Document:

Aircraft Time Sharing Agreement

 Exhibit 10.34 
  
 QWEST BUSINESS RESOURCES, INC. 
 AIRCRAFT TIME SHARING AGREEMENT 
  
 This Aircraft Time Sharing Agreement (“Agreement”) by and between Qwest Business Resources, Inc. (“Lessor”), a Colorado corporation whose address is 1801 California Street, Denver, Colorado 80202
and Barry Allen (“Lessee”), whose address is 256 Cook Street, Denver, Colorado 80206 (collectively the “Parties”), is effective February 14, 2006 and shall terminate on December 31, 2008, unless terminated sooner by
either party pursuant to Article 1 below. 
  
 WHEREAS, Lessor is
legal owner of an aircraft (“Aircraft”), equipped with engines and components as described in the Aircraft Subject to the Time Sharing Agreement attached hereto and made a part hereof, as Exhibit A; 
  
 WHEREAS, Lessor has the right of possession of an aircraft
(“Aircraft”), equipped with engines and components as described in the Leased Aircraft Subject to the Time Sharing Agreement attached hereto and made a part hereof, as Exhibit B; 
  
 WHEREAS, Lessor has contracted for a fully qualified flight crew to operate
the Aircraft; and 
  
 WHEREAS, Lessor desires to provide to
Lessee, and Lessee desires to have the use of said Aircraft with flight crew on a non-exclusive time sharing basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”); 
  

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 WHEREAS, this Agreement sets forth the understanding of the Parties as to the terms under which Lessor
will provide Lessee with the use, on a periodic basis, of the Aircraft as described in Exhibits A and B hereto, currently owned or operated by Lessor. 
  
 WHEREAS, the use of the Aircraft will at all times be pursuant to and in full compliance with the requirements of Federal Aviation Regulations
(“FAR”) 91.501(b)(6), 91.501(c)(1), and 91.501(d); 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Parties agree as follows: 
  
 1. Termination. 
  
 Either party may terminate this Agreement for any reason upon written notice to the other, such termination to become effective ten (10) days from the date of the notice; provided that this Agreement may be
terminated on such shorter notice as may be required to comply with applicable laws, regulations, the requirements of any financial institution with a security or other interest in the Aircraft, insurance requirements or in the event the insurance
required hereunder is not in full force and effect. 
  
 2. Use of Aircraft.

  
 (a) Lessee may use the Aircraft from time to time, with the permission
and approval of Lessor’s Flight Operations Department, for any and all purposes allowed by FAR 91.501(b)(6) at such times as the Lessor does not require the use of the Aircraft for the business purposes of Lessor or an affiliate. Lessee’s
use 

  

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shall include the use of the Aircraft by his Spouse or related family member (including children or grandchildren) (“Related Family”) if they
accompany him on the flight. 
  
 (b) Lessee represents, warrants and covenants to
Lessor that: 
  

	 	1.	Lessee will use each Aircraft for and on his own account only and will not use any Aircraft for the purposes of providing transportation of passengers or cargo in air commerce for
compensation or hire; 

  

	 	2.	Lessee shall refrain from incurring any mechanics lien or other lien in connection with inspection, preventative maintenance, maintenance or storage of the Aircraft, whether
permissible or impermissible under this Agreement, and Lessee shall not attempt to convey, mortgage, assign, lease or any way alienate the Aircraft or create any kind of lien or security interest involving the Aircraft or do anything or take any
action that might mature into such a lien; 

  

	 	3.	During the term of this Agreement, Lessee will abide by and conform to all such laws, governmental, and airport orders, rules, and regulations as shall from time to time be in
effect relating in any way to the operation and use of the Aircraft by a time-sharing Lessee; 

  
 (c) Lessee shall provide Lessor’s Flight Operations Department with notice of his desire to use the Aircraft and proposed flight schedules as far in advance of any 

  

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given flight as possible, and in any case, at least forty-eight (48) hours in advance of Lessee’s planned departure. Requests for flight time shall
be in a form, whether written or oral, mutually convenient to, and agreed upon by the Parties. In addition to the proposed schedules and flight times Lessee shall provide at least the following information for each proposed flight at some time prior
to scheduled departure as required by the Lessor or Lessor’s flight crew: 
  

	 	1.	proposed departure point; 

  

	 	2.	destination; 

  

	 	3.	date and time of flight; 

  

	 	4.	the number and identity of anticipated passengers and relationship to the Lessee; 

  

	 	5.	the nature and extent of luggage and/or cargo to be carried; 

  

	 	6.	the date and time of return flight, if any; and 

  

	 	7.	any other information concerning the proposed flight that may be pertinent or required by Lessor or Lessor’s flight crew. 

  
 (c) Lessor shall notify Lessee as to whether or not the requested use of the Aircraft can be
accommodated and, if not, the Parties shall discuss alternatives. 
  
 (d)
Lessor’s prior planned utilization of the Aircraft will take precedence over Lessee’s use. Additionally, any maintenance and inspection of the Aircraft takes precedence over scheduling of the Aircraft unless such maintenance or inspection
can be safely deferred in accordance with applicable laws and regulations and within the sound discretion of the Pilot-In-Command. 
  

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 (e) Lessor shall have sole and exclusive authority over the scheduling of the Aircraft, including which Aircraft is used
for any particular flight. 
  
 (f) Lessor shall not be liable to Lessee or any
other person for loss, injury, or damage occasioned by the delay or failure to furnish the Aircraft and crew pursuant to this Agreement for any reason. 
  
 3. Time-Sharing Arrangement. 
  
 It is intended that this Agreement will meet the requirements of a “Time Sharing Agreement” as that term is defined in FAR Part 91.501(c)(1) whereby Lessor will
lease its Aircraft and flight crew to Lessee. 
  
 4. Cost of Use of Aircraft.

  
 (a) In exchange for use of the Aircraft, Lessee shall pay
the direct operating costs of the Aircraft permitted pursuant to FAR 91.501 for any flight conducted under this Agreement or a lesser amount as mutually agreed to by the Parties. Pursuant to FAR 91.501(d), those direct operating costs
shall be limited to the following expenses for each use of the Aircraft: 
  

	 	(1)	Twice the cost of fuel, oil, lubricants and other additives; 

  

	 	(2)	Travel expenses of the crew, including food, lodging, and ground transportation. 

  

	 	(3)	Hangar and tie-down costs when the Aircraft is required by the Lessee to be away from the Aircraft’s base of operation. 

  

	 	(4)	Insurance obtained for the specific flight. 

  

	 	(5)	Landing fees, airport taxes, and similar assessments. 

  

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	 	(6)	Customs, foreign permit, and similar fees directly related to the flight. 

  

	 	(7)	In flight food and beverages. 

  

	 	(8)	Passenger ground transportation. 

  

	 	(9)	Flight planning and weather contract services. 

  

	(b)	Lessor will invoice, and Lessee will pay, for all appropriate charges. 

  

	(c)	In addition to the rental rate referenced in Section 4(a) above, Lessee shall also be assessed the Federal Excise Taxes as imposed under Section 4261 of the Internal
Revenue Code, and any segment and landing fees associated with such flight(s). 

  
 5. Invoicing and Payment. 
  
 All payments
to be made to Lessor by Lessee hereunder shall be paid in the manner set forth in this Paragraph 5. Lessor will pay to suppliers, employees, contractors and government entities all expenses related to the operations of the Aircraft hereunder in the
ordinary course. As to each flight operated hereunder, Lessor shall provide to Lessee an invoice for the charges specified in Paragraph 4 of this Agreement (plus domestic or international air transportation Excise Taxes, as applicable, imposed by
the Internal Revenue Code and collected by Lessor), such invoice to be issued within thirty (30) days after the completion of each such flight. Lessee shall pay Lessor the full amount of such invoice upon receipt of the invoice. In the event
Lessor has not received a supplier invoice for reimbursable charges relating to such flight prior to such invoicing, Lessor shall issue a supplemental invoice for such charges to Lessee within thirty (30) days of the date of receipt of the
supplier invoice and Lessee shall pay such supplemental invoice 

  

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amount upon receipt thereof. All such invoices shall separately itemize the expenses in items (1) through (9) of paragraph 4(a) for each flight
included in that invoice. Delinquent payments, defined as payments received more than thirty (30) days after invoice, to Lessor by Lessee hereunder shall bear interest at the rate of ten percent (10%) per annum from the due date until the
date of payment. Lessee shall further pay all costs incurred by Lessor in collecting any amounts due from Lessee pursuant to the provisions of this Paragraph 5 after delinquency, including court costs and reasonably attorneys’ fees. 

 
 6. Insurance and Limitation of Liability. 
  
 Lessor represents that the flight operations for the Aircraft as contemplated in this
Agreement will be covered by the Lessor’s aircraft all-risk physical damage insurance (hull Coverage), aircraft bodily injury and property damage liability insurance, passenger, pilot and crew voluntary settlement insurance and statutory
workers compensation and employer’s liability insurance. 
  
 (a) Insurance.

  

	 	1.	Lessor will maintain or cause to be maintained in full force and effect throughout the term of this Agreement aircraft liability insurance in respect of the Aircraft in an amount at
least equal to $100 million combined single limit for bodily injury to or death of persons (including passengers) and property damage liability. Lessor will retain all rights and benefits with respect to the proceeds payable under policies of hull
insurance maintained by Lessor that may be payable as a result of any incident or occurrence while an Aircraft is being operated on behalf of Lessee under this Agreement. 

  

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	 	2.	Lessor shall use best efforts to procure such additional insurance coverage as Lessee may request naming Lessee as an additional insured; provided, that the cost of such additional
insurance shall be borne by Lessee pursuant to Paragraph 4(a)(4) hereof. 

  
 (b) Limitation of Liability. Lessee agrees that the insurance specified in paragraph 6(a) shall provide its sole recourse for all claims, losses, liabilities, obligations, demands, suits, judgments or causes of action, penalties, fines,
costs and expenses of any nature whatsoever, including attorneys’ fees and expenses for or on account of or arising out of, or in any way connected with the use of the Aircraft by Lessee or its guests, including injury to or death of any
persons, including Lessee and its guests which may result from or arise out of the use or operation of the Aircraft during the term of this Agreement (“Claims”). This Section 6 shall survive termination of this Agreement. 

 
 (c) Lessee agrees that when, in the reasonable view of Lessor’s Flight Operations
Department or the pilots of the Aircraft, safety may be compromised, Lessor or the pilots may terminate a flight, refuse to commence a flight, or take other action necessitated by such safety considerations without liability for loss, injury,
damage, or delay. 
  
 (d) In no event shall Lessor be liable to Lessee or his
employees, agents, representatives, guests, or invitees for any claims or liabilities, including property damage or injury and death, and expenses, including attorney’s fees, in excess of the amount paid by Lessor’s insurance carrier in
the event of such loss. 
  

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 (e) LESSOR SHALL IN NO EVENT BE LIABLE TO LESSEE OR HIS EMPLOYEES, AGENTS, REPRESENTATIVES, GUESTS, OR INVITEES FOR ANY
INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES AND/OR PUNITIVE DAMAGES OF ANY KIND OR NATURE UNDER ANY CIRCUMSTANCES OR FOR ANY REASON INCLUDING ANY DELAY OR FAILURE TO FURNISH THE AIRCRAFT OR CAUSED OR OCCASIONED BY THE PERFORMANCE OR NON-PERFORMANCE
OF ANY SERVICES COVERED BY THIS AGREEMENT. 
  
 7. Covenants Regarding Aircraft
Maintenance. 
  
 The Aircraft has been inspected and maintained in the
twelve-month period preceding the date hereof in accordance with the provisions of FAR Part 91. Lessor shall, at its own expense, inspect, maintain, service, repair, overhaul, and test the Aircraft in accordance with FAR Part 91. The Aircraft will
remain in good operating condition and in a condition consistent with its airworthiness certification, including all FAA-issued airworthiness directives and mandatory service bulletins. In the event that any non-standard maintenance is required
during any applicable lease term, Lessor, or Lessor’s Pilot-In-Command, shall immediately notify Lessee of the maintenance required, the effect on the ability to comply with Lessee’s dispatch requirements and the manner in which the
Parties will proceed with the performance of such maintenance and conduct of the balance of the planned flight(s). 
  
 8. No Warranty. 
  
 NEITHER LESSOR (NOR ITS AFFILIATES) MAKES, HAS MADE OR SHALL BE DEEMED TO MAKE OR HAVE MADE ANY WARRANTY OR 

  

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REPRESENTATION, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO ANY AIRCRAFT TO BE USED HEREUNDER OR ANY ENGINE OR COMPONENT THEREOF INCLUDING,
WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE WITH SPECIFICATIONS, QUALITY OF MATERIALS OR WORKMANSHIP, MERCHANTABILITY, FITNESS FOR ANY PURPOSE, USE OR OPERATION, AIRWORTHINESS, SAFETY, PATENT, TRADEMARK OR COPYRIGHT INFRINGEMENT OR
TITLE. 
  
 9. Operational Control. 
  
 Lessor shall be responsible for the physical and technical operation of the Aircraft and the
safe performance of all flights and shall retain full authority and control, including exclusive operational control, and possession of the Aircraft at all times during the term of this Agreement. In accordance with applicable FARs, the qualified
flight crew provided by Lessor will exercise all required and/or appropriate duties and responsibilities in regard to the safety of each flight conducted hereunder. The Pilot-In-Command shall have absolute discretion in all matters concerning the
preparation of the Aircraft for flight and the flight itself, the load carried and its distribution, the decision whether or not a flight shall be undertaken, the route to be flown, the place where landings shall be made and all other matters
relating to operation of the Aircraft. Lessee specifically agrees that the flight crew shall have final and complete authority to delay or cancel any flight for any reason or condition which, in sole judgment of the Pilot-In-Command, could
compromise the safety of the flight and to take any other action which, in the sole judgment of the Pilot-In-Command, is necessitated by considerations of safety. No such action of the Pilot-In-Command shall create or support any liability 

  

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to Lessee or any other person for loss, injury, damages or delay. The Parties further agree that Lessor shall not be liable for delay or failure to furnish
the Aircraft and crew pursuant to this Agreement which such failure is caused by government regulation or authority, mechanical difficulty or breakdown, war, civil commotion, strikes or labor disputes, weather conditions, acts of God or other
circumstances beyond Lessor’s reasonable control. Lessee agrees that Lessor’s operation of aircraft is within the operation guidelines of the Lessor’s Flight Operations Department manual and the crews are responsible to operate within
the guidelines of FAR 91 and the Lessor’s Flight Operations Department manual. 
  
 10. Governing Law. 
  
 The Parties hereto acknowledge that this
Agreement shall be governed by and construed in all respects in accordance with the laws of the State of Colorado. 
  
 11. Counterparts. 
  
 This Agreement may be executed in one or more counterparts each of which will be deemed an original, all of which together shall constitute one and the same agreement. 
  
 12. Entire Agreement. 
  
 This Time Sharing Agreement constitutes the entire understanding among the Parties with respect to its subject matter, and there are no
representations, warranties, rights, obligations, liabilities, conditions, covenants, or agreements other than as expressly set forth herein. This Time Sharing Agreement shall supersede any prior Time Sharing Agreement between the parties, and this
Agreement shall govern any question or issue that may arise from a flight conducted or to have been conducted under a prior agreement. 
  

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 13. Notices and Communications. 
  
 All notices, requests, demands and other communications required or desired to be given hereunder shall be in writing (except as permitted
pursuant to Paragraph 2(c)) and shall be deemed to be given: (i) if personally delivered, upon such delivery; (ii) if mailed by certified mail, return receipt requested, postage pre-paid, addressed as follows (to the extent applicable for
mailing), upon the earlier to occur of actual receipt, refusal to accept receipt or three (3) days after such mailing; (iii) if sent by regularly scheduled overnight delivery carrier with delivery fees either prepaid or an arrangement,
satisfactory with such carrier, made for the payment of such fees, addressed (to the extent applicable for overnight delivery) as follows, upon the earlier to occur of actual receipt or the next “Business Day” (as hereafter defined) after
being sent by such delivery; or (iv) upon actual receipt when sent by fax, mailgram, telegram or telex: 
  
 If to LESSOR: 
  

			
	 QWEST BUSINESS RESOURCES, INC.

	 1801 California Street

	 Denver, Colorado 80202

		
	 Copy:
	  	Qwest Legal Department
	 	  	1801 California Street, 10th Floor
	 	  	Denver, Colorado 80202

  

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	 If to LESSEE:

	
	 Barry Allen

	 256 Cook Street

	 Denver, Colorado 80206

  
 Notices given by other means shall be
deemed to be given only upon actual receipt. Addresses may be changed by written notice given as provided herein and signed by the party giving the notice. 
  
 14. Further Acts. 
  
 LESSOR and LESSEE shall from time to time perform such other and further acts and execute such other and further instruments as may be required by law or may be reasonably necessary to: (i) carry out the intent
and purpose of this Agreement; and (ii) establish, maintain and protect the respective rights and remedies of the other party. 
  
 15. Successors and Assigns. 
  
 Neither this Agreement nor any party’s interest herein shall be assignable to any other party whatsoever, except that Lessor may assign its interest hereunder to an
affiliate without the consent of the Lessee. This Agreement shall inure to the benefit of and be binding upon the Parties hereto, their heirs, representatives and successors. 
  
 16. Severability. 
  
 In the event that any one or more of the provisions of the Agreement shall for any reason be held to be invalid, illegal, or unenforceable, those provisions shall be
replaced by provisions acceptable to both Parties to this Agreement. 
  

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 17. Flight Crew. 
  
 Lessor is responsible for providing a qualified flight crew for all flight operations under this Agreement. The Lessor will furnish two experienced and competent pilots
who shall be under the direction and control of the Lessor at all times. 
  
 18. Base of Operations. 
  
 For purposes of this Agreement, the
base of operation of the Aircraft is Centennial Airport, Denver, Colorado; provided, that such base may be changed permanently upon notice from Lessor to Lessee. 
  
 19. Taxes. 
  
 The Parties acknowledge that reimbursement of all items specified in Paragraph 4, except for subsections (7) and (8) thereof, are subject to the Federal Excise
Tax imposed under Internal Revenue Code 4261 (the “Commercial Transportation Tax”). Lessee shall pay to Lessor (for payment to the appropriate governmental agency) any Commercial Transportation Tax applicable to flights of the
Aircraft conducted hereunder. Lessee shall indemnify Lessor for any claims related to the Commercial Transportation Tax to the extent that Lessee has paid Lessor the amounts necessary to pay such taxes. 
  
 20. Title and Right of Possession. 
  
 Legal title to the Aircraft in Exhibit A shall remain in the Lessor at all times. Lessor has
the right of possession to the Aircraft in Exhibit B pursuant to an Aircraft Lease Agreement. Nothing herein shall constitute a transfer of Lessor’s possessory rights to the Aircraft. 
  

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 21. Truth-in-Leasing. 
  
 The Lessor shall mail a copy of this Agreement for and on behalf of both Parties to: Flight Standards Technical Division, P.O. Box 25724, Oklahoma City, Oklahoma 73125,
within twenty-four (24) hours of its execution, as provided by FAR 91.23(c)(1). Additionally, Lessor agrees to comply with the notification requirements of FAR Section 91.23 by notifying by telephone or in person the Rocky Mountain FAA
Flight Standards District Office at least forty-eight (48) hours prior to the first flight under this Agreement. 
  
 (a) LESSOR CERTIFIES THAT THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED WITHIN THE 12-MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT IN
ACCORDANCE WITH THE PROVISIONS OF PART 91 OF THE FEDERAL AVIATION REGULATIONS AND THAT ALL APPLICABLE REQUIREMENTS FOR THE AIRCRAFT’S MAINTENANCE AND INSPECTION THEREUNDER WILL BE MET AND ARE VALID FOR THE OPERATIONS TO BE CONDUCTED UNDER THIS
AGREEMENT DURING THE DURATION OF THIS AGREEMENT. 
  
 (b) LESSOR, WHOSE ADDRESS APPEARS IN PARAGRAPH 13 ABOVE AND WHOSE AUTHORIZED SIGNATURE APPEARS BELOW, AGREES, CERTIFIES AND ACKNOWLEDGES THAT WHENEVER THE AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, LESSOR SHALL BE KNOWN AS, CONSIDERED
AND SHALL IN FACT BE THE OPERATOR OF THE AIRCRAFT AND THAT LESSOR UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
  

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 (c) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF FACTORS AND PERTINENT FEDERAL AVIATION REGULATIONS
BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 
  
 IN WITNESS WHEREOF, the Parties hereto have each caused this Agreement to be duly executed on February 14, 2006. 
  

			
	 LESSOR:

	
	 Qwest Business Resources, Inc.

	
	  

		
	 By:
	 	  

	 Its:
	 	  

	
	 LESSEE:

	
	 Barry Allen

	
	  

  

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 EXHIBIT A 
  

Qwest Business Resources, Inc. 
 Aircraft Subject to Time Sharing Agreement 
  
 Each of the
undersigned is a party to the Time Sharing Agreement dated February 14, 2006, by and between Qwest Business Resources, Inc. (“Lessor”), and Barry Allen (“Lessee”) (collectively the “Parties”), and agrees that from
and after February 14, 2006, until this Exhibit A shall be superseded and replaced through agreement of the Parties or the Time Sharing Agreement shall be terminated pursuant to its terms, the Aircraft described below shall constitute the
“Aircraft” described in and subject to the terms of the Time Sharing Agreement in addition to the aircraft described in Exhibit B. 
  
 1996 Dassault Falcon Jet Corp. Falcon 2000 
  
 Manufacturer’s Serial Number 044 
  
 FAA Registration Number N623QW 
  
 Engine Model CFE 731-1-1B, Serial Numbers P105145, P105140 
  
 Dated: February 14, 2006 
  

			
	 LESSOR:

	
	 Qwest Business Resources, Inc.

	
	  

		
	 By:
	 	  

	 Its:
	 	  

	
	 LESSEE:

	
	 Barry Allen

	
	  

  

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 EXHIBIT B 
  

Qwest Business Resources, Inc. 
 Leased Aircraft Subject to Time Sharing Agreement 
  
 Each of the
undersigned is a party to the Time Sharing Agreement dated February 14, 2006, by and between Qwest Business Resources, Inc. (“Lessor”), and Barry Allen (“Lessee”) (collectively the “Parties”), and agrees that from
and after February 14, 2006, until this Exhibit B shall be superseded and replaced through agreement of the Parties or the Time Sharing Agreement shall be terminated pursuant to its terms, the Aircraft described below shall constitute the
“Aircraft” described in and subject to the terms of the Time Sharing Agreement in addition to the aircraft described in Exhibit A. 
  
 2001 Dassault Falcon Jet Corp. Falcon 2000 
  
 Manufacturer’s Serial Number 134 
  
 FAA Registration Number N622QW 
  
 Engine Model CFE 738-1-1B, Serial Numbers P105411, P105461 
  
 Dated: February 14, 2006 
  

			
	 LESSOR:

	
	 Qwest Business Resources, Inc.

	
	  

		
	 By:
	 	  

	 Its:
	 	  

	
	 LESSEE:

	
	 Barry Allen

	
	  

  

 Page 18 of 18Amendment Number 1 to the Pooling and Servicing Agreement

 Exhibit 4.1 
  

EXECUTION VERSION 
  
 AMENDMENT NO. 1 
 TO THE

 POOLING AND SERVICING AGREEMENT 
  
 Amendment No. 1, dated as of January 26, 2006 (the “Amendment”), to the Pooling and Servicing
Agreement (the “Agreement”) dated as of December 1, 2005, by and among NovaStar Mortgage Funding Corporation (the “Company”), NovaStar Mortgage, Inc., as seller and servicer (the “Seller” or
“Servicer”), Wachovia Bank, National Association, as custodian (the “Custodian”) and JPMorgan Chase Bank, National Association (formerly known as JPMorgan Chase Bank), as trustee (the “Trustee”) and
J.P. Morgan Trust Company, National Association, as co-trustee (the “Co-Trustee”). Capitalized terms used and not defined herein shall have the meaning set forth in the Agreement and Appendix A thereto. 
  
 WHEREAS the parties hereto have entered into the Agreement; 
  
 WHEREAS the parties hereto now wish to amend certain provisions in the
Agreement pursuant to Section 12.01 of the Agreement; and 
  
 WHEREAS the Trustee shall not consent to this Amendment to the Agreement unless it shall have first received an Opinion of Counsel, to the effect that (a) this Amendment (i) 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 (ii) 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 of the Agreement and (b) any applicable requirements and conditions set forth in the Agreement with respect to the adoption of amendments thereto have been complied with. 

 
 NOW, THEREFORE, in consideration of the promises and mutual agreements
contained herein, the parties hereto agree to amend the Agreement pursuant to Section 12.01 of the Agreement and restate certain provisions thereof as follows: 
  
 1. (a) Section 4.03a(xii) is hereby replaced in its entirety with the following language: 
  
 (xii) the Available Funds Cap Carryforward Amount for each
class of the Class A Certificates and each class of the Mezzanine Certificates (excluding the Class M-10 DSI Certificates, Class M-11 DSI Certificates and Class M-12 DSI Certificates) if any, for such Distribution Date and the amount remaining
unpaid after reimbursements therefor on such Distribution Date; 

 (b) Section 4.04(c)(ii) is hereby replaced in its entirety with the following language: 

 
 (ii) second, any remaining amounts to pay,
pro-rata based on Certificate Principal Balance of each class of Class A Certificates and Mezzanine Certificates, the Supplemental Interest Payment for each class of Class A Certificates and Mezzanine Certificates (in each case only up to
the amount necessary to pay any such Supplemental Interest Payment) and provided that (a) the Supplemental Interest Payment actually distributed to the Class M-10 Certificates shall be the Non-Derivative Supplemental Interest Payment for the
Class M-10 Certificates, the Supplemental Interest Payment actually distributed to the Class M-11 Certificates will be the Non-Derivative Supplemental Interest Payment for the Class M-11 Certificates and the Supplemental Interest Payment actually
distributed to the Class M-12 Certificates shall be the Non-Derivative Supplemental Interest Payment for the Class M-12 Certificates, and (b) the Derivative Supplemental Interest Payment for the Class M-10 Certificates shall be paid to the
Holders of the Class M-10 DSI Certificates, the Derivative Supplemental Interest Payment for the Class M-11 Certificates shall be paid to the Holders of the Class M-11 DSI Certificates and the Derivative Supplemental Interest Payment for the Class
M-12 Certificates shall be paid to the Holders of the Class M-12 DSI Certificates. 
  
 (c) Section 5.01 is hereby replaced in its entirety with the following language: 
  
 Section 5.01 The Certificates. 
  
 Each of the Class A Certificates, the Mezzanine Certificates, the Class M-10 DSI Certificates, the Class M-11 DSI Certificates, the
Class M-12 DSI Certificates, the Class C Certificates, the Class I 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 Company concurrently with the sale and assignment to the Trust of the Trust Fund. The Class A Certificates and Mezzanine 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 $1,000 in excess thereof, with a minimum investment of $100,000 (if the Certificates are Book-Entry Certificates), 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 M-10 DSI
Certificates, the Class M-11 DSI Certificates, the Class M-12 DSI Certificates, the Class C Certificates, the Class I 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. 
  

 2 

 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 Class A Certificates
and Mezzanine Certificates (other than the Class M-10 Certificates, Class M-11 Certificates and Class M-12 Certificates) shall be Book-Entry Certificates. The other Classes of Certificates (including the Class M-10 Certificates, Class M-11
Certificates and Class M-12 Certificates) shall be Definitive Certificates. 
  
 (d) The first two paragraphs of Section 5.02(d) are hereby replaced in their entirety with the following language: 
  
 (d) No transfer, sale, pledge or other disposition of any Class M-11 Certificate, Class M-12 Certificate, Class M-10 DSI Certificates,
Class M-11 DSI Certificate, Class M-12 DSI Certificate, Class I Certificate, Class C Certificate or Residual Certificate 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, except with respect to the initial transfers of any Class M-11 Certificate, Class
M-12 Certificate, Class M-10 DSI Certificates, Class M-11 DSI Certificate, Class M-12 DSI Certificate, Class I Certificate, Class C Certificate or Residual Certificates by the Company to NCFLLC, NCFC, or by NCFC or NCFLLC to Greenwich Capital
Financial Products, Inc., Wachovia Investment Holdings, LLC, or Newport Funding Corp., unless (i) such transfer is made in reliance upon Rule 144A under the 1933 Act and an investment letter, in substantially the form attached hereto as Exhibit
G, is delivered by the Transferee to the Trustee) or (ii) 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 Company is delivered to them stating
that such transfer may be made pursuant to (x) the 1933 Act, or an exemption thereto, describing the applicable provision or exemption and the basis therefore, and (y) the Investment Company Act of 1940, or an exemption thereto, describing
the applicable provision or exemption and the basis therefore, which Opinion of Counsel shall not be an expense of the 
  

 3 

 Trustee or the Company. The Holder of a Class M-11 Certificate, Class M-12 Certificate, Class M-10 DSI
Certificates, Class M-11 DSI Certificate, Class M-12 DSI Certificate, Class I Certificate, Class C Certificate or Residual Certificate desiring to effect such transfer shall, and the Trustee and the Company 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 a Class M-9 Certificate, Class M-10 Certificate, Class M-11 Certificate, Class M-12 Certificate, Class M-10 DSI
Certificate, Class M-11 DSI Certificate, Class M-12 DSI Certificate, Class I Certificate, Class C Certificate or Residual Certificate or any interest therein shall be made to any Plan or to any Person acting, directly or indirectly, on behalf of any
such Plan or 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 or otherwise (“Plan Assets”). Each Person who
acquires any Ownership Interest in such classes of Certificates shall be deemed, by the acceptance or acquisition of such Ownership Interest, to represent that it is not a Plan and is not acting, directly or indirectly, on behalf of a Plan or
acquiring such Ownership Interest with Plan Assets. The foregoing restrictions shall not apply to any Class M-9 Certificate, Class M-10 Certificate, Class M-11 Certificate or Class M-12 Certificate that has been sold pursuant to a Qualified
Underwriting and which satisfies the other conditions under an Underwriter Exemption as well as to the corresponding purchase of any Class M-10 DSI Certificate, Class M-11 DSI Certificate and Class M-12 DSI Certificate. 
  
 (e) Section 10.01(m) is hereby replaced in its entirety with the
following: 
  
 (m) None of the Class M-10 DSI
Certificates, Class M-11 DSI Certificates or the Class M-12 DSI Certificates will be treated as regular or residual interest in any REMIC created hereunder. 
  
 2. The definition of Class M-9 DSI Certificates is hereby deleted in its entirety, and the definitions of Derivative Supplemental Interest Payment,
Non-Derivative Supplemental Interest Payment, Certificate, Certificate Principal Balance, Percentage Interest and Voting Rights set forth in Appendix A to the Pooling and Servicing Agreement are hereby amended to read as follows: 
  
 “Certificate”: Any Regular Certificate,
Class M-10 DSI Certificate, Class M-11 DSI Certificate, Class M-12 DSI Certificate or Class R Certificate. 
  
 “Certificate Principal Balance”: With respect to any Class of Regular Certificates (other than the Class C Certificates
and the Class I 
  

 4 

 Certificates) immediately prior to any Distribution Date, an amount equal to the Initial Certificate
Principal Balance thereof reduced by the sum of all amounts actually distributed in respect of principal of such Class and, in the case of a Mezzanine Certificate, Allocated Realized Loss Amounts applied with respect to that Class on all prior
Distribution Dates. The Class C Certificates, Class M-10 DSI Certificate, Class M-11 DSI Certificate, Class M-12 DSI Certificate and the Class I Certificates will not have a Certificate Principal Balance. 
  
 “Percentage Interest”: With respect to any
Class A Certificate or Class M 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 Initial Certificate
Principal Balance of the related Class. With respect to a Class I Certificate, Class C Certificate, Class M-10 DSI Certificate, Class M-11 DSI Certificate, Class M-12 DSI Certificate or 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%. 
  
 “Derivative Supplemental Interest Payment”: With respect to each Distribution Date, and the
Class M-10, Class M-11 and the Class M-12 Certificates, the dollar amount of the excess of (i) the Supplemental Interest Payment for the Class M-10, Class M-11 or Class M-12 Certificates, as appropriate, over (ii) the Non-Derivative
Supplemental Interest Payment for the Class M-10, Class M-11 or Class M-12 Certificates, as appropriate. 
  
 “Non-Derivative Supplemental Interest Payment”: With respect to each Distribution Date, and the Class M-10, Class M-11
and the Class M-12 Certificates, the dollar amount of Supplemental Interest Payment which would be distributed to each such Class on such Distribution Date pursuant to Section 4.04(c)(ii) hereof if the amount received by the Supplemental
Interest Trust from each Swap Counterparty and each Cap Counterparty on such Distribution Date was zero. 
  
 “Voting Rights”: The portion of the voting rights of all of the Certificates which is allocated to any Certificate. At
all times the Class A Certificates and the Mezzanine Certificates shall have 97% of the Voting Rights (allocated among the Holders of the Class A Certificates and the Mezzanine Certificates in proportion to the then outstanding Certificate
Principal Balances of their respective Certificates), the Class C Certificates shall have 1% of the Voting Rights, the Class I Certificates shall have 1% of the Voting Rights and the Class R Certificates shall have 1% of the Voting Rights. The
Voting Rights allocated to any Class of Certificates (other than the Class C Certificates, Class I Certificates and the Class R Certificates) shall be allocated among all Holders of each such 
  

 5 

 Class in proportion to the outstanding Certificate Principal Balance of such Certificates and the Voting
Rights allocated to the Class C Certificates, Class I Certificates and the Class R 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 Class R Certificates in accordance with such Holders’ respective Percentage Interests in the Certificates of such Class. The
Class M-10 DSI, Class M-11 DSI and Class M-12 DSI Certificates do not have Voting Rights. 
  
 3. The definition of Book-Entry Certificates is hereby amended to add the following sentence to the end of the definition: 
  
 As of the date of Amendment Number 1 to the Agreement, the Class M-9 Certificates shall be Book-Entry Certificates. 
  
 4. The exhibits to the Pooling and Servicing Agreement are hereby amended as
follows: 
  
 (i) Exhibit A-14 is hereby amended
as set forth in the attached Schedule 1. 
  
 (ii)
Exhibit A-23 is hereby deleted in its entirety. 
  
 1.
Condition to effectiveness. As a condition to the effectiveness of this Amendment, an Opinion of Counsel satisfying the requirements of Section 12.01 of the Agreement has been received by the Parties hereto. 
  
 2. Effect of Amendment. This Amendment to the Agreement shall be
effective and the Agreement shall be deemed to be modified and amended in accordance herewith on the Distribution Date on the date on which the Trustee receives an executed copy of this Amendment. This Amendment, once effective, shall be effective
as of the date first set forth above. The respective rights, limitations, obligations, duties, liabilities and immunities of the Company, the Seller, the Servicer, the Custodian and the Trustee shall hereafter be determined, exercised and enforced
subject in all respects to such modifications and amendments, and all the terms and conditions of this Amendment shall be and be deemed to be part of the terms and conditions of the Agreement for any and all purposes. The Agreement, as amended
hereby, is hereby ratified and confirmed in all respects. 
  
 3.
The Agreement in Full Force and Effect as Amended. Except as specifically amended hereby, all the terms and conditions of the Agreement shall remain in full force and effect and, except as expressly provided herein, the effectiveness of this
Amendment shall not operate as, or constitute a waiver or modification of, any right, power or remedy of any party to the Agreement. All references to the Agreement in any other document or instrument shall be deemed to mean the Agreement as amended
by this Amendment. 
  

 6 

 4. Counterparts. This Amendment may be executed by the Parties in several counterparts, each of
which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. This Amendment shall become effective when counterparts hereof executed on behalf of such Party shall have been received. 

 
 5. Governing Law. This Amendment shall be construed in accordance
with and governed by the laws of the State of New York applicable to agreements made and to be performed therein. 
  

 7 

 IN WITNESS WHEREOF, the Seller, the Servicer, the Company, the Trustee, the Co-Trustee and the Custodian,
have caused this Amendment to be duly executed by their officers thereunto duly authorized, all as of the day and year first above written. 
  

			
	NOVASTAR MORTGAGE FUNDING CORPORATION, as Company
		
	By:	 	  

	Name:	 	Matt Kaltenrieder
	Title:	 	Vice President
	
	 NOVASTAR MORTGAGE, INC.,
 as Servicer and as
Seller

		
	By:	 	  

	Name:	 	Matt Kaltenrieder
	Title:	 	Vice President
	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Custodian
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, as Co-Trustee
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 [Signature Page
for Amendment No. 1 to the Pooling and Servicing Agreement] 

 Schedule 1 to Amendment 1 to PSA 
  
 Exhibit A-14 
  
 Form of Class M-9 Certificate 
  
 NOVASTAR MORTGAGE FUNDING TRUST, SERIES 2005-4 
 HOME EQUITY LOAN ASSET-BACKED CERTIFICATE 
 CLASS M-9 CERTIFICATE 
  
 Comprised of a Certificate Representing 
 Certain Interests Relating to a Pool of Mortgage Loans 
 The Mortgage Loans are Serviced by 
  
 NOVASTAR MORTGAGE, INC., as Servicer 
  
 (This certificate does not represent an interest in, or an obligation of, nor
are the underlying Mortgage Loans insured or guaranteed by, NovaStar Mortgage, Inc., NovaStar Mortgage Funding Corporation, NovaStar Financial, Inc., NovaStar Capital, Inc. or any of their subsidiaries and affiliates. This certificate is comprised
of a Certificate representing a fractional ownership interest in distributions in certain Accounts created pursuant to the Pooling and Servicing Agreement and certain other rights relating thereto and is payable only from amounts received by the
Trustee relating to the Mortgage Loans and other assets held in the Trust Fund.) 
  

					
	No.: M-9	 	Date: February 15, 2006	 	CUSIP: 66987W DN 4
			
	Original Principal Balance: $11,200,000	 	Registered Owner:	 	 Final Scheduled Distribution
 Date: January 25,
2036

			
	Percentage Interest: 100%	 	 Pass-Through Rate:
 LIBOR + 2.5000%
	 	 

  
 The registered owner
named above is the registered owner of a fractional interest in (i) each Mortgage Loan identified on the Mortgage Loan Schedule attached as Exhibit B to that certain Pooling and Servicing Agreement dated as of December 1, 2005 and amended
as of February     , 2006 (the “Pooling and Servicing Agreement”) by and among NovaStar Mortgage Funding Corporation as the company (the “Company”), JPMorgan Chase Bank, National Association, as trustee
(the “Trustee”), J.P. Morgan Trust Company, National Association, as co-trustee (the “Co-Trustee”), Wachovia Bank, National Association, as the custodian (the “Custodian”), and NovaStar Mortgage, Inc. as servicer (the
“Servicer”) and as seller (the “Seller”), 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) the Company’s interest in any insurance policies in respect of the Mortgage Loans;
(iv) all proceeds of any of the foregoing; (v) the rights of the Company under the Purchase Agreement and (vi) all other assets included or to be included in the Trust fund. Such assignment includes all interest and principal due to
the Company or the Servicer after the Cut-off Date with respect to the Mortgage Loans. 
  

 A-14-1 

 The Original Principal Amount set forth above is equal to the product of (i) the Percentage Interest
represented by this Certificate and (ii) the aggregate Original Principal Amount of the Class M-9 Certificates on December 15, 2005 which aggregate amount was $11,200,000. The owner hereof is entitled to principal payments on each
Distribution Date, as hereinafter described, which will fully amortize such Original Principal Amount over the period from the date of initial delivery hereof to the final Distribution Date of the Class M-9 Certificates. Therefore, the actual
outstanding principal amount of this Certificate, on any date subsequent to January 25, 2006 (the first Distribution Date) will be less than the Original Principal Amount set forth above. 
  
 In order to receive the final distribution hereon, the owner hereof is
required to present this Certificate to the Trustee. The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed cancelled for all purposes
under the Pooling and Servicing Agreement. 
  
 SOLELY FOR FEDERAL
INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST IN A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) CREATED ON THE CLOSING DATE AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS (SECTIONS 860A THROUGH 860G) OF THE CODE. 
  
 THIS CERTIFICATE IS A PASS-THROUGH CERTIFICATE ONLY AND, NOTWITHSTANDING
REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY (OTHER THAN AS REQUIRED FOR FEDERAL INCOME TAX PURPOSES). 
  
 NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY. 
  
 This Certificate
is one of a Class of duly-authorized Certificates designated as NovaStar Home Equity Loan Asset-Backed Certificates, Series 2005-4, Class M-9 Certificates (the “Class M-9 Certificates”) and issued under and subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which the owner of this Certificate, by virtue of acceptance hereof assents, and is bound. Also issued under the Pooling and Servicing Agreement are the Class A-1A Certificates,
Class A-2A Certificates, Class A-2B Certificates, Class A-2C Certificates, Class A-2D 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, Class M-10 Certificates, Class M-11 Certificates, Class M-12 Certificates, Class M-10 DSI Certificates, Class M-11 DSI Certificates, Class M-12 DSI Certificates, Class I-1 Certificates,
Class I-2 Certificates, Class I-3 Certificates, Class C Certificates, and Class R Certificates, and all such Certificates are collectively referred to as the “Certificates”. Terms capitalized herein and not otherwise defined herein shall
have the respective meanings set forth in the Pooling and Servicing Agreement. 
  

 A-14-2 

 On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business
Day (each such day being a “Distribution Date”) commencing January 25, 2006, the owners of the Class M-9 Certificates as of the close of business on the business day immediately preceding such Distribution Date (the “Record
Date”) will be entitled to receive the distribution described in Article IV of the Pooling and Servicing Agreement relating to such Distribution Date. Distributions will be made in immediately available funds to such owners, by wire transfer or
by check mailed to the address of the person entitled thereto as it appears on the Certificate Register. 
  
 Each owner of record of a Class M-9 Certificate will be entitled to receive such owner’s Percentage Interest in the amounts distributed on such
Distribution Date to the owners of the Class M-9 Certificates. The Percentage Interest of each Class M-9 Certificate as of any date of determination will be equal to the percentage obtained by dividing the Original Principal Amount set forth on such
Class M-9 Certificate by $11,200,000. 
  
 The Trustee is required
to duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement. Amounts properly withheld under the Code or applicable to any owner shall be considered as having
been paid by the Trustee to such owner for all purposes of the Pooling and Servicing Agreement. 
  
 The Mortgage Loans will be serviced by the Servicer pursuant to the Pooling and Servicing Agreement. The Pooling and Servicing Agreement permits the
Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Mortgage Loans. No appointment of any Sub-Servicer shall release the Servicer from
any of its obligations under the Pooling and Servicing Agreement. 
  
 This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Mortgage Loans insured or guaranteed by, NovaStar Mortgage, Inc., NovaStar Mortgage Funding Corporation, NovaStar Capital, Inc.,
NovaStar Financial Inc., or any of their subsidiaries and affiliates and are not insured or guaranteed by the Federal Deposit Insurance Corporation, the Government National Mortgage Association, or any other governmental agency. This Certificate is
limited in right of payment to certain collections and recoveries relating to the Mortgage Loans and amounts on deposit in the Accounts (except as otherwise provided in the Pooling and Servicing Agreement) all as more specifically set forth
hereinabove and in the Pooling and Servicing Agreement. 
  
 No
owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except
in compliance with the terms thereof. 
  
 Notwithstanding any
other provisions in the Pooling and Servicing Agreement, the owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to
such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such owner. 
  

 A-14-3 

 The Pooling and Servicing 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 below, (iv) the Distribution Date in January 2036 and (v) at any time when a Qualified Liquidation of the Master REMIC and REMIC I, REMIC II, REMIC III and REMIC IV is effected
pursuant to the Pooling and Servicing Agreement. In addition, under certain circumstances relating to the qualification of either the Master REMIC or any of REMIC I, REMIC II, REMIC III or REMIC IV as a REMIC under the Code, the Mortgage Loans may
be sold, thereby affecting the early retirement of the Certificates. Notwithstanding the foregoing, in no event shall the Trust 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, living on the date of the Pooling and Servicing Agreement. 
  
 The Servicer may, at its option, terminate the Pooling and Servicing Agreement on any date on which the aggregate of the Principal Balances of the
Mortgage Loans on such date is equal to or less than 10% of the Maximum Collateral Amount, 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 the
Principal Balance of the Mortgage Loans and REO Properties or the market value of the Mortgage Loans and REO Properties, in each case 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 Available Funds Cap Shortfall Amount and Available
Funds Cap Carryforward Amount (without duplication of amounts already paid) and any unpaid amount due the Trustee, the Swap Counterparties, the Cap Counterparties and the Custodian under the Pooling and Servicing Agreement. 
  
 The Trustee shall give written notice of termination of the Pooling and
Servicing Agreement to each owner in the manner set forth therein. 
  
 As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this
Certificate for registration of transfer at the office designated as the location of the Certificate Register, and thereupon one or more new certificates of like class, tenor and Percentage Interest will be issued to the designated transferee or
transferees. 
  
 The Trustee is required to furnish certain
information on each Distribution Date to the owner of this Certificate, as more fully described in the Pooling and Servicing Agreement. 
  
 The Class M-9 Certificates are issuable only as registered Certificates in denominations of $25,000 Original Principal Amount and integral multiples of
$1,000. As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-9 Certificates are exchangeable for new Class M-9 Certificates of authorized denominations evidencing the same aggregate
principal amount. 
  

 A-14-4 

 The Trustee and any agent thereof may treat the person in whose name this Certificate is registered as
the owner hereof for all purposes, and none of the Trustee or any such agent shall be affected by notice to the contrary. 
  

 A-14-5 

 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed on behalf of the Trust.

  

			
	 JPMORGAN CHASE BANK,
 NATIONAL ASSOCIATION,
not in its
 individual capacity, but solely in its
 capacity as
Trustee

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

			
	Trustee Authentication
	
	 JPMORGAN CHASE BANK,
 NATIONAL ASSOCIATION,
not in its
 individual capacity, but solely in its
 capacity as
Trustee

		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 A-14-6

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