period.

     

    “Maximum
      Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (a) accrued interest at the Uncertificated
      REMIC 2 Pass-Through Rate applicable to REMIC 2 Regular Interest LTZZ for such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 2 Regular Interest LTZZ minus the REMIC 2 Overcollateralization Amount,
      in
      each case for such Distribution Date, over (b) the sum of the Uncertificated
      Accrued Interest on REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest
      LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC
      2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular
      Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4,
      REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular
      Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9,
      REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2 and REMIC 2 Regular
      Interest LTB3 with the rate on each such REMIC 2 Regular Interest subject to
      a
      cap equal to (i) the Pass-Through Rate for the related Corresponding Certificate
      for the purpose of this calculation; provided, however, that for this purpose,
      calculations of the Uncertificated REMIC 2 Pass-Through Rate and the related
      caps with respect to each such REMIC 2 Regular Interest (other than REMIC 2
      Regular Interest LTB3 and REMIC 2 Regular Interest LTZZ) shall be multiplied
      by
      a fraction, the numerator of which is the actual number of days elapsed in
      the
      related Accrual Period and the denominator of which is 30.

     

    “Maximum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the Maximum Mortgage Rate
      thereunder.

     

    “MERS”:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

     

    “MERS®
      System”: The system of recording transfers of Mortgages electronically
      maintained by MERS.

     

    “Mezzanine
      Certificate”: Any Class M-1 Certificate, Class M-2 Certificate, Class M-3
      Certificate, Class M-4 Certificate, Class M-5 Certificate, Class M-6
      Certificate, Class M-7 Certificate, Class M-8 Certificate and Class M-9
      Certificate.

     

    “MIN”:
      The Mortgage Identification Number for Mortgage Loans registered with MERS
      on
      the MERS® System.

     

    “Minimum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the Minimum Mortgage Rate
      thereunder.

     

    “MOM
      Loan”: With respect to any applicable Mortgage Loan, MERS acting as the
      mortgagee of such Mortgage Loan, solely as nominee for the originator of such
      Mortgage Loan and its successors and assigns, at the origination
      thereof.

     

    “Monthly
      Interest Distributable Amount”: With respect to any Class of the Class A
      Certificates, Class B Certificates, Mezzanine Certificates and Class C
      Certificates and any Distribution Date, the amount of interest accrued during
      the related Accrual Period at the related Pass-Through Rate on the Certificate
      Principal Balance (or Notional Amount in the case of the Class C Certificates)
      of such Class immediately prior to such Distribution Date, in each case, reduced
      by any Net Prepayment Interest Shortfalls, Relief Act Interest
      Shortfalls.

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan, (ii) any modifications to a Mortgage Loan
      pursuant to Section 3.07 and (iii) any reduction in the amount of interest
      collectible from the related Mortgagor pursuant to the Relief Act; (b) without
      giving effect to any extension granted or agreed to by the Servicer pursuant
      to
      Section 3.07; and (c) on the assumption that all other amounts, if any, due
      under such Mortgage Loan are paid when due.

     

    “Moody’s”:
      Moody’s Investors Service, Inc., or its successor in interest.

     

    “Mortgage”:
      The mortgage, deed of trust or other instrument creating a first or second
      lien
      on, or first or second priority security interest in, a Mortgaged Property
      securing a Mortgage Note.

     

    “Mortgage
      File”: The mortgage documents listed in Section 2.01 pertaining to a particular
      Mortgage Loan and any additional documents required to be added to the Mortgage
      File pursuant to this Agreement.

     

    “Mortgage
      Loan”: Each mortgage loan transferred and assigned to the Trustee pursuant to
      Section 2.01 or Section 2.03(d) as from time to time held as a part of the
      Trust
      Fund, the Mortgage Loans so held being identified in the Mortgage Loan
      Schedule.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC 2
      on such date, separately identifying the Group I Mortgage Loans and the Group
      II
      Mortgage Loans, attached hereto as Exhibit D. The Mortgage Loan Schedule shall
      be prepared by the Depositor and shall set forth the following information
      with
      respect to each Mortgage Loan, as applicable:

     

                                            
      (1)        the
      Mortgage Loan identifying number;

     

                                            
      (2)        [reserved];

     

                                            
      (3)        the
      state
      and zip code of the Mortgaged Property;

     

    
      	(4)  	
                   
                a code indicating whether the Mortgaged Property was represented
                by the
                borrower, at the time of origination, as being
                owner-occupied;

            

    

     

                                            
      (5)        the
      type
      of Residential Dwelling constituting the Mortgaged Property;

     

                                            
      (6)        the
      original months to maturity;

     

    
      	(7)  	
                   
                the stated remaining months to maturity from the Cut-off Date based
                on the
                original amortization schedule;

            

    

     

                                            
      (8)        the
      Loan-to-Value Ratio at origination;

     

                                           
      (9)         the
      Mortgage Rate in effect immediately following the Cut-off Date;

     

    
      	(10)  	
                   
                the date on which the first Monthly Payment was due on the Mortgage
                Loan;

            

    

     

                                           
      (11)        the
      stated maturity date;

     

                                           
      (12)        the
      amount of the Monthly Payment at origination;

     

    
      	(13)  	
                   
                the amount of the Monthly Payment due on the first Due Date after
                the Cut-
                off Date;

            

    

     

    
      	(14)  	
                   
                the last Due Date on which a Monthly Payment was actually applied
                to the
                unpaid Stated Principal Balance;

            

    

     

                                           
      (15)  the
      original principal amount of the Mortgage Loan;

     

    
      	(16)  	
                   
                the Stated Principal Balance of the Mortgage Loan as of the Close
                of
                Business on the Cut-off Date;

            

    

     

    
      	(17)  	
                   
                a code indicating the purpose of the Mortgage Loan (i.e., purchase
                financing, rate/term refinancing, cash-out
                refinancing);

            

    

     

                                           
      (18)  the
      Mortgage Rate at origination;

     

    
      	(19)  	
                   
                a code indicating the documentation program (i.e., full documentation,
                limited income verification, no income verification, alternative
                income
                verification);

            

    

     

                                           
      (20)  the
      risk
      grade;

     

                                           
      (21)  the
      Value
      of the Mortgaged Property;

     

                                           
      (22)  the
      sale
      price of the Mortgaged Property, if applicable;

     

    
      	(23)  	
                   
                the actual unpaid principal balance of the Mortgage Loan as of the
                Cut-off
                Date;

            

    

     

                                           
      (24)        the
      type
      and term of the related Prepayment Charge;

     

    
      	(25)  	
                   
                with respect to any Adjustable-Rate Mortgage Loan, the rounding code,
                the
                Minimum Mortgage Rate, the Maximum Mortgage Rate, the Gross Margin,
                the
                next Adjustment Date and the Periodic Rate
                Cap;

            

    

     

                                           
      (26)  the
      program code;

     

                                           
      (27)  the
      Loan
      Group; 

     

                                           
      (28)  the
      MIN,
      if applicable, and

     

                                           
      (29)  the
      lien
      priority.

     

    The
      Mortgage Loan Schedule shall set forth the following information, with respect
      to the Mortgage Loans in the aggregate and for each Loan Group as of the Cut-off
      Date: (1) the number of Mortgage Loans (separately identifying the number of
      Fixed-Rate Mortgage Loans and the number of Adjustable-Rate Mortgage Loans);
      (2)
      the current Principal Balance of the Mortgage Loans; (3) the weighted average
      Mortgage Rate of the Mortgage Loans and (4) the weighted average remaining
      term
      to maturity of the Mortgage Loans. The Mortgage Loan Schedule shall be amended
      from time to time by the Servicer in accordance with the provisions of this
      Agreement. With respect to any Qualified Substitute Mortgage Loan, Cut-off
      Date
      shall refer to the related Cut-off Date for such Mortgage Loan, determined
      in
      accordance with the definition of Cut-off Date herein. On the Closing Date,
      the
      Depositor will deliver to the Servicer, as of the Cut-off Date, an electronic
      copy of the Mortgage Loan Schedule.

     

    “Mortgage
      Note”: The original executed note or other evidence of indebtedness evidencing
      the indebtedness of a Mortgagor under a Mortgage Loan.

     

    “Mortgage
      Pool”: The pool of Mortgage Loans, identified on Exhibit D from time to time,
      and any REO Properties acquired in respect thereof.

     

    “Mortgage
      Rate”: With respect to each Fixed-Rate Mortgage Loan, the rate set forth in the
      related Mortgage Note. With respect to each Adjustable-Rate Mortgage Loan,
      the
      annual rate at which interest accrues on such Mortgage Loan from time to time
      in
      accordance with the provisions of the related Mortgage Note, which rate (A)
      as
      of any date of determination until the first Adjustment Date following the
      Cut-off Date shall be the rate set forth in the Mortgage Loan Schedule as the
      Mortgage Rate in effect immediately following the Cut-off Date and (B) as of
      any
      date of determination thereafter shall be the rate as adjusted on the most
      recent Adjustment Date, to equal the sum, rounded to the next highest or nearest
      0.125% (as provided in the Mortgage Note), of the Index, determined as set
      forth
      in the related Mortgage Note, plus the related Gross Margin subject to the
      limitations set forth in the related Mortgage Note. With respect to each
      Mortgage Loan that becomes an REO Property, as of any date of determination,
      the
      annual rate determined in accordance with the immediately preceding sentence
      as
      of the date such Mortgage Loan became an REO Property.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of a fee simple estate in a parcel of real property
      improved by a Residential Dwelling.

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
      disposition of related Mortgaged Property (including REO Property) the related
      Liquidation Proceeds and Insurance Proceeds net of Advances, Servicing Advances,
      Servicing Fees and any other accrued and unpaid servicing fees or ancillary
      income received and retained in connection with the liquidation of such Mortgage
      Loan or Mortgaged Property.

     

    “Net
      Monthly Excess Cashflow”: With respect to each Distribution Date, the sum of (a)
      any Overcollateralization Release Amount for such Distribution Date and (b)
      the
      excess of (x) Available Funds for such Distribution Date over (y) the sum for
      such Distribution Date of (A) the Monthly Interest Distributable Amounts for
      the
      Class A Certificates, Class B Certificates and Mezzanine Certificates, (B)
      the
      Unpaid Interest Shortfall Amounts for the Class A Certificates and (C) the
      Principal Remittance Amount.

     

    “Net
      Mortgage Rate”: With respect to any Mortgage Loan (or the related REO Property),
      as of any date of determination, a per annum rate of interest equal to the
      then
      applicable Mortgage Rate for such Mortgage Loan minus the Servicing Fee
      Rate.

     

    “Net
      Prepayment Interest Shortfall”: With respect to any Distribution Date, the
      excess, if any, of any Prepayment Interest Shortfalls for such date over the
      related Compensating Interest.

     

    “Net
      Swap
      Payment”: In the case of payments made by the Trust, the excess, if any, of (x)
      the Fixed Swap Payment over (y) the Floating Swap Payment and in the case of
      payments made by the Swap Provider, the excess, if any, of (x) the Floating
      Swap
      Payment over (y) the Fixed Swap Payment. In each case, the Net Swap Payment
      shall not be less than zero. 

     

    “Net
      WAC
      Rate”: For any Distribution Date with respect to the Fixed Rate Certificates and
      the Floating Rate Certificates, a per annum rate (which rate, in the case of
      the
      Floating Rate Certificates, shall be multiplied by a fraction, the numerator
      of
      which is 30 and the denominator of which is the actual number of days elapsed
      in
      the related Accrual Period) equal to the weighted average of the Adjusted Net
      Mortgage Rates of the Mortgage Loans, weighted based on their outstanding Stated
      Principal Balances as of the first day of the calendar month preceding the
      month
      in which the Distribution Date occurs minus (i) an amount, expressed as a
      percentage, equal to the product of (x) the Net Swap Payment, if any, paid
      by
      the Trust for such Distribution Date divided by the aggregate Stated Principal
      Balance of the Mortgage Loans and (y) 12 and (ii) an amount, expressed as a
      percentage, equal to the product of (x) the Swap Termination Payment, if any,
      due from the Trust (other than any Swap Termination Payment resulting from
      a
      Swap Provider Trigger Event) for such Distribution Date divided by the aggregate
      Stated Principal Balance of the Mortgage Loans, and (y) 12. For federal income
      tax purposes, the equivalent of the foregoing shall be expressed as a per annum
      rate (which rate, in the case of the Floating Rate Certificates, shall be
      multiplied by a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days elapsed in the related Accrual Period) equal
      to the weighted average of the Uncertificated REMIC 2 Pass-Through Rates on
      each
      REMIC 2 Regular Interest (other than REMIC 2 Regular Interests LTIO and LTP),
      weighted on the basis of the Uncertificated Principal Balance of each such
      REMIC
      2 Regular Interest.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect the Fixed Rate Certificates and the
      Floating Rate Certificates and any Distribution Date, the sum of (A) the
      positive excess of (i) the amount of interest accrued on such Class of
      Certificates on such Distribution Date calculated at the related Pass-Through
      Rate (without regard to the related Net WAC Rate), over (ii) the amount of
      interest accrued on such Class of Certificates at the Net WAC Rate for such
      Distribution Date and (B) the Net WAC Rate Carryover Amount for the previous
      Distribution Date not previously paid, together with interest thereon at a
      rate
      equal to the related Pass-Through Rate (without regard to the Net WAC Rate)
      for
      the most recently ended Accrual Period.

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The account established and maintained pursuant
      to Section 4.07.

     

    “New
      Lease”: Any lease of REO Property entered into on behalf of the Trust, including
      any lease renewed or extended on behalf of the Trust if the Trust has the right
      to renegotiate the terms of such lease.

     

    “NIMS
      Insurer”: Any insurer that is guaranteeing certain payments under notes secured
      by collateral which includes all or a portion of the Class C Certificates,
      the
      Class P Certificates and/or the Residual Certificates.

     

    “Nonrecoverable
      Advance”: Any Advance or Servicing Advance previously made or proposed to be
      made in respect of a Mortgage Loan or REO Property that, in the good faith
      business judgment of the Servicer, will not be ultimately recoverable from
      Late
      Collections, Insurance Proceeds, Liquidation Proceeds or condemnation proceeds
      on such Mortgage Loan or REO Property as provided herein.

     

    “Notional
      Amount”: Immediately prior to any Distribution Date with respect to the Class C
      Interest, the aggregate of the Uncertificated Principal Balance of the REMIC
      2
      Regular Interests (other than REMIC 2 Regular Interest LTP).

     

    “Offered
      Certificates”: The Class A Certificates and the Mezzanine Certificates offered
      to the public pursuant to the Prospectus Supplement.

     

    “Officers’
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president (however denominated),
      or by the Treasurer, the Secretary, or one of the assistant treasurers or
      assistant secretaries of the Servicer, the Originator or the Depositor, as
      applicable.

     

    “Opinion
      of Counsel”: A written opinion of counsel, who may, without limitation, be a
      salaried counsel for the Depositor or the Servicer, acceptable to the Trustee,
      except that any opinion of counsel relating to (a) the qualification of any
      REMIC as a REMIC or (b) compliance with the REMIC Provisions must be an opinion
      of Independent counsel.

     

    “Optional
      Termination Date”: The first Distribution Date on which the Terminator may opt
      to terminate the Trust Fund pursuant to Section 10.01.

     

    “Original
      Class Certificate Principal Balance”: With respect to the Class A Certificates,
      the Class B Certificates, the Mezzanine Certificates, the Class B Certificates,
      the Class C Certificates, the Class C Interest, the Class P Certificates and
      the
      Class P Interest, the corresponding amounts set forth opposite such Class above
      in the Preliminary Statement.

     

    “Originator”:
      Fremont Investment & Loan, or its successor in interest.

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the amount, if any,
      by which the Overcollateralization Target Amount exceeds the Overcollateralized
      Amount on such Distribution Date (assuming that 100% of the Principal Remittance
      Amount is applied as a principal distribution on such Distribution Date).

     

    “Overcollateralization
      Floor”: With respect to the Group I Certificates, $2,191,442.73. With respect to
      the Group II Certificates, $2,858,470.08. With respect to the Mezzanine
      Certificates, $5,049,912.81.

     

    “Overcollateralization
      Release Amount”: With respect to any Distribution Date, the lesser of (x) the
      Principal Remittance Amount for such Distribution Date and (y) the Excess
      Overcollateralized Amount.

     

    “Overcollateralization
      Target Amount”: With
      respect to any Distribution Date, (i) prior to the Stepdown Date, an amount
      equal to 1.45% of the aggregate Stated Principal Balance of the Mortgage Loans
      as of the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger
      Event is not in effect, the greater of (A) 2.90% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
an
      amount
      equal to 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans
      as of the Cut-off Date and
      (iii)
      on or after the Stepdown Date if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date.
      Notwithstanding the foregoing, on and after any Distribution Date following
      the
      reduction of the aggregate Certificate Principal Balance of the Floating Rate
      Certificates and the Fixed Rate Certificates to zero, the Overcollateralization
      Target Amount shall be zero.

     

    “Overcollateralized
      Amount”: For any Distribution Date, the amount equal to (i) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) minus
      (ii) the sum of the aggregate Certificate Principal Balance of the Class A
      Certificates, the Class B Certificates and Mezzanine Certificates and the Class
      P Certificates as of such Distribution Date after giving effect to distributions
      to be made on such Distribution Date.

     

    “Ownership
      Interest”: As to any Certificate, any ownership or security interest in such
      Certificate, including any interest in such Certificate as the Holder thereof
      and any other interest therein, whether direct or indirect, legal or beneficial,
      as owner or as pledgee.

     

    “Pass-Through
      Rate”: With respect to the Fixed Rate Certificates and any Distribution Date,
      the lesser of (x) the related fixed rate per annum set forth below for such
      Distribution Date and (y) the Net WAC Rate for such Distribution
      Date.

     

    
      	
              Class

            	
              Fixed
                Rate

            
	
              (1)

            	
              (2)

            
	
              B-3

            	
              5.0000%
                per annum

            	
              5.5000%
                per annum

            

    

    __________

    (1) For
      the
      Accrual Period for each Distribution Date on or prior to the Optional
      Termination Date.

    (2) For
      each
      other Accrual Period.

     

    With
      respect to each Distribution Date and each Class of Floating Rate Certificates,
      a floating rate equal to the lesser of (i) the related Formula Rate and (ii)
      the
      Net WAC Rate with respect to such Distribution Date.

     

    With
      respect to the Class C Interest and any Distribution Date, a per annum rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC 2 Regular Interest LTP and (ii)
      interest on the Uncertificated Balance of each REMIC 2 Regular Interest listed
      in clause (y) at a rate equal to the related Uncertificated REMIC 2 Pass-Through
      Rate minus the Marker Rate and the denominator of which is (y) the aggregate
      Uncertificated Principal Balance of REMIC 2 Regular Interests LTAA, LTIA1,
      LTIIA1, LTIIA2, LTIIA3, LTIIA4, LTM1, LTM2, LTM3, LTM4, LTM5, LTM6, LTM7, LTM8,
      LTM9, LTB1, LTB2, LTB3 and LTZZ.

     

    The
      Class
      P Certificates, Class R Certificates and Class R-X Certificates will not accrue
      interest and therefore will not have a Pass-Through Rate.

     

    With
      respect to the Class C Certificates, 100% of the interest distributable to
      the
      Class C Interest, expressed as a per annum rate.

     

    The
      Class
      IO Interest shall not have a Pass-Through Rate, but interest for such Regular
      Interest and each Distribution Date shall be an amount equal to 100% of the
      amounts distributable to REMIC 2 Regular Interest LTIO for such Distribution
      Date.

     

    The
      REMIC
      6 Regular Interest SWAP IO shall not have a Pass-Through Rate, but interest
      for
      such Regular Interest and each Distribution Date shall be an amount equal to
      100% of the amounts distributable to the Class IO Interest for such Distribution
      Date.

     

    “Paying
      Agent”: Any paying agent appointed pursuant to Section 5.05.

     

    “Percentage
      Interest”: With respect to any Certificate (other than a Class C Certificates or
      a Residual Certificate), a fraction, expressed as a percentage, the numerator
      of
      which is the Initial Certificate Principal Balance represented by such
      Certificate and the denominator of which is the Original Class Certificate
      Principal Balance of the related Class. With respect to a Residual Certificate
      or Class C Certificate, the portion of the Class evidenced thereby, expressed
      as
      a percentage, as stated on the face of such Certificate; provided, however,
      that
      the sum of all such percentages for each such Classes totals 100%.

     

    “Periodic
      Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
      Date therefor, the fixed percentage set forth in the related Mortgage Note,
      which is the maximum amount by which the Mortgage Rate for such Mortgage Loan
      may increase or decrease (without regard to the Maximum Mortgage Rate or the
      Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect
      immediately prior to such Adjustment Date.

     

    “Permitted
      Investments”: Any one or more of the following obligations or securities
      acquired at a purchase price of not greater than par, regardless of whether
      issued or managed by the Depositor, the Servicer, the NIMS Insurer, the Trustee
      or any of their respective Affiliates or for which an Affiliate of the NIMS
      Insurer or Trustee serves as an advisor:

     

    (i)  direct
      obligations of, or obligations fully guaranteed as to timely payment of
      principal and interest by, the United States or any agency or instrumentality
      thereof, provided such obligations are backed by the full faith and credit
      of
      the United States;

     

    (ii)  (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or its agent acting in their respective commercial
      capacities) incorporated under the laws of the United States of America or
      any
      state thereof and subject to supervision and examination by federal and/or
      state
      authorities, so long as, at the time of such investment or contractual
      commitment providing for such investment, such depository institution or trust
      company (or, if the only Rating Agency is S&P, in the case of the principal
      depository institution in a depository institution holding company, debt
      obligations of the depository institution holding company) or its ultimate
      parent has a short-term uninsured debt rating in one of the two highest
      available ratings of Moody’s and the highest available rating category of Fitch
      and S&P and provided that each such investment has an original maturity of
      no more than 365 days; and provided further that, if the only Rating Agency
      is
      S&P and if the depository or trust company is a principal subsidiary of a
      bank holding company and the debt obligations of such subsidiary are not
      separately rated, the applicable rating shall be that of the bank holding
      company; and, provided further that, if the original maturity of such short-
      term obligations of a domestic branch of a foreign depository institution or
      trust company shall exceed 30 days, the short-term rating of such institution
      shall be A-1+ in the case of S&P if S&P is the Rating Agency; and (B)
      any other demand or time deposit or deposit which is fully insured by the
      FDIC;

     

    (iii)  repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated F-1+ or higher by Fitch, P-1 by
      Moody’s and rated A-1+ or higher by S&P, provided, however, that collateral
      transferred pursuant to such repurchase obligation must be of the type described
      in clause (i) above and must (A) be valued daily at current market prices plus
      accrued interest, (B) pursuant to such valuation, be equal, at all times, to
      105% of the cash transferred by the Trustee in exchange for such collateral
      and
      (C) be delivered to the Trustee or, if the Trustee is supplying the collateral,
      an agent for the Trustee, in such a manner as to accomplish perfection of a
      security interest in the collateral by possession of certificated
      securities;

     

    (iv)  securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America or any State thereof
      and that are rated by S&P (and if rated by any other Rating Agency, also by
      such other Rating Agency) in its highest long-term unsecured rating category
      at
      the time of such investment or contractual commitment providing for such
      investment;

     

    (v)  commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 30 days after the date of acquisition thereof) that is rated by S&P
      (and if rated by any other Rating Agency, also by such other Rating Agency)
      in
      its highest short-term unsecured debt rating available at the time of such
      investment;

     

    (vi)  units
      of
      money market funds, including those money market funds managed or advised by
      the
      Trustee or its Affiliates, that have been rated “AAA” by Fitch (if rated by
      Fitch), “Aaa” by Moody’s and “AAAm” or “AAAm-G” by S&P; and

     

    (vii)  if
      previously confirmed in writing to the Trustee, any other demand, money market
      or time deposit, or any other obligation, security or investment, as may be
      acceptable to the Rating Agencies in writing as a permitted investment of funds
      backing securities having ratings equivalent to its highest initial rating
      of
      the Class A Certificates;

     

    provided,
      that no instrument described hereunder shall evidence either the right to
      receive (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from obligations
      underlying such instrument and the interest and principal payments with respect
      to such instrument provide a yield to maturity at par greater than 120% of
      the
      yield to maturity at par of the underlying obligations.

     

    “Permitted
      Transferee”: Any transferee of a Residual Certificate other than a Disqualified
      Organization or a non-U.S. Person.

     

    “Person”:
      Any individual, corporation, limited liability company, partnership, joint
      venture, association, joint stock company, trust, unincorporated organization
      or
      government or any agency or political subdivision thereof.

     

    “Plan”:
      Any employee benefit plan or certain other retirement plans and arrangements,
      including individual retirement accounts and annuities, Keogh plans and bank
      collective investment funds and insurance company general or separate accounts
      in which such plans, accounts or arrangements are invested, that are subject
      to
      ERISA or Section 4975 of the Code. 

     

    “Pool
      Balance”: As of any date of determination, the aggregate Stated Principal
      Balance of the Mortgage Loans in both Loan Groups as of such date.

     

    “Prepayment
      Assumption”: As defined in the Prospectus Supplement.

     

    “Prepayment
      Charge”: With respect to any Mortgage Loan, the charges or premiums, if any, due
      in connection with a full or partial Principal Prepayment of such Mortgage
      Loan
      in accordance with the terms thereof (other than any Servicer Prepayment Charge
      Payment Amount).

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges on the Mortgage
      Loans included in the Trust Fund on such date, attached hereto as Schedule
      I
      (including the prepayment charge summary attached thereto). The Prepayment
      Charge Schedule shall set forth the following information with respect to each
      Prepayment Charge:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  a
      code
      indicating the type of Prepayment Charge;

     

    (iii)  the
      state
      of origination of the related Mortgage Loan;

     

    (iv)  the
      date
      on which the first monthly payment was due on the related Mortgage
      Loan;

     

    (v)  the
      term
      of the related Prepayment Charge; and

     

    (vi)  the
      Stated Principal Balance of the related Mortgage Loan as of the Cut-off
      Date.

     

    The
      Prepayment Charge Schedule shall be amended from time to time by the Servicer
      in
      accordance with the provisions of this Agreement and a copy of such amended
      Prepayment Charge Schedule shall be furnished by the Servicer to the NIMS
      Insurer.

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period occurring between the first day and the 15th
      day of
      the calendar month in which such Distribution Date occurs, an amount equal
      to
      interest (to the extent received) at the applicable Net Mortgage Rate on the
      amount of such Principal Prepayment for the number of days commencing on the
      first day of the calendar month in which such Distribution Date occurs and
      ending on the date on which such prepayment is so applied.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment during the portion of the
      related Prepayment Period occurring from the first day of the related Prepayment
      Period through the last day of the calendar month preceding the month in which
      such Distribution Date occurs, an amount equal to one-month’s interest at the
      applicable Net Mortgage Rate less any payments made by the Mortgagor on the
      amount of such Principal Prepayment for the number of days commencing on the
      date such Principal Prepayment is received and ending on the last day of the
      calendar month preceding the month in which such Distribution Date
      occurs.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the
      16th
      day of
      the calendar month preceding the month in which the related Distribution Date
      occurs (or, in the case of the first Distribution Date, from April 1, 2006)
      and
      ending on the 15th
      day of
      the calendar month in which such Distribution Date occurs.

     

    “Principal
      Balance”: As to any Mortgage Loan other than a Liquidated Mortgage Loan, and any
      day, the related Cut-off Date Principal Balance, minus all collections credited
      against the Cut-off Date Principal Balance of any such Mortgage Loan. For
      purposes of this definition, a Liquidated Mortgage Loan shall be deemed to
      have
      a Principal Balance equal to the Principal Balance of the related Mortgage
      Loan
      as of the final recovery of related Liquidation Proceeds and a Principal Balance
      of zero thereafter. As to any REO Property and any day, the Principal Balance
      of
      the related Mortgage Loan immediately prior to such Mortgage Loan becoming
      REO
      Property minus any REO Principal Amortization received with respect thereto
      on
      or prior to such day.

     

    “Principal
      Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan
      which is received in advance of its scheduled Due Date and which is not
      accompanied by an amount of interest representing the full amount of scheduled
      interest due on any Due Date in any month or months subsequent to the month
      of
      prepayment.

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum of the Group
      I Principal Remittance Amount and the Group II Principal Remittance
      Amount.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated April 10, 2006 relating to
      the public offering of the Class A Certificates and the Mezzanine
      Certificates.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased by the
      Originator, the Seller or the Servicer pursuant to or as contemplated by Section
      2.03, Section 3.16(c) or Section 10.01, and as confirmed by an Officers’
Certificate from the Originator or the Servicer to the Trustee, an amount equal
      to the sum of (i) 100% of the Stated Principal Balance thereof as of the date
      of
      purchase (or such other price as provided in Section 10.01), (ii) in the case
      of
      (x) a Mortgage Loan, accrued interest on such Stated Principal Balance at the
      applicable Mortgage Rate in effect from time to time from the Due Date as to
      which interest was last covered by a payment by the Mortgagor or an Advance
      by
      the Servicer, which payment or Advance had as of the date of purchase been
      distributed pursuant to Section 4.01, through the end of the calendar month
      in
      which the purchase is to be effected, and (y) an REO Property, the sum of (1)
      accrued interest on such Stated Principal Balance at the applicable Mortgage
      Rate in effect from time to time from the Due Date as to which interest was
      last
      covered by a payment by the Mortgagor or an advance by the Servicer through
      the
      end of the calendar month immediately preceding the calendar month in which
      such
      REO Property was acquired, plus (2) REO Imputed Interest for such REO Property
      for each calendar month commencing with the calendar month in which such REO
      Property was acquired and ending with the calendar month in which such purchase
      is to be effected, net of the total of all net rental income, Insurance
      Proceeds, Liquidation Proceeds and Advances that as of the date of purchase
      had
      been distributed as or to cover REO Imputed Interest pursuant to Section 4.04,
      (iii) any unreimbursed Servicing Advances and Advances and any unpaid Servicing
      Fees allocable to such Mortgage Loan or REO Property, (iv) any amounts
      previously withdrawn from the Collection Account in respect of such Mortgage
      Loan or REO Property pursuant to Section 3.23 and (v) in the case of a Mortgage
      Loan required to be purchased pursuant to Section 2.03, expenses reasonably
      incurred or to be incurred by the Servicer, the NIMS Insurer or the Trustee
      in
      respect of the breach or defect giving rise to the purchase obligation including
      any costs and damages incurred by the Trust Fund in connection with any
      violation by such loan of any predatory or abusive lending law. With respect
      to
      the Originator and any Mortgage Loan or REO Property to be purchased pursuant
      to
      or as contemplated by Section 2.03 or 10.01, and as confirmed by a certificate
      of an Officers’ Certificate of the Originator to the Trustee, an amount equal to
      the amount set forth pursuant to the terms of the Master Agreement.

     

    “Qualified
      Insurer”: Any insurance company acceptable to Fannie Mae.

     

    “Qualified
      Substitute Mortgage Loan”: With respect to the Seller, a mortgage loan
      substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement
      which must, on the date of such substitution, (i) have an outstanding Stated
      Principal Balance (or in the case of a substitution of more than one mortgage
      loan for a Deleted Mortgage Loan, an aggregate Stated Principal Balance), after
      application of all scheduled payments of principal and interest due during
      or
      prior to the month of substitution, not in excess of, and not more than 5%
      less
      than, the outstanding Stated Principal Balance of the Deleted Mortgage Loan
      as
      of the Due Date in the calendar month during which the substitution occurs,
      (ii)
      have a Mortgage Rate not less than (and not more than one percentage point
      in
      excess of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) if the
      Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have
      a
      Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted
      Mortgage Loan, (iv) if the Qualified Substitute Mortgage Loan is an
      Adjustable-Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the
      Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if the Qualified
      Substitute Mortgage Loan is an Adjustable-Rate Mortgage Loan, have a Gross
      Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan,
      (vi) if the Qualified Substitute Mortgage Loan is an Adjustable-Rate Mortgage
      Loan, have a next Adjustment Date not more than two months later than the next
      Adjustment Date on the Deleted Mortgage Loan, (vii) have a remaining term to
      maturity not greater than (and not more than one year less than) that of the
      Deleted Mortgage Loan, (viii) be current as of the date of substitution, (ix)
      have a Loan-to-Value Ratio as of the date of substitution equal to or lower
      than
      the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (x) have
      a
      risk grading determined by the Originator at least equal to the risk grading
      assigned on the Deleted Mortgage Loan, (xi) have been underwritten or
      reunderwritten by the related Originator in accordance with the same
      underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) be
      a
      first lien mortgage loan if the Deleted Mortgage Loan is a first lien mortgage
      loan and (xiii) conform to each representation and warranty set forth in Section
      3.01 of the Mortgage Loan Purchase Agreement or assigned to the Depositor
      pursuant to the related Assignment Agreement applicable to the Deleted Mortgage
      Loan. In the event that one or more mortgage loans are substituted for one
      or
      more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall
      be
      determined on the basis of aggregate Stated Principal Balance, the Mortgage
      Rates described in clause (ii) hereof shall be satisfied for each such mortgage
      loan, the risk gradings described in clause (x) hereof shall be satisfied as
      to
      each such mortgage loan, the terms described in clause (vii) hereof shall be
      determined on the basis of weighted average remaining term to maturity (provided
      that no such mortgage loan may have a remaining term to maturity longer than
      the
      Deleted Mortgage Loan), the Loan-to-Value Ratios described in clause (ix) hereof
      shall be satisfied as to each such mortgage loan and, except to the extent
      otherwise provided in this sentence, the representations and warranties
      described in clause (xii) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be. With respect
      to each Originator, a mortgage loan substituted for a Deleted Mortgage Loan
      pursuant to the terms of the related Master Agreement which must, on the date
      of
      such substitution conform to the terms set forth in the related Master
      Agreement.

     

    “Rating
      Agency or Rating Agencies”: Fitch, Moody’s and S&P or their successors. If
      such agencies or their successors are no longer in existence, “Rating Agencies”
shall be such nationally recognized statistical rating agencies, or other
      comparable Persons, designated by the Depositor, notice of which designation
      shall be given to the Trustee and Servicer.

     

    “Realized
      Loss”: With respect to any Liquidated Mortgage Loan, the amount of loss realized
      equal to the portion of the Stated Principal Balance remaining unpaid after
      application of all Net Liquidation Proceeds in respect of such Mortgage Loan.
      If
      the Servicer receives Subsequent Recoveries with respect to any Mortgage Loan,
      the amount of the Realized Loss with respect to that Mortgage Loan will be
      reduced to the extent such recoveries are applied to principal distributions
      on
      any Distribution Date.

     

    “Record
      Date”: With respect to (i) the Fixed Rate Certificates, the Class P
      Certificates, the Class C Certificates and the Residual Certificates, the Close
      of Business on the last Business Day of the calendar month preceding the month
      in which the related Distribution Date occurs and (ii) the Floating Rate
      Certificates, the Close of Business on the Business Day immediately preceding
      the related Distribution Date; provided, however, that following the date on
      which Definitive Certificates for any of the Floating Rate Certificates are
      available pursuant to Section 5.02, the Record Date for such Certificates that
      are Definitive Certificates shall be the last Business Day of the calendar
      month
      preceding the month in which the related Distribution Date occurs.

     

    “Reference
      Banks”: Those banks (i) with an established place of business in London,
      England, (ii) not controlling, under the control of or under common control
      with
      the Originator or the Servicer or any Affiliate thereof and (iii) which have
      been designated as such by the Trustee after consultation with the Depositor;
      provided, however, that if fewer than two of such banks provide a LIBOR rate,
      then any leading banks selected by the Trustee after consultation with the
      Depositor which are engaged in transactions in United States dollar deposits
      in
      the international Eurocurrency market.

     

    “Refinanced
      Mortgage Loan”: A Mortgage Loan the proceeds of which were not used to purchase
      the related Mortgaged Property.

     

    “Regular
      Certificate”: Any of the Class A Certificates, Mezzanine Certificates, Class B
      Certificates, Class C Certificates or Class P Certificates.

     

    “Reimbursement
      amount”: As defined in Section 3.29.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act or any state law providing for similar
      relief.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
      Loan with respect to which there has been a reduction in the amount of interest
      collectible thereon for the most recently ended Due Period as a result of the
      application of the Relief Act or any similar state or local laws, the amount
      by
      which (i) interest collectible on such Mortgage Loan during such Due Period
      is
      less than (ii) one month’s interest on the Principal Balance of such Mortgage
      Loan at the Mortgage Rate for such Mortgage Loan before giving effect to the
      application of the Relief Act or such state or local laws.

     

    “REMIC”:
      A “real estate mortgage investment conduit” within the meaning of Section 860D
      of the Code.

     

    “REMIC
      1”: The segregated pool of assets subject hereto, constituting the primary trust
      created hereby and to be administered hereunder, with respect to which a REMIC
      election is to be made consisting of: (i) such Mortgage Loans as from time
      to
      time are subject to this Agreement, together with the Mortgage Files relating
      thereto, and together with all collections thereon and proceeds thereof, (ii)
      any REO Property, together with all collections thereon and proceeds thereof,
      (iii) the Trustee’s rights with respect to the Mortgage Loans under all
      insurance policies required to be maintained pursuant to this Agreement and
      any
      proceeds thereof, (iv) the Depositor’s rights under the Assignment Agreement
      (including any security interest created thereby) and (v) the Collection
      Account, the Distribution Account (subject to the last sentence of this
      definition) and any REO Account and such assets that are deposited therein
      from
      time to time and any investments thereof, together with any and all income,
      proceeds and payments with respect thereto. Notwithstanding the foregoing,
      however, REMIC 1 specifically excludes the Net WAC Rate Carryover Reserve
      Account, the Cap Contract, the Swap Account, the Servicer Prepayment Charge
      Payment Amounts, the Supplemental Interest Trust, the Interest Rate Swap
      Agreement, and all payments and other collections of principal and interest
      due
      on the Mortgage Loans on or before the Cut-off Date and all Prepayment Charges
      payable in connection with Principal Prepayments made before the Cut-off
      Date.

     

    “REMIC
      1
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC 1 issued hereunder and designated as a “regular interest” in
      REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the
      Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Principal
      Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      2”: The segregated pool of assets consisting of all of the REMIC 1 Regular
      Interests and conveyed in trust to the Trustee, for the benefit of REMIC 3,
      as
      holder of the REMIC 2 Regular Interests, and the Class R Certificateholders,
      as
      Holders of the Class R-2 Interest, pursuant to Article II hereunder, and all
      amounts deposited therein, with respect to which a separate REMIC election
      is to
      be made.

     

    “REMIC
      2
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Stated Principal Balance
      of
      the Mortgage Loans and related REO Properties then outstanding and (ii) the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTAA
      minus
      the Marker Rate, divided by (b) 12.

     

    “REMIC
      2
      Overcollateralization Amount”: With respect to any date of determination, (i)
      1.00% of the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
      Interests (other than the REMIC 2 Regular Interest LTP) minus (ii) the aggregate
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2
      and
      REMIC 2 Regular Interest LTB3, in each case as of such date of
      determination.

     

    “REMIC
      2
      Overcollateralization Target Amount”: 1.00% of the Overcollateralization Target
      Amount.

     

    “REMIC
      2
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
      a
      fraction, the numerator of which is two times the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest
      LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC
      2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular
      Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4,
      REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular
      Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9,
      REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2 and REMIC 2 Regular
      Interest LTB3 and the denominator of which is the aggregate Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTIA1, REMIC 2 Regular Interest
      LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC
      2 Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular
      Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4,
      REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular
      Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9,
      REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2, REMIC 2 Regular
      Interest LTB3 and REMIC 2 Regular Interest LTZZ.

     

    “REMIC
      2
      Regular Interests”: One of the separate non-certificated beneficial ownership
      interests in REMIC 2 issued hereunder and designated as a Regular Interest
      in
      REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the
      Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal (other than REMIC 2 Regular Interest
      LTIO), subject to the terms and conditions hereof, in an aggregate amount equal
      to its initial Uncertificated Principal Balance as set forth in the Preliminary
      Statement hereto. The following is a list of each of the REMIC 2 Regular
      Interests: REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1, REMIC
      2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2,
      REMIC 2 Regular Interest LTB3, REMIC 2 Regular Interest LTZZ, REMIC 2 Regular
      Interest LTP and REMIC 2 Regular Interest LTIO.

     

    “REMIC
      3”: The segregated pool of assets consisting of all of the REMIC 2 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the Regular Certificates (other than the Class C Certificates and Class P
      Certificates), the Class C Interest, the Class P Interest, the Class IO Interest
      and the Class R Certificates (in respect of the Class R-3 Interest), pursuant
      to
      Article II hereunder, and all amounts deposited therein, with respect to which
      a
      separate REMIC election is to be made.

     

    “REMIC
      3
      Regular Interest”: The Class C Interest, Class P Interest, Class IO Interest and
      any “regular interest” in REMIC 3 the ownership of which is represented by a
      Class A Certificate, Class M Certificate or Class B Certificate.

     

    “REMIC
      4”: The segregated pool of assets consisting of the Class C Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class C Certificates
      and the Class R-X Certificates (in respect of the Class R-4 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      4
      Regular Interest”: Any “regular interest” in REMIC 4 the ownership of which is
      represented by a Class C Certificate.

     

    “REMIC
      5”: The segregated pool of assets consisting of the Class P Interest conveyed
      in
      trust to the Trustee, for the benefit of the Holders of the Class P Certificates
      and the Class R-X Certificates (in respect of the Class R-5 Interest), pursuant
      to Article II hereunder, and all amounts deposited therein, with respect to
      which a separate REMIC election is to be made.

     

    “REMIC
      5
      Regular Interest”: Any “regular interest” in REMIC 5 the ownership of which is
      represented by a Class P Certificate.

     

    “REMIC
      6”: The segregated pool of assets consisting of the Class IO Interest conveyed
      in trust to the Trustee, for the benefit of the Holders of the REMIC 6 Regular
      Interest SWAP IO and the Class R-X Certificates (in respect of the Class R-6
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      Provisions”: Provisions of the federal income tax law relating to real estate
      mortgage investment conduits which appear at Section 860A through 860G of
      Subchapter M of Chapter 1 of the Code, and related provisions, and regulations
      and rulings promulgated thereunder, as the foregoing may be in effect from
      time
      to time.

     

    “REMIC
      Regular Interest”: A REMIC 1 Regular Interest, REMIC 2 Regular Interest, REMIC 3
      Regular Interest, REMIC 4 Regular Interest or REMIC 5 Regular
      Interest.

     

    “Remittance
      Report”: A report prepared by the Servicer and delivered to the Trustee and the
      NIMS Insurer pursuant to Section 4.04.

     

    “Rents
      from Real Property”: With respect to any REO Property, gross income of the
      character described in Section 856(d) of the Code.

     

    “REO
      Account”: The account or accounts maintained by the Servicer in respect of an
      REO Property pursuant to Section 3.23.

     

    “REO
      Disposition”: The sale or other disposition of an REO Property on behalf of the
      Trust Fund.

     

    “REO
      Imputed Interest”: As to any REO Property, for any calendar month during which
      such REO Property was at any time part of the Trust Fund, one month’s interest
      at the applicable Net Mortgage Rate on the Stated Principal Balance of such
      REO
      Property (or, in the case of the first such calendar month, of the related
      Mortgage Loan if appropriate) as of the Close of Business on the Distribution
      Date in such calendar month.

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 10.01 that is allocable to such
      REO
      Property) or otherwise, net of any portion of such amounts (i) payable pursuant
      to Section 3.23 in respect of the proper operation, management and maintenance
      of such REO Property or (ii) payable or reimbursable to the Servicer pursuant
      to
      Section 3.23 for unpaid Servicing Fees in respect of the related Mortgage Loan
      and unreimbursed Servicing Advances and Advances in respect of such REO Property
      or the related Mortgage Loan, over (b) the REO Imputed Interest in respect
      of
      such REO Property for such calendar month.

     

    “REO
      Property”: A Mortgaged Property acquired by the Servicer on behalf of the Trust
      Fund through foreclosure or deed-in-lieu of foreclosure, as described in Section
      3.23.

     

    “Request
      for Release”: A release signed by a Servicing Officer, in the form of Exhibit E
      attached hereto.

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Trustee determines to be either (i) the arithmetic mean (rounded
      upwards if necessary to the nearest whole multiple of 1/16 of 1%) of the
      one-month United States dollar lending rates which banks in The City of New
      York
      selected by the Depositor are quoting on the relevant Interest Determination
      Date to the principal London offices of leading banks in the London interbank
      market or (ii) in the event that the Trustee can determine no such arithmetic
      mean, in the case of any Interest Determination Date after the initial Interest
      Determination Date, the lowest one-month United States dollar lending rate
      which
      such New York banks selected by the Depositor are quoting on such Interest
      Determination Date to leading European banks.

     

    “Residential
      Dwelling”: Any one of the following: (i) a detached one-family dwelling, (ii) a
      detached two- to four-family dwelling, (iii) a one-family dwelling unit in
      a
      Fannie Mae eligible condominium project, (iv) a manufactured home, or (v) a
      detached one-family dwelling in a planned unit development, none of which is
      a
      co-operative or mobile home.

     

    “Residual
      Certificate”: The Class R Certificates and the Class R-X
      Certificates.

     

    “Residual
      Interest”: The sole class of “residual interests” in a REMIC within the meaning
      of Section 860G(a)(2) of the Code.

     

    “Responsible
      Officer”: When used with respect to the Trustee, any director, any vice
      president, any assistant vice president, the Secretary, any assistant secretary,
      the Treasurer, any assistant treasurer or any other officer of the Trustee
      customarily performing functions similar to those performed by any of the above
      designated officers and, with respect to a particular matter, to whom such
      matter is referred because of such officer’s knowledge of and familiarity with
      the particular subject.

     

    “S&P”:
      Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc., or its successor in interest.

     

    “SEC”:
      Securities and Exchange Commission. 

     

    “Seller”:
      Greenwich Capital Financial Products, Inc., a Delaware corporation, in its
      capacity as Seller under the Assignment Agreement.

     

    “Senior
      Credit Enhancement Percentage”: For any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the sum of the aggregate
      Certificate Principal Balance of the Mezzanine Certificates, the Class B
      Certificates and the Class C Certificates, and the denominator of which is
      the
      aggregate Stated Principal Balance of the Mortgage Loans calculated prior to
      taking into account payments of principal on the Mortgage Loans and distribution
      of the Group I Principal Distribution Amount and the Group II Principal
      Distribution Amount to the Holders of the Certificates then entitled to
      distributions of principal on such Distribution Date.

     

    “Senior
      Principal Distribution Amount”: With respect to any Distribution Date, the sum
      of (i) the Group I Senior Principal Distribution Amount and (ii) the Group
      II
      Senior Principal Distribution Amount.

     

    “Servicer”:
      Wells Fargo Bank, N.A., or any successor servicer appointed as herein provided,
      in its capacity as Servicer hereunder, effective July 1, 2006. From the Cut-off
      Date through and including June 30, 2006, the Servicer shall be Fremont
      Investment & Loan, or any successor servicer appointed as provided under the
      Master Agreement.

     

    “Servicer
      Certification”: As defined in Section 4.07(b)(ii) hereof.

     

    “Servicer
      Event of Termination”: One or more of the events described in
      Section 7.01.

     

    “Servicer
      Prepayment Charge Payment Amount”: The amounts payable by the Servicer in
      respect of any waived Prepayment Charges pursuant to Section 2.05 or Section
      3.01.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, the second Business Day
      prior to such Distribution Date.

     

    “Servicing
      Advance Reimbursement Amount”: As defined in Section 3.29.

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses (including reasonable attorneys’ fees and expenses) incurred by the
      Servicer in the performance of its servicing obligations, including, but not
      limited to, the cost of (i) the preservation, restoration, inspection and
      protection of the Mortgaged Property, (ii) any enforcement or judicial
      proceedings, including foreclosures, (iii) the management and liquidation of
      the
      REO Property, (iv) obtaining broker price opinions, (v) locating missing
      Mortgage Loan documents and (vi) compliance with the obligations under Sections
      3.01, 3.09, 3.14, 3.16, and 3.23. Servicing Advances also include any reasonable
      “out-of-pocket” costs and expenses (including legal fees) incurred by the
      Servicer in connection with executing and recording instruments of satisfaction,
      deeds of reconveyance or Assignments of Mortgage in connection with any
      foreclosure in respect of any Mortgage Loan to the extent not recovered from
      the
      related Mortgagor or otherwise payable under this Agreement. The Servicer shall
      not be required to make any Servicing Advance that would be a Nonrecoverable
      Advance.

     

    “Servicing
      Fee”: With respect to each Mortgage Loan, the amount of the annual fee paid to
      the Servicer, which shall, for a period of one full month, be equal to
      one-twelfth of the product of (a) the Servicing Fee Rate (without regard to
      the
      words "per annum") and (b) the outstanding principal balance of such Mortgage
      Loan. Such fee shall be payable monthly, computed on the basis of the same
      principal amount and period respecting which any related interest payment on
      a
      Mortgage Loan is received. The obligation for payment of the Servicing Fee
      is
      limited to, and the Servicing Fee is payable solely from, the interest portion
      (including recoveries with respect to interest from Liquidation Proceeds) of
      such Monthly Payment collected by the Servicer, or as otherwise provided under
      Section 3.11.

     

    “Servicing
      Fee Rate”: 0.50%
      per
      annum.

     

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

     

    “Servicing
      Standard”: As defined in Section 3.01.

     

    “Servicing
      Transfer Costs”: Shall mean all reasonable costs and expenses incurred by the
      Trustee in connection with the transfer of servicing from a predecessor
      servicer, including, without limitation, any reasonable costs or expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      Trustee to correct any errors or insufficiencies in the servicing data or
      otherwise to enable the Trustee (or any successor servicer appointed pursuant
      to
      Section 7.02) to service the Mortgage Loans properly and effectively and any
      fees associated with MERS.

     

    “Startup
      Day”: As defined in Section 9.01(b) hereof.

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, the outstanding principal balance of such Mortgage Loan
      as
      of the Cut-off Date as shown in the Mortgage Loan Schedule, minus the sum of
      (i)
      the principal portion of each Monthly Payment due on a Due Date subsequent
      to
      the Cut-off Date to the extent received from the Mortgagor or advanced by the
      Servicer and distributed pursuant to Section 4.01 on or before such date of
      determination, (ii) all Principal Prepayments received after the Cut-off Date
      to
      the extent distributed pursuant to Section 4.01 on or before such date of
      determination, (iii) all Liquidation Proceeds and Insurance Proceeds to the
      extent distributed pursuant to Section 4.01 on or before such date of
      determination, and (iv) any Realized Loss incurred with respect thereto as
      a
      result of a Deficient Valuation made during or prior to the Due Period for
      the
      most recent Distribution Date coinciding with or preceding such date of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such Mortgage Loan would be distributed,
      zero.
      With respect to any REO Property: (a) as of any date of determination up to
      but
      not including the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed, an
      amount (not less than zero) equal to the Stated Principal Balance of the related
      Mortgage Loan as of the date on which such REO Property was acquired on behalf
      of the Trust Fund, minus the aggregate amount of REO Principal Amortization
      in
      respect of such REO Property for all previously ended calendar months, to the
      extent distributed pursuant to Section 4.01 on or before such date of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed,
      zero.

     

    “Stepdown
      Date”: The earlier to occur of (i) the Distribution Date on which the aggregate
      Certificate Principal Balance of the Class A Certificates have been reduced
      to
      zero and (ii) the later to occur of (x) the Distribution Date occurring in
      May
      2009 and (y) the first Distribution Date on which the Senior Credit Enhancement
      Percentage (calculated for this purpose only after taking into account payments
      of principal on the Mortgage Loans but prior to distribution of the Group I
      Principal Distribution Amount and the Group II Principal Distribution Amount
      to
      the Certificates then entitled to distributions of principal on such
      Distribution Date) is equal to or greater than 47.20%.

     

    “Sub-Servicer”:
      Any Person with which the Servicer has entered into a Sub- Servicing Agreement
      and which meets the qualifications of a Sub-Servicer pursuant to Section
      3.02.

     

    “Sub-Servicing
      Account”: An account established by a Sub-Servicer which meets the requirements
      set forth in Section 3.08 and is otherwise acceptable to the
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the Servicer and a Sub-Servicer
      relating to servicing and administration of certain Mortgage Loans as provided
      in Section 3.02.

     

    “Subsequent
      Recoveries”:
      As
      of any Distribution Date, amounts received by the Servicer (net of any related
      expenses permitted to be reimbursed pursuant to Section 3.11) specifically
      related to a Mortgage Loan that was the subject of a liquidation or an REO
      Disposition prior to the related Prepayment Period that resulted in a Realized
      Loss.

     

    “Substitution
      Adjustment”: As defined in Section 2.03(d) hereof.

     

    “Supplemental
      Interest Trust”: As defined in Section 4.05(a).

     

    “Supplemental
      Interest Trust Trustee”: Deutsche Bank National Trust Company, a national
      banking association, or any successor in interest, or any successor Supplemental
      Interst Trust Trustee.

     

    “Swap
      Account”: The account or accounts created and maintained pursuant to Section
      4.05. The Swap Account must be an Eligible Account.

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Net WAC Rate due to a
      discrepancy between the Uncertificated Notional Amount of REMIC 6 Regular
      Interest SWAP IO and the scheduled notional amount pursuant to Interest Rate
      Swap Agreement.

     

    “Swap
      LIBOR”:
      A per annum rate equal to the floating rate payable by the Swap Provider under
      the Swap Agreement. 

     

    “Swap
      Provider”: HSBC Bank USA, National Association.

     

    “Swap
      Provider Trigger Event”: A Swap Termination Payment that is triggered upon: (i)
      an Event of Default under the Interest Rate Swap Agreement with respect to
      which
      the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap
      Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement
      with
      respect to which the Swap Provider is the sole Affected Party (as defined in
      the
      Interest Rate Swap Agreement) or (iii) an Additional Termination Event under
      the
      Interest Rate Swap Agreement with respect to which the Swap Provider is the
      sole
      Affected Party.

     

    “Swap
      Termination Payment”: The payment due to either party under the Interest Rate
      Swap Agreement upon the early termination of the Interest Rate Swap
      Agreement.

     

    “Tax
      Matters Person”: The tax matters person appointed pursuant to Section 9.01(e)
      hereof.

     

    “Tax
      Returns”: The federal income tax return on Internal Revenue Service Form 1066,
      U.S. Real Estate Mortgage Investment Conduit Income Tax Return, including
      Schedule Q thereto, Quarterly Notice to Residual Interest Holders of the REMIC
      Taxable Income or Net Loss Allocation, or any successor forms, to be filed
      by
      the Trustee on behalf of each REMIC, together with any and all other information
      reports or returns that may be required to be furnished to the
      Certificateholders or filed with the Internal Revenue Service or any other
      governmental taxing authority under any applicable provisions of federal, state
      or local tax laws.

     

    “Termination
      Price”: As defined in Section 10.01(a) hereof.

     

    “Terminator”:
      As defined in Section 10.01(a) hereof.

     

    “Trigger
      Event”: A Trigger Event is in effect with respect to any Distribution Date on or
      after the Stepdown Date if:

     

    (a)  (i)on
      any
      Distribution Date on which the Class A Certificates remain outstanding, the
      Delinquency Percentage exceeds 33.90%
      of the
      Senior Credit Enhancement Percentage; or (ii) on any Distribution Date on which
      the aggregate Certificate Principal Balance of the Class A Certificates has
      been
      reduced to zero, the Delinquency Percentage exceeds 38.50%
      of the
      Class M-1 Credit Enhancement Percentage; or;
      or

     

    (b)  the
      cumulative amount of Realized Losses incurred since the Cut-off Date as a
      percentage of the aggregate Stated Principal Balance of the Mortgage Loans
      as of
      the Cut-off Date for the related Distribution Date are greater
      than:

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              May
                2008 through April 2009

            	
              1.55%
                for the first month, plus an additional 1/12th
                of
                1.90%
                for each month thereafter.

            
	
              May
                2009 through April 2010

            	
              3.45%
                for the first month, plus an additional 1/12th
                of
                1.95%
                for each month thereafter.

            
	
              May
                2010 through April 2011

            	
              5.40%
                for the first month, plus an additional 1/12th
                of
                1.50%
                for each month thereafter.

            
	
              May
                2011 through April 2012

            	
              6.90%
                for the first month, plus an additional 1/12th
                of
                0.80%
                for each month thereafter.

            
	
              May
                2012 and thereafter

            	
              7.70%.

            

    

    

    “Trust”:
      Fremont Home Loan Trust 2006-1, the trust created hereunder.

     

    “Trust
      Fund”: All of the assets of the Trust, which is the trust created hereunder
      consisting of REMIC 2, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6, the Cap
      Contract, distributions made to the Trustee by the Swap Provider under the
      Interest Rate Swap Agreement and the Swap Account, the right to receive any
      amounts from the Net WAC Rate Carryover Reserve Account and any Servicer
      Prepayment Charge Payment Amounts.

     

    “Trustee”:
      Deutsche Bank National Trust Company, a national banking association, or any
      successor trustee appointed as herein provided.

     

    “Trustee
      Compensation”: The amount payable to the Trustee on each Distribution Date
      pursuant to Section 8.05 as compensation for all services rendered by it in
      the
      execution of the trust hereby created and in the exercise and performance of
      any
      of the powers and duties of the Trustee hereunder.

     

    “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated REMIC Pass-Through Rate on the Uncertificated Principal Balance
      or Uncertificated Notional Amount, as applicable, of such REMIC Regular
      Interest. In each case, Uncertificated Accrued Interest will be reduced by
      any
      Net Prepayment Interest Shortfalls and Relief Act Interest Shortfalls (allocated
      to such REMIC Regular Interests as set forth in Section 1.03).

     

    “Uncertificated
      Notional Amount”: With respect to REMIC 2 Regular Interest LTIO and each
      Distribution Date listed below, the aggregate Uncertificated Principal Balance
      of the REMIC 1 Regular Interests ending with the designation “A” listed
      below: 

     

    
      	
              Distribution
                Date

            	
              REMIC
                2 Regular Interests

            
	
              1st
                through 12th

            	
              I-1-A
                through I-39-A

            
	
              13

            	
              I-2-A
                through I-39-A

            
	
              14

            	
              I-3-A
                through I-39-A

            
	
              15

            	
              I-4-A
                through I-39-A

            
	
              16

            	
              I-5-A
                through I-39-A

            
	
              17

            	
              I-6-A
                through I-39-A

            
	
              18

            	
              I-7-A
                through I-39-A

            
	
              19

            	
              I-8-A
                through I-39-A

            
	
              20

            	
              I-9-A
                through I-39-A

            
	
              21

            	
              I-10-A
                through I-39-A

            
	
              22

            	
              I-11-A
                through I-39-A

            
	
              23

            	
              I-12-A
                through I-39-A

            
	
              24

            	
              I-13-A
                through I-39-A

            
	
              25

            	
              I-14-A
                through I-39-A

            
	
              26

            	
              I-15-A
                through I-39-A

            
	
              27

            	
              I-16-A
                through I-39-A

            
	
              28

            	
              I-17-A
                through I-39-A

            
	
              29

            	
              I-18-A
                through I-39-A

            
	
              30

            	
              I-19-A
                through I-39-A

            
	
              31

            	
              I-20-A
                through I-39-A

            
	
              32

            	
              I-21-A
                through I-39-A

            
	
              33

            	
              I-22-A
                through I-39-A

            
	
              34

            	
              I-23-A
                through I-39-A

            
	
              35

            	
              I-24-A
                through I-39-A

            
	
              36

            	
              I-25-A
                through I-39-A

            
	
              37

            	
              I-26-A
                through I-39-A

            
	
              38

            	
              I-27-A
                through I-39-A

            
	
              39

            	
              I-28-A
                through I-39-A

            
	
              40

            	
              I-29-A
                through I-39-A

            
	
              41

            	
              I-30-A
                through I-39-A

            
	
              42

            	
              I-31-A
                through I-39-A

            
	
              43

            	
              I-32-A
                through I-39-A

            
	
              44

            	
              I-33-A
                through I-39-A

            
	
              45

            	
              I-34-A
                through I-39-A

            
	
              46

            	
              I-35-A
                through I-39-A

            
	
              47

            	
              I-36-A
                through I-39-A

            
	
              48

            	
              I-37-A
                through I-39-A

            
	
              49

            	
              I-38-A
                and I-39-A

            
	
              50

            	
              I-39-A

            
	
              thereafter

            	
              $0.00

            

    

    

    With
      respect to the Class IO Interest and any Distribution Date, an amount equal
      to
      the Uncertificated Notional Amount of the REMIC 2 Regular Interest
      LTIO.

     

    “Uncertificated
      Principal Balance”: With respect to each REMIC Regular Interest (other than
      REMIC 2 Regular Interest LTIO and the Class IO Interest), the principal amount
      of such REMIC Regular Interest outstanding as of any date of determination.
      As
      of the Closing Date, the Uncertificated Principal Balance of each such REMIC
      Regular Interest shall equal the amount set forth in the Preliminary Statement
      hereto as its initial Uncertificated Principal Balance. On each Distribution
      Date, the Uncertificated Principal Balance of each such REMIC Regular Interest
      shall be reduced by all distributions of principal made on such REMIC Regular
      Interest on such Distribution Date pursuant to Section 4.09 and, if and to
      the
      extent necessary and appropriate, shall be further reduced on such Distribution
      Date by Realized Losses as provided in Section 4.10. The Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTZZ shall be increased by
      interest deferrals as provided in Section 4.09. With respect to the Class C
      Interest as of any date of determination, an amount equal to the excess, if
      any,
      of (A) the then aggregate Uncertificated Principal Balance of the REMIC 2
      Regular Interests over (B) the then aggregate Certificate Principal Balance
      of
      the Class A Certificates, the Mezzanine Certificates, the Class B Certificates
      and the Class P Certificates then outstanding. The Uncertificated Principal
      Balance of each REMIC Regular Interest shall never be less than
      zero.

     

    “Uncertificated
      REMIC Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate or
      Uncertificated REMIC 2 Pass-Through Rate.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interest I, a per
      annum rate equal to the weighted average Adjusted Net Mortgage Rate of the
      Mortgage Loans. With respect to each REMIC 1 Regular Interest ending with the
      designation “A”, a per annum rate equal to the weighted average Adjusted Net
      Mortgage Rate of the Mortgage Loans multiplied by 2, subject to a maximum rate
      of 10.200%. With respect to each REMIC 1 Regular Interest ending with the
      designation “B”, the greater of (x) a per annum rate equal to the excess, if
      any, of (i) 2 multiplied by the weighted average Adjusted Net Mortgage Rate
      of
      the Mortgage Loans over (ii) 10.200% and (y) 0.00%.

     

    “Uncertificated
      REMIC 2 Pass-Through Rate”: With respect to REMIC 2 Regular Interest LTAA, REMIC
      2 Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC 2 Regular Interest
      LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTB1, REMIC 2 Regular Interest LTB2, REMIC 2 Regular Interest LTB3, REMIC 2
      Regular Interest LTZZ and REMIC 2 Regular Interest LTP, a
      per
      annum rate (but not less than zero) equal to the weighted average of (v) with
      respect to REMIC 1 Regular Interest I, the Uncertificated REMIC 1 Pass-Through
      Rate for such REMIC 1 Regular Interest for each such Distribution Date, (w)
      with
      respect to REMIC 1 Regular Interests ending with the designation “B”, the
      weighted average of the Uncertificated REMIC 1 Pass-Through Rates for such
      REMIC
      1 Regular Interests, weighted on the basis of the Uncertificated Principal
      Balance of such REMIC 1 Regular Interests for each such Distribution Date and
      (x) with respect to REMIC 1 Regular Interests ending with the designation “A”,
      for each Distribution Date listed below, the weighted average of the rates
      listed below for each such REMIC 1 Regular Interest listed below, weighted
      on
      the basis of the Uncertificated Principal Balance of each such REMIC 1 Regular
      Interest for each such Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1st
                through 11th 

            	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              12

            	
              I-1-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              13

            	
              I-2-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              14

            	
              I-3-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              15

            	
              I-4-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              16

            	
              I-5-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              17

            	
              I-6-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              18

            	
              I-7-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              19

            	
              I-8-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              20

            	
              I-9-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              21

            	
              I-10-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              22

            	
              I-11-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              23

            	
              I-12-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              24

            	
              I-13-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              25

            	
              I-14-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              26

            	
              I-15-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              27

            	
              I-16-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              28

            	
              I-17-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              29

            	
              I-18-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              30

            	
              I-19-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              31

            	
              I-20-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              32

            	
              I-21-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              33

            	
              I-22-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              34

            	
              I-23-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              35

            	
              I-24-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              36

            	
              I-25-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              37

            	
              I-26-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              38

            	
              I-27-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              39

            	
              I-28-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              40

            	
              I-29-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              41

            	
              I-30-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              I-31-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              I-32-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              I-33-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              I-34-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              45

            	
              I-35-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              47

            	
              I-36-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              48

            	
              I-37-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              49

            	
              I-38-A
                through I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              50

            	
              I-39-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Pass-Through Rate

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest LTIO and (a) the first eleven Distribution
      Date, the excess of (i) the weighted average of the Uncertificated REMIC 1
      Pass-Through Rates for REMIC 1 Regular Interests ending with the designation
“A”
over (ii) the weighted average of the Uncertificated REMIC 1 Pass-Through Rates
      for REMIC 1 Regular Interests ending with the designation “A” and (b) the
      twelfth Distribution Date through the 50th Distribution Date, the excess of
      (i)
      the weighted average of the Uncertificated REMIC 1 Pass-Through Rates for REMIC
      1 Regular Interests ending with the designation “A”, over (ii) 2 multiplied by
      Swap LIBOR and (c) thereafter, 0.00%. 

     

    “Uninsured
      Cause”: Any cause of damage to a Mortgaged Property such that the complete
      restoration of such property is not fully reimbursable by the hazard insurance
      policies required to be maintained pursuant to Section 3.14.

     

    “United
      States Person” or “U.S. Person”: A citizen or resident of the United States, a
      corporation, partnership (or other entity treated as a corporation or
      partnership for United States federal income tax purposes) created or organized
      in, or under the laws of, the United States, any state thereof, or the District
      of Columbia (except in the case of a partnership, to the extent provided in
      Treasury Regulations) provided that, for purposes solely of the restrictions
      on
      the transfer of Residual Certificates, no partnership or other entity treated
      as
      a partnership for United States federal income tax purposes shall be treated
      as
      a United States Person unless all persons that own an interest in such
      partnership either directly or through any entity that is not a corporation
      for
      United States federal income tax purposes are required by the applicable
      operative agreement to be United States Persons, or an estate the income of
      which from sources without the United States is includible in gross income
      for
      United States federal income tax purposes regardless of its connection with
      the
      conduct of a trade or business within the United States, or a trust if a court
      within the United States is able to exercise primary supervision over the
      administration of the trust and one or more United States persons have authority
      to control all substantial decisions of the trust. The term “United States”
shall have the meaning set forth in Section 7701 of the Code or successor
      provisions.

     

    “Unpaid
      Interest Shortfall Amount”: With respect to the Fixed Rate Certificates and the
      Floating Rate Certificates and (i) the first Distribution Date, zero, and (ii)
      any Distribution Date after the first Distribution Date, the amount, if any,
      by
      which (a) the sum of (1) the Monthly Interest Distributable Amount for such
      Class for the immediately preceding Distribution Date and (2) the outstanding
      Unpaid Interest Shortfall Amount, if any, for such Class for such preceding
      Distribution Date exceeds (b) the aggregate amount distributed on such Class
      in
      respect of interest pursuant to clause (a) of this definition on such preceding
      Distribution Date, plus interest on the amount of interest due but not paid
      on
      the Certificates of such Class on such preceding Distribution Date, to the
      extent permitted by law, at the Pass-Through Rate for such Class for the related
      Accrual Period.

     

    “Value”:
      With respect to any Mortgaged Property, the lesser of (i) the value thereof
      as
      determined by an appraisal made for the originator of the Mortgage Loan at
      the
      time of origination of the Mortgage Loan by an appraiser who met the minimum
      requirements of Fannie Mae and Freddie Mac and (ii) the purchase price paid
      for
      the related Mortgaged Property by the Mortgagor with the proceeds of the
      Mortgage Loan.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times the Fixed Rate Certificates and
      the
      Floating Rate Certificates and the Class C Certificates shall have 98% of the
      Voting Rights (allocated among the Holders of the Class A Certificates,
      Mezzanine Certificates and the Class C Certificates in proportion to the then
      outstanding Certificate Principal Balances of their respective Certificates),
      the Class P Certificates shall have 1% of the Voting Rights and the Residual
      Certificates shall have 1% of the Voting Rights. The Voting Rights allocated
      to
      any Class of Certificates (other than the Class P Certificates and the Residual
      Certificates) shall be allocated among all Holders of each such Class in
      proportion to the outstanding Certificate Principal Balance of such
      Certificates, and the Voting Rights allocated to the Class P Certificates and
      the Residual Certificates shall be allocated among all Holders of each such
      Class in proportion to such Holders’ respective Percentage Interest; provided,
      however that when none of the Regular Certificates are outstanding, 100% of
      the
      Voting Rights shall be allocated among Holders of the Residual Certificates
      in
      accordance with such Holders’ respective Percentage Interests in the
      Certificates of such Class.

     

    
      	SECTION
              1.02  	
              Accounting.

            

    

     

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

     

    
      	SECTION
              1.03  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Class A Certificates, Mezzanine Certificates, the Class B Certificates
      and the Class C Certificates for any Distribution Date, (1) the aggregate amount
      of any Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated first, among the Class C Certificates on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of each such Certificate and,
      thereafter, among the Class A Certificates, the Class B Certificates and
      Mezzanine Certificates on a
      pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate and (2) the aggregate amount of any Realized Losses and
      Net WAC Rate Carryover Amounts shall be allocated among the Class C Certificates
      on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      Pass-Through Rate on the Notional Amount of each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
      1
      Regular Interest I and to the REMIC 1 Regular Interests ending with the
      designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC 1 Regular Interest, and then, to REMIC
      1
      Regular Interests ending with the designation “A”, pro rata based on, and to the
      extent of, one month’s interest at the then applicable respective Uncertificated
      REMIC 1 Pass-Through Rates on the respective Uncertificated Principal Balances
      of each such REMIC 1 Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 2 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated among REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTIA1,
      REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC
      2
      Regular Interest LTIIA3, REMIC
      2
      Regular Interest LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest
      LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2
      Regular Interest LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest
      LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2
      Regular Interest LTB1, REMIC 2 Regular Interest LTB2, REMIC 2 Regular Interest
      LTB3 and REMIC 2 Regular Interest LTZZ pro
      rata based
      on,
      and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 2 Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC 2 Regular Interest.

     

    
      	SECTION
              1.04  	
              Rights
                of the NIMS Insurer.

            

    

     

    Each
      of
      the rights of the NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of notes
      issued pursuant to an Indenture and (ii) any series of notes issued pursuant
      to
      one or more Indentures remain outstanding or the NIMS Insurer is owed amounts
      in
      respect of its guarantee of payment on such notes; provided, however, the NIMS
      Insurer shall not have any rights hereunder (except pursuant to Section 11.01
      in
      the case of clause (ii) below) so long as (i) the NIMS Insurer has not
      undertaken to guarantee certain payments of notes issued pursuant to the
      Indenture or (ii) any default has occurred and is continuing under the insurance
      policy issued by the NIMS Insurer with respect to such notes.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	SECTION
              2.01  	
              Conveyance
                of Mortgage Loans.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse for the benefit of the Certificateholders all the right, title and
      interest of the Depositor, including any security interest therein for the
      benefit of the Depositor, in and to (i) each Mortgage Loan identified on the
      Mortgage Loan Schedule, including the related Cut-off Date Principal Balance,
      all interest accruing thereon on and after the Cut-off Date and all collections
      in respect of interest and principal due after the Cut-off Date; (ii) property
      which secured each such Mortgage Loan and which has been acquired by foreclosure
      or deed in lieu of foreclosure; (iii) its interest in any insurance policies
      in
      respect of the Mortgage Loans; (iv) the rights of the Depositor under the Master
      Agreement (as assigned to the Depositor pursuant to the terms of the Assignment
      Agreement), (v) the
      right
      to receive any amounts payable under the Cap Contract and payments
      made to the Trustee by the Swap Provider under the Interst Rate Swap Agreement,
      (vi) all other assets included or to be included in the Trust Fund and (vii)
      all
      proceeds of any of the foregoing. Such assignment includes all interest and
      principal due and collected by the Depositor or the Servicer after the Cut-off
      Date with respect to the Mortgage Loans.

     

    In
      connection with such transfer and assignment, the Depositor, does hereby deliver
      to, and deposit with the Custodian on behalf of the Trustee, the following
      documents or instruments with respect to each Mortgage Loan so transferred
      and
      assigned (with respect to each Mortgage Loan, a “Mortgage File”):

     

    (i)  the
      original Mortgage Note, endorsed either (A) in blank or (B) in the following
      form: “Pay to the order of Deutsche Bank National Trust Company, as Trustee,
      without recourse” or with respect to any lost Mortgage Note, an original Lost
      Note Affidavit stating that the original mortgage note was lost, misplaced
      or
      destroyed, together with a copy of the related mortgage note; provided, however,
      that such substitutions of Lost Note Affidavits for original Mortgage Notes
      may
      occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal
      Balance of which is less than or equal to 1.00% of the Pool Balance as of the
      Cut-off Date;

     

    (ii)  the
      original Mortgage (noting the presence of the MIN of the Mortgage Loan and
      language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan
      is
      a MOM Loan), with evidence of recording thereon, and the original recorded
      power
      of attorney, if the Mortgage was executed pursuant to a power of attorney,
      with
      evidence of recording thereon or, if such Mortgage or power of attorney has
      been
      submitted for recording but has not been returned from the applicable public
      recording office, has been lost or is not otherwise available, a copy of such
      Mortgage or power of attorney, as the case may be, certified to be a true and
      complete copy of the original submitted for recording;

     

    (iii)  unless
      the Mortgage Loan is a MERS® loan, an original Assignment, in form and substance
      acceptable for recording. The Mortgage shall be assigned either (A) in blank
      or
      (B) to “Deutsche Bank National Trust Company, as Trustee, without
      recourse”;

     

    (iv)  an
      original of any intervening assignment of Mortgage showing a complete chain
      of
      assignments (or to MERS if the Mortgage Loan is a MERS loan;

     

    (v)  the
      original or a copy of lender’s title insurance policy; and

     

    (vi)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any.

     

    The
      Depositor herewith also delivers to the Trustee an executed copy of each
      Assignment Agreement and each Master Agreement.

     

    The
      Trustee agrees to execute and deliver (or cause the Custodian to execute and
      deliver) and to the Depositor on or prior to the Closing Date an acknowledgment
      of receipt of the original Mortgage Note (with any exceptions noted),
      substantially in the form attached as Exhibit F-3 hereto.

     

    If
      any of
      the documents referred to in Section 2.01(ii), (iii) or (iv) above has as of
      the
      Closing Date been submitted for recording but either (x) has not been returned
      from the applicable public recording office or (y) has been lost or such public
      recording office has retained the original of such document, the obligations
      of
      the Depositor to deliver such documents shall be deemed to be satisfied upon
      (1)
      delivery to the Custodian on behalf of the Trustee no later than the Closing
      Date, of a copy of each such document certified by the Originator in the case
      of
      (x) above or the applicable public recording office in the case of (y) above
      to
      be a true and complete copy of the original that was submitted for recording
      and
      (2) if such copy is certified by the Originator, delivery to the Custodian
      on
      behalf of the Trustee, promptly upon receipt thereof of either the original
      or a
      copy of such document certified by the applicable public recording office to
      be
      a true and complete copy of the original. If the original lender’s title
      insurance policy, or a certified copy thereof, was not delivered pursuant to
      Section 2.01(v) above, the Depositor shall deliver or cause to be delivered
      to
      the Custodian on behalf of the Trustee, the original or a copy of a written
      commitment or interim binder or preliminary report of title issued by the title
      insurance or escrow company, with the original or a certified copy thereof
      to be
      delivered to the Custodian on behalf of the Trustee, promptly upon receipt
      thereof. The Servicer or the Depositor shall deliver or cause to be delivered
      to
      the Custodian on behalf of the Trustee promptly upon receipt thereof any other
      documents constituting a part of a Mortgage File received with respect to any
      Mortgage Loan, including, but not limited to, any original documents evidencing
      an assumption or modification of any Mortgage Loan.

     

    Upon
      discovery or receipt of notice of any materially defective document in, or
      that
      a document is missing from, a Mortgage File, the Trustee (or the Custodian
      on
      behalf of the Trustee) shall notify the Servicer and the Servicer shall enforce
      the obligations of the Originator under the Master Agreement to cure such defect
      or deliver such missing document to the Trustee or the Custodian within 90
      days.
      If the Originator does not cure such defect or deliver such missing document
      within such time period, the Servicer shall use commercially reasonable efforts
      to attempt to enforce the obligations of the Originator to either repurchase
      or
      substitute for such Mortgage Loan in accordance with Section 2.03; provided,
      however, that the Servicer shall not be under any obligation to take any action
      pursuant to this paragraph unless directed by the Depositor and provided,
      further, the Depositor hereby agrees to assist the Servicer in enforcing any
      obligations of the Originator to repurchase or substitute for a Mortgage Loan
      which has breached a representation or warranty under the Assignment Agreement.
      In connection with the foregoing, it is understood that the Custodian on behalf
      of the Trustee shall have no duty to discover any such defects except in the
      course of performing its review of the Mortgage Files to the extent set forth
      herein.

     

    Except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage,
      the Trustee shall enforce the obligations of the Originator under the Master
      Agreement to cause the Assignments which were delivered in blank to be completed
      and to record all Assignments referred to in Section 2.01(iii) hereof and,
      to
      the extent necessary, in Section 2.01(iv) hereof. The Trustee shall enforce
      the
      obligations of the Originator under the Master Agreement to deliver such
      assignments for recording within 180 days of the Closing Date. In the event
      that
      any such Assignment is lost or returned unrecorded because of a defect therein,
      the Trustee shall enforce the obligations of the Originator under the Assignment
      Agreement to promptly have a substitute Assignment prepared or have such defect
      cured, as the case may be, and thereafter cause each such Assignment to be
      duly
      recorded.

     

    Notwithstanding
      the foregoing, for administrative convenience and facilitation of servicing
      and
      to reduce closing costs, the Assignments of Mortgage shall not be required
      to be
      submitted for recording (except with respect to any Mortgage Loan located in
      Maryland) unless the Trustee (or the Custodian on behalf of the Trustee) and
      the
      Depositor receive notice that such failure to record would result in a
      withdrawal or a downgrading by any Rating Agency of the rating on any Class
      of
      Certificates; provided, however, each Assignment, except with respect to any
      Mortgage Loan for which MERS is identified on the Mortgage, shall be submitted
      for recording in the manner described above, at no expense to the Trust Fund
      or
      Trustee, upon the earliest to occur of: (i) reasonable direction by the Holders
      of Certificates entitled to at least 25% of the Voting Rights, (ii) the
      occurrence of a Servicer Event of Termination, (iii) the occurrence of a
      bankruptcy, insolvency or foreclosure relating to the Originator, (iv) the
      occurrence of a servicing transfer as described in Section 7.02 hereof, (v)
      upon
      receipt of notice from the Servicer, the occurrence of a bankruptcy, insolvency
      or foreclosure relating to the Mortgagor under the related Mortgage, (vi) upon
      receipt of notice from the Servicer, any Mortgage Loan that is 90 days or more
      Delinquent and such recordation would be necessary to facilitate conversion
      of
      the Mortgaged Property in accordance with Section 3.16 and (vii) reasonable
      direction by the NIMS Insurer. In the event of (i) through (vii) set forth
      in
      the immediately preceding sentence, the Trustee shall enforce the obligations
      of
      the Originator to deliver such Assignments for recording as provided above,
      promptly and in any event within 30 days following receipt of notice by the
      Originator. Notwithstanding the foregoing, if the Originator fails to pay the
      cost of recording the Assignments, such expense will be paid by the Trustee
      (if
      it reasonably believes it will be reimbursed) and the Trustee shall be
      reimbursed for such expenses by the Trust. 

     

    The
      Servicer shall forward to the Custodian original documents evidencing an
      assumption, modification, consolidation or extension of any Mortgage Loan
      entered into in accordance with this Agreement within two weeks of their
      execution; provided, however, that the Servicer shall provide the Custodian
      with
      a certified true copy of any such document submitted for recordation within
      two
      weeks of its execution, and shall provide the original of any document submitted
      for recordation or a copy of such document certified by the appropriate public
      recording office to be a true and complete copy of the original within 365
      days
      of its submission for recordation. In the event that the Servicer cannot provide
      a copy of such document certified by the public recording office within such
      365
      day period, the Servicer shall deliver to the Custodian, within such 365 day
      period, an Officers’ Certificate of the Servicer which shall (A) identify the
      recorded document, (B) state that the recorded document has not been delivered
      to the Custodian due solely to a delay caused by the public recording office,
      (C) state the amount of time generally required by the applicable recording
      office to record and return a document submitted for recordation, if known
      and
      (D) specify the date the applicable recorded document is expected to be
      delivered to the Custodian, and, upon receipt of a copy of such document
      certified by the public recording office, the Servicer shall immediately deliver
      such document to the Custodian. In the event the appropriate public recording
      office will not certify as to the accuracy of such document, the Servicer shall
      deliver a copy of such document certified by an officer of the Servicer to
      be a
      true and complete copy of the original to the Custodian.

     

    The
      parties hereto understand and agree that it is not intended that any Mortgage
      Loan be included in the Trust that is a high-cost home loan as defined by the
      Homeownership and Equity Protection Act of 1994 or any other applicable
      predatory or abusive lending laws.

     

    The
      Depositor hereby directs the Trustee to execute, deliver and perform its
      obligations under the Interest Rate Swap Agreement (in its capacity as
      Supplemental Interest Trust Trustee) and the Cap Contract. The Depositor, the
      Servicer and the Holders of the Fixed Rate Certificates and the Floating Rate
      Certificates by their acceptance of such Certificates acknowledge and agree
      that
      the Trustee shall execute, deliver and perform its obligations under the
      Interest Rate Swap Agreement and the Cap Contract and shall do so solely in
      its
      capacity as Trustee or as Supplemental Interest Trust Trustee, as the case
      may
      be, and not in its individual capacity. Every provision of this Agreement
      relating to the conduct or affecting the liability of or affording protection
      to
      the Trustee shall apply to the Trustee’s execution of the Interest Rate Swap
      Agreement and the Cap Contract, and the performance of its duties and
      satisfaction of its obligations thereunder.

     

    
      	SECTION
              2.02  	
              Acceptance
                by Trustee.

            

    

     

    Subject
      to the provisions of Section 2.01 and subject to the review described below
      and
      any exceptions noted on the exception report described in the next paragraph
      below, the Trustee acknowledges receipt by it or the Custodian on its behalf
      of
      the documents referred to in Section 2.01 above and all other assets included
      in
      the definition of “Trust Fund” and declares that it (or the Custodian on its
      behalf) holds and will hold such documents and the other documents delivered
      to
      it constituting a Mortgage File, and that it holds or will hold all such assets
      and such other assets included in the definition of “Trust Fund” in trust for
      the exclusive use and benefit of all present and future
      Certificateholders.

     

    The
      Trustee agrees that it (or a Custodian will agree on its behalf) shall, for
      the
      benefit of the Certificateholders, review, or that it or a Custodian on its
      behalf has reviewed pursuant to Section 2.01 each Mortgage File on or prior
      to
      the Closing Date, with respect to each Mortgage Loan (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage Loan, within 45 days after the
      assignment thereof). The Trustee further agrees that it or a Custodian on its
      behalf shall, for the benefit of the Certificateholders, certify to the
      Depositor and the Servicer (with
      a
      copy to the NIMS Insurer)
      in
      substantially the form attached hereto as Exhibit F-1, within 45 days after
      the
      Closing Date, with respect to each Mortgage Loan (or, with respect to any
      document delivered after the Startup Day, within 45 days of receipt and with
      respect to any Qualified Substitute Mortgage, within 45 days after the
      assignment thereof) that, as to each Mortgage Loan listed in the respective
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in the exception report annexed thereto
      as
      not being covered by such certification), (i) all documents required to be
      delivered to it (or the Custodian on its behalf) pursuant to Section 2.01 of
      this Agreement are in its possession, (ii) such documents have been reviewed
      by
      it (or the Custodian on its behalf) and have not been mutilated, damaged or
      torn
      and appear on their face to relate to such Mortgage Loan and (iii) based on
      its
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (1) and (3) of the Mortgage
      Loan Schedule accurately reflects information set forth in the Mortgage File.
      It
      is herein acknowledged that, in conducting such review, the Trustee (or the
      Custodian, as applicable) is under no duty or obligation to inspect, review
      or
      examine any such documents, instruments, certificates or other papers to
      determine that they are genuine, legally enforceable, valid or binding or
      appropriate for the represented purpose or that they have actually been recorded
      or that they are other than what they purport to be on their face.

     

    Prior
      to
      the first anniversary date of this Agreement the Trustee (or the Custodian
      on
      its behalf) shall deliver to the Depositor and the Servicer, with a copy to
      the
      NIMS Insurer a final certification in the form annexed hereto as Exhibit F-2,
      with any applicable exceptions noted thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee (or the Custodian, as
      applicable) finds any document or documents constituting a part of a Mortgage
      File to be missing or not to conform with respect to any characteristics which
      are within the scope of the Trustee’s (or the Custodian’s, as applicable) review
      as provided herein, at the conclusion of its review, the Trustee shall so notify
      the Originator, the Seller, the Depositor, the NIMS Insurer and the Servicer.
      In
      addition, upon the discovery by the Depositor, the NIMS Insurer or the Servicer
      (or upon receipt by the Trustee of written notification of such breach) of
      a
      breach of any of the representations and warranties made by the Originator
      in
      the Master Agreement or the Seller in the Assignment Agreement in respect of
      any
      Mortgage Loan which materially adversely affects such Mortgage Loan or the
      interests of the related Certificateholders in such Mortgage Loan, the party
      discovering such breach shall give prompt written notice to the NIMS Insurer
      and
      the other parties to this Agreement.

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee in trust for the
      benefit of the Certificateholders and that such property not be part of the
      Depositor’s estate or property of the Depositor in the event of any insolvency
      by the Depositor. In the event that such conveyance is deemed to be, or to
      be
      made as security for, a loan, the parties intend that the Depositor shall be
      deemed to have granted and does hereby grant to the Trustee a first priority
      perfected security interest in all of the Depositor’s right, title and interest
      in and to the Mortgage Loans, the related Mortgage Notes and the related
      documents, and that this Agreement shall constitute a security agreement under
      applicable law.

     

    
      	SECTION
              2.03  	
              Repurchase
                or Substitution of Mortgage Loans by the Originator or the
                Seller.

            

    

     

    (a)  Upon
      discovery or receipt of written notice of any materially defective document
      in,
      or that a document is missing from, a Mortgage File or of the breach by the
      Originator or the Seller of any representation, warranty or covenant under
      the
      Master Agreement or the Assignment Agreement, as applicable, in respect of
      any
      Mortgage Loan which materially adversely affects the value of such Mortgage
      Loan
      or the interest therein of the Certificateholders, the Trustee (or the Custodian
      on its behalf) shall promptly notify the NIMS Insurer and the Servicer of such
      defect, missing document or breach and the Servicer shall request that the
      Originator deliver such missing document or that the Originator or the Seller
      cure such defect or breach within 90 days from the date the Originator or the
      Seller was notified of such missing document, defect or breach, and if the
      Originator or the Seller does not deliver such missing document or cure such
      defect or breach in all material respects during such period, the Servicer
      shall
      use commercially reasonable efforts to attempt to enforce the Originator’s
      obligation under the Master Agreement or the Seller’s obligation under the
      Assignment Agreement and notify the Originator or the Seller, as applicable,
      of
      its obligation to repurchase such Mortgage Loan from the Trust Fund at the
      Purchase Price on or prior to the Determination Date following the expiration
      of
      such 90 day period (subject to Section 2.03(e)); provided, however, that the
      Servicer shall not be under any obligation to take any action pursuant to this
      paragraph unless directed by the Depositor and provided, further, the Depositor
      hereby agrees to assist the Servicer in enforcing any obligations of the
      Originator to repurchase or substitute for a Mortgage Loan which has breached
      a
      representation or warranty under the Master Agreement or the Seller’s obligation
      under the Assignment Agreement and notify the Originator or the Seller, as
      applicable,. of its obligation to repurchase such Mortgage Loan from the Trust
      Fund at the Purchase Price on or prior to the Determination Date following
      the
      expiration of such 90 day period (subject to Section 2.03(e)). The Purchase
      Price for the repurchased Mortgage Loan shall be remitted to the Servicer for
      deposit in the Collection Account, and the Trustee (or the Custodian on behalf
      of the Trustee), upon receipt of written certification from the Servicer of
      such
      deposit, shall release to the Originator or the Seller, as applicable, the
      related Mortgage File and shall execute and deliver such instruments of transfer
      or assignment, in each case without recourse, as the Originator or the Seller,
      as applicable, shall furnish to it and as shall be necessary to vest in the
      Originator or the Seller, as applicable, any Mortgage Loan released pursuant
      hereto and the Trustee shall have no further responsibility with regard to
      such
      Mortgage File (it being understood that neither the Trustee nor the Custodian
      shall have any responsibility for determining the sufficiency of such assignment
      for its intended purpose). In lieu of repurchasing any such Mortgage Loan as
      provided above, the Originator or the Seller, as applicable, may cause such
      Mortgage Loan to be removed from the Trust Fund (in which case it shall become
      a
      Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage
      Loans in the manner and subject to the limitations set forth in Section 2.03(d);
      provided, however, the Originator or the Seller, as applicable,may not
      substitute for any Mortgage Loan which breaches a representation or warranty
      regarding abusive or predatory lending laws. In furtherance of the foregoing,
      if
      the Originator or the Seller, as applicable, is not a member of MERS and
      repurchases a Mortgage Loan which is registered on the MERS® System, the
      Originator or the Seller, as applicable, at its own expense and without any
      right of reimbursement, shall cause MERS to execute and deliver an assignment
      of
      the Mortgage in recordable form to transfer the Mortgage from MERS to the
      Originator or the Seller, as applicable, and shall cause such Mortgage to be
      removed from registration on the MERS® System in accordance with MERS’ rules and
      regulations. It is understood and agreed that the obligation of the Originator
      or the Seller, as applicable, to cure or to repurchase (or to substitute for)
      any Mortgage Loan as to which a document is missing, a material defect in a
      constituent document exists or as to which such a breach has occurred and is
      continuing shall constitute the sole remedy against the Originator or the
      Seller, as applicable, respecting such omission, defect or breach available
      to
      the Trustee on behalf of the Certificateholders.

     

    (b)  Within
      90
      days of the earlier of discovery by the Depositor or receipt of notice by the
      Depositor of the breach of any representation, warranty or covenant of the
      Depositor set forth in Section 2.06, which materially and adversely affects
      the
      interests of the Certificateholders in any Mortgage Loan, the Depositor shall
      cure such breach in all material respects.

     

    (c)  Within
      90
      days of the earlier of discovery by the Servicer or receipt of notice by the
      Servicer of the breach of any representation, warranty or covenant of the
      Servicer set forth in Section 2.05 which materially and adversely affects the
      interests of the Certificateholders in any Mortgage Loan, the Servicer shall
      cure such breach in all material respects.

     

    (d)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the last Business
      Day
      that is within two years after the Closing Date. As to any Deleted Mortgage
      Loan
      for which the Originator or the Seller, as applicable, substitutes a Qualified
      Substitute Mortgage Loan or Loans, such substitution shall be effected by the
      Originator or the Seller, as applicable, delivering to the Trustee (or the
      Custodian on behalf of the Trustee), for such Qualified Substitute Mortgage
      Loan
      or Loans, the Mortgage Note, the Mortgage and the Assignment to the Trustee
      in
      blank, and such other documents and agreements, with all necessary endorsements
      thereon, as are required by Section 2.01, together with an Officers’ Certificate
      providing that each such Qualified Substitute Mortgage Loan satisfies the
      definition thereof and specifying the Substitution Adjustment (as described
      below), if any, in connection with such substitution. The Trustee (or the
      Custodian on behalf of the Trustee) shall acknowledge receipt for such Qualified
      Substitute Mortgage Loan or Loans and, within 45 days thereafter, shall review
      such documents as specified in Section 2.02 and deliver, with respect to such
      Qualified Substitute Mortgage Loan or Loans, a certification substantially
      in
      the form attached hereto as Exhibit F-1 (with a copy to the NIMS Insurer),
      with
      any applicable exceptions noted thereon. Within one year of the date of
      substitution, the Trustee (or the Custodian on behalf of the Trustee) shall
      deliver to the Servicer a certification substantially in the form of Exhibit
      F-2
      hereto (with a copy to the NIMS Insurer) with respect to such Qualified
      Substitute Mortgage Loan or Loans, with any applicable exceptions noted thereon.
      Monthly Payments due with respect to Qualified Substitute Mortgage Loans in
      the
      month of substitution are not part of the Trust Fund and will be retained by
      the
      Originator or the Seller, as applicable,. For the month of substitution,
      distributions to Certificateholders will reflect the collections and recoveries
      in respect of such Deleted Mortgage Loan in the Due Period preceding the month
      of substitution and the Originator or the Seller, as applicable, shall
      thereafter be entitled to retain all amounts subsequently received in respect
      of
      such Deleted Mortgage Loan. The Depositor shall give or cause to be given
      written notice to the NIMS Insurer and the Trustee, who shall forward such
      notice to the Certificateholders, that such substitution has taken place, shall
      amend the Mortgage Loan Schedule to reflect the removal of such Deleted Mortgage
      Loan from the terms of this Agreement and the substitution of the Qualified
      Substitute Mortgage Loan or Loans and shall deliver a copy of such amended
      Mortgage Loan Schedule to the NIMS Insurer and the Trustee. Upon such
      substitution by the Originator or the Seller, as applicable, such Qualified
      Substitute Mortgage Loan or Loans shall constitute part of the Mortgage Pool
      and
      shall be subject in all respects to the terms of this Agreement and the
      Assignment Agreement, including all applicable representations and warranties
      thereof included in the Assignment Agreement as of the date of
      substitution.

     

    For
      any
      month in which the Originator or the Seller, as applicable, substitutes one
      or
      more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans,
      the Servicer will determine the amount (the “Substitution Adjustment”), if any,
      by which the aggregate Purchase Price of all such Deleted Mortgage Loans exceeds
      the aggregate, as to each such Qualified Substitute Mortgage Loan, of the Stated
      Principal Balance thereof as of the date of substitution, together with one
      month’s interest on such Stated Principal Balance at the applicable Mortgage
      Rate. On the date of such substitution, the Originator or the Seller, as
      applicable, will deliver or cause to be delivered to the Servicer for deposit
      in
      the Collection Account an amount equal to the Substitution Adjustment, if any,
      and the Trustee (or the Custodian on behalf of the Trustee), upon receipt of
      the
      related Qualified Substitute Mortgage Loan or Loans and certification by the
      Servicer of such deposit, shall release to the Originator or the Seller, as
      applicable, the related Mortgage File or Files and shall execute and deliver
      such instruments of transfer or assignment, in each case without recourse,
      as
      the Originator or the Seller, as applicable, shall deliver to it and as shall
      be
      necessary to vest therein any Deleted Mortgage Loan released pursuant
      hereto.

     

    In
      addition, pursuant to the terms of the Assignment Agreement, the Originator
      or
      the Seller, as applicable, shall obtain at its own expense and deliver to the
      Trustee and the NIMS Insurer an Opinion of Counsel to the effect that such
      substitution will not cause (a) any federal tax to be imposed on the Trust
      Fund,
      including without limitation, any federal tax imposed on “prohibited
      transactions” under Section 860F(a)(I) of the Code or on “contributions after
      the startup date” under Section 860G(d)(I) of the Code or (b) any REMIC to fail
      to qualify as a REMIC at any time that any Certificate is outstanding. If such
      Opinion of Counsel can not be delivered, then such substitution may only be
      effected at such time as the required Opinion of Counsel can be
      given.

     

    (e)  Upon
      discovery by the Depositor, the Servicer, the NIMS Insurer or the Trustee that
      any Mortgage Loan does not constitute a “qualified mortgage” within the meaning
      of Section 860G(a)(3) of the Code, the party discovering such fact shall within
      two Business Days give written notice thereof to the other parties hereto.
      In
      connection therewith, the Originator or the Depositor, as the case may be,
      shall
      repurchase or, subject to the limitations set forth in Section 2.03(d),
      substitute one or more Qualified Substitute Mortgage Loans for the affected
      Mortgage Loan within 90 days of the earlier of discovery or receipt of such
      notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made (i) by the Originator if the affected Mortgage Loan’s
      status as a non-qualified mortgage is or results from a breach of any
      representation, warranty or covenant made by the Originator under the Assignment
      Agreement or (ii) the Depositor, if the affected Mortgage Loan’s status as a
      non-qualified mortgage is a breach of any representation or warranty of the
      Depositor set forth in Section 2.06, or if its status as a non-qualified
      mortgage is a breach of no representation or warranty. Any such repurchase
      or
      substitution shall be made in the same manner as set forth in Section 2.03(a)
      or
      2.03(d), if made by the Originator, or Section 2.03(b), if made by the
      Depositor. The Trustee (or the Custodian on behalf of the Trustee) shall
      reconvey to the Depositor or the Originator, as the case may be, the Mortgage
      Loan to be released pursuant hereto in the same manner, and on the same terms
      and conditions, as it would a Mortgage Loan repurchased for breach of a
      representation or warranty.

     

    (f)  Upon
      discovery or receipt of written notice of a breach by the Seller of any
      representation, warranty or covenant made by the Seller under the Assignment
      Agreement in respect of any Mortgage Loan which materially adversely affects
      the
      value of such Mortgage Loan or the interest therein of the Certificateholders,
      and if either (i) such Mortgage Loan is not in breach of any representation,
      warranty or covenant of the Originator or (ii) the Originator has failed to
      remedy such representation, warranty or covenant with respect to such Mortgage
      Loan, then the Trustee shall enforce the obligation of the Seller to remedy
      such
      breach, to the extent provided in the Assignment Agreement, in the manner and
      within the time periods set forth in the Assignment Agreement.

     

    
      	SECTION
              2.04  	
              Intentionally
                Omitted.

            

    

     

    
      	SECTION
              2.05  	
              Representations,
                Warranties and Covenants of the
                Servicer.

            

    

     

    The
      Servicer hereby represents, warrants and covenants to the Trustee, for the
      benefit of each of the Trustee and the Certificateholders, and to the Depositor,
      that as of the Closing Date or as of such date specifically provided
      herein:

     

    (1)  The
      Servicer is a national banking association duly formed, validly existing and
      in
      good standing under the laws of the United States of America and is duly
      authorized and qualified to transact any and all business contemplated by this
      Agreement to be conducted by the Servicer in any state in which a Mortgaged
      Property is located or is otherwise not required under applicable law to effect
      such qualification and, in any event, is in compliance with the doing business
      laws of any such State, to the extent necessary to ensure its ability to enforce
      each Mortgage Loan and to service the Mortgage Loans in accordance with the
      terms of this Agreement;

     

    (2)  The
      Servicer has the full power and authority to conduct its business as presently
      conducted by it and to execute, deliver and perform, and to enter into and
      consummate, all transactions contemplated by this Agreement. The Servicer has
      duly authorized the execution, delivery and performance of this Agreement,
      has
      duly executed and delivered this Agreement, and this Agreement, assuming due
      authorization, execution and delivery by the Depositor and the Trustee,
      constitutes a legal, valid and binding obligation of the Servicer, enforceable
      against it in accordance with its terms except as the enforceability thereof
      may
      be limited by bankruptcy, insolvency, reorganization or similar laws affecting
      the enforcement of creditors’ rights generally and by general principles of
      equity; 

     

    (3)  The
      execution and delivery of this Agreement by the Servicer, the servicing of
      the
      Mortgage Loans by the Servicer hereunder, the consummation by the Servicer
      of
      any other of the transactions herein contemplated, and the fulfillment of or
      compliance with the terms hereof are in the ordinary course of business of
      the
      Servicer and will not (A) result in a breach of any term or provision of the
      charter of by-laws of the Servicer or (B) conflict with, result in a breach,
      violation or acceleration of, or result in a default under, the terms of any
      other material agreement or instrument to which the Servicer is a party or
      by
      which it may be bound, or any statute, order or regulation applicable to the
      Servicer of any court, regulatory body, administrative agency or governmental
      body having jurisdiction over the Servicer; and the Servicer is not a party
      to,
      bound by, or in breach or violation of any indenture or other agreement or
      instrument, or subject to or in violation of any statute, order or regulation
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over it, which materially and adversely affects or, to the
      Servicer’s knowledge, would in the future materially and adversely affect, (x)
      the ability of the Servicer to perform its obligations under this Agreement,
      (y)
      the business, operations, financial condition, properties or assets of the
      Servicer taken as a whole or (z) the legality, validity or enforceability of
      this Agreement;

     

    (4)  The
      Servicer is a HUD approved mortgagee pursuant to Section 203 and Section 211
      of
      the National Housing Act. No event has occurred, including but not limited
      to a
      change in insurance coverage, that would make the Servicer unable to comply
      with
      HUD eligibility requirements or that would require notification to HUD;

     

    (5)  The
      Servicer does not believe, nor does it have any reason or cause to believe,
      that
      it cannot perform each and every covenant made by it and contained in this
      Agreement;

     

    (6)  No
      litigation is pending against the Servicer that would materially and adversely
      affect the execution, delivery or enforceability of this Agreement or the
      ability of the Servicer to service the Mortgage Loans or to perform any of
      its
      other obligations hereunder in accordance with the terms hereof;

     

    (7)  There
      are
      no actions or proceedings against, or investigations known to it of, the
      Servicer before any court, administrative or other tribunal (A) that might
      prohibit its entering into this Agreement, (B) seeking to prevent the
      consummation of the transactions contemplated by this Agreement or (C) that
      might prohibit or materially and adversely affect the performance by the
      Servicer of its obligations under, or the validity or enforceability of, this
      Agreement;

     

    (8)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Servicer
      of,
      or compliance by the Servicer with, this Agreement or the consummation by it
      of
      the transactions contemplated by this Agreement, except for such consents,
      approvals, authorizations or orders, if any, that have been obtained prior
      to
      the Closing Date;

     

    (9)  [reserved];

     

    (10)  Neither
      this Agreement nor any information, certificate of an officer, statement
      furnished in writing or report delivered to the Trustee by the Servicer in
      connection with the transactions contemplated hereby contains or will contain
      any untrue statement of a material fact;

     

    (11)  The
      Servicer will not waive any Prepayment Charge unless it is waived in accordance
      with the standard set forth in Section 3.01 and such Prepayment Charge shall
      not
      be imposed in any instance where such Mortgage Loan is accelerated or paid
      off
      in connection with the workout of a delinquent mortgage or due to the borrower’s
      default, notwithstanding that the terms of such Mortgage Loan or state or
      federal law might permit the imposition of such Prepayment Charge;
      and

     

    (12)  The
      Servicer has fully furnished and will continue to fully furnish, in accordance
      with the Fair Credit Reporting Act and its implementing regulations, accurate
      and complete information (e.g., favorable and unfavorable) on its borrower
      credit files to Equifax, Experian and Trans Union Credit Information Company
      or
      their successors (the “Credit Repositories”) in a timely manner.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee (or the Custodian on behalf of the Trustee) and shall inure to the
      benefit of the Trustee, the Depositor and the Certificateholders. Upon discovery
      by any of the Depositor, the NIMS Insurer, the Servicer or the Trustee of a
      breach of any of the foregoing representations, warranties and covenants which
      materially and adversely affects the value of any Mortgage Loan, Prepayment
      Charge or the interests therein of the Certificateholders, the party discovering
      such breach shall give prompt written notice (but in no event later than two
      Business Days following such discovery) to the Servicer, the NIMS Insurer and
      the Trustee. Notwithstanding the foregoing, within 90 days of the earlier of
      discovery by the Servicer or receipt of notice by the Servicer of the breach
      of
      the representation or covenant of the Servicer set forth in Section 2.05(11)
      above which materially and adversely affects the interests of the Holders of
      the
      Class P Certificates in any Prepayment Charge, the Servicer must pay the amount
      of such waived Prepayment Charge, for the benefit of the Holders of the Class
      P
      Certificates, by depositing such amount into the Collection Account. The
      foregoing shall not, however, limit any remedies available to the
      Certificateholders, the Depositor or the Trustee on behalf of the
      Certificateholders, pursuant to the Master Agreement respecting a breach of
      the
      representations, warranties and covenants of the Originator.

     

    
      	SECTION
              2.06  	
              Representations
                and Warranties of the Depositor.

            

    

     

    The
      Depositor represents and warrants to the Trust, the Servicer and the Trustee
      on
      behalf of the Certificateholders as follows:

     

    (i)  This
      agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general and except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii)   Immediately
      prior to the sale and assignment by the Depositor to the Trustee on behalf
      of
      the Trust of each Mortgage Loan, the Depositor had good and marketable title
      to
      each Mortgage Loan (insofar as such title was conveyed to it by the Seller)
      subject to no prior lien, claim, participation interest, mortgage, security
      interest, pledge, charge or other encumbrance or other interest of any
      nature;

     

    (iii)  As
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trustee on behalf of the Trust;

     

    (iv)  The
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust with any intent to hinder, delay or defraud any of its
      creditors;

     

    (v)  The
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full corporate power and
      authority to own its assets and conduct its business as presently being
      conducted;

     

    (vi)  The
      Depositor is not in violation of its articles of incorporation or by-laws or
      in
      default in the performance or observance of any material obligation, agreement,
      covenant or condition contained in any contract, indenture, mortgage, loan
      agreement, note, lease or other instrument to which the Depositor is a party
      or
      by which it or its properties may be bound, which default might result in any
      material adverse changes in the financial condition, earnings, affairs or
      business of the Depositor or which might materially and adversely affect the
      properties or assets, taken as a whole, of the Depositor;

     

    (vii)  The
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated thereby, do not and will not
      result in a material breach or violation of any of the terms or provisions
      of,
      or, to the knowledge of the Depositor, constitute a default under, any
      indenture, mortgage, deed of trust, loan agreement or other agreement or
      instrument to which the Depositor is a party or by which the Depositor is bound
      or to which any of the property or assets of the Depositor is subject, nor
      will
      such actions result in any violation of the provisions of the articles of
      incorporation or by-laws of the Depositor or, to the best of the Depositor’s
      knowledge without independent investigation, any statute or any order, rule
      or
      regulation of any court or governmental agency or body having jurisdiction
      over
      the Depositor or any of its properties or assets (except for such conflicts,
      breaches, violations and defaults as would not have a material adverse effect
      on
      the ability of the Depositor to perform its obligations under this
      Agreement);

     

    (viii)  To
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or Blue Sky laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this
      Agreement;

     

    (ix)  There
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement; and

     

    
      	SECTION
              2.07  	
              Issuance
                of Certificates.

            

    

     

    The
      Trustee (or the Custodian on behalf of the Trustee) acknowledges the assignment
      to it of the Mortgage Loans and the delivery to it (or the Custodian on behalf
      of the Trustee) of the Mortgage Files, subject to any exceptions noted by the
      Custodian in its exception report delivered pursuant to Section 2.02, together
      with the assignment to it of all other assets included in the Trust Fund,
      receipt of which is hereby acknowledged. Concurrently with such assignment
      and
      delivery and in exchange therefor, the Trustee, pursuant to the written request
      of the Depositor executed by an officer of the Depositor, has executed,
      authenticated and delivered to or upon the order of the Depositor, the
      Certificates in authorized denominations. The interests evidenced by the
      Certificates constitute the entire beneficial ownership interest in the Trust
      Fund.

     

    
      	SECTION
              2.08  	
              [Reserved].

            

    

     

    
      	SECTION
              2.09  	
              Acceptance
                of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5 and REMIC 6 by the
                Trustee;
                Conveyance of REMIC Regular Interests; Issuance of
                Certificates.

            

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the assets
      described in the definition of REMIC 1 for the benefit of the holders of the
      REMIC 1 Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-1 Interest). The Trustee acknowledges
      receipt of the assets described in the definition of REMIC 1 Regular Interests
      (which are uncertificated) and declares that it holds and will hold the same
      in
      trust for the exclusive use and benefit of the holders of the REMIC 1 Regular
      Interests and the Class R Certificates (in respect of the Class R-1 Interest).
      The interests evidenced by the Class R-1 Interest, together with the REMIC
      1
      Regular Interests, constitute the entire beneficial ownership interest in REMIC
      1.

     

    (b)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      1 Regular Interests for the benefit of the holders of the REMIC 2 Regular
      Interests and the Class R Certificates (in respect of the Class R-2 Interest).
      The Trustee acknowledges receipt of the REMIC 1 Regular Interests and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the holders of the REMIC 2 Regular Interests and the Class R Certificates
      (in
      respect of the Class R-2 Interest). The interests evidenced by the Class R-2
      Interest, together with the REMIC 2 Regular Interests, constitute the entire
      beneficial ownership interest in REMIC 2.

     

    (c)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      2 Regular Interests for the benefit of the holders of the Class A Certificates,
      Mezzanine Certificates, the Class B Certificates, the Class C Interest, the
      Class P Interest, the Class IO Interest and the Class R Certificates (in respect
      of the Class R-3 Interest). The Trustee acknowledges receipt of the REMIC 2
      Regular Interests and declares that it holds and will hold the same in trust
      for
      the exclusive use and benefit of the holders of the Class A Certificates,
      Mezzanine Certificates, the Class B Certificates, the Class C Interest, the
      Class P Interest, the Class IO Interest and the Class R Certificates (in respect
      of the Class R-3 Interest). The interests evidenced by the Class R-3 Interest,
      together with the Class A Certificates, Mezzanine Certificates, the Class B
      Certificates, the Class C Interest, the Class P Interest and the Class IO
      Interest, constitute the entire beneficial ownership interest in REMIC
      3.

     

    (d)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      C Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      C Certificates and the Class R-X Certificates (in respect of the Class R-4
      Interest). The interests evidenced by the Class R-4 Interest, together with
      the
      Class C Certificates, constitute the entire beneficial ownership interest in
      REMIC 4.

     

    (e)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      P Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      P Certificates and the Class R-X Certificates (in respect of the Class R-5
      Interest). The interests evidenced by the Class R-5 Interest, together with
      the
      Class P Certificates, constitute the entire beneficial ownership interest in
      REMIC 5.

     

    (f)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      IO Interest (which is uncertificated) for the benefit of the Holders of the
      REMIC 6 Regular Interest SWAP IO and the Class R-X Certificates (in respect
      of
      the Class R-6 Interest). The interests evidenced by the Class R-6 Interest,
      together with the REMIC 6 Regular Interest SWAP IO, constitute the entire
      beneficial ownership interest in REMIC 6

     

    (g)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the assets
      described in the definition of REMIC 1 for the benefit of the holders of the
      REMIC 1 Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-1 Interest). The Trustee acknowledges
      receipt of the assets described in the definition of REMIC 1 and declares that
      it holds and will hold the same in trust for the exclusive use and benefit
      of
      the holders of the REMIC 1 Regular Interests and the Class R Certificates (in
      respect of the Class R-1 Interest). The interests evidenced by the Class R-1
      Interest, together with the REMIC 1 Regular Interests, constitute the entire
      beneficial ownership interest in REMIC 1.

     

    (h)  In
      exchange for the REMIC 2 Regular Interests and, concurrently with the assignment
      to the Trustee thereof, pursuant to the written request of the Depositor
      executed by an officer of the Depositor, the Trustee has executed, authenticated
      and delivered to or upon the order of the Depositor, the Regular Certificates
      (other than the Class C Certificates and Class P Certificates) in authorized
      denominations, which Certificates, together with the Class C Interests and
      Class
      P Interests and the Class R Certificates (in respect of the Class R-3 Interest),
      evidence the entire beneficial ownership interest in REMIC 3.

     

    (i)  In
      exchange for the Class C Interest and, concurrently with the assignment to
      the
      Trustee thereof, pursuant to the written request of the Depositor executed
      by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class C Certificates in authorized
      denominations, which Certificates, together with the Class R-X Certificates
      (in
      respect of the Class R-4 Interest), evidence the entire beneficial ownership
      interest in REMIC 4.

     

    (j)  In
      exchange for the Class P Interest and, concurrently with the assignment to
      the
      Trustee thereof, pursuant to the written request of the Depositor executed
      by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class P Certificates in authorized
      denominations, which Certificates, together with the Class R-X Certificates
      (in
      respect of the Class R-5 Interest), evidence the entire beneficial ownership
      interest in REMIC 5.

     

    (k)  In
      exchange for REMIC 6 Regular Interest SWAP IO and, concurrently with the
      assignment to the Trustee thereof, pursuant to the written request of the
      Depositor executed by an officer of the Depositor, the Trustee has executed,
      authenticated and delivered to or upon the order of the Depositor, REMIC 6
      Regular Interest SWAP IO (which shall be uncertificated) in authorized
      denominations, which, together with the Class R-X Certificates (in respect
      of
      the Class R-6 Interest), evidence the entire beneficial ownership interest
      in
      REMIC 6.

     

    (l)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 (including the
      Residual Interest therein represented by the Class R-1 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.01, Section 2.02 and
      Section 2.09(a), (ii) the assignment and delivery to the Trustee of REMIC 2
      (including the Residual Interest therein represented by the Class R-2 Interest)
      and the acceptance by the Trustee thereof, pursuant to Section 2.09(b), (iii)
      the assignment and delivery to the Trustee of REMIC 3 (including the Residual
      Interest therein represented by the Class R-3 Interest) and the acceptance
      by
      the Trustee thereof, pursuant to Section 2.09(c), (iv) the assignment and
      delivery to the Trustee of REMIC 4 (including the Residual Interest therein
      represented by the Class R-4 Interest) and the acceptance by the Trustee
      thereof, pursuant to Section 2.09(d), (v) the assignment and delivery to the
      Trustee of REMIC 5 (including the Residual Interest therein represented by
      the
      Class R-5 Interest) and the acceptance by the Trustee thereof, pursuant to
      Section 2.09(e) and (vi) the assignment and delivery to the Trustee of REMIC
      6
      (including the Residual Interest therein represented by the Class R-6 Interest)
      and the acceptance by the Trustee thereof, pursuant to Section 2.09(f), the
      Trustee, pursuant to the written request of the Depositor executed by an officer
      of the Depositor, has executed, authenticated and delivered to or upon the
      order
      of the Depositor, the Class R Certificates (evidencing the Class R-1 Interest,
      the
      Class
      R-2 Interest
      and the
      Class R-3 Interest) and the Class R-X Certificates (evidencing the Class R-4
      Interest, the Class R-5 Interest and the Class R-6 Interest) in authorized
      denominations.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      III

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01  	
              Servicer
                to Act as Servicer.

            

    

     

    Fremont
      Investment & Loan shall service and administer the Mortgage Loans from the
      Cut-off Date through and including June 30, 2006 in accordance with the Master
      Agreement. Wells Fargo shall service and administer the Mortgage Loans,
      beginning on July 1, 2006, on behalf of the Trust Fund and in the best interests
      of and for the benefit of the Certificateholders (as determined by the Servicer
      in its reasonable judgment) in accordance with the terms of this Agreement
      and
      the respective Mortgage Loans and, to the extent consistent with such terms,
      in
      the same manner in which it services and administers similar mortgage loans
      for
      its own portfolio, giving due consideration to customary and usual standards
      of
      practice of prudent mortgage lenders and loan servicers administering similar
      mortgage loans but without regard to: 

     

    (i)  any
      relationship that the Servicer, any Sub-Servicer or any Affiliate of the
      Servicer or any Sub-Servicer may have with the related Mortgagor;

     

    (ii)  the
      ownership or non-ownership of any Certificate by the Servicer or any Affiliate
      of the Servicer;

     

    (iii)  the
      Servicer’s obligation to make Advances or Servicing Advances; or

     

    (iv)  the
      Servicer’s or any Sub-Servicer’s right to receive compensation for its services
      hereunder or with respect to any particular transaction.

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes
      and (b) shall waive (or permit a Sub-Servicer to waive) a Prepayment Charge
      only
      under the following circumstances: (i) such waiver is standard and customary
      in
      servicing similar mortgage loans and such waiver relates to a default or a
      reasonably foreseeable default and would, in the reasonable judgment of the
      Servicer, maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Charge and the related Mortgage Loan, (ii) the collection of
      such Prepayment Charge would be in violation of applicable laws, (iii) the
      amount of the Prepayment Charge set forth on the Prepayment Charge Schedule
      is
      not consistent with the related Mortgage Note or is otherwise unenforceable,
      (iv) the collection of such Prepayment Charge would be considered “predatory”
pursuant to written guidance published or issued by any applicable federal,
      state or local regulatory authority acting in its official capacity and having
      jurisdiction over such matters or (v) the Mortgage Loan has been accelerated
      or
      paid off in connection with the workout or borrower default, notwithstanding
      that the terms of such Mortgage Loan or state or federal loaw might permit
      the
      imposition of a Prepayment Charge. If a Prepayment Charge is waived as permitted
      by meeting the standard described in clauses (ii), (iii) or (iv) above, then
      the
      Trustee (upon receipt of written notice from the Servicer that such waiver
      has
      occurred) shall enforce the obligation of the Originator to pay the amount
      of
      such waived Prepayment Charge to the Trustee for deposit in the Distribution
      Account for the benefit of the Holders of the Class P Certificates. If a
      Prepayment Charge is waived other than in accordance with (i), (ii), (iii)
      or
      (iv) above, the Servicer shall pay the amount of such waived Prepayment Charge
      to the Trustee for deposit in the Distribution Account for the benefit of the
      Holders of the Class P Certificates.

     

    To
      the
      extent consistent with the foregoing, the Servicer shall also seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes. Subject only to the above-described servicing standards and the terms
      of
      this Agreement and of the respective Mortgage Loans, the Servicer shall have
      full power and authority, acting alone or through Sub-Servicers as provided
      in
      Section 3.02, to do or cause to be done any and all things in connection with
      such servicing and administration which it may deem necessary or desirable.
      Without limiting the generality of the foregoing, the Servicer in its own name
      or in the name of a Sub-Servicer is hereby authorized and empowered by the
      Trustee when the Servicer believes it appropriate in its best judgment in
      accordance with the servicing standards set forth above, to execute and deliver,
      on behalf of the Certificateholders and the Trustee, and upon notice to the
      Trustee, any and all instruments of satisfaction or cancellation, or of partial
      or full release or discharge, and all other comparable instruments, with respect
      to the Mortgage Loans and the Mortgaged Properties and to institute foreclosure
      proceedings or obtain a deed-in-lieu of foreclosure so as to convert the
      ownership of such properties, and to hold or cause to be held title to such
      properties, on behalf of the Trustee and Certificateholders. The Servicer shall
      service and administer the Mortgage Loans in accordance with applicable state
      and federal law and shall provide to the Mortgagors any reports required to
      be
      provided to them thereby. The Servicer shall also comply in the performance
      of
      this Agreement with all reasonable rules and requirements of any standard hazard
      insurance policy. Subject to Section 3.17, the Trustee shall execute, at the
      written request of the Servicer, and furnish to the Servicer and any
      Sub-Servicer such documents as are necessary or appropriate to enable the
      Servicer or any Sub-Servicer to carry out their servicing and administrative
      duties hereunder, and the Trustee hereby grants to the Servicer a power of
      attorney to carry out such duties. The Trustee shall not be liable for the
      actions of the Servicer or any Sub-Servicers under such powers of
      attorney.

     

    In
      accordance with the standards of the preceding paragraph, the Servicer shall
      advance or cause to be advanced funds as necessary for the purpose of effecting
      the timely payment of taxes and assessments on the Mortgaged Properties, which
      advances shall be Servicing Advances reimbursable in the first instance from
      related collections from the Mortgagors pursuant to Section 3.09, and further
      as
      provided in Section 3.11. Any cost incurred by the Servicer or by Sub-Servicers
      in effecting the timely payment of taxes and assessments on a Mortgaged Property
      shall not, for the purpose of calculating distributions to Certificateholders,
      be added to the unpaid principal balance of the related Mortgage Loan,
      notwithstanding that the terms of such Mortgage Loan so permit provided,
      however, that (subject to Section 3.07) the Servicer may capitalize the amount
      of any Servicing Advances incurred pursuant to this Section 3.01 in connection
      with the modification of a Mortgage Loan.

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS System, or cause the removal from the registration of any Mortgage
      Loan
      on the MERS System, to execute and deliver, on behalf of the Trustee and the
      Certificateholders or any of them, any and all instruments of assignment and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any reasonable expenses (i) incurred as a result of
      MERS
      discontinuing or becoming unable to continue operations in connection with
      the
      MERS System or (ii) if the affected Mortgage Loan is in default or, in the
      judgment of the Servicer, such default is reasonably foreseeable, incurred
      in
      connection with the actions described in the preceding sentence, shall be
      subject to withdrawal by the Servicer from the Collection Account.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances (other than Servicing Advances) with respect to a Mortgage Loan (except
      as provided in Section 4.04) and the Servicer shall not (i) permit any
      modification with respect to any Mortgage Loan (except with respect to a
      Mortgage Loan that is in default or, in the judgment of the Servicer, such
      default is reasonably foreseeable) that would change the Mortgage Rate, reduce
      or increase the principal balance (except for reductions resulting from actual
      payments of principal) or change the final maturity date on such Mortgage Loan
      or (ii) permit any modification, waiver or amendment of any term of any Mortgage
      Loan that would both (A) effect an exchange or reissuance of such Mortgage
      Loan
      under Section 1001 of the Code (or final, temporary or proposed Treasury
      Regulations promulgated thereunder) and (B) cause any REMIC to fail to qualify
      as a REMIC under the Code or the imposition of any tax on “prohibited
      transactions” or “contributions after the startup date” under the REMIC
      Provisions.

     

    Notwithstanding
      anything in this Agreement to the contrary and notwithstanding its ability
      to do
      so pursuant to the terms of the related mortgage note, the Servicer shall not
      be
      required to enforce any provision in any mortgage note the enforcement of which
      would violate federal, state or local laws or ordinances designed to discourage
      predatory lending practices. 

     

    The
      Servicer may delegate its responsibilities under this Agreement; provided,
      however, that no such delegation shall release the Servicer from the
      responsibilities or liabilities arising under this Agreement.

     

    
      	SECTION
              3.02  	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers;
                Subcontractors.

            

    

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements (provided that such agreements
      would not result in a withdrawal or a downgrading by the Rating Agencies of
      the
      rating on any Class of Certificates) with Sub-Servicers, for the servicing
      and
      administration of the Mortgage Loans; provided, however, that each such
      sub-servicing arrangement and the terms of the related Sub-Servicing Agreement
      must provide for the servicing of Mortgage Loans in a manner consistent with
      the
      servicing arrangement contemplated hereunder. 

     

    (b)  Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      in which the related Mortgaged Properties it is to service are situated, if
      and
      to the extent required by applicable law to enable the Sub-Servicer to perform
      its obligations hereunder and under the Sub-Servicing Agreement and (ii) a
      Freddie Mac or Fannie Mae approved mortgage servicer. Each Sub-Servicing
      Agreement must impose on the Sub-Servicer requirements conforming to the
      provisions set forth in Section 3.08, 3.20 or 3.21 and provide for servicing
      of
      the Mortgage Loans consistent with the terms of this Agreement. The Servicer
      will examine each Sub-Servicing Agreement and will be familiar with the terms
      thereof. The terms of any Sub-Servicing Agreement will not be inconsistent
      with
      any of the provisions of this Agreement. The Servicer and the Sub-Servicers
      may
      enter into and make amendments to the Sub-Servicing Agreements or enter into
      different forms of Sub-Servicing Agreements; provided, however, that any such
      amendments or different forms shall be consistent with and not violate the
      provisions of this Agreement, and that no such amendment or different form
      shall
      be made or entered into which could be reasonably expected to be materially
      adverse to the interests of the Certificateholders, without the consent of
      the
      Holders of Certificates entitled to at least 66% of the Voting Rights. Any
      variation without the consent of the Holders of Certificates entitled to at
      least 66% of the Voting Rights from the provisions set forth in Section 3.08
      (relating to insurance or priority requirements of Sub-Servicing Accounts,
      or
      credits and charges to the Sub- Servicing Accounts or the timing and amount
      of
      remittances by the Sub-Servicers to the Servicer), Section 3.20 or Section
      3.21,
      are conclusively deemed to be inconsistent with this Agreement and therefore
      prohibited. The Servicer shall deliver to the Trustee copies of all
      Sub-Servicing Agreements and any amendments or modifications thereof, promptly
      upon the Servicer’s execution and delivery of such instruments.

     

    (c)  As
      part
      of its servicing activities hereunder, the Servicer (except as otherwise
      provided in the last sentence of this paragraph), for the benefit of the Trustee
      and the Certificateholders, shall enforce the obligations of each Sub-Servicer
      under the related Sub-Servicing Agreement, including, without limitation, any
      obligation of a Sub-Servicer to make advances in respect of delinquent payments
      as required by a Sub-Servicing Agreement. Such enforcement, including, without
      limitation, the legal prosecution of claims, termination of Sub-Servicing
      Agreements, and the pursuit of other appropriate remedies, shall be in such
      form
      and carried out to such an extent and at such time as the Servicer, in its
      good
      faith business judgment, would require were it the owner of the related Mortgage
      Loans. The Servicer shall pay the costs of such enforcement at its own expense,
      and shall be reimbursed therefor only (i) from a general recovery resulting
      from
      such enforcement, to the extent, if any, that such recovery exceeds all amounts
      due in respect of the related Mortgage Loans, or (ii) from a specific recovery
      of costs, expenses or attorneys’ fees against the party against whom such
      enforcement is directed.

     

    (d)  It
      shall
      not be necessary for the Servicer to seek the consent of the Depositor or the
      Trustee to the utilization of any Subcontractor. The Servicer shall promptly,
      upon request, provide to the Depositor and the Trustee a written description
      (in
      form and substance satisfactory to the the Depositor and the Trustee) of the
      role and function of each Subcontractor utilized by the Servicer or any
      Sub-Servicer, specifying (i) the identity of each such Subcontractor, (ii)
      which
      (if any) of such Subcontractors are “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB and (iii) which elements of
      the
      Relevant Servicing Criteria will be addressed in assessments of compliance
      provided by each Subcontractor identified pursuant to (e) below.

     

    (e)  As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the Servicer shall cause any such Subcontractor used by the
      Servicer (or by any Sub-Servicer) for the benefit of the Depositor and the
      Trustee to comply with the provisions of Sections 3.21 of this Agreement to
      the
      same extent as if such Subcontractor were the Servicer. The Servicer shall
      be
      responsible for obtaining from each Subcontractor and delivering to the the
      Depositor and the Trustee any assessment of compliance and attestation required
      to be delivered by such Subcontractor under Section 3.21, in each case as and
      when required to be delivered.

     

    
      	SECTION
              3.03  	
              Successor
                Sub-Servicers.

            

    

     

    The
      Servicer, shall be entitled to terminate any Sub-Servicing Agreement and the
      rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
      Agreement in accordance with the terms and conditions of such Sub-Servicing
      Agreement. In the event of termination of any Sub-Servicer, all servicing
      obligations of such Sub-Servicer shall be assumed simultaneously by the Servicer
      without any act or deed on the part of such Sub-Servicer or the Servicer, and
      the Servicer either shall service directly the related Mortgage Loans or shall
      enter into a Sub-Servicing Agreement with a successor Sub-Servicer which
      qualifies under Section 3.02.

     

    Any
      Sub-Servicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Trustee (if the Trustee is acting as successor
      Servicer) without fee, in accordance with the terms of this Agreement, in the
      event that the Servicer, shall, for any reason, no longer be the Servicer
      (including termination due to a Servicer Event of Termination).

     

    
      	SECTION
              3.04  	
              Liability
                of the Servicer.

            

    

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Servicer and a Sub-Servicer or reference
      to actions taken through a Sub-Servicer or otherwise, the Servicer shall remain
      obligated and primarily liable to the Trustee and the Certificateholders for
      the
      servicing and administering of the Mortgage Loans in accordance with the
      provisions of Section 3.01 without diminution of such obligation or liability
      by
      virtue of such Sub-Servicing Agreements or arrangements or by virtue of
      indemnification from the Sub-Servicer and to the same extent and under the
      same
      terms and conditions as if the Servicer alone were servicing and administering
      the Mortgage Loans. The Servicer shall be entitled to enter into any agreement
      with a Sub- Servicer for indemnification of the Servicer by such Sub-Servicer
      and nothing contained in this Agreement shall be deemed to limit or modify
      such
      indemnification.

     

    
      	SECTION
              3.05  	
              No
                Contractual Relationship Between Sub-Servicers and the Trustee or
                Certificateholders.

            

    

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
      and the Trustee and the Certificateholders shall not be deemed parties thereto
      and shall have no claims, rights, obligations, duties or liabilities with
      respect to the Sub-Servicer except as set forth in Section 3.06. The Servicer
      shall be solely liable for all fees owed by it to any Sub-Servicer, irrespective
      of whether the Servicer’s compensation pursuant to this Agreement is sufficient
      to pay such fees.

     

    
      	SECTION
              3.06  	
              Assumption
                or Termination of Sub-Servicing
                Agreements.

            

    

     

    In
      the
      event the Servicer shall for any reason no longer be the Servicer (including
      by
      reason of the occurrence of a Servicer Event of Termination), the Trustee (or
      the successor servicer appointed pursuant to Section 7.02) shall thereupon
      assume all of the rights and obligations of the Servicer under each
      Sub-Servicing Agreement that the Servicer may have entered into, unless the
      Trustee elects to terminate any Sub-Servicing Agreement in accordance with
      its
      terms as provided in Section 3.03. Upon such assumption, the Trustee (or the
      successor servicer appointed pursuant to Section 7.02 shall be deemed, subject
      to Section 3.03, to have assumed all of the Servicer’s interest therein and to
      have replaced the Servicer as a party to each Sub-Servicing Agreement to the
      same extent as if each Sub-Servicing Agreement had been assigned to the assuming
      party, except that (i) the Servicer shall not thereby be relieved of any
      liability or obligations under any Sub-Servicing Agreement and (ii) none of
      the
      Trustee, its designee or any successor Servicer shall be deemed to have assumed
      any liability or obligation of the Servicer that arose before it ceased to
      be
      the Servicer.

     

    The
      Servicer at its expense shall, upon request of the Trustee deliver to the
      assuming party all documents and records relating to each Sub-Servicing
      Agreement and the Mortgage Loans then being serviced and an accounting of
      amounts collected and held by or on behalf of it, and otherwise use its best
      efforts to effect the orderly and efficient transfer of the Sub-Servicing
      Agreements to the assuming party. 

     

    
      	SECTION
              3.07  	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Agreement and the terms and provisions
      of any applicable insurance policies, follow such collection procedures as
      it
      would follow with respect to mortgage loans comparable to the Mortgage Loans
      and
      held for its own account. Consistent with the foregoing and the servicing
      standards set forth in Section 3.01, the Servicer may in its discretion (i)
      waive any late payment charge or, if applicable, penalty interest or (ii) extend
      the due dates for Monthly Payments due on a Mortgage Note for a period of not
      greater than 180 days; provided that any extension pursuant to clause (ii)
      above
      shall not affect the amortization schedule of any Mortgage Loan for purposes
      of
      any computation hereunder, except as provided below. In the event of any such
      arrangement pursuant to clause (ii) above, the Servicer shall make timely
      advances on such Mortgage Loan during such extension pursuant to Section 4.03
      and in accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangements. Notwithstanding the
      foregoing, in the event that any Mortgage Loan is in default or, in the judgment
      of the Servicer, such default is reasonably foreseeable, the Servicer,
      consistent with the standards set forth in Section 3.01, may waive, modify
      or
      vary any term of such Mortgage Loan (including, but not limited to,
      modifications that change the Mortgage Rate, forgive the payment of principal
      or
      interest or extend the final maturity date of such Mortgage Loan), accept
      payment from the related Mortgagor of an amount less than the Stated Principal
      Balance in final satisfaction of such Mortgage Loan (such payment, a “Short
      Pay-off”) or consent to the postponement of strict compliance with any such term
      or otherwise grant indulgence to any Mortgagor if in the Servicer’s
      determination such waiver, modification, postponement or indulgence is not
      materially adverse to the interests of the Certificateholders (taking into
      account any estimated Realized Loss that might result absent such action);
      provided, however, the Servicer shall not modify any Mortgage Loan in a manner
      that would capitalize the amount of any unpaid Monthly Payments or tax or
      insurance payments advanced by the Servicer on the Mortgagor’s behalf unless the
      related Mortgagor shall have remitted an amount equal to a full Monthly Payment
      (or, in the case of any Mortgage Loan subject to a forbearance plan or
      bankruptcy plan, a full modified monthly payment under such plan) in each of
      the
      three calendar months immediately preceding the month of such
      modification.

     

    
      	SECTION
              3.08  	
              Sub-Servicing
                Accounts.

            

    

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account and shall comply with all
      requirements of this Agreement relating to the Collection Account. The
      Sub-Servicer shall deposit in the Sub-Servicing Account, in no event more than
      two Business Days after the Sub-Servicer’s receipt thereof, all proceeds of
      Mortgage Loans received by the Sub-Servicer less its servicing compensation
      to
      the extent permitted by the Sub-Servicing Agreement. The Sub-Servicer shall
      thereafter remit such proceeds to the Servicer for deposit in the Collection
      Account not later than two Business Days after the deposit of such amounts
      in
      the Sub-Servicing Account. For purposes of this Agreement, the Servicer shall
      be
      deemed to have received payments on the Mortgage Loans when the Sub-Servicer
      receives such payments.

     

    
      	SECTION
              3.09  	
              Collection
                of Taxes, Assessments and Similar Items; Servicing
                Accounts.

            

    

     

    To
      the
      extent the terms of a Mortgage provide for Escrow Payments, the Servicer shall
      establish and maintain one or more accounts (the “Servicing Accounts”), into
      which all collections from the Mortgagors (or related advances from
      Sub-Servicers) for the payment of taxes, assessments, fire, flood, and hazard
      insurance premiums, hazard insurance proceeds (to the extent such amounts are
      to
      be applied to the restoration or repair of the property) and comparable items
      for the account of the Mortgagors (“Escrow Payments”) shall be deposited and
      retained. Servicing Accounts shall be Eligible Accounts. The Servicer shall
      deposit in the Servicing Accounts on a daily basis and in no event later than
      the second Business Day after receipt, and retain therein, all Escrow Payments
      collected on account of the Mortgage Loans, for the purpose of effecting the
      timely payment of any such items as required under the terms of this Agreement.
      Withdrawals of amounts from a Servicing Account may be made only to (i) effect
      timely payment of taxes, assessments, fire, flood, and hazard insurance
      premiums, and comparable items; (ii) reimburse the Servicer out of related
      collections for any advances made pursuant to Section 3.01 (with respect to
      taxes and assessments) and Section 3.14 (with respect to fire, flood and hazard
      insurance); (iii) refund to Mortgagors any sums as may be determined to be
      overages; (iv) pay interest, if required and as described below, to Mortgagors
      on balances in the Servicing Account; or (v) clear and terminate the Servicing
      Account at the termination of the Servicer’s obligations and responsibilities in
      respect of the Mortgage Loans under this Agreement in accordance with Article
      IX. As part of its servicing duties, the Servicer shall pay to the Mortgagors
      interest on funds in Servicing Accounts, to the extent required by law and,
      to
      the extent that interest earned on funds in the Servicing Accounts is
      insufficient, to pay such interest from its or their own funds, without any
      reimbursement therefor. Notwithstanding the foregoing, the Servicer shall not
      be
      obligated to collect Escrow Payments if the related Mortgage Loan does not
      require such payments but the Servicer shall nevertheless be obligated to make
      Servicing Advances as provided in Section 3.01. In the event the Servicer shall
      deposit in the Servicing Accounts any amount not required to be deposited
      therein, it may at any time withdraw such amount from the Servicing Accounts,
      any provision to the contrary notwithstanding.

     

    To
      the
      extent that a Mortgage does not provide for Escrow Payments, the Servicer (i)
      shall determine whether any such payments are made by the Mortgagor in a manner
      and at a time that is necessary to avoid the loss of the Mortgaged Property
      due
      to a tax sale or the foreclosure as a result of a tax lien and (ii) shall ensure
      that all insurance required to be maintained on the Mortgaged Property pursuant
      to this Agreement is maintained. If any such payment has not been made and
      the
      Servicer receives notice of a tax lien with respect to the Mortgage Loan being
      imposed, the Servicer will, to the extent required to avoid loss of the
      Mortgaged Property, advance or cause to be advanced funds necessary to discharge
      such lien on the Mortgaged Property. The Servicer assumes full responsibility
      for the payment of all such bills and shall effect payments of all such bills
      irrespective of the Mortgagor’s faithful performance in the payment of same or
      the making of the Escrow Payments and shall make Servicing Advances from its
      own
      funds to effect such payments.

     

    
      	SECTION
              3.10  	
              Collection
                Account.

            

    

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish
      and maintain one or more separate, segregated trust accounts (such account
      or
      accounts, the “Collection Account”), held in trust for the benefit of the
      Trustee and the Certificateholders.
      On
      behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited
      in
      the clearing account (which account must be an Eligible Account) in which it
      customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis, and in no event
      more than two Business Days after the Servicer’s receipt thereof, and shall
      thereafter deposit in the Collection Account, in no event more than one Business
      Day after the deposit of such funds into the clearing account, as and when
      received or as otherwise required hereunder, the following payments and
      collections received or made by it from and after the Cut-off Date (other than
      in respect of principal or interest on the related Mortgage Loans due on or
      before the Cut-off Date), or payments (other than Principal Prepayments)
      received by it on or prior to the Cut-off Date but allocable to a Due Period
      subsequent thereto:

     

    (i)  all
      payments on account of principal, including Principal Prepayments (but not
      Prepayment Charges), on the Mortgage Loans;

     

    (ii)  all
      payments on account of interest (net of the related Servicing Fee and any
      Prepayment Interest Excess) on each Mortgage Loan;

     

    (iii)  all
      Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
      in
      respect of any particular REO Property and amounts paid by the Servicer in
      connection with a purchase of Mortgage Loans and REO Properties pursuant to
      Section 9.01); 

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.12 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Collection Account;

     

    (v)  any
      amounts required to be deposited by the Servicer pursuant to the second
      paragraph of Section 3.14(a) in respect of any blanket policy
      deductibles;

     

    (vi)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03 or Section 9.01;

     

    (vii)  all
      amounts required to be deposited in connection with shortfalls in principal
      amount of Qualified Substitute Mortgage Loans pursuant to Section 2.03;
      and

     

    (viii)  all
      Prepayment Charges collected by the Servicer and any Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans.

     

    For
      purposes of the immediately preceding sentence, the Cut-off Date with respect
      to
      any Qualified Substitute Mortgage Loan shall be deemed to be the date of
      substitution. 

     

    The
      foregoing requirements for deposit in the Collection Accounts shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of late payment charges or assumption
      fees (other than Prepayment Charges) need not be deposited by the Servicer
      in
      the Collection Account. In the event the Servicer shall deposit in the
      Collection Account any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from the Collection Account, any provision herein
      to the contrary notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Servicer shall deliver to the Trustee in immediately
      available funds for deposit in an account established and maintained by the
      Trustee, held in trust for the benefit of the Certificateholders (the
“Distribution Account”): (i) on the Servicer Remittance Date, that portion of
      the Available Funds for the related Distribution Date then on deposit in the
      Collection Account, the amount of all Prepayment Charges collected during the
      applicable Prepayment Period by the Servicer and Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans then on deposit in the Collection Account and (ii) on each
      Business Day as of the commencement of which the balance on deposit in the
      Collection Account exceeds $75,000 following any withdrawals pursuant to the
      next succeeding sentence, the amount of such excess, but only if the Collection
      Account constitutes an Eligible Account solely pursuant to clause (ii) of the
      definition of “Eligible Account.” If the balance on deposit in the Collection
      Account exceeds $75,000 as of the commencement of business on any Business
      Day
      and the Collection Account constitutes an Eligible Account solely pursuant
      to
      clause (ii) of the definition of “Eligible Account,” the Servicer shall, on such
      Business Day, withdraw from the Collection Account any and all amounts payable
      or reimbursable to the Depositor, the Servicer, the Trustee, the Seller or
      any
      Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the Persons
      entitled thereto.

     

    (c)  Funds
      in
      the Collection Account may be invested in Permitted Investments in accordance
      with the provisions set forth in Section 3.12. The Servicer shall give advance
      notice to the Trustee of the location of the Collection Account maintained
      by it
      when established and prior to any change thereof. The Trustee shall forward
      such
      notice to the Depositor.

     

    (d)  Funds
      held in the Collection Account at any time may be delivered by the Servicer
      to
      the Trustee for deposit in an account (which may be the Distribution Account
      and
      must satisfy the standards for the Distribution Account as set forth in the
      definition thereof) and for all purposes of this Agreement shall be deemed
      to be
      a part of the Collection Account; provided, however, that the Trustee shall
      have
      the sole authority to withdraw any funds held pursuant to this subsection (d).
      In the event the Servicer shall deliver to the Trustee for deposit in the
      Distribution Account any amount not required to be deposited therein, it may
      at
      any time request that the Trustee withdraw such amount from the Distribution
      Account and remit to it any such amount, any provision herein to the contrary
      notwithstanding. In addition, the Servicer shall deliver to the Trustee from
      time to time for deposit, and upon written notification from the Servicer,
      the
      Trustee shall so deposit, in the Distribution Account:

     

    (i)  any
      Advances, as required pursuant to Section 4.03;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.23(d) or (f) in
      connection with any REO Property; 

     

    (iii)  any
      amounts to be paid by the Servicer in connection with a purchase of Mortgage
      Loans and REO Properties pursuant to Section 9.01; and

     

    (iv) any
      amounts required to be deposited pursuant to Section 3.24 in connection with
      any
      Prepayment Interest Shortfalls.

     

    (e)  The
      Servicer shall deposit in the Collection Account any amounts required to be
      deposited pursuant to Section 3.12(b) in connection with losses realized on
      Permitted Investments with respect to funds held in the Collection
      Account.

     

    
      	SECTION
              3.11  	
              Withdrawals
                from the Collection Account.

            

    

     

    The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes, without priority, or as described in Section
      4.03:

     

    (i)  to
      remit
      to the Trustee for deposit in the Distribution Account the amounts required
      to
      be so remitted pursuant to Section 3.10(b) or permitted to be so remitted
      pursuant to the first sentence of Section 3.10(d);

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for Advances, but only to the
      extent of amounts received which represent Late Collections (net of the related
      Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which
      such
      Advances were made in accordance with the provisions of Section
      4.03;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (A) any unpaid
      Servicing Fees, (B) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Liquidation Proceeds, Insurance
      Proceeds or other amounts as may be collected by the Servicer from a Mortgagor,
      or otherwise received with respect to such Mortgage Loan and (C) without
      limiting any right of withdrawal set forth in clause (vi) below, any Servicing
      Advances made with respect to a Mortgage Loan that, following the final
      liquidation of a Mortgage Loan are Nonrecoverable Advances, but only to the
      extent that Late Collections, Liquidation Proceeds and Insurance Proceeds
      received with respect to such Mortgage Loan are insufficient to reimburse the
      Servicer or any Sub-Servicer for such Servicing Advances;

     

    (iv)  to
      pay to
      the Servicer as servicing compensation (in addition to the Servicing Fee) on
      the
      Servicer Remittance Date any interest or investment income earned on funds
      deposited in the Collection Account; 

     

    (v)  to
      pay to
      the Servicer or the Seller, as the case may be, with respect to each Mortgage
      Loan that has previously been purchased or replaced pursuant to Section 2.03
      or
      Section 3.16(c) all amounts received thereon subsequent to the date of purchase
      or substitution, as the case may be;

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance or
      Nonrecoverable Servicing Advance in accordance with the provisions of Section
      4.03; 

     

    (vii)  to
      reimburse the Servicer or the Depositor for expenses incurred by or reimbursable
      to the Servicer or the Depositor, as the case may be, pursuant to Section 6.03;
      

     

    (viii)  to
      reimburse the Servicer or the Trustee, as the case may be, for expenses
      reasonably incurred in respect of the breach or defect giving rise to the
      purchase obligation under Section 2.03 of this Agreement that were included
      in
      the Purchase Price of the Mortgage Loan, including any expenses arising out
      of
      the enforcement of the purchase obligation; 

     

    (ix)  [reserved];

     

    (x)  to
      pay,
      or to reimburse the Servicer for advances in respect of expenses incurred in
      connection with any Mortgage Loan pursuant to Section 3.16(b); and

     

    (xi)  to
      clear
      and terminate the Collection Account pursuant to Section 9.01.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Collection Account, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (iv), (v), (vi), (viii) and (ix) above. The Servicer
      shall provide written notification to the Trustee, on or prior to the next
      succeeding Servicer Remittance Date, upon making any withdrawals from the
      Collection Account pursuant to subclause (vii) above.

     

    
      	SECTION
              3.12  	
              Investment
                of Funds in the Collection Account.

            

    

     

    (a)  The
      Servicer may direct any depository institution maintaining the Collection
      Account (for purposes of this Section 3.12, an “Investment Account”) to invest
      the funds in such Investment Account in one or more Permitted Investments
      specified in such instruction bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the Trustee
      is the obligor thereon, and (ii) no later than the date on which such funds
      are
      required to be withdrawn from such account pursuant to this Agreement, if the
      Trustee is the obligor thereon. All such Permitted Investments shall be held
      to
      maturity, unless payable on demand. Any investment of funds in an Investment
      Account shall be made in the name of the Trustee (in its capacity as such)
      or in
      the name of a nominee of the Trustee. The Trustee shall be entitled to sole
      possession (except with respect to investment direction of funds held in the
      Collection Account and the Distribution Account and any income and gain realized
      thereon) over each such investment, and any certificate or other instrument
      evidencing any such investment shall be delivered directly to the Trustee or
      its
      agent, together with any document of transfer necessary to transfer title to
      such investment to the Trustee or its nominee. In the event amounts on deposit
      in an Investment Account are at any time invested in a Permitted Investment
      payable on demand, the Trustee shall:

     

    (x) consistent
      with any notice required to be given thereunder, demand that payment thereon
      be
      made on the last day such Permitted Investment may otherwise mature hereunder
      in
      an amount equal to the lesser of (1) all amounts then payable thereunder and
      (2)
      the amount required to be withdrawn on such date; and

     

    (y) demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trustee that such Permitted Investment would not
      constitute a Permitted Investment in respect of funds thereafter on deposit
      in
      the Investment Account.

     

    (b)  All
      income and gain realized from the investment of funds deposited in the
      Collection Account held by or on behalf of the Servicer, shall be for the
      benefit of the Servicer and shall be subject to its withdrawal in accordance
      with Section 3.11. The
      Servicer shall deposit in the Collection Account the amount of any loss of
      principal incurred in respect of any such Permitted Investment made with funds
      in such accounts immediately upon realization of such loss.

     

    (c)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trustee
      may and, subject to Section 8.01 and Section 8.02(a)(v), upon the request of
      the
      Holders of Certificates representing more than 50% of the Voting Rights
      allocated to any Class of Certificates, shall take such action as may be
      appropriate to enforce such payment or performance, including the institution
      and prosecution of appropriate proceedings. 

     

    
      	SECTION
              3.13  	
              [Reserved].

            

    

     

    
      	SECTION
              3.14  	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            

    

     

    The
      terms
      of each Mortgage Note require the related Mortgagor to maintain fire, flood
      and
      hazard insurance policies. To the extent such policies are not maintained,
      the
      Servicer shall cause to be maintained for each Mortgaged Property fire and
      hazard insurance with extended coverage as is customary in the area where the
      Mortgaged Property is located in an amount which is at least equal to the lesser
      of the current principal balance of such Mortgage Loan and the amount necessary
      to fully compensate for any damage or loss to the improvements which are a
      part
      of such property on a replacement cost basis, in each case in an amount not
      less
      than such amount as is necessary to avoid the application of any coinsurance
      clause contained in the related hazard insurance policy. The Servicer shall
      also
      cause to be maintained fire, flood and hazard insurance on each REO Property
      with extended coverage as is customary in the area where the Mortgaged Property
      is located in an amount which is at
      least
      equal to the lesser of (i) 100% of the insurable value on a replacement cost
      basis of the improvements securing such Mortgage Loan and (ii) the greater
      of
      (a) the outstanding principal balance of the Mortgage Loan and (b) an amount
      such that the proceeds of such insurance shall be sufficient to prevent the
      application to the Mortgagor or the loss payee of any coinsurance clause under
      the policy.
      The
      Servicer will comply in the performance of this Agreement with all reasonable
      rules and requirements of each insurer under any such hazard policies. Any
      amounts to be collected by the Servicer under any such policies (other than
      amounts to be applied to the restoration or repair of the property subject
      to
      the related Mortgage or amounts to be released to the Mortgagor in accordance
      with the procedures that the Servicer would follow in servicing loans held
      for
      its own account, subject to the terms and conditions of the related Mortgage
      and
      Mortgage Note) shall be deposited in the Collection Account, subject to
      withdrawal pursuant to Section 3.11, if received in respect of a Mortgage Loan,
      or in the REO Account, subject to withdrawal pursuant to Section 3.23, if
      received in respect of an REO Property. Any cost incurred by the Servicer in
      maintaining any such insurance shall not, for the purpose of calculating
      distributions to Certificateholders, be added to the unpaid principal balance
      of
      the related Mortgage Loan, notwithstanding that the terms of such Mortgage
      Loan
      so permit; provided, however, that the Servicer may capitalize the amount of
      any
      Servicing Advances incurred pursuant to this Section 3.14 in connection with
      the
      modification of a Mortgage Loan. It is understood and agreed that no earthquake
      or other additional insurance is to be required of any Mortgagor other than
      pursuant to such applicable laws and regulations as shall at any time be in
      force and as shall require such additional insurance. If at any time during
      the
      term of the Mortgage Loan, the Servicer determines, in accordance with
      applicable law, that a Mortgaged Property is located in a special flood hazard
      area and is not covered by flood insurance or is covered in an amount less
      than
      the amount required by the Flood Disaster Protection Act of 1973, as amended,
      the Servicer shall notify the related Mortgagor that the Mortgagor must obtain
      such flood insurance coverage, and if said Mortgagor fails to obtain the
      required flood insurance coverage within forty-five (45) days after such
      notification, the Company shall immediately force place the required flood
      insurance on the Mortgagor’s behalf. Such flood insurance shall be in an amount
      equal to the lesser of (i) the unpaid principal balance of the related Mortgage
      Loan and (ii) the maximum amount of such insurance available for the related
      Mortgaged Property under the national flood insurance program (assuming that
      the
      area in which such Mortgaged Property is located is participating in such
      program).

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy with an
      insurer having a General Policy Rating of B:VI or better in Best’s Key Rating
      Guide insuring against hazard losses on all of the Mortgage Loans, it shall
      conclusively be deemed to have satisfied its obligations as set forth in the
      first two sentences of this Section 3.14, it being understood and agreed that
      such policy may contain a deductible clause, in which case the Servicer shall,
      in the event that there shall not have been maintained on the related Mortgaged
      Property or REO Property a policy complying with the first two sentences of
      this
      Section 3.14, and there shall have been one or more losses which would have
      been
      covered by such policy, deposit to the Collection Account from its own funds
      the
      amount not otherwise payable under the blanket policy because of such deductible
      clause. In connection with its activities as administrator and servicer of
      the
      Mortgage Loans, the Servicer agrees to prepare and present, on behalf of itself,
      the Trustee, the Trust Fund and the Certificateholders, claims under any such
      blanket policy in a timely fashion in accordance with the terms of such
      policy.

     

    (a)  The
      Servicer shall keep in force during the term of this Agreement a policy or
      policies of insurance covering errors and omissions for failure in the
      performance of its respective obligations under this Agreement, which policy
      or
      policies shall be in such form and amount that would meet the requirements
      of
      Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans, unless
      the Servicer, has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The Servicer shall also maintain a fidelity bond in the form and
      amount that would meet the requirements of Fannie Mae or Freddie Mac, unless
      the
      Servicer, has obtained a waiver of such requirements from Fannie Mae or Freddie
      Mac. The Servicer shall be deemed to have complied with this provision if an
      Affiliate of the Servicer, has such errors and omissions and fidelity bond
      coverage and, by the terms of such insurance policy or fidelity bond, the
      coverage afforded thereunder extends to the Servicer. Any such errors and
      omissions policy and fidelity bond shall by its terms not be cancelable without
      thirty days’ prior written notice to the Trustee. 

     

    The
      Servicer shall provide to the Trustee evidence of the authorization of the
      person signing any certification, statement, copy or other evidence of any
      fidelity bond, errors and omissions policy, financial information and reports
      or
      such other information related to the Servicer or any Sub-Servicer or to the
      Servicer’s or such Sub-Servicer’s performance hereunder. 

     

    
      	SECTION
              3.15  	
              Enforcement
                of Due-On-Sale Clauses; Assumption
                Agreements.

            

    

     

    The
      Servicer will, to the extent it has knowledge of any conveyance or prospective
      conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
      conveyance or by contract of sale, and whether or not the Mortgagor remains
      or
      is to remain liable under the Mortgage Note and/or the Mortgage), exercise
      its
      rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer shall
      not exercise any such rights if prohibited by law from doing so. If the Servicer
      reasonably believes it is unable under applicable law to enforce such
“due-on-sale” clause, or if any of the other conditions set forth in the proviso
      to the preceding sentence apply, the Servicer will enter into an assumption
      and
      modification agreement from or with the person to whom such property has been
      conveyed or is proposed to be conveyed, pursuant to which such person becomes
      liable under the Mortgage Note and, to the extent permitted by applicable state
      law, the Mortgagor remains liable thereon. The Servicer is also authorized
      to
      enter into a substitution of liability agreement with such person, pursuant
      to
      which the original Mortgagor is released from liability and such person is
      substituted as the Mortgagor and becomes liable under the Mortgage Note,
      provided that no such substitution shall be effective unless such person
      satisfies the then current underwriting criteria of the Servicer for mortgage
      loans similar to the Mortgage Loans. In connection with any assumption or
      substitution, the Servicer shall apply such underwriting standards and follow
      such practices and procedures as shall be normal and usual in its general
      mortgage servicing activities and as it applies to other mortgage loans owned
      solely by it. The Servicer shall not take or enter into any assumption and
      modification agreement, however, unless (to the extent practicable in the
      circumstances) it shall have received confirmation, in writing, of the continued
      effectiveness of any applicable hazard insurance policy. Any fee collected
      by
      the Servicer in respect of an assumption or substitution of liability agreement
      will be retained by the Servicer as additional servicing compensation. In
      connection with any such assumption, no material term of the Mortgage Note
      (including but not limited to the related Mortgage Rate and the amount of the
      Monthly Payment) may be amended or modified, except as otherwise required
      pursuant to the terms thereof. The Servicer shall notify the Trustee and the
      Custodian that any such substitution or assumption agreement has been completed
      by forwarding to the Custodian the executed original of such substitution or
      assumption agreement, which document shall be added to the related Mortgage
      File
      and shall, for all purposes, be considered a part of such Mortgage File to
      the
      same extent as all other documents and instruments constituting a part
      thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason
      whatsoever. For purposes of this Section 3.15, the term “assumption” is deemed
      to also include a sale (of the Mortgaged Property) subject to the Mortgage
      that
      is not accompanied by an assumption or substitution of liability
      agreement.

     

    
      	SECTION
              3.16  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a)  The
      Servicer shall, consistent with the servicing standard set forth in Section
      3.01, foreclose upon or otherwise comparably convert the ownership of properties
      securing such of the Mortgage Loans as come into and continue in default and
      as
      to which no satisfactory arrangements can be made for collection of delinquent
      payments pursuant to Section 3.07. The Servicer shall be responsible for all
      costs and expenses incurred by it in any such proceedings; provided, however,
      that such costs and expenses will be recoverable as Servicing Advances by the
      Servicer as contemplated in Section 3.11 and Section 3.23. The foregoing is
      subject to the provision that, in any case in which Mortgaged Property shall
      have suffered damage from an Uninsured Cause, the Servicer shall not be required
      to expend its own funds toward the restoration of such property unless it shall
      determine in its discretion that such restoration will increase the proceeds
      of
      liquidation of the related Mortgage Loan after reimbursement to itself for
      such
      expenses.

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.16 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Servicer has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Servicer shall
      not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund, the Servicer or the Certificateholders would be considered to hold title
      to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of
      such Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Servicer has also previously determined,
      based
      on its reasonable judgment and a report prepared by a Person who regularly
      conducts environmental audits using customary industry standards,
      that:

     

    (1)  such
      Mortgaged Property is in compliance with applicable environmental laws or,
      if
      not, that it would be in the best economic interest of the Trust Fund to take
      such actions as are necessary to bring the Mortgaged Property into compliance
      therewith; and

     

    (2)  there
      are
      no circumstances present at such Mortgaged Property relating to the use,
      management or disposal of any hazardous substances, hazardous materials,
      hazardous wastes, or petroleum-based materials for which investigation, testing,
      monitoring, containment, clean-up or remediation could be required under any
      federal, state or local law or regulation, or that if any such materials are
      present for which such action could be required, that it would be in the best
      economic interest of the Trust Fund to take such actions with respect to the
      affected Mortgaged Property.

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.16 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(ix), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund.
      The cost of any such compliance, containment, cleanup or remediation shall
      be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(ix), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    (c)  The
      Servicer shall have the right to purchase from REMIC 1 any defaulted Mortgage
      Loan that is 90 days or more delinquent, which the Servicer determines in good
      faith will otherwise become subject to foreclosure proceedings (evidence of
      such
      determination to be delivered in writing to the Trustee, in form and substance
      satisfactory to the Trustee prior to purchase), at a price equal to the Purchase
      Price. The Purchase Price for any Mortgage Loan purchased hereunder shall be
      deposited in the Collection Account, and the Trustee, upon receipt of written
      certification from the Servicer of such deposit, shall release or cause to
      be
      released to the Servicer, the related Mortgage File and the Trustee, upon
      receipt of written certification from the Servicer, as applicable, of such
      deposit, shall execute and deliver such instruments of transfer or assignment,
      in each case without recourse, as the Servicer, shall furnish and as shall
      be
      necessary to vest in the Servicer title to any Mortgage Loan released pursuant
      hereto.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds or
      Liquidation Proceeds, in respect of any Mortgage Loan, will be applied in the
      following order of priority: first, to reimburse the Servicer or any
      Sub-Servicer for any related unreimbursed Servicing Advances and Advances,
      pursuant to Section 3.11(a)(ii) or (a)(iii)(B); second, to accrued and unpaid
      interest on the Mortgage Loan, to the date of the Final Recovery Determination,
      or to the Due Date prior to the Distribution Date on which such amounts are
      to
      be distributed if not in connection with a Final Recovery Determination; and
      third, as a recovery of principal of the Mortgage Loan. If the amount of the
      recovery so allocated to interest is less than the full amount of accrued and
      unpaid interest due on such Mortgage Loan, the amount of such recovery will
      be
      allocated by the Servicer as follows: first, to unpaid Servicing Fees; and
      second, to the balance of the interest then due and owing. The portion of the
      recovery so allocated to unpaid Servicing Fees shall be reimbursed to the
      Servicer or any Sub-Servicer pursuant to Section 3.11(a)(iii)(A). 

     

    
      	SECTION
              3.17  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer will immediately notify the Custodian, by a Request
      for Release in the form of Exhibit E (which certification shall include a
      statement to the effect that all amounts received or to be received in
      connection with such payment which are required to be deposited in the
      Collection Account pursuant to Section 3.10 have been or will be so deposited)
      of a Servicing Officer and shall request that the Custodian, on behalf of the
      Trustee, deliver to it the Mortgage File. Upon
      receipt of such certification and request, the Custodian shall within three
      Business Days release the related Mortgage File to the Servicer and the Servicer
      is authorized to cause the removal from the registration on the MERS® System of
      any such Mortgage, if applicable, and to execute and deliver, on behalf of
      the
      Trustee and the Certificateholders or any of them, any and all instruments
      of
      satisfaction or cancellation or of partial or full release. No expenses incurred
      in connection with any instrument of satisfaction or deed of reconveyance shall
      be chargeable to the Collection Account or the Distribution
      Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Custodian shall, upon request of the
      Servicer and delivery to the Custodian of a Request for Release in the form
      of
      Exhibit E, release the related Mortgage File to the Servicer, and the Trustee
      shall, at the direction of the Servicer, execute such documents as shall be
      necessary to the prosecution of any such proceedings. Such Request for Release
      shall obligate the Servicer to return each and every document previously
      requested from the Mortgage File to the Custodian when the need therefor by
      the
      Servicer no longer exists, unless the Mortgage Loan has been liquidated and
      the
      Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
      Collection Account or the Mortgage File or such document has been delivered
      to
      an attorney, or to a public trustee or other public official as required by
      law,
      for purposes of initiating or pursuing legal action or other proceedings for
      the
      foreclosure of the Mortgaged Property either judicially or non-judicially,
      and
      the Servicer has delivered to the Custodian, on behalf of the Trustee, a
      certificate of a Servicing Officer certifying as to the name and address of
      the
      Person to which such Mortgage File or such document was delivered and the
      purpose or purposes of such delivery. Upon receipt of a certificate of a
      Servicing Officer stating that such Mortgage Loan was liquidated and that all
      amounts received or to be received in connection with such liquidation that
      are
      required to be deposited into the Collection Account have been so deposited,
      or
      that such Mortgage Loan has become an REO Property, a copy of the Request for
      Release shall be released by the Custodian, on behalf of the Trustee, to the
      Servicer.

     

    (c)  Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer any court pleadings, requests for trustee’s sale or
      other documents reasonably necessary to the foreclosure or trustee’s sale in
      respect of a Mortgaged Property or to any legal action brought to obtain
      judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain
      a
      deficiency judgment, or to enforce any other remedies or rights provided by
      the
      Mortgage Note or Mortgage or otherwise available at law or in equity. Each
      such
      certification shall include a request that such pleadings or documents be
      executed by the Trustee and a statement as to the reason such documents or
      pleadings are required and that the execution and delivery thereof by the
      Trustee will not invalidate or otherwise affect the lien of the Mortgage, except
      for the termination of such a lien upon completion of the foreclosure or
      trustee’s sale.

     

    
      	SECTION
              3.18  	
              Servicing
                Compensation.

            

    

     

    As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan, subject to Section
      3.24. In addition, the Servicer shall be entitled to recover unpaid Servicing
      Fees out of Insurance Proceeds or Liquidation Proceeds to the extent permitted
      by Section 3.11(a)(iii)(A) and out of amounts derived from the operation and
      sale of an REO Property to the extent permitted by Section 3.23. The right
      to
      receive the Servicing Fee may not be transferred in whole or in part except
      in
      connection with the transfer of all of the Servicer’s responsibilities and
      obligations under this Agreement.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges
      and
      other similar fees and charges (other than Prepayment Charges) shall be retained
      by the Servicer (subject to Section 3.24) only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.11(a)(iv) to withdraw from the Collection Account, and
      pursuant to Section 3.23(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.12 and Section 3.24. The Servicer shall be required to
      pay
      all expenses incurred by it in connection with its servicing activities
      hereunder (including premiums for the insurance required by Section 3.14, to
      the
      extent such premiums are not paid by the related Mortgagors or by a
      Sub-Servicer, servicing compensation of each Sub-Servicer) and shall not be
      entitled to reimbursement therefor except as specifically provided
      herein.

     

    
      	SECTION
              3.19  	
              Reports;
                Collection Account Statements.

            

    

     

    Not
      later
      than fifteen days after each Distribution Date, the Servicer shall forward
      to
      the Trustee, upon the request of the Trustee, a statement prepared by the
      Servicer setting forth the status of the Collection Account as of the close
      of
      business on the last day of the calendar month relating to such Distribution
      Date and showing, for the period covered by such statement, the aggregate amount
      of deposits into and withdrawals from the Collection Account of each category
      of
      deposit specified in Section 3.10(a) and each category of withdrawal specified
      in Section 3.11. Such statement may be in the form of the then current Fannie
      Mae Monthly Accounting Report for its Guaranteed Mortgage Pass-Through Program
      with appropriate additions and changes, and shall also include information
      as to
      the aggregate of the outstanding principal balances of all of the Mortgage
      Loans
      as of the last day of the calendar month immediately preceding such Distribution
      Date. Copies of such statement shall be provided by the Trustee to any
      Certificateholder and to any Person identified to the Trustee as a prospective
      transferee of a Certificate, upon the request and at the expense of the
      requesting party, provided such statement is delivered by the Servicer to the
      Trustee.

     

    
      	SECTION
              3.20  	
              Statement
                as to Compliance.

            

    

     

    On
      or
      before March 1 of each calendar year, commencing in 2007, the Servicer shall
      deliver to the Trustee a statement of compliance addressed to the Depositor
      and
      signed by an authorized officer of the Servicer, to the effect that (a) a review
      of the Servicer’s activities during the immediately preceding calendar year (or
      applicable portion thereof) and of its performance under this Agreement during
      such period has been made under such officer’s supervision, and (b) to the best
      of such officers’ knowledge, based on such review, the Servicer has fulfilled
      all of its obligations under this Agreement in all material respects throughout
      such calendar year (or applicable portion thereof) or, if there has been a
      failure to fulfill any such obligation in any material respect, specifically
      identifying each such failure known to such officer and the nature and the
      status thereof. 

     

    The
      Servicer shall deliver, or cause to be delivered, a similar Annual Statement
      of
      Compliance by any Sub-Servicer, Subcontractor or other Person engaged by it
      and
      satisfying any of the criteria set forth in Item 1108(a)(i)-(iii), to which
      the
      Servicer has delegated any servicing responsibilities with respect to the
      Mortgage Loans, to the Trustee as described above as and when required with
      respect to the Servicer.

     

    Each
      of
      the Servicer and the Trustee (each, an “Indemnifying Party”) shall indemnify and
      hold harmless the Depositor and their officers, directors and Affiliates, as
      applicable, from and against any actual losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses that such Person may sustain based upon a breach
      of
      the obligations of such Indemnifying Party under this Section 3.20.

     

    
      	SECTION
              3.21  	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    (A) On
      or
      before March 1st
      (or
      March 15th
      with
      respect to the Trustee) of each calendar year, commencing in 2007, the Servicer
      shall:

     

    (1)  deliver
      to the Trustee a report (in form and substance reasonably satisfactory to the
      Depositor and the Trustee) regarding the Servicer’s assessment of compliance
      with the Relevant Servicing Criteria during the immediately preceding calendar
      year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item
      1122 of Regulation AB. Such report shall be addressed to the Depositor and
      signed by an authorized officer of the Servicer and shall address each of the
      Relevant Servicing Criteria specified substantially on Exhibit S hereto (or
      those Servicing Criteria otherwise mutually agreed to by the Depositor and
      the
      Servicer in response to evolving interpretations of Regulation AB;

     

    (2)  deliver
      to the Trustee a report of a registered public accounting firm reasonably
      acceptable to the Depositor and the Trustee that attests to, and reports on,
      the
      assessment of the compliance made by the Servicer and delivered pursuant to
      the
      .preceding paragraph. Such attestation shall be in accordance with Rules
      1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
      Exchange Act;

     

    (3)  cause
      each Sub-Servicer and each Subcontractor to deliver to the Trustee and the
      Depositor an assessment of compliance and accountants’ attestation as and when
      provided in paragraphs (i) and (ii) of this Section 3.21; and

     

    (4)  pursuant
      to Section 4.05(a)(iv), deliver, and cause each Sub-Servicer and each
      Subcontractor to deliver to the Trustee a certification in the form attached
      hereto as Exhibit N-2.

     

    Each
      assessment of compliance provided by a Sub-Servicer pursuant to Section
      3.21(iii) shall address each of the Relevant Servicing Criteria applicable
      to
      the Servicer in Exhibit S. An assessment of compliance provided by a
      Subcontractor pursuant to Section 3.21(iii) need not address any elements of
      the
      Relevant Servicing Criteria other than those specified by the Servicer pursuant
      to Section 3.02.

     

    The
      Servicer acknowledges that the Depositor may rely on the certification provided
      by the Servicer pursuant clause (iv) above in signing the Certification and
      filing such with the Commission. The Depositor will not request delivery of
      a
      certification under clause (iv) above unless the Depositor is required under
      the
      Exchange Act to file an annual report on Form 10-K with respect to an issuing
      entity whose asset pool includes Mortgage Loans.

     

    The
      Trustee shall also provide an Assessment of Compliance and Attestation Report,
      as and when provided above, which shall at a minimum address each of the
      Servicing Criteria specified on Exhibit O hereto which are indicated as
      applicable to each such party. Notwithstanding the foregoing, as to any trustee,
      an Assessment of Compliance is not required to be delivered unless it is
      required as part of a Form 10-K with respect to the Trust Fund.

     

    Each
      of
      the Servicer and the Trustee shall indemnify and hold harmless the Depositor
      and
      their officers, directors and Affiliates from and against any actual losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses that such Person may
      sustain based upon a breach of the obligations of such Indemnifying Party under
      this Section 3.21.

     

    
      	SECTION
              3.22  	
              Remedies
                Regarding Statements as to Compliance, Assessments of Compliance
                and
                Attestation Reports.

            

    

     

    (i) Any
      failure by the Servicer, any Sub-Servicer or any Subcontractor to deliver any
      information, report, certification or accountants’ letter when and as required
      under Section 3.20 or Section 3.21, including (except as provided below) any
      failure by the Servicer to identify any Subcontractor “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB, which
      continues unremedied for ten (10) calendar days after the date on which such
      information, report, certification or accountants’ letter was required to be
      delivered shall constitute a Servicer Event of Termination, and shall entitle
      the Trustee (at the direction of the Depositor), to terminate the rights and
      obligations of the Servicer under this Agreement without payment
      (notwithstanding anything in this Agreement to the contrary) of any compensation
      to the Servicer; provided that to the extent that any provision of this
      Agreement expressly provides for the survival of certain rights or obligations
      following termination of the Servicer as servicer, such provision shall be
      given
      effect.

     

    Neither
      the Trustee nor the Depositor shall be entitled to terminate the rights and
      obligations of the Servicer pursuant to this subparagraph (B)(i) if a failure
      of
      the Servicer to identify a Subcontractor “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB was attributable
      solely to the role or functions of such Subcontractor with respect to mortgage
      loans other than the Mortgage Loans.

     

    (iii) The
      Servicer shall promptly reimburse the Depositor, the Trustee and the Trust
      Fund
      for all reasonable expenses incurred by the Depositor, the Trustee and the
      Trust
      Fund, as such are incurred, in connection with the termination of the Servicer
      as servicer and the transfer of servicing of the Mortgage Loans to a successor
      servicer. The provisions of this paragraph shall not limit whatever rights
      the
      Trustee or the Depositor may have under other provisions of this Agreement
      or
      otherwise, whether in equity or at law, such as an action for damages, specific
      performance or injunctive relief.

     

    
      	SECTION
              3.23  	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the Office of the Controller of the Currency, the
      Office of Thrift Supervision, the FDIC, and any other federal or state banking
      or insurance regulatory authority that may exercise authority over any
      Certificateholder, access to the documentation regarding the Mortgage Loans
      required by applicable laws and regulations. Such access shall be afforded
      without charge, but only upon reasonable request and during normal business
      hours at the offices of the Servicer designated by it. In addition, access
      to
      the documentation regarding the Mortgage Loans required by applicable laws
      and
      regulations will be provided to such Certificateholder, the Trustee and to
      any
      Person identified to the Servicer as a prospective transferee of a Certificate
      subject to the execution of a confidentiality agreement in form and substance
      satisfactory to the servicer, upon reasonable request during normal business
      hours at the offices of the Servicer designated by it at the expense of the
      Person requesting such access. Nothing in this Section 3.22 shall derogate
      from
      the obligation of any such party to observe any applicable law prohibiting
      disclosure of information regarding the Mortgagors and the failure of any such
      party to provide access as provided in this Section as a result of such
      obligation shall not constitute a breach of this Section 3.22.

     

    
      	SECTION
              3.24  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)  In
      the
      event that title to an REO Property is acquired in foreclosure or by deed in
      lieu of foreclosure, the deed or certificate of sale shall be taken (pursuant
      to
      a limited power of attorney to be provided by the Trustee to the Servicer)
      in
      the name of the Trustee or a nominee thereof, on behalf of the
      Certificateholders, or in the event the Trustee or a nominee thereof is not
      authorized or permitted to hold title to real property in the state where the
      REO Property is located, or would be adversely affected under the “doing
      business” or tax laws of such state by so holding title, the deed or certificate
      of sale shall be taken in the name of such Person or Persons as shall be
      consistent with an Opinion of Counsel obtained by the Servicer from an attorney
      duly licensed to practice law in the state where the REO Property is located.
      Any Person or Persons holding such title other than the Trustee shall
      acknowledge in writing that such title is being held as nominee for the benefit
      of the Trustee. The Trustee’s name shall be placed on the title to such REO
      Property solely as the Trustee hereunder and not in its individual capacity.
      The
      Servicer shall ensure that the title to such REO Property references this
      Agreement and the Trustee’s capacity hereunder. The Servicer, on behalf of the
      Trust Fund, shall either sell any REO Property before the close of the third
      taxable year following the year the Trust Fund acquires ownership of such REO
      Property for purposes of Section 860G(a)(8) of the Code or request from the
      Internal Revenue Service, no later than 60 days before the day on which the
      above three-year grace period would otherwise expire, an extension of the above
      three-year grace period, unless the Servicer shall have delivered to the Trustee
      and the Depositor an Opinion of Counsel, addressed to the Trustee and the
      Depositor, to the effect that the holding by the Trust Fund of such REO Property
      subsequent to the close of the third taxable year after its acquisition will
      not
      result in the imposition on the Trust Fund of taxes on “prohibited transactions”
thereof, as defined in Section 860F of the Code, or cause any Trust REMIC to
      fail to qualify as a REMIC under Federal law at any time that any Certificates
      are outstanding. The Servicer shall manage, conserve, protect and operate each
      REO Property for the Certificateholders solely for the purpose of its prompt
      disposition and sale in a manner which does not cause such REO Property to
      fail
      to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code or result in the receipt by any Trust REMIC of any “income from
      non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code,
      or any “net income from foreclosure property” which is subject to taxation under
      the REMIC Provisions.

     

    (b)  The
      Servicer shall segregate and hold all funds collected and received in connection
      with the operation of any REO Property separate and apart from its own funds
      and
      general assets and shall establish and maintain with respect to REO Properties
      an account held in trust for the Trustee for the benefit of the
      Certificateholders (the “REO Account”), which shall be an Eligible Account. The
      Servicer shall be permitted to allow the Collection Account to serve as the
      REO
      Account, subject to separate ledgers for each REO Property. The Servicer shall
      be entitled to retain or withdraw any interest income paid on funds deposited
      in
      the REO Account.

     

    (c)  The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period as the Servicer deems
      to
      be in the best interests of Certificateholders. In connection therewith, the
      Servicer shall deposit, or cause to be deposited in the clearing account (which
      account must be an Eligible Account) in which it customarily deposits payments
      and collections on mortgage loans in connection with its mortgage loan servicing
      activities on a daily basis, and in no event more than two Business Days after
      the Servicer’s receipt thereof, and shall thereafter deposit in the REO Account,
      in no event more than one Business Day after the deposit of such funds into
      the
      clearing account, all revenues received by it with respect to an REO Property
      and shall withdraw therefrom funds necessary for the proper operation,
      management and maintenance of such REO Property including, without
      limitation:

     

    (i)  all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii)  all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

     

    (iii)  all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Servicer shall advance from
      its own funds such amount as is necessary for such purposes if, but only if,
      the
      Servicer would make such advances if the Servicer owned the REO Property and
      if
      in the Servicer’s judgment, the payment of such amounts will be recoverable from
      the rental or sale of the REO Property.

     

    Notwithstanding
      the foregoing, none of the Servicer or the Trustee shall:

     

    (a)  authorize
      the Trust Fund to enter into, renew or extend any New Lease with respect to
      any
      REO Property, if the New Lease by its terms will give rise to any income that
      does not constitute Rents from Real Property;

     

    (b)  authorize
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

     

    (c)  authorize
      any construction on any REO Property, other than the completion of a building
      or
      other improvement thereon, and then only if more than ten percent of the
      construction of such building or other improvement was completed before default
      on the related Mortgage Loan became imminent, all within the meaning of Section
      856(e)(4)(B) of the Code; or

     

    (d)  authorize
      any Person to Directly Operate any REO Property on any date more than 90 days
      after its date of acquisition by the Trust Fund;

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel to the effect
      that such action will not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the at any
      time that it is held by the Trust Fund, in which case the Servicer may take
      such
      actions as are specified in such Opinion of Counsel.

     

    The
      Servicer may contract with any Independent Contractor for the operation and
      management of any REO Property; provided that:

     

    (i)  the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (ii)  any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Servicer
      as soon as practicable, but in no event later than thirty days following the
      receipt thereof by such Independent Contractor;

     

    (iii)  none
      of
      the provisions of this Section 3.23(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Certificateholders with respect to the operation and management of any
      such
      REO Property; and

     

    (iv)  the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.18 is sufficient to pay such
      fees.

     

    (d)  In
      addition to the withdrawals permitted under Section 3.23(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of the
      related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
      unreimbursed Servicing Advances and Advances made in respect of such REO
      Property or the related Mortgage Loan. Any income from the related REO Property
      received during any calendar months prior to a Final Recovery Determination,
      net
      of any withdrawals made pursuant to Section 3.23(c) or this Section 3.23(d),
      shall be withdrawn by the Servicer from each REO Account maintained by it and
      remitted to the Trustee for deposit into the Distribution Account in accordance
      with Section 3.10(d)(ii) on the Servicer Remittance Date relating to a Final
      Recovery Determination with respect to such Mortgage Loan, for distribution
      on
      the related Distribution Date in accordance with Section 4.01.

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a), each REO Disposition
      shall
      be carried out by the Servicer at such price and upon such terms and conditions
      as the Servicer shall deem necessary or advisable, as shall be normal and usual
      in its general servicing activities for similar properties.

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
      be
      remitted to the Trustee for deposit in the Distribution Account in accordance
      with Section 3.10(d)(ii) on the Servicer Remittance Date in the month following
      the receipt thereof for distribution on the related Distribution Date in
      accordance with Section 4.01. Any REO Disposition shall be for cash only (unless
      changes in the REMIC Provisions made subsequent to the Startup Day allow a
      sale
      for other consideration).

     

    (g)  The
      Servicer shall file information returns with respect to the receipt of mortgage
      interest received in a trade or business, reports of foreclosures and
      abandonments of any Mortgaged Property and cancellation of indebtedness income
      with respect to any Mortgaged Property as required by Sections 6050H, 6050J
      and
      6050P of the Code, respectively. Such reports shall be in form and substance
      sufficient to meet the reporting requirements imposed by such Sections 6050H,
      6050J and 6050P of the Code.

     

    
      	SECTION
              3.25  	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    The
      Servicer shall deliver to the Trustee for deposit into the Distribution Account
      on the Servicer Remittance Date from its own funds (or from a Sub-Servicer’s own
      funds received by the Servicer in respect of Compensating Interest) an amount
      equal to the lesser of (a) the amount, if any, by which the Prepayment Interest
      Shortfall for the related Prepayment Period exceeds the Prepayment Interest
      Excess for the related Prepayment Period, and (b) the amount of the Servicing
      Fee payable to the Servicer for such Distribution Date.

     

    
      	SECTION
              3.26  	
              Obligations
                of the Servicer in Respect of Monthly Payments. 

            

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to any
      Mortgage Loan results from or is attributable to adjustments to Mortgage Rates,
      Monthly Payments or Stated Principal Balances that were made by the Servicer
      in
      a manner not consistent with the terms of the related Mortgage Note and this
      Agreement, the Servicer, upon discovery or receipt of notice thereof,
      immediately shall deliver to the Trustee for deposit in the Distribution Account
      from its own funds the amount of any such shortfall and shall indemnify and
      hold
      harmless the Trust Fund, the Trustee, the Depositor and any successor servicer
      in respect of any such liability. Such indemnities shall survive the termination
      or discharge of this Agreement. If amounts paid by the Servicer with respect
      to
      any Mortgage Loan pursuant to this Section 3.25 are subsequently recovered
      from
      the related Mortgagor, the Servicer shall be permitted to reimburse itself
      for
      such amounts paid by it pursuant to this Section 3.25 from such
      recoveries.

     

    
      	SECTION
              3.27  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Net WAC Rate Carryover Reserve
      Account, Deutsche Bank National Trust Company, as Trustee, in trust for
      registered Holders of Fremont Mortgage Loan Trust 2006-1, Asset-Backed
      Certificates, Series 2006-1.” All amounts deposited in the Net WAC Rate
      Carryover Reserve Account shall be distributed to the Holders of the the Fixed
      Rate Certificates and the Floating Rate Certificates in the manner set forth
      in
      Section 4.01(d).

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Fixed Rate Certificates and the Floating Rate Certificates, the Trustee
      has been directed by the Class C Certificateholders to, and therefore will,
      deposit into the Net WAC Rate Carryover Reserve Account the amounts described
      in
      Section 4.01(c)(v), rather than distributing such amounts to the Class C
      Certificateholders. In addition, any payments received by the Trustee under
      the
      Cap Contract on each Distribution Date will be deposited into the Net WAC Rate
      Carryover Reserve Account. On each such Distribution Date, the Trustee shall
      hold all such amounts for the benefit of the Holders of the Fixed Rate
      Certificates and the Floating Rate Certificates, and will distribute such
      amounts to the Holders of the Fixed Rate Certificates and the Floating Rate
      Certificates in the amounts and priorities set forth in Section
      4.01(d).

     

    On
      each
      Distribution Date, any amounts remaining in the Net WAC Rate Carryover Reserve
      Account (representing
      payments received by the Trustee under the Cap Contract) after
      the
      payment of any Net WAC Rate Carryover Amounts on the Fixed Rate Certificates
      and
      the Floating Rate Certificates for such Distribution Date, shall be payable
      to
      the Trustee as additional compensation. For so long as any Floating Rate
      Certificates are beneficially owned by the Depositor or any of its Affiliates,
      the Depositor shall refund or cause such Affiliate to refund any amounts paid
      to
      it under the Cap Contract to the Trustee who shall, pursuant to the terms of
      the
      Cap Contract, return such amount to the counterparty thereunder.

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class C Certificates
      unless and until the date when either (a) there is more than one Class C
      Certificateholder or (b) any Class of Certificates in addition to the Class
      C
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account
      be
      treated as a partnership. All amounts deposited into the Net WAC Rate Carryover
      Reserve Account (other than amounts received under the Cap Contract) shall
      be
      treated as amounts distributed by REMIC 3 to the Holder of the Class C Interest
      and by REMIC 4 to the Holder of the Class C Certificates. The Net WAC Rate
      Carryover Reserve Account will be an “outside reserve fund” within the meaning
      of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust,
      or the payment in full of the Fixed Rate Certificates and the Floating Rate
      Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover
      Reserve Account will be released by the Trust and distributed to the Holders
      of
      the Class C Certificates or their designee. The Net WAC Rate Carryover Reserve
      Account will be part of the Trust but not part of any REMIC and any payments
      to
      the Holders of the Fixed Rate Certificates and the Floating Rate Certificates
      of
      Net WAC Rate Carryover Amounts will not be payments with respect to a “regular
      interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    By
      accepting a Class C Certificate, each Class C Certificateholder hereby agrees
      to
      direct the Trustee, and the Trustee hereby is directed, to deposit into the
      Net
      WAC Rate Carryover Reserve Account the amounts described above on each
      Distribution Date as to which there is any Net WAC Rate Carryover Amount rather
      than distributing such amounts to the Class C Certificateholders. By accepting
      a
      Class C Certificate, each Class C Certificateholder further agrees that such
      direction is given for good and valuable consideration, the receipt and
      sufficiency of which is acknowledged by such acceptance.

     

    Amounts
      on deposit in the Net WAC Rate Carryover Reserve Account shall remain
      uninvested.

     

    For
      federal tax return and information reporting, the right of the Holders of the
      Fixed Rate Certificates and Floating Rate Certificates to receive payments
      from
      the Net WAC Rate Carryover Reserve Account in respect of any Net WAC Cap Carry
      Forward Amounts may have more than a de
      minimis
      value.
      The value of such amount, if any, may be obtained from the Trustee upon request,
      provided that the Trustee has received such information from the
      Underwriters.

     

    
      	SECTION
              3.28  	
              Advance
                Facility

            

    

     

    (a)  Either
      (i) the Servicer or (ii) the Trustee, on behalf of the Trust Fund, with the
      consent of and at the direction of the Servicer, is hereby authorized to enter
      into a facility with any Person which provides that such Person (an “Advancing
      Financing Person”) may fund Advances and/or Servicing Advances to the Trust Fund
      under this Agreement, although no such facility shall reduce or otherwise affect
      the Servicer’s obligation to fund such Advances and/or Servicing Advances. If
      the Servicer enters into such an Advance Facility pursuant to this Section
      3.26,
      upon reasonable request of the Advancing Financing Person, the Trustee shall
      execute a letter of acknowledgment, confirming its receipt of notice of the
      existence of such Advance Facility. If the Trustee enters into such an Advance
      Facility pursuant to this Section 3.26, the Servicer shall also be a party
      to
      such Advance Facility. To the extent that an Advancing Financing Person funds
      any Advance or any Servicing Advance and provides the Trustee with notice
      acknowledged by the Servicer that such Advancing Financing Person is entitled
      to
      reimbursement, such Advancing Financing Person shall be entitled to receive
      reimbursement pursuant to this Agreement for such amount to the extent provided
      in Section 3.26(b). Such notice from the Advancing Financing Person must specify
      the amount of the reimbursement, the Section of this Agreement that permits
      the
      applicable Advance or Servicing Advance to be reimbursed and the section(s)
      of
      the Advance Facility that entitle the Advancing Financing Person to request
      reimbursement from the Trustee, rather than the Servicer, and include the
      Servicer’s acknowledgment thereto or proof of an Event of Default under the
      Advance Facility. The Trustee shall have no duty or liability with respect
      to
      any calculation of any reimbursement to be paid to an Advancing Financing Person
      and shall be entitled to rely without independent investigation on the Advancing
      Financing Person’s notice provided pursuant to this Section 3.26. An Advancing
      Financing Person whose obligations hereunder are limited to the funding of
      Advances and/or Servicing Advances shall not be required to meet the
      qualifications of a Servicer or a Sub-Servicer pursuant to Section 3.02 hereof
      and will not be deemed to be a Sub-Servicer under this Agreement.

     

    (b)  If
      an
      advancing facility is entered into, then the Servicer shall not be permitted
      to
      reimburse itself therefor under Section 3.11(a)(ii), Section 3.11(a)(iii) and
      Section 3.11(a)(vi) prior to the remittance to the Trust Fund, but instead
      the
      Servicer shall include such amounts in the applicable remittance to the Trustee
      made pursuant to Section 3.11(a). The Trustee is hereby authorized to pay to
      the
      Advancing Financing Person, reimbursements for Advances and Servicing Advances
      from the Distribution Account to the same extent the Servicer would have been
      permitted to reimburse itself for such Advances and/or Servicing Advances in
      accordance with Section 3.11(a)(ii), Section 3.11(a)(iii) and Section
      3.11(a)(vi), as the case may be, had the Servicer itself funded such Advance
      or
      Servicing Advance. The Trustee is hereby authorized to pay directly to the
      Advancing Financing Person such portion of the Servicing Fee as the parties
      to
      any advancing facility agree in writing.

     

    (c)  All
      Advances and Servicing Advances made pursuant to the terms of this Agreement
      shall be deemed made and shall be reimbursed on a “first in-first out” (FIFO)
      basis.

     

    (d)  Any
      amendment to this Section 3.26 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.26, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee and the
      Servicer without the consent of any Certificateholder, notwithstanding anything
      to the contrary in this Agreement.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

    FLOW
      OF
      FUNDS

     

    
      	SECTION
              4.01  	
              Distributions.

            

    

     

    (a)  (I)
      On
      each Distribution Date, the Trustee shall, first, withdraw from the Distribution
      Account an amount equal to the Credit Risk Manager Fee for such Distribution
      Date and shall pay such amount to the Credit Risk Manager and, then, withdraw
      that portion of Available Funds for such Distribution Date consisting of the
      Group I Interest Remittance Amount for such Distribution Date, and make the
      following disbursements and transfers in the order of priority described below,
      in each case to the extent of the Group I Interest Remittance Amount remaining
      for such Distribution Date:

     

    (i)  to
      the
      Holders of the Group I Certificates, the Monthly Interest Distributable Amount
      and the Unpaid Interest Shortfall Amount, if any, for such Class;
      and

     

    (ii)  concurrently,
      to the Holders of the Group II Certificates, on a pro
      rata basis
      based on the entitlement of each such Class, an amount equal to the excess,
      if
      any, of (x) the amount required to be distributed pursuant to Section
      4.01(a)(II)(i) below for such Distribution Date over (y) the amount actually
      distributed pursuant to such clause from the Group II Interest Remittance
      Amount.

     

    (II) On
      each
      Distribution Date the Trustee shall withdraw from the Distribution Account
      that
      portion of Available Funds for such Distribution Date consisting of the Group
      II
      Interest Remittance Amount for such Distribution Date, and make the following
      disbursements and transfers in the order of priority described below, in each
      case to the extent of the Group II Interest Remittance Amount remaining for
      such
      Distribution Date.

     

    (i)  concurrently,
      to the Holders of the Group II Certificates, on a pro
      rata
      basis
      based on the entitlement of each such Class, the Monthly Interest Distributable
      Amount and the Unpaid Interest Shortfall Amount, if any, for each such Class;
      and

     

    (ii)  to
      the
      Holders of the Group I Certificates, an amount equal to the excess, if any,
      of
      (x) the amount required to be distributed pursuant to Section 4.01(a)(I)(i)
      above for such Distribution Date over (y) the amount actually distributed
      pursuant to such clause from the Group I Interest Remittance
      Amount.

     

    (III) On
      each
      Distribution Date, distributions to the extent of the sum of the Group I
      Interest Remittance Amount and the Group II Interest Remittance Amount remaining
      undistributed for such Distribution Date shall be distributed sequentially,
      to
      the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class
      M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the
      Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates,
      the Class M-9 Certificates, the Class B-1 Certificates, the Class B-2
      Certificates and the Class B-3 Certificates, in that order, in an amount equal
      to the Monthly Interest Distributable Amount for each such Class.

     

    (b)  (I)On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which
      a
      Trigger Event is in effect, distributions in respect of principal to the extent
      of the Group I Principal Distribution Amount shall be made in the following
      amounts and order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; and

     

    (ii)  after
      taking into account the amount distributed to the Holders of the Group II
      Certificates pursuant to Section 4.01(b)(II)(i) below on such Distribution
      Date,
      to the Holders of the Group II Certificates (allocated among the Group II
      Certificates in the priority described below), until the Certificate Principal
      Balances thereof have been reduced to zero.

     

    (II) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the Group
      II Principal Distribution Amount shall be made in the following amounts and
      order of priority:

     

    (i)  to
      the
      Holders of the Group II Certificates
      (allocated among Group II Certificates in the priority described
      below),
      until
      the Certificate Principal Balances thereof have been reduced to zero;
      and

     

    (ii)  after
      taking into account the amount distributed to the Holders of the Group I
      Certificates pursuant to Section 4.01(b)(I)(i) above on such Distribution Date,
      to the Holders of the Group I Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    (III) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the sum
      of
      the Group I Principal Distribution Amount and the Group II Principal
      Distribution Amount remaining undistributed for such Distribution Date shall
      be
      distributed sequentially, to the Holders of the Class M-1 Certificates, the
      Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates,
      the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7
      Certificates, the Class M-8 Certificates, the Class M-9 Certificates, the Class
      B-1 Certificates, the Class B-2 Certificates and the Class B-3 Certificates
      in
      that order, in each case, until the Certificate Principal Balance thereof has
      been reduced to zero.

     

    (IV) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Group I Principal Distribution Amount shall be made in the following amounts
      and order of priority:

     

    (i)  to
      the
      Holders of the Group I Certificates, the Group I Senior Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (ii)  to
      the
      Holders of the Group II Certificates (allocated among Group II Certificates
      in
      the priority described below), an amount equal to the excess, if any, of (x)
      the
      amount required to be distributed pursuant to Section 4.01(c)(V)(i) below for
      such Distribution Date over (y) the amount actually distributed pursuant to
      Section 4.01(c)(V)(i) below from the Group II Principal Distribution Amount
      on
      such Distribution Date.

     

    (V) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Group II Principal Distribution Amount shall be made in the following
      amounts and order of priority:

     

    (i)  to
      the
      Holders of the Group II Certificates (allocated among Group II Certificates
      in
      the priority described below), the Group II Senior Principal Distribution Amount
      until the Certificate Principal Balances thereof have been reduced to zero;
      and

     

    (ii)  to
      the
      Holders of the Group I Certificates, an amount equal to the excess, if any,
      of
      (x) the amount required to be distributed pursuant to Section 4.01(c)(IV)(i)
      above for such Distribution Date over (y) the amount actually distributed
      pursuant to Section 4.01(c)(IV)(i) above from the Group I Principal Distribution
      Amount on such Distribution Date.

     

    (VI) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the sum of the Group I Principal Distribution Amount and the Group II Principal
      Distribution Amount remaining undistributed for such Distribution Date shall
      be
      made in the following amounts and order of priority:

     

    (i)  sequentially,
      to the Holders of the Class M-1 Certificates and Class M-2 Certificates, in
      that
      order, the Class M-1/M-2 Principal Distribution Amount until the Certificate
      Principal Balances thereof have been reduced to zero;

     

    (ii)  to
      the
      Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iii)  to
      the
      Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (iv)  to
      the
      Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (v)  to
      the
      Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vi)  to
      the
      Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vii)  to
      the
      Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (viii)  to
      the
      Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ix)  to
      the
      Holders of the Class B-1 Certificates, the Class B-1 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (x)  to
      the
      Holders of the Class B-2 Certificates, the Class B-2 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (xi)  to
      the
      Holders of the Class B-3 Certificates, the Class B-3 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    With
      respect to the Group II Certificates, all principal distributions will be
      distributed sequentially, first, to the Holders of the Class II-A-1
      Certificates, until the Certificate Principal Balance of the Class II-A-1
      Certificates has been reduced to zero; second, to the Holders of the Class
      II-A-2 Certificates, until the Certificate Principal Balance of the Class II-A-2
      Certificates has been reduced to zero; third,
      to
      the Holders of the Class II-A-3 Certificates, until the Certificate Principal
      Balance of the Class II-A-3 Certificates has been reduced to zero
      and
      fourth, to the Holders of the Class II-A-4 Certificates, until the Certificate
      Principal Balance of the Class II-A-4 Certificates has been reduced to zero;
      provided, however, on any Distribution Date on which the aggregate Certificate
      Principal Balance of the Mezzanine Certificates, the Class B Certificates and
      the Class C Certificates have been reduced to zero, all principal distributions
      will be distributed concurrently, to the holders of the Group II Certificates,
      on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such class.

     

    (c)  On
      each
      Distribution Date, the Net Monthly Excess Cashflow shall be distributed as
      follows:

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Group I Principal Distribution Amount and/or the Group II Principal Distribution
      Amount as described under Section 4.01(b) above;

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates, Class B-1 Certificates, Class B-2 Certificates and Class B-3
      Certificates in that order, in each case, first, up to the Unpaid Interest
      Shortfall Amount for each such Class and second, up to the Allocated Realized
      Loss Amount, for each such Class;

     

    (iii)  to
      the
      Net WAC Rate Carryover Reserve Account, the aggregate of any Net WAC Rate
      Carryover Amounts for the Fixed Rate Certificates and the Floating Rate
      Certificates which exceed the amounts received under the Cap Contract, without
      taking into account amounts, if any, received under the Swap
      Agreement;

     

    (iv)  to
      the
      Swap Provider, any Swap Termination Payments resulting from a Swap Provider
      Trigger Event;

     

    (v)  to
      the
      Holders of the Class C Certificates, (a) the Monthly Interest Distributable
      Amount and any Overcollateralization Release Amount for such Distribution Date
      and (b) on any Distribution Date on which the Certificate Principal Balances
      of
      the Class A Certificates, the Class B Certificates and Mezzanine Certificates
      have been reduced to zero, any remaining amounts in reduction of the Certificate
      Principal Balance of the Class C Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero (and for federal and state income
      tax
      purposes, such total amounts shall be treated as amounts distributed by REMIC
      3
      to the Holder of the Class C Interest and by REMIC 4 to the Holder of the Class
      C Certificates);

     

    (vi)  if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to the Holders of the Class P Certificates, in reduction of
      the
      Certificate Principal Balance thereof, until the Certificate Principal Balance
      thereof is reduced to zero (and for federal and state income tax purposes,
      such
      total amounts shall be treated as amounts distributed by REMIC 3 to the Holder
      of the Class P Interest and by REMIC 5 to the Holder of the Class P
      Certificates); and

     

    (vii)  any
      remaining amounts to the Holders of the Residual Certificates (in respect of
      the
      Class R-3 Interest).

     

    (d)  On
      each
      Distribution Date, after making the distributions of the Available Funds as
      set
      forth above, the Trustee shall withdraw from the Net WAC Rate Carryover Reserve
      Account, to the extent of amounts remaining on deposit therein, the aggregate
      of
      any Net WAC Rate Carryover Amounts for such Distribution Date and distribute
      such amount in the following order of priority:

     

    (i)  concurrently,
      to each Class of Class A Certificates, the related Cap Amount, from payments
      made under the Cap Contract, in each case up to a maximum amount equal to the
      related Net WAC Rate Carryover Amount for such Distribution Date;

     

    (ii)  sequentially,
      the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
      Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class
      M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the
      Class M-9 Certificates, the Class B-1 Certificates and the Class B-2
      Certificates, in that order, the related Cap Amount, from payments made under
      the Cap Contract, in each case up to a maximum amount equal to the related
      Net
      WAC Rate Carryover Amount for such Distribution Date;

     

    (iii)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover Amount
      remaining undistributed pursuant to clause (i) above, on a pro
      rata
      basis
      based on such respective remaining Net WAC Rate Carryover Amounts;
      and

     

    (iv)  sequentially,
      the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3
      Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class
      M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the
      Class M-9 Certificates, the Class B-1 Certificates, the Class B-2 Certificates
      and the Class B-3 Certificates, in that order, the related Net WAC Rate
      Carryover Amount remaining undistributed pursuant to clause (ii)
      above.

     

    (e)  On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow and amounts on deposit in the Net WAC Rate Carryover
      Reserve Account as set forth above, the Trustee shall distribute the amount
      on
      deposit in the Swap Account as follows:

     

    (i)  to
      the
      Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to the
      Interest Rate Swap Agreement for such Distribution Date;

     

    (ii)  to
      the
      Swap Provider, any Swap Termination Payment owed to the Swap Provider not due
      to
      a Swap Provider Trigger Event pursuant to the Interest Rate Swap
      Agreement;

     

    (iii)  concurrently,
      to each Class of Class A Certificates, the related Monthly Interest
      Distributable Amount and Unpaid Interest Shortfall Amount remaining
      undistributed after the distributions of the Group I Interest Remittance Amount
      and the Group II Interest Remittance Amount, on a pro
      rata
      basis
      based on such respective remaining Monthly Interest Distributable Amount and
      Unpaid Interest Shortfall Amount;

     

    (iv)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class B-1, Class B-2 and Class B-3 Certificates,
      in
      that order, the related Monthly Interest Distributable Amount and Unpaid
      Interest Shortfall Amount, to the extent remaining undistributed after the
      distributions of the Group I Interest Remittance Amount, the Group II Interest
      Remittance Amount and the Net Monthly Excess Cashflow;

     

    (v)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Group I Principal Distribution Amount and/or the Group II Principal Distribution
      Amount, after taking into account distributions made pursuant to Section
      4.01(a)(4)(i);

     

    (vi)  sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class B-1, Class B-2 and Class B-3 Certificates,
      in
      that order, in each case up to the related Allocated Realized Loss Amount
      related to such Certificates for such Distribution Date remaining undistributed
      after distribution of the Net Monthly Excess Cashflow;

     

    (vii)  concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, to the extent remaining undistributed after distributions are made
      from
      the Net WAC Rate Carryover Reserve Account, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining; 

     

    (viii)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class B-1, Class B-2 and Class B-3 Certificates,
      in
      that order, the related Net WAC Rate Carryover Amount, to the extent remaining
      undistributed after distributions are made from the Net WAC Rate Carryover
      Reserve Account; and

     

    (ix)  any
      remaining amounts to the Holders of the Class C Certificates.

     

    (f)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period and any Servicer
      Prepayment Charge Payment Amounts paid by the Servicer during the related
      Prepayment Period will be withdrawn from the Distribution Account and
      distributed by the Trustee to the Holders of the Class P Certificates and shall
      not be available for distribution to the Holders of any other Class of
      Certificates. The payment of the foregoing amounts to the Holders of the Class
      P
      Certificates shall not reduce the Certificate Principal Balances
      thereof.

     

    (g)  The
      Trustee shall make distributions in respect of a Distribution Date to each
      Certificateholder of record on the related Record Date (other than as provided
      in Section 10.01 respecting the final distribution), in the case of
      Certificateholders of the Regular Certificates, by check or money order mailed
      to such Certificateholder at the address appearing in the Certificate Register,
      or by wire transfer. Distributions among Certificateholders shall be made in
      proportion to the Percentage Interests evidenced by the Certificates held by
      such Certificateholders.

     

    (h)  Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Depositor or the Servicer shall have
      any
      responsibility therefor except as otherwise provided by applicable
      law.

     

    On
      each
      Distribution Date, following the foregoing distributions, an amount equal to
      the
      amount of Subsequent Recoveries deposited into the Collection Account pursuant
      to Section 3.10 shall be applied to increase the Certificate Principal Balance
      of the Class of Certificates with the Highest Priority up to the extent of
      such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. An amount equal to the amount of any remaining Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the next Highest Priority, up to the amount of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.08. Holders of such Certificates will not be entitled to any
      distribution in respect of interest on the amount of such increases for any
      Interest Accrual Period preceding the Distribution Date on which such increase
      occurs. Any such increases shall be applied to the Certificate Principal Balance
      of each Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (i)  It
      is the
      intention of all of the parties hereto that the Class C Certificates receive
      all
      principal and interest received by the Trust on the Mortgage Loans that is
      not
      otherwise distributable to any other Class of Regular Certificates or REMIC
      Regular Interests and that the Residual Certificates are to receive no principal
      and interest. If the Trustee determines that the Residual Certificates are
      entitled to any distributions, the Trustee, prior to any such distribution
      to
      any Residual Certificate, shall notify the Depositor of such impending
      distribution but shall make such distribution in accordance with the terms
      of
      this Agreement until this Agreement is amended as specified in the following
      sentence. Upon such notification, the Depositor will request an amendment to
      the
      Pooling and Servicing Agreement to revise such mistake in the distribution
      provisions. The Residual Certificate Holders, by acceptance of their
      Certificates, and the Servicer(s), hereby agree to any such amendment and no
      further consent shall be necessary, notwithstanding anything to the contrary
      in
      Section 11.01 of this Pooling and Servicing Agreement; provided, however, that
      such amendment shall otherwise comply with Section 11.01 hereof.

     

    
      	SECTION
              4.02  	
              [Reserved].

            

    

     

    
      	SECTION
              4.03  	
              Statements.

            

    

     

    (a)  On
      each
      Distribution Date, based, as applicable, on information provided to it by the
      Servicer, the Trustee shall prepare and make available to each Holder of the
      Regular Certificates, the NIMS Insurer, the Servicer and the Rating Agencies,
      a
      statement as to the distributions made on such Distribution Date:

     

    (i)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates, separately identified, allocable to principal
      and
      the amount of the distribution made to the Holders of the Class P Certificates
      allocable to Prepayment Charges and Servicer Prepayment Charge Payment
      Amounts;

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Regular Certificates (other than the Class P Certificates) allocable
      to
      interest, separately identified;

     

    (iii)  the
      Net
      Monthly Excess Cashflow, the Overcollateralized Amount, the
      Overcollateralization Release Amount, the Overcollateralization Deficiency
      Amount and the Overcollateralization Target Amount, the Class M-1 Credit
      Enhancement Percentage and the Senior Credit Enhancement Percentage as of such
      Distribution Date and the Excess Overcollateralized Amount for the Mortgage
      Pool
      for such Distribution Date;

     

    (iv)  the
      fees
      and expenses of the Trust Fund accrued and paid on such Distribution Date and
      to
      whom such fees and expenses were paid;

     

    (v)  the
      aggregate amount of Advances for the related Due Period (including the general
      purpose of such Advances);

     

    (vi)  the
      aggregate Principal Balance of the Mortgage Loans and any REO Properties as
      of
      the end of the relted Due Period;

     

    (vii)  the
      number, aggregate Stated Principal Balance, weighted average remaining term
      to
      maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
      related Determination Date;

     

    (viii)  the
      number and aggregate unpaid Stated Principal Balance of Mortgage Loans that
      were
      (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure and
      REO
      Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (B)
      as
      to which foreclosure proceedings have been commenced and Delinquent (1) 30
      to 59
      days, (2) 60 to 89 days and (3) 90 or more days, (C) in bankruptcy and
      Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in
      each
      case as of the Close of Business on the last day of the calendar month preceding
      such Distribution Date and (D) REO Properties, as well as the aggregate
      principal balance of Mortgage Loans that were liquidated and the net proceeds
      resulting therefrom;

     

    (ix)  the
      total
      number and cumulative Stated Principal Balance of all REO Properties as of
      the
      Close of Business of the last day of the calendar month preceding the related
      Distribution Date;

     

    (x)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period, separately indicating Principal Prepayments in full and Principal
      Prepayments in part;

     

    (xi)  the
      Delinquency Percentage;

     

    (xii)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period and the cumulative amount of Realized Losses and the aggregate amount
      of
      Subsequent Recoveries received during the related Prepayment Period and the
      cumulative amount of Subsequent Recoveries received since the Closing
      Date;

     

    (xiii)  the
      aggregate amount of extraordinary Trust Fund expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xiv)  the
      Certificate Principal Balance of each Class of Class A Certificates, Mezzanine
      Certificates and the Class C Certificates, before and after giving effect to
      the
      distributions, and allocations of Realized Losses, made on such Distribution
      Date;

     

    (xv)  the
      Monthly Interest Distributable Amount in respect of each Class of Class A
      Certificates, Mezzanine Certificates, Class B Certificates and the Class C
      Certificates for such Distribution Date and the Unpaid Interest Shortfall
      Amount, if any, with respect to each Class of Class A Certificates, Mezzanine
      Certificates, Class B Certificates and the Class C Certificates for such
      Distribution Date;

     

    (xvi)  the
      aggregate amount of any Prepayment Interest Shortfalls for such Distribution
      Date, to the extent not covered by payments by the Servicer pursuant to Section
      3.24;

     

    (xvii)  the
      Net
      WAC Rate Carryover Amount for each Class of Class A Certificates, Class B
      Certificates and Mezzanine Certificates, if any, for such Distribution Date
      and
      the amount remaining unpaid after reimbursements therefor on such Distribution
      Date;

     

    (xviii)  whether
      the Stepdown Date or a Trigger Event has occurred and the Realized Loss
      Percentage for such Distribution Date;

     

    (xix)  the
      total
      cashflows received and the general sources thereof;

     

    (xx)  the
      respective Pass-Through Rates applicable to each Class of Class A Certificates,
      Class B Certificates Mezzanine Certificates and the Class C Certificates for
      such Distribution Date and the Pass-Through Rate applicable to each Class of
      Class A Certificates, Class B Certificates and Mezzanine Certificates for the
      immediately succeeding Distribution Date; 

     

    (xxi)  payments,
      if any, made under the Cap Contract and the amount distributed to each Class
      of
      Certificates from payments made under the Cap Contract;

     

    (xxii)  the
      amount of any Net Swap Payments or Swap Termination Payments; and

     

    (xxiii)  the
      applicable Record Dates, Accrual Periods and Determination Dates for calculating
      distributions for such Distribution Date. 

     

    The
      Trustee will make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the NIMS Insurer, the Credit Risk Manager and the Rating
      Agencies via the Trustee’s internet website. The Trustee’s internet website
      shall initially be located at “https://www.tss.db.com/invr”. Assistance in using
      the website can be obtained by calling the Trustee’s customer service desk at
      (800) 735-7777. Parties that are unable to use the above distribution option
      are
      entitled to have a paper copy mailed to them via first class mail by calling
      the
      customer service desk and indicating such. The Trustee shall have the right
      to
      change the way such statements are distributed in order to make such
      distribution more convenient and/or more accessible to the above parties and
      the
      Trustee shall provide timely and adequate notification to all above parties
      regarding any such changes. As a condition to access to the Trustee’s internet
      website, the Trustee may require registration and the acceptance of a
      disclaimer. The Trustee will not be liable for the dissemination of information
      in accordance with this Agreement. The Trustee shall also be entitled to rely
      on
      but shall not be responsible for the content or accuracy of any information
      provided by third parties for purposes of preparing the Distribution Date
      statement and may affix thereto any disclaimer it deems appropriate in its
      reasonable discretion (without suggesting liability on the part of any other
      party thereto).

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-off
      Date.

     

    (b)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall, upon written request, furnish to the NIMS Insurer and each Person who
      at
      any time during the calendar year was a Certificateholder of a Regular
      Certificate, if requested in writing by such Person, such information as is
      reasonably necessary to provide to such Person a statement containing the
      information set forth in subclauses (i) and (ii) above, aggregated for such
      calendar year or applicable portion thereof during which such Person was a
      Certificateholder. Such obligation of the Trustee shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      prepared and furnished by the Trustee to Certificateholders pursuant to any
      requirements of the Code as are in force from time to time.

     

    (c)  On
      each
      Distribution Date, the Trustee shall make available to the NIMS Insurer and
      the
      Residual Certificateholders a copy of the reports forwarded to the Regular
      Certificateholders in respect of such Distribution Date with such other
      information as the Trustee deems necessary or appropriate.

     

    (d)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      deliver to the NIMS Insurer, upon request, and each Person who at any time
      during the calendar year was a Residual Certificateholder, if requested in
      writing by such Person, such information as is reasonably necessary to provide
      to such Person a statement containing the information provided pursuant to
      the
      previous paragraph aggregated for such calendar year or applicable portion
      thereof during which such Person was a Residual Certificateholder. Such
      obligation of the Trustee shall be deemed to have been satisfied to the extent
      that substantially comparable information shall be prepared and furnished to
      Certificateholders by the Trustee pursuant to any requirements of the Code
      as
      from time to time in force.

     

    
      	SECTION
              4.04  	
              Remittance
                Reports; Advances.

            

    

     

    (a)  On
      the
      third Business Day following each Determination Date, the Servicer shall deliver
      to the Trustee and the Trustee shall make available to the NIMS Insurer, by
      telecopy or electronic mail (or by such other means as the Servicer and the
      Trustee may agree from time to time) a Remittance Report with respect to the
      related Distribution Date, which Remittance Reports the Trustee shall use in
      preparing the statement pursuant to Section 4.03. The Servicer shall deliver
      or
      cause to be delivered to the Trustee in addition to the information provided
      on
      the Remittance Report, such other information reasonably available to it with
      respect to the Mortgage Loans as the Trustee may reasonably require to perform
      the calculations necessary to (i) make the distributions contemplated by Section
      4.01, (ii) to prepare the statements to Certificateholders contemplated by
      Section 4.03 and (iii) to prepare the Form 10-D contemplated by Section 4.07.
      The Trustee shall not be responsible to recompute, recalculate or verify any
      information provided to it by the Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of
      Monthly Payments (net of the related Servicing Fee), due during the related
      Due
      Period in respect of the Mortgage Loans, which Monthly Payments were delinquent
      on a contractual basis as of the Close of Business on the related Determination
      Date and (ii) with respect to each REO Property, which REO Property was acquired
      during or prior to the related Due Period and as to which REO Property an REO
      Disposition did not occur during the related Due Period, an amount equal to
      the
      excess, if any, of the REO Imputed Interest on such REO Property for the most
      recently ended calendar month, over the net income from such REO Property
      transferred to the Distribution Account pursuant to Section 3.23 for
      distribution on such Distribution Date. For purposes of the preceding sentence,
      the Monthly Payment on each Balloon Mortgage Loan with a delinquent Balloon
      Payment is equal to the assumed monthly payment that would have been due on
      the
      related Due Date based on the original principal amortization schedule for
      such
      Balloon Mortgage Loan.

     

    On
      or
      before the Servicer Remittance Date, the Servicer shall remit in immediately
      available funds to the Trustee for deposit in the Distribution Account an amount
      equal to the aggregate amount of Advances, if any, to be made in respect of
      the
      Mortgage Loans and REO Properties for the related Distribution Date either
      (i)
      from its own funds or (ii) from the Collection Account, to the extent of funds
      held therein for future distribution (in which case it will cause to be made
      an
      appropriate entry in the records of Collection Account that amounts held for
      future distribution have been, as permitted by this Section 4.04, used by the
      Servicer in discharge of any such Advance) or (iii) in the form of any
      combination of (i) and (ii) aggregating the total amount of Advances to be
      made
      by the Servicer with respect to the Mortgage Loans and REO Properties. Any
      amounts held for future distribution used by the Servicer to make an Advance
      as
      permitted in the preceding sentence or withdrawn by the Servicer as permitted
      in
      Section 3.11(a)(ii) in reimbursement for Advances previously made shall be
      appropriately reflected in the Servicer’s records and replaced by the Servicer
      by deposit in the Collection Account on or before any future Servicer Remittance
      Date to the extent that the Available Funds for the related Distribution Date
      (determined without regard to Advances to be made on the Servicer Remittance
      Date) shall be less than the total amount that would be distributed to the
      Classes of Certificateholders pursuant to Section 4.01 on such Distribution
      Date
      if such amounts held for future distributions had not been so used to make
      Advances. The Trustee will provide notice to the NIMS Insurer and the Servicer
      by telecopy by the Close of Business on any Servicer Remittance Date in the
      event that the amount remitted by the Servicer to the Trustee on such date
      is
      less than the Advances required to be made by the Servicer for the related
      Distribution Date, as set forth in the related Remittance Report.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan, shall continue until the Mortgage Loan is paid
      in
      full or until all Liquidation Proceeds thereon have been recovered, or a Final
      Recovery Determination has been made thereon.

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance. The determination
      by the Servicer that it has made a Nonrecoverable Advance or that any proposed
      Advance or Servicing Advance, if made, would constitute a Nonrecoverable
      Advance, shall be evidenced by an Officers’ Certificate of the Servicer
      delivered to the NIMS Insurer, the Depositor and the Trustee.

     

    
      	SECTION
              4.05  	
              Swap
                Account.

            

    

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit the Interest Rate Swap
      Agreement. The Supplemental Interest Trust shall be maintained by the
      Supplemental Interest Trust Trustee, who initially, shall be the Trustee. No
      later than the Closing Date, the Supplemental Interest Trust Trustee shall
      establish and maintain a separate, segregated non-interest bearing trust account
      to be held in the Supplemental Interest Trust, titled, “Swap Account, Deutsche
      Bank National Trust Company, as Supplemental Interest Trust Trustee, in trust
      for the registered Certificateholders of Fremont Home Loan Trust 2006-1,
      Asset-Backed Certificates, Series 2006-1.” Such account shall be an Eligible
      Account and funds on deposit therein shall be held separate and apart from,
      and
      shall not be commingled with, any other moneys, including, without limitation,
      other moneys of the Trustee held pursuant to this Agreement. Amounts therein
      shall be held uninvested.

     

    (b)  On
      each
      Distribution Date, prior to any distribution to any Certificate, the
      Supplemental Interest Trust Trustee shall deposit into the Swap Account: (i)
      the
      amount of any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider (after taking into account any upfront payment received from
      the
      counterparty to a replacement interest rate swap agreement) from funds collected
      and received with respect to the Mortgage Loans prior to the determination
      of
      Available Funds and (ii) amounts received by the Supplemental Interest Trust
      Trustee from the Swap Provider, for distribution in accordance with Section
      4.01(e) hereof. For federal income tax purposes, any amounts paid to the Swap
      Provider on each Distribution Date shall first be deemed paid to the Swap
      Provider in respect of REMIC 6 Regular Interest SWAP IO to the extent of the
      amount distributable on REMIC 6 Regular Interest SWAP IO on such Distribution
      Date, and any remaining amount shall be deemed paid to the Swap Provider in
      respect of a Class IO Distribution Amount (as defined below).

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the Holder of the Class C Certificates unless and until
      the date when either (a) there is more than one Class C Certificateholder or
      (b)
      any Class of Certificates in addition to the Class C Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be treated as a partnership. The
      Supplemental Interest Trust will be an “outside reserve fund” within the meaning
      of Treasury Regulation Section 1.860G-2(h)..

     

    (d)  To
      the
      extent that the Supplemental Interest Trust is determined to be a separate
      legal
      entity from the Supplemental Interest Trust Trustee, any obligation of the
      Supplemental Interest Trust Trustee under the Interest Rate Swap Agreement
      shall
      be deemed to be an obligation of the Supplemental Interest Trust.

     

    (e)  The
      Trustee shall treat the Holders of Certificates (other than the Class P, Class
      C, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class C Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class C, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class C Certificates an aggregate amount equal to the excess, if any, of (i)
      the
      amount payable on such Distribution Date on the REMIC 3 Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the excess of (a) the amount of interest otherwise
      payable to such Certificates over (ii) the amount of interest payable to such
      Certificates at a per annum rate equal to the Net WAC Rate, and a Class IO
      Distribution Amount payable from principal collections shall be allocated to
      the
      most subordinate Class of Certificates with an outstanding principal balance
      to
      the extent of such balance. In addition, pursuant to such notional principal
      contract, the Holder of the Class C Certificates shall be treated as having
      agreed to pay Net WAC Rate Carryover Amounts to the Holders of the Certificates
      (other than the Class CE, Class P and Class R Certificates) in accordance with
      the terms of this Agreement. Any payments to the Certificates from amounts
      deemed received in respect of this notional principal contract shall not be
      payments with respect to a Regular Interest in a REMIC within the meaning of
      Code Section 860G(a)(1). However, any payment from the Certificates (other
      than
      the Class CE, Class P, Class R and Class R-X Certificates) of a Class IO
      Distribution Amount shall be treated for tax purposes as having been received
      by
      the Holders of such Certificates in respect of their interests in REMIC 3 and
      as
      having been paid by such Holders to the Supplemental Interest Trust Trustee
      pursuant to the notional principal contract. Thus, each Certificate (other
      than
      the Class P, Class R and Class R-X Certificates) shall be treated as
      representing not only ownership of Regular Interests in REMIC 3, but also
      ownership of an interest in, and obligations with respect to, a notional
      principal contract.

     

    (f)  For
      federal tax return and information reporting, the right of the Holders of the
      Fixed Rate Certificates and Floating Rate Certificates to receive payments
      from
      the Supplemental Interest Trust may have more than a de minimis value. The
      value
      of such amount, if any, may be obtained from the Trustee upon request, provided
      that the Trustee has received such information from the
      Underwriters.

     

    
      	SECTION
              4.06  	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            

    

     

    For
      federal income tax purposes, each holder of a Class A and Mezzanine Certificate
      is deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Net WAC Rate
      Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
      Carryover Amount or the obligation to make payments to the Swap Account. For
      federal income tax purposes, the Trustee will account for payments to each
      Class
      A and Mezzanine Certificates as follows: each Class A and Mezzanine Certificate
      will be treated as receiving their entire payment from REMIC 3 (regardless
      of
      any Swap Termination Payment or obligation under the Interest Rate Swap
      Agreement) and subsequently paying their portion of any Swap Termination Payment
      in respect of each such Class’ obligation under the Interest Rate Swap
      Agreement. In the event that any such Class is resecuritized in a REMIC, the
      obligation under the Interest Rate Swap Agreement to pay any such Swap
      Termination Payment (or any shortfall in Swap Provider Fee), will be made by
      one
      or more of the REMIC Regular Interests issued by the resecuritization REMIC
      subsequent to such REMIC Regular Interest receiving its full payment from any
      such Class A or Mezzanine Certificate.

     

    The
      REMIC
      regular interest corresponding to a Class A or Mezzanine Certificate will be
      entitled to receive interest and principal payments at the times and in the
      amounts equal to those made on the certificate to which it corresponds, except
      that (i) the maximum interest rate of that REMIC regular interest will equal
      the
      Net WAC Rate computed for this purpose by limiting the Base Calculation Amount
      of the Interest Rate Swap Agreement to the aggregate Stated Principal Balance
      of
      the Mortgage Loans and (ii) any Swap Termination Payment will be treated as
      being payable solely from Net Monthly Excess Cashflow. As a result of the
      foregoing, the amount of distributions and taxable income on the REMIC regular
      interest corresponding to a Class A or Mezzanine Certificate may exceed the
      actual amount of distributions on such Certificate

     

    
      	SECTION
              4.07  	
              Commission
                Reporting.

            

    

     

    (a)  The
      Trustee and the Servicer shall reasonably cooperate with the Depositor in
      connection with the Trust’s satisfying the reporting requirements under the
      Exchange Act.

     

    (b)  (i)
      Within 12 days after each Distribution Date, the Trustee shall, in accordance
      with industry standards, file with the Commission via the Electronic Data
      Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form 10-D,
      signed by the Depositor, with a copy of the monthly statement to be furnished
      by
      the Trustee to the Certificateholders for such Distribution Date. Any disclosure
      in addition to the monthly statement required to be included on the Form 10-D
      (“Additional Form 10-D Disclosure”) shall be determined and prepared by the
      entity that is indicated in Exhibit T as the responsible party for providing
      that information, if other than the Trustee, and the Trustee will have no duty
      or liability to verify the accuracy or sufficiency of any such Additional Form
      10-D Disclosure and the Trustee shall have no liability with respect to any
      failure to properly prepare or file such Form 10-D resulting from or relating
      to
      the Trustee’s inability or failure to obtain any information in a timely manner
      from the party responsible for delivery of such Additional Form 10-D
      Disclosure.

     

    Within
      3
      calendar days after the related Distribution Date, each entity that is indicated
      in Exhibit T as the responsible party for providing Additional Form 10-D
      Disclosure shall be required to provide to the Trustee and the Depositor, to
      the
      extent known, clearly identifying which item of Form 10-D the information
      relates to, any Additional Form 10-D Disclosure, if applicable. Any information
      to be filed on Form 10-D shall be delivered to the Trustee in EDGAR compatible
      format via electronic mail to DBSEC.notifications@db.com.
      The
      Trustee shall compile the information provided to it, prepare the Form 10-D
      and
      forward the Form 10-D to the Depositor for verification. The Depositor will
      approve, as to form and substance, or disapprove, as the case may be, the Form
      10-D. No later than three Business Days prior to the 10th
      calendar
      day after the related Distribution Date, an officer of the Depositor shall
      sign
      the Form 10-D and return via electronic mail to DBSEC.notifications@db.com
      or fax
      copy of such signed Form 10-D (with an original executed hard copy to follow
      by
      overnight mail) to the Trustee. The
      Trustee shall have no liability with respect to any failure to properly file
      any
      Form 10-D resulting from or relating to the Depositor’s failure to timely comply
      with the provisions of this section.

     

    (ii) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), the Depositor shall prepare
      and file any Form 8-K, as required by the Exchange Act, in addition to the
      initial Form 8-K in connection with the issuance of the Certificates. Any
      disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be
      determined and prepared by the entity that is indicated in Exhibit T as the
      responsible party for providing that information.

     

    For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than the end of business on the second Business Day after the occurrence
      of a Reportable Event, the entity that is indicated in Exhibit T as the
      responsible party for providing Form 8-K Disclosure Information shall be
      required to provide to the Depositor, to the extent known, the form and
      substance of any Form 8-K Disclosure Information, if applicable. The Depositor
      shall compile the information provided to it, and prepare and file the Form
      8-K,
      which shall be signed by an officer of the Depositor.

     

    (iii) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, the Trustee shall, in accordance with industry standards, file
      a
      Form 15 Suspension Notice with respect to the Trust Fund, if applicable. On
      or
      before (x) March 1, 2007 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, on or before March 10 of each year thereafter, the
      Servicer shall provide the Trustee with an Annual Compliance Statement, together
      with a copy of the Assessment of Compliance and Attestation Report to be
      delivered by the Servicer pursuant to Sections 3.20 and 3.21 (including with
      respect to any Sub-Servicer or any subcontractor, if required to be filed).
      Prior to (x) March 31, 2007 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, March 31 of each year thereafter, the Trustee shall
      file
      a Form 10-K, in substance as required by applicable law or applicable Securities
      and Exchange Commission staff’s interpretations and conforming to industry
      standards, with respect to the Trust Fund. Such Form 10-K shall include the
      Assessment of Compliance, Attestation Report, Annual Compliance Statements
      and
      other documentation provided by the Servicer pursuant to Sections 3.20 and
      3.21
      (including with respect to any Sub-Servicer or subcontractor, if required to
      be
      filed) and Section 3.21 with respect to the Trustee, and the Form 10-K
      certification in the form attached hereto as Exhibit N-1 (the “Certification”)
      signed by the senior officer of the Depositor in charge of securitization and
      returned to the Trustee 3 Business Days prior to the Form 10-K filing deadline.
      The Trustee shall receive the items described in the preceding sentence no
      later
      than March 1 of each calendar year prior to the filing deadline for the Form
      10-K.

     

    Any
      disclosure or information in addition to that described in the preceding
      paragraph that is required to be included on Form 10-K (“Additional Form 10-K
      Disclosure”) shall be determined and prepared by the entity that is indicated in
      Exhibit T as the responsible party for providing that information, if other
      than
      the Trustee, and the Trustee will have no duty or liability to verify the
      accuracy or sufficiency of any such Additional Form 10-K
      Disclosure.

     

    If
      information, data and exhibits to be included in the Form 10-K are not so timely
      delivered, the Trustee shall file an amended Form 10-K including such
      documents as exhibits reasonably promptly after they are delivered to the
      Trustee. The Trustee shall have no liability with respect to any failure to
      properly prepare or file such periodic reports resulting from or relating to
      the
      Trustee’s inability or failure to timely obtain any information from any other
      party.

     

    Prior
      to
      (x) March 1, 2007 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 1 of each year thereafter, each entity that
      is
      indicated in Exhibit T as the responsible party for providing Additional Form
      10-K Disclosure shall be required to provide to the Trustee and the Depositor,
      to the extent known, the form and substance of any Additional Form 10-K
      Disclosure Information, if applicable. The Trustee shall compile the information
      provided to it, prepare the Form 10-K and forward the Form 10-K to the Depositor
      for verification. The Depositor will approve, as to form and substance, or
      disapprove, as the case may be, the Form 10-K by no later than March 25 of
      the
      relevant year (or the immediately preceding Business Day if March 25 is not
      a
      Business Day), an officer of the Depositor shall sign the Form 10-K and return
      an electronic copy to DBSec.notifications@db.com
      of such
      signed Form 10-K (with an original executed hard copy to follow by overnight
      mail) to the Trustee.

     

    The
      Servicer shall be responsible for determining the pool concentration applicable
      to any Sub-Servicer to which the Servicer delegated any of its responsibilities
      with respect to the Mortgage Loans at any time, for purposes of disclosure
      as
      required by Items 1117 and 1119 of Regulation AB. The Trustee will provide
      electronic or paper copies of all Form 10-D, 8-K and 10-K filings free of charge
      to any Certificateholder upon request. The Trustee shall have no liability
      with
      respect to any failure to properly file any Form 10-K resulting from or relating
      to the Depositor’s failure to timely comply with the provisions of this
      section.

     

    The
      Trustee shall sign a certification (in the form attached hereto as
      Exhibit N-2) for the benefit of the Depositor and its officers, directors
      and Affiliates in respect of items 1 through 3 of the Certification (provided,
      however, that the Trustee shall not undertake an analysis of the Attestation
      Report attached as an exhibit to the Form 10-K), and the Servicer shall sign
      a
      certification (the “Servicer Certification) solely with respect to the Servicer
      (in the form attached hereto as Exhibit N-3) for the benefit of the
      Depositor, the Trustee and each Person, if any, who “controls” the Depositor or
      the Trustee within the meaning of the Securities Act of 1933, as amended, and
      their respective officers and directors. Each such certification shall be
      delivered to the Depositor and the Trustee by March 10th
      of each
      year (or if not a Business Day, the immediately preceding Business Day). The
      Certification attached hereto as Exhibit N-1 shall be delivered to the
      Trustee by March 20th
      for
      filing on or prior to March 30th
      of each
      year (or if not a Business Day, the immediately preceding Business
      Day).

     

    (c)  (A)
      The
      Trustee shall indemnify and hold harmless the Depositor, the Servicer and their
      respective officers, directors and Affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon (i) a breach of the Trustee’s obligations under this Section 4.07 caused by
      the Trustee’s negligence, bad faith or willful misconduct in connection
      therewith or (ii) any material misstatement or omission in the Assessment of
      Compliance delivered by the Trustee pursuant to Section 3.21, and (B) the
      Servicer shall indemnify and hold harmless the Depositor, the Trustee and their
      respective officers, directors and Affiliates from and against any actual
      losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (i) the failure of the Servicer to timely deliver the Servicer
      Certification or (ii) any material misstatement or omission in the Statement
      as
      to Compliance delivered by the Servicer pursuant to Section 3.20, the Assessment
      of Compliance delivered by the Servicer pursuant to Section 3.21 or the Servicer
      Certification. If the indemnification provided for herein is unavailable or
      insufficient to hold harmless the Depositor, then (i) the Trustee agrees that
      it
      shall contribute to the amount paid or payable by the Depositor as a result
      of
      the losses, claims, damages or liabilities of the Depositor in such proportion
      as is appropriate to reflect the relative fault of the Depositor on the one
      hand
      and the Trustee on the other in connection with a breach of the Trustee’s
      obligations under this Section 4.07 caused by the Trustee’s negligence, bad
      faith or willful misconduct in connection therewith and (ii) the Servicer agrees
      that it shall contribute to the amount paid or payable by the Depositor and
      the
      Trustee as a result of the losses, claims, damages or liabilities of the
      Depositor and the Trustee in such proportion as is appropriate to reflect the
      relative fault of the Depositor and the Trustee on the one hand and the Servicer
      on the other in connection with the Servicer Certification and the related
      obligations of the Servicer under this Section 4.07.

     

    (d)  The
      Depositor shall indemnify and hold harmless the Trustee and the Servicer and
      their respective officers, directors and affiliates from and against any losses,
      damages, penalties, fines, forefeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon a breach of obligations of the Depositor under this Section 4.07 or the
      Depositor’s negligence, bad faith or willful misconduct in connection
      therewith.

     

    (e)  The
      Trustee will have no duty to verify the accuracy or sufficiency of any
      information not prepared by the Trustee which is to be included in any Form
      10-D, Form 10-K or Form 8-K. The Trustee shall have no liability with respect
      to
      any failure to property prepare or file any Form 10-D or Form 10-K resulting
      form or directly related to any failure of any other party to this Agreement
      to
      comply with the terms of this Agreement. Nothing herein shall be construed
      to
      require the Trustee or any officer, director or Affiliate thereof to sign any
      Form 10-D, Form 10-K or Form 8-K.

     

    Upon
      any
      filing with the Securities and Exchange Commission, the Trustee shall promptly
      deliver to the Depositor a copy of any such executed report, statement or
      information.

     

    
      	SECTION
              4.08  	
              [Reserved].

            

    

     

    
      	SECTION
              4.09  	
              Distributions
                on the REMIC Regular Interests.

            

    

     

    On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 1 to
      REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-1 Interest), as the case may be:

     

    (i)  to
      Holders of each of REMIC 1 Regular Interest I and REMIC 1 Regular Interest
      I-1-A
      through I-39-B, pro rata, in an amount equal to (A) Uncertificated Accrued
      Interest for such REMIC 1 Regular Interests for such Distribution Date, plus
      (B)
      any amounts payable in respect thereof remaining unpaid from previous
      Distribution Dates;

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (A)
      above, payments of principal shall be allocated as follows: first, to REMIC
      1
      Regular interests I-1-A through I-39-B starting with the lowest numerical
      denomination until the Uncertificated Principal Balance of each such REMIC
      1
      Regular Interest is reduced to zero, provided that, for REMIC 1 Regular
      Interests with the same numerical denomination, such payments of principal
      shall
      be allocated pro rata between such REMIC 1 Regular Interests, and second, to
      the
      extent of the Overcollateralization Release Amounts, to REMIC 1 Regular Interest
      I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest
      is
      reduced to zero; and

     

    (iii)  to
      the
      Holders of REMIC 1 Regular Interest I-39-B, (A) on each Distribution Date,
      100%
      of the amount paid in respect of Prepayment Charges and (B) on the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date thereafter
      until $100 has been distributed pursuant to this clause.

     

    (b)  On
      each
      Distribution Date, the Trustee shall cause in the following order of priority,
      the following amounts which shall be deemed to be distributed by REMIC 2 to
      REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the
      Distribution Account and distributed to the holders of the Class R Certificates
      (in respect of the Class R-1 Interest), as the case may be:

     

    (i)  to
      the
      Holders of REMIC 2 Regular Interest LTIO, in an amount equal to (A)
      Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates;

     

    (ii)  to
      the
      extent of Available Funds, to Holders of REMIC 2 Regular Interest LTAA, REMIC
      2
      Regular Interest LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular
      Interest LTIIA2, REMIC 2 Regular Interest LTIIA3, REMIC 2 Regular Interest
      LTIIA4, REMIC 2 Regular Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC
      2
      Regular Interest LTM3, REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest
      LTM5, REMIC 2 Regular Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2
      Regular Interest LTM8, REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest
      LTB1, REMIC 2 Regular Interest LTB2, REMIC 2 Regular Interest LTB3, REMIC 2
      Regular Interest LTZZ and REMIC 2 Regular Interest LTP, on a pro
      rata
      basis,
      in an amount equal to (A) the Uncertificated Accrued Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest
      in respect of REMIC 2 Regular Interest LTZZ shall be reduced and deferred when
      the REMIC 2 Overcollateralization Amount is less than the REMIC 2
      Overcollateralization Target Amount, by the lesser of (x) the amount of such
      difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount
      and such amount will be payable to the Holders of REMIC 2 Regular Interest
      LTIA1, REMIC 2 Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC
      2
      Regular Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular
      Interest LTM1, REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3,
      REMIC 2 Regular Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular
      Interest LTM6, REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8,
      REMIC 2 Regular Interest LTM9, REMIC 2 Regular Interest LTB1, REMIC 2 Regular
      Interest LTB2 and REMIC 2 Regular Interest LTB3, in the same proportion as
      the
      Overcollateralization Deficiency Amount is allocated to the Corresponding
      Certificates and the Uncertificated Principal Balance of the REMIC 2 Regular
      Interest LTZZ shall be increased by such amount; and

     

    (iii)  to
      the
      Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of
      the
      Available Funds for such Distribution Date after the distributions made pursuant
      to clause (i) above, allocated as follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC 2 Regular Interest LTAA and REMIC 2
      Regular Interest LTP, until the Uncertificated Principal Balance of such
      Uncertificated REMIC 2 Regular Interest is reduced to zero; provided, however,
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause;

     

    (b) 2.00%
      of
      such remainder first, to the Holders of REMIC 2 Regular Interest LTIA1, REMIC
      2
      Regular Interest LTIIA1, REMIC 2 Regular Interest LTIIA2, REMIC 2 Regular
      Interest LTIIA3, REMIC 2 Regular Interest LTIIA4, REMIC 2 Regular Interest
      LTM1,
      REMIC 2 Regular Interest LTM2, REMIC 2 Regular Interest LTM3, REMIC 2 Regular
      Interest LTM4, REMIC 2 Regular Interest LTM5, REMIC 2 Regular Interest LTM6,
      REMIC 2 Regular Interest LTM7, REMIC 2 Regular Interest LTM8, REMIC 2 Regular
      Interest LTM9, REMIC 2 Regular Interest LTB1, REMIC 2 Regular Interest LTB2
      and
      REMIC 2 Regular Interest LTB3 of and in the same proportion as principal
      payments are allocated to the Corresponding Certificates, until the
      Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced
      to zero, and second, to the Holders of REMIC 2 Regular Interest LTZZ, until
      the
      Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced
      to
      zero; and

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-1 Interest);

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Release Amount shall be allocated
      to
      Holders of (i) REMIC 2 Regular Interest LTAA and REMIC 2 Regular Interest LTP,
      in that order and (ii) REMIC 2 Regular Interest LTZZ, respectively; provided
      that REMIC 2 Regular Interest LTP shall not be reduced until the Distribution
      Date immediately following the expiration of the latest Prepayment Charge as
      identified on the Prepayment Charge Schedule or any Distribution Date
      thereafter, at which point such amount shall be distributed to REMIC 2 Regular
      Interest LTP, until $100 has been distributed pursuant to this
      clause.

     

    
      	SECTION
              4.10  	
              Allocation
                of Realized Losses.

            

    

     

    (a)  All
      Realized Losses on the Mortgage Loans allocated to any Regular Certificate
      shall
      be allocated by the Trustee on each Distribution Date as follows: first, to
      Net
      Monthly Excess Cashflow; second, to Net Swap Payments received under the
      Interest Rate Swap Agreement; third, to the Class C Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; fourth, to
      the
      Class B-3 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero, fifth to the Class B-2 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; sixth, to the Class B-1
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; seventh, to the Class M-9 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; eighth, to the Class M-8 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; ninth,
      to the Class M-7 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; tenth, to the Class M-6 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eleventh, to
      the
      Class M-5 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; twelvfth, to the Class M-4 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; thirteenth, to the Class
      M-3
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; fourteenth, to the Class M-2 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero and fifteenth, to the Class
      M-1 Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero. All Realized Losses to be allocated to the Certificate
      Principal Balances of all Classes on any Distribution Date shall be so allocated
      after the actual distributions to be made on such date as provided above. All
      references above to the Certificate Principal Balance of any Class of
      Certificates shall be to the Certificate Principal Balance of such Class
      immediately prior to the relevant Distribution Date, before reduction thereof
      by
      any Realized Losses, in each case to be allocated to such Class of Certificates,
      on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate or a Class B
      Certificate on any Distribution Date shall be made by reducing the Certificate
      Principal Balance thereof by the amount so allocated; any allocation of Realized
      Losses to a Class C Certificates shall be made first by reducing the amount
      otherwise payable in respect thereof pursuant to Section 4.01(d)(iv). No
      allocations of any Realized Losses shall be made to the Certificate Principal
      Balances of the Class A Certificates or the Class P Certificates.

     

    (b)  With
      respect to the REMIC 1 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated shall be allocated by the Securities Administrator
      on
      each Distribution Date, first to REMIC 1 Regular Interest I until the
      Uncertificated Principal Balance has been reduced to zero, and second, to REMIC
      1 Regular Interest I-1-A through REMIC 1 Regular Interest I-39-B, starting
      with
      the lowest numerical denomination until such REMIC 1 Regular Interest has been
      reduced to zero, provided that, for REMIC 1 Regular Interests with the same
      numerical denomination, such Realized Losses shall be allocated pro rata between
      such REMIC 1 Regular Interests.

     

    (c)  With
      respect to the REMIC 2 Regular Interests, all Realized Losses on the Mortgage
      Loans shall be deemed to have been allocated in the specified percentages,
      as
      follows: first, to Uncertificated Accrued Interest payable to the REMIC 2
      Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 2 Interest Loss Allocation Amount, 98% and 2%,
      respectively; second, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA and REMIC 2 Regular Interest LTZZ up to an aggregate
      amount equal to the REMIC 2 Principal Loss Allocation Amount, 98% and 2%,
      respectively; third, to the Uncertificated Principal Balances of REMIC 2 Regular
      Interest LTAA, REMIC 2 Regular Interest LTB3 and REMIC 2 Regular Interest LTZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest LTB3 has been reduced to zero; fourth, to the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTB2 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTB2 has been reduced to zero; fifth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTB1 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTB1 has been
      reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM9 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM9 has been reduced to zero; seventh,
      to
      the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC
      2
      Regular Interest LTM8 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM8 has been reduced to zero; eighth, to the Uncertificated Principal
      Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest LTM7 and
      REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM7 has been
      reduced to zero; ninth, to the Uncertificated Principal Balances of REMIC 2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM6 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM6 has been reduced to zero; tenth, to
      the
      Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2
      Regular Interest LTM5 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM5 has been reduced to zero; eleventh, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
      LTM4 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM4 has been
      reduced to zero; twelfth, to the Uncertificated Principal Balances of REMIC
      2
      Regular Interest LTAA, REMIC 2 Regular Interest LTM3 and REMIC 2 Regular
      Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM3 has been reduced to zero; thirteenth,
      to the Uncertificated Principal Balances of REMIC 2 Regular Interest LTAA,
      REMIC
      2 Regular Interest LTM2 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
      Interest LTM2 has been reduced to zero; fourteenth, to the Uncertificated
      Principal Balances of REMIC 2 Regular Interest LTAA, REMIC 2 Regular Interest
      LTM1 and REMIC 2 Regular Interest LTZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 2 Regular Interest LTM1 has been
      reduced to zero.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01  	
              The
                Certificates.

            

    

     

    Each
      of
      the Class A Certificates, Class B Certificates, the Mezzanine Certificates,
      the
      Class B Certificates, the Class P Certificates, the Class C Certificates and
      the
      Residual Certificates shall be substantially in the forms annexed hereto as
      exhibits, and shall, on original issue, be executed, authenticated and delivered
      by the Trustee to or upon the order of the Depositor concurrently with the
      sale
      and assignment to the Trustee of the Trust Fund. The Fixed Rate Certificates
      and
      the Floating Rate Certificates shall be initially evidenced by one or more
      Certificates representing a Percentage Interest with a minimum dollar
      denomination of $25,000 and integral dollar multiples of $1.00 in excess
      thereof, provided that the Fixed Rate Certificates and the Floating Rate
      Certificates must be purchased in minimum total investments of $100,000 per
      class, except that one Certificate of each such Class of Certificates may be
      in
      a different denomination so that the sum of the denominations of all outstanding
      Certificates of such Class shall equal the Certificate Principal Balance of
      such
      Class on the Closing Date. The Class P Certificates, the Class C Certificates
      and the Residual Certificates are issuable in any Percentage Interests;
      provided, however, that the sum of all such percentages for each such Class
      totals 100% and no more than ten Certificates of each Class may be issued and
      outstanding at any one time.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall bind the Trust, notwithstanding that such individuals or any of them
      have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Trustee substantially in the form provided for herein, and such
      authentication upon any Certificate shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      Subject to Section 5.02(c), the Fixed Rate Certificates and the Floating Rate
      Certificates shall be Book-Entry Certificates. The other Classes of Certificates
      shall not be Book-Entry Certificates.

     

    
      	SECTION
              5.02  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

    (a)  The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      a
      Certificate Register in which, subject to such reasonable regulations as it
      may
      prescribe, the Certificate Registrar shall provide for the registration of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      The Trustee shall initially serve as Certificate Registrar for the purpose
      of
      registering Certificates and transfers and exchanges of Certificates as herein
      provided.

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph which office shall initially be the offices designated
      by
      the Trustee and, in the case of a Residual Certificate, upon satisfaction of
      the
      conditions set forth below, the Trustee on behalf of the Trust shall execute,
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of the same aggregate Percentage
      Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee shall execute on behalf of the Trust and authenticate and deliver the
      Certificates which the Certificateholder making the exchange is entitled to
      receive. Every Certificate presented or surrendered for registration of transfer
      or exchange shall (if so required by the Trustee or the Certificate Registrar)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      satisfactory to the Trustee and the Certificate Registrar duly executed by,
      the
      Holder thereof or his attorney duly authorized in writing. In addition, (i)
      with
      respect to each Class R Certificate, the holder thereof may exchange, in the
      manner described above, such Class R Certificate for two separate certificates,
      each representing such holder’s respective Percentage Interest in the Class R-1
      Interest, the Class R-2 Interest and the Class R-3 Interest that was evidenced
      by the Class R Certificate being exchanged and (ii) with respect to each Class
      R-X Certificate, the holder thereof may exchange, in the manner described above,
      such Class R-X Certificate for three separate certificates, each representing
      such holder’s respective Percentage Interest in the Class R-4 Interest, the
      Class R-5 Interest and the Class R-6 Interest that was evidenced by the Class
      R-X Certificate being exchanged.

     

    (b)  Except
      as
      provided in paragraph (c) below, the Book-Entry Certificates shall at all times
      remain registered in the name of the Depository or its nominee and at all times:
      (i) registration of such Certificates may not be transferred by the Trustee
      except to another Depository; (ii) the Depository shall maintain book-entry
      records with respect to the Certificate Owners and with respect to ownership
      and
      transfers of such Certificates; (iii) ownership and transfers of registration
      of
      such Certificates on the books of the Depository shall be governed by applicable
      rules established by the Depository; (iv) the Depository may collect its usual
      and customary fees, charges and expenses from its Depository Participants;
      (v)
      the Trustee shall for all purposes deal with the Depository as representative
      of
      the Certificate Owners of the Certificates for purposes of exercising the rights
      of Holders under this Agreement, and requests and directions for and votes
      of
      such representative shall not be deemed to be inconsistent if they are made
      with
      respect to different Certificate Owners; (vi) the Trustee may rely and shall
      be
      fully protected in relying upon information furnished by the Depository with
      respect to its Depository Participants and furnished by the Depository
      Participants with respect to indirect participating firms and Persons shown
      on
      the books of such indirect participating firms as direct or indirect Certificate
      Owners; and (vii) the direct participants of the Depository shall have no rights
      under this Agreement under or with respect to any of the Certificates held
      on
      their behalf by the Depository, and the Depository may be treated by the Trustee
      and its agents, employees, officers and directors as the absolute owner of
      the
      Certificates for all purposes whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute a Letter of Representations with the Depository or take such other
      action as may be necessary or desirable to register a Book-Entry Certificate
      to
      the Depository. In the event of any conflict between the terms of any such
      Letter of Representation and this Agreement, the terms of this Agreement shall
      control.

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Trustee or the Depositor is unable
      to
      locate a qualified successor or (ii) after the occurrence of a Servicer Event
      of
      Termination, the Certificate Owners of the Book-Entry Certificates representing
      Percentage Interests of such Classes aggregating not less than 51% advise the
      Trustee and Depository through the Financial Intermediaries and the Depository
      Participants in writing that the continuation of a book-entry system through
      the
      Depository to the exclusion of definitive, fully registered certificates (the
      “Definitive Certificates”) to Certificate Owners is no longer in the best
      interests of the Certificate Owners. Upon surrender to the Certificate Registrar
      of the Book-Entry Certificates by the Depository, accompanied by registration
      instructions from the Depository for registration, the Trustee shall, in the
      case of (i) and (ii) above, execute on behalf of the Trust and authenticate
      the
      Definitive Certificates. Neither the Depositor nor the 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 Certificates, the Trustee, the Certificate Registrar, the Servicer,
      any Paying Agent and the Depositor shall recognize the Holders of the Definitive
      Certificates as Certificateholders hereunder.

     

    (d)  No
      transfer, sale, pledge or other disposition of any Class B-1 Certificate, Class
      B-2 Certificate, Class B-3 Certificate, Class C Certificate, Class P Certificate
      or Residual Certificate (the “Private Certificates”) shall be made unless such
      disposition is exempt from the registration requirements of the Securities
      Act
      of 1933, as amended (the “1933 Act”), and any applicable state securities laws
      or is made in accordance with the 1933 Act and laws. In the event of any such
      transfer (other than in connection with (i) the initial transfer of any such
      Certificate by the Depositor to an Affiliate of the Depositor or, in the case
      of
      the Class R-X Certificates, the first transfer by an Affiliate of the Depositor
      or the first transfer by the intial transferee of an Affiliate of the Depositor,
      (ii) the transfer of any such Class C, Class P or Residual Certificate to the
      issuer under the Indenture or the indenture trustee under the Indenture or
      (iii)
      a transfer of any such Class C, Class P or Residual Certificate from the issuer
      under the Indenture or the indenture trustee under the Indenture to the
      Depositor or an Affiliate of the Depositor), (i) unless such transfer is made
      in
      reliance upon Rule 144A (as evidenced by the investment letter delivered to
      the
      Trustee, in substantially the form attached hereto as Exhibit J) under the
      1933
      Act, the Trustee and the Depositor shall require a written Opinion of Counsel
      (which may be in-house counsel) acceptable to and in form and substance
      reasonably satisfactory to the Trustee and the Depositor that such transfer
      may
      be made pursuant to an exemption, describing the applicable exemption and the
      basis therefor, from the 1933 Act or is being made pursuant to the 1933 Act,
      which Opinion of Counsel shall not be an expense of the Trustee or the Depositor
      or (ii) the Trustee shall require the transferor to execute a transferor
      certificate (in substantially the form attached hereto as Exhibit L) and the
      transferee to execute an investment letter (in substantially the form attached
      hereto as Exhibit J) acceptable to and in form and substance reasonably
      satisfactory to the Depositor and the Trustee certifying to the Depositor and
      the Trustee the facts surrounding such transfer, which investment letter shall
      not be an expense of the Trustee or the Depositor. The Holder of a Private
      Certificate desiring to effect such transfer shall, and does hereby agree to,
      indemnify the Trustee and the Depositor against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

    Notwithstanding
      the foregoing, in the event of any such transfer of any Ownership Interest
      in
      any Private Certificate that is a Book-Entry Certificate, except with respect
      to
      the initial transfer of any such Ownership Interest by the Depositor, such
      transfer shall be required to be made in reliance upon Rule 144A under the
      1933
      Act, and the transferor will be deemed to have made each of the transferor
      representations and warranties set forth Exhibit L hereto in respect of such
      interest as if it was evidenced by a Definitive Certificate and the transferee
      will be deemed to have made each of the transferee representations and
      warranties set forth Exhibit J hereto in respect of such interest as if it
      was
      evidenced by a Definitive Certificate. The Certificate Owner of any such
      Ownership Interest in any such Book-Entry Certificate desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee and the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    Notwithstanding
      the foregoing, no certification or Opinion of Counsel described above in this
      Section 5.02(d) will be required in connection with the transfer, on the Closing
      Date, of any Residual Certificate by the Depositor to an “accredited investor”
within the meaning of Rule 501 of the 1933 Act.

     

    No
      transfer of a Class C, Class P or Residual Certificate or any interest therein
      shall be made to any Plan, any Person acting, directly or indirectly, on behalf
      of any such Plan or any Person acquiring such Certificates with “Plan Assets” of
      a Plan within the meaning of the Department of Labor regulation promulgated
      at
      29 C.F.R. § 2510.3-101 (“Plan Assets”), as certified by such transferee in the
      form of Exhibit M, unless the Trustee is provided with an Opinion of Counsel
      for
      the benefit of the Depositor, the Trustee and the Servicer and on which they
      may
      rely which establishes to the satisfaction of the Trustee that the purchase
      of
      such Certificates is permissible under applicable law, will not constitute
      or
      result in any prohibited transaction under ERISA or Section 4975 of the Code
      and
      will not subject the Depositor, the Servicer, the Trustee or the Trust Fund
      to
      any obligation or liability (including obligations or liabilities under ERISA
      or
      Section 4975 of the Code) in addition to those undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Depositor, the Servicer,
      the Trustee or the Trust Fund. Neither a certification nor an Opinion of Counsel
      will be required in connection with (i) the initial transfer of any such
      Certificate by the Depositor to an Affiliate of the Depositor, (ii) the transfer
      of any such Class C, Class P or Residual Certificate to the issuer under the
      Indenture or the indenture trustee under the Indenture or (iii) a transfer
      of
      any such Class C, Class P or Residual Certificate from the issuer under the
      Indenture or the indenture trustee under the Indenture to the Depositor or
      an
      Affiliate of the Depositor (in which case, the Depositor or any Affiliate
      thereof shall have deemed to have represented that such Affiliate is not a
      Plan
      or a Person investing Plan Assets) and the Trustee shall be entitled to
      conclusively rely upon a representation (which, upon the request of the Trustee,
      shall be a written representation) from the Transferor of the status of such
      transferee as an affiliate of the Depositor.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, each transferee of a Class
      A, Mezzanine or Private Certificate shall be deemed to have represented by
      virtue of its purchase or holding of such Certificate (or interest therein)
      that
      either (i) such transferee is not a Plan, or a Person acting on behalf of a
      Plan
      or purchasing such Certificate with Plan Assets, or (ii)(A) it is an accredited
      investor within the meaning of Prohibited Transaction Exemption (“PTE”) 90-59,
      55 Fed. Reg. 36724 (September 6, 1990), as amended by PTE 97-34, 62 Fed. Reg.
      39021 (July 21, 1997), PTE 2000-58, 65 Fed. Reg. 67765 (November 13, 2000)
      and
      PTE 2002-41, 67 Fed. Reg. 54487 (August 22, 2002) (the “Exemption”) and (B) the
      acquisition and holding of such Certificate and the separate right to receive
      payments from the Supplemental Interest Trust are eligible for exemptive relief
      under (I) PTE 95-60 or (II) except in the case of a Private Certificate, PTE
      84-14, PTE 91-38, PTE 90-1, or PTE 96-23.

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each Transferee of a
      Mezzanine, Class B-1, Class B-2 or Class B-3 Certificate will be deemed to
      have
      represented by virtue of its purchase or holding of such Certificate (or
      interest therein) that either (a) such Transferee is not a Plan, or a Person
      acting on behalf of a Plan or purchasing such Certificate with Plan Assets,
      (b)
      except in the case of a Class B-1, Class B-2 or Class B-3 Certificate, it has
      acquired and is holding such Certificate in reliance on the Exemption and that
      it understands that there are certain conditions to the availability of the
      Exemption including that such Certificate must be rated, at the time of
      purchase, not lower than “BBB-” (or its equivalent) by a Rating Agency or (c)
      the following conditions are satisfied: (i) such Transferee is an insurance
      company, (ii) the source of funds used to purchase or hold such Certificate
      (or
      interest therein) is an “insurance company general account” as defined in PTE
      95-60, and (iii) the conditions set forth in Sections I and III of PTE 95-60
      have been satisfied.

     

    If
      any
      Mezzanine Certificate or Private Certificate or any interest therein is acquired
      or held in violation of the provisions of the three preceding paragraphs, the
      next preceding permitted beneficial owner will be treated as the beneficial
      owner of that Certificate retroactive to the date of transfer to the purported
      beneficial owner. Any purported beneficial owner whose acquisition or holding
      of
      any such Certificate or interest therein was effected in violation of the
      provisions of the three preceding paragraphs shall indemnify and hold harmless
      the Depositor, the Servicer, the NIMS Insurer, the Trustee and the Trust from
      and against any and all liabilities, claims, costs or expenses incurred by
      those
      parties as a result of that acquisition or holding.

     

    Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

    (i)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Residual Certificate unless such
      Ownership Interest is a pro
      rata
      undivided interest.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Trustee shall as a condition to registration of the transfer,
      require delivery to it, in form and substance satisfactory to it, of each of
      the
      following:

     

    (A)  an
      affidavit in the form of Exhibit K hereto from the proposed transferee to the
      effect that such transferee is a Permitted Transferee and that it is not
      acquiring its Ownership Interest in the Residual Certificate that is the subject
      of the proposed transfer as a nominee, trustee or agent for any Person who
      is
      not a Permitted Transferee; and

     

    (B)  a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Residual Certificates.

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. The Trustee shall be under no liability to any Person for any
      registration of transfer of a Residual Certificate that is in fact not permitted
      by this Section or for making any distributions due on such Residual Certificate
      to the Holder thereof or taking any other action with respect to such Holder
      under the provisions of this Agreement so long as the Trustee received the
      documents specified in clause (iii). The Trustee shall be entitled to recover
      from any Holder of a Residual Certificate that was in fact not a Permitted
      Transferee at the time such distributions were made all distributions made
      on
      such Residual Certificate. Any such distributions so recovered by the Trustee
      shall be distributed and delivered by the Trustee to the prior Holder of such
      Residual Certificate that is a Permitted Transferee.

     

    (v)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee shall have the right but not the obligation, without notice to the
      Holder of such Residual Certificate or any other Person having an Ownership
      Interest therein, to notify the Depositor to arrange for the sale of such
      Residual Certificate. The proceeds of such sale, net of commissions (which
      may
      include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the Trustee
      to the previous Holder of such Residual Certificate that is a Permitted
      Transferee, except that in the event that the Trustee determines that the Holder
      of such Residual Certificate may be liable for any amount due under this Section
      or any other provisions of this Agreement, the Trustee may withhold a
      corresponding amount from such remittance as security for such claim. The terms
      and conditions of any sale under this clause (v) shall be determined in the
      sole
      discretion of the Trustee and it shall not be liable to any Person having an
      Ownership Interest in a Residual Certificate as a result of its exercise of
      such
      discretion.

     

    (vi)  If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Trustee upon receipt of reasonable compensation will provide to the Internal
      Revenue Service, and to the persons specified in Sections 860E(e)(3) and (6)
      of
      the Code, information needed to compute the tax imposed under Section 860E(e)(5)
      of the Code on transfers of residual interests to disqualified
      organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Trustee
      and
      the NIMS Insurer, in form and substance satisfactory to the Trustee and the
      NIMS
      Insurer, (i) written notification from each Rating Agency that the removal
      of
      the restrictions on transfer set forth in this Section will not cause such
      Rating Agency to downgrade its rating of the Certificates and (ii) an Opinion
      of
      Counsel to the effect that such removal will not cause any REMIC created
      hereunder to fail to qualify as a REMIC.

     

    (e)  No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but 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 Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      canceled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      	SECTION
              5.03  	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar or the
      Certificate Registrar receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate and (ii) there is delivered to the Trustee,
      the
      Depositor, the NIMS Insurer and the Certificate Registrar such security or
      indemnity as may be required by them to save each of them harmless, then, in the
      absence of notice to the Trustee or the Certificate Registrar that such
      Certificate has been acquired by a bona fide purchaser, the Trustee shall
      execute on behalf of the Trust, authenticate and deliver, in exchange for or
      in
      lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
      Certificate of like tenor and Percentage Interest. Upon the issuance of any
      new
      Certificate under this Section, the Trustee or the Certificate Registrar may
      require the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in relation thereto and any other expenses (including
      the fees and expenses of the Trustee and the Certificate Registrar) in
      connection therewith. Any duplicate Certificate issued pursuant to this Section,
      shall constitute complete and indefeasible evidence of ownership in the Trust,
      as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    
      	SECTION
              5.04  	
              Persons
                Deemed Owners.

            

    

     

    The
      Servicer, the Depositor, the Trustee, the NIMS Insurer, the Certificate
      Registrar, any Paying Agent and any agent of the Servicer, the Depositor, the
      Trustee, the NIMS Insurer, the Certificate Registrar or any Paying Agent may
      treat the Person, including a Depository, in whose name any Certificate is
      registered as the owner of such Certificate for the purpose of receiving
      distributions pursuant to Section 4.01 and for all other purposes whatsoever,
      and none of the Servicer, the Trust, the Trustee nor any agent of any of them
      shall be affected by notice to the contrary.

     

    
      	SECTION
              5.05  	
              Appointment
                of Paying Agent.

            

    

     

    (a)  The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01 and shall report the amounts
      of
      such distributions to the Trustee. The duties of the Paying Agent may include
      the obligation (i) to withdraw funds from the Collection Account pursuant to
      Section 3.11(a) and for the purpose of making the distributions referred to
      above and (ii) to distribute statements and provide information to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly organized and validly existing under the laws of
      the
      United States of America or any state thereof, authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trustee.
      The Trustee may appoint a successor to act as Paying Agent, which appointment
      shall be reasonably satisfactory to the Depositor and the NIMS
      Insurer.

     

    (b)  The
      Trustee shall cause the Paying Agent (if other than the Trustee) to execute
      and
      deliver to the Trustee an instrument in which such Paying Agent shall agree
      with
      the Trustee that such Paying Agent shall hold all sums, if any, held by it
      for
      payment to the Certificateholders in trust for the benefit of the
      Certificateholders entitled thereto until such sums shall be paid to such
      Certificateholders and shall agree that it shall comply with all requirements
      of
      the Code regarding the withholding of payments in respect of Federal income
      taxes due from Certificate Owners and otherwise comply with the provisions
      of
      this Agreement applicable to it.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

    THE
      SERVICER, THE DEPOSITOR
      AND THE
      CREDIT RISK MANAGER

     

    
      	SECTION
              6.01  	
              Liability
                of the Servicer and the Depositor.

            

    

     

    The
      Servicer shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by Servicer herein. The
      Depositor shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed upon and undertaken by the
      Depositor.

     

    
      	SECTION
              6.02  	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the Servicer
                or
                the Depositor.

            

    

     

    Any
      entity into which the Servicer or Depositor may be merged or consolidated,
      or
      any entity resulting from any merger, conversion or consolidation to which
      the
      Servicer or the Depositor shall be a party, or any corporation succeeding to
      the
      business of the Servicer or the Depositor, shall be the successor of the
      Servicer or the Depositor, as the case may be, hereunder, without the execution
      or filing of any paper or any further act on the part of any of the parties
      hereto, anything herein to the contrary notwithstanding; provided, however,
      that
      the successor Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    
      	SECTION
              6.03  	
              Limitation
                on Liability of the Servicer and
                Others.

            

    

     

    Neither
      the Servicer nor the Depositor nor any of the directors or officers or employees
      or agents of the Servicer or the Depositor shall be under any liability to
      the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer or the Depositor in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or negligence in the performance of duties of the
      Servicer or the Depositor, as the case may be, or by reason of its reckless
      disregard of its obligations and duties of the Servicer or the Depositor, as
      the
      case may be, hereunder. The Servicer and any director or officer or employee
      or
      agent of the Servicer may rely in good faith on any document of any kind prima
      facie properly executed and submitted by any Person respecting any matters
      arising hereunder. The Servicer and the Depositor, and any director or officer
      or employee or agent of the Servicer or the Depositor, shall be indemnified
      by
      the Trust and held harmless against any loss, liability or expense incurred
      in
      connection with (i) any legal action relating to this Agreement or the
      Certificates, other than any loss, liability or expense related to any specific
      Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) and any loss,
      liability or expense incurred by reason of its willful misfeasance, bad faith
      or
      negligence or by reason of its reckless disregard of its obligations and duties
      hereunder or by reason of its failure to perform its obligations or duties
      hereunder and (ii) any breach of a representation or warranty regarding the
      Mortgage Loans. The Servicer or the Depositor may initiate any such action
      which
      it may deem necessary or desirable in respect of this Agreement, and the rights
      and duties of the parties hereto and the interests of the Certificateholders
      hereunder. In such event, the reasonable legal expenses and costs of such action
      and any liability resulting therefrom shall be expenses, costs and liabilities
      of the Trust and the Servicer shall be entitled to be reimbursed therefor from
      the Collection Account as and to the extent provided in Section 3.11, any such
      right of reimbursement being prior to the rights of the Certificateholders
      to
      receive any amount in the Collection Account. The Servicer’s right to indemnity
      or reimbursement pursuant to this Section shall survive any resignation or
      termination of the Servicer pursuant to Section 6.04 or 7.01 with respect to
      any
      losses, expenses, costs or liabilities arising prior to such resignation or
      termination (or arising from events that occurred prior to such resignation
      or
      termination). This paragraph shall apply to the Servicer solely in its capacity
      as Servicer hereunder and in no other capacities. Without limiting the
      foregoing, the Servicer shall undertake to defend any claims against the Trust
      Fund, the Trustee and/or itself initiated by a Borrower or otherwise related
      to
      the servicing of any Mortgage Loan, the reasonable legal expenses and costs
      of
      such action and any liability resulting therefrom shall be expenses, costs
      and
      liabilities of the Trust and the Servicer shall be entitled to be reimbursed
      therefor from the Collection Account as and to the extent provided in Section
      3.11, any such right of reimbursement being prior to the rights of the
      Certificateholders to receive any amount in the Collection Account.

     

    The
      Credit Risk Manager and any director, officer, employee or agent of the Credit
      Risk Manager shall be indemnified and held harmless by the Trust Fund against
      any loss, liability or expense (not including expenses, disbursements and
      advances incurred or made by the Credit Risk Manager, including the compensation
      and the expenses and disbursements of its agents and counsel, in the ordinary
      course of its appointment as Credit Risk Manager or its performance of its
      duties as such) incurred in connection with any claim or legal action or any
      pending or threatened claim or legal action relating to this Agreement, the
      Credit
      Risk Management Agreement
      or the
      Certificates, other than any loss, liability or expense (i) resulting from
      a
      breach of the Servicer’s obligations and duties under the Pooling Agreement or
      Credit Risk Management Agreement for which the Credit Risk Manager is
      indemnified by the Servicer under the Credit Risk Management Agreement or (ii)
      incurred by reason of willful misfeasance, bad faith or negligence in the
      performance of duties under the Credit Risk Management Agreement or by reason
      of
      reckless disregard of obligations and duties thereunder. 

     

    
      	SECTION
              6.04  	
              Servicer
                Not to Resign.

            

    

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except upon determination that its duties hereunder are no longer permissible
      under applicable law. Any such determination pursuant to the preceding sentence
      permitting the resignation of the Servicer shall be evidenced by an Opinion
      of
      Counsel to such effect obtained at the expense of the Servicer and delivered
      to
      the Trustee. No resignation of the Servicer shall become effective until the
      Trustee or a successor servicer shall have assumed the Servicer’s
      responsibilities, duties, liabilities (other than those liabilities arising
      prior to the appointment of such successor) and obligations under this
      Agreement.

     

    Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits or privileges hereunder to any other Person, or delegate to
      or
      subcontract with, or authorize or appoint any other Person to perform any of
      the
      duties, covenants or obligations to be performed by the Servicer hereunder.
      The
      foregoing prohibition on assignment shall not prohibit the Servicer from
      designating a Sub-Servicer as payee of any indemnification amount payable to
      the
      Servicer hereunder; provided, however, no Sub-Servicer shall be a third-party
      beneficiary hereunder and the parties hereto shall not be required to recognize
      any Subservicer as an indemnitee under this Agreement.

     

    
      	SECTION
              6.05  	
              Delegation
                of Duties.

            

    

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. Except as provided
      in Section 3.02, no such delegation is permitted that results in the delegee
      subservicing any Mortgage Loans. The Servicer shall provide the Trustee and
      the
      NIMS Insurer with 60 days prior written notice prior to the delegation of any
      of
      its duties to any Person other than any of the Servicer’s Affiliates or their
      respective successors and assigns.

     

    
      	SECTION
              6.06  	
              [Reserved].

            

    

     

    
      	SECTION
              6.07  	
              Inspection.

            

    

     

    The
      Servicer, in its capacity as Servicer, shall afford the Trustee and the NIMS
      Insurer, upon reasonable notice, during normal business hours, access to all
      records maintained by the Servicer in respect of its rights and obligations
      hereunder and access to officers of the Servicer responsible for such
      obligations.

     

    
      	SECTION
              6.08  	
              Credit
                Risk Manager.

            

    

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment Charges with respect to the Mortgage
      Loans. Such reports and recommendations will be based upon information provided
      to the Credit Risk Manager pursuant to the respective Credit Risk Management
      Agreement, and the Credit Risk Manager shall look solely to the Servicer for
      all
      information and data (including loss and delinquency information and data)
      relating to the servicing of the Mortgage Loans. Upon any termination of the
      Credit Risk Manager or the appointment of a successor Credit Risk Manager,
      the
      Depositor shall give written notice thereof to the Servicer, the Trustee and
      each Rating Agency. Notwithstanding the foregoing, the termination of the Credit
      Risk Manager pursuant to this Section shall not become effective until the
      appointment of a successor Credit Risk Manager.

     

    
      	SECTION
              6.09  	
              Limitation
                Upon Liability of the Credit Risk
                Manager.

            

    

     

    Neither
      the Credit Risk Manager, nor any of its directors, officers, employees, or
      agents shall be under any liability to the Trustee, the Certificateholders,
      the
      Servicer and/or the the Depositor for any action taken or for refraining from
      the taking of any action made in good faith pursuant to this Agreement, in
      reliance upon information provided by the Servicer under the Credit Risk
      Management Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Credit Risk Manager or any such person against
      liability that would otherwise be imposed by reason of willful malfeasance
      or
      bad faith in its performance of its duties. The Credit Risk Manager and any
      director, officer, employee, or agent of the Credit Risk Manager may rely in
      good faith on any document of any kind prima facie properly executed and
      submitted by any Person respecting any matters arising hereunder, and may rely
      in good faith upon the accuracy of information furnished by the Servicer
      pursuant to the Credit Risk Management Agreement in the performance of its
      duties thereunder and hereunder.

     

    
      	SECTION
              6.10  	
              Removal
                of the Credit Risk Manager.

            

    

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
      holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in the
      exercise of its or their sole discretion. The Certificateholders shall provide
      written notice of the Credit Risk Manager’s removal to the Trustee. Upon receipt
      of such notice, the Trustee shall provide written notice to the Credit Risk
      Manager of its removal, which shall be effective upon receipt of such notice
      by
      the Credit Risk Manager.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VII

    DEFAULT

     

    
      	SECTION
              7.01  	
              Servicer
                Events of Termination.

            

    

     

    (a)  If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i)  (A)
      The
      failure by the Servicer to make any Advance;
      or (B)
      any other failure by the Servicer to deposit in the Collection Account or the
      Distribution Account any deposit required to be made under the terms of this
      Agreement which continues unremedied for a period of one Business Day after
      the
      date upon which written notice at the addresses listed in Section 11.05 (such
      written notice shall also be sent via facsimile) hereof of such failure shall
      have been given to the Servicer by the Trustee or to the Servicer and the
      Trustee by the NIMS Insurer or any Holders of a Regular Certificate evidencing
      at least 25% of the Voting Rights; or

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days (or
      if
      such failure or breach cannot be remedied within 30 days, then such remedy
      shall
      have been commenced within 30 days and diligently pursued thereafter; provided,
      however, that in no event shall such failure or breach be allowed to exist
      for a
      period of greater than 90 days), after the date (A) on which written notice
      of
      such failure, requiring the same to be remedied, shall have been given to the
      Servicer by the Trustee or to the Trustee by the NIMS Insurer or any Holders
      of
      a Regular Certificate evidencing at least 25% of the Voting Rights or (B) of
      actual knowledge of such failure by a Servicing Officer of the Servicer;
      or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; or

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations.

     

    (b)  then,
      and
      in each and every such case, so long as a Servicer Event of Termination shall
      not have been remedied within the applicable grace period, (x) with respect
      solely to clause (i)(A) above, if such Advance is not made by 5:00 P.M., New
      York time, on the Business Day immediately following the Servicer Remittance
      Date (provided the Trustee shall give the Servicer notice of such failure to
      advance by 5:00 P.M. New York time on the Servicer Remittance Date), the Trustee
      shall, at the direction of the NIMS Insurer, terminate all of the rights and
      obligations of the Servicer under this Agreement, to the extent permitted by
      law, and in and to the Mortgage Loans and the proceeds thereof and the Trustee,
      or a successor servicer appointed in accordance with Section 7.02, shall
      immediately make such Advance and assume, pursuant to Section 7.02, the duties
      of a successor Servicer and (y) in the case of (i)(B), (ii), (iii) or (iv)
      above, the Trustee shall, at the direction of the NIMS Insurer or the Holders
      of
      each Class of Regular Certificates evidencing Percentage Interests aggregating
      not less than 51%, by notice then given in writing to the Servicer (and to
      the
      Trustee if given by the NIMS Insurer or the Holders of Certificates), terminate
      all of the rights and obligations of the Servicer as servicer under this
      Agreement. Any such notice to the Servicer shall also be given to each Rating
      Agency, the Depositor and the Servicer. On or after the receipt by the Servicer
      (and by the Trustee if such notice is given by the Holders) of such written
      notice, all authority and power of the Servicer under this Agreement, whether
      with respect to the Certificates or the Mortgage Loans or otherwise, shall
      pass
      to and be vested in the Trustee pursuant to and under this Section; and, without
      limitation, and the Trustee is hereby authorized and empowered to execute and
      deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and
      all documents and other instruments, and to do or accomplish all other acts
      or
      things necessary or appropriate to effect the purposes of such notice of
      termination, whether to complete the transfer and endorsement of each Mortgage
      Loan and related documents or otherwise. The Servicer agrees to cooperate with
      the Trustee (or the applicable successor Servicer) in effecting the termination
      of the responsibilities and rights of the Servicer hereunder, including, without
      limitation, the delivery to the Trustee of all documents and records requested
      by it to enable it to assume the Servicer’s functions under this Agreement
      within ten Business Days subsequent to such notice, the transfer within one
      Business Day subsequent to such notice to the Trustee (or the applicable
      successor Servicer) for the administration by it of all cash amounts that shall
      at the time be held by the Servicer and to be deposited by it in the Collection
      Account, the Distribution Account, any REO Account or any Servicing Account
      or
      that have been deposited by the Servicer in such accounts or thereafter received
      by the Servicer with respect to the Mortgage Loans or any REO Property received
      by the Servicer. All reasonable costs and expenses (including attorneys’ fees)
      incurred in connection with transferring the Mortgage Files to the successor
      Servicer and amending this Agreement to reflect such succession as Servicer
      pursuant to this Section shall be paid by the predecessor Servicer (or if the
      predecessor Servicer is the Trustee, the initial Servicer) upon presentation
      of
      reasonable documentation of such costs and expenses and to the extent not paid
      by the Servicer, by the Trust.

     

    
      	SECTION
              7.02  	
              Trustee
                to Act; Appointment of Successor.

            

    

     

    (a)  From
      the
      time the Servicer (and the Trustee, if notice is sent by the Holders) receives
      a
      notice of termination pursuant to Section 7.01 or 6.04, the Trustee (or such
      other successor Servicer as is approved in accordance with this Agreement)
      shall
      be the successor in all respects to the Servicer in its capacity as servicer
      under this Agreement and the transactions set forth or provided for herein
      and
      shall be subject to all the responsibilities, duties and liabilities relating
      thereto placed on the Servicer by the terms and provisions hereof arising on
      and
      after its succession. Notwithstanding the foregoing, the parties hereto agree
      that the Trustee, in its capacity as successor Servicer, immediately will assume
      all of the obligations of the Servicer to make advances. Notwithstanding the
      foregoing, the Trustee, in its capacity as successor Servicer, shall not be
      responsible for the lack of information and/or documents that it cannot obtain
      through reasonable efforts. It is understood and agreed by the parties hereto
      that there will be a period of transition (not to exceed 90 days) before the
      transition of servicing obligations is fully effective. As compensation
      therefor, the Trustee (or such other successor Servicer) shall be entitled
      to
      such compensation as the Servicer would have been entitled to hereunder if
      no
      such notice of termination had been given. Notwithstanding the above, (i) if
      the
      Trustee is unwilling to act as successor Servicer or (ii) if the Trustee is
      legally unable so to act, the Trustee shall appoint or petition a court of
      competent jurisdiction to appoint, any established housing and home finance
      institution, bank or other mortgage loan or home equity loan servicer having
      a
      net worth of not less than $50,000,000 as the successor to the Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Servicer hereunder; provided, that the appointment of
      any
      such successor Servicer shall be approved by the NIMS Insurer (such approval
      not
      to be unreasonably withheld), as evidenced by the prior written consent of
      the
      NIMS Insurer, and will not result in the qualification, reduction or withdrawal
      of the ratings assigned to the Certificates by the Rating Agencies as evidenced
      by a letter to such effect from the Rating Agencies. Pending appointment of
      a
      successor to the Servicer hereunder, the Trustee shall act in such capacity
      as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Servicer would otherwise
      have received pursuant to Section 3.18 (or such other compensation as the
      Trustee and such successor shall agree, not to exceed the Servicing Fee). The
      appointment of a successor Servicer shall not affect any liability of the
      predecessor Servicer which may have arisen under this Agreement prior to its
      termination as Servicer to pay any deductible under an insurance policy pursuant
      to Section 3.14, to reimburse the Trustee pursuant to Section 3.06 or to
      indemnify the Trustee or the NIMS Insurer pursuant to Section 8.05(c)), nor
      shall any successor Servicer be liable for any acts or omissions of the
      predecessor Servicer or for any breach by such Servicer of any of its
      representations or warranties contained herein or in any related document or
      agreement. The Trustee and such successor shall take such action, consistent
      with this Agreement, as shall be necessary to effectuate any such succession.
      All Servicing Transfer Costs shall be paid by the predecessor Servicer upon
      presentation of reasonable documentation of such costs, and if such predecessor
      Servicer defaults in its obligation to pay such costs, such costs shall be
      paid
      by the successor Servicer or the Trustee (in which case the successor Servicer
      or the Trustee, as applicable, shall be entitled to reimbursement therefor
      from
      the assets of the Trust).

     

    (b)  Any
      successor to the Servicer, including the Trustee, shall during the term of
      its
      service as servicer continue to service and administer the Mortgage Loans for
      the benefit of Certificateholders, and maintain in force a policy or policies
      of
      insurance covering errors and omissions in the performance of its obligations
      as
      Servicer hereunder and a fidelity bond in respect of its officers, employees
      and
      agents to the same extent as the Servicer is so required pursuant to Section
      3.14.

     

    (c)  In
      connection with the resignation, removal or expiration of the term of the
      Servicer hereunder, or in connection with the resignation or removal of any
      successor to the Servicer (or any other successor to the Servicer appointed
      hereunder) acting as successor Servicer hereunder, either (i) the successor
      Servicer, (or any other successor to the Servicer appointed hereunder) acting
      as
      successor Servicer hereunder, shall represent and warrant that it is a member
      of
      MERS in good standing and shall agree to comply in all material respects with
      the rules and procedures of MERS in connection with the servicing of the
      Mortgage Loans that are registered with MERS, in which case the predecessor
      Servicer shall cooperate with the successor Servicer in causing MERS to revise
      its records to reflect the transfer of servicing to the successor Servicer
      as
      necessary under MERS’ rules and regulations or (ii) the predecessor Servicer
      shall cooperate with the successor Servicer in causing MERS to execute and
      deliver an assignment of Mortgage in recordable form to transfer the Mortgage
      from MERS to the Trustee and to execute and deliver such other notices,
      documents and other instruments as may be necessary or desirable to effect
      a
      transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS®
System to the successor Servicer. The predecessor Servicer shall file or cause
      to be filed any such assignment in the appropriate recording office. The
      predecessor Servicer shall bear any and all fees of MERS, costs of preparing
      any
      assignments of Mortgage, and fees and costs of filing any assignments of
      Mortgage that may be required under this paragraph. 

     

    
      	SECTION
              7.03  	
              Waiver
                of Defaults.

            

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders and with
      the consent of the NIMS Insurer, waive any events permitting removal of the
      Servicer as servicer pursuant to this Article VII, provided, however, that
      the
      Majority Certificateholders may not waive a default in making a required
      distribution on a Certificate without the consent of the Holder of such
      Certificate and the consent of the NIMS Insurer. Upon any waiver of a past
      default, such default shall cease to exist and any Servicer Event of Termination
      arising therefrom shall be deemed to have been remedied for every purpose of
      this Agreement. No such waiver shall extend to any subsequent or other default
      or impair any right consequent thereto except to the extent expressly so waived.
      Notice of any such waiver shall be given by the Trustee to the Rating Agencies
      and the NIMS Insurer.

     

    
      	SECTION
              7.04  	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination or appointment of a successor to the Servicer pursuant to this
      Article VII or Section 6.04, the Trustee shall give prompt written notice
      thereof to the Certificateholders at their respective addresses appearing in
      the
      Certificate Register, the NIMS Insurer and each Rating Agency.

     

    (b)  No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute a Servicer Event of
      Termination for five Business Days after a Responsible Officer of the Trustee
      becomes aware of the occurrence of such an event, the Trustee shall transmit
      by
      mail to all Certificateholders and to the NIMS Insurer notice of such occurrence
      unless such default or Servicer Event of Termination shall have been waived
      or
      cured.

     

    
      	SECTION
              7.05  	
              Survivability
                of Servicer Liabilities.

            

    

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer hereunder,
      any
      liabilities of the Servicer which accrued prior to such termination shall
      survive such termination.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VIII

    THE
      TRUSTEE

     

    
      	SECTION
              8.01  	
              Duties
                of Trustee.

            

    

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination and after
      the curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer has knowledge, the Trustee
      shall exercise such of the rights and powers vested in it by this Agreement,
      and
      use the same degree of care and skill in their exercise, as a prudent man would
      exercise or use under the circumstances in the conduct of his own
      affairs.

     

    The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided, however, that the Trustee will not
      be
      responsible for the accuracy or content of any such resolutions, certificates,
      statements, opinions, reports, documents or other instruments. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner the Trustee shall take such action as it deems appropriate
      to
      have the instrument corrected, and if the instrument is not corrected to the
      Trustee’s satisfaction, the Trustee will provide notice thereof to the
      Certificateholders and the NIMS Insurer.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own misconduct; provided, however, that:

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination, and after the curing of
      all
      such Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee shall be determined solely by the express provisions
      of this Agreement, the Trustee shall not be liable except for the performance
      of
      such duties and obligations as are specifically set forth in this Agreement,
      no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee may
      conclusively rely, as to the truth of the statements and the correctness of
      the
      opinions expressed therein, upon any certificates or opinions furnished to
      the
      Trustee and conforming to the requirements of this Agreement;

     

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

     

    (iii)  the
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of the NIMS Insurer or the Majority Certificateholders relating to
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Trustee, or exercising or omitting to exercise any trust or power conferred
      upon the Trustee, under this Agreement; and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) or of the existence of any Servicer Event of Termination
      unless a Responsible Officer of the Trustee at the Corporate Trust Office
      obtains actual knowledge of such failure or the Trustee receives written notice
      of such failure from the Depositor, the Servicer, the NIMS Insurer or the
      Majority Certificateholders.

     

    The
      Trustee shall not be required to expend 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 there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to perform,
      or be responsible for the manner of performance of, any of the obligations
      of
      the Servicer under this Agreement, except during such time, if any, as the
      Trustee shall be the successor to, and be vested with the rights, duties, powers
      and privileges of, the Servicer in accordance with the terms of this
      Agreement.

     

    
      	SECTION
              8.02  	
              Certain
                Matters Affecting the Trustee.

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  the
      Trustee may request and rely upon, and shall be protected in acting or
      refraining from acting upon, any resolution, Officers’ Certificate, certificate
      of auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, bond or other paper or document
      reasonably believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties, and the manner of obtaining consents and of
      evidencing the authorization of the execution thereof by Certificateholders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe;

     

    (ii)  the
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

    (iii)  the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders or the NIMS Insurer, pursuant to the provisions
      of this Agreement, unless such Certificateholders or the NIMS Insurer, as
      applicable shall have offered to the Trustee reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein or
      thereby; the right of the Trustee to perform any discretionary act enumerated
      in
      this Agreement shall not be construed as a duty, and the Trustee shall not
      be
      answerable for other than its negligence or willful misconduct in the
      performance of any such act;

     

    (iv)  the
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Agreement;

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination and after the curing of all
      Servicer Events of Termination which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the NIMS Insurer or the Majority
      Certificateholder; provided, however, that if the payment within a reasonable
      time to the Trustee of the costs, expenses or liabilities likely to be incurred
      by it in the making of such investigation is, in the opinion of the Trustee,
      not
      reasonably assured to the Trustee by the security afforded to it by the terms
      of
      this Agreement, the Trustee may require reasonable indemnity against such cost,
      expense or liability as a condition to such proceeding. The reasonable expense
      of every such examination shall be paid by the Servicer or the NIMS Insurer
      (if
      requested by the NIMS Insurer) or, if paid by the Trustee, shall be reimbursed
      by the Servicer or the NIMS Insurer (if requested by the NIMS Insurer) upon
      demand and, if not reimbursed by the Servicer or the NIMS Insurer (if requested
      by the NIMS Insurer), shall be reimbursed by the Trust. Nothing in this clause
      (v) shall derogate from the obligation of the Servicer to observe any applicable
      law prohibiting disclosure of information regarding the Mortgagors;

     

    (vi)  the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as Servicer pursuant to Section
      7.02
      and thereupon only for the acts or omissions of the Trustee as successor
      Servicer;

     

    (vii)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys, custodians
      or
      nominees;

     

    (viii)  the
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act;

     

    (ix)  the
      Trustee shall not be personally liable for any loss resulting from the
      investment of funds held in the Collection Account or the REO Account made
      at
      the direction of the Servicer pursuant to Section 3.12; and

     

    (x)  the
      Trustee or its Affiliates are permitted to receive compensation that could
      be
      deemed to be in the Trustee’s economic self-interest for (i) serving as
      investment adviser, administrator, shareholder, servicing agent, custodian
      or
      sub-custodian with respect to certain of the Permitted Investments, (ii) using
      Affiliates to effect transactions in certain Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments. Such compensation
      shall
      not be considered an amount that is reimbursable or payable pursuant to Section
      3.11.

     

    In
      order
      to comply with its duties under the U.S. Patriot Act, the Trustee shall obtain
      and verify certain information and documentation from the other parties hereto,
      including, but not limited to, such parties’ name, address and other identifying
      information.

     

    In
      order
      to comply with laws, rules, regulations and executive orders in effect from
      time
      to time applicable to banking institutions, including those relating to the
      funding of terrorist activities and money laundering (“Applicable Law”), the
      Trustee is required to obtain, verify and record certain information relating
      to
      individuals and entities which maintain a business relationship with the
      Trustee. Accordingly, each of the parties agrees to provide to the Trustee
      upon
      its requiest from time to time such identifying information and documentation
      as
      may be available for such party in oder to enable the Trustee to comply with
      Applicable Law.

     

    
      	SECTION
              8.03  	
              Trustee
                Not Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee on the Certificates) shall be taken as the statements of the
      Depositor, and the Trustee assumes no responsibility for the correctness of
      the
      same. The Trustee makes no representations as to the validity or sufficiency
      of
      this Agreement or of the Certificates (other than the signature and
      authentication of the Trustee on the Certificates) or of any Mortgage Loan
      or
      related document or MERS or the MERS System other than with respect to the
      Trustee’s execution and authentication of the Certificates. The Trustee shall
      not be accountable for the use or application by the Servicer, or for the use
      or
      application of any funds paid to the Servicer in respect of the Mortgage Loans
      or deposited in or withdrawn from the Collection Account by the Servicer. The
      Trustee shall at no time have any responsibility or liability for or with
      respect to the legality, validity and enforceability of any Mortgage or any
      Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance
      of any such perfection and priority, or for or with respect to the sufficiency
      of the Trust or its ability to generate the payments to be distributed to
      Certificateholders under this Agreement, including, without limitation: the
      existence, condition and ownership of any Mortgaged Property; the existence
      and
      enforceability of any hazard insurance thereon (other than if the Trustee shall
      assume the duties of the Servicer pursuant to Section 7.02); the validity of
      the
      assignment of any Mortgage Loan to the Trustee or of any intervening assignment;
      the completeness of any Mortgage Loan; the performance or enforcement of any
      Mortgage Loan (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02); the compliance by the Depositor, the Originator
      or
      the Servicer with any warranty or representation made under this Agreement
      or in
      any related document or the accuracy of any such warranty or representation
      prior to the Trustee’s receipt of notice or other discovery of any
      non-compliance therewith or any breach thereof; any investment of monies by
      or
      at the direction of the Servicer or any loss resulting therefrom, it being
      understood that the Trustee shall remain responsible for any Trust property
      that
      it may hold in its individual capacity; the acts or omissions of any of the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02), any Sub-Servicer or any Mortgagor; any action of
      the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02), or any Sub- Servicer taken in the name of the
      Trustee; the failure of the Servicer or any Sub-Servicer to act or perform
      any
      duties required of it as agent of the Trustee hereunder; or any action by the
      Trustee taken at the instruction of the Servicer (other than if the Trustee
      shall assume the duties of the Servicer pursuant to Section 7.02); provided,
      however, that the foregoing shall not relieve the Trustee of its obligation
      to
      perform its duties under this Agreement, including, without limitation, the
      Trustee’s duty to review the Mortgage Files pursuant to Section 2.01. The
      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 it hereunder (unless
      the Trustee shall have become the successor Servicer).

     

    
      	SECTION
              8.04  	
              Trustee
                May Own Certificates.

            

    

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not Trustee
      and
      may transact any banking and trust business with the Originator, the Servicer,
      the Depositor or their Affiliates.

     

    
      	SECTION
              8.05  	
              Trustee
                Compensation and Expenses.

            

    

     

    (a)  On
      each
      Distribution Date, prior to making any distributions to Certificateholders,
      the
      Trustee shall withdraw from the Distribution Account and pay to itself the
      Trustee Compensation payable on such Distribution Date consisting of all income
      earned on amounts on deposit in the Distribution Account. The Trustee shall
      deposit in the Distribution Account the amount of any loss of principal incurred
      in respect of any Permitted Investment made with funds in the Distribution
      Account immediately upon realization of such loss.

     

    (b)  The
      Trustee, or any director, officer, employee or agent of the Trustee, shall
      be
      indemnified by the Trust Fund and held harmless against any loss, liability
      or
      expense (not including expenses and disbursements incurred or made by the
      Trustee, including the compensation and the expenses and disbursements of its
      agents and counsel, in the ordinary course of the Trustee’s performance in
      accordance with the provisions of this Agreement) incurred by the Trustee
      arising out of or in connection with the acceptance or administration of its
      obligations and duties under this Agreement, other than any loss, liability
      or
      expense (i) resulting from a breach of the Servicer’s obligations and duties
      under this Agreement for which the Trustee is indemnified under Section 8.05(b)
      or (ii) any loss, liability or expense incurred by reason of willful
      misfeasance, bad faith or negligence of the Trustee in
      the
      performance of its duties hereunder or by reason of the Trustee’s reckless
      disregard of obligations and duties hereunder
      or as a
      result of a breach of the Trustee’s obligations under Article X hereof. Any
      amounts payable to the Trustee, or any director, officer, employee or agent
      of
      the Trustee, in respect of the indemnification provided by this Section 8.05(a),
      or pursuant to any other right of reimbursement from the Trust Fund that the
      Trustee, or any director, officer, employee or agent of the Trustee, may have
      hereunder in its capacity as such, may be withdrawn by the Trustee from the
      Distribution Account at any time. The foregoing indemnity shall survive the
      resignation or removal of the Trustee.

     

    (c)  The
      Servicer agrees to indemnify the Trustee, the NIMS Insurer, the Custodian or
      any
      director, officer, employee or agent of the Trustee, the NIMS Insurer or
      Custodian from, and hold it harmless against, any loss, liability or expense
      resulting from a breach of the Servicer’s obligations and duties under this
      Agreement. Such indemnity shall survive the termination or discharge of this
      Agreement and the resignation or removal of the Trustee and the Servicer for
      actions prior to such resignation or removal. Any payment hereunder made by
      the
      Servicer to the Trustee shall be from the Servicer’s own funds, without
      reimbursement from the Trust Fund therefor.

     

    
      	SECTION
              8.06  	
              Eligibility
                Requirements for Trustee.

            

    

     

    The
      Trustee hereunder shall at all times be an entity duly organized and validly
      existing under the laws of the United States of America or any state thereof,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000 and subject to supervision or
      examination by federal or state authority. If such entity publishes reports
      of
      condition at least annually, pursuant to law or to the requirements of the
      aforesaid supervising or examining authority, then for the purposes of this
      Section 8.06, the combined capital and surplus of such entity shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. The principal office of the Trustee (other than the
      initial Trustee) shall be in a state with respect to which an Opinion of Counsel
      has been delivered to such Trustee and the NIMS Insurer at the time such Trustee
      is appointed Trustee to the effect that the Trust will not be a taxable entity
      under the laws of such state. In case at any time the Trustee shall cease to
      be
      eligible in accordance with the provisions of this Section 8.06, the Trustee
      shall resign immediately in the manner and with the effect specified in Section
      8.07.

     

    
      	SECTION
              8.07  	
              Resignation
                or Removal of Trustee.

            

    

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice thereof to the NIMS Insurer, the Depositor, the
      Servicer and each Rating Agency. Upon receiving such notice of resignation,
      the
      Depositor shall promptly appoint a successor Trustee acceptable to the NIMS
      Insurer by written instrument, in duplicate, one copy of which instrument shall
      be delivered to the resigning Trustee and one copy to the successor Trustee.
      If
      no successor Trustee shall have been so appointed and having accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee may petition any court of competent jurisdiction for the
      appointment of a successor Trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor or the NIMS Insurer if at any time the Trustee shall be legally unable
      to act, or shall be adjudged a bankrupt or insolvent, or a receiver of the
      Trustee or of its property shall be appointed, or any public officer shall
      take
      charge or control of the Trustee or of its property or affairs for the purpose
      of rehabilitation, conservation or liquidation, then the Depositor, the Servicer
      or the NIMS Insurer may remove the Trustee. If the Depositor, the Servicer
      or
      the NIMS Insurer removes the Trustee under the authority of the immediately
      preceding sentence, the Depositor, with the consent of the NIMS Insurer, shall
      promptly appoint a successor Trustee by written instrument, in duplicate, one
      copy of which instrument shall be delivered to the Trustee so removed and one
      copy to the successor trustee.

     

    The
      Majority Certificateholders (or the NIMS Insurer upon the failure of the Trustee
      to perform its obligations hereunder) may at any time remove the Trustee by
      written instrument or instruments delivered to the Servicer, the Depositor
      and
      the Trustee; the Depositor shall thereupon use its best efforts to appoint
      a
      successor trustee acceptable to the NIMS Insurer in accordance with this
      Section.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08.

     

    
      	SECTION
              8.08  	
              Successor
                Trustee.

            

    

     

    Any
      successor Trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the NIMS Insurer, the Depositor, the Servicer and
      to
      its predecessor Trustee an instrument accepting such appointment hereunder,
      and
      thereupon the resignation or removal of the predecessor Trustee shall become
      effective, and such successor Trustee, without any further act, deed or
      conveyance, shall become fully vested with all the rights, powers, duties and
      obligations of its predecessor hereunder, with like effect as if originally
      named as Trustee. The Depositor, the Servicer and the predecessor 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
      Trustee all such rights, powers, duties and obligations.

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 and the appointment of such successor
      Trustee shall not result in a downgrading of the Regular Certificates by either
      Rating Agency, as evidenced by a letter from each Rating Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of the appointment of a successor
      Trustee hereunder to all Holders of Certificates at their addresses as shown
      in
      the Certificate Register and to each Rating Agency.

     

    
      	SECTION
              8.09  	
              Merger
                or Consolidation of Trustee.

            

    

     

    Any
      entity into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any entity succeeding
      to
      the business of the Trustee, shall be the successor of the Trustee hereunder,
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08, without the execution or filing of any paper or any further act on the
      part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      	SECTION
              8.10  	
              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 or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee and the
      NIMS
      Insurer to act as co-trustee or co-trustees, jointly with the Trustee, or
      separate trustee or separate trustees, of all or any part of the Trust, and
      to
      vest in such Person or Persons, in such capacity and for the benefit of the
      Certificateholders, such title to the Trust, or any part thereof, and, subject
      to the other provisions of this Section 8.10, such powers, duties, obligations,
      rights and trusts as the Servicer and the Trustee may consider necessary or
      desirable. Any such co-trustee or separate trustee shall be subject to the
      written approval of the Servicer and the NIMS Insurer. If the Servicer and
      the
      NIMS Insurer shall not have joined in such appointment within 15 days after
      the
      receipt by it of a request so to do, or in the case a Servicer Event of
      Termination shall have occurred and be continuing, the Trustee alone shall
      have
      the power to make such appointment. No co-trustee or separate trustee hereunder
      shall be required to meet the terms of eligibility as a successor trustee under
      Section 8.06, and no notice to Certificateholders of the appointment of any
      co-trustee or separate trustee shall be required under Section 8.08. The
      Servicer shall be responsible for the fees of any co-trustee or separate trustee
      appointed hereunder.

     

    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 Trustee
      shall be conferred or imposed upon and exercised or performed by the 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
      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 (whether
      as
      Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall
      be incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to the
      Trust 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 Trustee;

     

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

     

    (iii)  the
      Servicer and the Trustee, acting jointly and with the consent of the NIMS
      Insurer, may at any time accept the resignation of or remove any separate
      trustee or co-trustee except that following the occurrence of a Servicer Event
      of Termination, the Trustee acting alone may accept the resignation or remove
      any separate trustee or co-trustee.

     

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

     

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

     

    
      	SECTION
              8.11  	
              Limitation
                of Liability.

            

    

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by the Trust Agreement. Each of the undertakings
      and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

    
      	SECTION
              8.12  	
              Trustee
                May Enforce Claims Without Possession of
                Certificates.

            

    

     

    (a)  All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit of the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b)  The
      Trustee shall afford the Originator, the Depositor, the Servicer, the NIMS
      Insurer and each Certificateholder upon reasonable prior notice during normal
      business hours, access to all records maintained by the Trustee in respect
      of
      its duties hereunder and access to officers of the Trustee responsible for
      performing such duties. Upon request, the Trustee shall furnish the Depositor,
      the Servicer, the NIMS Insurer and any requesting Certificateholder with its
      most recent financial statements. The Trustee shall cooperate fully with the
      Originator, the Servicer, the NIM Insurer, the Depositor and such
      Certificateholder and shall make available to the Originator, the Servicer,
      the
      Depositor, the NIMS Insurer and such Certificateholder for review and copying
      such books, documents or records as may be requested with respect to the
      Trustee’s duties hereunder. The Originator, the Depositor, the Servicer and the
      Certificateholders shall not have any responsibility or liability for any action
      or failure to act by the Trustee and are not obligated to supervise the
      performance of the Trustee under this Agreement or otherwise.

     

    
      	SECTION
              8.13  	
              Suits
                for Enforcement.

            

    

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Depositor
      hereunder shall occur and be continuing, the Trustee, shall, at the direction
      of
      the Majority Certificateholders or the NIMS Insurer, or may, proceed to protect
      and enforce its rights and the rights of the Certificateholders or the NIMS
      Insurer under this Agreement by a suit, action or proceeding in equity or at
      law
      or otherwise, whether for the specific performance of any covenant or agreement
      contained in this Agreement or in aid of the execution of any power granted
      in
      this Agreement or for the enforcement of any other legal, equitable or other
      remedy, as the Trustee, being advised by counsel, and subject to the foregoing,
      shall deem most effectual to protect and enforce any of the rights of the
      Trustee, the NIMS Insurer and the Certificateholders.

     

    
      	SECTION
              8.14  	
              Waiver
                of Bond Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    
      	SECTION
              8.15  	
              Waiver
                of Inventory, Accounting and Appraisal
                Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    
      	SECTION
              8.16  	
              [Reserved].

            

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    
      	SECTION
              9.01  	
              REMIC
                Administration.

            

    

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement. For the purposes
      of
      the REMIC elections in respect of the Trust Fund, (i) the REMIC 1 Regular
      Interests will represent the “regular interests” in REMIC 1, the Class R-1
      Interest will constitute the sole class of “residual interests” in REMIC 1, (ii)
      the REMIC 2 Regular Interests will represent the “regular interests” in REMIC 2,
      the Class R-2 Interest will constitute the sole class of “residual interests” in
      REMIC 2, (iii) the Class A Certificates, the Class M Certificates and the Class
      B Certificates (exclusive of any right to receive distributions from the Net
      WAC
      Rate Carryover Reserve Account in respect of the Net WAC Rate Carryover Amount
      or the Swap Account or any obligation to make payments to the Swap Account),
      the
      Class C Interest, the Class IO Interest and the Class P Interest shall be
      designated as the “regular interests” in REMIC 3 and the Class R-3 Interest will
      constitute the sole class of “residual interests” in REMIC 3, (iv) the Class C
      Certificates (exclusive of any obligation to make payments to the Net WAC Rate
      Carryover Reserve Account in respect of the Net WAC Rate Carryover Amount)
      will
      represent ownership of “regular interests” in REMIC 4 and the Class R-4 Interest
      will constitute the sole class of “residual interests” in REMIC 4, (v) the Class
      P Certificates will represent ownership of “regular interests” in REMIC 5 and
      the Class R-5 Interest will constitute the sole class of “residual interests” in
      REMIC 5, (vi) the REMIC 6 Regular Interest SWAP IO will represent ownership
      of
“regular interests” in REMIC 6 and the Class R-6 Interest will constitute the
      sole class of “residual interests” in REMIC 6, (vii) the Class R Certificates
      will evidence ownership of the Class R-1 Interest, Class R-2 Interest and Class
      R-3 Interest and (viii) the Class R-X Certificates will evidence ownership
      of
      the Class R-4 Interest, the Class R-5 Interest and the Class R-6 Interest.
      The
      Securities Administrator and the Trustee shall not permit the creation of any
      “interests” (within the meaning of Section 860G of the Code) in any REMIC
      created hereunder other than (a) the REMIC 1 Regular Interests, the REMIC 2
      Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Regular Interests,
      the REMIC 5 Regular Interests or the REMIC 6 Regular Interests, the ownership
      of
      which is represented by the Class A Certificates, the Class M Certificates,
      the
      Class B Certificates, the REMIC 6 Regular Interest SWAP IO, the Class C
      Certificates and the Class P Certificates and (b) the Class R-1 Interest, the
      Class R-2 Interest, the Class R-3 Interest, the Class R-4 Interest, the Class
      R-5 Interest and the Class R-6 Interest. The Securities Administrator will
      apply
      for an Employee Identification Number from the IRS via form SS-4 or any other
      acceptable method for each Trust REMIC

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code.

     

    (c)  The
      Trustee shall pay any and all expenses relating to any tax audit of any REMIC
      (including, but not limited to, any professional fees or any administrative
      or
      judicial proceedings with respect to any Trust REMIC that involve the Internal
      Revenue Service or state tax authorities), including the expense of obtaining
      any tax related Opinion of Counsel. The Trustee shall be entitled to
      reimbursement of expenses incurred pursuant to this Section 9.01(c) to the
      extent provided in Section 8.05.

     

    (d)  The
      Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
      and information returns (including Form 8811) as the direct representative
      each
      REMIC created hereunder. The expenses of preparing and filing such returns
      shall
      be borne by the Trustee.

     

    (e)  The
      Holder of the Class R Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the related “Tax Matters Person”) with respect to REMIC 1, REMIC 2
      and REMIC 3 and shall act as Tax Matters Person for REMIC 1, REMIC 2 and REMIC
      3. The Holder of the Class R-X Certificate at any time holding the largest
      Percentage Interest thereof shall be the Tax Matters Person with respect to
      REMIC 4, REMIC 5 and REMIC 6 and shall act as Tax Matters Person for REMIC
      4,
      REMIC 5 and REMIC 6. The Trustee, as agent for the Tax Matters Person, shall
      perform on behalf of each REMIC all reporting and other tax compliance duties
      that are the responsibility of such REMIC under the Code, the REMIC Provisions,
      or other compliance guidance issued by the Internal Revenue Service or any
      state
      or local taxing authority. Among its other duties, if required by the Code,
      the
      REMIC Provisions, or other such guidance, the Trustee, as agent for the Tax
      Matters Person, shall provide (i) to the Treasury or other governmental
      authority such information as is necessary for the application of any tax
      relating to the transfer of a Residual Certificate to any disqualified person
      or
      organization and (ii) to the Certificateholders such information or reports
      as
      are required by the Code or REMIC Provisions. The Trustee, as agent for the
      Tax
      Matters Person, shall represent each REMIC in any administrative or judicial
      proceedings relating to an examination or audit by any governmental taxing
      authority, request an administrative adjustment as to any taxable year of any
      REMIC, enter into settlement agreements with any government taxing agency,
      extend any statute of limitations relating to any item of any REMIC and
      otherwise act on behalf of any REMIC in relation to any tax matter involving
      the
      Trust.

     

    (f)  The
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause the REMIC to take any action necessary to create or maintain the status
      of
      each REMIC as a REMIC under the REMIC Provisions and shall assist each other
      as
      necessary to create or maintain such status. Neither the Trustee, the Servicer
      nor the Holder of any Residual Certificate shall take any action, cause any
      REMIC created hereunder to take any action or fail to take (or fail to cause
      to
      be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (i) endanger the status of such REMIC as a REMIC or
      (ii)
      result in the imposition of a tax upon such REMIC (including but not limited
      to
      the tax on prohibited transactions as defined in Code Section 860F(a)(2) and
      the
      tax on prohibited contributions set forth on Section 860G(d) of the Code)
      (either such event, an “Adverse REMIC Event”) unless the Trustee, the NIMS
      Insurer and the Servicer have received an Opinion of Counsel (at the expense
      of
      the party seeking to take such action) to the effect that the contemplated
      action will not endanger such status or result in the imposition of such a
      tax.
      In addition, prior to taking any action with respect to any REMIC created
      hereunder or the assets therein, or causing such REMIC to take any action,
      which
      is not expressly permitted under the terms of this Agreement, any Holder of
      a
      Residual Certificate will consult with the Trustee, the NIMS Insurer and the
      Servicer, or their respective designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      REMIC, and no such Person shall take any such action or cause any REMIC to
      take
      any such action as to which the Trustee, the NIMS Insurer or the Servicer has
      advised it in writing that an Adverse REMIC Event could occur.

     

    (g)  Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by a Residual Certificateholder,
      the Trustee shall pay any remaining REMIC taxes out of current or future amounts
      otherwise distributable to the Holder of the Residual Certificate in the REMICs
      or, if no such amounts are available, out of other amounts held in the
      Distribution Account, and shall reduce amounts otherwise payable to Holders
      of
      regular interests in the related REMIC. Subject to the foregoing, in the event
      that a REMIC incurs a state or local tax, including franchise taxes, as a result
      of a determination that such REMIC is domiciled in the State of California
      for
      state tax purposes by virtue of the location of the Servicer, the Servicer
      agrees to pay on behalf of such REMIC when due, any and all state and local
      taxes imposed as a result of such a determination, in the event that the Holder
      of the related Residual Certificate fails to pay such taxes, if any, when
      imposed.

     

    (h)  The
      Trustee, as agent for the Tax Matters Person, shall, for federal income tax
      purposes, maintain books and records with respect to each REMIC created
      hereunder on a calendar year and on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j)  Neither
      the Trustee nor the Servicer shall enter into any arrangement by which any
      REMIC
      created hereunder will receive a fee or other compensation for
      services.

     

    (k)  On
      or
      before April 15 of each calendar year beginning in 2007, the Servicer shall
      deliver to the NIMS Insurer, the Trustee and each Rating Agency an Officers’
Certificate stating the Servicer’s compliance with the provisions of this
      Section 9.01.

     

    (l)  The
      Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete the Form 8811.

     

    
      	SECTION
              9.02  	
              Prohibited
                Transactions and Activities.

            

    

     

    Neither
      the Depositor, the Servicer nor the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of any REMIC created hereunder pursuant to Article X
      of
      this Agreement, (iv) a substitution pursuant to Article II of this Agreement
      or
      (v) a repurchase of Mortgage Loans pursuant to Article II of this Agreement,
      nor
      acquire any assets for any REMIC, nor sell or dispose of any investments in
      the
      Distribution Account for gain, nor accept any contributions to either REMIC
      after the Closing Date, unless it and the NIMS Insurer have received an Opinion
      of Counsel (at the expense of the party causing such sale, disposition, or
      substitution) that such disposition, acquisition, substitution, or acceptance
      will not (a) affect adversely the status of any REMIC created hereunder as
      a
      REMIC or of the interests therein other than the Residual Certificates as the
      regular interests therein, (b) affect the distribution of interest or principal
      on the Certificates, (c) result in the encumbrance of the assets transferred
      or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause any REMIC created hereunder to be subject to a tax on prohibited
      transactions or prohibited contributions pursuant to the REMIC
      Provisions.

     

    
      	SECTION
              9.03  	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC
                Status.

            

    

     

    (a)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Servicer of its duties and obligations set forth herein,
      the
      Servicer shall indemnify the NIMS Insurer, the Trustee and the Trust Fund
      against any and all losses, claims, damages, liabilities or expenses (“Losses”)
      resulting from such negligence; provided, however, that the Servicer shall
      not
      be liable for any such Losses attributable to the action or inaction of the
      Trustee, the Depositor or the Holder of such Residual Certificate, as
      applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Servicer has relied. The
      foregoing shall not be deemed to limit or restrict the rights and remedies
      of
      the Holder of such Residual Certificate now or hereafter existing at law or
      in
      equity. Notwithstanding the foregoing, however, in no event shall the Servicer
      have any liability (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any Losses other than arising
      out of a negligent performance by the Servicer of its duties and obligations
      set
      forth herein, and (3) for any special or consequential damages to
      Certificateholders (in addition to payment of principal and interest on the
      Certificates).

     

    (b)  In
      the
      event that any REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or incurs federal, state or local taxes as a result of a prohibited transaction
      or prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee of its duties and obligations set forth herein,
      the
      Trustee shall indemnify the Trust Fund against any and all Losses resulting
      from
      such negligence; provided, however, that the Trustee shall not be liable for
      any
      such Losses attributable to the action or inaction of the Servicer, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Trustee has relied. The foregoing shall not
      be
      deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Trustee have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Trustee of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X

    TERMINATION

     

    
      	SECTION
              10.01  	
              Termination.

            

    

     

    (a)  The
      respective obligations and responsibilities of the Servicer, the Depositor
      and
      the Trustee created hereby (other than the obligation of the Trustee to make
      certain payments to Certificateholders after the final Distribution Date and
      the
      obligation of the Servicer to send certain notices as hereinafter set forth)
      shall terminate upon notice to the Trustee upon the earliest of (i) the
      Distribution Date on which the Certificate Principal Balances of the Regular
      Certificates have been reduced to zero, (ii) the final payment or other
      liquidation of the last Mortgage Loan in the Trust, (iii) the optional purchase
      by the Terminator of the Mortgage Loans as described below and (iv) the Assumed
      Final Maturity Date as defined in the Preliminary Statement. Notwithstanding
      the
      foregoing, in no event shall the trust created hereby continue beyond the
      expiration of 21 years from the death of the last survivor of the descendants
      of
      Joseph P. Kennedy, the late ambassador of the United States to the Court of
      St.
      James’s, living on the date hereof.

     

    The
      Servicer (in such context, the “Terminator”), may, at its option, terminate this
      Agreement on any date on which the aggregate Stated Principal Balance of the
      Mortgage Loans (after giving effect to scheduled payments of principal due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) on such date is equal to or less than 10% of the aggregate Stated
      Principal Balance of the Mortgage Loans on the Cut-off Date, by purchasing,
      on
      the next succeeding Distribution Date, all of the outstanding Mortgage Loans
      and
      REO Properties at a price equal to the greater of (i) the Stated Principal
      Balance of the Mortgage Loans (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties and (ii) fair market
      value
      of the Mortgage Loans and REO Properties (as determined and as agreed upon
      in
      their good faith business judgment (determined as provided in the last sentence
      of this paragraph) as of the Close of Business on the third Business Day next
      preceding the date upon which notice of any such termination is furnished to
      the
      related Certificateholders pursuant to Section 10.01(c) by (x) the Terminator,
      (y) the Holders of a majority in Percentage Interest in the Class C Certificates
      and (z) if the Fixed Rate Certificates and the Floating-Rate Certificates will
      not receive all amounts owed to it as a result of the termination, the Trustee
      (provided that if this clause (z) applies to such determination, such
      determination shall, notwithstanding anything to the contrary herein, be based
      solely upon an appraisal obtained as provided in the last sentence of this
      paragraph)), plus accrued and unpaid interest thereon at the weighted average
      of
      the Mortgage Rates through the end of the Due Period preceding the final
      Distribution Date plus unreimbursed Servicing Advances, Advances, any unpaid
      Servicing Fees allocable to such Mortgage Loans and REO Properties, any accrued
      and unpaid Net WAC Rate Carryover Amounts and any Swap Termination Payment
      payable to the Swap Provider then remaining unpaid or which is due to the
      exercise of such option (the “Termination Price”); provided, however, such
      option may only be exercised if the Termination Price is sufficient to result
      in
      the payment of all interest accrued on, as well as amounts necessary to retire
      the principal balance of, each class of notes issued pursuant to the Indenture
      and any amounts owed to the NIMS Insurer (as it notifies the Trustee and
      Servicer in writing). If the determination of the fair market value of the
      Mortgage Loans and REO Properties shall be required to be made and agreed upon
      by the Terminator, the Holders of a majority in Percentage Interest in the
      Class
      C Certificates and the Trustee as provided in (ii) above in their good faith
      business judgment, such determination shall be based on an appraisal of the
      value of the Mortgage Loans and REO Properties conducted by an independent
      appraiser mutually agreed upon by the Terminator, the Holders of a majority
      in
      Percentage Interest in the Class C Certificates and the Trustee in their
      reasonable discretion, and (A) such appraisal shall be obtained at no expense
      to
      the Trustee and (B) notwithstanding anything to the contrary above, the Trustee
      may solely and conclusively rely on, and shall be protected in relying on,
      such
      appraisal in making such determination.

     

    By
      acceptance of a Residual Certificate, the Holders of the Residual Certificates
      agree, in connection with any termination hereunder, to assign and transfer
      any
      amounts in excess of par, and to the extent received in respect of such
      termination, to pay any such amounts to the Holders of the Class C
      Certificates.

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Terminator shall deposit in the Distribution Account all amounts then on deposit
      in the Collection Account, which deposit shall be deemed to have occurred
      immediately preceding such purchase.

     

    Any
      such
      purchase shall be accomplished by deposit into the Distribution Account on
      the
      Determination Date before such Distribution Date of the Termination
      Price.

     

    (b)  Notice
      of
      any termination, specifying the Distribution Date (which shall be a date that
      would otherwise be a Distribution Date) upon which the Certificateholders may
      surrender their Certificates to the Trustee for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee upon
      the
      Trustee receiving notice of such date from the Terminator, by letter to the
      Certificateholders mailed not earlier than the 15th
      day and
      not later than the 25th
      day of
      the month next preceding the month of such final distribution specifying (1)
      the
      Distribution Date upon which final distribution of the Certificates will be
      made
      upon presentation and surrender of such Certificates at the office or agency
      of
      the Trustee therein designated, (2) the amount of any such final distribution
      and (3) that the Record Date otherwise applicable to such Distribution Date
      is
      not applicable, distributions being made only upon presentation and surrender
      of
      the Certificates at the office or agency of the Trustee therein
      specified.

     

    (c)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to the Holders of the Certificates on the Distribution Date for
      such
      final distribution, in proportion to the Percentage Interests of their
      respective Class and to the extent that funds are available for such purpose,
      an
      amount equal to the amount required to be distributed to such Holders in
      accordance with the provisions of Section 4.01 for such Distribution Date.
      By
      acceptance of the Residual Certificates, the Holders of the Residual
      Certificates agree, in connection with any termination hereunder, to assign
      and
      transfer any amounts in excess of the par value of the Mortgage Loans, and
      to
      the extent received in respect of such termination, to pay any such amounts
      to
      the Holders of the Class C Certificates.

     

    (d)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Trustee shall promptly following such date cause all funds in the Distribution
      Account not distributed in final distribution to Certificateholders to be
      withdrawn therefrom and credited to the remaining Certificateholders by
      depositing such funds in a separate Servicing Account for the benefit of such
      Certificateholders, and the Servicer (if the Servicer has exercised its right
      to
      purchase the Mortgage Loans) or the Trustee (in any other case) shall give
      a
      second written notice to the remaining Certificateholders, to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      which remain subject hereto, and the Trustee upon transfer of such funds shall
      be discharged of any responsibility for such funds, and the Certificateholders
      shall look to the Residual Certificateholders for payment.

     

    
      	SECTION
              10.02  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Terminator exercises its purchase option as provided in Section
      10.01, each REMIC shall be terminated in accordance with the following
      additional requirements, unless the Trustee shall have been furnished with
      an
      Opinion of Counsel to the effect that the failure of the Trust to comply with
      the requirements of this Section will not (i) result in the imposition of taxes
      on “prohibited transactions” of the Trust as defined in Section 860F of the Code
      or (ii) cause any REMIC constituting part of the Trust Fund to fail to qualify
      as a REMIC at any time that any Certificates are outstanding:

     

    (i)  Within
      90
      days prior to the final Distribution Date, the Terminator shall adopt and the
      Trustee shall sign a plan of complete liquidation of each REMIC created
      hereunder meeting the requirements of a “Qualified Liquidation” under Section
      860F of the Code and any regulations thereunder; and

     

    (ii)  At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Trustee shall sell all of the assets
      of the Trust Fund to the Terminator for cash pursuant to the terms of the plan
      of complete liquidation.

     

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to: (i) adopt such a plan of complete
      liquidation (and the Certificateholders hereby appoint the Trustee as their
      attorney in fact to sign such plan) as appropriate and (ii) to take such other
      action in connection therewith as may be reasonably required to carry out such
      plan of complete liquidation all in accordance with the terms
      hereof.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee with the consent of the NIMS Insurer and without the consent of
      the
      Certificateholders (i) to cure any ambiguity, (ii) to correct or supplement
      any
      provisions herein which may be defective or inconsistent with any other
      provisions herein or (iii) to make any other provisions with respect to matters
      or questions arising under this Agreement which shall not be inconsistent with
      the provisions of this Agreement; provided that such action shall not, as
      evidenced by either (a) an Opinion of Counsel delivered to the Trustee or (b)
      written notice to the Depositor, the Servicer and the Trustee from each Rating
      Agency that such action will not result in the reduction or withdrawal of the
      rating of any outstanding Class of Certificates with respect to which it is
      a
      Rating Agency, adversely affect in any material respect the interests of any
      Certificateholder. No amendment shall be deemed to adversely affect in any
      material respect the interests of any Certificateholder who shall have consented
      thereto, and no Opinion of Counsel or Rating Agency confirmation shall be
      required to address the effect of any such amendment on any such consenting
      Certificateholder. 

     

    In
      addition, this Agreement may be amended from time to time by the Depositor,
      the
      Servicer and the Trustee with the consent of the NIMS Insurer, the Swap Provider
      and the Majority Certificateholders for the purpose of adding any provisions
      to
      or changing in any manner or eliminating any of the provisions of this Agreement
      or of modifying in any manner the rights of the Holders of Certificates;
      provided, however, that no such amendment or waiver shall (x) reduce in any
      manner the amount of, or delay the timing of, payments on the Certificates
      or
      distributions which are required to be made on any Certificate without the
      consent of the Holder of such Certificate, (y) adversely affect in any material
      respect the interests of the Swap Provider or Holders of any Class of
      Certificates (as evidenced by either (i) an Opinion of Counsel delivered to
      the
      Trustee or (ii) written notice to the Depositor, the Servicer and the Trustee
      from each Rating Agency that such action will not result in the reduction or
      withdrawal of the rating of any outstanding Class of Certificates with respect
      to which it is a Rating Agency) in a manner other than as described in clause
      (x) above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 66% Percentage Interest in such Class, or (z) reduce
      the
      percentage of Voting Rights required by clause (y) above without the consent
      of
      the Holders of all Certificates of such Class then outstanding. Upon approval
      of
      an amendment, a copy of such amendment shall be sent to the Rating
      Agencies.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by (and at the expense of) the Person seeking
      such
      Amendment and satisfactory to the NIMS Insurer, to the effect that such
      amendment will not result in the imposition of a tax on any REMIC created
      hereunder constituting part of the Trust Fund pursuant to the REMIC Provisions
      or cause any REMIC created hereunder constituting part of the Trust to fail
      to
      qualify as a REMIC at any time that any Certificates are outstanding and that
      the amendment is being made in accordance with the terms hereof.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Servicer or the Trustee shall enter into any amendment to Section 4.05 or
      Section 11.10 of this Agreement without the prior written consent of the Swap
      Provider.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the
      Servicer (but in no event at the expense of the Trustee), otherwise at the
      expense of the Trust, a copy of such amendment and the Opinion of Counsel
      referred to in the immediately preceding paragraph to the Servicer, the NIMS
      Insurer and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment; instead it shall
      be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      Trustee may, but shall not be obligated to, enter into any amendment pursuant
      to
      this Section 11.01 that affects its rights, duties and immunities under this
      Agreement or otherwise.

     

    
      	SECTION
              11.02  	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Trust, but only upon direction of Certificateholders accompanied by an
      Opinion of Counsel to the effect that such recordation materially and
      beneficially affects the interests of the Certificateholders.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    
      	SECTION
              11.03  	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust, or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third person
      by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of
      such notice, request and offer of indemnity, shall have neglected or refused
      to
      institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 11.03 each and every Certificateholder and the Trustee shall be entitled
      to such relief as can be given either at law or in equity.

     

    
      	SECTION
              11.04  	
              Governing
                Law; Jurisdiction.

            

    

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws. With respect to any claim arising
      out
      of this Agreement, each party irrevocably submits to the exclusive jurisdiction
      of the courts of the State of New York and the United States District Court
      located in the Borough of Manhattan in The City of New York, and each party
      irrevocably waives any objection which it may have at any time to the laying
      of
      venue of any suit, action or proceeding arising out of or relating hereto
      brought in any such courts, irrevocably waives any claim that any such suit,
      action or proceeding brought in any such court has been brought in any
      inconvenient forum and further irrevocably waives the right to object, with
      respect to such claim, suit, action or proceeding brought in any such court,
      that such court does not have jurisdiction over such party, provided that
      service of process has been made by any lawful means.

     

    
      	SECTION
              11.05  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile or by express delivery service, to
      (a)
      in the case of the Servicer, in the case of the Servicer, 1 Home Campus, Des
      Moines, IA 50328-0001, Attention: John B. Brown, MAC X 2401-042, (telecopy
      number: (515) 213-7121), with a copy to General Counsel, 1 Home Campus, Des
      Moines, IA 50328-0001, MAC X 2401-06T, (telecopy number: (515) 213-5192), or
      such other address or telecopy number as may hereafter be furnished to the
      Depositor and the Trustee in writing by the Servicer, (b) in the case of the
      Trustee, Deutsche Bank National Trust Company, 1761 East St. Andrew Place,
      Santa
      Ana, California 92705-4934, Attention: Trust Administration - GC06F1 (telecopy
      number: (714) 247-6329) and with respect to any notices, reports or other
      information to be sent to the Trustee pursuant to Section 4.07 by electronic
      mail, to DBSEC.notifications@DB.com,
      or such
      other address or telecopy number as may hereafter be furnished to the Depositor,
      the NIMS Insurer and the Servicer in writing by the Trustee (c) in the case
      of
      the Depositor, Financial Asset Securities Corp., 600 Steamboat Road, Greenwich,
      Connecticut 06830, Attention: Legal, or such other address as may be furnished
      to the Servicer, the NIMS Insurer and the Trustee in writing by the Depositor
      and (d) in the case of the NIMS Insurer, such address furnished to the
      Depositor, the Servicer and the Trustee in writing by the NIMS Insurer, or
      such
      other address or telecopy number as may hereafter be furnished to the Depositor,
      the Servicer and the Trustee in writing by the NIMS Insurer. Any notice required
      or permitted to be mailed to a Certificateholder shall be given by first class
      mail, postage prepaid, at the address of such Holder as shown in the Certificate
      Register. Notice of any Servicer Event of Termination shall be given by telecopy
      and by certified mail. Any notice so mailed within the time prescribed in this
      Agreement shall be conclusively presumed to have duly been given when mailed,
      whether or not the Certificateholder receives such notice. A copy of any notice
      required to be telecopied hereunder shall also be mailed to the appropriate
      party in the manner set forth above.

     

    
      	SECTION
              11.06  	
              Severability
                of Provisions.

            

    

     

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

     

    
      	SECTION
              11.07  	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	SECTION
              11.08  	
              Notice
                to the Rating Agencies and the NIMS
                Insurer.

            

    

     

    (a)  Each
      of
      the Trustee and the Servicer shall be obligated to use its best reasonable
      efforts promptly to provide notice to the Rating Agencies and the NIMS Insurer
      with respect to each of the following of which a Responsible Officer of the
      Trustee or Servicer, as the case may be, has actual knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Servicer Event of Termination that has not been cured or
      waived;

     

    (iii)  the
      resignation or termination of the Servicer or the Trustee;

     

    (iv)  the
      final
      payment to Holders of the Certificates of any Class;

     

    (v)  any
      change in the location of any Account; and

     

    (vi)  if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b)  In
      addition, the Trustee shall promptly make available to each Rating Agency copies
      of each Statement to Certificateholders described in Sections 4.03 and 3.19
      hereof and the Servicer shall promptly furnish to each Rating Agency copies
      of
      the following:

     

    (i)  each
      annual statement as to compliance described in Section 3.20 hereof;

     

    (ii)  each
      annual independent public accountants’ servicing report described in Section
      3.21 hereof; and

     

    (iii)  each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to (i) Fitch Ratings, 1 State
      Street Plaza, New York, New York 10004 and (ii) Standard & Poor’s, a
      division of The McGraw-Hill Companies, Inc., 55 Water Street, 41st Floor, New
      York, NY 10041, Attention: Residential Mortgage Surveillance Group.

     

    
      	SECTION
              11.09  	
              Further
                Assurances.

            

    

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    
      	SECTION
              11.10  	
              Third
                Party Rights.

            

    

     

    The
      NIMS
      Insurer and the Swap Provider shall each be deemed third-party beneficiaries
      of
      this Agreement to the same extent as if they were parties hereto, and shall
      have
      the right to enforce the provisions of this Agreement.

     

    
      	SECTION
              11.11  	
              Benefits
                of Agreement.

            

    

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders, the NIMS Insurer and the parties
      hereto and their successors hereunder, any benefit or any legal or equitable
      right, remedy or claim under this Agreement.

     

    
      	SECTION
              11.12  	
              Acts
                of Certificateholders.

            

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Servicer. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      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 Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 11.11.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      	SECTION
              11.13  	
              Intention
                of the Parties and Interpretation. 

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      4.07 of this Agreement is to facilitate compliance by the Depositor with the
      provisions of Regulation AB promulgated by the SEC under the 1934 Act (17 C.F.R.
      §§ 229.1100-229.1123), as such may be amended from time to time and subject to
      clarification and interpretive advice as may be issued by the staff of the
      SEC
      from time to time. Therefore, each of the parties agrees that (a) the
      obligations of the parties hereunder shall be interpreted in such a manner
      as to
      accomplish that purpose, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with requests made by the Depositor for delivery of additional
      or
      different information as the Depositor may determine in good faith is necessary
      to comply with the provisions of Regulation AB, and (d) no amendment of this
      Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Servicer and the Trustee have caused their
      names to be signed hereto by their respective officers thereunto duly
      authorized, all as of the day and year first above written.

     

    FINANCIAL
      ASSET SECURITIES CORP.,

    as
      Depositor

    

     

    By: 
      /s/ Ara Balabanian

    Name: 
      Ara Balabanian 

    Title: 
      Vice President  

     

     

    WELLS
      FARGO BANK, N.A.., 

    as
      Servicer

    

     

    By: 
      /s/ Laurie McGoogan

    Name: 
      Laurie McGoogan 

    Title: 
      Vice President   

     

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY, as Trustee

    

    

    By: 
      /s/ Eiko Akiyama

    Name: 
      Eiko Akiyama 

    Title: 
      Associate 

     

    By: 
      /s/ Ronaldo Reyes

    Name: 
      Ronaldo Reyes 

    Title: 
      Vice President 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF CONNECTICUT

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF 

            	
              )

            

    

    

    On
      the
      ____ day of April, 2006 before me, a notary public in and for said State,
      personally appeared ___________________known to me to be a ____________________
      of Financial Asset Securities Corp., a Delaware corporation that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

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

     

    _____________________________

    Notary
      Public

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF 

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF 

            	
              )

            

    

    

     

    On
      the____ day of April, 2006 before me, a notary public in and for said State,
      personally appeared ________________________known to me to be a
      ___________________ of Wells Fargo Bank, N.A., a corporation that executed
      the
      within instrument, and also known to me to be the person who executed it on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

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

     

    _____________________________

    Notary
      Public

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF CALIFORNIA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF ORANGE

            	
              )

            

    

    

     

    On
      the
      ___ day of April, 2006 before me, a notary public in and for said State,
      personally appeared_______________________, known to me to be
      a(n)________________________ and ________________________, known to me to be
      a(n) ________________________of Deutsche Bank National Trust Company, one of
      the
      entities that executed the within instrument, and also known to me to be the
      person who executed it on behalf of said association, and acknowledged to me
      that such corporation executed the within instrument.

     

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

     

    _____________________________

    Notary
      Public

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    EXHIBIT
      A-1

     

    FORM
      OF
      CLASS I-A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION IN SECTION 5.02(D)
      OF THE POOLING AND SERVICING AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

               

            	
              :

            	
              $
                334,852,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

               

            	
              :

            	
              $
                334,852,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                NX 4

               

            
	
              Class

            	
              :

            	
              I-A-1

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      I-A-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class I-A-1 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class I-A-1 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class I-A-1 Certificate (obtained by dividing the Denomination
      of this Class I-A-1 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class I-A-1 Certificate is issued under and
      is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class I-A-1 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Class I-A-1 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class I-A-1 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class I-A-1 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate shall be deemed to have made the representation in Section 5.02(d)
      of the Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-2

     

    FORM
      OF
      CLASS II-A-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION IN SECTION 5.02(D)
      OF THE POOLING AND SERVICING AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

               

            	
              :

            	
              $
                165,310,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

               

            	
              :

            	
              $
                165,310,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                NY 2

               

            
	
              Class

            	
              :

            	
              II-A-1

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      II-A-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-1 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-1 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-1 Certificate (obtained by dividing the
      Denomination of this Class II-A-1 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of April 1, 2006 (the “Agreement”) among the
      Depositor, Wells Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche
      Bank National Trust Company, a national banking association, as trustee (the
      “Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class II-A-1 Certificate
      is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class II-A-1 Certificate by
      virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-1 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-1 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class II-A-1 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate shall be deemed to have made the representation in Section 5.02(d)
      of the Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-3

     

    FORM
      OF
      CLASS II-A-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION IN SECTION 5.02(D)
      OF THE POOLING AND SERVICING AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

               

            	
              :

            	
              $
                105,996,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

               

            	
              :

            	
              $
                105,996,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                NZ 9

               

            
	
              Class

            	
              :

            	
              II-A-2

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      II-A-2

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-2 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-2 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-2 Certificate (obtained by dividing the
      Denomination of this Class II-A-2 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of April 1, 2006 (the “Agreement”) among the
      Depositor, Wells Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche
      Bank National Trust Company, a national banking association, as trustee (the
      “Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class II-A-2 Certificate
      is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class II-A-2 Certificate by
      virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-2 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-2 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class II-A-2 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate shall be deemed to have made the representation in Section 5.02(d)
      of the Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-4

     

    FORM
      OF
      CLASS II-A-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION IN SECTION 5.02(D)
      OF THE POOLING AND SERVICING AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

               

            	
              :

            	
              $
                126,597,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

               

            	
              :

            	
              $
                126,597,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PA 2

               

            
	
              Class

            	
              :

            	
              II-A-3

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      II-A-3

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-3 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-3 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-3 Certificate (obtained by dividing the
      Denomination of this Class II-A-3 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of April 1, 2006 (the “Agreement”) among the
      Depositor, Wells Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche
      Bank National Trust Company, a national banking association, as trustee (the
      “Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class II-A-3 Certificate
      is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class II-A-3 Certificate by
      virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-3 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-3 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

     

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class II-A-3 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate shall be deemed to have made the representation in Section 5.02(d)
      of the Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date the Servicer may purchase, in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-5

     

    FORM
      OF
      CLASS II-A-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    PRIOR
      TO
      THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION IN SECTION 5.02(D)
      OF THE POOLING AND SERVICING AGREEMENT.

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

               

            	
              :

            	
              $
                38,870,000.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

               

            	
              :

            	
              $
                38,870,000.00

            
	
              Percentage
                Interest

            	
              :

            	
              100%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PB 0

               

            
	
              Class

            	
              :

            	
              II-A-4

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      II-A-4

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class II-A-4 Certificate
      at any time may be less than the Initial Certificate Principal Balance set
      forth
      on the face hereof, as described herein. This Class II-A-4 Certificate does
      not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class II-A-4 Certificate (obtained by dividing the
      Denomination of this Class II-A-4 Certificate by the Original Class Certificate
      Principal Balance) in certain monthly distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Financial Asset
      Securities Corp. (the “Depositor”). The Trust was created pursuant to a Pooling
      and Servicing Agreement dated as of April 1, 2006 (the “Agreement”) among the
      Depositor, Wells Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche
      Bank National Trust Company, a national banking association, as trustee (the
      “Trustee”). To the extent not defined herein, the capitalized terms used herein
      have the meanings assigned in the Agreement. This Class II-A-4 Certificate
      is
      issued under and is subject to the terms, provisions and conditions of the
      Agreement, to which Agreement the Holder of this Class II-A-4 Certificate by
      virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    Reference
      is hereby made to the further provisions of this Class II-A-4 Certificate set
      forth on the reverse hereof, which further provisions shall for all purposes
      have the same effect as if set forth at this place.

     

    This
      Class II-A-4 Certificate shall not be entitled to any benefit under the
      Agreement or be valid for any purpose unless manually countersigned by an
      authorized signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class II-A-4 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate shall be deemed to have made the representation in Section 5.02(d)
      of the Agreement.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-6

     

    FORM
      OF
      CLASS M-1 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES TO THE EXTENT DESCRIBED
      IN
      THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      IN SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                75,244,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                75,244,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PC 8

               

            
	
              Class

            	
              :

            	
              M-1

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      M-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-1 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-1 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-1 Certificate (obtained by dividing the Denomination
      of this Class M-1 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-1 Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class M-1 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Any
      transferee of this Certificate shall be deemed to have made the representation
      in Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-1 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-1 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-1 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-7

     

    FORM
      OF
      CLASS M-2 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR
      CERTIFICATES
      AND THE
      CLASS M-1 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      IN SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                22,724,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                22,724,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PD 6

               

            
	
              Class

            	
              :

            	
              M-2

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      M-2

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-2 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-2 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-2 Certificate (obtained by dividing the Denomination
      of this Class M-2 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-2 Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class M-2 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Any
      transferee of this Certificate shall be deemed to have made the representation
      in Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-2 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-2 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-2 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-8

     

    FORM
      OF
      CLASS M-3 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS M-1
      CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      IN SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                19,695,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                19,695,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PE 4

               

            
	
              Class

            	
              :

            	
              M-3

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      M-3

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-3 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-3 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-3 Certificate (obtained by dividing the Denomination
      of this Class M-3 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-3 Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class M-3 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Any
      transferee of this Certificate shall be deemed to have made the representation
      in Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-3 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-3 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-3 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date the Servicer may purchase, in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-9

     

    FORM
      OF
      CLASS M-4 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO
      THE
      EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      IN SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                18,685,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                18,685,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PF 1

               

            
	
              Class

            	
              :

            	
              M-4

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      M-4

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-4 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-4 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-4 Certificate (obtained by dividing the Denomination
      of this Class M-4 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-4 Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class M-4 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Any
      transferee of this Certificate shall be deemed to have made the representation
      in Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-4 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-4 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-4 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-10

     

    FORM
      OF
      CLASS M-5 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND THE
      CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      IN SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                16,160,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                16,160,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PG 9

               

            
	
              Class

            	
              :

            	
              M-5

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      M-5

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-5 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-5 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-5 Certificate (obtained by dividing the Denomination
      of this Class M-5 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-5 Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class M-5 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Any
      transferee of this Certificate shall be deemed to have made the representation
      in Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-5 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-5 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-5 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-11

     

    FORM
      OF
      CLASS M-6 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN
      THE
      POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      IN SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                16,160,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                16,160,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PH 7

               

            
	
              Class

            	
              :

            	
              M-6

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      M-6

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-6 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-6 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-6 Certificate (obtained by dividing the Denomination
      of this Class M-6 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-6 Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class M-6 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Any
      transferee of this Certificate shall be deemed to have made the representation
      in Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-6 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-6 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-6 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-12

     

    FORM
      OF
      CLASS M-7 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES
      TO
      THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
      HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      IN SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                13,635,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                13,635,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PJ 3

               

            
	
              Class

            	
              :

            	
              M-7

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      M-7

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-7 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-7 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-7 Certificate (obtained by dividing the Denomination
      of this Class M-7 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-7 Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class M-7 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Any
      transferee of this Certificate shall be deemed to have made the representation
      in Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-7 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-7 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-7 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-13

     

    FORM
      OF
      CLASS M-8 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES AND
      THE
      CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
      AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      IN SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                9,090,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                9,090,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PK 0

               

            
	
              Class

            	
              :

            	
              M-8

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      M-8

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-8 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-8 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-8 Certificate (obtained by dividing the Denomination
      of this Class M-8 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-8 Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class M-8 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Any
      transferee of this Certificate shall be deemed to have made the representation
      in Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-8 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-8 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-8 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-14

     

    FORM
      OF
      CLASS M-9 CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES, THE CLASS M-1
      CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE CLASS
      M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES, THE
      CLASS M-7 CERTIFICATES AND THE CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED
      IN
      THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
      IN SECTION 5.02(D) OF THE POOLING AND SERVICING AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                8,080,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                8,080,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PL 8

               

            
	
              Class

            	
              :

            	
              M-9

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      M-9

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class M-9 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class M-9 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class M-9 Certificate (obtained by dividing the Denomination
      of this Class M-9 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-10 Certificate is issued under and
      is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class M-9 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. The Holder hereof desiring to effect such transfer shall, and does
      hereby agree to, indemnify the Trustee and the Depositor against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

    Any
      transferee of this Certificate shall be deemed to have made the representation
      in Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class M-9 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class M-9 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class M-9 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-15

     

    FORM
      OF
      CLASS B-1 CERTIFICATES

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
      CERTIFICATES, TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER
      RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL
      REVENUE CODE OF 1986 (THE “CODE”), EXCEPT IN ACCORDANCE WITH SECTION 5.02(D) OF
      THE AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE
      OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON THAT IS
      A
      QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
      SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
      INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
      IN A
      TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
      IN
      WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN REPRESENTATIONS AND
      UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE WITH ANY APPLICABLE
      SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                10,100,000.00 

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                10,100,000.00 

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PM 6

               

            
	
              Class

            	
              :

            	
              B-1

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      B-1

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class B-1 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class B-1 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class B-1 Certificate (obtained by dividing the Denomination
      of this Class B-1 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-10 Certificate is issued under and
      is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class B-1 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. The Holder hereof desiring to effect such transfer shall, and does
      hereby agree to, indemnify the Trustee and the Depositor against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

    No
      transfer of this Certificate shall be made to a Plan subject to ERISA or Section
      4975 of the Code, any Person acting, directly or indirectly, on behalf of any
      such Plan or any person using Plan Assets to acquire this Certificate except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class B-1 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class B-1 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

            
	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	
              By:

            	 

    

    

    
      	
              This
                is one of the Certificates referenced

              in
                the within-mentioned Agreement

               

            
	
              By:

            	 
	 	
              Authorized
                Signatory of

              Deutsche
                Bank National Trust Company,

              as
                Trustee

            

    

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class B-1 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

            
	
              unto

            	 
	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:______

    
      	 	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-16

     

    FORM
      OF
      CLASS B-2 CERTIFICATES

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER
      RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL
      REVENUE CODE OF 1986 (THE “CODE”), EXCEPT IN ACCORDANCE WITH SECTION 5.02(D) OF
      THE AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE
      OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON THAT IS
      A
      QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
      SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
      INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
      IN A
      TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
      IN
      WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN REPRESENTATIONS AND
      UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE WITH ANY APPLICABLE
      SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                6,565,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                6,565,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              Variable

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PN 4

               

            
	
              Class

            	
              :

            	
              B-2

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      B-2

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class B-2 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class B-2 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class B-2 Certificate (obtained by dividing the Denomination
      of this Class B-2 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-10 Certificate is issued under and
      is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class B-2 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. The Holder hereof desiring to effect such transfer shall, and does
      hereby agree to, indemnify the Trustee and the Depositor against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

    No
      transfer of this Certificate shall be made to a Plan subject to ERISA or Section
      4975 of the Code, any Person acting, directly or indirectly, on behalf of any
      such Plan or any person using Plan Assets to acquire this Certificate except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class B-2 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class B-2 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

            
	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	
              By:

            	 

    

    

    
      	
              This
                is one of the Certificates referenced

              in
                the within-mentioned Agreement

               

            
	
              By:

            	 
	 	
              Authorized
                Signatory of

              Deutsche
                Bank National Trust Company,

              as
                Trustee

            

    

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class B-2 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

            
	
              unto

            	 
	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:______

    
      	 	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A-17

     

    FORM
      OF
      CLASS B-3 CERTIFICATES

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
      CERTIFICATES, TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO AN EMPLOYEE BENEFIT PLAN OR OTHER
      RETIREMENT ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL
      REVENUE CODE OF 1986 (THE “CODE”), EXCEPT IN ACCORDANCE WITH SECTION 5.02(D) OF
      THE AGREEMENT.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE
      OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON THAT IS
      A
      QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
      SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
      INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
      IN A
      TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
      IN
      WHICH THE TRANSFEREE MAKES OR IS DEEMED TO MAKE CERTAIN REPRESENTATIONS AND
      UNDERTAKINGS SET FORTH IN THE AGREEMENT AND IN ACCORDANCE WITH ANY APPLICABLE
      SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance of this Certificate
                (“Denomination”)

            	
              :

            	
              $
                7,575,000.00

               

            
	
              Original
                Class Certificate Principal Balance of this Class

            	
              :

            	
              $
                7,575,000.00

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Pass-Through
                Rate

            	
              :

            	
              5.0000%
                per annum

               

            
	
              CUSIP

            	
              :

            	
              35729P
                PP 9

               

            
	
              Class

            	
              :

            	
              B-3

               

            
	
              Assumed
                Maturity Date

            	
              :

            	
              April
                2036

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      B-3

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class B-3 Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class B-3 Certificate does not
      evidence an obligation of, or an interest in, and is not guaranteed by the
      Depositor, the Servicer, or the Trustee referred to below or any of their
      respective affiliates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced by this Class B-3 Certificate (obtained by dividing the Denomination
      of this Class B-3 Certificate by the Original Class Certificate Principal
      Balance) in certain monthly distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class M-10 Certificate is issued under and
      is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class B-3 Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. The Holder hereof desiring to effect such transfer shall, and does
      hereby agree to, indemnify the Trustee and the Depositor against any liability
      that may result if the transfer is not so exempt or is not made in accordance
      with such federal and state laws.

     

    No
      transfer of this Certificate shall be made to a Plan subject to ERISA or Section
      4975 of the Code, any Person acting, directly or indirectly, on behalf of any
      such Plan or any person using Plan Assets to acquire this Certificate except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Reference
      is hereby made to the further provisions of this Class B-3 Certificate set
      forth
      on the reverse hereof, which further provisions shall for all purposes have
      the
      same effect as if set forth at this place.

     

    This
      Class B-3 Certificate shall not be entitled to any benefit under the Agreement
      or be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

            
	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	
              By:

            	 

    

    

    
      	
              This
                is one of the Certificates referenced

              in
                the within-mentioned Agreement

               

            
	
              By:

            	 
	 	
              Authorized
                Signatory of

              Deutsche
                Bank National Trust Company,

              as
                Trustee

            

    

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class B-3 Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

            
	
              unto

            	 
	 	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-18

     

    FORM
      OF
      CLASS C CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE IS SUBORDINATE TO THE SENIOR CERTIFICATES AND THE MEZZANINE
      CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
      REFERRED TO HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE SHALL BE MADE
      EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

               

            	
              :

            	
              $
                14,644,461.81

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

               

            	
              :

            	
              $
                14,644,461.81

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Class

            	
              :

            	
              C

            

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      C

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class C Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class C Certificate does not evidence
      an obligation of, or an interest in, and is not guaranteed by the Depositor,
      the
      Servicer, or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Class C Certificate (obtained by dividing
      the Denomination of this Class C Certificate by the Original Class Certificate
      Principal Balance) in certain distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class C Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class C Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

    

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

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

     

    This
      Class C Certificate shall not be entitled to any benefit under the Agreement
      or
      be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class C Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-19

     

    FORM
      OF
      CLASS P CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE SHALL BE MADE
      EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Initial
                Certificate Principal Balance

              of
                this Certificate (“Denomination”)

               

            	
              :

            	
              $100.00

            
	
              Original
                Class Certificate

              Principal
                Balance of this Class

               

            	
              :

            	
              $100.00

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Class

            	
              :

            	
              P

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      P

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting of first lien
      adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Principal Balance of this Class P Certificate
      at
      any time may be less than the Initial Certificate Principal Balance set forth
      on
      the face hereof, as described herein. This Class P Certificate does not evidence
      an obligation of, or an interest in, and is not guaranteed by the Depositor,
      the
      Servicer, or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Class P Certificate (obtained by dividing
      the Denomination of this Class P Certificate by the Original Class Certificate
      Principal Balance) in certain distributions with respect to a Trust consisting
      primarily of the Mortgage Loans deposited by Financial Asset Securities Corp.
      (the “Depositor”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of April 1, 2006 (the “Agreement”) among the Depositor, Wells
      Fargo Bank, N.A., as servicer (the “Servicer”), and Deutsche Bank National Trust
      Company, a national banking association, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class P Certificate is issued under and is
      subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class P Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    This
      Certificate does not have a pass-through rate and will be entitled to
      distributions only to the extent set forth in the Agreement.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

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

     

    This
      Class P Certificate shall not be entitled to any benefit under the Agreement
      or
      be valid for any purpose unless manually countersigned by an authorized
      signatory of the Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class P Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-20

     

    FORM
      OF
      CLASS R CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND WILL
      NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE SHALL BE MADE
      EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Class

            	
              :

            	
              R

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      R

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      a
      pool of first lien adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Servicer or the Trustee referred to below
      or
      any of their respective affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      Financial Asset Securities Corp. (the “Depositor”). The Trust was created
      pursuant to a Pooling and Servicing Agreement dated as of April 1, 2006 (the
      “Agreement”) among the Depositor, Wells Fargo Bank, N.A., as servicer (the
“Servicer”), and Deutsche Bank National Trust Company, a national banking
      association, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    This
      Certificate does not have a principal balance or pass-through rate and will
      be
      entitled to distributions only to the extent set forth in the Agreement. In
      addition, any distribution of the proceeds of any remaining assets of the Trust
      will be made only upon presentment and surrender of this Certificate at the
      Office or the office or agency maintained by the Trustee.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee of (a) a transfer
      affidavit of the proposed transferee and (b) a transfer certificate of the
      transferor, each of such documents to be in the form described in the Agreement,
      (iii) each person holding or acquiring any Ownership Interest in this
      Certificate must agree to require a transfer affidavit and to deliver a transfer
      certificate to the Trustee as required pursuant to the Agreement, (iv) each
      person holding or acquiring an Ownership Interest in this Certificate must
      agree
      not to transfer an Ownership Interest in this Certificate if it has actual
      knowledge that the proposed transferee is not a Permitted Transferee and (v)
      any
      attempted or purported transfer of any Ownership Interest in this Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee. Pursuant to the Agreement, The Trustee
      will
      provide the Internal Revenue Service and any pertinent persons with the
      information needed to compute the tax imposed under the applicable tax laws
      on
      transfers of residual interests to disqualified organizations, if any person
      other than a Permitted Transferee acquires an Ownership Interest on a Class
      R
      Certificate in violation of the restrictions mentioned above.

     

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

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized officer of the
      Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class R Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1 Asset-Backed Certificates, Series 2006-1 (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      A-21

     

    FORM
      OF
      CLASS R-X CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    THIS
      CLASS R-X CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
      WILL
      NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
      THE
      PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE SHALL BE MADE
      EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

    

    
      	
              Certificate
                No.

            	
              :

            	
              1

               

            
	
              Cut-off
                Date

            	
              :

            	
              April
                1, 2006

               

            
	
              First
                Distribution Date

            	
              :

            	
              May
                25, 2006

               

            
	
              Percentage
                Interest

            	
              :

            	
              100.00%

               

            
	
              Class

            	
              :

            	
              R-X

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    Series
      2006-1

    CLASS
      R-X

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust consisting primarily of
      a
      pool of first lien adjustable rate and fixed rate mortgage loans (the “Mortgage
      Loans”)

     

    FINANCIAL
      ASSET SECURITIES CORP., AS DEPOSITOR

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Servicer or the Trustee referred to below
      or
      any of their respective affiliates.

     

    This
      certifies that GREENWICH CAPITAL MARKETS, INC. is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust consisting primarily of the Mortgage Loans deposited by
      Financial Asset Securities Corp. (the “Depositor”). The Trust was created
      pursuant to a Pooling and Servicing Agreement dated as of April 1, 2006 (the
      “Agreement”) among the Depositor, Wells Fargo Bank, N.A., as servicer (the
“Servicer”), and Deutsche Bank National Trust Company, a national banking
      association, as trustee (the “Trustee”). To the extent not defined herein, the
      capitalized terms used herein have the meanings assigned in the Agreement.
      This
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Agreement, to which Agreement the Holder of this Certificate
      by virtue of the acceptance hereof assents and by which such Holder is
      bound.

     

    This
      Certificate does not have a principal balance or pass-through rate and will
      be
      entitled to distributions only to the extent set forth in the Agreement. In
      addition, any distribution of the proceeds of any remaining assets of the Trust
      will be made only upon presentment and surrender of this Certificate at the
      Office or the office or agency maintained by the Trustee.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder’s prospective transferee shall each
      certify to the Trustee and the Depositor in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Depositor
      of an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Servicer or the Depositor; or there shall be delivered to the
      Trustee and the Depositor a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Depositor against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(d) of the Agreement.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Trustee of (a) a transfer
      affidavit of the proposed transferee and (b) a transfer certificate of the
      transferor, each of such documents to be in the form described in the Agreement,
      (iii) each person holding or acquiring any Ownership Interest in this
      Certificate must agree to require a transfer affidavit and to deliver a transfer
      certificate to the Trustee as required pursuant to the Agreement, (iv) each
      person holding or acquiring an Ownership Interest in this Certificate must
      agree
      not to transfer an Ownership Interest in this Certificate if it has actual
      knowledge that the proposed transferee is not a Permitted Transferee and (v)
      any
      attempted or purported transfer of any Ownership Interest in this Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee. Pursuant to the Agreement, The Trustee
      will
      provide the Internal Revenue Service and any pertinent persons with the
      information needed to compute the tax imposed under the applicable tax laws
      on
      transfers of residual interests to disqualified organizations, if any person
      other than a Permitted Transferee acquires an Ownership Interest on a Class
      R-X
      Certificate in violation of the restrictions mentioned above.

     

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

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized officer of the
      Trustee.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee on behalf of the Trust has caused this Certificate
      to be duly executed.

     

    Dated:
      April __, 2006

     

    
      	 	
              FREMONT
                HOME LOAN TRUST 2006-1

               

               

              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, not in its individual capacity, but
                solely as
                Trustee

            
	 	 	 
	 	
              By:

            	 

    

    

    This
      is
      one of the Certificates referenced

    in
      the
      within-mentioned Agreement

    

    

    By:__________________________________________

    Authorized
      Signatory of

    Deutsche
      Bank National Trust Company,

    as
      Trustee

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
      of Class R-X Certificate]

     

    Fremont
      Home Loan Trust 2006-1

    Asset-Backed
      Certificates,

    SERIES
      2006-1

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Fremont Home Loan Trust 2006-1, Asset-Backed Certificates, Series 2006-1 (herein
      collectively called the “Certificates”), and representing a beneficial ownership
      interest in the Trust created by the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of
      each month or, if such 25th day is not a Business Day, then the Business Day
      immediately following such Distribution Date (the “Distribution Date”),
      commencing on the first Distribution Date specified on the face hereof, to
      the
      Person in whose name this Certificate is registered at the close of business
      on
      the applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made by check or money order mailed to the address
      of the person entitled thereto as it appears on the Certificate Register or
      by
      wire transfer or otherwise, as set forth in the Agreement. The final
      distribution on each Certificate will be made in like manner, but only upon
      presentment and surrender of such Certificate at the office of the Trustee
      or
      the Trustee’s agent specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Servicer and the Trustee and of Holders of the requisite
      percentage of the Percentage Interests of each Class of Certificates affected
      by
      such amendment, as specified in the Agreement. Any such consent by the Holder
      of
      this Certificate shall be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange therefor or in lieu hereof whether or not
      notation of such consent is made upon this Certificate. The Agreement also
      permits the amendment thereof, in certain limited circumstances, without the
      consent of the Holders of any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Certificate Registrar upon surrender of this Certificate for registration
      of
      transfer at the offices or agencies of the Trustee as provided in the Pooling
      and Servicing Agreement accompanied by a written instrument of transfer in
      form
      satisfactory to the Trustee and the Certificate Registrar duly executed by
      the
      holder hereof or such holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class in authorized
      denominations and evidencing the same aggregate Percentage Interest in the
      Trust
      will be issued to the designated transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Servicer and the Trustee and any agent of the Depositor, the
      Servicer or the Trustee may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Trustee, the Servicer or any such agent shall be affected by any notice to
      the
      contrary.

     

    On
      any
      Distribution Date following the date at which the remaining aggregate Principal
      Balance of the Mortgage Loans is less than 10% of the Principal Balance of
      the
      Original Mortgage Loans as of the Cut-off Date, the Servicer may purchase,
      in
      whole, from the Trust the Mortgage Loans at a purchase price determined as
      provided in the Agreement. In the event that no such optional termination
      occurs, the obligations and responsibilities created by the Agreement will
      terminate upon notice to the Trustee upon the earliest of (i) the Distribution
      Date on which the Certificate Principal Balances of the Regular Certificates
      have been reduced to zero, (ii) the final payment or other liquidation of the
      last Mortgage Loan in the Trust, (iii) the optional purchase by the Servicer
      of
      the Mortgage Loans as described in the Agreement and (iv) the Distribution
      Date
      in April 2036.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

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

     

    
      	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:

    
      	 

    

    

     

    Dated:_________________

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    
      	
              Distributions
                shall be made, by wire transfer or otherwise, in immediately available
                

            
	
              funds
                to

            	 
	 
	
              for
                the account of

            	 
	
              account
                number

            	 	
              or,
                if mailed by check, to

            
	 
	
              Applicable
                statements should be mailed to

            	 
	 
	 
	
              This
                information is provided by

            	 
	
              assignee
                named above, or

            	 
	
              its
                agent.

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

    

    

    EXHIBIT
      B

     

    [RESERVED]

     

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      C

     

    FORM
      OF
      ASSIGNMENT AGREEMENT

     

     

    

      ASSIGNMENT
        AND RECOGNITION AGREEMENT

       

      THIS
        ASSIGNMENT AND RECOGNITION AGREEMENT, dated April 10, 2006, (“Agreement”)
        among
        Greenwich Capital Financial Products, Inc. (“Assignor”),
        Financial Asset Securities Corp. (“Assignee”)
        and
        Fremont Investment & Loan (the “Company”):

       

      For
        and
        in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
        consideration the receipt and sufficiency of which hereby are acknowledged,
        and
        of the mutual covenants herein contained, the parties hereto hereby agree
        as
        follows:

       

      Assignment
        and Conveyance

       

      1.  The
        Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
        (x) all of the right, title and interest of the Assignor, as purchaser, in,
        to
        and under (a) those certain Mortgage Loans listed as being originated by
        the
        Company on the schedule (the “Mortgage
        Loan Schedule”)
        attached hereto as Exhibit A (the “Mortgage
        Loans”)
        and
        (b) except as described below, that certain Master
        Mortgage Loan Purchase and Interim Servicing Agreement dated as of December
        1, 2005, as amended (the “Purchase
        Agreement”),
        between the Assignor, as initial purchaser (the “Purchaser”),
        and
        the Company, as seller and interim servicer, solely insofar as the Purchase
        Agreement relates to the Mortgage Loans and (y) other than as provided below
        with respect to the enforcement of representations and warranties, none of
        the
        obligations of the Assignor under the Purchase Agreement.

       

      The
        Assignor specifically reserves and does not assign to the Assignee hereunder
        any
        and all right, title and interest in, to and under and any obligations of
        the
        Assignor with respect to any mortgage loans subject to the Purchase Agreement
        which are not the mortgage loans set forth on the Mortgage Loan Schedule
        and are
        not the subject of this Agreement.

      

      Recognition
        of the Company

       

      2.  From
        and
        after the date hereof, the Company shall and does hereby recognize that the
        Assignee will transfer the Mortgage Loans and assign its rights under the
        Purchase Agreement (solely to the extent set forth herein) and this Agreement
        to
        Fremont Home Loan Trust 2006-1 (the “Trust”) created pursuant to a Pooling and
        Servicing Agreement, dated as of April 1, 2006 (the “Pooling Agreement”),
among
        the
        Assignee, Wells Fargo Bank as servicer (effective July 1, 2006) (including
        its
        successors in interest and any successor servicers under the Pooling Agreement,
        the “Servicer”) and Deutsche Bank National Trust Company, as trustee (including
        its successors in interest and any successor trustees under the Pooling
        Agreement, the “Trustee”).
        The
        Company hereby acknowledges and agrees that from and after the date hereof
        (i) the Trust will be the owner of the Mortgage Loans, (ii) the
        Company shall look solely to the Trust for performance of any obligations
        of the
        Assignor insofar as they relate to the enforcement of the representations,
        warranties and covenants with respect to the Mortgage Loans, (iii) the
        Trust (including the Trustee and the Servicer acting on the Trust’s behalf)
        shall have all the rights and remedies available to the Assignor, insofar
        as
        they relate to the Mortgage Loans, under the Purchase Agreement, including,
        without limitation, the enforcement of the document delivery requirements
        and
        remedies with respect to breaches of representations and warranties set forth
        in
        the Purchase Agreement, and shall be entitled to enforce all of the obligations
        of the Company thereunder insofar as they relate to the Mortgage Loans, and
        (iv) all references to the Purchaser (insofar as they relate to the rights,
        title and interest and, with respect to obligations of the Purchaser, only
        insofar as they relate to the enforcement of the representations, warranties
        and
        covenants of the Company) or the Custodian under the Purchase Agreement insofar
        as they relate to the Mortgage Loans, shall be deemed to refer to the Trust
        (including the Trustee and the Servicer acting on the Trust’s behalf). Neither
        the Company nor the Assignor shall amend or agree to amend, modify, waiver,
        or
        otherwise alter any of the terms or provisions of the Purchase Agreement
        which
        amendment, modification, waiver or other alteration would in any way affect
        the
        Mortgage Loans or the Company’s performance under the Purchase Agreement with
        respect to the Mortgage Loans without the prior written consent of the
        Trustee.

       

      Representations
        and Warranties of the Company

      

      3.  The
        Company warrants and represents to the Assignor, the Assignee and the Trust
        as
        of the date hereof that:

       

      (a)  The
        Company is duly organized, validly existing and in good standing under the
        laws
        of the jurisdiction of its incorporation;

       

      (b)  The
        Company has full power and authority to execute, deliver and perform its
        obligations under this Agreement and has full power and authority to perform
        its
        obligations under the Purchase Agreement. The execution by the Company of
        this
        Agreement is in the ordinary course of the Company’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of the Company’s charter or bylaws or any legal restriction, or any
        material agreement or instrument to which the Company is now a party or by
        which
        it is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which the Company or its property is subject. The
        execution, delivery and performance by the Company of this Agreement have
        been
        duly authorized by all necessary corporate action on part of the Company.
        This
        Agreement has been duly executed and delivered by the Company, and, upon
        the due
        authorization, execution and delivery by the Assignor and the Assignee, will
        constitute the valid and legally binding obligation of the Company, enforceable
        against the Company in accordance with its terms except as enforceability
        may be
        limited by bankruptcy, reorganization, insolvency, moratorium or other similar
        laws now or hereafter in effect relating to creditors’ rights generally, and by
        general principles of equity regardless of whether enforceability is considered
        in a proceeding in equity or at law; 

       

      (c)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        the Company in connection with the execution, delivery or performance by
        the
        Company of this Agreement;

       

      (d)  There
        is
        no action, suit, proceeding or investigation pending or threatened against
        the
        Company, before any court, administrative agency or other tribunal, which
        would
        draw into question the validity of this Agreement or the Purchase Agreement,
        or
        which, either in any one instance or in the aggregate, would result in any
        material adverse change in the ability of the Company to perform its obligations
        under this Agreement or the Purchase Agreement, and the Company is solvent;
        

       

      (e)  With
        respect any Mortgage Loan originated on or after August 1, 2004, neither
        the
        related Mortgage nor the related Mortgage Note requires the borrower to submit
        to arbitration to resolve any dispute arising out of or relating in any way
        to
        the Mortgage Loan transaction; and

       

      (f)  No
        Mortgage Loan is a “high cost home”, “covered” (excluding home loans defined as
“covered home loans” in the New Jersey Home Ownership Security Act of 2002 that
        were originated between November 26, 2003 and July 7, 2004), “high risk home” or
“predatory” mortgage loan or any other comparable term, no matter how defined
        under any applicable federal, state or local law (or a similarly classified
        loan
        using different terminology under a law imposing heightened regulatory scrutiny
        or additional legal liability for residential mortgage loans having high
        interest rates, points and/or fees).

       

      4.  Pursuant
        to Section 12 of the Purchase Agreement, the Company hereby represents and
        warrants, for the benefit of the Assignor, the Assignee and the Trust, that
        the
        representations and warranties set forth in Sections 7.01 and 7.02 of the
        Purchase Agreement, are true and correct as of the date hereof and as of
        the
        Closing Date (as defined in the Pooling Agreement) as if such representations
        and warranties were made on such date, except that the representation and
        warranty set forth in Section 7.02(a) shall, for purposes of this Agreement,
        relate to the Mortgage Loan Schedule attached hereto and except for the
        limitations and qualifications set forth on Schedule 1 hereto.

       

      5.  The
        Assignor hereby makes the following representations and warranties as of
        the
        date hereof:

       

      (a)  Each
        Mortgage Loan at the time it was made complied in all material respects with
        applicable local, state, and federal laws, including, but not limited to,
        all
        applicable predatory and abusive lending laws;

       

      (b)  None
        of
        the mortgage loans are High Cost as defined by any applicable predatory and
        abusive lending laws; and

       

      (c)  No
        loan
        is a High Cost Loan or Covered Loan, as applicable (as such terms are defined
        in
        the then current Standard & Poor’s LEVELS®
        Glossary
        which is now Version 5.6b Revised, Appendix E); 

       

      (d)  No
        Mortgage Loans originated on or after
        October
        1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act;
        and

       

      (e)  The
        original principal balance of each Group I Mortgage Loan is within Freddie
        Mac’s
        dollar amount limits for conforming one-to-four family mortgage
        loans.

       

      Remedies
        for Breach of Representations and Warranties

      

      6.  The
        Company hereby acknowledges and agrees that the remedies available to the
        Assignor, the Assignee and the Trust (including the Trustee and the Servicer
        acting on the Trust’s behalf) in connection with any breach of the
        representations and warranties made by the Company set forth in Sections
        3 and 4
        hereof shall be as set forth in Subsection 7.03 of the Purchase Agreement
        as if
        they were set forth herein (including without limitation the repurchase and
        indemnity obligations set forth therein). In addition, the Company hereby
        acknowledges and agrees that any breach of the representations set forth
        in
        Section 7.02 (xliv(a)), (xliv(b)), (lviii), (xlvii), (lvi), (lxi) and (lxviii)
        of the Purchase Agreement and Section 1(e) hereof shall be deemed to materially
        and adversely affect the value of the related mortgage loans or the interests
        of
        the Trust in the related mortgage loans. 

       

      The
        Assignor hereby acknowledges and agrees that the remedies available to the
        Assignee and the Trust (including the Trustee and the Servicer acting on
        the
        Trust’s behalf) in connection with any breach of the representations and
        warranties made by the Assignor set forth in Section 5 hereof shall be as
        set
        forth in Section 2.03 of the Pooling Agreement as if they were set forth
        herein.
        In addition, the Assignor hereby acknowledges and agrees that any breach
        of the
        representations set forth in Section 3(e) hereof shall be deemed to materially
        and adversely affect the value of the related mortgage loans or the interests
        of
        the Trust in the related mortgage loans.

       

      In
        the
        event that the first Monthly Payment on any Mortgage Loan due to the Trust
        is
        not made within forty-five (45) days of the date on which such Monthly Payment
        was due, then such Mortgage Loan will be repurchased by the Originator at
        the
        Purchase Price (as defined in the Pooling and Servicing Agreement).
        Notwithstanding the foregoing, the Originator’s obligation to repurchase any
        such Mortgage Loan pursuant to this paragraph shall expire 120 days following
        the Closing Date.

       

      Notwithstanding
        the foregoing, the Assignor may, at its option, satisfy any obligation of
        the
        Company with respect to any breach of representation and warranty made by
        the
        Company regarding the Mortgage Loans.

       

      Miscellaneous

      

      7.  This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws. 

       

      8.  No
        term
        or provision of this Agreement may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced, with the prior written consent of
        the
        Trustee. 

       

      9.  This
        Agreement shall inure to the benefit of (i) the successors and assigns of
        the
        parties hereto and (ii) the Trust (including the Trustee and the Servicer
        acting
        on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
        be merged or consolidated shall, without the requirement for any further
        writing, be deemed Assignor, Assignee or Company, respectively,
        hereunder.

       

      10.  Each
        of
        this Agreement and the Purchase Agreement shall survive the conveyance of
        the
        Mortgage Loans and the assignment of the Purchase Agreement (to the extent
        assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
        and
        nothing contained herein shall supersede or amend the terms of the Purchase
        Agreement.

       

      11.  This
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument. 

       

      12.  In
        the
        event that any provision of this Agreement conflicts with any provision of
        the
        Purchase Agreement with respect to the Mortgage Loans, the terms of this
        Agreement shall control. 

       

      13.  Capitalized
        terms used in this Agreement (including the exhibits hereto) but not defined
        in
        this Agreement shall have the meanings given to such terms in the Purchase
        Agreement.

       

       

      [SIGNATURE
        PAGE FOLLOWS]

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      IN
        WITNESS WHEREOF, the parties have caused this Agreement to be executed by
        their
        duly authorized officers as of the date first above written.

       

      

      GREENWICH
        CAPITAL FINANCIAL PRODUCTS, INC.

      

      

      By:
        _________________________________

      Name:
        

      Title:

      

      

      FINANCIAL
        ASSET SECURITIES CORP.

      

      

      By:
        _________________________________

      Name:
        

      Title:

      

      

      FREMONT
        INVESTMENT & LOAN

      

      

      By:
        _________________________________

      Name:
        

      Title:

      
        
           

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      Mortgage
        Loan Schedule

      
        
           

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        1

      

      Representations
        and Warranties

      

      Capitalized
        terms used in this Schedule 1 but not defined in this Agreement shall have
        the
        meanings given to such terms in the Purchase Agreement.

      

      
        	1.  	
                The
                  information set forth in the related Mortgage Loan Schedule is
                  complete,
                  true and correct;

              

      

       

      
        	2.  	
                The
                  Mortgage Loan is in compliance with all requirements set forth
                  in the
                  related Confirmation, and the characteristics of the related Mortgage
                  Loan
                  Package as set forth in the related Confirmation are true and correct;
                  provided, however, that in the event of any conflict between the
                  terms of
                  any Confirmation and this Agreement, the terms of this Agreement
                  shall
                  control;

              

      

       

      
        	3.  	
                All
                  payments required to be made up to the close of business on the
                  Closing
                  Date for such Mortgage Loan under the terms of the Mortgage Note
                  have been
                  made; the Seller has not advanced funds, or induced, solicited
                  or
                  knowingly received any advance of funds from a party other than
                  the owner
                  of the related Mortgaged Property, directly or indirectly, for
                  the payment
                  of any amount required by the Mortgage Note or Mortgage; no Mortgage
                  Loan
                  is thirty (30) or more days delinquent as of the Closing Date and,
                  except
                  as set forth on the related Assignment and Conveyance, there has
                  been no
                  delinquency, exclusive of any period of grace, in any payment by
                  the
                  Mortgagor thereunder since the origination of the Mortgage
                  Loan;

              

      

       

      
        	4.  	
                To
                  the best of the Seller’s knowledge, there are no delinquent taxes, ground
                  rents, water charges, sewer rents, assessments, insurance premiums,
                  leasehold payments, including assessments payable in future installments
                  or other outstanding charges affecting the related Mortgaged
                  Property;

              

      

       

      
        	5.  	
                The
                  terms of the Mortgage Note and the Mortgage have not been impaired,
                  waived, altered or modified in any respect, except by written instruments,
                  recorded in the applicable public recording office if necessary
                  to
                  maintain the lien priority of the Mortgage, and which have been
                  delivered
                  to the Custodian; the substance of any such waiver, alteration
                  or
                  modification has been approved by the title insurer, to the extent
                  required by the related policy, and is reflected on the related
                  Mortgage
                  Loan Schedule. No instrument of waiver, alteration or modification
                  has
                  been executed, and no Mortgagor has been released, in whole or
                  in part,
                  except in connection with an assumption agreement approved by the
                  title
                  insurer, to the extent required by the policy, and which assumption
                  agreement has been delivered to the Custodian and the terms of
                  which are
                  reflected in the related Mortgage Loan
                  Schedule;

              

      

       

      
        	6.  	
                The
                  Mortgage Note and the Mortgage are not subject to any right of
                  rescission,
                  set-off, counterclaim or defense, including the defense of usury,
                  nor will
                  the operation of any of the terms of the Mortgage Note and the
                  Mortgage,
                  or the exercise of any right thereunder, render the Mortgage
                  unenforceable, in whole or in part, or subject to any right of
                  rescission,
                  set-off, counterclaim or defense, including the defense of usury
                  and no
                  such right of rescission, set-off, counterclaim or defense has
                  been
                  asserted with respect thereto. Each Prepayment Charge or penalty
                  with
                  respect to any Mortgage Loan is permissible, enforceable and collectible
                  under applicable federal, state and local
                  law;

              

      

       

      
        	7.  	
                All
                  buildings upon the Mortgaged Property are insured by a Qualified
                  Insurer
                  acceptable to prudent lenders in the secondary mortgage market
                  against
                  loss by fire, hazards of extended coverage and such other hazards
                  as are
                  customary in the area where the Mortgaged Property is located,
                  pursuant to
                  insurance policies providing coverage in an amount not less than
                  the
                  greatest of (i) 100% of the replacement cost of all improvements
                  to the
                  Mortgaged Property, (ii) either (A) the outstanding principal balance
                  of
                  the Mortgage Loan with respect to each first lien Mortgage Loan
                  or (B)
                  with respect to each second lien Mortgage Loan, the sum of the
                  outstanding
                  principal balance of the related first lien mortgage loan and the
                  outstanding principal balance of the second lien Mortgage Loan,
                  or (iii)
                  the amount necessary to avoid the operation of any co-insurance
                  provisions
                  with respect to the Mortgaged Property, and consistent with the
                  amount
                  that would have been required as of the date of origination in
                  accordance
                  with the Underwriting Guidelines. All such insurance policies contain
                  a
                  standard mortgagee clause naming the Seller, its successors and
                  assigns as
                  mortgagee and all premiums thereon have been paid. If the Mortgaged
                  Property is in an area identified on a Flood Hazard Map or Flood
                  Insurance
                  Rate Map issued by the Federal Emergency Management Agency as having
                  special flood hazards (and such flood insurance has been made available)
                  a
                  flood insurance policy meeting the requirements of the current
                  guidelines
                  of the Federal Insurance Administration is in effect which policy
                  is
                  generally acceptable to prudent lenders in the secondary mortgage
                  market.
                  The Mortgage obligates the Mortgagor thereunder to maintain all
                  such
                  insurance at the Mortgagor's cost and expense, and on the Mortgagor's
                  failure to do so, authorizes the holder of the Mortgage to maintain
                  such
                  insurance at Mortgagor's cost and expense and to seek reimbursement
                  therefor from the Mortgagor;

              

      

       

      
        	8.  	
                Any
                  and all requirements of any federal, state or local law including,
                  without
                  limitation, usury, truth in lending, real estate settlement procedures,
                  predatory and abusive lending, consumer credit protection, equal
                  credit
                  opportunity, fair housing or disclosure laws applicable to the
                  origination
                  and servicing of mortgage loans of a type similar to the Mortgage
                  Loans
                  and applicable to any prepayment penalty associated with the Mortgage
                  Loans at origination have been complied
                  with;

              

      

       

      
        	9.  	
                The
                  Mortgage has not been satisfied, cancelled, subordinated or rescinded,
                  in
                  whole or in part, and the Mortgaged Property has not been released
                  from
                  the lien of the Mortgage, in whole or in part, nor has any instrument
                  been
                  executed that would effect any such satisfaction, cancellation,
                  subordination, rescission or
                  release;

              

      

       

      
        	10.  	
                The
                  Mortgage (including any Negative Amortization which may arise thereunder)
                  is a valid, existing and enforceable (A) first lien and first priority
                  security interest with respect to each Mortgage Loan which is indicated
                  by
                  the Seller to be a first lien (as reflected on the Mortgage Loan
                  Schedule), or (B) second lien and second priority security interest
                  with
                  respect to each Mortgage Loan which is indicated by the Seller
                  to be a
                  second lien (as reflected on the Mortgage Loan Schedule), in either
                  case,
                  on the Mortgaged Property, including all improvements on the Mortgaged
                  Property subject only to (a) the lien of current real property
                  taxes and
                  assessments not yet due and payable, (b) covenants, conditions
                  and
                  restrictions, rights of way, easements and other matters of the
                  public
                  record as of the date of recording being acceptable to mortgage
                  lending
                  institutions generally and specifically referred to in the lender's
                  title
                  insurance policy delivered to the originator of the Mortgage Loan
                  and
                  which do not adversely affect the Appraised Value of the Mortgaged
                  Property, (c) with respect to each Mortgage Loan which is indicated
                  by the
                  Seller to be a second lien Mortgage Loan (as reflected on the Mortgage
                  Loan Schedule) a first lien on the Mortgaged Property; and (d)
                  other
                  matters to which like properties are commonly subject which do
                  not
                  materially interfere with the benefits of the security intended
                  to be
                  provided by the Mortgage or the use, enjoyment, value or marketability
                  of
                  the related Mortgaged Property. Any security agreement, chattel
                  mortgage
                  or equivalent document related to and delivered in connection with
                  the
                  Mortgage Loan establishes and creates a valid, existing and enforceable
                  first or second lien and first or second priority security interest
                  (in
                  each case, as indicated on the Mortgage Loan Schedule) on the property
                  described therein and the Seller has full right to sell and assign
                  the
                  same to the Purchaser. The Mortgaged Property was not, as of the
                  date of
                  origination of the Mortgage Loan, subject to a mortgage, deed of
                  trust,
                  deed to secure debt or other security instrument creating a lien
                  subordinate to the lien of the
                  Mortgage;

              

      

       

      
        	11.  	
                The
                  Mortgage Note and the related Mortgage are genuine and each is
                  the legal,
                  valid and binding obligation of the maker thereof, enforceable
                  in
                  accordance with its terms;

              

      

       

      
        	12.  	
                All
                  parties to the Mortgage Note and the Mortgage had legal capacity
                  to enter
                  into the Mortgage Loan and to execute and deliver the Mortgage
                  Note and
                  the Mortgage, and the Mortgage Note and the Mortgage have been
                  duly and
                  properly executed by such parties. The Mortgagor is a natural
                  person;

              

      

       

      
        	13.  	
                The
                  proceeds of the Mortgage Loan have been fully disbursed to or for
                  the
                  account of the Mortgagor and there is no obligation for the Mortgagee
                  to
                  advance additional funds thereunder and any and all requirements
                  as to
                  completion of any on-site or off-site improvement and as to disbursements
                  of any escrow funds therefor have been complied with. All costs,
                  fees and
                  expenses incurred in making or closing the Mortgage Loan and the
                  recording
                  of the Mortgage have been paid, and the Mortgagor is not entitled
                  to any
                  refund of any amounts paid or due to the Mortgagee pursuant to
                  the
                  Mortgage Note or Mortgage;

              

      

       

      
        	14.  	
                The
                  Seller is the sole legal, beneficial and equitable owner of the
                  Mortgage
                  Note and the Mortgage and has full right to transfer and sell the
                  Mortgage
                  Loan to the Purchaser free and clear of any encumbrance, equity,
                  lien,
                  pledge, charge, claim or security
                  interest;

              

      

       

      
        	15.  	
                All
                  parties which have had any interest in the Mortgage Loan, whether
                  as
                  mortgagee, assignee, pledgee or otherwise, are (or, during the
                  period in
                  which they held and disposed of such interest, were) in compliance
                  with
                  any and all applicable “doing business” and licensing requirements of the
                  laws of the state wherein the Mortgaged Property is
                  located;

              

      

       

      
        	16.  	
                The
                  Mortgage Loan is covered by an American Land Title Association
                  (“ALTA”)
                  lender’s title insurance policy (which, in the case of an Adjustable Rate
                  Mortgage Loan has an adjustable rate mortgage endorsement in the
                  form of
                  ALTA 6.0 or 6.1) acceptable to Fannie Mae and Freddie
                  Mac,
                  issued by a title insurer acceptable to prudent lenders in the
                  secondary
                  mortgage market and qualified to do business in the jurisdiction
                  where the
                  Mortgaged Property is located, insuring (subject to the exceptions
                  contained in (x)(a) and (b), and with respect to any second lien
                  Mortgage
                  Loan (c), above) the Seller, its successors and assigns as to the
                  first or
                  second priority lien (as indicated on the Mortgage Loan Schedule)
                  of the
                  Mortgage in the original principal amount of the Mortgage Loan
                  (including,
                  if the Mortgage Loan provides for Negative Amortization, the maximum
                  amount of Negative Amortization in accordance with the Mortgage)
                  and, with
                  respect to any Adjustable Rate Mortgage Loan, against any loss
                  by reason
                  of the invalidity or unenforceability of the lien resulting from
                  the
                  provisions of the Mortgage providing for adjustment in the Mortgage
                  Interest Rate and Monthly Payment and Negative Amortization provisions
                  of
                  the Mortgage Note. Additionally, such lender's title insurance
                  policy
                  affirmatively insures ingress and egress to and from the Mortgaged
                  Property, and against encroachments by or upon the Mortgaged Property
                  or
                  any interest therein. The Seller is the sole insured of such lender's
                  title insurance policy, and such lender’s title insurance policy is in
                  full force and effect and will be in full force and effect upon
                  the
                  consummation of the transactions contemplated by this Agreement.
                  No claims
                  have been made under such lender's title insurance policy, and
                  no prior
                  holder of the related Mortgage, including the Seller, has done,
                  by act or
                  omission, anything which would impair the coverage of such lender's
                  title
                  insurance policy;

              

      

       

      
        	17.  	
                Other
                  than payment delinquencies of less than one calendar month, there
                  is no
                  default, breach, violation or event of acceleration existing under
                  the
                  Mortgage or the Mortgage Note and no event which, with the passage
                  of time
                  or with notice and the expiration of any grace or cure period,
                  would
                  constitute a default, breach, violation or event of acceleration,
                  and the
                  Seller has not waived any default, breach, violation or event of
                  acceleration. With respect to each second lien Mortgage Loan (i)
                  the first
                  lien mortgage loan is in full force and effect, (ii) other than
                  payment
                  delinquencies of less than one calendar month, there is no default,
                  breach, violation or event of acceleration existing under such
                  first lien
                  mortgage or the related mortgage note, (iii) no event which, with
                  the
                  passage of time or with notice and the expiration of any grace
                  or cure
                  period, would constitute a default, breach, violation or event
                  of
                  acceleration thereunder, (iv) either (A) the first lien mortgage
                  contains
                  a provision which allows or (B) applicable law requires, the mortgagee
                  under the second lien Mortgage Loan to receive notice of, and affords
                  such
                  mortgagee an opportunity to cure any default by payment in full
                  or
                  otherwise under the first lien mortgage, (v) the related first
                  lien does
                  not provide for or permit negative amortization under such first
                  lien
                  Mortgage Loan, and (vi) either no consent for the Mortgage Loan
                  is
                  required by the holder of the first lien or such consent has been
                  obtained
                  and is contained in the Mortgage
                  File;

              

      

       

      
        	18.  	
                As
                  of the date of origination of the Mortgage Loan and to the best
                  of the
                  Seller’s knowledge as of the Closing Date, except as insured against by
                  the related title insurance policy, there are no mechanics' or
                  similar
                  liens or claims which have been filed for work, labor or material
                  (and no
                  rights are outstanding that under law could give rise to such lien)
                  affecting the related Mortgaged Property which are or may be liens
                  prior
                  to, or equal or coordinate with, the lien of the related
                  Mortgage;

              

      

       

      
        	19.  	
                All
                  improvements which were considered in determining the Appraised
                  Value of
                  the related Mortgaged Property lay wholly within the boundaries
                  and
                  building restriction lines of the Mortgaged Property, and no improvements
                  on adjoining properties encroach upon the Mortgaged
                  Property;

              

      

       

      
        	20.  	
                The
                  Mortgage Loan was originated by the Seller or by a savings and
                  loan
                  association, a savings bank, a commercial bank or similar banking
                  institution which is supervised and examined by a federal or state
                  authority, or by a mortgagee approved as such by the Secretary
                  of
                  HUD;

              

      

       

      
        	21.  	
                Principal
                  payments on the Mortgage Loan commenced no more than sixty (60)
                  days after
                  the proceeds of the Mortgage Loan were disbursed. The Mortgage
                  Loan bears
                  interest at the Mortgage Interest Rate. With respect to each Mortgage
                  Loan
                  which is not a Negative Amortization Loan, the Mortgage Note is
                  payable on
                  the first or fifteenth day of each month in Monthly Payments, which,
                  in
                  the case of a Fixed Rate Mortgage Loans, are sufficient to fully
                  amortize
                  the original principal balance over the original term thereof (other
                  than
                  with respect to a Mortgage Loan identified on the related Mortgage
                  Loan
                  Schedule as an interest-only Mortgage Loan during the interest-only
                  period
                  or a Mortgage Loan which is identified on the related Mortgage
                  Loan
                  Schedule as a Balloon Mortgage Loan) and to pay interest at the
                  related
                  Mortgage Interest Rate, and, in the case of an Adjustable Rate
                  Mortgage
                  Loan, are changed on each Adjustment Date, and in any case, are
                  sufficient
                  to fully amortize the original principal balance over the original
                  term
                  thereof (other than with respect to a Mortgage Loan identified
                  on the
                  related Mortgage Loan Schedule as an interest-only Mortgage Loan
                  during
                  the interest-only period or a Mortgage Loan which is identified
                  on the
                  related Mortgage Loan Schedule as a Balloon Mortgage Loan) and
                  to pay
                  interest at the related Mortgage Interest Rate. With respect to
                  each
                  Negative Amortization Mortgage Loan, the related Mortgage Note
                  requires a
                  Monthly Payment which is sufficient during the period following
                  each
                  Payment Adjustment Date, to fully amortize the outstanding principal
                  balance as of the first day of such period (including any Negative
                  Amortization) over the then remaining term of such Mortgage Note
                  and to
                  pay interest at the related Mortgage Interest Rate; provided, that
                  the
                  Monthly Payment shall not increase to an amount that exceeds 107.5%
                  of the
                  amount of the Monthly Payment that was due immediately prior to
                  the
                  Payment Adjustment Date; provided, further, that the payment adjustment
                  cap shall not be applicable with respect to the adjustment made
                  to the
                  Monthly Payment that occurs in a year in which the Mortgage Loan
                  has been
                  outstanding for a multiple of five (5) years and in any such year
                  the
                  Monthly Payment shall be adjusted to fully amortize the Mortgage
                  Loan over
                  the remaining term. With respect to each Mortgage Loan identified
                  on the
                  Mortgage Loan Schedule as an interest-only Mortgage Loan, the
                  interest-only period shall not exceed ten (10) years (or such other
                  period
                  specified on the Mortgage Loan Schedule) and following the expiration
                  of
                  such interest-only period, the remaining Monthly Payments shall
                  be
                  sufficient to fully amortize the original principal balance over
                  the
                  remaining term of the Mortgage Loan and to pay interest at the
                  related
                  Mortgage Interest Rate. With respect to each Balloon Mortgage Loan,
                  the
                  Mortgage Note requires a monthly payment which is sufficient to
                  fully
                  amortize the original principal balance over the original term
                  thereof and
                  to pay interest at the related Mortgage Interest Rate and requires
                  a final
                  Monthly Payment substantially greater than the preceding monthly
                  payment
                  which is sufficient to repay the remained unpaid principal balance
                  of the
                  Balloon Mortgage Loan as the Due Date of such monthly payment.
                  The Index
                  for each Adjustable Rate Mortgage Loan is as set forth on the Mortgage
                  Loan Schedule. No Mortgage Loan is a Convertible Mortgage Loan.
                  No Balloon
                  Mortgage Loan has an original stated maturity of less than seven
                  (7)
                  years;

              

      

       

      
        	22.  	
                The
                  origination, servicing and collection practices used with respect
                  to each
                  Mortgage Note and Mortgage including, without limitation, the
                  establishment, maintenance and servicing of the Escrow Accounts
                  and Escrow
                  Payments, if any, since origination, have been in all respects
                  legal,
                  proper, prudent and customary in the mortgage origination and servicing
                  industry. The Mortgage Loan has been serviced by the Seller and
                  any
                  predecessor servicer in accordance with the terms of the Mortgage
                  Note and
                  Accepted Servicing Practices. With respect to escrow deposits and
                  Escrow
                  Payments, if any, all such payments are in the possession of, or
                  under the
                  control of, the Seller and there exist no deficiencies in connection
                  therewith for which customary arrangements for repayment thereof
                  have not
                  been made. No escrow deposits or Escrow Payments or other charges
                  or
                  payments due the Seller have been capitalized under any Mortgage
                  or the
                  related Mortgage Note and no such escrow deposits or Escrow Payments
                  are
                  being held by the Seller for any work on a Mortgaged Property which
                  has
                  not been completed;

              

      

       

      
        	23.  	
                To
                  the best of the Seller’s knowledge, the Mortgaged Property is free of
                  damage and waste and there is no proceeding pending for the total
                  or
                  partial condemnation thereof;

              

      

       

      
        	24.  	
                The
                  Mortgage and related Mortgage Note contain customary and enforceable
                  provisions such as to render the rights and remedies of the holder
                  thereof
                  adequate for the realization against the Mortgaged Property of
                  the
                  benefits of the security provided thereby, including, (a) in the
                  case of a
                  Mortgage designated as a deed of trust, by trustee's sale, and
                  (b)
                  otherwise by judicial foreclosure. The Mortgaged Property is not
                  subject
                  to any bankruptcy proceeding or foreclosure proceeding and the
                  Mortgagor
                  is not subject to protection under applicable bankruptcy laws.
                  There is no
                  homestead or other exemption available to the Mortgagor which would
                  interfere with the right to sell the Mortgaged Property at a trustee's
                  sale or the right to foreclose the Mortgage. The Mortgagor has
                  not
                  notified the Seller and the Seller has no knowledge of any relief
                  requested or allowed to the Mortgagor under the Servicemembers’ Civil
                  Relief Act;

              

      

       

      
        	25.  	
                The
                  Mortgage Loan was underwritten in accordance with the Underwriting
                  Guidelines in effect at the time the Mortgage Loan was originated;
                  and the
                  Mortgage Note and Mortgage are on forms acceptable to Fannie Mae
                  and
                  Freddie
                  Mac;

              

      

       

      
        	26.  	
                The
                  Mortgage Note is not and has not been secured by any collateral
                  except the
                  lien of the corresponding Mortgage on the Mortgaged Property and
                  the
                  security interest of any applicable security agreement or chattel
                  mortgage
                  referred to in (x) above;

              

      

       

      
        	27.  	
                The
                  Mortgage File contains an appraisal of the related Mortgaged Property
                  which satisfied the standards of FIRREA, was on appraisal form
                  1004 or
                  form 2055 with an interior inspection and was made and signed,
                  prior to
                  the approval of the Mortgage Loan application, by a qualified appraiser,
                  duly appointed by the Seller, who had no interest, direct or indirect
                  in
                  the Mortgaged Property or in any loan made on the security thereof,
                  whose
                  compensation is not affected by the approval or disapproval of
                  the
                  Mortgage Loan and who satisfied the standards of FIRREA. Each appraisal
                  of
                  the Mortgage Loan was made in accordance with the relevant provisions
                  of
                  FIRREA;

              

      

       

      
        	28.  	
                In
                  the event the Mortgage constitutes a deed of trust, a trustee,
                  duly
                  qualified under applicable law to serve as such, has been properly
                  designated and currently so serves and is named in the Mortgage,
                  and no
                  fees or expenses are or will become payable by the Purchaser to
                  the
                  trustee under the deed of trust, except in connection with a trustee's
                  sale after default by the
                  Mortgagor;

              

      

       

      
        	29.  	
                No
                  Mortgage Loan contains provisions pursuant to which Monthly Payments
                  are
                  (a) paid or partially paid with funds deposited in any separate
                  account
                  established by the Seller, the Mortgagor, or anyone on behalf of
                  the
                  Mortgagor, (b) paid by any source other than the Mortgagor or (c)
                  contains
                  any other similar provisions which may constitute a “buydown” provision.
                  The Mortgage Loan is not a graduated payment mortgage loan and
                  the
                  Mortgage Loan does not have a shared appreciation or other contingent
                  interest feature;

              

      

       

      
        	30.  	
                The
                  Mortgagor has executed a statement to the effect that the Mortgagor
                  has
                  received all disclosure materials required by applicable law with
                  respect
                  to the making of fixed rate mortgage loans in the case of Fixed
                  Rate
                  Mortgage Loans, and adjustable rate mortgage loans in the case
                  of
                  Adjustable Rate Mortgage Loans and rescission materials with respect
                  to
                  Refinanced Mortgage Loans, and such statement is and will remain
                  in the
                  Mortgage File;

              

      

       

      
        	31.  	
                No
                  Mortgage Loan was made in connection with (a) the construction
                  or
                  rehabilitation of a Mortgaged Property or (b) facilitating the
                  trade-in or
                  exchange of a Mortgaged Property;

              

      

       

      
        	32.  	
                Taking
                  into account the credit standing of the related Mortgagors and
                  the
                  Underwriting Guidelines under which the Mortgage Loans were originated,
                  the Seller has no knowledge of any circumstances or condition with
                  respect
                  to the Mortgage, the Mortgaged Property or the Mortgagor that can
                  reasonably be expected to cause the Mortgage Loan to become delinquent
                  or
                  adversely affect the value of the Mortgage Loan as compared to
                  other
                  mortgage loans in the Seller’s portfolio meeting the requirements of the
                  Agreement and the related
                  Confirmation;

              

      

       

      
        	33.  	
                No
                  Mortgage Loan had an LTV or a CLTV at origination in excess of
                  100%. No
                  Mortgage Loan is subject to a lender paid primary mortgage insurance
                  policy;

              

      

       

      
        	34.  	
                As
                  of the date of origination of the Mortgage Loan and to the best
                  of the
                  Seller’s knowledge as of the Closing Date, the Mortgaged Property is
                  lawfully occupied under applicable law; all inspections, licenses
                  and
                  certificates required to be made or issued with respect to all
                  occupied
                  portions of the Mortgaged Property and, with respect to the use
                  and
                  occupancy of the same, including but not limited to certificates
                  of
                  occupancy, have been made or obtained from the appropriate
                  authorities;

              

      

       

      
        	35.  	
                No
                  error, omission, misrepresentation, negligence, fraud or similar
                  occurrence with respect to a Mortgage Loan has taken place on the
                  part of
                  any person, including without limitation the Mortgagor, any appraiser,
                  any
                  builder or developer, or any other party involved in the origination
                  of
                  the Mortgage Loan or in the application of any insurance in relation
                  to
                  such Mortgage Loan;

              

      

       

      
        	36.  	
                The
                  Assignment of Mortgage, if required, is in recordable form, except
                  for the
                  name of the assignee which is blank, and is acceptable for recording
                  under
                  the laws of the jurisdiction in which the Mortgaged Property is
                  located;

              

      

       

      
        	37.  	
                Any
                  principal advances made to the Mortgagor prior to the Cut-off Date
                  have
                  been consolidated with the outstanding principal amount secured
                  by the
                  Mortgage, and the secured principal amount, as consolidated, bears
                  a
                  single interest rate and single repayment term. The lien of the
                  Mortgage
                  securing the consolidated principal amount is expressly insured
                  as having
                  first or second (as indicated on the Mortgage Loan Schedule) lien
                  priority
                  by a title insurance policy, an endorsement to the policy insuring
                  the
                  mortgagee's consolidated interest or by other title evidence acceptable
                  to
                  prudent lenders in the secondary mortgage market. The consolidated
                  principal amount does not exceed the original principal amount
                  of the
                  Mortgage Loan plus any Negative
                  Amortization;

              

      

       

      
        	38.  	
                If
                  the Residential Dwelling on the Mortgaged Property is a condominium
                  unit
                  or a unit in a planned unit development (other than a de minimis
                  planned
                  unit development) such condominium or planned unit development
                  project
                  meets the Seller’s eligibility
                  requirements;

              

      

       

      
        	39.  	
                The
                  source of the down payment with respect to each Mortgage Loan has
                  been
                  fully verified by the Seller pursuant to the Underwriting
                  Guidelines;

              

      

       

      
        	40.  	
                Interest
                  on each Mortgage Loan is calculated on the basis of a 360-day year
                  consisting of twelve 30-day months;

              

      

       

      
        	41.  	
                The
                  Mortgaged Property is in material compliance with all applicable
                  environmental laws pertaining to environmental hazards including,
                  without
                  limitation, asbestos, and neither the Seller nor, to the Seller’s
                  knowledge, the related Mortgagor, has received any notice of any
                  violation
                  or potential violation of such law;

              

      

       

      
        	42.  	
                The
                  Seller shall, at its own expense, cause each Mortgage Loan to be
                  covered
                  by a Tax Service Contract which is assignable to the Purchaser
                  or its
                  designee; provided however, that if the Seller fails to purchase
                  such Tax
                  Service Contract, the Seller shall be required to reimburse the
                  Purchaser
                  for all costs and expenses incurred by the Purchaser in connection
                  with
                  the purchase of any such Tax Service
                  Contract;

              

      

       

      
        	43.  	
                Each
                  Mortgage Loan is covered by a Flood Zone Service Contract which
                  is
                  assignable to the Purchaser or its designee or, for each Mortgage
                  Loan not
                  covered by such Flood Zone Service Contract, the Seller agrees
                  to purchase
                  such Flood Zone Service Contract;

              

      

       

      
        	44.  	
                No
                  Mortgage Loan is (a)(1) subject to the provisions of the Homeownership
                  and
                  Equity Protection Act of 1994 as amended (“HOEPA”) or (2) has an APR or
                  total points and fees that are equal to or exceeds the HOEPA thresholds
                  (as defined in 12 CFR 226.32 (a)(1)(i) and (ii)), (b) a “high cost”
                  mortgage loan, “covered” mortgage loan, “high risk home” mortgage loan, or
                  “predatory” mortgage loan or any other comparable term, no matter how
                  defined under any federal, state or local law, (c) subject to any
                  comparable federal, state or local statutes or regulations, or
                  any other
                  statute or regulation providing for heightened regulatory scrutiny
                  or
                  assignee liability to holders of such mortgage loans, or (d) a
                  High Cost
                  Loan or Covered Loan, as applicable (as such terms are defined
                  in the
                  current Standard & Poor’s LEVELS® Glossary Revised, Appendix
                  E);

              

      

       

      
        	45.  	
                No
                  predatory, abusive, or deceptive lending practices, including but
                  not
                  limited to, the extension of credit to a Mortgagor without regard
                  for the
                  Mortgagor’s ability to repay the Mortgage Loan and the extension of credit
                  to a mortgagor which has no apparent benefit to the Mortgagor,
                  were
                  employed in connection with the origination of the Mortgage
                  Loan;

              

      

       

      
        	46.  	
                The
                  debt-to-income ratio of the related Mortgagor was not greater than
                  60% at
                  the origination of the related Mortgage
                  Loan;

              

      

       

      
        	47.  	
                No
                  Mortgagor was required to purchase any credit insurance product
                  (e.g.,
                  life, mortgage, disability, accident, unemployment or health insurance
                  product) or debt cancellation agreement as a condition of obtaining
                  the
                  extension of credit. No Mortgagor obtained a prepaid single premium
                  credit
                  insurance policy (e.g., life, mortgage, disability, accident, unemployment
                  or health insurance product) or debt cancellation agreement in
                  connection
                  with the origination of the Mortgage Loan. No proceeds from any
                  Mortgage
                  Loan were used to purchase single premium credit insurance policies
                  ) or
                  debt cancellation agreements as part of the origination of, or
                  as a
                  condition to closing, such Mortgage Loan.

              

      

       

      
        	48.  	
                The
                  Mortgage Loans were not selected from the outstanding one- to four-family
                  mortgage loans in the Seller’s portfolio at the related Closing Date, as
                  to which the representations and warranties set forth in this Agreement
                  could be made and as to which the stipulations in the Confirmation
                  could
                  be satisfied in a manner so as to affect adversely the interests
                  of the
                  Purchaser. The related Mortgagor under the Mortgage Loan had a
                  FICO Score
                  not less than 500 at the time of the origination of the Mortgage
                  Loan,
                  unless such Mortgage Loan was originated under an origination program
                  which does not require FICO scores to be obtained under the Seller’s
                  underwriting guidelines;

              

      

       

      
        	49.  	
                The
                  Mortgage contains an enforceable provision for the acceleration
                  of the
                  payment of the unpaid principal balance of the Mortgage Loan in
                  the event
                  that the Mortgaged Property is sold or transferred without the
                  prior
                  written consent of the mortgagee
                  thereunder;

              

      

       

      
        	50.  	
                The
                  Mortgage Loan complies with all applicable consumer credit statutes
                  and
                  regulations, including, without limitation, the respective Uniform
                  Consumer Credit Code laws in effect in Alabama, Colorado, Idaho,
                  Indiana,
                  Iowa, Kansas, Maine, Oklahoma, South Carolina, Utah, West Virginia
                  and
                  Wyoming, has been originated by a properly licensed entity, and
                  in all
                  other respects, complies with all of the material requirements
                  of any such
                  applicable laws;

              

      

       

      
        	51.  	
                The
                  information set forth in the Mortgage Loan Schedule as to Prepayment
                  Charges is complete, true and correct in all material respects
                  and each
                  Prepayment Charge is permissible, enforceable and collectable in
                  accordance with its terms upon the Mortgagor’s full and voluntary
                  principal payment under applicable
                  law;

              

      

       

      
        	52.  	
                The
                  Mortgage Loan was not prepaid in full prior to the Closing Date
                  and the
                  Seller has not received notification from a Mortgagor that a prepayment
                  in
                  full shall be made after the Closing
                  Date;

              

      

       

      
        	53.  	
                No
                  Mortgage Loan is secured by cooperative housing, commercial property
                  or
                  mixed use property, unless such mixed use property is subject to
                  de
                  minimis commercial use, such commercial use was not taken into
                  account in
                  valuing the related Mortgaged Property and the related Mortgaged
                  Property
                  was not modified for such commercial
                  use;

              

      

       

      
        	54.  	
                Each
                  Mortgage Loan is eligible for sale in the secondary market or for
                  inclusion in a Securitization Transaction without unreasonable
                  credit
                  enhancement;

              

      

       

      
        	55.  	
                Except
                  as set forth on the related Mortgage Loan Schedule, none of the
                  Mortgage
                  Loans are subject to a Prepayment Charge. For any Mortgage Loan
                  originated
                  prior to October 1, 2002 that is subject to a Prepayment Charge,
                  such
                  Prepayment Charge does not extend beyond five (5) years after the
                  date of
                  origination. For any Mortgage Loan originated on or following October
                  1,
                  2002 that is subject to a Prepayment Charge, such Prepayment Charge
                  does
                  not extend beyond three (3) years after the date of origination.
                  With
                  respect to any Mortgage Loan that contains a provision permitting
                  imposition of a premium upon a prepayment prior to maturity: (i)
                  prior to
                  the Mortgage Loan's origination, the Mortgagor agreed to such premium
                  in
                  exchange for a monetary benefit, including but not limited to a
                  rate or
                  fee reduction, (ii) prior to the Mortgage Loan's origination, the
                  Mortgagor was offered the option of obtaining a Mortgage Loan that
                  did not
                  require payment of such a premium, (iii) the prepayment premium
                  is
                  disclosed to the Mortgagor in the loan documents pursuant to applicable
                  state and federal law, and (iv) notwithstanding any state or federal
                  law
                  to the contrary, the Seller shall not impose such Prepayment Charge
                  in any
                  instance when the mortgage loan is accelerated or paid off in connection
                  with the workout of a delinquent Mortgage Loan as the result of
                  the
                  Mortgagor's default in making the loan
                  payments;

              

      

       

      
        	56.  	
                The
                  Seller has complied with all applicable anti-money laundering laws
                  and
                  regulations, including without limitation the USA Patriot Act of
                  2001
                  (collectively, the “Anti-Money Laundering Laws”); the Seller has
                  established an anti-money laundering compliance program as required
                  by the
                  Anti-Money Laundering Laws, has conducted the requisite due diligence
                  in
                  connection with the origination of each Mortgage Loan for purposes
                  of the
                  Anti-Money Laundering Laws, including with respect to the legitimacy
                  of
                  the applicable Mortgagor and the origin of the assets used by the
                  said
                  Mortgagor to purchase the Mortgaged Property, and maintains, and
                  will
                  maintain, sufficient information to identify the applicable Mortgagor
                  for
                  purposes of the Anti-Money Laundering Laws. No Mortgage Loan is
                  subject to
                  nullification pursuant to Executive Order 13224 (the “Executive Order”) or
                  the regulations promulgated by the Office of Foreign Assets Control
                  of the
                  United States Department of the Treasury (the “OFAC Regulations”) or in
                  violation of the Executive Order or the OFAC Regulations, and no
                  Mortgagor
                  is subject to the provisions of such Executive Order or the OFAC
                  Regulations nor listed as a “blocked person” for purposes of the OFAC
                  Regulations;

              

      

       

      
        	57.  	
                No
                  Mortgagor was encouraged or required to select a Mortgage Loan
                  product
                  offered by the Mortgage Loan's originator which is a higher cost
                  product
                  designed for less creditworthy borrowers, unless at the time of
                  the
                  Mortgage Loan's origination, such Mortgagor did not qualify taking
                  into
                  account credit history and debt to income ratios for a lower cost
                  credit
                  product then offered by the Mortgage Loan's originator or any affiliate
                  of
                  the Mortgage Loan's originator. If, at the time of loan application,
                  the
                  Mortgagor may have qualified for a for a lower cost credit product
                  then
                  offered by any mortgage lending affiliate of the Mortgage Loan's
                  originator, the Mortgage Loan's originator referred the Mortgagor's
                  application to such affiliate for underwriting consideration. With
                  respect
                  to any Mortgage Loan, the Mortgagor was assigned the highest credit
                  grade
                  available with respect to a mortgage loan product offered by such
                  Mortgage
                  Loan’s originator, based on a comprehensive assessment of risk factors,
                  including the Mortgagor’s credit history. Additionally, the Mortgage
                  Loan’s originator offered the Mortgagor mortgage loan products offered
                  by
                  such Mortgage Loan’s originator, or any affiliate of such Mortgage Loan’s
                  originator, for which the Mortgagor
                  qualified;

              

      

       

      
        	58.  	
                The
                  methodology used in underwriting the extension of credit for each
                  Mortgage
                  Loan employs objective mathematical principles which relate the
                  Mortgagor's income, assets and liabilities to the proposed payment
                  and
                  such underwriting methodology does not rely on the extent of the
                  Mortgagor's equity in the collateral as the principal determining
                  factor
                  in approving such credit extension. Such underwriting methodology
                  confirmed that at the time of origination (application/approval)
                  the
                  Mortgagor had a reasonable ability to make timely payments on the
                  Mortgage
                  Loan;

              

      

       

      
        	59.  	
                With
                  respect to each Mortgage Loan, the Seller has fully and accurately
                  furnished complete information (i.e., favorable and unfavorable)
                  on the
                  related borrower credit files to Equifax, Experian and Trans Union
                  Credit
                  Information Company, in accordance with the Fair Credit Reporting
                  Act and
                  its implementing regulations, on a monthly basis and, for each
                  Mortgage
                  Loan, the Seller will furnish, in accordance with the Fair Credit
                  Reporting Act and its implementing regulations, accurate and complete
                  information on its borrower credit files to Equifax, Experian,
                  and Trans
                  Union Credit Information Company, on a monthly
                  basis;

              

      

       

      
        	60.  	
                All
                  points and fees related to each Mortgage Loan were disclosed in
                  writing to
                  the related Borrower in accordance with applicable state and federal
                  laws
                  and regulations. No related Borrower was charged “points and fees”
                  (whether or not financed) in an amount greater than (a) $1,000
                  or (b) 5%
                  of the principal amount of such loan, whichever is greater, such
                  5%
                  limitation is calculated in accordance with Fannie Mae’s anti-predatory
                  lending requirements as set forth in the Fannie Mae Guides. For
                  purposes
                  of this representation, “points and fees” (a) include origination,
                  underwriting, broker and finder’s fees and other charges that the lender
                  imposed as a condition of making the loan, whether they are paid
                  to the
                  lender or a third party, and (b) exclude bona fide discount points,
                  fees
                  paid for actual services rendered in connection with the origination
                  of
                  the mortgage (such as attorneys’ fees, notaries fees and fees paid for
                  property appraisals, credit reports, surveys, title examinations
                  and
                  extracts, flood and tax certifications, and home inspections);
                  the cost of
                  mortgage insurance or credit-risk price adjustments; the costs
                  of title,
                  hazard, and flood insurance policies; state and local transfer
                  taxes or
                  fees; escrow deposits for the future payment of taxes and insurance
                  premiums; and other miscellaneous fees and charges that, in total,
                  do not
                  exceed 0.25 percent of the loan amount. All points, fees and charges
                  (including finance charges) and whether or not financed, assessed,
                  collected or to be collected in connection with the origination
                  and
                  servicing of each Mortgage Loan were disclosed in writing to the
                  related
                  Mortgagor in accordance with applicable state and federal laws
                  and
                  regulations;

              

      

       

      
        	61.  	
                [Reserved];

              

      

       

      
        	62.  	
                With
                  respect to any Mortgage Loan which is secured by manufactured housing,
                  if
                  such Mortgage Loans are permitted hereunder, such Mortgage Loan
                  satisfies
                  the requirements for inclusion in residential mortgage backed securities
                  transactions rated by Standard & Poor's Ratings Services and such
                  manufactured housing will be the principal residence of the Mortgagor
                  upon
                  the origination of the Mortgage Loan. With respect to any second
                  lien
                  Mortgage Loan, such lien is on a one- to four-family residence
                  that is (or
                  will be) the principal residence of the Mortgagor upon the origination
                  of
                  the second lien Mortgage Loan;

              

      

       

      
        	63.  	
                Each
                  Mortgage Loan constitutes a “qualified mortgage” under
                  Section 860G(a)(3)(A) of the Code and Treasury Regulation
                  Section 1.860G-2(a)(1);

              

      

       

      
        	64.  	
                No
                  Mortgage Loan is secured by real property or secured by a manufactured
                  home located in the state of Georgia unless (x) such Mortgage Loan
                  was
                  originated prior to October 1, 2002 or after March 6, 2003, or
                  (y) the
                  property securing the Mortgage Loan is not, nor will be, occupied
                  by the
                  Mortgagor as the Mortgagor’s principal dwelling. No Mortgage Loan is a
                  “High Cost Home Loan” as defined in the Georgia Fair Lending Act, as
                  amended (the “Georgia Act”). Each Mortgage Loan that is a “Home Loan”
                  under the Georgia Act complies with all applicable provisions of
                  the
                  Georgia Act. No Mortgage Loan secured by owner occupied real property
                  or
                  an owner occupied manufactured home located in the State of Georgia
                  was
                  originated (or modified) on or after October 1, 2002 through and
                  including
                  March 6, 2003;

              

      

       

      
        	65.  	
                No
                  Mortgage Loan is a “High-Cost” loan as defined under the New York Banking
                  Law Section 6-1, effective as of April 1,
                  2003;

              

      

       

      
        	66.  	
                No
                  Mortgage Loan (a) is secured by property located in the State of
                  New York;
                  (b) had an unpaid principal balance at origination of $300,000
                  or less,
                  and (c) has an application date on or after April 1, 2003, the
                  terms of
                  which Mortgage Loan equal or exceed either the APR or the points
                  and fees
                  threshold for “high-cost home loans”, as defined in Section 6-1 of
                  the New York State Banking Law;

              

      

       

      
        	67.  	
                No
                  Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home
                  Loan Protection Act effective July 16, 2003 (Act 1340 or
                  2003);

              

      

       

      
        	68.  	
                No
                  Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky
                  high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat.
                  Section 360.100);

              

      

       

      
        	69.  	
                No
                  Mortgage Loan secured by property located in the State of Nevada
                  is a
                  “home loan” as defined in the Nevada Assembly Bill No.
                  284;

              

      

       

      
        	70.  	
                No
                  Mortgage Loan is a “manufactured housing loan” or “home improvement home
                  loan” pursuant to the New Jersey Home Ownership Act. No Mortgage Loan
                  is a
                  “High-Cost Home Loan” or a refinanced “Covered Home Loan,” in each case,
                  as defined in the New Jersey Home Ownership Act effective November
                  27,
                  2003 (N.J.S.A. 46;10B-22 et seq.);

              

      

       

      
        	71.  	
                No
                  Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home
                  Ownership and Equity protection
                  Act;

              

      

       

      
        	72.  	
                No
                  Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home
                  Loan Protection Act effective January 1, 2004 (N.M. Stat. Ann.
§§ 58-21A-1
                  et seq.);

              

      

       

      
        	73.  	
                No
                  Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois
                  High-Risk Home Loan Act effective January 1, 2004 (815 Ill. Comp.
                  Stat.
                  137/1 et seq.);

              

      

       

      
        	74.  	
                No
                  Loan that is secured by property located within the State of Maine
                  meets
                  the definition of a (i) “high-rate, high-fee” mortgage loan under Article
                  VIII, Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home
                  Loan” as defined under the Maine House Bill 383 L.D. 494, effective as
                  of
                  September 13, 2003;

              

      

       

      
        	75.  	
                With
                  respect to any Loan for which a mortgage loan application was submitted
                  by
                  the Mortgagor after April 1, 2004, no such Loan secured by Mortgaged
                  Property in the State of Illinois which has a Loan Interest Rate
                  in excess
                  of 8.0% per annum has lender-imposed fees (or other charges) in
                  excess of
                  3.0% of the original principal balance of the
                  Loan;

              

      

       

      
        	76.  	
                No
                  Mortgage Loan is a “High Cost Home Mortgage Loan” as defined in the
                  Massachusetts Predatory Home Loan Practices Act, effective November
                  7,
                  2004 (Mass. Ann. Laws Ch. 183C). No Mortgage Loan secured by a
                  Mortgaged
                  Property located in the Commonwealth of Massachusetts was made
                  to pay off
                  or refinance an existing loan or other debt of the related borrower
                  (as
                  the term “borrower” is defined in the regulations promulgated by the
                  Massachusetts Secretary of State in connection with Massachusetts
                  House
                  Bill 4880 (2004)) unless either (1) (a) the related Mortgage Interest
                  Rate
                  (that would be effective once the introductory rate expires, with
                  respect
                  to Adjustable Rate Mortgage Loans) did or would not exceed by more
                  than
                  2.25% the yield on United States Treasury securities having comparable
                  periods of maturity to the maturity of the related Mortgage Loan
                  as of the
                  fifteenth day of the month immediately preceding the month in which
                  the
                  application for the extension of credit was received by the related
                  lender
                  or (b) the Mortgage Loan is an “open-end home loan” (as such term is used
                  in the Massachusetts House Bill 4880 (2004)) and the related Mortgage
                  Note
                  provides that the related Mortgage Interest Rate may not exceed
                  at any
                  time the Prime rate index as published in The Wall Street Journal
                  plus a
                  margin of one percent, or (2) such Mortgage Loan is in the "borrower's
                  interest," as documented by a "borrower's interest worksheet" for
                  the
                  particular Mortgage Loan, which worksheet incorporates the factors
                  set
                  forth in Massachusetts House Bill 4880 (2004) and the regulations
                  promulgated thereunder for determining "borrower's interest," and
                  otherwise complies in all material respects with the laws of the
                  Commonwealth of Massachusetts;

              

      

       

      
        	77.  	
                No
                  Loan is a “High Cost Home Loan” as defined by the Indiana Home Loan
                  Practices Act, effective January 1, 2005 ( Ind. Code Ann. §§ 24-9-1 et
                  seq.);

              

      

       

      
        	78.  	
                The
                  Mortgagee has not made or caused to be made any payment in the
                  nature of
                  an “average” or “yield spread premium” to a mortgage broker or a like
                  Person which has not been fully disclosed to the
                  Mortgagor;

              

      

       

      
        	79.  	
                The
                  sale or transfer of the Mortgage Loan by the Seller complies with
                  all
                  applicable federal, state, and local laws, rules, and regulations
                  governing such sale or transfer, including, without limitation,
                  the Fair
                  and Accurate Credit Transactions Act (“FACT Act”) and the Fair Credit
                  Reporting Act, each as may be amended from time to time, and the
                  Seller
                  has not received any actual or constructive notice of any identity
                  theft,
                  fraud, or other misrepresentation in connection with such Mortgage
                  Loan or
                  any party thereto;

              

      

       

      
        	80.  	
                With
                  respect to each MOM Loan, a MIN has been assigned by MERS and such
                  MIN is
                  accurately provided on the Mortgage Loan Schedule. The related
                  Assignment
                  of Mortgage to MERS has been duly and properly recorded, or has
                  been
                  delivered for recording to the applicable recording
                  office;

              

      

       

      
        	81.  	
                With
                  respect to each MOM Loan, Seller has not received any notice of
                  liens or
                  legal actions with respect to such Mortgage Loan and no such notices
                  have
                  been electronically posted by MERS;

              

      

       

      
        	82.  	
                With
                  respect to each second lien Mortgage Loan, either no consent for
                  the
                  Mortgage Loan is required by the holder of the first lien or such
                  consent
                  has been obtained and is contained in the Mortgage File;
                  and

              

      

       

      
        	83.  	
                No
                  Mortgagor agreed to submit to arbitration to resolve any dispute
                  arising
                  out of or relating in any way to the Mortgage Loan transaction.
                  No
                  Mortgage Loan is subject to any mandatory
                  arbitration.

              

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      D

     

    MORTGAGE
      LOAN SCHEDULE

     

    

    [Available
      Upon Request]

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      E

     

    REQUEST
      FOR RELEASE

     

    To:         
      Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place

    Santa
      Ana, California 92705-4934

    

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of April 1, 2006, among Financial
                Asset
                Securities Corp. as Depositor, Wells Fargo Bank, N.A., as Servicer,
                and
                Deutsche Bank National Trust Company, a national banking association,
                as
                Trustee

            

    

    

    In
      connection with the administration of the Mortgage Loans held by you as Trustee
      pursuant to the above-captioned Pooling and Servicing Agreement, we request
      the
      release, and hereby acknowledge receipt of the Trustee’s Mortgage File Or the
      Mortgage Loan described below, for the reason indicated.

     

    Mortgage
      Loan Number:

     

    Mortgagor
      Name, Address & Zip Code:

     

    Reason
      for Requesting Documents (check one):

     

    
      	
              _________1.

            	
              Mortgage
                Paid in Full

            
	
              _________2.

            	
              Foreclosure

            
	
              _________3.

            	
              Substitution

            
	
              _________4.

            	
              Other
                Liquidation (Repurchases, etc.)

            
	
              _________5.

            	
              Nonliquidation                     Reason:_____________________

            

    

     

    Address
      to which Trustee should deliver

     

    the
      Trustee’s Mortgage File:

    
      	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              By:

            	 
	 	
              (authorized
                signer)

            
	
              Issuer:

            	 
	
              Address:

            	 
	
              Date:

            	 

    

    

     

    Trustee

    

    Deutsche
      Bank National Trust Company

    

    Please
      acknowledge the execution of the above request by your signature and date
      below:

     

    
      	
              ______________________________

            	
              __________________

            
	
              Signature

            	
              Date

            
	
              Documents
                returned to Trustee:

            	 
	
              ______________________________

            	
              __________________

            
	
              Trustee

            	
              Date

            

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      F-1

     

    FORM
      OF
      TRUSTEE’S INITIAL CERTIFICATION

     

                        April
      __,
      2006

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    
      	 	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of April 1, 2006, among Financial
                Asset
                Securities Corp. as Depositor, Wells Fargo Bank, N.A., as Servicer,
                and
                Deutsche Bank National Trust Company, a national banking association,
                as
                Trustee

            

    

    

     

    Ladies
      and Gentlemen:

     

    Attached
      is the Trustee’s preliminary exception report delivered in accordance with
      Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”). Capitalized terms used but not otherwise defined herein
      shall have the meanings set forth in the Pooling and Servicing
      Agreement.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in the Mortgage File pertaining to the Mortgage Loans
      identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
      effectiveness or suitability of any such Mortgage Loan or (iii) whether any
      Mortgage File includes any of the documents specified in clause (vi) of Section
      2.01 of the Pooling and Servicing Agreement.

     

    
      	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      F-2

     

    FORM
      OF
      TRUSTEE’S FINAL CERTIFICATION

     

                        ________________

                        [Date]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as
                of April 1, 2006 among Financial Asset Securities Corp., as Depositor,
                Wells Fargo Bank, N.A., as servicer and Deutsche Bank National Trust
                Company, as Trustee with respect to Fremont Home Loan Trust 2006-1,
                Asset-Backed Certificates, Series
                2006-1

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the Pooling and Servicing Agreement, the
      undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
      in the Mortgage Loan Schedule (other than any Mortgage loan paid in full or
      listed on Schedule I hereto) it (or its custodian) has received the applicable
      documents listed in Section 2.01 of the Pooling and Servicing
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in items 1, 3, 10, 11 and 15 of the
      definition of Mortgage Loan Schedule in the Pooling and Servicing Agreement
      accurately reflects information in the Mortgage File.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement. This Certificate is qualified
      in
      all respects by the terms of said Pooling and Servicing Agreement.

     

    
      	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      F-3

     

    FORM
      OF
      RECEIPT OF MORTGAGE NOTE

     

    

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Re:   
      Fremont
      Home Loan Trust 2006-1,

            
      Asset-Backed Certificates Series 2006-1

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”), dated as of April 1, 2006 among Financial Asset
      Securities Corp., as Depositor, Wells Fargo Bank, N.A., as Servicer and Deutsche
      Bank National Trust Company, as Trustee, we hereby acknowledge the receipt
      of
      the original Mortgage Notes (a copy of which is attached hereto as Exhibit
      1)
      with any exceptions thereto listed on Exhibit 2.

     

    

    
      	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G

     

    [RESERVED]

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      H

     

    FORM
      OF
      LOST NOTE AFFIDAVIT

     

    Personally
      appeared before me the undersigned authority to administer oaths,
      __________________ who first being duly sworn deposes and says: Deponent is
      __________________________ of ____________________________, successor by merger
      to _________________________ (“Seller”) and who has personal knowledge of the
      facts set out in this affidavit.

     

    On
      ___________________________________, _________________________________ did
      execute and deliver a promissory note in the principal amount of
      $____________________.

     

    That
      said
      note has been misplaced or lost through causes unknown and is presently lost
      and
      unavailable after diligent search has been made. Seller’s records show that an
      amount of principal and interest on said note is still presently outstanding,
      due, and unpaid, and Seller is still owner and holder in due course of said
      lost
      note.

     

    Seller
      executes this Affidavit for the purpose of inducing Deutsche Bank National
      Trust
      Company, as trustee on behalf of Fremont Home Loan Trust 2006-1, Asset-Backed
      Certificates Series 2006-1, to accept the transfer of the above described loan
      from Seller.

     

    Seller
      agrees to indemnify Deutsche Bank National Trust Company and Financial Asset
      Securities Corp. harmless for any losses incurred by such parties resulting
      from
      the above described promissory note has been lost or misplaced.

     

    By:         
      _______________________

    _______________________

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                SS:

            
	
              COUNTY
                OF

            	
              )

            

    

     

    On
      this
      ______ day of ______________, 20_, before me, a Notary Public, in and for said
      County and State, appeared , who acknowledged the extension of the foregoing
      and
      who, having been duly sworn, states that any representations therein contained
      are true.

     

    Witness
      my hand and Notarial Seal this _________ day of 20__.

     

    ____________________________

     

    ____________________________

     

    My
      commission expires __________________________.

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      I

     

    FORM
      OF
      LIMITED POWER OF ATTORNEY

     

    KNOW
      ALL
      MEN BY THESE PRESENTS, that [NAME OF MORTGAGEE, ASSIGNEE OR LAST ENDORSEE,
      AS
      APPLICABLE], [a ___________________ corporation][a national banking
      organization], having its principal place of business at
      __________________________, (the “Undersigned”), pursuant to that Pooling and
      Servicing Agreement (the “Pooling and Servicing Agreement”) among Financial
      Asset Securities Corp. (the “Owner”), Deutsche Bank National Trust Company and
      Wells Fargo Bank, N.A. (“Wells Fargo”), hereby constitutes and appoints Wells
      Fargo, by and through Wells Fargo’s officers, the Undersigned’s true and lawful
      Attorney-in-Fact, in the Undersigned’s name, place and stead, as their interests
      may appear, and for the Undersigned’s respective benefit, in connection with all
      Mortgage Loans serviced by Wells Fargo pursuant to the Pooling and Servicing
      Agreement, for the purpose of performing all acts and executing all documents
      in
      the name of the Undersigned as may be customarily and reasonably necessary
      and
      appropriate to effectuate the following enumerated transactions in respect
      of
      any of the mortgages, deeds of trust or security instrument (each a “Mortgage”
or a “Deed of Trust” respectively) and promissory notes secured thereby (each a
“Mortgage Note”) for which the Undersigned is acting as Servicer pursuant to the
      Pooling and Servicing Agreement (whether the Undersigned is named therein as
      mortgagee or beneficiary or has become mortgagee by virtue of endorsement of
      the
      Mortgage Note secured by any such Mortgage or Deed of Trust) all subject to
      the
      terms of the related Pooling and Servicing Agreement.

     

    This
      appointment shall apply to the following enumerated transactions
      only:

     

    1. The
      modification or re-recording of a Mortgage or Deed of Trust, where said
      modification or re-recording is for the purpose of correcting the Mortgage
      or
      Deed of Trust to conform same to the original intent of the parties thereto or
      to correct title errors discovered after such title insurance was issued and
      said modification or re-recording, in either instance, does not adversely affect
      the lien of the Mortgage or Deed of Trust as insured.

     

    2. The
      subordination of the lien of a Mortgage or Deed of Trust to an easement in
      favor
      of a public utility company or a governmental agency or authority thereunder
      with powers of eminent domain; this section shall include, without limitation,
      the execution of partial satisfaction/release, partial reconveyances or the
      execution of requests to trustees to accomplish same.

     

    3. The
      conveyance of the properties to the mortgage insurer, or the closing of the
      title to the property to be acquired as real estate owned, or conveyance of
      title to real estate owned.

     

    4. The
      completion of loan assumption agreements.

     

    5. The
      full
      satisfaction/release of a Mortgage or Deed of Trust or full reconveyance upon
      payment and discharge of all sums secured thereby, including, without
      limitation, cancellation of the related Mortgage Note.

     

    6. The
      assignment of any Mortgage or Deed of Trust and the related Mortgage Note,
      in
      connection with the repurchase of the mortgage loan secured and evidenced
      thereby.

     

    7. The
      full
      assignment of a Mortgage or Deed of Trust upon payment and discharge of all
      sums
      secured thereby in conjunction with the refinancing thereof, including, without
      limitation, the assignment of the related Mortgage Note.

     

    8. With
      respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a deed
      in
      lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
      or termination, cancellation or rescission of any such foreclosure, including,
      without limitation, any and all of the following acts:

     

    a) the
      substitution of trustee(s) serving under a Deed of Trust, in accordance with
      state law and the Deed of Trust;

     

    b) the
      preparation and issuance of statements of breach or
      non-performance;

     

    c) the
      preparation and filing of notices of default and/or notices of
      sale;

     

    d) the
      cancellation/rescission of notices of default and/or notices of
      sale;

     

    e) the
      taking of a deed in lieu of foreclosure; and

     

    f) the
      preparation and execution of such other documents and performance of such other
      actions as may be necessary under the terms of the Mortgage, Deed of Trust
      or
      state law to expeditiously complete said transactions in paragraphs 8(a) through
      8(e) above.

     

    9. The
      full
      assignment of a Mortgage or Deed of Trust upon sale of a loan pursuant to a
      mortgage loan sale agreement for the sale of a loan or pool of loans, including,
      without limitation, the assignment of the related Mortgage Note.

     

    The
      Undersigned gives said Attorney-in-Fact full power and authority to execute
      such
      instruments and to do and perform all and every act and thing necessary and
      proper to carry into effect the power or powers granted by or under this Limited
      Power of Attorney, each subject to the terms and conditions set forth in the
      related Pooling and Servicing Agreement and in accordance with the standard
      of
      care applicable to servicers in the Pooling and Servicing Agreement as fully
      as
      the undersigned might or could do, and hereby does ratify and confirm to all
      that said Attorney-in-Fact shall lawfully do or cause to be done by authority
      hereof. This Limited Power of Attorney shall be effective as of [SERVICING
      TRANSFER EFFECTIVE DATE].

     

    Nothing
      contained herein shall (i) limit in any manner any indemnification provided
      by
      Wells Fargo to the Owner under the Pooling and Servicing Agreement, or (ii)
      be
      construed to grant Wells Fargo the power to initiate or defend any suit,
      litigation or proceeding in the name of the Undersigned except as specifically
      provided for herein or under the Pooling and Servicing Agreement.

     

    Wells
      Fargo hereby agrees to indemnify and hold the Undersigned and its directors,
      officers, employees and agents harmless from and against any and all
      liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
      costs, expenses or disbursements of any kind or nature whatsoever incurred
      by
      reason or result of or in connection with the exercise by Wells Fargo of the
      powers granted to it hereunder. The foregoing indemnity shall survive the
      termination of this Limited Power of Attorney and the Pooling and Servicing
      Agreement or the earlier resignation or removal of the Undersigned under the
      Pooling and Servicing Agreement.

     

    Any
      third
      party without actual notice of fact to the contrary may rely upon the exercise
      of the power granted under this Limited Power of Attorney; and may be satisfied
      that this Limited Power of Attorney shall continue in full force and effect
      and
      has not been revoked unless an instrument of revocation has been made in writing
      by the undersigned, and such third party put on notice thereof. This Limited
      Power of Attorney shall be in addition to and shall not revoke or in any way
      limit the authority granted by any previous power of attorney executed by the
      Undersigned.

     

    IN
      WITNESS WHEREOF, ____________________ pursuant to the Pooling and Servicing
      Agreement, has caused its corporate seal to be hereto affixed and these presents
      to be signed and acknowledged in its name and behalf by ______________________,
      its duly elected and authorized _________________________ this ___ day of
      _________________, 2006.

     

    By:______________________________

    Name:____________________________

    Title:_____________________________

     

    Acknowledged
      and Agreed

     

    WELLS
      FARGO BANK, N.A.

     

    By:_________________________

    Name:

    Title:

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  SS:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      On
        the
        ______ day of ______________, ___, before me, a notary public, in and for
        said
        State, personally appeared ______________________________, known to me to
        be a
        __________________ of _______________________ instrument, and also known
        to me
        to be the person who executed it on behalf of said [corporation/national
        banking
        association], and acknowledged to me that such [corporation/national
        banking association] executed the within instrument.  

       

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

       

       

                                                                              ____________________________

                                                                              Notary
        Public

    

     

     

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      J

     

    FORM
      OF
      INVESTMENT LETTER [NON-RULE 144A]

     

                            [DATE]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place

    Santa
      Ana, California 92705-4934

     

    

     

    Re:   
      Fremont
      Home Loan Trust 2006-1,

             
      Asset-Backed Certificates Series 2006-1

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates, we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor,” as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) we are not an employee benefit plan that is
      subject to the Employee Retirement Income Security Act of 1974, as amended,
      or a
      plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
      as
      amended, nor are we acting on behalf of any such plan, (e) we are acquiring
      the
      Certificates for investment for our own account and not with a view to any
      distribution of such Certificates (but without prejudice to our right at all
      times to sell or otherwise dispose of the Certificates in accordance with clause
      (g) below), (f) we have not offered or sold any Certificates to, or solicited
      offers to buy any Certificates from, any person, or otherwise approached or
      negotiated with any person with respect thereto, or taken any other action
      which
      would result in a violation of Section 5 of the Act, and (g) we will not sell,
      transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
      or other disposition is made pursuant to an effective registration statement
      under the Act 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 Certificate 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 Pooling and Servicing Agreement.

     

    
      	 	
              Very
                truly yours,

               

              [NAME
                OF TRANSFEREE]

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Officer

            

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    FORM
      OF
      RULE 144A INVESTMENT LETTER

     

                            [DATE]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place

    Santa
      Ana, California 92705-4934

     

    Re:     
      Fremont
      Home Loan Trust 2006-1,

               
      Asset-Backed Certificates Series 2006-1

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (c)
      we are not an employee benefit plan that is subject to the Employee Retirement
      Income Security Act of 1974, as amended, or a plan that is subject to Section
      4975 of the Internal Revenue Code of 1986, as amended, nor are we acting on
      behalf of any such plan, (d) we have not, nor has anyone acting on our behalf
      offered, transferred, pledged, sold or otherwise disposed of the Certificates,
      any interest in the Certificates or any other similar security to, or solicited
      any offer to buy or accept a transfer, pledge or other disposition of the
      Certificates, any interest in the Certificates or any other similar security
      from, or otherwise approached or negotiated with respect to the Certificates,
      any interest in the Certificates or any other similar security with, any person
      in any manner, or made any general solicitation by means of general advertising
      or in any other manner, or taken any other action, that would constitute a
      distribution of the Certificates under the Securities Act or that would render
      the disposition of the Certificates a violation of Section 5 of the Securities
      Act or require registration pursuant thereto, nor will act, nor has authorized
      or will authorize any person to act, in such manner with respect to the
      Certificates, (e) we are a “qualified institutional buyer” as that term is
      defined in Rule 144A under the Securities Act and have completed either of
      the
      forms of certification to that effect attached hereto as Annex 1 or Annex 2.
      We
      are aware that the sale to us is being made in reliance on Rule 144A. We are
      acquiring the Certificates for our own account or for resale pursuant to Rule
      144A and further, understand that such Certificates may be resold, pledged
      or
      transferred only (i) to a person reasonably believed to be a qualified
      institutional buyer that purchases for its own account or for the account of
      a
      qualified institutional buyer to whom notice is given that the resale, pledge
      or
      transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
      exemption from registration under the Securities Act.

     

    
      	 	
              Very
                truly yours,

               

              [NAME
                OF TRANSFEREE]

            
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	
              By:

            	 
	 	 	
              Authorized
                Officer

            

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      1 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    

     

    [For
      Transferees Other Than Registered Investment Companies]

    

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    2. In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis $                    1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    _________
      Corporation,
      etc.
      The Buyer is a corporation (other than a bank, savings and loan association
      or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section
      501(c)(3) of the Internal Revenue Code of 1986, as amended.

     

    _________
      Bank.
      The
      Buyer (a) is a national bank or banking institution organized under the laws
      of
      any State, territory or the District of Columbia, the business of which is
      substantially confined to banking and is supervised by the State or territorial
      banking commission or similar official or is a foreign bank or equivalent
      institution, and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    _________
      Savings
      and Loan.
      The
      Buyer (a) is a savings and loan association, building and loan association,
      cooperative bank, homestead association or similar institution, which is
      supervised and examined by a State or Federal authority having supervision
      over
      any such institutions or is a foreign savings and loan association or equivalent
      institution and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a copy of which is
      attached hereto.

     

    _________
      Broker-Dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
      Act of 1934.

     

    _________
      Insurance
      Company.
      The
      Buyer is an insurance company whose primary and predominant business activity
      is
      the writing of insurance or the reinsuring of risks underwritten by insurance
      companies and which is subject to supervision by the insurance commissioner
      or a
      similar official or agency of a State, territory or the District of
      Columbia.

     

    _________
      State
      or Local Plan.
      The
      Buyer is a plan established and maintained by a State, its political
      subdivisions, or any agency or instrumentality of the State or its political
      subdivisions, for the benefit of its employees.

     

    _________
      ERISA
      Plan.
      The
      Buyer is an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974.

     

    Investment
      Advisor.
      The
      Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    _________
      Small
      Business Investment Company.
      Buyer
      is a small business investment company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

     

    _________
      Business
      Development Company.
      Buyer
      is a business development company as defined in Section 202(a)(22) of the
      Investment Advisors Act of 1940.

     

    3. The
      term
“SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that are
      affiliated with the Buyer, (ii) securities that are part of an unsold allotment
      to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
      issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
      deposit notes and certificates of deposit (v) loan participations, (vi)
      repurchase agreements, (vii) securities owned but subject to a repurchase
      agreement and (viii) currency, interest rate and commodity swaps.

     

    4. For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    5. The
      Buyer
      acknowledges that it is familiar with Rule 144A and understands that the seller
      to it and other parties related to the Certificates are relying and will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    6. Until
      the
      date of purchase of the Rule 144A Securities, the Buyer will notify each of
      the
      parties to which this certification is made of any changes in the information
      and conclusions herein. Until such notice is given, the Buyer’s purchase of the
      Certificates will constitute a reaffirmation of this certification as of the
      date of such purchase. In addition, if the Buyer is a bank or savings and loan
      is provided above, the Buyer agrees that it will furnish to such parties updated
      annual financial statements promptly after they become available.

     

    

     

    
      	 	
              Print
                Name of Buyer

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              Date:

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      2 TO EXHIBIT J

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees That are Registered Investment Companies]

    

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    1. As
      indicated below, the undersigned is the President, Chief Financial Officer
      or
      Senior Vice President of the Buyer or, if the Buyer is a “qualified
      institutional buyer” as that term is defined in Rule 144A under the Securities
      Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
      Investment Companies (as defined below), is such an officer of the
      Adviser.

     

    2. In
      connection with purchases by Buyer, the Buyer is a “qualified institutional
      buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
      company registered under the Investment Company Act of 1940, as amended and
      (ii)
      as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
      owned at least $100,000,000 in securities (other than the excluded securities
      referred to below) as of the end of the Buyer’s most recent fiscal year. For
      purposes of determining the amount of securities owned by the Buyer or the
      Buyer’s Family of Investment Companies, the cost of such securities was used,
      except (i) where the Buyer or the Buyers Family of Investment Companies reports
      its securities holdings in its financial statements on the basis of their market
      value, and (ii) no current information with respect to the cost of those
      securities has been published. If clause (ii) in the preceding sentence applies,
      the securities may be valued at market.

     

    _________
      The
      Buyer
      owned $_________ in securities (other than the excluded securities referred
      to
      below) as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A).

     

    _________
      The
      Buyer
      is part of a Family of Investment Companies which owned in the aggregate
      $___________ in securities (other than the excluded securities referred to
      below) as of the end of the Buyer’s most recent fiscal year (such amount being
      calculated in accordance with Rule 144A).

     

    3. The
      term
“FAMILY OF INVESTMENT COMPANIES” as used herein means two or more registered
      investment companies (or series thereof) that have the same investment adviser
      or investment advisers that are affiliated (by virtue of being majority owned
      subsidiaries of the same parent or because one investment adviser is a majority
      owned subsidiary of the other).

     

    4. The
      term
“SECURITIES” as used herein does not include (i) securities of issuers that are
      affiliated with the Buyer or are part of the Buyer’s Family of Investment
      Companies, (ii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
      (iv) loan participations, (v) repurchase agreements, (vi) securities owned
      but
      subject to a repurchase agreement and (vii) currency, interest rate and
      commodity swaps.

     

    5. The
      Buyer
      is familiar with Rule 144A and understands that the parties listed in the Rule
      144A Transferee Certificate to which this certification relates are relying
      and
      will continue to rely on the statements made herein because one or more sales
      to
      the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
      purchase for the Buyer’s own account.

     

    6. Until
      the
      date of purchase of the Certificates, the undersigned will notify the parties
      listed in the Rule 144A Transferee Certificate to which this certification
      relates of any changes in the information and conclusions herein. Until such
      notice is given, the Buyer’s purchase of the Certificates will constitute a
      reaffirmation of this certification by the undersigned as of the date of such
      purchase.

     

    

     

    
      	 	
              Print
                Name of Buyer or Adviser

               

            
	 	
              By:

            	 
	 	 	
              Name

            
	 	 	
              Title

            
	 	 	 
	 	 	 
	 	
              IF
                AN ADVISER:

            
	 	 	 
	 	 
	 	
              Print
                Name of Buyer

            
	 	 	 
	 	 	 
	 	 	 
	 	
              Date:

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      K

     

    FORM
      OF
      TRANSFER AFFIDAVIT FOR RESIDUAL CERTIFICATES

    PURSUANT
      TO SECTION 5.02(D)

     

    FREMONT
      HOME LOAN TRUST 2006-1

     

    ASSET-BACKED
      CERTIFICATES, SERIES 2006-1

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF

            	
              )

            

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1.  The
      undersigned is an officer of, the proposed Transferee of an Ownership Interest
      in a Residual Certificate (the “Certificate”)
      issued
      pursuant to the Pooling and Servicing Agreement dated as of April 1, 2006 (the
      “Agreement”),
      among
      Financial Asset Securities Corp., as depositor (the “Depositor”),
      Wells
      Fargo Bank, N.A., as servicer (the “Servicer”)
      and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).
      Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
      shall have the meanings ascribed to such terms in the Agreement. The Transferee
      has authorized the undersigned to make this affidavit on behalf of the
      Transferee for the benefit of the Depositor and the Trustee.

     

    2.  The
      Transferee is, as of the date hereof, and will be, as of the date of the
      Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
      Interest in the Certificate for its own account. The Transferee has no knowledge
      that any such affidavit is false.

     

    3.  The
      Transferee has been advised of, and understands that (i) a tax will be
      imposed on Transfers of the Certificate to Persons that are not Permitted
      Transferees; (ii) such tax will be imposed on the transferor, or, if such
      Transfer is through an agent (which includes a broker, nominee or middleman)
      for
      a Person that is not a Permitted Transferee, on the agent; and (iii) the
      Person otherwise liable for the tax shall be relieved of liability for the
      tax
      if the subsequent Transferee furnished to such Person an affidavit that such
      subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
      such Person does not have actual knowledge that the affidavit is
      false.

     

    4.  The
      Transferee has been advised of, and understands that a tax will be imposed
      on a
“pass-through entity” holding the Certificate if at any time during the taxable
      year of the pass-through entity a Person that is not a Permitted Transferee
      is
      the record holder of an interest in such entity. The Transferee understands
      that
      such tax will not be imposed for any period with respect to which the record
      holder furnishes to the pass-through entity an affidavit that such record holder
      is a Permitted Transferee and the pass-through entity does not have actual
      knowledge that such affidavit is false. (For this purpose, a “pass-through
      entity” includes a regulated investment company, a real estate investment trust
      or common trust fund, a partnership, trust or estate, and certain cooperatives
      and, except as may be provided in Treasury Regulations, persons holding
      interests in pass-through entities as a nominee for another
      Person.)

     

    5.  The
      Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
      and understands the legal consequences of the acquisition of an Ownership
      Interest in the Certificate including, without limitation, the restrictions
      on
      subsequent Transfers and the provisions regarding voiding the Transfer and
      mandatory sales. The Transferee expressly agrees to be bound by and to abide
      by
      the provisions of Section 5.02(d) of the Agreement and the restrictions
      noted on the face of the Certificate. The Transferee understands and agrees
      that
      any breach of any of the representations included herein shall render the
      Transfer to the Transferee contemplated hereby null and void.

     

    6.  The
      Transferee agrees to require a Transfer Affidavit from any Person to whom the
      Transferee attempts to Transfer its Ownership Interest in the Certificate,
      and
      in connection with any Transfer by a Person for whom the Transferee is acting
      as
      nominee, trustee or agent, and the Transferee will not Transfer its Ownership
      Interest or cause any Ownership Interest to be Transferred to any Person that
      the Transferee knows is not a Permitted Transferee. In connection with any
      such
      Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
      a
      certificate substantially in the form set forth as Exhibit L to the
      Agreement (a “Transferor
      Certificate”)
      to the
      effect that such Transferee has no actual knowledge that the Person to which
      the
      Transfer is to be made is not a Permitted Transferee.

     

    7.  The
      Transferee has historically paid its debts as they have come due, intends to
      pay
      its debts as they come due in the future, and understands that the taxes payable
      with respect to the Certificate may exceed the cash flow with respect thereto
      in
      some or all periods and intends to pay such taxes as they become due. The
      Transferee does not have the intention to impede the assessment or collection
      of
      any tax legally required to be paid with respect to the
      Certificate.

     

    8.  The
      Transferee’s taxpayer identification number is ___________.

     

    9.  The
      Transferee is a U.S. Person as defined in Code
      Section 7701(a)(30).

     

    10.  The
      Transferee is aware that the Certificate may be a “noneconomic residual
      interest” within the meaning of proposed Treasury regulations promulgated
      pursuant to the Code and that the transferor of a noneconomic residual interest
      will remain liable for any taxes due with respect to the income on such residual
      interest, unless no significant purpose of the transfer was to impede the
      assessment or collection of tax.

     

    11.  The
      Transferee will not cause income from the Certificate to be attributable to
      a
      foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of the Transferee or any other U.S.
      person.

     

    12.  Check
      one
      of the following:

     

    [_] The
      present value of the anticipated tax liabilities associated with holding the
      Certificate, as applicable, does not exceed the sum of:

     

    
      	 	
              (i)

            	
              the
                present value of any consideration given to the Transferee to acquire
                such
                Certificate;

            

    

     

    
      	 	
              (ii)

            	
              the
                present value of the expected future distributions on such Certificate;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificate as the related REMIC generates
                losses.

            

    

     

    For
      purposes of this calculation, (i) the Transferee is assumed to pay tax at the
      highest rate currently specified in Section 11(b) of the Code (but the tax
      rate
      in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
      specified in Section 11(b) of the Code if the Transferee has been subject to
      the
      alternative minimum tax under Section 55 of the Code in the preceding two years
      and will compute its taxable income in the current taxable year using the
      alternative minimum tax rate) and (ii) present values are computed using a
      discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
      of the Code for the month of the transfer and the compounding period used by
      the
      Transferee.

     

    [_] The
      transfer of the Certificate complies with U.S. Treasury Regulations Sections
      1.860E-1(c)(5) and (6) and, accordingly,

     

    
      	 	
              (i)

            	
              the
                Transferee is an “eligible corporation,” as defined in U.S. Treasury
                Regulations Section 1.860E-1(c)(6)(i), as to which income from the
                Certificate will only be taxed in the United
                States;

            

    

     

    
      	 	
              (ii)

            	
              at
                the time of the transfer, and at the close of the Transferee’s two fiscal
                years preceding the year of the transfer, the Transferee had gross
                assets
                for financial reporting purposes (excluding any obligation of a person
                related to the Transferee within the meaning of U.S. Treasury Regulations
                Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                in
                excess of $10 million;

            

    

     

    
      	 	
              (iii)

            	
              the
                Transferee will transfer the Certificate only to another “eligible
                corporation,” as defined in U.S. Treasury Regulations Section
                1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                of
                Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                of
                the U.S. Treasury Regulations;
                and

            

    

     

    
      	 	
              (iv)

            	
              the
                Transferee determined the consideration paid to it to acquire the
                Certificate based on reasonable market assumptions (including, but
                not
                limited to, borrowing and investment rates, prepayment and loss
                assumptions, expense and reinvestment assumptions, tax rates and
                other
                factors specific to the Transferee) that it has determined in good
                faith.

            

    

     

    [_] None
      of
      the above.

     

    13.  The
      Transferee is not an employee benefit plan that is subject to Title I of ERISA
      or a plan that is subject to Section 4975 of the Code or a plan subject to
      any Federal, state or local law that is substantially similar to Title I of
      ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
      of
      or investing plan assets of such a plan.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

     

    IN
      WITNESS WHEREOF, the Transferee has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its duly authorized
      officer and its corporate seal to be hereunto affixed, duly attested, this
          
      day
      of
                  ,
      20  .

     

    

    
      	 	
              [NAME
                OF TRANSFEREE]

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

    

     

    [Corporate
      Seal]

     

    ATTEST:

     

    

    
      	 
	
              [Assistant]
                Secretary

            

    

     

    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 Transferee, and acknowledged that he executed the same as his free act
      and
      deed and the free act and deed of the Transferee.

     

    Subscribed
      and sworn before me this     
      day
      of
        
      ,
      20  .

     

    

    
      	 	 
	 	
              NOTARY
                PUBLIC

               

              My
                Commission expires the __ day

              of
                _________, 20__

            

    

     

     

    

      

      
        1 Buyer
          must own and/or invest on a discretionary basis at least $100,000,000 in
          securities unless Buyer is a dealer, and, in that case, Buyer must own
          and/or
          invest on a discretionary basis at least $10,000,000 in
          securities.

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      L

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

                            [DATE]

     

    Financial
      Asset Securities Corp.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Re:   
      Fremont
      Home Loan Trust 2006-1,

             
      Asset-Backed Certificates Series 2006-1

     

    Ladies
      and Gentlemen:

     

    In
      connection with our disposition of the above Certificates we certify that (a)
      we
      understand that the Certificates have not been registered under the Securities
      Act of 1933, as amended (the “Act”), and are being disposed by us in a
      transaction that is exempt from the registration requirements of the Act, (b)
      we
      have not offered or sold any Certificates to, or solicited offers to buy any
      Certificates from, any person, or otherwise approached or negotiated with any
      person with respect thereto, in a manner that would be deemed, or taken any
      other action which would result in, a violation of Section 5 of the Act, (c)
      to
      the extent we are disposing of a Class [ ] Certificate, we have no knowledge
      the
      Transferee is not a Permitted Transferee and (d) no purpose of the proposed
      disposition of a Class [ ] Certificate is to impede the assessment or collection
      of tax.

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              TRANSFEROR

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      M

     

    FORM
      OF
      ERISA REPRESENTATION LETTER

     

    _____________,
      20__

     

    

    
      	
              Financial
                Asset Securities Corp.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	
              Deutsche
                Bank National Trust Company

              1761
                East St. Andrew Place

              Santa
                Ana, California 92705-4934

            

    

    

    Re:    
      Fremont
      Home Loan Trust 2006-1,

              
      Asset-Backed Certificates Series 2006-1

     

    Dear
      Sirs:

     

    _______________________
      (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Fremont Home
      Loan Trust 2006-1, Asset-Backed Certificates Series 2006-1, Class [C][P][R[-X]]
      (the “Certificates”), issued pursuant to a Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”) dated as of April 1, 2006 among Financial
      Asset Securities Corp. as depositor (the “Depositor”), Wells Fargo Bank, N.A. as
      servicer (the “Servicer”) and Deutsche Bank National Trust Company as trustee
      (the “Trustee”). Capitalized terms used herein and not otherwise defined shall
      have the meanings assigned thereto in the Pooling and Servicing Agreement.
      The
      Transferee hereby certifies, represents and warrants to, and covenants with
      the
      Depositor, the Trustee and the Servicer the following:

     

    The
      Certificates (i) are not being acquired by, and will not be transferred to,
      any
      employee benefit plan within the meaning of section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or other
      retirement arrangement, including individual retirement accounts and annuities,
      Keogh plans and bank collective investment funds and insurance company general
      or separate accounts in which such plans, accounts or arrangements are invested,
      that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
      Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
      acquired with “plan assets” of a Plan within the meaning of the Department of
      Labor (“DOL”) regulation, 29 C.F.R.§2510.3-101, and (iii) will not be
      transferred to any entity that is deemed to be investing in plan assets within
      the meaning of the DOL regulation at 29 C.F.R.§2510.3-101.

    

     

    
      	 	
              Very
                truly yours,

               

            
	 	
              [Transferee]

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      N-1

     

    FORM
      CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH FORM 10-K

     

    Re:  
      Fremont
      Home
      Loan Trust, Series 2006-1

            
      Asset Backed Certificates, Series 2006-1

     

     

    I,
      [identify the certifying individual], certify that:

     

    l. I
      have
      reviewed this report on Form 10-K, and all reports on Form 10-D required to
      be
      filed in respect of the period included in the year covered by this report
      in
      Form 10-K of Fremont Home Loan Trust 2006-1 (the “Exchange Act periodic
      reports”);

     

    2. Based
      on
      my knowledge, the Exchange Act periodic reports, taken as a whole, do not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in light of the circumstances under
      which
      such statements were made, not misleading with respect to the period covered
      by
      this report;

     

    3. Based
      on
      my knowledge, all of the distribution, servicing and other information required
      to be provided under Form 10-D for the period covered by this report is included
      in the Exchange Act periodic reports;

     

    4. Based
      on
      my knowledge and upon the annual compliance statement required in this report
      under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act
      periodic reports, the Servicer has fulfilled each of its obligations under
      the
      pooling and servicing agreement; and

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for asset-backed
      securities and their related attestation reports on assessment of compliance
      with servicing criteria for asset-backed securities required to be included
      in
      this report in accordance with Item 1122 of Regulation AB and Exchange Act
      Rules
      13a-18 and 15d-18 have been included as an exhibit to this report, except as
      otherwise disclosed in this report. Any material instances of noncompliance
      described in such reports have been disclosed in this report on Form
      10-K.

     

    In
      giving
      the certifications above, I have reasonably relied on information provided
      to me
      by the following unaffiliated parties: Wells Fargo Bank, N.A. and Deutsche
      Bank
      National Trust Company.

     

    
      	 	
              FINANCIAL
                ASSET SECURITIES CORP.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Date:

            	 

    

    

     

    EXHIBIT
      N-2

     

    FORM
      CERTIFICATION TO BE

    PROVIDED
      TO DEPOSITOR BY THE TRUSTEE

     

    Re:         
      Fremont
      Home Loan Trust 2006-1 (the “Trust”)

    Asset-Backed
      Certificates, Series 2006-1

     

     

    I,
      [identify the certifying individual], a [title] of Deutsche Bank National Trust
      Company, as Trustee of the Trust, hereby certify to Financial Asset Securities
      Corp. (the “Depositor”), and its officers, directors and affiliates, and with
      the knowledge and intent that they will rely upon this certification,
      that:

     

    1. I
      have
      reviewed the annual report on Form 10-K for the fiscal year [___], and all
      reports on Form 10-D required to be filed in respect of the period covered
      by
      such Form 10-K of the Depositor relating to the above-referenced trust (the
      “Exchange Act periodic reports”)

     

    2. Based
      on
      my knowledge, the information prepared by the Trustee, contained, in these
      distribution reports taken as a whole, do not contain any untrue statement
      of a
      material fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not
      misleading with respect to the period covered by this report;

     

    3. Based
      on
      my knowledge, the distribution information required to be provided by the
      Trustee under the Pooling and Servicing Agreement is included in these
      reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Pooling and Servicing Agreement, dated April 1, 2006 (the “Pooling and Servicing
      Agreement”), among the Depositor as depositor, Wells Fargo Bank, N.A. as
      servicer and Deutsche Bank National Trust Company as trustee.

     

    
      	 	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY, as Trustee

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Date:

            	 

    

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      N-3

     

    FORM
      CERTIFICATION TO BE

    PROVIDED
      TO DEPOSITOR BY THE SERVICER

     

    Re:                          
      Fremont
      Home Loan Trust, Series 2006-1

    Asset
      Backed Certificates, Series 2006-1

     

     

    I,
      [identify the certifying individual], certify to Financial Asset Securities
      Corp. (the “Depositor”), the Trustee and their respective officers, directors
      and affiliates, and with the knowledge and intent that they will rely upon
      this
      certification, that:

     

    1.
       Based
      on
      my knowledge, the information in the annual compliance statement, the Annual
      Independent Public Accountant's Servicing Report and all servicing reports,
      officer's certificates and other information relating to the servicing of the
      Mortgage Loans taken as a whole, does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the statements
      made, in light of the circumstances under which such statements were made,
      not
      misleading as of the date of this certification;

     

    2. The
      servicing information required to be provided by the Servicer under the Pooling
      and Servicing Agreement has been provided to the Depositor and the
      Trustee;

     

    3. I
      am is
      responsible for reviewing the activities performed by the Servicer under the
      Pooling and Servicing Agreement and based upon the review required by the
      Pooling and Servicing Agreement, and except as disclosed in the annual
      compliance statement or the Annual Independent Public Accountant's Servicing
      Report, the Servicer has, as of the date of this certification fulfilled its
      obligations under the Pooling and Servicing Agreement; and

     

    4. Such
      officer has disclosed to the Depositor and the Trustee all significant
      deficiencies relating to the Servicer’s compliance with the minimum servicing
      standards in accordance with a review conducted in compliance with the Uniform
      Single Attestation Program for Mortgage Bankers or similar standard as set
      forth
      in the Pooling and Servicing Agreement.

     

    5. All
      of
      the reports on assessment of compliance with servicing criteria for asset-backed
      securities and their related attestation reports on assessment of compliance
      with servicing criteria for asset-backed securities required to be included
      in
      this report in accordance with Item 1122 of Regulation AB and Exchange Act
      Rules
      13a-18 and 15d-18 have been included as an exhibit to this report, except as
      otherwise disclosed in this report. Any material instances of noncompliance
      described in such reports have been disclosed in this report on Form
      10-K.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in
      the

    Pooling
      and Servicing Agreement, dated April 1, 2006 (the “Pooling and Servicing
      Agreement”), among the Depositor, Wells Fargo Bank, N.A. as servicer and
      Deutsche Bank National Trust Company as trustee.

     

    
      	 	
              WELLS
                FARGO BANK, N.A.

            
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	
              Date:

            	 

    

    

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      O

     

    FORM
      OF
      CAP CONTRACT

     

     

     

    

      

      

      

      HSBC
        Bank
        USA, National Association  

      452
        Fifth
        Avenue     

      New
        York,
        NY 10018    

      Fax:
        (212) 525-0673

                                                                                                                                                                           
April
        12, 2006

      

      Deutsche
        Bank National Trust Company, 

      not
        in
        its individual capacity but solely as trustee

      on
        behalf
        of the Fremont Home Loan Trust 2006-1, 

      Asset-Backed
        Certificates, Series 2006-1

      

      c/o
        Deutsche Bank National Trust Company

      1761
        E.
        St. Andrew Place

      Santa
        Ana. CA 92705

      Attn:
        Trust Admin, Fremont 2006-1

      

      Tel:
        714-247-6000

      Fax:
        714-247-6329

      

      Subject: Interest
        Rate Cap

      

      Transaction
        Reference Number: 395090HN/395091HN

       

      
        

      

      

      The
        purpose of this letter agreement (this “Confirmation”) is to confirm the terms
        and conditions of the Transaction entered into between us on the Trade Date
        specified below, and subsequently amended as set out below (the
        “Transaction”) between HSBC Bank USA, N.A. (“HSBC”) and Fremont 2006-1. This
        Confirmation constitutes a “Confirmation” as referred to in the ISDA Form Master
        Agreement (as defined below), as well as a “Schedule” as referred to in the ISDA
        Form Master Agreement. In this Confirmation “Party A” means HSBC and “Party B”
means Fremont 2006-1. 

      

      
        	
                1.

              	
                This
                  Agreement is subject to and incorporates the 2000 ISDA Definitions
                  (the
                  “Definitions”), as published by the International Swaps and Derivatives
                  Association, Inc. (“ISDA”). You and we have agreed to enter into this
                  Agreement in lieu of negotiating a Schedule to the 1992 ISDA Master
                  Agreement (Multicurrency—Cross Border) form (the
                  “ISDA Form Master Agreement”) but, rather, an ISDA Form Master Agreement
                  shall be deemed to have been executed by you and us on the date
                  we entered
                  into the Transaction. In the event of any inconsistency between
                  the
                  provisions of this Agreement and the Definitions or the ISDA Form
                  Master
                  Agreement, this Agreement shall prevail for purposes of the Transaction.
                  Terms used and not otherwise defined herein, in the ISDA Form
                  Master Agreement
                  or the Definitions shall have the meanings assigned to them in
                  the Pooling
                  and Servicing Agreement, dated as of April 1, 2006, among Financial
                  Asset
                  Securities Corp. as depositor, Wells Fargo Bank, N.A., as servicer
                  and
                  Deutsche Bank National Trust Company, as trustee (the “Pooling and
                  Servicing Agreement”). Each reference to a “Section” or to a “Section” “of
                  this Agreement” will be construed as a reference to a Section of the 1992
                  ISDA Form Master Agreement.

              

      

      Each
        of
        Party A and Party B represents to the other that it has entered into this
        Transaction in reliance upon such tax, accounting, regulatory, legal, and
        financial advice as it deems necessary and not upon any view expressed by
        the
        other and, in the case of Party B, it has entered into this transaction pursuant
        to the direction received by it pursuant to the Pooling and Servicing
        Agreement.

      

      
        	
                2.

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

              

      

      

      Notional
        Amount:                                                   
With
        respect to any Calculation Period, the lesser of (i) the amount as set forth
        in
        Exhibit I, which is attached hereto and incorporated by reference into this
        Confirmation and (ii) the aggregate Certificate Principal Balance of the
        Floating Rate Certificates

      

      Trade
        Date:                                                              
April
        6,
        2006

       

      Effective
        Date:                                                         
April
        13,
        2006

      

      Termination
        Date:                                                    
March
        25,
        2007, subject to adjustment in accordance with the Following Business Day
        Convention.

      

      Fixed
        Amounts:

      

      Fixed
        Amount
        Payer:                              
Party
        B

      

      Fixed
        Amount:                                         
USD
        8,000.00

      

      Fixed
        Rate Payer 

      Payment
        Date:                                         
April
        13,
        2006

      

      Party
        A
        Floating Amounts:

      

      Floating
        Rate Payer

      Period
        End
        Dates:                                   
The
        25th
        calendar day of each month, commencing on May 25, 2006 and ending on the
        Termination Date, inclusive, subject to adjustment in accordance with the
        Following Business Day Convention

      

      Floating
        Rate Payer

      Payment
        Dates:                                        
Early
        Payment - One (1) Business Day preceding each Floating Rate Payer Period
        End
        Date.

      

      Cap
        Rate:                                                  
As
        set
        forth in Exhibit I, which is attached hereto and incorporated by reference
        into
        this Confirmation

      

      Floating
        Rate
        Option:                             USD-LIBOR-BBA,
        provided, however, if the Floating Rate determined from such Floating Rate
        Option for any Calculation Period is greater than 10.50% then the Floating
        Rate
        for such Calculation Period shall be deemed equal to 10.50%.

      

      Designated
        Maturity:                             
One
        month

      

      Spread:                                                      
        None

      

      Floating
        Rate

      Day
        Count
        Fraction:                               
Actual/360

      

      Reset
        Dates:                                             
The
        first
        day of each Calculation Period

      

      Business
        Days:                                                        
New
        York

      

      Calculation
        Agent:                                                  
Party
        A

      

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

       

      1)  The
        parties agree that subparagraph (ii) of Section 2(c) of the ISDA Form Master
        Agreement will apply to any Transaction.

       

      2)  Termination
        Provisions.
        For
        purposes of the ISDA Form Master Agreement:

       

      (a)  “Specified
        Entity”
        is not
        applicable to Party A or Party B for any purpose.

       

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

       

      (c)  The
        “Cross
        Default”
        provisions of Section 5(a)(vi) shall not apply to Party A or Party
        B.

       

      (d)  The
        “Credit
        Event Upon Merger”
        provisions of Section 5(b)(iv) will not apply to Party A or Party
        B.

       

      (e)  With
        respect to Party B, the “Bankruptcy”
        provision of Section 5(a)(vii)(2) of the ISDA Form Master Agreement shall
        not
        apply.

       

      (f)  The
        “Automatic
        Early Termination”
        provision of Section 6(a) will not apply to Party A or to Party B.

       

      (g)  Payments
        on Early Termination.
        For the
        purpose of Section 6(e) of the ISDA Form Master Agreement:

       

      (i)  Market
        Quotation will apply.

       

      (ii)  The
        Second Method will apply.

       

      (h)  “Termination
        Currency” means United States Dollars.

       

      (i)  Events
        of Default.
        The
        provisions of Sections 5(a)(ii), 5(a)(iii) and 5(a)(iv) shall not apply to
        Party
        B. The provisions of Sections 5(a)(ii) and 5(a)(iv) shall not apply to Party
        A.

       

      (j)  Tax
        Event.
        The
        provisions of Section 2(d)(i)(4) and 2(d)(ii) of the printed ISDA Form Master
        Agreement shall not apply to Party B and Party B shall not be required to
        pay
        any additional amounts referred to therein.

       

      3)  Tax
        Representations.

       

      (a)  Payer
        Representations.
        For the
        purpose of Section 3(e) of the ISDA Form Master Agreement, Party A and Party
        B
        will make the following representations:

       

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any Relevant Jurisdiction to make any
        deduction or withholding for or on account of any Tax from any payment (other
        than interest under Section 2(e), 6(d)(ii) or 6(e) of the ISDA Form Master
        Agreement) to be made by it to the other party under this Agreement. In making
        this representation, it may rely on:

      

      (i)  the
        accuracy of any representations made by the other party pursuant to Section
        3(f)
        of the ISDA Form Master Agreement;

       

      (ii)  the
        satisfaction of the agreement contained in Section 4(a)(iii) of the ISDA
        Form
        Master Agreement and the accuracy and effectiveness of any document provided
        by
        the other party pursuant to Section 4(a)(iii) of the ISDA Form Master Agreement;
        and

       

      (iii)  the
        satisfaction of the agreement of the other party contained in Section 4(d)
        of
        the ISDA Form Master Agreement, provided that it shall not be a breach of
        this
        representation where reliance is placed on clause (ii) and the other party
        does
        not deliver a form or document under Section 4(a)(iii) by reason of material
        prejudice to its legal or commercial position.

       

      (b)  Payee
        Representations.
        For the
        purpose of Section 3(f) of the ISDA Form Master Agreement, each of Party
        A and
        Party B make the following representations.

       

      The
        following representation will apply to Party A:

       

      Party
        A
        is a national banking association organized under the federal laws of the
        United
        States and its U.S. taxpayer identification number is 20-1177241.

       

      The
        following representation will apply to Party B:

       

      The
        beneficial owner of the payments made to it under the Agreement is either
        (i) a
“U.S. person” (as that term is used in Section 1.1441-4(a)(3)(ii) of the United
        States Treasury Regulations) for U.S. federal income tax purposes or (ii)
        a
“non-U.S. branch of a foreign person” (as that term is used in Section
        1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for U.S. federal
        income tax purposes and a “foreign person” (as that term is used in Section
        1.6041-4(a)(4) of the United States Treasury Regulations) for U.S. federal
        income tax purposes.

       

      4)  Limitation
        on Events of Default.
        Notwithstanding the terms of Sections 5 and 6 of the ISDA Form Master Agreement,
        if at any time and so long as Party B has satisfied in full all its payment
        obligations under Section 2(a)(i) of the ISDA Form Master Agreement and has
        at
        the time no future payment obligations, whether absolute or contingent, under
        such Section, then unless Party A is required pursuant to appropriate
        proceedings to return to Party B or otherwise returns to Party B upon demand
        of
        Party B any portion of any such payment, (a) the occurrence of an event
        described in Section 5(a) of the ISDA Form Master Agreement with respect
        to
        Party B shall not constitute an Event of Default or Potential Event of Default
        with respect to Party B as Defaulting Party and (b) Party A shall be entitled
        to
        designate an Early Termination Date pursuant to Section 6 of the ISDA Form
        Master Agreement only as a result of the occurrence of a Termination Event
        set
        forth in either Section 5(b)(i) with respect to either Party A or Party B
        as the
        Affected Party.

       

      5)  Documents
        to be Delivered.
        For the
        purpose of Section 4(a)(i) and 4(a)(iii): 

       

      (1)  
        Tax
        forms, documents, or certificates to be delivered are:

       

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to Be delivered

              
	
                Party
                  A and 

                Party
                  B

              	
                Any
                  document required or reasonably requested to allow the other party
                  to make
                  payments under this Agreement without any deduction or withholding
                  for or
                  on the account of any Tax or with such deduction or withholding
                  at a
                  reduced rate.

              	
                Promptly
                  after the earlier of (i) reasonable demand by either party or (ii)
                  learning that such form or document is
                  required.

              

      

      

      (2)  
        Other
        documents to be delivered are:

       

      
        	
                Party
                  required to deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to Be delivered

              	
                Covered
                  by Section 3(d) Representation

              
	
                Party
                  A and Party B

              	
                Any
                  documents to evidence the authority of the delivering party for
                  it to
                  execute and deliver this Confirmation.

              	
                Upon
                  the execution and delivery of this Agreement and such
                  Confirmation.

              	
                Yes

              
	
                Party
                  A and Party B

              	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing this
                  Confirmation.

              	
                Upon
                  the execution and delivery of this Confirmation.

              	
                Yes

              
	
                Party
                  A

              	
                Legal
                  opinion(s) with respect to such party and its Credit Support Provider,
                  if
                  any, for it, reasonably satisfactory in form and substance to the
                  other
                  party relating to the enforceability of the party’s obligations under this
                  Agreement.

              	
                Upon
                  the execution and delivery of this Agreement.

              	
                No

              
	
                Party
                  A and Party B

              	
                Indemnification
                  agreement executed by Party A and Financial Asset Securities Corp.
                  with
                  respect to information included in any free writing prospectus
                  and the
                  prospectus supplement 
related to the Class A Certificates and Class M
                  Certificates.

              	
                Concurrently
                  with the printing of any preliminary prospectus supplement and
                  the
                  prospectus supplement related to the Class A and Class M
                  Certificates.

              	
                No

              
	
                Party
                  A

              	
                A
                  copy of the most recent annual report of such party (only if available)
                  and its Credit Support Provider, if any, containing in all cases
                  audited
                  consolidated financial statements for each fiscal year certified
                  by
                  independent certified public accountants and prepared in accordance
                  with
                  generally accepted accounting principles in the United States or
                  in the
                  country in which such party is organized.

              	
                Promptly
                  after request by the other party.

              	
                Yes

              
	
                Party
                  B

              	
                Each
                  other report or other document required to be delivered by or to
                  Party B
                  under the terms of the Pooling and Servicing Agreement, other than
                  
those required to be delivered directly by the Trustee to
                  Party A
                  thereunder.

              	
                Promptly
                  upon request by Party A, or with respect to any particular type
                  of report
                  or other document as to which Party A has previously made request
                  to
                  receive all reports or documents of that type, promptly upon delivery
                  or
                  receipt of such report or document by Party B.

              	
                Yes

              

      

      

      6)  Other
        Provisions.

       

      (a)  Address
        for Notices:
        For the
        purposes of Section 12(a) of this Agreement: 

       

      Address
        for notices or communications to Party A:

       

      Address: 452
        Fifth
        Avenue, New York, NY 10018

      Attention:  
        Christian
        McGreevy

      Facsimile:   
        212-525-8710

      Telephone:
        212-525-5517

       

      Please
        direct all settlement inquiries to:

      

      HSBC
        Bank
        USA, National Association

      Derivative
        Settlements

      Attention:             
        Jeffrey
        Lombino

      Telephone:            (212)
        525-5393

      Fax:                        
        (212)
        525-6903

      

      Address
        for notices or communications to Party B:

      

      Address:               Fremont
        2006-1

      c/o
        Deutsche Bank National Trust Company

      1761
        E.
        St. Andrew Place

      Santa
        Ana, CA 92705

      Attn:
        Trust Admin, Fremont 2006-1

      Facsimile
        No.: 714-247-6329

      Telephone
        No: 714-247-6000

      

       

      

      (For
        all
        purposes)

       

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

       

      Party
        A
        appoints as its Process Agent: Not Applicable

      Party
        B
        appoints as it Process Agent: Not Applicable

      

      (c)  Offices.
        The
        provisions of Section 10(a) will not apply to this Agreement; for purposes
        of
        this Transaction, it will be deemed that neither Party A nor Party B have
        any
        Offices other than as set forth in the Notices Section and Party A agrees
        that,
        for purposes of Section 6(b) of the ISDA Form Master Agreement, it shall
        be
        deemed not to have any Office other than one in the United States.

       

      (d)  Multibranch
        Party.
        For the
        purpose of Section 10(c) of the ISDA Form Master Agreement:

       

      Party
        A
        is not a Multibranch Party.

       

      Party
        B
        is not a Multibranch Party.

       

      (e)  Calculation
        Agent.
        The
        Calculation Agent is Party A; provided
        however,
        if an
        Event of Default has occurred with respect to Party A, then Party B or a
        Reference Market-maker designated by Party B shall be Calculation
        Agent.

       

      (f)  Credit
        Support Document.
        Initially with respect to Party A, not applicable; however,
        if
        required pursuant to Paragraph 3(6)(q)(iv) hereof, a guaranty satisfactory
        to
        Party B and the Rating Agencies. With respect to Party B, not applicable.
        

       

      (g)  Credit
        Support Provider.

       

      Party
        A:
        Not Applicable

       

      Party
        B:
        Not Applicable

       

      (h)  Governing
        Law.
        The
        parties to this ISDA Agreement hereby agree that the law of the State of
        New
        York shall govern their rights and duties in whole, without regard to the
        conflict of law provisions thereof other than New York General Obligations
        Law
        Sections 5-1401 and 5-1402.

       

      (i)  Non-Petition.
        Party A
        hereby irrevocably and unconditionally agrees that it will not institute
        against, or join any other person in instituting against or cause any other
        person to institute against the Fremont 2006-1, any bankruptcy, reorganization,
        arrangement, insolvency, or similar proceeding under the laws of the United
        States, or any other jurisdiction for the non-payment of any amount due
        hereunder or any other reason until the payment in full of the Ceritificates
        (as
        defined in the Pooling and Service Agreement) and the expiration of a period
        of
        one year plus ten days (or, if longer, the applicable preference period)
        following such payment.

       

      (j)
        Limitation
        of Liability.
        It is
        expressly understood and agreed by the parties hereto that (a) this
        Agreement is executed and delivered by Deutsche Bank National Trust Company
        (“Deutsche Bank”), not individually or personally but solely as the trustee, in
        the exercise of the powers and authority conferred and vested in it,
        (b) the representations, undertakings and agreements herein made on the
        part of the Trust are made and intended not as personal representations,
        undertakings and agreements by Deutsche Bank but are made and intended for
        the
        purpose of binding only the Trust, (c) nothing herein contained shall be
        construed as creating any liability on Deutsche Bank, individually or
        personally, to perform any covenant either expressed or implied contained
        herein, all such liability, if any, being expressly waived by the parties
        who
        are signatories to this letter agreement and by any person claiming by, through
        or under such parties and (d) under no circumstances shall Deutsche Bank be
        personally liable for the payment of any indebtedness or expenses of the
        Trust
        or be liable for the breach or failure of any obligation, representation,
        warranty or covenant made or undertaken by the Trust under this letter
        agreement.  

       

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

       

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition.

       

      (l)  Consent
        to Recording.
        Each
        party hereto consents to the monitoring or recording, at any time and from
        time
        to time, by the other party of any and all communications between officers
        or
        employees of the parties, waives any further notice of such monitoring or
        recording, and agrees to notify its officers and employees of such monitoring
        or
        recording.

       

      (m)  Waiver
        of Jury Trial.
        Each
        party to this Agreement respectively waives any right it may have to a trial
        by
        jury in respect of any Proceedings relating to this Agreement, any Credit
        Support Document or any of the transactions contemplated hereby.

       

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

       

      (o)  “Affiliate”
        will
        have the meaning specified in Section 14 of the ISDA Form Master Agreement,
        provided that Party A and Party B shall be deemed to not have any Affiliates
        for
        purposes of this Agreement, including for purposes of Section
        6(b)(ii).

       

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

       

      “(g)
        Relationship
        Between Parties.

      Each
        party represents to the other party on each date when it enters into a
        Transaction that:--

       

      (1)   Nonreliance.
        (i) It
        is not relying on any statement or representation of the other party regarding
        the Transaction (whether written or oral), other than the representations
        expressly made in this Agreement or the Confirmation in respect of that
        Transaction and (ii) it has consulted with its own legal, regulatory, tax,
        business, investment, financial and accounting advisors to the extent it
        has
        deemed necessary, and it has made its own investment, hedging and trading
        decisions based upon its own judgment and upon any advice from such advisors
        as
        it has deemed necessary and not upon any view expressed by the other
        party.

       

      (2)   Evaluation
        and Understanding.

       

      (i)   It
        has
        the capacity to evaluate (internally or through independent professional
        advice)
        the Transaction and has made its own decision to enter into the Transaction
        and
        in the case of Party B, it has been directed by the Pooling and Servicing
        Agreement to enter into this Transaction; and

       

      (ii)   It
        understands the terms, conditions and risks of the Transaction and is willing
        and able to accept those terms and conditions and to assume those risks,
        financially and otherwise.

       

      (3)   Purpose.
        It is
        entering into the Transaction for the purposes of managing its borrowings
        or
        investments, hedging its underlying assets or liabilities or in connection
        with
        a line of business.

       

      

      (4) Status
        of Parties.
        The
        other party is not acting as agent, fiduciary or advisor for it in respect
        of
        the Transaction,

      

      (5) Eligible
        Contract Participant.
        It is
        an “eligible swap participant” as such term is defined in Section 35.1(b)(2) of
        the regulations (17 C.F.R 35) promulgated under, and it constitutes an “eligible
        contract participant” as such term is defined in Section 1(a)12 of the Commodity
        Exchange Act, as amended.”

      

      (q)
        The
        ISDA Form Master Agreement is hereby amended as follows

      

      (i) The
        word
“third” shall be replaced by the word “second” in the third line of
        Section 5(a)(i) of the ISDA Form Master Agreement.

      

      (ii)  Transfer,
        Amendment and Assignment.
        No
        transfer, amendment, waiver, supplement, assignment or other modification
        of
        this Transaction shall be permitted by either party (other than a change
        of
        Counterparty in connection with a change of Trustee in accordance with the
        Pooling and Servicing Agreement) unless Standard and Poor’s, a Division of the
        McGraw Hill Companies (“S&P”) has been provided notice of the same and
        confirms in writing (including by facsimile transmission) that it will not
        downgrade, qualify, withdraw or otherwise modify its then-current rating
        of the
        Certificates.

       

      (iii) Additional
        Termination Events. Additional
        Termination Events will apply: 

      (a)
        If a
        Rating Agency Downgrade has occurred and Party A has not complied with Paragraph
        3(6)(q)(iv) below, then an Additional Termination Event shall have occurred
        with
        respect to Party A and Party A shall be the sole Affected Party with respect
        to
        such an Additional Termination Event.

       

      (b)
        If,
        upon the occurrence of a Swap Disclosure Event (as defined in Paragraph 3(6)(r)
        below) Party A has not, within five (5) Business Days after such Swap Disclosure
        Event complied with any of the provisions set forth in Paragraph 3(6)(r)(iii)
        below, then an Additional Termination Event shall have occurred with respect
        to
        Party A and Party A shall be the sole Affected Party with respect to such
        Additional Termination Event.

      

      (iv) Rating
        Agency Downgrade.
        In
        the
        event that Party A’s short-term unsecured and unsubordinated debt rating is
        reduced below "A-1" by S&P (or if its short-term rating is not available by
        S&P, in the event that its long-term unsecured and unsubordinated debt
        rating is withdrawn or reduced below “A+” by S&P), such rating thresholds,
“Approved Rating Thresholds”), then within 30 days after such rating withdrawal
        or downgrade (unless, within 30 days after such withdrawal or downgrade S
&
P has reconfirmed its rating for the Notes which was in effect immediately
        prior
        to such withdrawal or downgrade), Party A shall, subject to the Rating Agency
        Condition, at its own expense: 

      

      (a) assign
        this Transaction to another counterparty, which counterparty shall have the
        Approved Rating Thresholds and shall have been approved by Party B on terms
        substantially similar to the terms of this Confirmation;

      

      (b) obtain
        guaranty of, or a contingent agreement of another person with the Approved
        Rating Thresholds, to honor Party A’s obligations under this Confirmation;
        provided that such other person has been approved by Party B; 

      

      (c) post
        collateral which will be sufficient to S & P to maintain or restore the
        ratings of the Notes existing immediately prior to such withdrawal or downgrade
        of Party A’s ratings; or

      

      (d) establish
        any other arrangement satisfactory to Party B and S & P, in each case,
        sufficient to maintain or restore the ratings of the Notes existing immediately
        prior to such withdrawal or downgrade of Party A’s ratings.

      

      Notwithstanding
        the previous paragraph, in the event that Party A’s short-term unsecured and
        unsubordinated debt rating is withdrawn or reduced below “A-3” by S&P or, if
        there is no short-term rating, its long-term unsecured and unsubordinated
        debt
        rating is withdrawn or reduced below “BBB-” by S&P, then within 10 days of
        such rating withdrawal or downgrade (unless, within 10 days after such
        withdrawal or downgrade S&P has reconfirmed the rating of the Notes which
        was  in effect immediately prior to such withdrawal or downgrade), Party A
        shall, subject to the Rating Agency Condition, at its own expense, assign
        this
        Transaction to another counterparty with the Approved Rating Thresholds and
        approved by Party B on terms substantially similar to this Confirmation and
        obtain a confirmation from S&P that such action is sufficient to maintain or
        restore the immediately prior ratings of the Notes.

      

      For
        purposes of these provisions, “Rating Agency Condition” means, with respect to
        any particular proposed act or omission to act hereunder in connection with
        a
        withdrawal or downgrade of any of Party A’s ratings as described above that
        Party A must consult with and receive from S
&
P
        a written confirmation, prior to taking any such action, that such withdrawal
        or
        downgrade of any of Party A’s ratings, after giving effect to any such proposed
        action or omission, would not cause a downgrade or withdrawal of the ratings
        of
        the Notes existing immediately prior to such withdrawal or downgrade of Party
        A’s ratings

      

      r)
        Compliance with Regulation AB. 

      

      (i) Party
        A
        agrees and acknowledges that Financial Asset Securities Corp. (“the Depositor”)
        is required under Regulation AB as defined under the Pooling and Servicing
        Agreement, to disclose certain financial information regarding Party A or
        its
        group of affiliated entities, if applicable, depending on the aggregate
“significance percentage” of this Agreement and any other derivative contracts
        between Party A or its group of affiliated entities, if applicable, and
        Counterparty, as calculated from time to time in accordance with Item 1115
        of
        Regulation AB. 

      

      (ii) It
        shall
        be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day
        after the date hereof, the Depositor requests from Party A the applicable
        financial information described in Item 1115 of Regulation AB (such request
        to
        be based on a reasonable determination by the Depositor, in good faith, that
        such information is required under Regulation AB) (the “Swap
        Financial Disclosure”).

      

      (iii) Upon
        the
        occurrence of a Swap Disclosure Event, Party A, at its own expense, shall
        (1)(a)
        either (i) provide to the Depositor the current Swap Financial Disclosure
        in an
        EDGAR-compatible format (for example, such information may be provided in
        Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
        provide written consent to the Depositor to incorporation by reference of
        such
        current Swap Financial Disclosure that are filed with the Securities and
        Exchange Commission in the reports of the Trust filed pursuant to the Exchange
        Act, (b) if applicable, cause its outside accounting firm to provide its
        consent
        to filing or incorporation by reference of such accounting firm’s report
        relating to their audits of such current Swap Financial Disclosure in the
        Exchange Act Reports of the Depositor, and (c) provide to the Depositor any
        updated Swap Financial Disclosure with respect to Party A or any entity that
        consolidates Party A within five days of the release of any such updated
        Swap
        Financial Disclosure; or (2) secure another entity to replace Party A as
        party
        to this Agreement on terms substantially similar to this Agreement and subject
        to prior notification to the Swap Rating Agencies, which entity (or a guarantor
        therefor) meets or exceeds the Approved Rating Thresholds and which satisfies
        the Rating Agency Condition and which entity is able to comply with the
        requirements of Item 1115 of Regulation AB.

      

      (iv) Party
        A
        agrees that, in the event that Party A provides Swap Financial Disclosure
        to the
        Depositor in accordance with clause (iii)(a) of Paragraph 3(6)(r) or causes
        its
        affiliate to provide Swap Financial Disclosure to the Depositor in accordance
        with clause (iii)(c) of Paragraph 3(6)(r), it will indemnify and hold harmless
        the Depositor, its respective directors or officers and any person controlling
        the Depositor, from and against any and all losses, claims, damages and
        liabilities caused by any untrue statement or alleged untrue statement of
        a
        material fact contained in such Swap Financial Disclosure or caused by any
        omission or alleged omission to state in such Swap Financial Disclosure a
        material fact required to be stated therein or necessary to make the statements
        therein, in light of the circumstances under which they were made, not
        misleading.

      

      (v) If
        the
        Depositor reasonably requests, Party A shall provide such other information
        as
        may be necessary for the Depositor to comply with Item 1115 of Regulation
        AB.

       

      
        (vi)
          The
          Depositor shall be an express third party beneficiary of this Agreement
          as if a
          party hereto to the extent of the Depositor’ rights explicitly specified in this

Paragraph 3(6)(r).

      

       

      4. Account
        Details:

      

      Payments
        to Party
        A:                             
HSBC
        Bank
        USA, National Association

      ABA
        #
        021-001-088

      For
        credit to Department 299

      A/C:
        000-04929-8

      HSBC
        Derivative Products Group

      

      Payments
        to Party
        B:                              
Deutsche
        Bank Trust Company Americas

                                                         
        ABA 021-001-033

                                                         
        A/C 01419663

                                                         
        A/C Name: NYLTD Funds Control - Stars West

                                                         
        Ref: Fremont 2006-1 Cap

      

      5. Office:

      

      
        	 	
                Party
                  A is acting through its New York Office for the purposes of this
                  Transaction.

              

      

      

      
        	
                6.
                  

              	 

      

      Please
        confirm that the forgoing correctly sets forth the terms of our agreement
        by
        having an authorized officer sign this Confirmation and return it via facsimile
        to:

      

      HSBC
        Bank
        USA, National Association

      Swap
        Documentation

      Attention:   
        Christian
        McGreevy

      Telephone: 
        (212)
        525-8710

      Fax:  (212)
        525-5517

      

      Please
        direct all settlement inquiries to:

      

      HSBC
        Bank
        USA, National Association

      Derivative
        Settlements

      Attention:   
        Jeffrey
        Lombino

      Telephone: 
        (212)
        525-5393

      Fax:  (212)
        525-6903

      

      

      This
        message will be the only form of Confirmation dispatched by us. Please execute
        and return it to us by facsimile immediately. If you wish to exchange hard
        copy
        forms of this Confirmation, please contact us.

      

      

      Yours
        sincerely,

      

      HSBC
        BANK
        USA, NATIONAL ASSOCIATION

      

      

      

      By:
        _________________________ 

      Authorized
        Signature 

      

      

      Confirmed
        as of the date first written above:

      

      

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS
        TRUSTEE ON BEHALF OF THE FREMONT HOME LOAN TRUST 2006-1, ASSET-BACKED
        CERTIFICATES, SERIES 2006-1

      

      

      

      

      By:
        ________________________

      Name:

      Title:

      Attachment

       

       

      
        
          
          

        

        
          
          

          
            

          

        

         

      

       

      

      Exhibit
        I

       

      

        
          	
                  For
                    the Calculation Periods

                	
                  Notional
                    Amount

                	
                  Party
                    A 

                
	
                  From
                    and including:*

                	
                  To
                    but excluding:*

                	
                  in
                    USD:

                	
                  Cap
                    Rate:

                
	
                  The
                    Effective Date

                	
                  May
                    25, 2006

                	
                  987,763,000.00

                	
                  5.66219%

                
	
                  May
                    25, 2006

                	
                  June
                    25, 2006

                	
                  981,341,686.00

                	
                  7.67117%

                
	
                  June
                    25, 2006

                	
                  July
                    25, 2006

                	
                  973,714,586.00

                	
                  7.92665%

                
	
                  July
                    25, 2006

                	
                  August
                    25, 2006

                	
                  964,890,954.00

                	
                  7.67070%

                
	
                  August
                    25, 2006

                	
                  September
                    25, 2006

                	
                  954,884,609.00

                	
                  7.67041%

                
	
                  September
                    25, 2006

                	
                  October
                    25, 2006

                	
                  943,713,771.00

                	
                  7.92574%

                
	
                  October
                    25, 2006

                	
                  November
                    25, 2006

                	
                  931,401,067.00

                	
                  7.66970%

                
	
                  November
                    25, 2006

                	
                  December
                    25, 2006

                	
                  917,973,497.00

                	
                  7.92492%

                
	
                  December
                    25, 2006

                	
                  January
                    25, 2007

                	
                  903,462,388.00

                	
                  7.66882%

                
	
                  January
                    25, 2007

                	
                  February
                    25, 2007

                	
                  887,904,294.00

                	
                  7.66831%

                
	
                  February
                    25, 2007

                	
                  The
                    Termination Date

                	
                  871,342,021.00

                	
                  8.48930%

                

        

      

      

      

      *
        All
        dates listed above (with the exception of the Effective Date), are subject
        to
        adjustment in accordance with the Following Business Day Convention

      

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      P

     

    FORM
      OF
      ANNUAL STATEMENT AS TO COMPLIANCE

     

    ___________________
      Trust, Series 200_-___

     

    _______________
      Pass-Through Certificates

     

    I,
      _____________________, hereby certify that I am a duly appointed
      __________________________ of _______________________________ (the
“[Servicer]”), and further certify as follows:

     

    1. This
      certification is being made pursuant to the terms of the Pooling and Servicing
      Agreement, dated as of ____________, _____ (the “Agreement”), among
      ______________________, as depositor, the [Servicer], as [servicer] and
      ________________, as trustee.

     

    2. I
      have
      reviewed the activities of the [Servicer] during the preceding year and the
      [Servicer’s] performance under the Agreement and to the best of my knowledge,
      based on such review, the [Servicer] has fulfilled all of its obligations under
      the Agreement throughout the year.

     

    Capitalized
      terms not otherwise defined herein have the meanings set forth in the
      Agreements.

     

    Dated:
      _________________

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      _____________.

     

    
      	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

     

    I,
      _________________________, a (an) __________________ of the [Servicer], hereby
      certify that _________________ is a duly elected, qualified, and acting
      _______________________ of the [Servicer] and that the signature appearing
      above
      is his/her genuine signature.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Certificate as of
      ______________.

     

    
      	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      Q

    

    FORM
      OF
      INTEREST RATE SWAP AGREEMENT

     

     

     

    
      

      

      

      HSBC
        Bank
        USA, National Association  

      452
        Fifth
        Avenue     

      New
        York,
        NY 10018    

      Fax:
        (212) 525-0673

      
        

        April
          12,
          2006

         

        Deutsche
          Bank National Trust Company,

        not
          individually, but solely as 

        Supplemental
          Interest Trust Trustee 

        on
          behalf
          of the Supplemental Interest Trust 

        (each
          as
          defined herein) with respect to 

        Fremont
          Home Loan Trust 2006-1,

        Asset-Backed
          Certificates, Series 2006-1

        

        c/o
          Deutsche Bank National Trust Company

        1761
          E.
          St. Andrew Place

        Santa
          Ana. CA 92705

        Attn:
          Trust Admin, Fremont Home Loan Trust 2006-1

        

        Tel:
          714-247-6000

        Fax:
          714-247-6329

        

        Subject: Interest
          Rate Swap

        

        Transaction
          Reference Number: 395081HN

        
           

          
            

          

        

         

        The
          purpose of this letter agreement (this “Confirmation”) is to confirm the terms
          and conditions of the Transaction entered into between us on the Trade
          Date
          specified below, and subsequently amended as set out below (the
          “Transaction”) between HSBC Bank USA, N.A. (“HSBC”) and Deutsche Bank National
          Trust Company, not individually, but solely as Supplemental Interest Trust
          Trustee (“Supplemental Interest Trust Trustee”) on behalf of the Supplemental
          Interest Trust (“Supplemental Interest Trust”) with respect to Fremont Home Loan
          Trust 2006-1, Asset-Backed Certificates, Series 2006-1 (“Certificates”)
          (“Counterparty”). This Confirmation constitutes a “Confirmation” as referred to
          in the ISDA Form Master Agreement (as defined below), as well as a “Schedule” as
          referred to in the ISDA Form Master Agreement. In this Confirmation “Party A”
means HSBC and “Party B” means Fremont Home Loan 2006-1.

         

        1. This
          Agreement is subject to and incorporates the 2000 ISDA Definitions (the
          “Definitions”), as published by the International Swaps and Derivatives
          Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
          in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
          (Multicurrency—Cross Border) form (the
          “ISDA Form Master Agreement”) but, rather, an ISDA Form Master Agreement shall
          be deemed to have been executed by you and us on the date we entered into
          the
          Transaction. In the event of any inconsistency between the provisions of
          this
          Agreement and the Definitions or the ISDA Form Master Agreement, this Agreement
          shall prevail for purposes of the Transaction. Terms used and not otherwise
          defined herein, in the ISDA Form Master Agreement
          or the Definitions shall have the meanings assigned to them in the Pooling
          and
          Servicing Agreement, dated as of April 1, 2006, among Financial Asset Securities
          Corp. as depositor, Wells Fargo Bank, N.A., as servicer and Deutsche Bank
          National Trust Company, as trustee (the “Pooling and Servicing Agreement”). Each
          reference to a “Section” or to a “Section” “of this Agreement” will be construed
          as a reference to a Section of the 1992 ISDA Form Master Agreement.

        

        Each
          of
          Party A and Party B represents to the other that it has entered into this
          Transaction in reliance upon such tax, accounting, regulatory, legal, and
          financial advice as it deems necessary and not upon any view expressed
          by the
          other and, in the case of Party B, it has entered into this transaction
          pursuant
          to the direction received by it pursuant to the Pooling and Servicing
          Agreement.

        

        
          	
                  2.

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

                

        

        

        Notional
          Amount:                                                   
The
          amount as set forth in Exhibit I, which is attached hereto and incorporated
          by
          reference into this Confirmation

        

        Trade
          Date:                                                              
April
          7,
          2006

        

        Effective
          Date:                                                         
March
          26,
          2007

        

        Termination
          Date:                                                    June
          25,
          2010, subject to adjustment in accordance with the Following Business Day
          Convention.

        

        Fixed
          Amounts:

        

        Fixed
          Rate
          Payer:                                     
Party
          B

        

        Fixed
          Rate Payer 

        Payment
          Dates:                                       
The
          25th
          calendar
          day of each month, commencing on April 25, 2007 and ending on the Termination
          Date, inclusive, subject to adjustment in accordance with the Following
          Business
          Day Convention

        

        Fixed
          Rate:                                                
5.100000
          %

        

        Fixed
          Amount:                                         
To
          be
          determined in accordance with the Following formula: 250 * Fixed Rate *
          Notional
          Amount * Fixed Rate Day Count Fraction.

        

        Fixed
          Rate Day

        Count
          Fraction:                                       
30/360

        

        Floating
          Amounts:

        

        Floating
          Rate
          Payer:                               
Party
          A

        

        Floating
          Rate Payer

        Payment
          Dates:                                       
The
          25th
          calendar day of each month, commencing on April 25, 2007 and ending on
          the
          Termination Date, inclusive, subject to adjustment in accordance with the
          Following Business Day Convention

        

        Floating
          Rate
          Option:                             
USD-LIBOR-BBA

        

        Floating
          Amount:                                   
To
          be
          determined in accordance with the following formula: 250 * Floating Rate
          Option
          * Notional Amount * Floating Rate Day Count Fraction

        

        Floating
          Rate for Initial

        Calculation
          Period:                                  
To
          be
          determined

        

        Designated
          Maturity:                             
One
          month

        

        Spread:                                                      
          None

        

        Floating
          Rate

        Day
          Count
          Fraction:                               
Actual/360

        

        Reset
          Dates:                                             
The
          first
          day of each Calculation Period

        

        Compounding:                                         
          Inapplicable

        

        Business
          Days:                                                       
New
          York

        

        Calculation
          Agent:                                                  
Party
          A

        

        Additional
          Payments:                                           
Party
          B
          agrees to pay USD 1,295,000.00 to Party A for value April 13, 2006, subject
          to
          adjustment in accordance with the Following Business Day Convention

         

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

         

        1)  The
          parties agree that subparagraph (ii) of Section 2(c) of the ISDA Form Master
          Agreement will apply to any Transaction.

         

        2)  Termination
          Provisions.
          For
          purposes of the ISDA Form Master Agreement:

         

        (a)  “Specified
          Entity”
          is not
          applicable to Party A or Party B for any purpose.

         

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

         

        (c)  The
          “Cross
          Default”
          provisions of Section 5(a)(vi) shall not apply to Party A or Party
          B.

         

        (d)  The
          “Credit
          Event Upon Merger”
          provisions of Section 5(b)(iv) will not apply to Party A or Party
          B.

         

        (e)  With
          respect to Party B, the “Bankruptcy”
          provision of Section 5(a)(vii)(2) of the ISDA Form Master Agreement shall
          not
          apply.

         

        (f)  The
          “Automatic
          Early Termination”
          provision of Section 6(a) will not apply to Party A or to Party B.

         

        (g)  Payments
          on Early Termination.
          For the
          purpose of Section 6(e) of the ISDA Form Master Agreement:

         

        (i)  Market
          Quotation will apply.

         

        (ii)  The
          Second Method will apply.

         

        (h)  “Termination
          Currency” means United States Dollars.

         

        (i)  Events
          of Default.
          The
          provisions of Sections 5(a)(ii), 5(a)(iii) and 5(a)(iv) shall not apply
          to Party
          B. The provisions of Sections 5(a)(ii) and 5(a)(iv) shall not apply to
          Party
          A.

         

        (j)  Tax
          Event.
          The
          provisions of Section 2(d)(i)(4) and 2(d)(ii) of the printed ISDA Form
          Master
          Agreement shall not apply to Party B and Party B shall not be required
          to pay
          any additional amounts referred to therein.

        

        3)  Tax
          Representations.

         

        (a)  Payer
          Representations.
          For the
          purpose of Section 3(e) of the ISDA Form Master Agreement, Party A and
          Party B
          will make the following representations:

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of the ISDA Form Master
          Agreement) to be made by it to the other party under this Agreement. In
          making
          this representation, it may rely on:

        

        (i)  the
          accuracy of any representations made by the other party pursuant to Section
          3(f)
          of the ISDA Form Master Agreement;

         

        (ii)  the
          satisfaction of the agreement contained in Section 4(a)(iii) of the ISDA
          Form
          Master Agreement and the accuracy and effectiveness of any document provided
          by
          the other party pursuant to Section 4(a)(iii) of the ISDA Form Master Agreement;
          and

         

        (iii)  the
          satisfaction of the agreement of the other party contained in Section 4(d)
          of
          the ISDA Form Master Agreement, provided that it shall not be a breach
          of this
          representation where reliance is placed on clause (ii) and the other party
          does
          not deliver a form or document under Section 4(a)(iii) by reason of material
          prejudice to its legal or commercial position.

         

        (b)  Payee
          Representations.
          For the
          purpose of Section 3(f) of the ISDA Form Master Agreement, each of Party
          A and
          Party B make the following representations.

         

        The
          following representation will apply to Party A:

         

        Party
          A
          is a national banking association organized under the federal laws of the
          United
          States and its U.S. taxpayer identification number is 20-1177241.

         

        The
          following representation will apply to Party B:

         

        The
          beneficial owner of the payments made to it under the Agreement is
          either
          (i) a “U.S. person” (as that term is used in Section 1.1441-4(a)(3)(ii) of the
          United States Treasury Regulations) for U.S. federal income tax purposes
          or (ii)
          a “non-U.S. branch of a foreign person” (as that term is used in Section
          1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for U.S.
          federal
          income tax purposes and a “foreign person” (as that term is used in Section
          1.6041-4(a)(4) of the United States Treasury Regulations) for U.S. federal
          income tax purposes.

        

        4)  [Reserved]

        

        5)  Documents
          to be Delivered.
          For the
          purpose of Section 4(a)(i) and 4(a)(iii): 

         

        (1)  
          Tax
          forms, documents, or certificates to be delivered are:

         

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to Be delivered

                
	
                  Party
                    A and Party
                    B

                	
                  Any
                    document required or reasonably requested to allow the other
                    party to make
                    payments under this Agreement without any deduction or withholding
                    for or
                    on the account of any Tax or with such deduction or withholding
                    at a
                    reduced rate.

                	
                  Promptly
                    after the earlier of (i) reasonable demand by either party or
                    (ii)
                    learning that such form or document is
                    required.

                

        

        

        

        (2)  
          Other
          documents to be delivered are:

         

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to Be delivered

                	
                  Covered
                    by Section 3(d) Representation

                
	
                  Party
                    A and Party B

                	
                  Any
                    documents to evidence the authority of the delivering party for
                    it to
                    execute and deliver this Confirmation.

                	
                  Upon
                    the execution and delivery of this Agreement and such
                    Confirmation.

                	
                  Yes

                
	
                  Party
                    A and Party B

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    this
                    Confirmation.

                	
                  Upon
                    the execution and delivery of this Confirmation.

                	
                  Yes

                
	
                  Party
                    A

                	
                  Legal
                    opinion(s) with respect to such party and its Credit Support
                    Provider, if
                    any, for it, reasonably satisfactory in form and substance to
                    the other
                    party relating to the enforceability of the party’s obligations under this
                    Agreement.

                	
                  Upon
                    the execution and delivery of this Agreement.

                	
                  No

                
	
                  Party
                    A and Party B

                	
                  Indemnification
                    agreement executed by each of Party A and Financial Asset Securities
                    Corp.
                    with respect to information included in any free writing prospectus
                    and
                    the prospectus supplement 
related to the Class A Certificates and
                    Class M Certificates.

                	
                  Concurrently
                    with the printing of any preliminary prospectus supplement and
                    the
                    prospectus supplement related to the Class A and Class M
                    Certificates.

                	
                  No

                
	
                  Party
                    A

                	
                  A
                    copy of the most recent annual report of such party (only if
                    available)
                    and its Credit Support Provider, if any, containing in all cases
                    audited
                    consolidated financial statements for each fiscal year certified
                    by
                    independent certified public accountants and prepared in accordance
                    with
                    generally accepted accounting principles in the United States
                    or in the
                    country in which such 
party is organized.

                	
                  Promptly
                    after request by the other party.

                	
                  Yes

                
	
                  Party
                    B

                	
                  Each
                    other report or other document required to be delivered by or
                    to Party B
                    under the terms of the Pooling and Servicing Agreement, other
                    than those
                    required to be delivered directly by the Trustee to Party A
                    thereunder.

                	
                  Promptly
                    upon request by Party A, or with respect to any particular type
                    of report
                    or other document as to which Party A has previously made request
                    to
                    receive all reports or documents of that type, promptly upon
                    delivery or
                    receipt of such report or document by Party B.

                	
                  Yes

                

        

        

         

        6)  Other
          Provisions.

         

        (a)  Address
          for Notices:
          For the
          purposes of Section 12(a) of this Agreement: 

         

        Address
          for notices or communications to Party A:

         

        Address: 452
          Fifth
          Avenue, New York, NY 10018

        Attention:   Christian
          McGreevy

        Facsimile:   
          212-525-8710

        Telephone:
          212-525-5517

         

        Please
          direct all settlement inquiries to:

        

        HSBC
          Bank
          USA, National Association

        Derivative
          Settlements

        Attention:   
          Jeffrey
          Lombino

        Telephone: 
          (212)
          525-5393

        Fax:  (212)
          525-6903

        

        Address
          for notices or communications to Party B:

        

        Address:               
          Fremont
          Home Loan Trust 2006-1

        c/o
          Deutsche Bank National Trust Company

        1761
          E.
          St. Andrew Place

        Santa
          Ana, CA 92705

        Attn:
          Trust Admin, Fremont Home Loan Trust 2006-1

        Facsimile
          No.: 714-247-6329

        Telephone
          No: 714-247-6000

        

         

        (For
          all
          purposes)

         

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

         

        Party
          A
          appoints as its Process Agent: Not Applicable

        Party
          B
          appoints as it Process Agent: Not Applicable

        

        (c)  Offices.
          The
          provisions of Section 10(a) will not apply to this Agreement; for purposes
          of
          this Transaction, it will be deemed that neither Party A nor Party B has
          any
          Offices other than as set forth in the Notices Section and Party A agrees
          that,
          for purposes of Section 6(b) of the ISDA Form Master Agreement, it shall
          be
          deemed not to have any Office other than one in the United States.

         

        (d)  Multibranch
          Party.
          For the
          purpose of Section 10(c) of the ISDA Form Master Agreement:

         

        Party
          A
          is not a Multibranch Party.

         

        Party
          B
          is not a Multibranch Party.

         

        (e)  Calculation
          Agent.
          The
          Calculation Agent is Party A; provided
          however,
          if an
          Event of Default has occurred with respect to Party A, then Party B or
          a
          Reference Market-maker designated by Party B shall be Calculation
          Agent.

         

        (f)  Credit
          Support Document.
          Initially with respect to Party A, not applicable; however,
          if
          required pursuant to Paragraph 3(6)(q)(iv) hereof, a guaranty satisfactory
          to
          Party B and the Rating Agencies. With respect to Party B, not applicable.
          

         

        (g)  Credit
          Support Provider.

         

        Party
          A:
          Not Applicable

         

        Party
          B:
          Not Applicable

         

        (h)  Governing
          Law.
          The
          parties to this ISDA Agreement hereby agree that the law of the State of
          New
          York shall govern their rights and duties in whole, without regard to the
          conflict of law provisions thereof other than New York General Obligations
          Law
          Sections 5-1401 and 5-1402.

         

        (i)  Non-Petition.
          Party A
          hereby irrevocably and unconditionally agrees that it will not institute
          against, or join any other person in instituting against or cause any other
          person to institute against the Fremont Home Loan Trust 2006-1, any bankruptcy,
          reorganization, arrangement, insolvency, or similar proceeding under the
          laws of
          the United States, or any other jurisdiction for the non-payment of any
          amount
          due hereunder or any other reason until the payment in full of the Certificates
          and the expiration of a period of one year plus ten days (or, if longer,
          the
          applicable preference period) following such payment.

         

        (j)  Non-Recourse
          Provisions.
          

         

        Notwithstanding
          any provision herein or in the ISDA Form Master Agreement to the contrary,
          the
          obligations of Party B hereunder are limited recourse obligations of the
          Party
          B, payable solely
          from the Swap Account (as defined in the Pooling and Servicing Agreement)
          and
          the proceeds thereof to satisfy Party B’s obligations hereunder. In the event
          that the Swap Account and proceeds thereof should be insufficient to satisfy
          all
          claims outstanding and following the realization of the Swap Account and
          the
          distribution of the proceeds thereof in accordance with the Indenture,
          any
          claims against or obligations of Party B under the ISDA Form Master Agreement
          or
          any other confirmation thereunder, still outstanding shall be extinguished
          and
          thereafter not revive.

         

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

         

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition.

         

        (l)  Consent
          to Recording.
          Each
          party hereto consents to the monitoring or recording, at any time and from
          time
          to time, by the other party of any and all communications between officers
          or
          employees of the parties, waives any further notice of such monitoring
          or
          recording, and agrees to notify its officers and employees of such monitoring
          or
          recording.

         

        (m)  Waiver
          of Jury Trial.
          Each
          party to this Agreement respectively waives any right it may have to a
          trial by
          jury in respect of any Proceedings relating to this Agreement, any Credit
          Support Document or any of the transactions contemplated hereby.

         

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

         

        (o)  “Affiliate”
          will
          have the meaning specified in Section 14 of the ISDA Form Master Agreement,
          provided that Party A and Party B shall be deemed to not have any Affiliates
          for
          purposes of this Agreement, including for purposes of Section
          6(b)(ii).

         

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

         

        “(g)
          Relationship
          Between Parties.

        Each
          party represents to the other party on each date when it enters into a
          Transaction that:--

         

        (1)   Nonreliance.
          (i) It
          is not relying on any statement or representation of the other party regarding
          the Transaction (whether written or oral), other than the representations
          expressly made in this Agreement or the Confirmation in respect of that
          Transaction and (ii) it has consulted with its own legal, regulatory, tax,
          business, investment, financial and accounting advisors to the extent it
          has
          deemed necessary, and it has made its own investment, hedging and trading
          decisions based upon its own judgment and upon any advice from such advisors
          as
          it has deemed necessary and not upon any view expressed by the other
          party.

         

        (2)   Evaluation
          and Understanding.

         

        (i)   It
          has
          the capacity to evaluate (internally or through independent professional
          advice)
          the Transaction and has made its own decision to enter into the Transaction
          and
          in the case of Party B, it has been directed by the Pooling and Servicing
          Agreement to enter into this Transaction; and

         

        (ii)   It
          understands the terms, conditions and risks of the Transaction and is willing
          and able to accept those terms and conditions and to assume those risks,
          financially and otherwise.

         

        (3)   Purpose.
          It is
          entering into the Transaction for the purposes of managing its borrowings
          or
          investments, hedging its underlying assets or liabilities or in connection
          with
          a line of business.

         

        

        (4) Status
          of Parties.
          The
          other party is not acting as agent, fiduciary or advisor for it in respect
          of
          the Transaction,

        

        (5) Eligible
          Contract Participant.
          It is
          an “eligible swap participant” as such term is defined in Section 35.1(b)(2) of
          the regulations (17 C.F.R 35) promulgated under, and it constitutes an
“eligible
          contract participant” as such term is defined in Section 1(a)12 of the Commodity
          Exchange Act, as amended.”

        

        (q)
          The
          ISDA Form Master Agreement is hereby amended as follows

        

        (i) The
          word
“third” shall be replaced by the word “second” in the third line of
          Section 5(a)(i) of the ISDA Form Master Agreement.

        

        (ii)  Transfer,
          Amendment and Assignment.
          No
          transfer, amendment, waiver, supplement, assignment or other modification
          of
          this Transaction shall be permitted by either party (other than a change
          of
          Counterparty in connection with a change of Trustee in accordance with
          the
          Pooling and Servicing Agreement) unless each of Standard and Poor’s, a Division
          of the McGraw Hill Companies, Inc. (“S&P”) “Moody’s” means Moody’s Investors
          Service, Inc. has been provided notice of the same and confirms in writing
          (including by facsimile transmission) that it will not downgrade, qualify,
          withdraw or otherwise modify its then-current rating of the
          Certificates.

         

        (iii) Additional
          Termination Events. Additional
          Termination Events will apply: 

        

        (a)  
          If a
          Rating Agency Downgrade has occurred and Party A has not complied with
          Paragraph
          3(6)(q)(iv) below, then an Additional Termination Event shall have occurred
          with
          respect to Party A and Party A shall be the sole Affected Party with respect
          to
          such an Additional Termination Event. 

         

        (b)
          If,
          at any time, the Terminator purchases the Mortgage Loans pursuant to Section
          10.01 of the Pooling and Servicing Agreement, then an Additional Termination
          Event shall have occurred with respect to Party B with
          Party B as the sole Affected Party with respect to such Additional Termination
          Event. Notwithstanding
          the provisions of section 6(b)(iv) of the Form Master Agreement, either
          Party A
          or Party B may designate an Early Termination Date in respect of this Additional
          Termination Event. 

        

        (c)
           If,
          upon
          the occurrence of a Swap Disclosure Event (as defined in Paragraph 3(6)(u)
          below) Party A has not, within five (5) Business Days after such Swap Disclosure
          Event complied with any of the provisions set forth in Paragraph 3(6)(u)(iii)
          below, then an Additional Termination Event shall have occurred with respect
          to
          Party A and Party A shall be the sole Affected Party with respect to such
          Additional Termination Event.

        

        (iv) Rating
          Agency Downgrade.
          In
          the
          event that Party A’s short-term unsecured and unsubordinated debt rating is
          reduced below "A-1" by S&P (or if its short-term rating is not available by
          S&P, in the event that its long-term unsecured and unsubordinated debt
          rating is withdrawn or reduced below “A+” by S&P), or Party A’s short-term
          unsecured and unsubordinated debt rating is reduced to or below “P1 on watch for
          downgrade” by Moody’s or Party A’s long-term unsecured and unsubordinated debt
          rating is reduced to or below “A1 on watch for downgrade” by Moody’s (or if its
          short-term rating by Moody’s is not available, in the event that its long-term
          unsecured and unsubordinated debt rating is reduced to or below “Aa3 on watch
          for downgrade” by Moody’s) such rating thresholds, “Approved Rating
          Thresholds”), then within 30 days after such rating withdrawal or downgrade
          (unless, within 30 days after such withdrawal or downgrade S & P has
          reconfirmed its rating for the Certificates which was in effect immediately
          prior to such withdrawal or downgrade), Party A shall, subject to the Rating
          Agency Condition, at its own expense: 

        

        (a) assign
          this Transaction to another counterparty, which counterparty shall have
          the
          Approved Rating Thresholds and shall have been approved by Party B on terms
          substantially similar to the terms of this Confirmation;

        

        (b) obtain
          a
          guaranty of, or a contingent agreement of another person with the Approved
          Rating Thresholds, to honor Party A’s obligations under this Confirmation;
          provided that such other person has been approved by Party B; 

        

        (c) post
          collateral which will be sufficient to S & P and Moody’s to maintain or
          restore the ratings of the Certificates existing immediately prior to such
          withdrawal or downgrade of Party A’s ratings; or

        

        (d) establish
          any other arrangement satisfactory to S & P and Moody’s, in each case,
          sufficient to maintain or restore the ratings of the Certificates existing
          immediately prior to such withdrawal or downgrade of Party A’s
          ratings.

        

        Notwithstanding
          the previous paragraph, in the event that Party A’s short-term unsecured and
          unsubordinated debt rating is withdrawn or reduced below “A-3” by S&P or, if
          there is no short-term rating, its long-term unsecured and unsubordinated
          debt
          rating is withdrawn or reduced below “BBB-” by S&P, then within 10 days of
          such rating withdrawal or downgrade (unless, within 10 days after such
          withdrawal or downgrade S&P has reconfirmed the rating of the Notes which
          was  in effect immediately prior to such withdrawal or downgrade), Party A
          shall, subject to the Rating Agency Condition, at its own expense, assign
          this
          Transaction to another counterparty with the Approved Rating Thresholds
          on terms
          substantially similar to this Confirmation and obtain a confirmation from
          S&P that such action is sufficient to maintain or restore the immediately
          prior ratings of the Certificates.

        

        For
          purposes of these provisions, “Rating Agency Condition” means, with respect to
          any particular proposed act or omission to act hereunder in connection
          with a
          withdrawal or downgrade of any of Party A’s ratings as described above that
          Party A must consult with and receive from S
&
P
          and Moody’s a written confirmation, prior to taking any such action, that such
          withdrawal or downgrade of any of Party A’s ratings, after giving effect to any
          such proposed action or omission, would not cause a downgrade or withdrawal
          of
          the ratings of the Certificates existing immediately prior to such withdrawal
          or
          downgrade of Party A’s ratings.

        

        (r)
          Limitation
          of Liability.
          It is
          expressly understood and agreed by the parties hereto that (a) this Agreement
          is
          executed and delivered by Deutsche Bank National Trust Company (“Deutsche
          Bank”), not individually or personally but solely as Supplemental Interest Trust
          Trustee on behalf of the Supplemental Interest Trust, in the exercise of
          the
          powers and authority conferred and vested in it, (b) each of the
          representations, undertakings and agreements herein made on the part of
          Deutsche
          Bank is made and intended not as personal representations, undertakings
          and
          agreements by Deutsche Bank but is made and intended for the purpose of
          binding
          only the Supplemental Interest Trust, (c) nothing herein contained shall
          be
          construed as creating any liability on Deutsche Bank, individually or
          personally, to perform any covenant either expressed or implied contained
          herein, all such liability, if any, being expressly waived by the parties
          hereto
          and by any Person claiming by, through or under the parties hereto, and
          (d)
          under no circumstances shall Deutsche Bank be personally liable for the
          payment
          of any indebtedness or expenses of the Supplemental Interest Trust or be
          liable
          for the breach or failure of any obligation, representation, warranty or
          covenant made or undertaken by the Supplemental Interest Trust under this
          Agreement or any other related documents.

        

        (s)
          Pooling and Servicing Agreement.
          Party
          A
          hereby agrees that, notwithstanding any provision of this agreement to
          the
          contrary, Party B’s obligations to pay any amounts owing under this Agreement
          shall be subject to Sections 4.01 of the Pooling and Servicing Agreement
          and
          Party A’s right to receive payment of such amounts shall be subject to Sections
          4.01 of the Pooling and Servicing Agreement. 

        

        (t)
          Payment
          Instructions.
          Party A
          hereby agrees that, unless notified in writing by Party B of other payment
          instructions, any and all amounts payable by Party A to Party B under this
          Agreement shall be paid to Party B at the account specified in Section
          5.

        

        (u)
          Compliance
          with Regulation AB. 

        

        (i) Party
          A
          agrees and acknowledges that Financial Asset Securities Corp. (“the Depositor”)
          is required under Regulation AB as defined under the Pooling and Servicing
          Agreement, to disclose certain financial information regarding Party A
          or its
          group of affiliated entities, if applicable, depending on the aggregate
          “significance percentage” of this Agreement and any other derivative contracts
          between Party A or its group of affiliated entities, if applicable, and
          Counterparty, as calculated from time to time in accordance with Item 1115
          of
          Regulation AB. 

        

        (ii) It
          shall
          be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day
          after the date hereof, the Depositor requests from Party A the applicable
          financial information described in Item 1115 of Regulation AB (such request
          to
          be based on a reasonable determination by the Depositor, in good faith,
          that
          such information is required under Regulation AB) (the “Swap
          Financial Disclosure”).

         

        (iii) Upon
          the
          occurrence of a Swap Disclosure Event, Party A, at its own expense, shall
          (1)(a)
          either (i) provide to the Depositor the current Swap Financial Disclosure
          in an
          EDGAR-compatible format (for example, such information may be provided
          in
          Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
          provide written consent to the Depositor to incorporation by reference
          of such
          current Swap Financial Disclosure that are filed with the Securities and
          Exchange Commission in the reports of the Trust filed pursuant to the Exchange
          Act, (b) if applicable, cause its outside accounting firm to provide its
          consent
          to filing or incorporation by reference of such accounting firm’s report
          relating to their audits of such current Swap Financial Disclosure in the
          Exchange Act Reports of the Depositor, and (c) provide to the Depositor
          any
          updated Swap Financial Disclosure with respect to Party A or any entity
          that
          consolidates Party A within five days of the release of any such updated
          Swap
          Financial Disclosure; or (2) secure another entity to replace Party A as
          party
          to this Agreement on terms substantially similar to this Agreement and
          subject
          to prior notification to the Swap Rating Agencies, which entity (or a guarantor
          therefor) meets or exceeds the Approved Rating Thresholds and which satisfies
          the Rating Agency Condition and which entity is able to comply with the
          requirements of Item 1115 of Regulation.

        

        (iv) Party
          A
          agrees that, in the event that Party A provides Swap Financial Disclosure
          to the
          Depositor in accordance with clause (iii)(a) of Paragraph 3(6)(u) or causes
          its
          affiliate to provide Swap Financial Disclosure to the Depositor in accordance
          with clause (iii)(c) of Paragraph 3(6)(u), it will indemnify and hold harmless
          the Depositor, its respective directors or officers and any person controlling
          the Depositor, from and against any and all losses, claims, damages and
          liabilities caused by any untrue statement or alleged untrue statement
          of a
          material fact contained in such Swap Financial Disclosure or caused by
          any
          omission or alleged omission to state in such Swap Financial Disclosure
          a
          material fact required to be stated therein or necessary to make the statements
          therein, in light of the circumstances under which they were made, not
          misleading.

        

        (v) If
          the
          Depositor reasonably requests, Party A shall provide such other information
          as
          may be necessary for the Depositor to comply with Item 1115 of Regulation
          AB.

        

        (vi) the
          Depositor shall be an express third party beneficiary of this Agreement
          as if a
          party hereto to the extent of the Depositor’ rights explicitly specified in this
          Paragraph 3(6)(u).

        

        4. Account
          Details:

        

        Payments
          to Party
          A:                             
HSBC
          Bank
          USA, National Association

        ABA
          #
          021-001-088

        For
          credit to Department 299

        A/C:
          000-04929-8

        HSBC
          Derivative Products Group

        

        Payments
          to Party
          B:                              
Deutsche
          Bank Trust Company Americas

                                                           
          ABA 021-001-033

                                                           
          A/C 01419663

                                                           
          A/C Name: NYLTD Funds Control - Stars West

                                                           
          Ref: Fremont Home Loan Trust 2006-1

        

        5. Office:

        

        
          	 	
                  Party
                    A is acting through its New York Office for the purposes of this
                    Transaction.

                

        

        

        
          	
                  6.
                    

                	 

        

        Please
          confirm that the forgoing correctly sets forth the terms of our agreement
          by
          having an authorized officer sign this Confirmation and return it via facsimile
          to:

        

        HSBC
          Bank
          USA, National Association

        Swap
          Documentation

        Attention:   
          Christian
          McGreevy

        Telephone: 
          (212)
          525-8710

        Fax:  (212)
          525-5517

        

        Please
          direct all settlement inquiries to:

        

        HSBC
          Bank
          USA, National Association

        Derivative
          Settlements

        Attention:   
          Jeffrey
          Lombino

        Telephone: 
          (212)
          525-5393

        Fax:  (212)
          525-6903

         

        

        This
          message will be the only form of Confirmation dispatched by us. Please
          execute
          and return it to us by facsimile immediately. If you wish to exchange hard
          copy
          forms of this Confirmation, please contact us.

        

        Yours
          sincerely,

        

        HSBC
          BANK
          USA, NATIONAL ASSOCIATION

        

        

        By:
          _________________________ 

        Authorized
          Signature 

        

        Confirmed
          as of the date first written above:

        

        Deutsche
          Bank National Trust Company,

        not
          individually, but solely as 

        Supplemental
          Interest Trust Trustee 

        on
          behalf
          of the Supplemental Interest Trust 

        (each
          as
          defined herein) with respect to 

        Fremont
          Home Loan Trust 2006-1, 

        Asset-Backed
          Certificates, Series 2006-1

        

        

        

        By:
          ________________________

        Name:

        Title:

         

        Attachment

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        Exhibit
          I

         

        

          
            	
                    For
                      the Calculation Periods

                  	 	
                    Notional
                      Amount

                  
	
                    From
                      and including:*

                  	
                    To
                      but excluding:*

                  	
                    in
                      USD:

                  
	
                    The
                      Effective Date

                  	
                    April
                      25, 2007

                  	
                    3,240,835.01

                  
	
                    April
                      25, 2007

                  	
                    May
                      25, 2007

                  	
                    3,134,607.31

                  
	
                    May
                      25, 2007

                  	
                    June
                      25, 2007

                  	
                    3,025,000.46

                  
	
                    June
                      25, 2007

                  	
                    July
                      25, 2007

                  	
                    2,912,413.07

                  
	
                    July
                      25, 2007

                  	
                    August
                      25, 2007

                  	
                    2,797,265.74

                  
	
                    August
                      25, 2007

                  	
                    September
                      25, 2007

                  	
                    2,679,998.04

                  
	
                    September
                      25, 2007

                  	
                    October
                      25, 2007

                  	
                    2,561,065.34

                  
	
                    October
                      25, 2007

                  	
                    November
                      25, 2007

                  	
                    2,440,935.29

                  
	
                    November
                      25, 2007

                  	
                    December
                      25, 2007

                  	
                    2,320,084.25

                  
	
                    December
                      25, 2007

                  	
                    January
                      25, 2008

                  	
                    2,198,993.41

                  
	
                    January
                      25, 2008

                  	
                    February
                      25, 2008

                  	
                    2,026,227.85

                  
	
                    February
                      25, 2008

                  	
                    March
                      25, 2008

                  	
                    258,623.69

                  
	
                    March
                      25, 2008

                  	
                    April
                      25, 2008

                  	
                    248,085.26

                  
	
                    April
                      25, 2008

                  	
                    May
                      25, 2008

                  	
                    238,660.92

                  
	
                    May
                      25, 2008

                  	
                    June
                      25, 2008

                  	
                    229,608.18

                  
	
                    June
                      25, 2008

                  	
                    July
                      25, 2008

                  	
                    220,911.57

                  
	
                    July
                      25, 2008

                  	
                    August
                      25, 2008

                  	
                    212,556.31

                  
	
                    August
                      25, 2008

                  	
                    September
                      25, 2008

                  	
                    204,528.29

                  
	
                    September
                      25, 2008

                  	
                    October
                      25, 2008

                  	
                    196,814.01

                  
	
                    October
                      25, 2008

                  	
                    November
                      25, 2008

                  	
                    189,400.58

                  
	
                    November
                      25, 2008

                  	
                    December
                      25, 2008

                  	
                    182,275.64

                  
	
                    December
                      25, 2008

                  	
                    January
                      25, 2009

                  	
                    175,138.98

                  
	
                    January
                      25, 2009

                  	
                    February
                      25, 2009

                  	
                    165,281.99

                  
	
                    February
                      25, 2009

                  	
                    March
                      25, 2009

                  	
                    151,493.00

                  
	
                    March
                      25, 2009

                  	
                    April
                      25, 2009

                  	
                    146,029.65

                  
	
                    April
                      25, 2009

                  	
                    May
                      25, 2009

                  	
                    140,811.83

                  
	
                    May
                      25, 2009

                  	
                    June
                      25, 2009

                  	
                    135,780.69

                  
	
                    June
                      25, 2009

                  	
                    July
                      25, 2009

                  	
                    130,929.51

                  
	
                    July
                      25, 2009

                  	
                    August
                      25, 2009

                  	
                    126,251.81

                  
	
                    August
                      25, 2009

                  	
                    September
                      25, 2009

                  	
                    121,741.35

                  
	
                    September
                      25, 2009

                  	
                    October
                      25, 2009

                  	
                    117,392.10

                  
	
                    October
                      25, 2009

                  	
                    November
                      25, 2009

                  	
                    113,198.28

                  
	
                    November
                      25, 2009

                  	
                    December
                      25, 2009

                  	
                    109,154.29

                  
	
                    December
                      25, 2009

                  	
                    January
                      25, 2010

                  	
                    105,254.76

                  
	
                    January
                      25, 2010

                  	
                    February
                      25, 2010

                  	
                    101,494.50

                  
	
                    February
                      25, 2010

                  	
                    March
                      25, 2010

                  	
                    97,868.51

                  
	
                    March
                      25, 2010

                  	
                    April
                      25, 2010

                  	
                    94,371.98

                  
	
                    April
                      25, 2010

                  	
                    May
                      25, 2010

                  	
                    91,000.25

                  
	
                    May
                      25, 2010

                  	
                    The
                      Termination Date

                  	
                    87,748.87

                  

          

        

        

        *
          All
          dates listed above (with the exception of the Effective Date), are subject
          to
          adjustment in accordance with the Following Business Day Convention

        

      

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      R

    

    [Reserved]

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    EXHIBIT
      S

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    

    Definitions

    Primary
      Servicer - transaction party having borrower contact

    Master
      Servicer - aggregator of pool assets

    Securities
      Administrator - waterfall calculator (may be the Trustee, or may be the Master
      Servicer)

    Back-up
      Servicer - named in the transaction (in the event a Back up Servicer becomes
      the
      Primary Servicer, follow Primary Servicer obligations)

    Custodian
      - safe keeper of pool assets

    Paying
      Agent - distributor of funds to ultimate investor 

    Trustee
      -
      fiduciary of the transaction

    

    Note:
      The
      definitions above describe the essential function that the party performs,
      rather than the party’s title. So, for example, in a particular transaction, the
      trustee may perform the “paying agent” and “securities administrator” functions,
      while in another transaction, the securities administrator may perform these
      functions.

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements.

    

    Key:        
      X
      - obligation

    [X]
      - under consideration for obligation

    

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Primary
                Servicer

            	
              Master
                Servicer

            	
              Trustee

            
	 	
              General
                Servicing Considerations

            	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              To
                the extent applicable

            	
              X

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the Pool Assets are maintained. 

            	 	 	 
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	
              X

            	
              X

            	 
	 	
              Cash
                Collection and Administration

            	 	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	
              X

            	
              X

            	 
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	
              [X]

            	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              If
                applicable

            	 	 
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            
	 	
              Investor
                Remittances and Reporting

            	 	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the Servicer.
                

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	
              X

            	
              X

            
	 	
              Pool
                Asset Administration

            	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	 	
              X

            	
              X

            
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	 	
              X

            	
              X

            
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	
              X

            	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	
              X

            	 	 
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
                pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	
              X

            	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	
              X

            	 	 
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	
              X

            	 	 
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	
              X

            	
              X

            	 
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	
              X

            	
              X

            

    

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    EXHIBIT
      T

     

    FORM
      10-D, FORM 8-K AND FORM 10-K

    REPORTING
      RESPONSIBILITY

    

    As
      to
      each item described below, the entity indicated as the Responsible Party shall
      be primarily responsible for reporting the information to the Trustee pursuant
      to Section 4.07(a)(iv). If the Trustee is indicated below as to any item, then
      the Trustee is primarily responsible for obtaining that information.

    

    Under
      Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
      included in the periodic Distribution Date statement under Section 4.02,
      provided by the Trustee based on information received from the Servicer; and
      b)
      items marked “Form 10-D report” are required to be in the Form 10-D report but
      not the 4.02 statement, provided by the party indicated. Information under
      all
      other Items of Form 10-D is to be included in the Form 10-D report.

    

    
      	
              Form

            	
              Item

            	
              Description

            	
              Responsible
                Party

            
	
              10-D

            	
              Must
                be filed within 15 days of the Distribution Date.

            
	
              1

            	
              Distribution
                and Pool Performance Information

            	 
	
              Item
                1121(a) - Distribution and Pool Performance
                Information

            	 
	
              (1)
                Any applicable record dates, accrual dates, determination dates for
                calculating distributions and actual distribution dates for the
                distribution period.

            	
              4.02
                statement

            
	
              (2)
                Cash flows received and the sources thereof for distributions, fees
                and
                expenses.

            	
              4.02
                statement

            
	
              (3)
                Calculated amounts and distribution of the flow of funds for the
                period
                itemized by type and priority of payment, including:

            	
              4.02
                statement

            
	
              (i)
                Fees or expenses accrued and paid, with an identification of the
                general
                purpose of such fees and the party receiving such fees or
                expenses.

            	
              4.02
                statement

            
	
              (ii)
                Payments accrued or paid with respect to enhancement or other support
                identified in Item 1114 of Regulation AB (such as insurance premiums
                or
                other enhancement maintenance fees), with an identification of the
                general
                purpose of such payments and the party receiving such
                payments.

            	
              4.02
                statement

            
	
              (iii)
                Principal, interest and other distributions accrued and paid on the
                asset-backed securities by type and by class or series and any principal
                or interest shortfalls or carryovers.

            	
              4.02
                statement

            
	
              (iv)
                The amount of excess cash flow or excess spread and the disposition
                of
                excess cash flow.

            	
              4.02
                statement

            
	
              (4)
                Beginning and ending principal balances of the asset-backed
                securities.

            	
              4.02
                statement

            
	
              (5)
                Interest rates applicable to the pool assets and the asset-backed
                securities, as applicable. Consider providing interest rate information
                for pool assets in appropriate distributional groups or incremental
                ranges.

            	
              4.02
                statement

            
	
              (6)
                Beginning and ending balances of transaction accounts, such as reserve
                accounts, and material account activity during the period.

            	
              4.02
                statement

            
	
              (7)
                Any amounts drawn on any credit enhancement or other support identified
                in
                Item 1114 of Regulation AB, as applicable, and the amount of coverage
                remaining under any such enhancement, if known and
                applicable.

            	
              4.02
                statement

            
	
              (8)
                Number and amount of pool assets at the beginning and ending of each
                period, and updated pool composition information, such as weighted
                average
                coupon, weighted average life, weighted average remaining term, pool
                factors and prepayment amounts.

            	
              4.02
                statement

               

              Updated
                pool composition information fields to be as specified by Depositor
                from
                time to time

            
	
              (9)
                Delinquency and loss information for the period. 

               

              In
                addition, describe any material changes to the information specified
                in
                Item 1100(b)(5) of Regulation AB regarding the pool
                assets.

            	
              4.02
                statement.

               

               

              Form
                10-D report: Depositor

            
	
              (10)
                Information on the amount, terms and general purpose of any advances
                made
                or reimbursed during the period, including the general use of funds
                advanced and the general source of funds for
                reimbursements.

            	
              4.02
                statement

            
	
              (11)
                Any material modifications, extensions or waivers to pool asset terms,
                fees, penalties or payments during the distribution period or that
                have
                cumulatively become material over time.

            	
              Form
                10-D report; Servicer

            
	
              (12)
                Material breaches of pool asset representations or warranties or
                transaction covenants.

            	
              Form
                10-D report: Servicer

            
	
              (13)
                Information on ratio, coverage or other tests used for determining
                any
                early amortization, liquidation or other performance trigger and
                whether
                the trigger was met.

            	
              4.02
                statement

            
	
              (14)
                Information regarding any new issuance of asset-backed securities
                backed
                by the same asset pool, 

              [information
                regarding] any pool asset changes (other than in connection with
                a pool
                asset converting into cash in accordance with its terms), such as
                additions or removals in connection with a prefunding or revolving
                period
                and pool asset substitutions and repurchases (and purchase rates,
                if
                applicable), and cash flows available for future purchases, such
                as the
                balances of any prefunding or revolving accounts, if
                applicable.

              Disclose
                any material changes in the solicitation, credit-granting, underwriting,
                origination, acquisition or pool selection criteria or procedures,
                as
                applicable, used to originate, acquire or select the new pool
                assets.

            	
              Form
                10-D report: Depositor

               

              Form
                10-D report: Depositor

               

               

               

               

              Form
                10-D report: Depositor

            
	
              Item
                1121(b) - Pre-Funding or Revolving Period Information

              Updated
                pool information as required under Item 1121(b).

            	
              Depositor

            
	
              2

            	
              Legal
                Proceedings

            	 
	
              Item
                1117 - Legal proceedings pending against the following entities,
                or their
                respective property, that is material to Certificateholders, including
                proceedings known to be contemplated by governmental
                authorities:

              Seller

              Depositor

              Trustee

              Issuing
                entity

              Servicer

              Originator
                

              Custodian

            	
               

               

               

              Seller

              Depositor

              Trustee

              Depositor

              Servicer

              Originator

              Custodian

            
	
              3

            	
              Sales
                of Securities and Use of Proceeds

            	 
	
              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
               

               

               

              Depositor

            
	
              4

            	
              Defaults
                Upon Senior Securities

            	 
	
              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	
               

               

               

              N/A

            
	
              5

            	
              Submission
                of Matters to a Vote of Security Holders

            	 
	
              Information
                from Item 4 of Part II of Form 10-Q

            	
              Trustee

            
	
              6

            	
              Significant
                Obligors of Pool Assets

            	 
	
              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              N/A

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              7

            	
              Significant
                Enhancement Provider Information

            	 
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

              Determining
                applicable disclosure threshold

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

              N/A

              N/A

            
	
              Item
                1115(b) - Derivative Counterparty Financial Information*

              Determining
                current maximum probable exposure

              Determining
                current significance percentage

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

              [TBD]

              [TBD]

               

              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              8

            	
              Other
                Information

            	 
	
              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                below

            
	
              9

            	
              Exhibits

            	 
	
              Distribution
                report

            	
              Trustee

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            
	
              8-K

            	
              Must
                be filed within four business days of an event reportable on Form
                8-K.

            
	
              1.01

            	
              Entry
                into a Material Definitive Agreement

            	 
	
              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

              Examples:
                servicing agreement, custodial agreement.

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              Depositor

            
	
              1.02

            	
              Termination
                of a Material Definitive Agreement

            	 
	
              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

              Examples:
                servicing agreement, custodial agreement.

            	
              Depositor

            
	
              1.03

            	
              Bankruptcy
                or Receivership

            	 
	
              Disclosure
                is required regarding the bankruptcy or receivership, if known to
                the
                Depositor, Servicer or Trustee, with respect to any of the following:
                

              Sponsor
                (Seller), Depositor, Servicer, Trustee, Swap Provider, Cap Provider,
                Custodian

            	
              Depositor/Servicer/Trustee

            
	
              2.04

            	
              Triggering
                Events that Accelerate or Increase a Direct Financial Obligation
                or an
                Obligation under an Off-Balance Sheet Arrangement

            	 
	
              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the 4.02 statement

            	
              N/A

            
	
              3.03

            	
              Material
                Modification to Rights of Security Holders

            	 
	
              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Pooling and Servicing
                Agreement

            	
              Party
                requesting material modification

            
	
              5.03

            	
              Amendments
                to Articles of Incorporation or Bylaws; Change in Fiscal
                Year

            	 
	
              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”

            	
              Depositor

            
	
              5.06

            	
              Change
                in Shell Company Status

            	 
	
              [Not
                applicable to ABS issuers]

            	
              Depositor

            
	
              6.01

            	
              ABS
                Informational and Computational Material

            	 
	
              [Not
                included in reports to be filed under Section 4.07]

            	
              Depositor

            
	
              6.02

            	
              Change
                of Servicer or Trustee

            	 
	
              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                servicer, affiliated servicer, other servicer servicing 10% or more
                of
                pool assets at time of report, other material servicers, certificate
                administrator or trustee. Reg AB disclosure about any new servicer
                or
                trustee is also required.

            	
              Trustee
                or Servicer

            
	
              6.03

            	
              Change
                in Credit Enhancement or Other External Support

            	 
	
              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                Reg AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            
	
              6.04

            	
              Failure
                to Make a Required Distribution

            	
              Trustee

            
	
              6.05

            	
              Securities
                Act Updating Disclosure

            	 
	
              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              7.01

            	
              Regulation
                FD Disclosure

            	
              Depositor

            
	
              8.01

            	
              Other
                Events

            	 
	
              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to security
                holders.

            	
              Depositor

            
	
              9.01

            	
              Financial
                Statements and Exhibits

            	
              The
                Responsible Party applicable to reportable event

            
	
              10-K

            	
              Must
                be filed within 90 days of the fiscal year end for the
                registrant.

            
	
              9B

            	
              Other
                Information

            	 
	
              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              The
                Responsible Party for the applicable Form 8-K item as indicated
                above

            
	
              15

            	
              Exhibits
                and Financial Statement Schedules

            	
               

            
	
              Item
                1112(b) - Significant
                Obligor Financial Information

            	
              N/A

            
	
              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information

              Determining
                applicable disclosure threshold

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

              N/A

               

              N/A

            
	
              Item
                1115(b) - Derivative Counterparty Financial Information

              Determining
                current maximum probable exposure

              Determining
                current significance percentage

              Obtaining
                required financial information or effecting incorporation by
                reference

            	
               

              [TBD]

              [TBD]

              Depositor

            
	
              Seller

              Depositor

              Trustee

              Issuing
                entity

              Servicer

              Originator
                

              Custodian

            	
              Seller

              Depositor

              Trustee

              Issuing
                entity

              Servicer

              Originator
                

              Custodian

            
	
              Item
                1119 - Affiliations and relationships between the following entities,
                or
                their respective affiliates, that are material to
                Certificateholders:

              Seller

              Depositor

              Trustee

               

               

               

               

              Issuing
                entity

              Servicer

              Originator
                

              Custodian
                

              Credit
                Enhancer/Support Provider, if any

              Significant
                Obligor, if any

            	
               

               

              Seller

              Depositor

              Trustee
                (only
                with respect to affiliations and relationships with the sponsor,
                depositor
                or issuing entity)

              Issuing
                entity

              Servicer

              Originator
                

              Custodian
                

              Depositor

              Depositor

            
	
              Item
                1122 - Assessment of Compliance with Servicing
                Criteria

            	
              Each
                Party participating in the servicing function

            
	
              Item
                1123 -Servicer Compliance Statement

            	
              Servicer

            

    

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    SCHEDULE
      I

     

    PREPAYMENT
      CHARGE SCHEDULE

     

    Available
      Upon Request

    

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

    

    

    SCHEDULE
      II

    SWAP
      PAYMENT SCHEDULE

    

    Available
      Upon Request

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