Document:

Unassociated Document

    

    

    

    FINANCIAL
      ASSET SECURITIES CORP.,

    Depositor

     

    

     

    OPTION
      ONE MORTGAGE CORPORATION

    Servicer

     

    

     

    and

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee

     

    

    

    

    POOLING
      AND SERVICING AGREEMENT

    

     

    Dated
      as
      of April 1, 2006

     

    

     

    ___________________________

     

     

    Soundview
      Home Loan Trust 2006-OPT2

     

    

     

    Asset-Backed
      Certificates, Series 2006-OPT2

     

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    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.

            
	
              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 and REMIC 5 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.

            
	
              SECTION
                3.03

            	
              Successor
                Sub-Servicers.

            
	
              SECTION
                3.04

            	
              Liability
                of the Servicer.

            
	
              SECTION
                3.05

            	
              No
                Contractual Relationship Between Sub-Servicers and the NIMS Insurer,
                the
                Trustee or Certificateholders.

            
	
              SECTION
                3.06

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee.

            
	
              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; Escrow
                Accounts.

            
	
              SECTION
                3.10

            	
              Collection
                Account and Distribution Account.

            
	
              SECTION
                3.11

            	
              Withdrawals
                from the Collection Account and Distribution Account.

            
	
              SECTION
                3.12

            	
              Investment
                of Funds in the Collection Account and the Distribution
                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
                to the Trustee; Collection Account Statements.

            
	
              SECTION
                3.20

            	
              Statement
                as to Compliance.

            
	
              SECTION
                3.21

            	
              Independent
                Public Accountants’ Servicing Report.

            
	
              SECTION
                3.22

            	
              Access
                to Certain Documentation; Filing of Reports by Trustee.

            
	
              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

            	
              [Reserved].

            
	
              SECTION
                3.26

            	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments.

            
	
              SECTION
                3.27

            	
              [Reserved].

            
	
              SECTION
                3.28

            	
              [Reserved].

            
	
              SECTION
                3.29

            	
              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

            	
              [Reserved].

            
	
              SECTION
                4.08

            	
              Net
                WAC Rate Carryover Reserve Account.

            
	
              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, Custodian Fee 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

            	
              Appointment
                of the Custodian.

               

            
	
              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.

            
	 	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 M-11 Certificates

            
	
              Exhibit
                A-16

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-17

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-18

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                A-19

            	
              Form
                of Class R-X Certificates

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C

            	
              Form
                of Mortgage Loan Purchase 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

            	
              Form
                of Custodial Agreement

            
	
              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

            	
              [Reserved]

            
	
              Exhibit
                P

            	
              Form
                of Annual Statement as to Compliance

            
	
              Exhibit
                Q

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                R

            	
              Form
                of Swap Administration Agreement

            
	
              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”), OPTION
      ONE MORTGAGE CORPORATION, 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 nineteen classes of
      certificates, designated as (i) the Class A-1 Certificates, (ii) the Class
      A-2
      Certificates, (iii) 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 M-11 Certificates, (xvi) the Class
      C
      Certificates, (xvii) the Class P Certificates, (xviii) the Class R Certificates
      and (xix) the Class R-X Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      I

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets (other than
      the Net WAC Rate Carryover Reserve Account, the Swap Account, the Serivicer
      Prepayment Charge Payment Amounts, the Supplemental Interest Trust and the
      Interest Rate Swap Agreement) subject to this 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 be 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)

            	 	 	
              $
                15,563,686.46

            	 	
              April
                25, 2036

            	 
	
              I-1-A

            	 	
              Variable(2)

            	 	 	
              $
                10,360,721.25

            	 	
              April
                25, 2036

            	 
	
              I-1-B

            	 	
              Variable(2)

            	 	 	
              $
                10,360,721.25

            	 	
              April
                25, 2036

            	 
	
              I-2-A

            	 	
              Variable(2)

            	 	 	
              $
                12,949,390.00

            	 	
              April
                25, 2036

            	 
	
              I-2-B

            	 	
              Variable(2)

            	 	 	
              $
                12,949,390.00

            	 	
              April
                25, 2036

            	 
	
              I-3-A

            	 	
              Variable(2)

            	 	 	
              $
                15,524,856.25

            	 	
              April
                25, 2036

            	 
	
              I-3-B

            	 	
              Variable(2)

            	 	 	
              $
                15,524,856.25

            	 	
              April
                25, 2036

            	 
	
              I-4-A

            	 	
              Variable(2)

            	 	 	
              $
                18,062,836.25

            	 	
              April
                25, 2036

            	 
	
              I-4-B

            	 	
              Variable(2)

            	 	 	
              $
                18,062,836.25

            	 	
              April
                25, 2036

            	 
	
              I-5-A

            	 	
              Variable(2)

            	 	 	
              $
                20,538,063.75

            	 	
              April
                25, 2036

            	 
	
              I-5-B

            	 	
              Variable(2)

            	 	 	
              $
                20,538,063.75

            	 	
              April
                25, 2036

            	 
	
              I-6-A

            	 	
              Variable(2)

            	 	 	
              $
                22,924,098.75

            	 	
              April
                25, 2036

            	 
	
              I-6-B

            	 	
              Variable(2)

            	 	 	
              $
                22,924,098.75

            	 	
              April
                25, 2036

            	 
	
              I-7-A

            	 	
              Variable(2)

            	 	 	
              $
                25,195,016.25

            	 	
              April
                25, 2036

            	 
	
              I-7-B

            	 	
              Variable(2)

            	 	 	
              $
                25,195,016.25

            	 	
              April
                25, 2036

            	 
	
              I-8-A

            	 	
              Variable(2)

            	 	 	
              $
                27,288,702.50

            	 	
              April
                25, 2036

            	 
	
              I-8-B

            	 	
              Variable(2)

            	 	 	
              $
                27,288,702.50

            	 	
              April
                25, 2036

            	 
	
              I-9-A

            	 	
              Variable(2)

            	 	 	
              $
                28,688,516.25

            	 	
              April
                25, 2036

            	 
	
              I-9-B

            	 	
              Variable(2)

            	 	 	
              $
                28,688,516.25

            	 	
              April
                25, 2036

            	 
	
              I-10-A

            	 	
              Variable(2)

            	 	 	
              $
                27,984,950.00

            	 	
              April
                25, 2036

            	 
	
              I-10-B

            	 	
              Variable(2)

            	 	 	
              $
                27,984,950.00

            	 	
              April
                25, 2036

            	 
	
              I-11-A

            	 	
              Variable(2)

            	 	 	
              $
                26,673,445.00

            	 	
              April
                25, 2036

            	 
	
              I-11-B

            	 	
              Variable(2)

            	 	 	
              $
                26,673,445.00

            	 	
              April
                25, 2036

            	 
	
              I-12-A

            	 	
              Variable(2)

            	 	 	
              $
                25,424,335.00

            	 	
              April
                25, 2036

            	 
	
              I-12-B

            	 	
              Variable(2)

            	 	 	
              $
                25,424,335.00

            	 	
              April
                25, 2036

            	 
	
              I-13-A

            	 	
              Variable(2)

            	 	 	
              $
                24,234,615.00

            	 	
              April
                25, 2036

            	 
	
              I-13-B

            	 	
              Variable(2)

            	 	 	
              $
                24,234,615.00

            	 	
              April
                25, 2036

            	 
	
              I-14-A

            	 	
              Variable(2)

            	 	 	
              $
                23,101,442.50

            	 	
              April
                25, 2036

            	 
	
              I-14-B

            	 	
              Variable(2)

            	 	 	
              $
                23,101,442.50

            	 	
              April
                25, 2036

            	 
	
              I-15-A

            	 	
              Variable(2)

            	 	 	
              $
                22,022,096.25

            	 	
              April
                25, 2036

            	 
	
              I-15-B

            	 	
              Variable(2)

            	 	 	
              $
                22,022,096.25

            	 	
              April
                25, 2036

            	 
	
              I-16-A

            	 	
              Variable(2)

            	 	 	
              $
                20,993,996.25

            	 	
              April
                25, 2036

            	 
	
              I-16-B

            	 	
              Variable(2)

            	 	 	
              $
                20,993,996.25

            	 	
              April
                25, 2036

            	 
	
              I-17-A

            	 	
              Variable(2)

            	 	 	
              $
                20,019,498.75

            	 	
              April
                25, 2036

            	 
	
              I-17-B

            	 	
              Variable(2)

            	 	 	
              $
                20,019,498.75

            	 	
              April
                25, 2036

            	 
	
              I-18-A

            	 	
              Variable(2)

            	 	 	
              $
                19,090,637.50

            	 	
              April
                25, 2036

            	 
	
              I-18-B

            	 	
              Variable(2)

            	 	 	
              $
                19,090,637.50

            	 	
              April
                25, 2036

            	 
	
              I-19-A

            	 	
              Variable(2)

            	 	 	
              $
                18,520,933.75

            	 	
              April
                25, 2036

            	 
	
              I-19-B

            	 	
              Variable(2)

            	 	 	
              $
                18,520,933.75

            	 	
              April
                25, 2036

            	 
	
              I-20-A

            	 	
              Variable(2)

            	 	 	
              $
                22,598,233.75

            	 	
              April
                25, 2036

            	 
	
              I-20-B

            	 	
              Variable(2)

            	 	 	
              $
                22,598,233.75

            	 	
              April
                25, 2036

            	 
	
              I-21-A

            	 	
              Variable(2)

            	 	 	
              $
                44,804,808.75

            	 	
              April
                25, 2036

            	 
	
              I-21-B

            	 	
              Variable(2)

            	 	 	
              $
                44,804,808.75

            	 	
              April
                25, 2036

            	 
	
              I-22-A

            	 	
              Variable(2)

            	 	 	
              $
                44,863,433.75

            	 	
              April
                25, 2036

            	 
	
              I-22-B

            	 	
              Variable(2)

            	 	 	
              $
                44,863,433.75

            	 	
              April
                25, 2036

            	 
	
              I-23-A

            	 	
              Variable(2)

            	 	 	
              $
                37,185,055.00

            	 	
              April
                25, 2036

            	 
	
              I-23-B

            	 	
              Variable(2)

            	 	 	
              $
                37,185,055.00

            	 	
              April
                25, 2036

            	 
	
              I-24-A

            	 	
              Variable(2)

            	 	 	
              $
                28,883,887.50

            	 	
              April
                25, 2036

            	 
	
              I-24-B

            	 	
              Variable(2)

            	 	 	
              $
                28,883,887.50

            	 	
              April
                25, 2036

            	 
	
              I-25-A

            	 	
              Variable(2)

            	 	 	
              $
                14,073,347.50

            	 	
              April
                25, 2036

            	 
	
              I-25-B

            	 	
              Variable(2)

            	 	 	
              $
                14,073,347.50

            	 	
              April
                25, 2036

            	 
	
              I-26-A

            	 	
              Variable(2)

            	 	 	
              $
                9,585,573.75

            	 	
              April
                25, 2036

            	 
	
              I-26-B

            	 	
              Variable(2)

            	 	 	
              $
                9,585,573.75

            	 	
              April
                25, 2036

            	 
	
              I-27-A

            	 	
              Variable(2)

            	 	 	
              $
                9,064,120.00

            	 	
              April
                25, 2036

            	 
	
              I-27-B

            	 	
              Variable(2)

            	 	 	
              $
                9,064,120.00

            	 	
              April
                25, 2036

            	 
	
              I-28-A

            	 	
              Variable(2)

            	 	 	
              $
                8,572,308.75

            	 	
              April
                25, 2036

            	 
	
              I-28-B

            	 	
              Variable(2)

            	 	 	
              $
                8,572,308.75

            	 	
              April
                25, 2036

            	 
	
              I-29-A

            	 	
              Variable(2)

            	 	 	
              $
                8,108,280.00

            	 	
              April
                25, 2036

            	 
	
              I-29-B

            	 	
              Variable(2)

            	 	 	
              $
                8,108,280.00

            	 	
              April
                25, 2036

            	 
	
              I-30-A

            	 	
              Variable(2)

            	 	 	
              $
                7,671,021.25

            	 	
              April
                25, 2036

            	 
	
              I-30-B

            	 	
              Variable(2)

            	 	 	
              $
                7,671,021.25

            	 	
              April
                25, 2036

            	 
	
              I-31-A

            	 	
              Variable(2)

            	 	 	
              $
                7,258,590.00

            	 	
              April
                25, 2036

            	 
	
              I-31-B

            	 	
              Variable(2)

            	 	 	
              $
                7,258,590.00

            	 	
              April
                25, 2036

            	 
	
              I-32-A

            	 	
              Variable(2)

            	 	 	
              $
                6,869,532.50

            	 	
              April
                25, 2036

            	 
	
              I-32-B

            	 	
              Variable(2)

            	 	 	
              $
                6,869,532.50

            	 	
              April
                25, 2036

            	 
	
              I-33-A

            	 	
              Variable(2)

            	 	 	
              $
                6,502,482.50

            	 	
              April
                25, 2036

            	 
	
              I-33-B

            	 	
              Variable(2)

            	 	 	
              $
                6,502,482.50

            	 	
              April
                25, 2036

            	 
	
              I-34-A

            	 	
              Variable(2)

            	 	 	
              $
                6,155,545.00

            	 	
              April
                25, 2036

            	 
	
              I-34-B

            	 	
              Variable(2)

            	 	 	
              $
                6,155,545.00

            	 	
              April
                25, 2036

            	 
	
              I-35-A

            	 	
              Variable(2)

            	 	 	
              $
                5,828,038.75

            	 	
              April
                25, 2036

            	 
	
              I-35-B

            	 	
              Variable(2)

            	 	 	
              $
                5,828,038.75

            	 	
              April
                25, 2036

            	 
	
              I-36-A

            	 	
              Variable(2)

            	 	 	
              $
                5,519,770.00

            	 	
              April
                25, 2036

            	 
	
              I-36-B

            	 	
              Variable(2)

            	 	 	
              $
                5,519,770.00

            	 	
              April
                25, 2036

            	 
	
              I-37-A

            	 	
              Variable(2)

            	 	 	
              $
                5,228,798.75

            	 	
              April
                25, 2036

            	 
	
              I-37-B

            	 	
              Variable(2)

            	 	 	
              $
                5,228,798.75

            	 	
              April
                25, 2036

            	 
	
              I-38-A

            	 	
              Variable(2)

            	 	 	
              $
                4,954,121.25

            	 	
              April
                25, 2036

            	 
	
              I-38-B

            	 	
              Variable(2)

            	 	 	
              $
                4,954,121.25

            	 	
              April
                25, 2036

            	 
	
              I-39-A

            	 	
              Variable(2)

            	 	 	
              $
                4,694,793.75

            	 	
              April
                25, 2036

            	 
	
              I-39-B

            	 	
              Variable(2)

            	 	 	
              $
                4,694,793.75

            	 	
              April
                25, 2036

            	 
	
              I-40-A

            	 	
              Variable(2)

            	 	 	
              $
                4,449,905.00

            	 	
              April
                25, 2036

            	 
	
              I-40-B

            	 	
              Variable(2)

            	 	 	
              $
                4,449,905.00

            	 	
              April
                25, 2036

            	 
	
              I-41-A

            	 	
              Variable(2)

            	 	 	
              $
                4,218,630.00

            	 	
              April
                25, 2036

            	 
	
              I-41-B

            	 	
              Variable(2)

            	 	 	
              $
                4,218,630.00

            	 	
              April
                25, 2036

            	 
	
              I-42-A

            	 	
              Variable(2)

            	 	 	
              $
                4,000,225.00

            	 	
              April
                25, 2036

            	 
	
              I-42-B

            	 	
              Variable(2)

            	 	 	
              $
                4,000,225.00

            	 	
              April
                25, 2036

            	 
	
              I-43-A

            	 	
              Variable(2)

            	 	 	
              $
                81,529,505.00

            	 	
              April
                25, 2036

            	 
	
              I-43-B

            	 	
              Variable(2)

            	 	 	
              $
                81,529,505.00

            	 	
              April
                25, 2036

            	 

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date immediately following the maturity date for the Mortgage
      Loan
      with the latest maturity date has been designated as the “latest possible
      maturity date” for each REMIC 1 Regular Interest.

    (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 I 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 represent the sole class of “residual interests” in
      REMIC 2 for purposes of the REMIC Provisions (as defined herein). 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)

            	 	
              $
                1,567,999,905.88

            	
              April
                25, 2036

            
	
              LTA1

            	
              Variable(2)

            	 	
              $       
                5,847,400.00

            	
              April
                25, 2036

            
	
              LTA2

            	
              Variable(2)

            	 	
              $       
                2,957,300.00

            	
              April
                25, 2036

            
	
              LTA3

            	
              Variable(2)

            	 	
              $       
                2,979,500.00

            	
              April
                25, 2036

            
	
              LTA4

            	
              Variable(2)

            	 	
              $         
                 871,800.00

            	
              April
                25, 2036

            
	
              LTM1

            	
              Variable(2)

            	 	
              $       
                1,088,000.00

            	
              April
                25, 2036

            
	
              LTM2

            	
              Variable(2)

            	 	
              $          
                312,000.00

            	
              April
                25, 2036

            
	
              LTM3

            	
              Variable(2)

            	 	
              $         
                 280,000.00

            	
              April
                25, 2036

            
	
              LTM4

            	
              Variable(2)

            	 	
              $          
                272,000.00

            	
              April
                25, 2036

            
	
              LTM5

            	
              Variable(2)

            	 	
              $         
                 256,000.00

            	
              April
                25, 2036

            
	
              LTM6

            	
              Variable(2)

            	 	
              $          
                224,000.00

            	
              April
                25, 2036

            
	
              LTM7

            	
              Variable(2)

            	 	
              $         
                 184,000.00

            	
              April
                25, 2036

            
	
              LTM8

            	
              Variable(2)

            	 	
              $         
                 152,000.00

            	
              April
                25, 2036

            
	
              LTM9

            	
              Variable(2)

            	 	
              $          
                112,000.00

            	
              April
                25, 2036

            
	
              LTM10

            	
              Variable(2)

            	 	
              $         
                 160,000.00

            	
              April
                25, 2036

            
	
              LTM11

            	
              Variable(2)

            	 	
              $          
                144,000.00

            	
              April
                25, 2036

            
	
              LTZZ

            	
              Variable(2)

            	 	
              $     
                16,159,998.08

            	
              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, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest possible maturity date has been designated as
      the
“latest possible maturity date” for each REMIC 2 Regular Interest.

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

    (3) REMIC
      2
      Regular Interest LTIO shall not have a Certificate 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.

     

    Each
      Class A and Mezzanine Certificate (as defined herein) represents ownership
      of a
      Regular Interest in REMIC 3 and also represents (i) the right to receive
      payments with respect to the Net WAC Rate Carryover Amount (as defined herein)
      and (ii) the obligation to pay Class IO Distribution Amounts (as defined
      herein). The entitlement to principal of the Regular Interest which corresponds
      to each Certificate shall be equal in amount and timing to the entitlement
      to
      principal of such Certificate.

     

    
      	
              Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                A-1

            	 	
              $
                584,740,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                A-2

            	 	
              $
                295,730,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                A-3

            	 	
              $
                297,950,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                A-4

            	 	
              $  
                87,180,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-1

            	 	
              $
                108,800,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-2

            	 	
              $ 
                 31,200,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-3

            	 	
              $  
                28,000,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-4

            	 	
              $  
                27,200,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-5

            	 	
              $  
                25,600,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-6

            	 	
              $  
                22,400,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-7

            	 	
              $  
                18,400,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-8

            	 	
              $  
                15,200,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-9

            	 	
              $  
                11,200,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-10

            	 	
              $  
                16,000,000.00

            	
              Variable(2)

            	
              April
                25, 2036

            
	
              Class
                M-11

            	 	
              $  
                14,400,000.00

            	
              5.0000%
                per annum(3)

            	
              April
                25, 2036

            
	
              Class
                C Interest

            	 	
              $  
                15,999,903.96

            	
              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, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for each Class of Certificates that represents one or
      more of the “regular interests” in REMIC 3.

    (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 shall 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 of the Uncertificated Principal Balances of the REMIC
      2 Regular Interests (other than REMIC 2 Regular Interest LTP). The Class C
      Interest shall not accrue interest on its Certificate Principal
      Balance.

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

    (6) For
      federal income tax purposes, the Class IO Interest shall not have an
      Uncertificated Principal Balance, but shall 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 shall not have a Pass-Through
      Rate, but shall 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 C
      Interest as a REMIC for federal income tax purposes, and such segregated pool
      of
      assets shall 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 and Original Class Certificate Principal Balance for the Class C
      Certificates.

     

    
      	
              Class
                Designation

            	
              Original
                Class Certificate

              Principal
                Balance

            	
              Pass-Through
                Rate

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                C

            	
              $
                15,999,903.96

            	
              Variable(2)

            	
              April
                25, 2036

            

    

    ________________

    (1) For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for the Class C Certificates.

    (2) The
      Class
      C Certificates shall 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 P
      Interest as a REMIC for federal income tax purposes, and such segregated pool
      of
      assets shall 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 and Original Class Certificate Principal Balance for the Class P
      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, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for the Class P Certificates.

    (2) The
      Class
      P Certificates shall 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 SWAP-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 initial aggregate 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 shall be
      uncertificated.

     

    
      	
              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, the
      Distribution Date in the month immediately following the maturity date for
      the
      Mortgage Loan with the latest maturity date has been designated as the “latest
      possible maturity date” for REMIC 6 Regular Interest SWAP IO.

    (2) REMIC
      6
      Regular Interest SWAP IO shall receive 100% of amounts received in respect
      of
      the SWAP 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, (ii) the Custodial 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 the sum of (i) the Servicing Fee Rate, (ii) the Custodial 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.

     

    “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 Trustee”: As defined in Section 3.29 hereof.

     

    “Advancing
      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, 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 unpaid
      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.

     

    “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.

     

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

     

    “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) the fees
      of the Custodian payable from the Distribution Account pursuant to Section
      8.05,
      (e) any indemnification payments or expense reimbursements made by the Trust
      Fund pursuant to Section 8.05 and (f) 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.

     

    “Base
      Rate”: For any Distribution Date and the Floating Rate Certificates, the sum of
      (i) LIBOR plus (ii) the related Certificate Margin.

     

    “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 Class A 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.

     

    “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)
                (%)

            
	
              A-1

            	
              LTA1

            	
              0.0700%

            	
              0.1400%

            
	
              A-2

            	
              LTA2

            	
              0.1200%

            	
              0.2400%

            
	
              A-3

            	
              LTA3

            	
              0.1800%

            	
              0.3600%

            
	
              A-4

            	
              LTA4

            	
              0.2800%

            	
              0.5600%

            
	
              M-1

            	
              LTM1

            	
              0.3000%

            	
              0.4500%

            
	
              M-2

            	
              LTM2

            	
              0.3700%

            	
              0.5550%

            
	
              M-3

            	
              LTM3

            	
              0.4700%

            	
              0.7050%

            
	
              M-4

            	
              LTM4

            	
              0.4900%

            	
              0.7350%

            
	
              M-5

            	
              LTM5

            	
              0.5500%

            	
              0.8250%

            
	
              M-6

            	
              LTM6

            	
              1.0000%

            	
              1.5000%

            
	
              M-7

            	
              LTM7

            	
              1.2000%

            	
              1.8000%

            
	
              M-8

            	
              LTM8

            	
              2.1500%

            	
              3.2250%

            
	
              M-9

            	
              LTM9

            	
              2.5000%

            	
              3.7500%

            
	
              M-10

            	
              LTM10

            	
              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, 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 and Mezzanine
      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 A-1 Certificate, Class A-2 Certificate, Class A-3
      Certificate or Class A-4 Certificate. 

     

    “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-16, representing the right to distributions
      as
      set forth herein and therein and evidencing a regular interest in REMIC
      4.

     

    “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
      A-1 Certificate”: Any one of the Class 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 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
      A-2 Certificate”: Any one of the Class A-2 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-2, 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
      A-3 Certificate”: Any one of the Class A-3 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-3, 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
      A-4 Certificate”: Any one of the Class A-4 Certificates executed by the Trustee,
      and authenticated and delivered by the Certificate Registrar, substantially
      in
      the form annexed hereto as Exhibit A-4, 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
      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-5, 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
      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) 75.70% 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-6, 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
      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-7, 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
      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 Certificate Principal Balance of the Class
      M-1 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-2 Certificates (after taking into
      account the distribution of the Class M-1/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) 79.20% 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-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-8, 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
      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) the Certificate Principal Balance of the Class
      M-1 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-2 Certificates (after taking into
      account the distribution of the Class M-1/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) 82.60% 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
      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-9, 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
      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) the Certificate Principal Balance of the Class
      M-1 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-2 Certificates (after taking into
      account the distribution of the Class M-1/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) 85.80% 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-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-10, 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
      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) the Certificate Principal Balance of the Class
      M-1 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-2 Certificates (after taking into
      account the distribution of the Class M-1/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) 88.60% 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
      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-11, 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
      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) the Certificate Principal Balance of the Class
      M-1 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-2 Certificates (after taking into
      account the distribution of the Class M-1/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) 90.90% 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-12, 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
      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) the Certificate Principal Balance of the Class
      M-1 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-2 Certificates (after taking into
      account the distribution of the Class M-1/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) 92.80% 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-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-13, 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
      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) the Certificate Principal Balance of the Class
      M-1 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-2 Certificates (after taking into
      account the distribution of the Class M-1/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) 94.20% 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-10 Certificate”: Any one of the Class M-10 Certificates executed by the
      Trustee, and authenticated and delivered by the Certificate Registrar,
      substantially in the form annexed hereto as Exhibit A-14, 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
      M-10 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 Certificate Principal Balance of the Class
      M-1 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-2 Certificates (after taking into
      account the distribution of the Class M-1/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) 96.20% 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-11 Certificate”: Any one of the Class M-11 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
      M-11 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 Certificate Principal Balance of the Class
      M-1 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-2 Certificates (after taking into
      account the distribution of the Class M-1/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-8 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
      M-11
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 98.00% 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
      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-17, representing the right to distributions
      as
      set forth herein and therein and evidencing 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-18 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-19 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 7, 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 Soundview Home
      Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2,” 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- GC06O2, 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

            
	
              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

            
	
              LTM11

            	
              Class
                M-11

            
	
              LTP

            	
              Class
                P

            

    

    

    “Credit
      Risk Management Agreement”: The Credit Risk Management Agreement, dated April 7,
      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 then current aggregate principal balance
      of
      the Mortgage Loans. 

     

    “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.

     

    “Custodial
      Agreement”: The Custodial Agreement, dated as of April 1, 2006, among the
      Custodian, the Trustee and the Servicer.

     

    “Custodian”:
      Wells Fargo Bank, N.A., as custodian of the Mortgage Files, or any successor
      thereto, pursuant to the Custodial Agreement.

     

    “Custodial
      Fee”: The amount payable to the Custodian on each Distribution Date as
      compensation for all services rendered by it under the Custodial Agreement
      which
      amount shall equal one twelfth of the product of (i) the Custodial Fee Rate
      (without regard to the words “per annum”), multiplied by (ii) the aggregate
      Principal Balance of the Mortgage Loans (after giving effect to scheduled
      payments of principal due during the Due Period relating to the previous
      Distribution Date, to the extent received or advanced and prepayments collected
      during the Prepayment Period relating to the previous Distribution
      Date).

     

    “Custodial
      Fee Rate”: for any Distribution Date is 0.0040% per annum.

     

    “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
      Servicer Termination Trigger”: A Delinquency Servicer Termination Trigger will
      have occurred with respect to the Certificates on a Distribution Date if the
      Three Month Rolling Delinquency Percentage for the Mortgage Loans exceeds
      18.00%.

     

    “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 the 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 Soundview Home Loan Trust 2006-OPT2, Asset-Backed
      Certificates, Series 2006-OPT2” 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 Class A and Mezzanine
      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
      or the Servicer pursuant to or as contemplated by Section 2.03, 3.16(c) or
      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 M-11 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 or Mezzanine Certificate (other than
      the Class M-11 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 any Class of the Floating Rate
      Certificates, the lesser of (i) the Base Rate and (ii) 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 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 and Class M-11
      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 and Mezzanine 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 7, 2006 (together with the schedule thereto, the
      Master Agreement) between The Royal Bank of Scotland plc and the Trustee (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 on the Mortgage Loans.

     

    “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.

     

    “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 Interests LTAA, LTIO and 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 Interests LTM11 and 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. 

     

    “Maximum
      Cap Rate”: For any Distribution Date and any Class of the Floating Rate
      Certificates, a per annum rate equal to the sum of (i) the product 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) 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 and (ii) 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 minus (a) an amount, expressed as a
      percentage, equal to the product of (i) 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 (ii) 12 and (b) 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 and (y) 12, divided
      by
      the aggregate Stated Principal Balance of the Mortgage Loans.

     

    “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 and REMIC
      2
      Regular Interest LTM11 with the rate on each such REMIC 2 Regular Interest
      subject to a cap equal to the Pass-Through Rate for the 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
      that
      REMIC 2 Regular Interest LTM11, shall be multiplied by a fraction, the numerator
      of which is the actual number of days in the 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, Class M-9
      Certificate, Class M-10 Certificate or Class M-11 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, 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 Purchase Agreement”: The Mortgage Loan Purchase Agreement, dated as of
      March 14, 2006, among the Originator, the Sellers and the
      Depositor.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC 2
      on such date, separately identifying the 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; and

     

    (27)  the
      lien
      priority.

     

    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
      (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 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 any Class of Class A or
      Mezzanine 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
      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 to any Class of Class A or Mezzanine
      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 Balances of 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 Mezzanine 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”:
      Option One Mortgage Corporation., 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”: 8,000,000.02.

     

    “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 (x) prior to the Stepdown
      Date, 1.00% of the aggregate Principal Balance of the Mortgage Loans as of
      the
      Cut-off Date and (y) on or after the Stepdown Date, 2.00% of the aggregate
      Stated Principal Balance of the Mortgage Loans for the related Distribution
      Date, subject to a floor equal to 0.50% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the Cut-off Date; provided however, if
      a
      Trigger Event is in effect on the related Distribution Date, the
      Overcollateralization Target Amount will be equal to the Overcollateralization
      Target Amount for the previous Distribution Date. Notwithstanding the foregoing,
      on and after any Distribution Date following the reduction of the aggregate
      Certificate Principal Balance of the Class A and Mezzanine 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
      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)

            
	
              M-11

            	
              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 any Distribution Date and the Class C Certificates, a per annum
      rate
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of the amounts calculated pursuant to clauses (A) through (R) below,
      and
      the denominator of which is (y) the aggregate of the Uncertificated Principal
      Balances of the REMIC 2 Regular Interests (other than REMIC 2 Regular Interest
      LTIO and LTP). For purposes of calculating the Pass-Through Rate for the Class
      C
      Certificates, the numerator is equal to the sum of the following
      components:

     

    (A)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTAA
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LT AA;

     

    (B)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTA1
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTA1;

     

    (C)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTA2
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTA2;

     

    (D)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTA3
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTA3;

     

    (E)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTA4
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTA4;

     

    (F)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM1
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM1;

     

    (G)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM2
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM2;

     

    (H)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM3
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM3;

     

    (I)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM4
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM4;

     

    (J)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM5
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM5;

     

    (K)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM6
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM6;

     

    (L)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM7
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM7;

     

    (M)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM8
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM8;

     

    (N)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM9
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTM9;

     

    (O)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM10
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTM10;

     

    (P)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTM11
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 2 Regular Interest LTM11;

     

    (Q)  the
      Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest LTZZ
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 2 Regular Interest LTZZ; and

     

    (R)  100%
      of
      the interest on REMIC 2 Regular Interest LTP.

     

    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
      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 REMIC 2 Regular Interest LTIO 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.

     

    “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 in full 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 interest on the
      amount of such Principal Prepayment for the number of days commencing on the
      date such Principal Prepayment was applied 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
      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 on the Mortgage Loans by the Servicer that were due during
      the related Due Period, (ii) the principal portion of all full Principal
      Prepayments of the 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 Mortgage
      Loans, (iv) that portion of the Purchase Price, representing principal of any
      repurchased 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 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 Mortgage
      Loans.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated March 14, 2006 relating to
      the public offering of the Class A Certificates and the Mezzanine Certificates
      (other than the Class M-9, Class M-10 and Class M-11 Certificates).

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant by the Originator or the Servicer to or as contemplated by Section
      2.03, 3.16(c) or 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.

     

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

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan by the Originator pursuant to the terms of this Agreement and the Mortgage
      Loan Purchase 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) [reserved], (viii)
      have a remaining term to maturity not greater than (and not more than one year
      less than) that of the Deleted Mortgage Loan, (ix) be current as of the date
      of
      substitution, (x) 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, (xi) have a risk grading determined by the Originator at least
      equal to the risk grading assigned on the Deleted Mortgage Loan, (xii) have
      been
      underwritten or reunderwritten by the Originator in accordance with the same
      underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiii) be
      a
      first lien mortgage loan if the Deleted Mortgage Loan is a first lien mortgage
      loan and (xiv) conform
      to each representation and warranty assigned to the Depositor pursuant to the
      Assignment Agreement. 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 clauses (ii) through (vi) 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 (viii) 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 (x) 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 (xiv) hereof
      must be satisfied as to each Qualified Substitute Mortgage Loan or in the
      aggregate, as the case may be.

     

    “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 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 C
      Certificates or Class P Certificates.

     

    “Reimbursement
      amount”: As defined in Section 3.29.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act, as amended, 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 Mortgage Loan Purchase
      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 Swap Account, the Servicer Prepayment Charge Payment Amounts,
      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 related
      REMIC 1 Remittance 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 Principle Balance as set
      forth in the Preliminary Statement hereto.

     

    “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 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 LTM11, 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 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 LTM11 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, REMIC 2 Regular Interest LTM11 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 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 LTM11, REMIC 2 Regular Interest LTZZ and REMIC
      2
      Regular Interest LTP.

     

    “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 or Class M 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 SWAP 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”:
      Any one or all of: (i) Option One Mortgage Corporation, a California corporation
      or (ii) Option One Owner Trust 2001-1A, Option One Owner Trust 2001-1B, Option
      One Owner Trust 2001-2, Option One Owner Trust 2002-3, Option One Owner Trust
      2003-4, Option One Owner Trust 2003-5, Option One Owner Trust 2005-6, Option
      One
      Owner Trust 2005-7, Option One Owner Trust 2005-8 and/or Option One Owner Trust
      2005-9, each a Delaware statutory trust.

     

    “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 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.

     

    “Senior
      Principal Distribution Amount”: The excess of (x) the Certificate Principal
      Balance of the Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) 58.20% 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. “Servicer”: Option One
      Mortgage Corporation, or any successor servicer appointed as herein provided,
      in
      its capacity as Servicer hereunder.

     

    “Servicer”:
      Option One Mortgage Corporation, or any successor servicer appointed as herein
      provided, in its capacity as Servicer hereunder.

     

    “Servicer
      Certification”: As defined in Section 3.22(b) 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 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 and for any Due Period, an amount equal
      to one month’s interest (or in the event of any payment of interest which
      accompanies a Principal Prepayment in full made by the Mortgagor during such
      calendar month, interest for the number of days covered by such payment of
      interest) at the related Servicing Fee Rate on the same principal amount on
      which interest on such Mortgage Loan accrues for such calendar month. A portion
      of such Servicing Fee may be retained by any Sub-Servicer as its servicing
      compensation.

     

    “Servicing
      Fee Rate”: 0.30%
      per
      annum for the first 10 Due Periods; 0.40% per annum for Due Periods 11 through
      30; and 0.65% per annum for Due Period 31 and thereafter.

     

    “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 Principal
      Distribution Amount to the Certificates then entitled to distributions of
      principal on such Distribution Date) is equal to or greater than 41.80%.

     

    “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).

     

    “Swap
      Administration Agreement”: As defined in Section 4.05(b).

     

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

     

    “Swap
      Administrator”: Deutsche Bank National Trust Company, a national banking
      association, or any successor in interest, or any successor Swap Administrator
      appointed pursuant to the Swap Administration Agreement.

     

    “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 SWAP-IO Interest
      and the scheduled notional amount pursuant to the Swap Administration
      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.

     

    “Three
      Month Rolling Delinquency Percentage”: With respect to the Mortgage Loans and
      any Distribution Date, the average for the three most recent calendar months
      of
      the fraction, expressed as a percentage, the numerator of which is (x) the
      sum
      (without duplication) of the aggregate of the Stated Principal Balances of
      all
      Mortgage Loans that are (i) 60 or more days Delinquent, (ii) in bankruptcy
      and
      60 or more days Delinquent, (iii) in foreclosure and 60 or more days Delinquent
      or (iv) REO Properties, and the denominator of which is (y) the sum of the
      Stated Principal Balances of the Mortgage Loans, in the case of both (x) and
      (y), as of the Close of Business on the last Business Day of each of the three
      most recent calendar months.

     

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

     

    (a)  the
      Delinquency
      Percentage exceeds
      38.25% of the Senior Credit Enhancement Percentage; 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

            	
              1.40%
                for the first month, plus an additional 1/12th
                of
                1.75% for each month thereafter.

            
	
              May
                2009 through April 2010

            	
              3.15%
                for the first month, plus an additional 1/12th
                of
                1.75% for each month thereafter.

            
	
              May
                2010 through April 2011

            	
              4.90%
                for the first month, plus an additional 1/12th
                of
                1.45% for each month thereafter.

            
	
              May
                2011 through April 2012

            	
              6.35%
                for the first month, plus an additional 1/12th
                of
                0.75% for each month thereafter.

            
	
              May
                2012 and thereafter

            	
              7.10%
                for each month.

            
	
              May
                2008 through April 2009

            	
              1.40%
                for the first month, plus an additional 1/12th
                of
                1.75% for each month thereafter.

            

    

    

    “Trust”:
      Soundview Home Loan Trust 2006-OPT2, 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,
      distributions made to the Trust Administrator by the Swap Administrator under
      the Swap Administration 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
                1 Regular Interests

            
	
              1st
                through 2nd

            	
              I-1-A
                through I-43-A

            
	
              3

            	
              I-2-A
                through I-43-A

            
	
              4

            	
              I-3-A
                through I-43-A

            
	
              5

            	
              I-4-A
                through I-43-A

            
	
              6

            	
              I-5-A
                through I-43-A

            
	
              7

            	
              I-6-A
                through I-43-A

            
	
              8

            	
              I-7-A
                through I-43-A

            
	
              9

            	
              I-8-A
                through I-43-A

            
	
              10

            	
              I-9-A
                through I-43-A

            
	
              11

            	
              I-10-A
                through I-43-A

            
	
              12

            	
              I-11-A
                through I-43-A

            
	
              13

            	
              I-12-A
                through I-43-A

            
	
              14

            	
              I-13-A
                through I-43-A

            
	
              15

            	
              I-14-A
                through I-43-A

            
	
              16

            	
              I-15-A
                through I-43-A

            
	
              17

            	
              I-16-A
                through I-43-A

            
	
              18

            	
              I-17-A
                through I-43-A

            
	
              19

            	
              I-18-A
                through I-43-A

            
	
              20

            	
              I-19-A
                through I-43-A

            
	
              21

            	
              I-20-A
                through I-43-A

            
	
              22

            	
              I-21-A
                through I-43-A

            
	
              23

            	
              I-22-A
                through I-43-A

            
	
              24

            	
              I-23-A
                through I-43-A

            
	
              25

            	
              I-24-A
                through I-43-A

            
	
              26

            	
              I-25-A
                through I-43-A

            
	
              27

            	
              I-26-A
                through I-43-A

            
	
              28

            	
              I-27-A
                through I-43-A

            
	
              29

            	
              I-28-A
                through I-43-A

            
	
              30

            	
              I-29-A
                through I-43-A

            
	
              31

            	
              I-30-A
                through I-43-A

            
	
              32

            	
              I-31-A
                through I-43-A

            
	
              33

            	
              I-32-A
                through I-43-A

            
	
              34

            	
              I-33-A
                through I-43-A

            
	
              35

            	
              I-34-A
                through I-43-A

            
	
              36

            	
              I-35-A
                through I-43-A

            
	
              37

            	
              I-36-A
                through I-43-A

            
	
              38

            	
              I-37-A
                through I-43-A

            
	
              39

            	
              I-38-A
                through I-43-A

            
	
              40

            	
              I-39-A
                through I-43-A

            
	
              41

            	
              I-40-A
                through I-43-A

            
	
              42

            	
              I-41-A
                through I-43-A

            
	
              43

            	
              I-42-A
                and I-43-A

            
	
              44

            	
              I-43-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), 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 2 Regular Interest shall be reduced by
      all
      distributions of principal made on such REMIC 2 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. 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 10.100%. 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) 10.100% 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 and REMIC 2 Regular Interest LTM11, 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

            
	
              1

            	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              2

            	
              I-1-A
                through I-43-A

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

            
	
              3

            	
              I-2-A
                through I-43-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

            
	
              4

            	
              I-3-A
                through I-43-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

            
	
              5

            	
              I-4-A
                through I-43-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

            
	
              6

            	
              I-5-A
                through I-43-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

            
	
              7

            	
              I-6-A
                through I-43-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

            
	
              8

            	
              I-7-A
                through I-43-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

            
	
              9

            	
              I-8-A
                through I-43-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

            
	
              10

            	
              I-9-A
                through I-43-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

            
	
              11

            	
              I-10-A
                through I-43-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

            
	
              12

            	
              I-11-A
                through I-43-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

            
	
              13

            	
              I-12-A
                through I-43-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

            
	
              14

            	
              I-13-A
                through I-43-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

            
	
              15

            	
              I-14-A
                through I-43-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

            
	
              16

            	
              I-15-A
                through I-43-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

            
	
              17

            	
              I-16-A
                through I-43-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

            
	
              18

            	
              I-17-A
                through I-43-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

            
	
              19

            	
              I-18-A
                through I-43-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

            
	
              20

            	
              I-19-A
                through I-43-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

            
	
              21

            	
              I-20-A
                through I-43-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

            
	
              22

            	
              I-21-A
                through I-43-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

            
	
              23

            	
              I-22-A
                through I-43-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

            
	
              24

            	
              I-23-A
                through I-43-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

            
	
              25

            	
              I-24-A
                through I-43-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

            
	
              26

            	
              I-25-A
                through I-43-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

            
	
              27

            	
              I-26-A
                through I-43-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

            
	
              28

            	
              I-27-A
                through I-43-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

            
	
              29

            	
              I-28-A
                through I-43-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

            
	
              30

            	
              I-29-A
                through I-43-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

            
	
              31

            	
              I-30-A
                through I-43-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

            
	
              32

            	
              I-31-A
                through I-43-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

            
	
              33

            	
              I-32-A
                through I-43-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

            
	
              34

            	
              I-33-A
                through I-43-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

            
	
              35

            	
              I-34-A
                through I-43-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

            
	
              36

            	
              I-35-A
                through I-43-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

            
	
              37

            	
              I-36-A
                through I-43-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

            
	
              38

            	
              I-37-A
                through I-43-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

            
	
              39

            	
              I-38-A
                through I-43-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

            
	
              40

            	
              I-39-A
                through I-43-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

            
	
              41

            	
              I-40-A
                through I-43-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              42

            	
              I-41-A
                through I-43-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              43

            	
              I-42-A
                through I-43-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              44

            	
              I-43-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC 1 Pass-Through Rate

            

    

    

    With
      respect to REMIC 2 Regular Interest LTIO and (a) the first 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 second
      Distribution Date through the 44th 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 any Class of the Class A or
      Mezzanine 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 lesser of (a)
      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 (b) the
      value thereof as determined by a review appraisal conducted by the Originator
      in
      the event any such review appraisal determines an appraised value ten percent
      or
      more lower than the value thereof as determined by the appraisal referred to
      in
      clause (i)(a) above and (ii) the purchase price paid for the related Mortgaged
      Property by the Mortgagor with the proceeds of the Mortgage Loan, provided,
      however, in the case of a Refinanced Mortgage Loan, such value of the Mortgaged
      Property is based solely upon the lesser of (1) the value determined by an
      appraisal made for the Originator of such Refinanced Mortgage Loan at the time
      of origination of such Refinanced Mortgage Loan by an appraiser who met the
      minimum requirements of Fannie Mae and Freddie Mac and (2) the value thereof
      as
      determined by a review appraisal conducted by the Originator in the event any
      such review appraisal determines an appraised value ten percent or more lower
      than the value thereof as determined by the appraisal referred to in clause
      (ii)(1) above.

     

    “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 and Mezzanine
      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 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 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 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 LTM11 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
      Mortgage Loan Purchase Agreement, (v) payments made to the Trustee by the Swap
      Administrator under the Swap Administration Agreement and the Swap Account,
      (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 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 the Mortgage
      Loan Purchase 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 Mortgage Loan 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 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 Mortgage Loan Purchase 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 Mortgage
      Loan Purchase 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 Mortgage Loan Purchase
      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 Mortgage Loan Purchase 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 to assign any rights to receive
      payments from the Swap Provider to the Swap Administrator pursuant to the Swap
      Administration Agreement and the Depositor further directs the Trustee to
      execute, deliver and perform its obligations under the Swap Administration
      Agreement. The Depositor, the Servicer and the Holders of the Class A and
      Mezzanine 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 Swap Administration Agreement and
      shall
      do so solely in its capacity as Trustee or as Swap Administrator, 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 Swap Administration Agreement, 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 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 Mortgage
      Loan Purchase 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.

     

    Notwithstanding
      anything to the contrary in this Agreement, in no event shall the Trustee be
      liable to any party hereto or to any third party for the performance of any
      custody-related functions, including without limitation with respect to which
      the Custodian shall fail to take action on behalf of the Trustee or failure
      by
      the Custodian to perform any custody related functions in the event the
      Custodian shall fail to satisfy all the related requirements under this
      Agreement or the Custodial 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.

            

    

     

    (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 of any representation, warranty or covenant under the Mortgage Loan
      Purchase 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 cure such defect or breach within
      90 days from the date the Originator was notified of such missing document,
      defect or breach, and if the Originator 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 Mortgage Loan Purchase Agreement and notify
      the Originator 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 Mortgage Loan Purchase
      Agreement. 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
      the related Mortgage File and shall execute and deliver such instruments of
      transfer or assignment, in each case without recourse, as the Originator shall
      furnish to it and as shall be necessary to vest in the Originator 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
      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 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
      is
      not a member of MERS and repurchases a Mortgage Loan which is registered on
      the
      MERS® System, the Originator, 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
      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 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 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 substitutes a Qualified Substitute Mortgage Loan or
      Loans, such substitution shall be effected by the Originator 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. 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 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, 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 Mortgage Loan Purchase Agreement, including all
      applicable representations and warranties thereof included in the Mortgage
      Loan
      Purchase Agreement as of the date of substitution.

     

    For
      any
      month in which the Originator 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 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 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 shall deliver to it and as shall be necessary to
      vest therein any Deleted Mortgage Loan released pursuant hereto.

     

    In
      addition, the Originator 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 Mortgage
      Loan Purchase 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)  In
      addition to the foregoing, to the extent of a breach of the representation
      of
      the Depositor set forth in Section 2.06(x), the Depositor 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. The Depositor acknowledges that a breach of the
      representation set forth in Section 2.06(x) will be deemed to materially
      adversely affect the interests of the Certificateholders and shall require
      a
      repurchase of the affected Mortgage Loan.

     

    
      	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:

     

    (i)  The
      Servicer is duly organized, validly existing, and in good standing under the
      laws of the jurisdiction of its formation and has all licenses necessary to
      carry on its business as now being conducted and is licensed, qualified and
      in
      good standing in the states where the Mortgaged Property is located (or is
      otherwise exempt under applicable law from such qualification) if the laws
      of
      such state require licensing or qualification in order to conduct business
      of
      the type conducted by the Servicer or to ensure the enforceability or validity
      of each Mortgage Loan; the Servicer has the power and authority to execute
      and
      deliver this Agreement and to perform in accordance herewith; the execution,
      delivery and performance of this Agreement (including all instruments of
      transfer to be delivered pursuant to this Agreement) and all documents and
      instruments contemplated hereby which are executed and delivered by the Servicer
      and the consummation of the transactions contemplated hereby have been duly
      and
      validly authorized; this Agreement and all documents and instruments
      contemplated hereby which are executed and delivered by the Servicer, assuming
      due authorization, execution and delivery by the other parties hereto, evidences
      the valid, binding and enforceable obligation of the Servicer, subject to
      applicable bankruptcy, insolvency, reorganization, moratorium or other similar
      laws affecting the enforcement of creditors’ rights generally; and all requisite
      corporate action has been taken by the Servicer to make this Agreement and
      all
      documents and instruments contemplated hereby which are executed and delivered
      by the Servicer valid and binding upon the Servicer in accordance with its
      terms;

     

    (ii)  The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer and will not result in the material
      breach of any term or provision of the charter or by-laws of the Servicer or
      result in the breach of any term or provision of, or conflict with or constitute
      a default under or result in the acceleration of any obligation under, any
      agreement, indenture or loan or credit agreement or other instrument to which
      the Servicer or its property is subject, or result in the violation of any
      law,
      rule, regulation, order, judgment or decree to which the Servicer or its
      property is subject;

     

    (iii)  The
      execution and delivery of this Agreement by the Servicer and the performance
      and
      compliance with its obligations and covenants hereunder do not require the
      consent or approval of any governmental authority or, if such consent or
      approval is required, it has been obtained;

     

    (iv)  [Reserved];

     

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

     

    (vi)  There
      is
      no action, suit, proceeding or investigation pending or, to its knowledge,
      threatened against the Servicer that, either individually or in the aggregate,
      which would reasonably be expected to (A) result in any change in the business,
      operations, financial condition, properties or assets of the Servicer that
      might
      prohibit or materially and adversely affect the performance by such Servicer
      of
      its obligations under, or the validity or enforceability of, this Agreement,
      or
      (B) result in any material impairment of the right or ability of the Servicer
      to
      carry on its business substantially as now conducted, or (C) draw into question
      the validity or enforceability of this Agreement or of any action taken or
      to be
      taken in connection with the obligations of the Servicer contemplated herein,
      or
      (D) impair materially the ability of the Servicer to perform under the terms
      of
      this Agreement;

     

    (vii)  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 any untrue
      statement of a material fact;

     

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

     

    (ix)  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 (i.e., favorable and unfavorable) on its borrower
      credit files to Equifax, Experian, and Trans Union Credit Information Company
      (three of the credit repositories), on a monthly basis.

     

    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(viii)
      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 Mortgage Loan Purchase 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;
      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 (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 1 Regular Interests, Class C Interest and Class
                P
                Interest; 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 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
      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 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 SWAP
      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.

            

    

     

    The
      Servicer shall service and administer the Mortgage Loans on behalf of the Trust
      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 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 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 (the “Servicing
      Standard”). 

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek 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 (ii) 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, (iii) the collection
      of
      such Prepayment Charge would be in violation of applicable laws or (iv) the
      Servicer has not received information and documentation sufficient to confirm
      the existence or amount of such Prepayment Charge. If a Prepayment Charge is
      waived as permitted by meeting the standard described in clauses (iii) or (iv)
      above, then the Servicer shall make commercially reasonable efforts to attempt
      to enforce the obligations of the Originator under the Mortgage Loan Purchase
      Agreement to pay the amount of such waived Prepayment Charge, for the benefit
      of
      the Holders of the Class P Certificates; 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 Mortgage Loan Purchase Agreement. If the Servicer makes
      a
      good faith determination as evidenced by an officer’s certificate delivered by
      the Servicer to the Trustee, that the Servicer’s efforts are not reasonably
      expected to be successful in enforcing such rights, it shall notify the Trustee
      of such failure and the Trustee, with the cooperation of the Servicer, shall
      enforce the obligation of the Originator under the Mortgage Loan Purchase
      Agreement to pay to the Servicer the amount of such waived Prepayment Charge.
      If
      the Originator fails to pay the amount of such waived Prepayment Charge in
      accordance with its obligations under the Mortgage Loan Purchase Agreement, the
      Trustee, the Servicer and the Depositor shall consult on further actions to
      be
      taken against the Originator. The Servicer hereby acknowledges that for the
      purposes of clause (iii) above, the law applicable to the enforcement of
      Prepayment Charges is the law applicable to the originator of the related
      Mortgage Loan. In the event the Servicer determines that (i) the foregoing
      acknowledgement is no longer accurate and (ii) applicable state law would
      prevent it from fully enforcing any Prepayment Charge, the Servicer shall (i)
      provide notice to the Depositor at least 30 days prior to waiving any such
      Prepayment Charge and (ii) provide a written opinion of counsel from a
      nationally recognized law firm experienced in regulatory matters concluding
      that
      fully enforcing such Prepayment Charge would violate applicable
      law.

     

    Subject
      only to the above-described servicing standards and the terms of this Agreement
      and of the 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 the name of the Trust Fund, is
      hereby authorized and empowered by the Trustee when the Servicer believes it
      appropriate in its best judgment in accordance with the Servicing Standard,
      to
      execute and deliver, on behalf of the Certificateholders and 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 each insurer under
      any standard hazard insurance policy. Subject to Section 3.17, within five
      (5)
      days of the Closing Date, the Trustee shall execute and furnish to the Servicer
      and any Sub-Servicer any special or limited powers of attorney and other
      documents necessary or appropriate to enable the Servicer or any Sub-Servicer
      to
      carry out their servicing and administrative duties hereunder; provided,
      such
      limited powers of attorney or other documents shall be prepared by the Servicer
      and submitted to the Trustee for execution. The Trustee shall not be liable
      for
      the actions by the Servicer or any Sub-Servicers under such powers of
      attorney.

     

    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 incurred in connection with
      the
      actions described in the preceding sentence or as a result of MERS discontinuing
      or becoming unable to continue operations in connection with the MERS® System,
      shall be reimbursable to the Servicer by withdrawal from the Collection Account
      pursuant to Section 3.11.

     

    Subject
      to Section 3.09 hereof, in accordance with the standards of the preceding
      paragraph, the Servicer, on escrowed accounts, shall advance or cause to be
      advanced funds as necessary for the purpose of effecting the 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 payment
      of taxes and assessments on a Mortgaged Property shall not, for the purpose
      of
      calculating distributions to Certificateholders, be added to the unpaid Stated
      Principal Balance of the related Mortgage Loan, notwithstanding that the terms
      of such Mortgage Loan so permit.

     

    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 4.04)
      and the Servicer shall not (i) permit any modification with respect to any
      Mortgage Loan that would change the Mortgage Rate, reduce or increase the Stated
      Principal Balance (except for reductions resulting from actual payments of
      principal) or change the final maturity date on such Mortgage Loan (unless,
      in
      any such case, as provided in Section 3.07, the Mortgagor is in default with
      respect to the Mortgage Loan or such default is, in the judgment of the
      Servicer, reasonably foreseeable) 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
      Treasury regulations promulgated thereunder) and (B) cause any REMIC created
      hereunder 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.

     

    The
      Servicer shall also undertake to defend, with respect to a claim against the
      Trustee or the Trust, any claims against the Trust, the Trustee or itself by
      a
      Mortgagor which relate to or affect the servicing of any Mortgage Loan. This
      shall not be construed as an assumption of liability in such matters. The
      Trustee shall notify the Servicer of any such claim as soon as practicable
      after
      receiving notice of such claim. The Servicer shall not be liable for any delay
      in responding to any claim of which it has not received timely notice. The
      Trustee shall cooperate with the Servicer in all aspects of the defense of
      such
      claims, including the timely delivery of all relevant litigation files and
      other
      related information. In the event the Servicer acts on behalf of the Trustee,
      the Trust or itself in any such litigation, the Trust shall pay all costs and
      expenses (including attorneys’ fees, court costs, settlements and judgments)
      associated with the defense and management of such claim; provided, however,
      that the Servicer shall not be indemnified for any such cost or expense relating
      to claims against the Servicer and incurred by reason of its willful
      misfeasance, bad faith or negligence in the performance of its duties
      hereunder.

     

    Within
      180 days of the Closing Date, with respect to the Mortgage Loans set forth
      on
      Schedule III of the Mortgage Loan Purchase Agreement, the Servicer shall deliver
      to the Trustee a written field report from the Servicer or from an independent
      contractor (which, in either case, need not be a qualified appraiser but who
      cannot be the related Mortgagor) certifying that, based on a visual exterior
      inspection conducted by such person, such related Mortgaged Property appears
      not
      to have been damaged materially by the recent Hurricane Katrina or Rita or
      their
      after effects.

     

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

            

    

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements with Sub-Servicers, which
      may
      be Affiliates of the Servicer, for the servicing and administration of the
      Mortgage Loans; provided, however, (i) such sub-servicing arrangement and the
      terms of the related Sub-Servicing Agreement must provide for the servicing
      of
      the Mortgage Loans in a manner consistent with the servicing arrangement
      contemplated hereunder and (ii) the NIMS Insurer shall have consented to such
      sub-servicing agreement. The Trustee is hereby authorized to acknowledge, at
      the
      request of the Servicer, any Sub-Servicing Agreement. No such acknowledgment
      shall be deemed to imply that the Trustee has consented to any such
      Sub-Servicing Agreement, has passed upon whether such Sub-Servicing Agreement
      meets the requirements applicable to Sub-Servicing Agreements set forth in
      this
      Agreement or has passed upon whether such Sub-Servicing Agreement is otherwise
      permitted under this Agreement. The Servicer may, in connection with its duties
      as Servicer hereunder, enter into transactions with any of its Affiliates
      relating to the Mortgage Loans; provided, that (i) such transaction is in the
      ordinary course of business of the Servicer, and (ii) the terms of such
      transaction are no less favorable to the Servicer than it would obtain in a
      comparable arm’s-length transaction with a person that is not an Affiliate of
      the Servicer.

     

    Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      where 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 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. Any variation in any Sub-Servicing Agreements 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, are conclusively deemed to be inconsistent with
      this Agreement and therefore prohibited. The Servicer shall deliver to the
      NIMS
      Insurer and 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.

     

    (b)  As
      part
      of its servicing activities hereunder, the Servicer, 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 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.

     

    
      	SECTION
              3.03  	
              Successor
                Sub-Servicers.

            

    

     

    The
      Servicer, with the consent of the NIMS Insurer, 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 Servicer or the Trustee (if the Trustee is acting
      as Servicer) without fee, in accordance with the terms of this Agreement, in
      the
      event that the Servicer (or the Trustee, if such party 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 or 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 NIMS Insurer,
                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 NIMS Insurer, the Trustee or 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
                Trustee.

            

    

     

    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,
      in
      addition to its duties under 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 departing Servicer’s interest therein and to have replaced
      the departing 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 departing Servicer shall not thereby be relieved
      of
      any liability or obligations under any Sub-Servicing Agreement that arose before
      it ceased to be the Servicer and (ii) neither the Trustee nor 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. All Servicing Transfer Costs shall be paid
      by
      the predecessor Servicer upon presentation of reasonable documentation of such
      costs, and if such predecessor Servicer is the Trustee or it 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).

     

    
      	SECTION
              3.07  	
              Collection
                of Certain Mortgage Loan Payments.

            

    

     

    The
      Servicer shall make reasonable efforts, in accordance with the Servicing
      Standard, to collect all payments called for under the terms and provisions
      of
      the Mortgage Loans and the provisions of any applicable insurance policies
      provided to the Servicer. Consistent with the foregoing, the Servicer may in
      its
      discretion (i) waive any late payment charge or, if applicable, any penalty
      interest or any provisions of any Mortgage Loan requiring the related Mortgagor
      to submit to mandatory arbitration with respect to disputes arising thereunder,
      or (ii) extend the due dates for the Monthly Payments due on a Mortgage Note
      for
      a period of not greater than 180 days; provided, however, 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 4.04 and in accordance with the amortization schedule of
      such Mortgage Loan without modification thereof by reason of such arrangement.
      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 also
      waive, modify or vary any term of such Mortgage Loan (including modifications
      that would 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, or consent to the
      postponement of strict compliance with any such term or otherwise grant
      indulgence to any Mortgagor (any and all such waivers, modifications, variances,
      forgiveness of principal or interest, postponements, or indulgences collectively
      referred to herein as “forbearance”), provided, however, that the NIMS Insurer’s
      prior written consent shall be required for any modification, waiver or
      amendment if the aggregate number of outstanding Mortgage Loans which have
      been
      modified, waived or amended exceeds 5% of the number of Mortgage Loans as of
      the
      Cut-off Date. The Servicer's analysis supporting any forbearance and the
      conclusion that any forbearance meets the standards of Section 3.01 and the
      Loss
      Mitigation Procedures shall be reflected in writing in the Mortgage
      File.

     

    
      	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 clearing 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
      one Business Day 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, and shall thereafter
      deposit such amounts in the Sub-Servicing Account, in no event more than two
      Business Days after the receipt of such amounts. The Sub-Servicer shall
      thereafter deposit such proceeds in the Collection Account or 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; Escrow
                Accounts.

            

    

     

    To
      the
      extent required by the related Mortgage Note, the Servicer shall establish
      and
      maintain, or cause to be established and maintained, one or more accounts (the
      “Escrow Accounts”), into which all Escrow Payments shall be deposited and
      retained. Escrow Accounts shall be Eligible Accounts. The Servicer shall deposit
      in the clearing account in which it customarily deposits payments and
      collections on mortgage loans in connection with its mortgage loan servicing
      activities, all Escrow Payments collected on account of the Mortgage Loans
      and
      shall deposit in the Escrow Accounts, in no event more than two Business Days
      after the receipt of such Escrow Payments, all Escrow Payments collected on
      account of the Mortgage Loans for the purpose of effecting the payment of any
      such items as required under the terms of this Agreement. Withdrawals of amounts
      from an Escrow Account may be made only to (i) effect payment of taxes,
      assessments, hazard insurance premiums, and comparable items in a manner and
      at
      a time that assures that the lien priority of the Mortgage is not jeopardized
      (or, with respect to the payment of taxes, in a manner and at a time that avoids
      the loss of the Mortgaged Property due to a tax sale or the foreclosure as
      a
      result of a tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the
      extent provided in the related Sub-Servicing Agreement) out of related
      collections for any Servicing Advances made pursuant to Section 3.01 (with
      respect to taxes and assessments) and Section 3.14 (with respect to 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 Escrow Account; or (v) clear and terminate the Escrow Account
      at the termination of the Servicer’s obligations and responsibilities in respect
      of the Mortgage Loans under this Agreement in accordance with Article X. In
      the
      event the Servicer shall deposit in a Escrow Account any amount not required
      to
      be deposited therein, it may at any time withdraw such amount from such Escrow
      Account, any provision herein to the contrary notwithstanding. The Servicer
      will
      be responsible for the administration of the Escrow Accounts and will be
      obligated to make Servicing Advances to such accounts when and as necessary
      to
      avoid the lapse of insurance coverage on the Mortgaged Property, or which the
      Servicer knows, or in the exercise of the required standard of care of the
      Servicer hereunder should know, 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. If
      any
      such payment has not been made and the Servicer receives notice of a tax lien
      with respect to the Mortgage being imposed, the Servicer will, within 10
      Business Days of receipt of such notice, advance or cause to be advanced funds
      necessary to discharge such lien on the Mortgaged Property. As part of its
      servicing duties, the Servicer or any Sub-Servicers shall pay to the Mortgagors
      interest on funds in the Escrow Accounts, to the extent required by law and,
      to
      the extent that interest earned on funds in the Escrow Accounts is insufficient,
      to pay such interest from its or their own funds, without any reimbursement
      therefor. The Servicer may pay to itself any excess interest on funds in the
      Escrow Accounts, to the extent such action is in conformity with the Servicing
      Standard, is permitted by law and such amounts are not required to be paid
      to
      Mortgagors or used for any of the other purposes set forth above.

     

    
      	SECTION
              3.10  	
              Collection
                Account and Distribution Account.

            

    

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain, or cause to be
      established and maintained, one or more 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 Collection Account, in no event more than two
      Business Days after the Servicer’s receipt thereof, as and when received or as
      otherwise required hereunder, the following payments and collections received
      or
      made by it subsequent to the Cut-off Date (other than in respect of principal
      or
      interest on the 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 Servicing Fee) on each Mortgage
      Loan;

     

    (iii)  all
      Insurance Proceeds, Net Liquidation Proceeds, Subsequent Recoveries and
      condemnation proceeds (other than proceeds collected in respect of any
      particular REO Property and amounts paid in connection with a purchase of
      Mortgage Loans and REO Properties pursuant to Section 10.01);

     

    (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, Section 3.16(c) or Section 10.01;

     

    (vii)  all
      amounts required to be deposited in connection with Substitution Adjustments
      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.

     

    The
      foregoing requirements for deposit in the Collection Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of Servicing Fees, late payment charges,
      assumption fees, insufficient funds charges and ancillary income (other than
      Prepayment Charges) need not be deposited by the Servicer in the Collection
      Account and may be retained by the Servicer as additional compensation. 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 Trustee shall establish and maintain one or more
      segregated, non-interest bearing trust accounts (such account or accounts,
      the
“Distribution Account”), held in trust for the benefit of the Trustee and the
      Certificateholders. On behalf of the Trust Fund, the Servicer shall deliver
      to
      the Trustee in immediately available funds for deposit in the Distribution
      Account on or before 1:00 p.m. New York time on the Servicer Remittance Date,
      that portion of the Available Funds (calculated without regard to the references
      in the definition thereof to amounts that may be withdrawn from the Distribution
      Account) 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, the amount of any funds reimbursable to
      an
      Advancing Person pursuant to Section 3.29 (unless such amounts are to be
      remitted in another manner as specified in the documentation establishing the
      related Advance Facility).

     

    If,
      by
      1:00 p.m. New York time, on the Servicer Remittance Date, the Servicer fails
      to
      remit to the Trustee for deposit into the Distribution Account any amounts
      required to be so remitted by the Servicer pursuant to this Agreement, the
      Servicer shall pay to the Trustee, for its own account, interest on such amounts
      at the prime rate for such date (as set forth in the Wall
      Street Journal)
      for the
      period commencing on the Servicer Remittance Date through the Business Day
      on
      which such failure is remedied.

     

    (c)  Funds
      in
      the Collection Account and the Distribution Account may be invested in Permitted
      Investments in accordance with the provisions set forth in Section 3.12. The
      Servicer shall give written notice to the NIMS Insurer and the Trustee of the
      location of the Collection Account maintained by it when established and prior
      to any change thereof. The Trustee shall give notice to the NIMS Insurer, the
      Servicer and the Depositor of the location of the Distribution Account when
      established and prior to any change thereof.

     

    (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, with respect to items (i) through
      (iv) below, shall deliver to the Trustee from time to time for deposit, and
      the
      Trustee, with respect to items (i) through (iv) below, shall so deposit, in
      the
      Distribution Account:

     

    (i)  any
      Advances, as required pursuant to Section 4.04;

     

    (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 10.01;

     

    (iv)  any
      Compensating Interest to be deposited pursuant to Section 3.24 in connection
      with any Prepayment Interest Shortfall; 

     

    (v)  any
      amounts required to be paid to the Trustee pursuant to the Agreement, including,
      but not limited to Section 3.06 and Section 7.02; and

     

    (vi)  any
      other
      amounts deposited hereunder which are required to be deposited in the
      Distribution Account.

     

    
      	SECTION
              3.11  	
              Withdrawals
                from the Collection Account and Distribution
                Account.

            

    

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes or as described in Section 4.04:

     

    (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 (a) any unreimbursed Advances
      to the extent of amounts received which represent Late Collections (net of
      the
      related Servicing Fees), Liquidation Proceeds and Insurance Proceeds on Mortgage
      Loans or REO Properties with respect to which such Advances were made in
      accordance with the provisions of Section 4.04; or (b) without limiting any
      right of withdrawal set forth in clause (vi) below, any unreimbursed Advances
      that, upon a Final Recovery Determination with respect to such Mortgage Loan,
      are Nonrecoverable Advances, but only to the extent that Late Collections (net
      of the related Servicing Fees), Liquidation Proceeds and Insurance Proceeds
      received with respect to such Mortgage Loan are insufficient to reimburse the
      Servicer for such unreimbursed Advances; or (c) subject to 4.04(b), any
      unreimbursed Advances to the extent of funds held in the Collection Account
      for
      future distribution that were not included in Available Funds for the preceding
      Distribution Date;

     

    (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 Late Collections, Liquidation
      Proceeds and Insurance Proceeds received with respect to such Mortgage Loan
      or
      REO Property, 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, upon a Final Recovery Determination with respect to such 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
      Servicing Advances;

     

    (iv)  to
      pay to
      the Servicer as additional 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
      itself, the NIMS Insurer or the Originator, as applicable, 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 and any enforcement expenses
      reasonably incurred in respect of such breach or defect, including any expenses
      arising out of the enforcement of such purchase obligations;

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section 4.04;

     

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

     

    (viii)  to
      reimburse the Servicer for expenses incurred by or reimbursable to the Servicer
      pursuant to Section 6.03;

     

    (ix)  to
      pay
      itself any Prepayment Interest Excess;

     

    (x)  to
      clear
      and terminate the Collection Account pursuant to Section 10.01; and

     

    (xi)  to
      withdraw any amount deposited in the Collection Account and not required to
      be
      deposited therein.

     

    The
      foregoing requirements for withdrawal from the Collection Account shall be
      exclusive. 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.

     

    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) and (vii) above. The Servicer shall
      provide written notification to the NIMS Insurer and the Trustee, on or prior
      to
      the next succeeding Servicer Remittance Date, upon making any withdrawals from
      the Collection Account pursuant to subclause (vi) above; provided that an
      Officers’ Certificate in the form described under Section 4.04(d) shall suffice
      for such written notification to the Trustee in respect hereof.

     

    (b)  The
      Trustee shall, from time to time, make withdrawals from the Distribution
      Account, for any of the following purposes, without priority:

     

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

     

    (ii)  [Reserved];

     

    (iii)  to
      pay
      any amounts in respect of taxes pursuant to Section 9.01(g);

     

    (iv)  to
      clear
      and terminate the Distribution Account pursuant to Section 10.01;

     

    (v)  to
      pay
      any amounts required to be paid to the Trustee pursuant to this Agreement,
      including but not limited to funds required to be paid pursuant to Section
      3.06,
      Section 4.01, Section 7.02 and Section 8.05;

     

    (vi)  to
      pay to
      the Trustee, any interest or investment income earned on funds deposited in
      the
      Distribution Account;

     

    (vii)  to
      pay to
      an Advancing Person reimbursements for Advances and/or Servicing Advances
      pursuant to Section 3.29; and

     

    (viii)  to
      pay to
      the Custodian, the Custodial Fee.

     

    
      	SECTION
              3.12  	
              Investment
                of Funds in the Collection Account and the Distribution
                Account.

            

    

     

    (a)  The
      Servicer may direct any depository institution maintaining the Collection
      Account and any REO Account to invest the funds on deposit in such accounts
      and
      the Trustee may invest the funds on deposit in the Distribution Account or
      hold
      such funds uninvested (each such account, for the purposes of this Section
      3.12,
      an “Investment Account”). All investments pursuant to this Section 3.12 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 Trustee
      is the obligor thereon or if such investment is managed or advised by a Person
      other than the Trustee or an Affiliate of the Trustee, 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 or if such
      investment is managed or advised by the Trustee or any Affiliate. 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 any REO
      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 and any REO 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, Section 3.29 or Section 3.23, as applicable.
      The Servicer shall deposit in the Collection Account or any REO Account, as
      applicable, 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.

     

    (c)  All
      income and gain realized from the investment of funds deposited in the
      Distribution Account shall be for the benefit of the Trustee. The Trustee 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. Notwithstanding the foregoing, the
      Trustee may at its discretion, and without liability, hold the funds in the
      Distribution Account uninvested.

     

    (d)  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
      NIMS Insurer or 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.

     

    (e)  The
      Trustee or its Affiliates are permitted to receive additional 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 to the Trustee
      pursuant to Section 3.11 or 3.12 or otherwise payable in respect of
      extraordinary Trust Fund expenses.

     

    
      	SECTION
              3.13  	
              [Reserved].

            

    

     

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

            

    

     

    (a)  The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      with extended coverage on the Mortgaged Property in an amount which is at least
      equal to the lesser of (i) the current Principal Balance of such Mortgage Loan
      and (ii) the amount necessary to fully compensate for any damage or loss to
      the
      improvements that 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 hazard insurance with
      extended coverage on each REO Property in an amount which is at least equal
      to
      the lesser of (i) the maximum insurable value of the improvements which are
      a
      part of such property and (ii) the outstanding Principal Balance of the related
      Mortgage Loan at the time it became an REO Property. 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. 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 and flood insurance has been made available, 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) 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 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 on terms substantially equivalent to those
      commercially available and maintained by competent servicers, 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 servicer
      of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf
      of
      itself, the Depositor, the Trustee and Certificateholders, claims under any
      such
      blanket policy in a timely fashion in accordance with the terms of such
      policy.

     

    (b)  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 the Servicer’s 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 provide the Trustee and the NIMS Insurer, upon
      request, with copies of such insurance policies and fidelity bond. 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 NIMS Insurer. The Servicer shall also cause each Sub-Servicer
      to
      maintain a policy of insurance covering errors and omissions and a fidelity
      bond
      which would meet such requirements.

     

    
      	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 be required to take such action if in its sole business judgment the
      Servicer believes it is not in the best interests of the Trust Fund and 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
      the extent permitted under the related Mortgage Note, 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 current
      underwriting criteria of the Servicer for a mortgage loan similar to the related
      Mortgage Loan. In connection with any assumption, modification 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, modification or substitution of liability agreement shall
      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 that any such substitution,
      modification or assumption agreement has been completed by forwarding to the
      Trustee the executed original of such substitution, modification 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 use its reasonable efforts, consistent with the Servicing
      Standard, to 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. Title to any such property
      shall be taken in the name of the Trustee or its nominee, on behalf of the
      Certificateholders, subject to applicable law. 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(a) and Section 3.23. The
      foregoing is subject to the provision that, in any case in which a 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 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:

     

    (A)  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

     

    (B)  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.

     

    Notwithstanding
      the foregoing, if such environmental audit reveals, or if the Servicer has
      actual knowledge or notice, that such Mortgaged Property contains such wastes
      or
      substances, the Servicer shall not foreclose or accept a deed in lieu of
      foreclosure without the prior written consent of the NIMS Insurer.

     

    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)(vii), 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;
      provided that any amounts disbursed by the Servicer pursuant to this Section
      3.16(b) shall constitute Servicing Advances, subject to Section 4.04(d). The
      cost of any such compliance, containment, clean-up 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)(vii), 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 may, at its option, purchase a Mortgage Loan which has become 90 or
      more days delinquent or for which the Servicer has accepted a deed in lieu
      of
      foreclosure. Prior to purchase pursuant to this Section 3.16(c), the Servicer
      shall be required to continue to make Advances pursuant to Section 4.04. The
      Servicer shall not use any procedure in selecting Mortgage Loans to be
      repurchased which is materially adverse to the interests of the
      Certificateholders. The Servicer shall purchase such delinquent Mortgage Loan
      at
      a price equal to the Purchase Price of such Mortgage Loan. Any such purchase
      of
      a Mortgage Loan pursuant to this Section 3.16(c) shall be accomplished by
      deposit in the Collection Account of the amount of the Purchase Price. Upon
      the
      satisfaction of the requirements set forth in Section 3.17(a), the Trustee
      shall
      immediately deliver the Mortgage File and any related documentation to the
      Servicer and will execute such documents provided to it as are necessary to
      convey the Mortgage Loan to the Servicer.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds, Liquidation
      Proceeds or condemnation proceeds, in respect of any Mortgage Loan, will be
      applied in the following order of priority: first, to unpaid Servicing Fees;
      second, to reimburse the Servicer or any Sub-Servicer for any related
      unreimbursed Servicing Advances pursuant to Section 3.11(a)(iii) and Advances
      pursuant to Section 3.11(a)(ii); third, 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 fourth, as a
      recovery of principal of the Mortgage Loan. 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).

     

    
      	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 shall deliver to the Custodian,
      in
      written (with two executed copies) or electronic format, a Request for Release
      in the form of Exhibit E hereto (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) signed by a
      Servicing Officer (or in a mutually agreeable electronic format that will,
      in
      lieu of a signature on its face, originate from a Servicing Officer) and shall
      request delivery to it or its designee of the Mortgage File. Upon receipt of
      such certification and request, the Custodian, pursuant to the Custodial
      Agreement, shall release the related Mortgage File to the Servicer or its
      designee (which, shall be sent by overnight mail 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 Loan, if applicable. Except as otherwise
      provided herein, 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, pursuant tot eh Custodial
      Agreement, shall, upon any request made by or on behalf of the Servicer and
      delivery to the Custodian of two executed copies of a written Request for
      Release in the form of Exhibit E hereto signed by a Servicing Officer (or in
      a
      mutually agreeable electronic format that will, in lieu of a signature on its
      face, originate from a Servicing Officer), release the related Mortgage File
      to
      the Servicer or its designee within three Business Days, which, shall be sent
      by
      overnight mail, at the expense of the Servicer or the related Mortgagor, and
      the
      Trustee (or the Custodian on behalf of the Trustee) shall, at the written
      direction of the Servicer, execute such documents provided to it by the Servicer
      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 Trustee (or the Custodian
      on
      behalf of the Trustee) 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, or caused to be delivered, to the Custodian an additional Request
      for
      Release certifying as to such liquidation or action or proceedings. Upon the
      request of the Trustee (or the Custodian on behalf of the Trustee), the Servicer
      shall provide notice to the Trustee (or the Custodian on behalf of the Trustee)
      of 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 Request for Release, in written (with two executed copies) or
      electronic format (or in a mutually agreeable electronic format that will,
      in
      lieu of a signature on its face, originate from a Servicing Officer), from
      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, such Mortgage Loan shall
      be
      released by the Trustee (or the Custodian on behalf of the Trustee) to the
      Servicer or its designee within three Business Days.

     

    (c)  Upon
      written certification of a Servicing Officer, the Trustee (or the Custodian
      on
      behalf of the Trustee) shall execute and deliver to the Servicer or the
      Sub-Servicer, as the case may be, copies of any court pleadings, requests for
      trustee’s sale or other documents 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 (or the Custodian on behalf of 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 (or the Custodian on behalf of
      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 its activities 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, Liquidation Proceeds or condemnation proceeds to the extent permitted
      by Section 3.11(a)(iii) and out of amounts derived from the operation and sale
      of an REO Property to the extent permitted by Section 3.23. Except as provided
      in Section 3.29, 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; provided,
      however, that the Servicer may pay from the Servicing Fee any amounts due to
      a
      Sub-Servicer pursuant to a Sub-Servicing Agreement entered into under Section
      3.02.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges,
      insufficient funds charges, ancillary income or otherwise (other than Prepayment
      Charges) shall be retained by the Servicer 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, and servicing compensation of each Sub-Servicer) and shall not
      be
      entitled to reimbursement therefor except as specifically provided
      herein.

     

    The
      Servicer shall be entitled to any Prepayment Interest Excess, which it may
      withdraw from the Collection Account pursuant to Section
      3.11(a)(ix).

     

    
      	SECTION
              3.19  	
              Reports
                to the Trustee; Collection Account
                Statements.

            

    

     

    Not
      later
      than twenty days after each Distribution Date, the Servicer shall forward to
      the
      NIMS Insurer and, upon request, to the Trustee and the Depositor the most
      current available bank statement for the Collection Account. 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 request 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.

            

    

     

    The
      Servicer will deliver to the Trustee not later than March 15th
      of each
      calendar year, commencing in 2007, an Officers’ Certificate (an “Annual
      Statement of Compliance”) stating, as to each signatory thereof, that (i) a
      review of the activities of the Servicer during the preceding calendar year
      and
      of performance under this Agreement has been made under such officers’
supervision and (ii) 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 year, or, if there has been a failure
      to fulfill any such obligation, in any material respect, specifying each such
      failure known to such officer and the nature and status of cure provisions
      thereof. Such Annual Statement of Compliance shall contain no restrictions
      or
      limitations on its use. The Servicer shall deliver a similar Annual Statement
      of
      Compliance by any Sub-Servicer to which the Servicer has delgated any servicing
      responsibilities with respect to the Mortgage Loans, to the Trustee as described
      above as and when required with respect to the Servicer. 

     

    If
      the
      Servicer cannot deliver the related Annual Statement of Compliance by March
      15th
      of such
      year, the Depositor, may permit a cure period for the Servicer to deliver such
      Annual Statement of Compliance, but in no event later than March 20th
      of such
      year.

     

    Failure
      of the Servicer to timely comply with this Section 3.20 (taking into account
      the
      cure period if permitted as set forth in the preceding paragraph) shall be
      deemed an Event of Default, and the Trustee may, in addition to whatever rights
      the Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance give notice to Noteholders
      that they have ten Business Days to object. If no such objection is received,
      the Trustee shall immediately terminate all the rights and obligations of the
      Servicer under this Agreement and in and to the Mortgage Loans and the proceeds
      thereof without compensating the Servicer for the same (other than as provided
      herein with respect to unreimbursed Advances or Servicing Advances or accrued
      and unpaid Servicing Fees). This paragraph shall supercede any other provision
      in this Agreement or any other agreement to the contrary. 

     

    The
      Servicer shall indemnify and hold harmless the Depositor and 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 that such Person
      may sustain based upon a breach of the Servicer's obligations under this Section
      3.20.

     

    
      	SECTION
              3.21  	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      the Servicer shall deliver to the Trustee on or before March 15th
      of each
      calendar year beginning in 2007, a report regarding the Servicer’s assessment of
      compliance (an “Assessment of Compliance”) with the applicable Servicing
      Criteria (as set forth in Exhibit S) during the preceding calendar year. The
      Assessment of Compliance must contain the following:

     

    (a)  A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the Servicer;

     

    (b)  A
      statement by such officer that such officer used the Servicing Criteria, and
      which will also be attached to the Assement of Compliance, to assess compliance
      with the Servicing Criteria applicable to the Servicer;

     

    (c)  An
      assessment by such officer of the Servicer’s compliance with the applicable
      Servicing Criteria for the period consisting of the preceding calendar year,
      including disclosure of any material instance of noncompliance with respect
      thereto during such period, which assessment shall be based on the activities
      it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer, that are backed by the same asset type as the Mortgage
      Loans;

     

    (d)  A
      statement that a registered public accounting firm has issued an attestation
      report on the Servicer’s Assessment of Compliance for the period consisting of
      the preceding calendar year; and

     

    (e)  A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Servicer, which statement shall be based on the activities it performs
      with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Servicer, that are backed by the same asset type as the Mortgage
      Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit S hereto which are indicated as applicable to the Servicer.

     

    On
      or
      before March 15th
      of each
      calendar year beginning in 2007, the Servicer shall furnish to the Trustee
      a
      report (an “Attestation Report”) by a registered public accounting firm that
      attests to, and reports on, the Assessment of Compliance made by the Servicer,
      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. 

     

    The
      Servicer shall cause and any Sub-Servicer, and each subcontractor determined
      by
      the Servicer to be “participating in the servicing function” within the meaning
      of Item 1122 of Regulation AB, to deliver to the Trustee and the Depositor
      an
      Assessment of Compliance and Attestation Report as and when provided
      above.

     

    Such
      Assessment of Compliance, as to any Sub-Servicer, shall address each of the
      Servicing Criteria applicable to the Sub-Servicer. Notwithstanding the
      foregoing, as to any subcontractor determined by the Servicer to be
“participating in the servicing function,” 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.

     

    If
      the
      Servicer cannot deliver any Assessment of Compliance or Attestation Report
      by
      March 15th
      of such
      year, the Depositor, may permit a cure period for the Servicer to deliver such
      Assessment of Compliance or Attestation Report, but in no event later than
      March
      25th
      of such
      year.

     

    Failure
      of the Servicer to timely comply with this Section 3.21 (taking into account
      the
      cure period if permitted as set forth in the preceding paragraph) shall be
      deemed an Event of Default, and the Trustee may, in addition to whatever rights
      the Trustee may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance, give notice to Noteholders
      that they have ten Business Days to object. If no such objection is received,
      the Indenture Trustee shall immediately terminate all the rights and obligations
      of the Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Servicer for the same (other than
      as
      provided herein with respect to unreimbursed Advances or Servicing Advances
      or
      accrued and unpaid Servicing Fees). This paragraph shall supercede any other
      provision in this Agreement or any other agreement to the contrary.

     

    The
      Trustee shall also provide an Assessment of Compliance (with respect to items
      (a) - (d) but not (e) above) and Attestation Report, as and when provided above,
      which shall at a minimum address each of the Servicing Criteria specified on
      Exhibit S hereto which are indicated as applicable to the “trustee”.
      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
      the Trustee, as applicable and its 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 Servicer’s or
      the Trustee’s obligations, as applicable, under this Section 3.21.

     

    
      	SECTION
              3.22  	
              Access
                to Certain Documentation; Filing of Reports by
                Trustee.

            

    

     

    (a)  The
      Servicer shall provide to 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 will be
      provided to the Trustee, the NIMS Insurer and to any Person identified to the
      Servicer as a prospective transferee of a Certificate, 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.

     

    
      	SECTION
              3.23  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)  The
      deed
      or certificate of sale of any REO Property shall, subject to applicable laws,
      be
      taken in the name of the Trustee, or its nominee, in trust for the benefit
      of
      the Certificateholders. The Servicer, on behalf of REMIC 1, shall sell any
      REO
      Property as soon as practicable and in any event no later than the end of the
      third full taxable year after the taxable year in which such REMIC 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 three-year grace period would otherwise expire, an extension of
      such three-year period, unless the Servicer shall have delivered to the Trustee
      and the NIMS Insurer an Opinion of Counsel acceptable to the NIMS Insurer and
      addressed to the Trustee, the NIMS Insurer and the Depositor, to the effect
      that
      the holding by the REMIC of such REO Property subsequent to three years after
      its acquisition will not result in the imposition on the REMIC of taxes on
      “prohibited transactions” thereof, as defined in Section 860F of the Code, or
      cause any of the REMICs created hereunder 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 of the REMICs created hereunder 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 separately account for all funds collected and received in
      connection with the operation of any REO Property and shall establish and
      maintain, or cause to be established and maintained, 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 (subject to the
      requirement of prompt disposition set forth in Section 3.23(a)) 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 REO
      Account, in no event more than two Business Days after the Servicer’s receipt
      thereof, 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, operate and dispose of 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, neither the Servicer nor 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 Trustee and the NIMS Insurer, 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 Code at any time that it is held by the
      REMIC, 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:

     

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

     

    (B)  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;

     

    (C)  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

     

    (D)  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; provided,
      however, that to the extent that any payments made by such Independent
      Contractor would constitute Servicing Advances if made by the Servicer, such
      amounts shall be reimbursable as Servicing Advances made by the
      Servicer.

     

    (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. On the Servicer Remittance Date, the
      Servicer shall withdraw from each REO Account maintained by it and deposit
      into
      the Distribution Account in accordance with Section 3.10(d)(ii), for
      distribution on the related Distribution Date in accordance with Section 4.01,
      the income from the related REO Property received during the prior calendar
      month, net of any withdrawals made pursuant to Section 3.23(c) or this Section
      3.23(d).

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a), each REO Disposition
      shall
      be carried out by the Servicer in a manner, at such price and upon such terms
      and conditions as shall be normal and usual in the Servicing
      Standard.

     

    (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
      deposited 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 the Code. Such reports
      shall be in form and substance sufficient to meet the reporting requirements
      of
      the Code.

     

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

            

    

     

    Not
      later
      than 1:00 p.m. New York time on each Servicer Remittance Date, the Servicer
      shall remit to the Distribution Account an amount (“Compensating Interest”)
      equal to the lesser of (A) the aggregate of the Prepayment Interest Shortfalls
      for the related Distribution Date and (B) its aggregate Servicing Fee received
      in the related Due Period. The Servicer shall not have the right to
      reimbursement for any amounts remitted to the Trustee in respect of Compensating
      Interest. Such amounts so remitted shall be included in the Available Funds
      and
      distributed therewith on the next Distribution Date. The Servicer shall not
      be
      obligated to pay Compensating Interest with respect to Relief Act Interest
      Shortfalls.

     

    
      	SECTION
              3.25  	
              [Reserved].

            

    

     

    
      	SECTION
              3.26  	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments.

            

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to the
      Mortgage Loans in the aggregate 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 deposit in the Collection 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. Notwithstanding the foregoing, this Section 3.26 shall not
      limit the ability of the Servicer to seek recovery of any such amounts from
      the
      related Mortgagor under the terms of the related Mortgage Note, as permitted
      by
      law.

     

    
      	SECTION
              3.27  	
              Solicitations.

            

    

     

    From
      and
      after the Closing Date, the Servicer agrees that it will not take any action
      or
      permit or cause any action to be taken by any of its agents and Affiliates,
      or
      by any independent contractors or independent mortgage brokerage companies
      on
      the Servicer's behalf, to personally, by telephone, mail or electronic mail,
      solicit the Mortgagor under any Mortgage Loan for the purpose of refinancing
      such Mortgage Loan; provided,
      that
      the Servicer may solicit any Mortgagor for whom the Servicer has received a
      request for verification of mortgage, a request for demand for payoff, a
      mortgagor initiated written or verbal communication indicating a desire to
      prepay the related Mortgage Loan, another mortgage company has pulled a credit
      report on the mortgagor or the mortgagor initiates a title search; provided
      further, it is understood and agreed that promotions undertaken by the Servicer
      or any of its Affiliates which (i) concern optional insurance products or other
      additional products or (ii) are directed to the general public at large,
      including, without limitation, mass mailings based on commercially acquired
      mailing lists, newspaper, radio and television advertisements shall not
      constitute solicitation under this Section, nor is the Servicer prohibited
      from
      responding to unsolicited requests or inquiries made by a Mortgagor or an agent
      of a Mortgagor. Furthermore, the Servicer shall be permitted to include in
      its
      monthly statements to borrowers or otherwise, statements regarding the
      availability of the Servicer's counseling services with respect to refinancing
      mortgage loans.

     

    Notwithstanding
      the foregoing, with respect to any Fixed Rate Mortgage Loan, the Servicer may
      solicit the Mortgagor for the purpose of refinancing such Mortgage Loan,
      beginning 60 days prior to the later of (i) the expiration of the related
      Prepayment Charge term, if applicable and (ii) 24 months following origination
      of such Mortgage Loan and with respect to any Adjustable Rate Mortgage Loan,
      the
      Servicer may solicit the Mortgagor for the purpose of refinancing such Mortgage
      Loan, beginning 60 days prior to the later of (i) the expiration of the related
      Prepayment Charge term, if applicable and (ii) the expiration of any applicable
      fixed rate period. 

     

    
      	SECTION
              3.28  	
              [Reserved].

            

    

     

    
      	SECTION
              3.29  	
              Advance
                Facility.

            

    

     

    The
      Servicer, with the consent of the NIMS Insurer, is hereby authorized to enter
      into a financing or other facility (any such arrangement, an “Advance Facility”)
      under which (1) the Servicer sells, assigns or pledges to another Person
      (together with such Person’s successors and assigns, an “Advancing Person”) the
      Servicer’s rights under this Agreement to be reimbursed for any Advances or
      Servicing Advances and/or (2) an Advancing Person agrees to fund some or all
      Advances and/or Servicing Advances required to be made by the Servicer pursuant
      to this Agreement. No consent of the Depositor, the Trustee, the
      Certificateholders or any other party (other than the NIMS Insurer consent)
      shall be required before the Servicer may enter into an Advance Facility. The
      Servicer shall notify the NIMS Insurer and each other party to this Agreement
      prior to or promptly after entering into or terminating any Advance Facility.
      Notwithstanding the existence of any Advance Facility under which an Advancing
      Person agrees to fund Advances and/or Servicing Advances on the Servicer’s
      behalf, the Servicer shall remain obligated pursuant to this Agreement to make
      Advances and Servicing Advances pursuant to and as required by this Agreement.
      If the Servicer enters into an Advance Facility, and for so long as an Advancing
      Person remains entitled to receive reimbursement for any Advances including
      Nonrecoverable Advances (“Advance Reimbursement Amounts”) and/or Servicing
      Advances including Nonrecoverable Advances (“Servicing Advance Reimbursement
      Amounts” and together with Advance Reimbursement Amounts, “Reimbursement
      Amounts”) (in each case to the extent such type of Reimbursement Amount is
      included in the Advance Facility), as applicable, pursuant to this Agreement,
      then the Servicer shall identify such Reimbursement Amounts consistent with
      the
      reimbursement rights set forth in Section 3.11(a)(ii), (iii), (vi) and (vii)
      and
      remit such Reimbursement Amounts in accordance with Section 3.10(b) or otherwise
      in accordance with the documentation establishing the Advance Facility to such
      Advancing Person or to a trustee, agent or custodian (an “Advance Facility
      Trustee”) designated by such Advancing Person. Notwithstanding the foregoing, if
      so required pursuant to the terms of the Advance Facility, the Servicer may
      direct, and if so directed the Trustee is hereby authorized to and shall pay
      to
      the Advance Facility Trustee the Reimbursement Amounts identified pursuant
      to
      the preceding sentence. Notwithstanding anything to the contrary herein, in
      no
      event shall Advance Reimbursement Amounts or Servicing Advance Reimbursement
      Amounts be included in the Available Funds or distributed to
      Certificateholders.

     

    If
      the
      terms of a facility proposed to be entered into with an Advancing Person by
      the
      Trust Fund would not materially and adversely affect the interests of any
      Certificateholder, then the NIMS Insurer shall not withhold its consent to
      the
      Trust Fund’s entering such facility.

     

    Reimbursement
      Amounts shall consist solely of amounts in respect of Advances and/or Servicing
      Advances made with respect to the Mortgage Loans for which the Servicer would
      be
      permitted to reimburse itself in accordance with this Agreement, assuming the
      Servicer or the Advancing Person had made the related Advance(s) and/or
      Servicing Advance(s). Notwithstanding the foregoing, except with respect to
      reimbursement of Nonrecoverable Advances as set forth in this Agreement, no
      Person shall be entitled to reimbursement from funds held in the Collection
      Account for future distribution to Certificateholders pursuant to this
      Agreement. None of the Depositor or the Trustee shall have any duty or liability
      with respect to the calculation of any Reimbursement Amount, nor shall the
      Depositor or the Trustee have any responsibility to track or monitor the
      administration of the Advance Facility or the payment of Reimbursement Amounts
      to the related Advancing Person or Advance Facility Trustee. The Servicer shall
      maintain and provide to any successor servicer and (upon request) the Trustee
      a
      detailed accounting on a loan by loan basis as to amounts advanced by, sold,
      pledged or assigned to, and reimbursed to any Advancing Person. The successor
      servicer shall be entitled to rely on any such information provided by the
      predecessor servicer, and the successor servicer shall not be liable for any
      errors in such information. Any successor Servicer shall reimburse the
      predecessor Servicer and itself for outstanding Advances and Servicing Advances,
      respectively, with respect to each Mortgage Loan on a first in, first out
      (“FIFO”) basis; provided that the successor Servicer has received prior written
      notice from the predecessor Servicer or the Advancing Person of reimbursement
      amounts owed to the predecessor Servicer. Liquidation Proceeds with respect
      to a
      Mortgage Loan shall be applied to reimburse Advances outstanding with respect
      to
      that Mortgage Loan before being applied to reimburse Servicing Advances
      outstanding with respect to that Mortgage Loan.

     

    An
      Advancing Person who receives an assignment or pledge of the rights to be
      reimbursed for Advances and/or Servicing Advances, and/or whose obligations
      hereunder are limited to the funding or purchase of Advances and/or Servicing
      Advances shall not be required to meet the criteria for qualification of a
      subservicer set forth in this Agreement.

     

    Upon
      the
      direction of and at the expense of the Servicer, the Trustee agrees to execute
      such acknowledgments provided by the Servicer recognizing the interests of
      any
      Advance Facility Trustee in such Reimbursement Amounts as the Servicer may
      cause
      to be made subject to Advance Facilities pursuant to this Section
      3.29.

     

    The
      Servicer shall remain entitled to be reimbursed for all Advances and Servicing
      Advances funded by the Servicer to the extent the related rights to be
      reimbursed therefor have not been sold, assigned or pledged to an Advancing
      Person.

     

    The
      Servicer shall indemnify the Depositor, the Trustee, the NIMS Insurer, any
      successor servicer and the Trust Fund for any loss, liability or damage
      resulting from any claim by the related Advancing Person, except to the extent
      that such claim, loss, liability or damage resulted from or arose out of
      negligence, recklessness or willful misconduct or breach of its duties hereunder
      on the part of the Depositor, the Trustee, the NIMS Insurer or any successor
      servicer.

     

    Any
      amendment to this Section 3.29 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 3.29, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee, the
      Depositor and the Servicer without the consent of any Certificateholder but
      with
      the consent of the NIMS Insurer, provided such amendment complies with Section
      11.01 hereof. All reasonable costs and expenses (including attorneys’ fees) of
      each party hereto of any such amendment shall be borne solely by the Servicer.
      Prior to entering into an Advance Facility, the Servicer shall notify the
      Advancing Person in writing that: (a) the Advances and/or Servicing Advances
      purchased, financed by and/or pledged to the Advancing Person are obligations
      owed to the Servicer on a non-recourse basis payable only from the cash flows
      and proceeds received under this Agreement for reimbursement of Advances and/or
      Servicing Advances only to the extent provided herein, and the Trustee and
      the
      Trust are not otherwise obligated or liable to repay any Advances and/or
      Servicing Advances financed by the Advancing Person and (b) the Trustee shall
      not have any responsibility to track or monitor the administration of the
      Advance Facility between the Servicer and the Advancing Person.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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
      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 Class A 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, 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 and Class M-11 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 Class A Certificates (allocated among the Senior Certificates
      in
      the priority described below) until the Certificate Principal Balance thereof
      has been reduced to zero; and

     

    (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 M-10 Certificates and Class M-11 Certificates, in that
      order, in each case, until the Certificate Principal Balance thereof has 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 Class A Certificates (allocated among the Class A Certificates
      in
      the priority described below), the Senior Principal Distribution Amount until
      the Certificate Principal Balances thereof have been reduced to
      zero;

     

    (ii)  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;

     

    (iii)  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;

     

    (iv)  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;

     

    (v)  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;

     

    (vi)  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;

     

    (vii)  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;

     

    (viii)  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;

     

    (ix)  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;

     

    (x)  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;
      and

     

    (xi)  to
      the
      Holders of the Class M-11 Certificates, the Class M-11 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    With
      respect to the Class A 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 and the Class C Certificates
      has
      been reduced to zero, all principal distributions will be distributed
      concurrently, to the holders of the Class A 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, 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 and Class M-11 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 amount of any Net WAC Rate Carryover
      Amounts, without taking into account amounts received under the Interest Rate
      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 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 Net WAC Rate Carryover
      Amount, on a pro
      rata
      basis
      based on the Net WAC Rate Carryover Amount for each such Class; 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, Class M-10 Certificates and Class
      M-11
      Certificates in that order, the related Net WAC Rate Carryover
      Amount.

     

    (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 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 M-10 and Class M-11 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(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 M-10 and Class M-11 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 M-10 and Class M-11 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 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 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 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 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 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;

     

    (xix)  the
      total
      cashflows received and the general sources thereof;

     

    (xx)  the
      respective Pass-Through Rates applicable to each Class of Class A Certificates,
      Mezzanine Certificates and the Class C Certificates for such Distribution Date
      and the Pass-Through Rate applicable to each Class of Class A and Mezzanine
      Certificates for the immediately succeeding Distribution Date; 

     

    (xxi)  the
      amount of any Net Swap Payments or Swap Termination Payments; and

     

    (xxii)  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)  By
      the
      third Business Day following each Determination Date, but in no event later
      than
      the earlier of (i) such date which would allow the indenture trustee to submit
      a
      claim to the NIMS Insurer under the Indenture so as to allow a timely payment
      by
      the NIMS Insurer under the insurance policy related to the notes insured by
      the
      NIMS Insurer and (ii) the 20th
      day of
      each month (or if such 20th
      day is
      not a Business Day, the preceding Business Day), 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. No later than the 20th day
      of
      each month, 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 1:00 p.m. New York time on 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: (i) the Interest Rate
      Swap Agreement, (ii) the Swap Administration Agreement and (iii) $1,000. 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 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 Soundview Home Loan Trust 2006-OPT2, Asset-Backed
      Certificates, Series 2006-OPT2.” 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 Administrator, for distribution in accordance with Section
      4.01(e) hereof, pursuant to the Swap Administration Agreement, dated as of
      the
      Closing Date (the “Swap Administration Agreement”), among Deutsche Bank National
      Trust Company, in its capacity as Supplemental Interest Trust Trustee, Deutsche
      Bank National Trust Company, in its capacity as Swap Administrator and the
      majority Holder of the Class C Certificates. 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).

     

    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).

    

    (c)  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.

     

    (d)  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, 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 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 Swap Administrator
      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.

     

    
      	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 calender 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. 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 an electronic or fax copy of such signed Form 10-D
      (with an original executed hard copy to follow by overnight mail) to the
      Trustee. The
      Indenture 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 15, 2007 and (y) unless and until a Form 15 Suspension Notice
      shall have been filed, on or before March 15 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.
      The
      Trustee shall receive the items described in the preceding sentence no later
      than March 15 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 or fax copy 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. Any expenses incurred by the Trustee
      in
      connection with the previous sentence shall be reimbursable to the Trustee
      out
      of the Trust Fund. The Indenture 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 15th
      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.

     

    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  	
              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 Soundview Home Loan Trust 2006-OPT2 Asset-Backed
      Certificates, Series 2006-OPT2” All amounts deposited in the Net WAC Rate
      Carryover Reserve Account shall be distributed to the Holders of the Class
      A and
      Mezzanine 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 Class A or Mezzanine 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(d)(iv), rather
      than distributing such amounts to the Class C Certificateholders. On each such
      Distribution Date, the Trustee shall hold all such amounts for the benefit
      of
      the Holders of the Class A and Mezzanine Certificates, and will distribute
      such
      amounts to the Holders of the Class A and Mezzanine Certificates in the amounts
      and priorities set forth in Section 4.01(d).

     

    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 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 Class A and
      Mezzanine 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 designees. 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 Class A and Mezzanine 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
      Class A Certificates and the Class M Certificates to receive payments from
      the
      Net WAC Rate Carryover Reserve Account in respect of any Net WAC Rate Carryover
      Amount may have more than a de
      minimis
      value.

     

    
      	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-43-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-43-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-43-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 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 LTM11, 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 and REMIC 2 Regular Interest LTM11, 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 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 LTM11 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 M-11 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero; fifth, to the Class M-10 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; sixth, to the
      Class M-9 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; seventh, to the Class M-8 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; eighth, to the Class M-7
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; ninth, to the Class M-6 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; tenth, to the Class M-5 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero;
      eleventh, to the Class M-4 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; twelfth, to the Class M-3 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; thirteenth,
      to the Class M-2 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero and fourteenth, 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 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-43-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 LTM11 and REMIC 2 Regular Interest
      LTZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC 2 Regular Interest LTM11 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; 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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01  	
              The
                Certificates.

            

    

     

    Each
      of
      the Class A Certificates, the Mezzanine 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
      Class A 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 $1.00 in excess
      thereof, provided that Class A and Mezzanine 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 Class A and Mezzanine 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 M-10 Certificate,
      Class
      M-11 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, (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 Private Certificate (other than a Class M-10 or Class M-11
      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, no Transfer of a Class
      A or
      Mezzanine Certificate shall be made unless either (i) the Trust Administrator
      shall have received a representation from the transferee (in the form of Exhibit
      M) of such Certificate acceptable to and in form and substance satisfactory
      to
      the Trustee, to the effect that such transferee is not a Plan, or a Person
      acting on behalf of a Plan or using the assets a Plan, or (ii) the transferee
      is
      deemed to represent that the proposed transfer or holding of such Certificate
      is
      eligible for exemptive relief under an individual or class prohibited
      transaction exemption, including, but not limited to, for the Offered
      Certificates, Prohibited Transaction Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE
      90-1, PTCE 95-60 or PTE 96-23 or for Class M-11 Certificates, PTCE
      95-60.

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each Transferee of a
      Mezzanine 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 Certificate other than a Class M-11 Certificate it has
      acquired and is holding such Certificate in reliance on 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 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 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 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 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, unless
      the
      Depositor or the Servicer acts without the consent of the Holders of
      Certificates entitled to at least 51% of the Voting Rights, 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.

     

    Neither
      the Credit Risk Manager, nor any of the directors, officers, employees or agents
      of the Credit Risk Manager, shall be under any liability to the Trustee, the
      Certificateholders or the Depositor for any action taken or for refraining
      from
      the taking of any action in good faith pursuant to this Agreement, in reliance
      upon information provided by 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, bad faith or negligence
      in its performance of its duties or by reason of reckless disregard for its
      obligations and duties under this Agreement or the Credit Risk Management
      Agreement. 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
              6.04  	
              Servicer
                Not to Resign.

            

    

     

    The
      Servicer shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon determination that its duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it or its subsidiaries
      or
      Affiliates, the other activities of the Servicer so causing such a conflict
      being of a type and nature carried on by the Servicer or its subsidiaries or
      Affiliates at the date of this Agreement or (ii) upon satisfaction of the
      following conditions: (a) the Servicer has proposed a successor servicer to
      the
      Trustee and the NIMS Insurer in writing and such proposed successor servicer
      is
      reasonably acceptable to the Trustee and the NIMS Insurer and (b) each Rating
      Agency shall have delivered a letter to the Trustee and the NIMS Insurer prior
      to the appointment of the successor servicer stating that the proposed
      appointment of such successor servicer as Servicer hereunder will not result
      in
      the reduction or withdrawal of the then current rating of the Certificates;
      provided, however, that no such resignation by the Servicer shall become
      effective until such successor servicer or, in the case of (i) above, the
      Trustee shall have assumed the Servicer’s responsibilities and obligations
      hereunder or the Trustee shall have designated, with the consent of the NIMS
      Insurer, a successor servicer in accordance with Section 7.02. 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 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 Trustee, if it has been notified in writing of such termination or
      appointment, shall give written notice thereof to the Servicer and the
      Depositor.

     

    If
      Holders of the Certificates entitled to 66 2/3% or more of the Voting Rights
      request in writing to the Trustee to terminate the Credit Risk Manager under
      this Agreement, the Credit Risk Manager shall be removed pursuant to this
      Section 6.08.  Upon receipt of such notice, the Trustee shall provide
      written notice to the Credit Risk Manager and the Servicer of the Credit Risk
      Manager’s 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 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;

     

    (v)  A
      Delinquency Servicer Termination Trigger has occurred and is
      continuing;

     

    (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.

     

    
      	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, 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.

     

    
      	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, Custodial Fee 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
      be
      provided a copy of the separate fee schedule between the Depositor and the
      Custodian. The Trustee shall withdraw from the Distribution Account on each
      Distribution Date and pay to the Custodian, the Custodial Fee prior to making
      any distributions to Certificateholders.

     

    (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. It is
      understood by the parties hereto that a “claim” as used in the preceding
      sentence includes any claim for indemnification made by the Custodian under
      Section 22 of the Custodial Agreement; provided, however, that the Trustee
      shall
      not lose any right it may have to indemnification under this Section 8.05 due
      to
      the willful misfeasance, bad faith or negligence of the Custodian in the
      performance of its duties under the Custodial Agreement or by reason of the
      Custodian’s reckless disregard of its obligations and duties under the Custodial
      Agreement. 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  	
              Appointment
                of the Custodian.

            

    

     

    The
      Trustee shall, at the direction of the Depositor and with the consent of the
      Servicer, appoint the Custodian to hold all or a portion of the Mortgage Files.
      The appointment of the Custodian may at any time be terminated and a substitute
      Custodian appointed therefor at the direction of the Depositor to the Trustee,
      the consent to which shall not be unreasonably withheld. The Custodian shall
      be
      entitled to its fees and expenses in accordance with the Custodial Agreement,
      which fees and expenses shall be paid to the Custodian from the Trust in
      accordance with Section 8.05. Subject to Article VIII hereof, the Trustee agrees
      to comply with the terms of the Custodial Agreement, which agreement may be
      amended from time to time, and shall have the right to enforce the terms and
      provisions thereof against the Custodian for the benefit of the
      Certificateholders having an interest in any Mortgage File held by the
      Custodian. Notwithstanding anything to the contrary in this Agreement, the
      Custodian is not an agent of the Trustee and in no event shall the Trustee
      be
      liable for any acts, omission, duties, obligations, or liabilities of the
      Custodian. In no event shall the appointment of the Custodian pursuant to the
      Custodial Agreement diminish the obligations of the Trustee
      hereunder.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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 and the Class M Certificates (exclusive
      of any right to receive distributions from or obligations to make payments
      to
      the Net WAC Rate Carryover Reserve Account in respect of the Net WAC Rate
      Carryover Amount or 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
      right to receive distributions from or obligation to make payments to the Net
      WAC Rate Carryover Reserve Account in respect of the Net WAC Rate Carryover
      Amount or the Swap Account) 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
      and Class M Certificates, the 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 6and 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 2006, 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 of the Stated Principal Balances
      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 Balances 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 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.

     

    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 (iii) to amend the provisions of Section 3.22(b) or (iv)
      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.
      Notwithstanding the foregoing, neither an Opinion of Counsel nor written notice
      to the Depositor, the Servicer and the Trustee from the Rating Agencies will
      be
      required in connection with an amendment to the provisions of Section
      3.22(b).

     

    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, Option One Mortgage Corporation, 3 Ada, Irvine,
      California 92618, or such other address or telecopy number as may hereafter
      be
      furnished to the Depositor, the NIMS Insurer 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 - GC05O4 (telecopy number: (714) 247-6329), 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/ Patrick Leo____________________ 

    Name:
      Patrick Leo

    Title:
       Vice
      President

    

    

    OPTION
      ONE MORTGAGE CORPORATION., 

    as
      Servicer

    

    

    By:__
      /s/
      Philip Laren_________________ 

    Name:
      Philip Laren

    Title:
      Senior Vice President

    

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY, 
as Trustee

    

    

    By:__
      _/s/ Hang Luu________________________ 

    Name:
      Hang Luu

    Title:
      Authorized Signer

    

    

    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 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
      ___________________ of Option One Mortgage Corporation, 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 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 WHO IS 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 DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT 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”)

                 

              	
                :

              	
                $584,740,000.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

              	
                $584,740,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MH 8

                 

              
	
                Class

              	
                :

              	
                A-1

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

                 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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 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 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, 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 April 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, 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 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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 A-1 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        (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 who is 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 deemed to have made
        the
        representation made except in accordance with 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 May 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 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 WHO IS 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 DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT 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”)

                 

              	
                :

              	
                $295,730,000.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

              	
                $295,730,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MJ 4

                 

              
	
                Class

              	
                :

              	
                A-2

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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 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 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, 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 April 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, 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 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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 A-2 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        (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 who is 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 deemed to have made
        the
        representation made except in accordance with 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 May 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 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 WHO IS 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 DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT 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”)

                 

              	
                :

              	
                $297,950,000.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

              	
                $297,950,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MK 1

                 

              
	
                Class

              	
                :

              	
                A-3

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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 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 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, 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 April 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, 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 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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 A-3 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        (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 who is 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 deemed to have made
        the
        representation made except in accordance with 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 May 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 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 WHO IS 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 DEEMED TO HAVE MADE THE REPRESENTATION SET FORTH
        IN SECTION 5.02(D) OF THE AGREEMENT 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”)

                 

              	
                :

              	
                $87,180,000.00

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

              	
                $87,180,000.00

              
	
                Percentage
                  Interest

              	
                :

              	
                100%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  ML 9

                 

              
	
                Class

              	
                :

              	
                A-4

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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 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 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, 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 April 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, 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 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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 A-4 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        (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 who is 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 deemed to have made
        the
        representation made except in accordance with 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 May 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 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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES AND THE CLASS A-4 CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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

              	
                :

              	
                April
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $108,800,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $108,800,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MM 7

                 

              
	
                Class

              	
                :

              	
                M-1

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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-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
        CLASS
        A-1 CERTIFICATES, THE CLASS A-2, THE CLASS A-3 CERTIFICATES, THE CLASS A-4
        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 WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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

              	
                :

              	
                April
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $31,200,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $31,200,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MN 5

                 

              
	
                Class

              	
                :

              	
                M-2

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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-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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 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 WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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

              	
                :

              	
                April
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $28,000,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $28,000,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MP 0

                 

              
	
                Class

              	
                :

              	
                M-3

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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-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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 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 WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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

              	
                :

              	
                April
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $27,200,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $27,200,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MQ 8

                 

              
	
                Class

              	
                :

              	
                M-4

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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-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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 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 WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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

              	
                :

              	
                April
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $25,600,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $25,600,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MR 6

                 

              
	
                Class

              	
                :

              	
                M-5

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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-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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 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 WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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

              	
                :

              	
                April
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $22,400,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $22,400,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MS 4

                 

              
	
                Class

              	
                :

              	
                M-6

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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-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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 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 WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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

              	
                :

              	
                April
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $18,400,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $18,400,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MT 2

                 

              
	
                Class

              	
                :

              	
                M-7

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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-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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 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 WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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

              	
                :

              	
                April
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance of this Certificate
                  (“Denomination”)

              	
                :

              	
                $15,200,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $15,200,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MU 9

                 

              
	
                Class

              	
                :

              	
                M-8

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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-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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 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 WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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”).

       

      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”)

              	
                :

              	
                $
                  11,200,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $
                  11,200,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MV 7

                 

              
	
                Class

              	
                :

              	
                M-9

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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-10 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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 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, THE CLASS M-8 CERTIFICATES AND THE CLASS M-9 CERTIFICATES
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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”).

       

      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”)

              	
                :

              	
                $16,000,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $16,000,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                Variable

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MW 5

                 

              
	
                Class

              	
                :

              	
                M-10

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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 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-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, 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 April 1, 2006 (the “Agreement”) among the Depositor,
        Option One Mortgage Corporation, 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-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 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 who is 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 deemed
        to
        have made the representation 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 Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      Dated:
        April __, 2006

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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-10 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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 M-11 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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 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, THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES
        AND THE
        CLASS M-10 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE WHO IS 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 DEEMED TO HAVE MADE THE
        REPRESENTATION SET FORTH IN SECTION 5.02(D) OF THE AGREEMENT 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”).

       

      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”)

              	
                :

              	
                $14,400,000.00

                 

              
	
                Original
                  Class Certificate Principal Balance of this Class

              	
                :

              	
                $14,400,000.00

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Pass-Through
                  Rate

              	
                :

              	
                5.0000%

                 

              
	
                CUSIP

              	
                :

              	
                83611M
                  MX 3

                 

              
	
                Class

              	
                :

              	
                M-11

                 

              
	
                Assumed
                  Maturity Date

              	
                :

              	
                May
                  2036

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      CLASS
        M-11

       

      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-11 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-11 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-11 Certificate (obtained by dividing the Denomination
        of this Class M-11 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,
        Option One Mortgage Corporation, 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-11 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-11 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 who is 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 deemed
        to
        have made the representation made except in accordance with Section 5.02(d)
        of
        the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class M-11 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-11 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

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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-11 Certificate]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        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 May 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 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 CLASS A-1 CERTIFICATES, THE CLASS A-2,
        THE
        CLASS A-3 CERTIFICATES, THE CLASS A-4 CERTIFICATES, THE CLASS A-6 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, THE CLASS M-8 CERTIFICATES,
        THE
        CLASS M-9 CERTIFICATES, THE CLASS M-10 CERTIFICATES AND THE CLASS M-11
        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

              	
                :

              	
                April
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                May
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal Balance

                of
                  this Certificate (“Denomination”)

                 

              	
                :

              	
                $
                  15,999,903.96

              
	
                Original
                  Class Certificate

                Principal
                  Balance of this Class

                 

              	
                :

              	
                $
                  15,999,903.96

                 

              
	
                Percentage
                  Interest

              	
                :

              	
                100.00%

                 

              
	
                Class

              	
                :

              	
                C

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        (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 May 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 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

              	
                :

              	
                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

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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,
        Option One Mortgage Corporation, 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

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        (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 May 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 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”), 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

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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, Option One Mortgage Corporation, 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

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2 Asset-Backed Certificates, Series 2006-OPT2
        (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 May 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 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”), 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

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      Series
        2006-OPT2

      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, Option One Mortgage Corporation, 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

       

      
        	 	
                SOUNDVIEW
                  HOME LOAN TRUST 2006-OPT2

                 

                 

                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]

       

      Soundview
        Home Loan Trust 2006-OPT2

      Asset-Backed
        Certificates,

      SERIES
        2006-OPT2

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Soundview Home Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
        (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 May 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
        MORTGAGE LOAN PURCHASE AGREEMENT

       

       

      

        OPTION
          ONE MORTGAGE CORPORATION,

         

        as
          Originator and Seller

         

        OPTION
          ONE OWNER TRUST 2001-1A,

         

        OPTION
          ONE OWNER TRUST 2001-1B,

         

        OPTION
          ONE OWNER TRUST 2001-2,

         

        OPTION
          ONE OWNER TRUST 2002-3,

         

        OPTION
          ONE OWNER TRUST 2003-4,

         

        OPTION
          ONE OWNER TRUST 2003-5,

         

        OPTION
          ONE OWNER TRUST 2005-6,

         

        OPTION
          ONE OWNER TRUST 2005-7,

         

        OPTION
          ONE OWNER TRUST 2005-8,

         

        OPTION
          ONE OWNER TRUST 2005-9

         

        

         

        as
          Sellers

         

        and

         

        

         

        FINANCIAL
          ASSET SECURITIES CORP.,

         

        as
          Purchaser

         

        

         

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        

         

        Dated
          as
          of March 14, 2006

         

        

         

        Adjustable-Rate
          and Fixed-Rate Mortgage Loans

         

        Soundview
          Home Loan Trust 2006-OPT2

        

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        Table
          of Contents

         

        
          	
                  ARTICLE
                    I.

                
	 
	
                  DEFINITIONS

                
	 
	
                  Section
                    1.01

                	
                  Definitions

                
	 	 
	
                  ARTICLE
                    II.

                
	 
	
                  SALE
                    OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

                
	 
	
                  Section
                    2.01

                	
                  Sale
                    of Mortgage Loans

                
	
                  Section
                    2.02

                	
                  Obligations
                    of the Seller and Seller Upon Sale

                
	
                  Section
                    2.03

                	
                  Payment
                    of Purchase Price for the Mortgage Loans.

                
	 	 
	
                  ARTICLE
                    III.

                
	 
	
                  REPRESENTATIONS
                    AND WARRANTIES; REMEDIES FOR BREACH

                
	 
	
                  Section
                    3.01

                	
                  Seller
                    Representations and Warranties Relating to the Mortgage
                    Loans.

                
	
                  Section
                    3.02

                	
                  Seller
                    Representations and Warranties Relating to the Seller

                
	
                  Section
                    3.03

                	
                  Remedies
                    for Breach of Representations and Warranties

                
	 	 
	
                  ARTICLE
                    IV.

                
	 
	
                  SELLER’S
                    COVENANTS

                
	 
	
                  Section
                    4.01

                	
                  Covenants
                    of the Seller

                
	 	 
	
                  ARTICLE
                    V.

                
	 
	
                  INDEMNIFICATION
                    WITH RESPECT TO THE MORTGAGE LOANS

                
	 
	
                  Section
                    5.01

                	
                  Indemnification.

                
	 	 
	
                  ARTICLE
                    VI.

                
	 
	
                  TERMINATION

                
	 
	
                  Section
                    6.01

                	
                  Termination

                
	 	 
	
                  ARTICLE
                    VII.

                
	 
	
                  MISCELLANEOUS
                    PROVISIONS

                
	 
	
                  Section
                    7.01

                	
                  Amendment

                
	
                  Section
                    7.02

                	
                  Governing
                    Law

                
	
                  Section
                    7.03

                	
                  Notices

                
	
                  Section
                    7.04

                	
                  Severability
                    of Provisions

                
	
                  Section
                    7.05

                	
                  Counterparts

                
	
                  Section
                    7.06

                	
                  Further
                    Agreements

                
	
                  Section
                    7.07

                	
                  Intention
                    of the Parties

                
	
                  Section
                    7.08

                	
                  Successors
                    and Assigns; Assignment of Purchase Agreement

                
	
                  Section
                    7.09

                	
                  Survival

                
	
                  Section
                    7.10

                	
                  Owner
                    Trustee

                

        

        

         

        MORTGAGE
          LOAN PURCHASE AGREEMENT, dated as of March 14, 2006 (the “Agreement”), among
          Option One Mortgage Corporation (the “Originator”), Option One Owner Trust
          2001-1A (“Seller Trust 1A”), Option One Owner Trust 2001-1B (“Seller Trust 1B”),
          Option One Owner Trust 2001-2 (“Seller Trust 2”), Option One Owner Trust 2002-3
          (“Seller Trust 3”), Option One Owner Trust 2003-4 (“Seller Trust 4”), Option One
          Owner Trust 2003-5 (“Seller Trust 5”), Option One Owner Trust 2005-6 (“Seller
          Trust 6”), Option One Owner Trust 2005-7 (“Seller Trust 7”), Option One Owner
          Trust 2005-8 (“Seller Trust 2005-8) and Option One Owner Trust 2005-9 (“Seller
          Trust 2005-9); each of Seller Trust 1A, Seller Trust 1B, Seller Trust 2,
          Seller
          Trust 3, Seller Trust 4, Seller Trust 5, Seller Trust 6, Seller Trust 7,
          Seller
          Trust 8 and Seller Trust 9, a “Seller
          Trust”
and
          collectively the “Seller
          Trusts”)
          (the
          Originator and each Seller Trust a “Seller” and collectively the “Sellers”) and
          Financial Asset Securities Corp. (the “Purchaser”).

         

        WITNESSETH

         

        WHEREAS,
          each Seller is the owner of (a) the notes or other evidence of indebtedness
          (the
“Mortgage Notes”) so indicated on the applicable Schedule hereto referred to
          below and (b) the other documents or instruments constituting the Mortgage
          File
          (collectively, the “Mortgage Loans”); and

         

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

         

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

         

        WHEREAS,
          each Seller Trust is an indirect subsidiary of the Originator and the Originator
          is the administrator of each Seller Trust; and

         

        WHEREAS,
          the Originator originated or acquired the Mortgage Loans and subsequently
          sold
          the Mortgage Loans to the applicable Seller Trust; and

         

        WHEREAS,
          pursuant to the terms of a Pooling and Servicing Agreement dated as of
          April 1,
          2006 (the “Pooling and Servicing Agreement”) among the Purchaser as depositor,
          the Originator as servicer and Deutsche Bank National Trust Company as
          trustee
          (the “Trustee”), the Purchaser will convey the Mortgage Loans to Soundview Home
          Loan Trust 2006-OPT2 (the “Trust”); and

         

        WHEREAS,
          the Originator is obligated, in connection with the transactions contemplated
          by
          this Agreement, to make certain representations, warranties and covenants
          with
          respect to itself and the Mortgage Loans; and

         

        WHEREAS,
          each Seller Trust is obligated, in connection with the transactions contemplated
          by this Agreement, to make certain representations, warranties and covenants
          with respect to itself.

         

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

         

         

        ARTICLE
          I.

         

        DEFINITIONS

         

        Section
          1.01  Definitions.
          All
          capitalized terms used but not defined herein and below shall have the
          meanings
          assigned thereto in the Pooling and Servicing Agreement.

         

        “ORIGINATOR
          INFORMATION”:
          The
          information contained in the Prospectus Supplement, read either individually
          or
          collectively under “SUMMARY OF TERMS—Mortgage Loans,” the first sentence of the
          fourth bullet point under “RISK FACTORS—Unpredictability of Prepayments and
          Effect on Yields,” the second sentence under “RISK FACTORS—Payment Status of the
          Mortgage Loans,” the first sentence under “RISK FACTORS—Interest Only Mortgage
          Loans,” the second sentence under “RISK FACTORS—Second Lien Loan Risk,” the
          first sentence under “RISK FACTORS—Interest Only Mortgage Loans,” the second
          sentence of the third bullet point under “RISK FACTORS—Interest Generated by the
          Mortgage Loans May Be Insufficient to Maintain Overcollateralization,” the first
          and second sentence under “RISK FACTORS—Simultaneous Second Lien Risk,” “THE
          MORTGAGE POOL,” the first sentence of the fifth paragraph under “YIELD,
          PREPAYMENT AND MATURITY CONSIDERATIONS”, “THE ORIGINATOR AND THE SPONSOR” and
“THE SERVICER.”

         

         

        ARTICLE
          II.

         

        SALE
          OF
          MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

         

        Section
          2.01  Sale
          of Mortgage Loans.
          The
          applicable Seller, concurrently with the execution and delivery of this
          Agreement, does hereby sell, assign, set over, and otherwise convey to
          the
          Purchaser, without recourse, (i) all of its right, title and interest in
          and to
          each Mortgage Loan, identified on the related Schedule, including the related
          Cut-off Date Principal Balance, all interest accruing thereon on or after
          the
          Cut-off Date and all collections in respect of interest and principal due
          after
          the Cut-off Date; (ii) property which secured 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; and (iv) all
          proceeds of any of the foregoing. In addition to the sale of the Mortgage
          Loans,
          the Originator will direct the Trustee to enter into the Interest Rate
          Swap
          Agreement and Swap Administration Agreement on behalf of the Trust.

         

        Section
          2.02  Obligations
          of the Originator Upon Sale.
          In
          connection with any transfer pursuant to Section 2.01 hereof, the Originator
          further agrees, at its own expense on or prior to the Closing Date, (a)
          to cause
          its books and records and the books and records of each Seller Trust, to
          indicate that the Mortgage Loans have been sold to the Purchaser pursuant
          to
          this Agreement and (b) to deliver to the Purchaser and the Trustee a computer
          file containing a true and complete list of all such Mortgage Loans specifying
          for each such Mortgage Loan, as of the Cut-off Date, (i) its account number
          and
          (ii) the Cut-off Date Principal Balance. Such files, which form a part
          of
          Exhibit D to the Pooling and Servicing Agreement, shall also be marked
          as
          Schedule I-XI to this Agreement and are hereby incorporated into and made
          a part
          of this Agreement.

         

        In
          connection with any conveyance by the Sellers, the Originator shall on
          behalf of
          the Purchaser deliver to, and deposit with the Trustee (or the Custodian
          on
          behalf of the Trustee), as assignee of the Purchaser, on or before the
          Closing
          Date, the following documents or instruments with respect to each Mortgage
          Loan:

         

        (i)  the
          original Mortgage Note, 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,” 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 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)  an
          original Assignment of Mortgage, in form and substance acceptable for recording.
          The Mortgage shall be assigned either (A) in blank, without recourse or
          (B) to
“Deutsche Bank National Trust Company, as Trustee”;

         

        (iv)  an
          original of any intervening assignment of Mortgage showing a complete chain
          of
          assignments;

         

        (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,
          substitution agreement or guarantee, if any.

         

        The
          Originator hereby confirms to the Purchaser and the Trustee that it has
          caused
          the appropriate entries to be made in its general accounting records to
          indicate
          that such Mortgage Loans have been transferred to the Trustee and constitute
          part of the Trust in accordance with the terms of the Pooling and Servicing
          Agreement.

         

        If
          any of
          the documents referred to in Section 2.02(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 Originator to deliver such documents shall be deemed to be satisfied
          upon
          (1) delivery to the Trustee or the Custodian, 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 Trustee or
          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
          2.02(v) above, the Originator shall deliver or cause to be delivered to
          the
          Trustee or 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 Trustee or the Custodian, promptly upon receipt thereof. The Originator
          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 Originator shall have
          90 days
          to cure such defect or deliver such missing document to the Purchaser.
          If the
          Originator does not cure such defect or deliver such missing document within
          such time period, the Originator shall either repurchase or substitute for such
          Mortgage Loan pursuant to Section 2.03 of the Pooling and Servicing
          Agreement.

         

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

         

        The
          parties hereto intend that the transaction set forth herein be a sale by
          the
          Sellers to the Purchaser of all the applicable Seller’s right, title and
          interest in and to the related Mortgage Loans and other property described
          above. In the event the transaction set forth herein is deemed not to be
          a sale,
          each Seller hereby grants to the Purchaser a security interest in all of
          such
          Seller’s right, title and interest in, to and under the related Mortgage Loans
          and other property described above, whether now existing or hereafter created,
          to secure all of such Seller’s obligations hereunder; and this Agreement shall
          constitute a security agreement under applicable law.

         

        The
          Originator shall cause the Assignments which were delivered in blank to
          be
          completed and shall cause all Assignments referred to in Section 2.02(iii)
          hereof and, to the extent necessary, in Section 2.02(iv) hereof to be recorded.
          The Originator shall be required 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 Originator
          shall
          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 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 shall be submitted for recording by the Originator in the manner
          described above, at no expense to the Trust Fund or Trustee, upon the earliest
          to occur of: (i) reasonable direction by 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 Servicer, (iv) the occurrence of a servicing transfer as
          described in Section 7.02 of the Pooling and Servicing Agreement, (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. Upon receipt of written notice from the Purchaser that
          recording of the Assignments is required pursuant to one or more of the
          conditions set forth in the preceding sentence, the related Seller shall
          be
          required to deliver such Assignments for recording as provided above, promptly
          and in any event within 30 days following receipt of such notice. The related
          Seller shall furnish the Trustee (or the Custodian on behalf of the Trustee),
          or
          its designated agent, with a copy of each Assignment submitted for
          recording.

         

        In
          the
          event that any Mortgage Note is endorsed in blank as of the Closing Date,
          promptly following the Closing Date, the Trustee (or the Custodian on behalf
          of
          the Trustee), at the expense of the related Seller, shall cause to be completed
          such endorsements “Pay to the order of Deutsche Bank National Trust Company, as
          Trustee, without recourse.”

         

        Section
          2.03  Payment
          of Purchase Price for the Mortgage Loans.

         

        (i)  In
          consideration of the sale of the Mortgage Loans from Option One Mortgage
          Corporation to the Purchaser on the Closing Date, the Purchaser agrees
          to pay to
          Option One Mortgage Corporation on the Closing Date immediately available
          funds
          in an amount equal to $22,779,699.91.

         

        (ii)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 1A to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          1A on
          the Closing Date immediately available funds in an amount equal to $
          7,598,109.11.

         

        (iii)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 1B to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          1B on
          the Closing Date immediately available funds in an amount equal to
          $130,785,656.32.

         

        (iv)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 2 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          2 on
          the Closing Date immediately available funds in an amount equal to
          $50,651,148.26.

         

        (v)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 3to the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          3 on
          the Closing Date immediately available funds in an amount equal to
          $389,908,981.07. 

         

        (vi)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 4 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          4 on
          the Closing Date immediately available funds in an amount equal to
          $269,160,161.47.

         

        (vii)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 5 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          5 on
          the Closing Date immediately available funds in an amount equal to
          $245,574,634.98.

         

        (viii)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 6 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          6 on
          the Closing Date immediately available funds in an amount equal to
          $91,028,969.30.

         

        (ix)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 7 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          7 on
          the Closing Date immediately available funds in an amount equal to
          $174,833,439.27.

         

        (x)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 8 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          8 on
          the Closing Date immediately available funds in an amount equal to
          $139,932,777.71.

         

        (xi)  In
          consideration of the sale of the Mortgage Loans from Seller Trust 9 to
          the
          Purchaser on the Closing Date, the Purchaser agrees to pay to Seller Trust
          9 on
          the Closing Date immediately available funds in an amount equal to
          $77,746,426.56.

         

         

        ARTICLE
          III.

         

        REPRESENTATIONS
          AND WARRANTIES; REMEDIES FOR BREACH

         

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

         

        The
          Originator and the Purchaser understand, acknowledge and agree that, the
          representations and warranties set forth in Schedule XII attached hereto
          are
          made as of the Closing Date or as of the date specifically provided
          herein.

         

        Section
          3.02  Originator
          Representations and Warranties Relating to Option One Mortgage
          Corporation.
          The
          Originator represents, warrants and covenants to the Purchaser as of the
          Closing
          Date or as of such other date specifically provided herein:

         

        (a)  The
          Originator is duly organized, validly existing and in good standing as
          a
          corporation under the laws of the State of California and is and will remain
          in
          compliance with the laws of each state in which any Mortgaged Property
          is
          located to the extent necessary to ensure the enforceability of each Mortgage
          Loan in accordance with the terms of this Agreement;

         

        (b)  The
          Originator has the full power and authority to hold each Mortgage Loan,
          to sell
          each Mortgage Loan, to execute, deliver and perform, and to enter into
          and
          consummate, all transactions contemplated by this Agreement. The Originator
          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 Purchaser and the Seller Trusts,
          constitutes a legal, valid and binding obligation of the Originator, enforceable
          against it in accordance with its terns except as the enforceability thereof
          may
          be limited by bankruptcy, insolvency or reorganization. At the time of
          the sale
          of each Mortgage Loan by the Originator (in its capacity as a Seller),
          the
          Originator (in its capacity as a Seller) had the full power and authority
          to
          hold each Mortgage Loan and to sell each Mortgage Loan;

         

        (c)  The
          execution and delivery of this Agreement by the Originator and the performance
          of and compliance with the terms of this Agreement will not violate the
          Originator’s articles of incorporation or by-laws or constitute a default under
          or result in a breach or acceleration of, any material contract, agreement
          or
          other instrument to which the Originator is a party or which may be applicable
          to the Originator or its assets;

         

        (d)  The
          Originator is not in violation of, and the execution and delivery of this
          Agreement by the Originator and its performance and compliance with the
          terms of
          this Agreement will not constitute a violation with respect to, any order
          or
          decree of any court or any order or regulation of any federal, state, municipal
          or governmental agency having jurisdiction over the Originator or its assets,
          which violation might have consequences that would materially and adversely
          affect the condition (financial or otherwise) or the operation of the Originator
          or its assets or might have consequences that would materially and adversely
          affect the performance of its obligations and duties hereunder;

         

        (e)  Reserved;

         

        (f)  Immediately
          prior to the payment of the Purchase Price for each Mortgage Loan, the
          Originator (in its capacity as a Seller) was the owner of the related Mortgages
          and the indebtedness evidenced by the related Mortgage Note and upon the
          payment
          of the Purchase Price by the Purchaser, in the event that the Originator
          (in its
          capacity as a Seller) retains record title, the Originator (in its capacity
          as a
          Seller) shall retain such record title to each Mortgage, each related Mortgage
          Note and the related Mortgage Files with respect thereto in trust for the
          Purchaser as the owner thereof,

         

        (g)  The
          Originator (in its capacity as a Seller) has not transferred the Mortgage
          Loans
          to the Purchaser with any intent to hinder, delay or defraud any of its
          creditors;

         

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

         

        (i)  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Originator
          of, or compliance by the Originator 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;

         

        (j)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Originator. The sale of the Mortgage
          Loans is
          in the ordinary course of business of the Originator (in its capacity as
          a
          Seller) and the assignment and conveyance of the Mortgage Notes and the
          Mortgages by the Originator (in its capacity as a Seller) are not subject
          to the
          bulk transfer or any similar statutory provisions;

         

        (k)  Except
          with respect to liens released immediately prior to the transfer herein
          contemplated, each Mortgage Note and related Mortgage have not been assigned
          or
          pledged and immediately prior to the transfer and assignment herein
          contemplated, the Originator (in its capacity as a Seller) held good, marketable
          and indefeasible title to, and were the sole owners and holders of, each
          Mortgage Loan subject to no liens, charges, mortgages, claims, participation
          interests, equities, pledges or security interests of any nature, encumbrances
          or rights of others (collectively, a “Lien”); the Originator (in its capacity as
          a Seller) had full right and authority under all governmental and regulatory
          bodies having jurisdiction over the Originator, subject to no interest
          or
          participation of, or agreement with, any party, to sell and assign the
          same
          pursuant to this Agreement; and immediately upon the transfers and assignments
          herein contemplated. The Originator (in its capacity as a Seller) shall
          have
          transferred all of its right, title and interest in and to each Mortgage
          Loan
          and the Trustee will hold good, marketable and indefeasible title to, and
          be the
          sole owner of, each Mortgage Loan subject to no Liens.

         

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

         

        (m)  Except
          with respect to any statement regarding the intentions of the Purchaser,
          or any
          other statement contained herein the truth or falsity of which is dependant
          solely upon the actions of the Purchaser, this Agreement does not contain
          any
          untrue statement of material fact or omit to state a material fact necessary
          to
          make the statements contained herein not misleading. The written statements,
          reports and other documents prepared and furnished or to be prepared and
          furnished by the Originator pursuant to this Agreement or in connection
          with the
          transactions contemplated hereby taken in the aggregate do not contain
          any
          untrue statement of material fact or omit to state a material fact necessary
          to
          make the statements contained therein not misleading;

         

        (n)  The
          Originator is an approved seller/servicer for Fannie Mae and Freddie Mac
          in good
          standing and is a HUD approved mortgagee pursuant to Section 203 of the
          National Housing Act. No event has occurred, including but not limited
          to a
          change in insurance coverage, which would make the Originator unable to
          comply
          with Fannie Mae, Freddie Mac or HUD eligibility requirements or which would
          require notification to Fannie Mae, Freddie Mac or HUD;

         

        (o)  The
          Mortgage Note, the Mortgage, the Assignment and any other documents required
          to
          be delivered with respect to each Mortgage Loan, have been delivered to
          the
          Purchaser all in compliance with the specific requirements hereof. With
          respect
          to each Mortgage Loan, the Originator/Seller is in possession of a complete
          Mortgage File, except for such documents as have been delivered to the
          Trustee;
          and

         

        (p)  The
          Originator
          is a
          member of MERS in good standing, will 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 and is current in payment of all fees
          and
          assessments imposed by MERS.

         

        Section
          3.03  Seller
          Trust Representations and Warranties.
          Each
          Seller Trust represents, warrants and covenants to the Purchaser as of
          the
          Closing Date or as of such other date specifically provided herein:

         

        (i)  The
          Seller Trust is duly organized, validly existing and in good standing as
          a
          business trust under the laws of the State of Delaware and is and will
          remain in
          compliance with the laws of each state in which any Mortgaged Property
          is
          located to the extent necessary to ensure the enforceability of each Mortgage
          Loan in accordance with the terms of this Agreement;

         

        (ii)  The
          Seller Trust has the full power and authority to hold each Mortgage Loan,
          to
          sell each Mortgage Loan, to execute, deliver and perform, and to enter
          into and
          consummate, all transactions contemplated by this Agreement. The Seller
          Trust
          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 Purchaser and the Originator,
          constitutes a legal, valid and binding obligation of the Seller Trust,
          enforceable against it in accordance with its terms except as the enforceability
          thereof may be limited by bankruptcy, insolvency or reorganization;

         

        (iii)  The
          execution and delivery of this Agreement by the Seller Trust and the performance
          of and compliance with the terms of this Agreement will not violate the
          Seller
          Trust’s certificate of trust or constitute a default under or result in a breach
          or acceleration of, any material contract, agreement or other instrument
          to
          which the Seller Trust is a party or which may be applicable to the Seller
          Trust
          or its assets;

         

        (iv)  The
          Seller Trust is not in violation of, and the execution and delivery of
          this
          Agreement by the Seller Trust and its performance and compliance with the
          terms
          of this Agreement will not constitute a violation with respect to, any
          order or
          decree of any court or any order or regulation of any federal, state, municipal
          or governmental agency having jurisdiction over such Seller Trust or its
          assets,
          which violation might have consequences that would materially and adversely
          affect the condition (financial or otherwise) or the operation of the Seller
          Trust or its assets or might have consequences that would materially and
          adversely affect the performance of its obligations and duties hereunder;
          and

         

        (v)  Immediately
          prior to the payment of the mortgage loan purchase price for each Mortgage
          Loan,
          the Seller Trust was the owner of the related Mortgage and the indebtedness
          evidenced by the related Mortgage Note and upon the payment of the mortgage
          loan
          purchase price by the Purchaser, in the event that the Seller Trust retains
          record title, the Seller Trust shall retain such record title to each Mortgage,
          each related Mortgage Note and the related Mortgage Files with respect
          thereto
          in trust for the Purchaser as the owner thereof;

         

        (vi)  The
          Seller Trust has not transferred the Mortgage Loans to the Purchaser with
          any
          intent to hinder, delay or defraud any of its creditors;

         

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

         

        (ix)  The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Seller Trust, and the transfer assignment
          and
          conveyance of the related Mortgage Notes and the Mortgages by the Seller
          Trust
          pursuant to this Agreement are not subject to the bulk transfer or any
          similar
          statutory provisions; and

         

        (x)  Except
          with respect to liens released immediately prior to the transfer herein
          contemplated, the applicable Mortgage Note and related Mortgage have not
          been
          assigned or pledged and immediately prior to the transfer and assignment
          herein
          contemplated, the Seller Trust held good, marketable and indefeasible title
          to,
          and was the sole owner and holder of, the related Mortgage Loan subject
          to no
          liens, charges, mortgages, claims, participation interests, equities, pledges
          or
          security interests of any nature, encumbrances or rights of others
          (collectively, a “Lien”); the Seller Trust has full right and authority under
          all governmental and regulatory bodies having jurisdiction over the Seller
          Trust, subject to no interest or participation of, or agreement with, any
          party,
          to sell and assign the same pursuant to this Agreement; and immediately
          upon the
          transfers and assignments herein contemplated, the Seller Trust shall have
          transferred all of its right, title and interest in and to the related
          Mortgage
          Loans and the Trustee will hold good, marketable and indefeasible title
          to, and
          be the sole owner of, the related Mortgage Loans subject to no
          Liens.

         

        Section
          3.04  Remedies
          for Breach of Representations and Warranties.
          It is
          understood and agreed that the representations and warranties set forth
          in
          Subsections 3.01 and 3.02 shall survive the sale of the Mortgage Loans
          to the
          Purchaser and shall inure to the benefit of the Purchaser, notwithstanding
          any
          restrictive or qualified endorsement on any Mortgage Note or Assignment
          or the
          examination or lack of examination of any Mortgage File. Upon discovery
          by
          either the Originator or the Purchaser of a breach of any of the foregoing
          representations and warranties that materially and adversely affects the
          value
          of the Mortgage Loans or the interest of the Purchaser (or which materially
          and
          adversely affects the interests of the Purchaser in the related Mortgage
          Loan in
          the case of a representation and warranty relating to a particular Mortgage
          Loan), the party discovering such breach shall give prompt written notice
          to the
          other. It is understood by the parties hereto that a breach of the
          representations and warranties made in paragraphs (39), (45), (48), (58),
          (60),
          (70), (71) and (81) of Schedule II will be deemed to materially and adversely
          affect the value of the related Mortgage Loan or the interest of the Purchaser.
          

         

        Within
          60
          days of the earlier of either discovery by or notice to the Originator
          of any
          breach of a representation or warranty made by the Originator or the Sellers
          that materially and adversely affects the value of a Mortgage Loan or the
          Mortgage Loans or the interest therein of the Purchaser, the Originator
          shall
          use its best efforts promptly to cure such breach in all material respects
          and,
          if such breach cannot be cured, the Originator shall, at the Purchaser’s option,
          repurchase such Mortgage Loan at the Purchase Price (as defined in the
          Pooling
          and Servicing Agreement). In the event that a breach shall involve any
          representation or warranty set forth in Subsection 3.02 and such breach
          cannot
          be cured within 60 days of the earlier of either discovery by or notice
          to the
          Originator of such breach, all of the Mortgage Loans shall, at the Purchaser’s
          option be repurchased by the Originator at the Purchase Price (as defined
          in the
          Pooling and Servicing Agreement). The Originator may, at the request of
          the
          Purchaser and assuming the Originator has a Qualified Substitute Mortgage
          Loan,
          rather than repurchase a deficient Mortgage Loan as provided above, remove
          such
          Mortgage Loan and substitute in its place a Qualified Substitute Mortgage
          Loan
          or Loans. If the Originator does not provide a Qualified Substitute Mortgage
          Loan or Loans, it shall repurchase the deficient Mortgage Loan. Any repurchase
          of a Mortgage Loan(s) pursuant to the foregoing provisions of this Section
          3.03
          shall occur on a date designated by the Purchaser and shall be accomplished
          by
          deposit in accordance with Section 2.03 of the Pooling and Servicing Agreement.
          Any repurchase or substitution required by this Section shall be made in
          a
          manner consistent with Section 2.03 of the Pooling and Servicing
          Agreement.

         

        Notwithstanding
          the foregoing, within 90 days of the earlier of discovery by the Originator
          or
          receipt of notice by the Originator of the breach of the representation
          of the
          Originator set forth in paragraphs (52) or (58) of Schedule II which materially
          and adversely affects the interests of the Holders of the Class P Certificates
          in any Prepayment Charge, the Originator shall pay the amount of the scheduled
          Prepayment Charge, for the benefit of the Holders of the Class P Certificates,
          by depositing such amount into the Collection Account, net of any amount
          previously collected by the Servicer and paid by the Servicer, for the
          benefit
          of the Holders of the Class P Certificates, in respect of such Prepayment
          Charge.

         

        With
          respect to the covenant set forth in paragraph (83) of Schedule XII, if
          the
          reports required to be delivered by the Servicer pursuant to Section 3.01
          of the
          Pooling and Servicing Agreement are not obtained or if any of the related
          Mortgaged Properties appear to have been damaged materially per such reports,
          the Originator shall repurchase or substitute for such Mortgage Loans in
          accordance with the procedures set forth herein within 180 days of the
          Closing
          Date.

         

        At
          the
          time of substitution or repurchase of any deficient Mortgage Loan, the
          Purchaser
          and the Originator shall arrange for the reassignment of the repurchased
          or
          substituted Mortgage Loan to the Originator (in its capacity as Seller)
          and the
          delivery to the Originator (in its capacity as Seller) of any documents
          held by
          the Trustee relating to the deficient or repurchased Mortgage Loan. In
          the event
          the Purchase Price (as defined in the Pooling and Servicing Agreement)
          is
          deposited in the Collection Account. The Originator shall, simultaneously
          with
          such deposit, give written notice to the Purchaser that such deposit has
          taken
          place. Upon such repurchase, the Mortgage Loan Schedule shall be amended
          to
          reflect the withdrawal of the repurchased Mortgage Loan from this
          Agreement.

         

        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 180 days following
          the Closing Date.

         

        As
          to any
          Deleted Mortgage Loan for which the Originator substitutes a Qualified
          Substitute Mortgage Loan or Loans, the Originator shall effect such substitution
          by delivering to the Purchaser or its designee for such Qualified Substitute
          Mortgage Loan or Loans the Mortgage Note, the Mortgage, the Assignment
          and such
          other documents and agreements as are required by the Pooling and Servicing
          Agreement. with the Mortgage Note endorsed as required therein. The Originator
          shall remit for deposit in the Collection Account the Monthly Payment due
          on
          such Qualified Substitute Mortgage Loan or Loans in the month following
          the date
          of such substitution. Monthly payments due with respect to Qualified Substitute
          Mortgage Loans in the month of substitution will be retained by the Originator.
          For the month of substitution, distributions to the Purchaser will include
          the
          Monthly Payment due on such Deleted Mortgage Loan in the month of substitution,
          and the Originator shall thereafter be entitled to retain all amounts
          subsequently received by the Originator in respect of such Deleted Mortgage
          Loan. Upon such substitution, the Qualified Substitute Mortgage Loans shall
          be
          subject to the terms of this Agreement in all respects, and the Originator
          shall
          be deemed to have made with respect to such Qualified Substitute Mortgage
          Loan
          or Loans as of the date of substitution, the covenants, representations
          and
          warranties set forth in Subsections 3.01 and 3.02.

         

        It
          is
          understood and agreed that the representations and warranties set forth
          in
          Sections 3.01 and 3.02 shall survive delivery of the respective Mortgage
          Files
          to the Trustee on behalf of the Purchaser.

         

        It
          is
          understood and agreed that the obligations of the Originator set forth
          in this
          Section 3.04 to cure, repurchase and substitute for a defective Mortgage
          Loan
          and to indemnify the Purchaser as provided in Section 5.01 constitute the
          sole
          remedies of the Purchaser respecting a missing or defective document or
          a breach
          of the representations and warranties contained in Section 3.01, 3.02 or
          3.03.

         

         

        ARTICLE
          IV.

         

        ORIGINATOR’S
          COVENANTS

         

        Section
          4.01  Covenants
          of the Originator.
          The
          Originator hereby covenants that except for the transfer hereunder, neither
          the
Originator
          nor any Seller Trust will
          sell, pledge, assign or transfer to any other Person, or grant, create,
          incur,
          assume or suffer to exist any Lien on any Mortgage Loan, or any interest
          therein; the Originator will notify the Trustee, as assignee of the Purchaser,
          of the existence of any Lien on any Mortgage Loan immediately upon discovery
          thereof, and the Originator will defend the right, title and interest of
          the
          Trust, as assignee of the Purchaser, in, to and under the Mortgage Loans,
          against all claims of third parties claiming through or under the Originator
          or
          any Seller Trust; provided,
          however,
          that
          nothing in this Section 4.01 shall prevent or be deemed to prohibit the
          Originator or any Seller Trust from suffering to exist upon any of the
          Mortgage
          Loans any Liens for municipal or other local taxes and other governmental
          charges if such taxes or governmental charges shall not at the time be
          due and
          payable or if the Originator or any Seller shall currently be contesting
          the
          validity thereof in good faith by appropriate proceedings and shall have
          set
          aside on its books adequate reserves with respect thereto.

         

         

        ARTICLE
          V.

         

        INDEMNIFICATION
          WITH RESPECT TO THE MORTGAGE LOANS

         

        Section
          5.01  Indemnification. 

         

        (a) The
          Originator indemnifies and holds harmless the Purchaser, its respective
          officers
          and directors and each person, if any, who controls the Purchaser within
          the
          meaning of Section 15 of the Securities Act or Section 20 of the Exchange
          Act,
          as follows:

         

        (i)  against
          any and all losses, claims, expenses, damages or liabilities, joint or
          several,
          to which the Purchaser or such controlling person may become subject under
          the
          Securities Act or otherwise, insofar as such losses, claims, damages or
          liabilities (or actions in respect thereof including, but not limited to,
          any
          loss, claim, expense, damage or liability related to purchases and sales
          of the
          Certificates) arise out of or are based upon any untrue statement or alleged
          untrue statement of any material fact contained in the Prospectus Supplement,
          or
          any amendment or supplement thereto, or arise out of, or are based upon,
          the
          omission or alleged omission to state therein a material fact required
          to be
          stated therein or necessary to make the statements made therein not misleading,
          to the extent that any untrue statement or alleged untrue statement therein
          results (or is alleged to have resulted) from an error or material omission
          in
          the information concerning the Originator Information furnished by the
          Originator to the Purchaser for use in the preparation of the Prospectus
          Supplement, which error was not superseded or corrected by the delivery
          to the
          Purchaser of corrected written or electronic information, or for which
          the
          Originator provided written notice of such error to the Purchaser prior
          to the
          confirmation of the sale of the Certificates; and will reimburse the Purchaser
          and each such controlling person for any legal or other expenses reasonably
          incurred by the Purchaser or such controlling person in connection with
          investigating or defending any such loss, claim, damage. liability or action
          as
          such expenses are incurred;

         

        (ii)  against
          any and all loss, liability, claim, damage and expense whatsoever, to the
          extent
          of the aggregate amount paid in settlement of any litigation, or investigation
          or proceeding by any governmental agency or body, commenced or threatened,
          or of
          any claim whatsoever based upon any such untrue statement or omission,
          or any
          such alleged untrue statement or omission, if such settlement is effected
          with
          the written consent of the Purchaser; and

         

        (iii)  against
          any and all expense whatsoever (including the fees and disbursements of
          counsel
          chosen by the Purchaser), reasonably incurred in investigating, preparing
          or
          defending against any litigation, or investigation or proceeding by any
          governmental agency or body. commenced or threatened, or any claim whatsoever
          based upon any such untrue statement or omission, or any such alleged untrue
          statement or omission, to the extent that any such expense is not paid
          under
          clause (i) or clause (ii) above.

         

        This
          indemnity agreement will be in addition to any liability which the Originator
          may otherwise have.

         

        (b) Promptly
          after receipt by any indemnified party under this Article V of notice of
          any
          claim or the commencement of any action, such indemnified party shall,
          if a
          claim in respect thereof is to be made against any indemnifying party under
          this
          Article V, notify the indemnifying party in writing of the claim or the
          commencement of that action; provided,
          however,
          that
          the failure to notify an indemnifying party shall not relieve it from any
          liability which it may have under this Article V except to the extent it
          has
          been materially prejudiced by such failure and, provided further, that
          the
          failure to notify any indemnifying party shall not relieve it from any
          liability
          which it may have to any indemnified party otherwise than under this Article
          V.

         

        If
          any
          such claim or action shall be brought against an indemnified party, and
          it shall
          notify the indemnifying party thereof, the indemnifying party shall be
          entitled
          to participate therein and, to the extent that it wishes, jointly with
          any other
          similarly notified indemnifying party, to assume the defense thereof with
          counsel reasonably satisfactory to the indemnified party. After notice
          from the
          indemnifying party to the indemnified party of its election to assume the
          defense of such claim or action, the indemnifying party shall not be liable
          to
          the indemnified party under this Article V for any legal or other expenses
          subsequently incurred by the indemnified party in connection with the defense
          thereof other than reasonable costs of investigation.

         

        Any
          indemnified party shall have the right to employ separate counsel in any
          such
          action and to participate in the defense thereof, but the fees and expenses
          of
          such counsel shall be at the expense of such indemnified party unless:
          (i) the
          employment thereof has been specifically authorized by the indemnifying
          party in
          writing; (ii) such indemnified party shall have been advised in writing
          by such
          counsel that there may be one or more legal defenses available to it which
          are
          different from or additional to those available to the indemnifying party
          and in
          the reasonable judgment of such counsel it is advisable for such indemnified
          party to employ separate counsel; or (iii) the indemnifying party has failed
          to
          assume the defense of such action and employ counsel reasonably satisfactory
          to
          the indemnified party, in which case, if such indemnified party notifies
          the
          indemnifying party in writing that it elects to employ separate counsel
          at the
          expense of the indemnifying party, the indemnifying party shall not have
          the
          right to assume the defense of such action on behalf of such indemnified
          party,
          it being understood, however, the indemnifying party shall not, in connection
          with any one such action or separate but substantially similar or related
          actions in the same jurisdiction arising out of the same general allegations
          or
          circumstances, be liable for the reasonable fees and expenses of more than
          one
          separate firm of attorneys (in addition to local counsel) at any time for
          all
          such indemnified parties, which firm shall be designated in writing by
          the
          Purchaser, if the indemnified parties under this Article V consist of the
          Purchaser, by the Originator, if the indemnified parties in this Article
          V
          consist of the Originator, or be the related Seller Trust, if the indemnified
          parties in this Article V consist of such Seller Trust.

         

        Each
          indemnified party, as a condition of the indemnity agreements contained
          in
          Section 5.01 (a) and (b) hereof, shall use its best efforts to cooperate
          with
          the indemnifying party in the defense of any such action or claim. No
          indemnifying party shall be liable for any settlement of any such action
          effected without its written consent (which consent shall not be unreasonably
          withheld), but if settled with its written consent or if there be a final
          judgment for the plaintiff in any such action, the indemnifying party agrees
          to
          indemnify and hold harmless any indemnified party from and against any
          loss or
          liability by reason of such settlement or judgment. Notwithstanding the
          foregoing sentence, if at any time an indemnified party shall have requested
          an
          indemnifying party to consent to a settlement of any action, the indemnifying
          party agrees that it shall be liable for any settlement of any proceeding
          effected without its written consent if such settlement is entered into
          more
          than 30 days after receipt by such indemnifying party of the aforesaid
          request
          and the indemnifying party has not previously provided the indemnified
          party
          with written notice of its objection to such settlement. No indemnifying
          party
          shall effect any settlement of any pending or threatened proceeding in
          respect
          of which an indemnified party is or could have been a party and indemnity
          is or
          could have been sought hereunder, without the written consent of such
          indemnified party, unless settlement includes an unconditional release
          of such
          indemnified party from all liability and claims that are the subject matter
          of
          such proceeding.

         

        (c) In
          order
          to provide for just and equitable contribution in circumstances in which
          the
          indemnity agreement provided for in this Article is for any reason held
          to be
          unenforceable although applicable in accordance with its terms, each Seller
          Trust and the Originator, on the one hand, and the Purchaser, on the other,
          shall contribute to the aggregate losses, liabilities, claims, damages
          and
          expenses of the nature contemplated by said indemnity agreement incurred
          by the
          related Seller Trust, the Originator and the Purchaser in such proportions
          as
          shall be appropriate to reflect the relative benefits received by each
          Seller
          Trust and the Originator on the one hand and the Purchaser on the other
          from the
          sale of the Mortgage Loans; provided,
          however,
          that no
          person guilty of fraudulent misrepresentation (within the meaning of Section
          11
          (f) of the Securities Act) shall be entitled to contribution from any person
          who
          was not guilty of such fraudulent misrepresentation. For purposes of this
          Section, each officer and director of the Purchaser and each person, if
          any, who
          controls the Purchaser within the meaning of Section 15 of the Securities
          Act
          shall have the same rights to contribution as the Purchaser and each director
          of
          the Originator, each officer of the Originator, and each person, if any,
          who
          controls the Originator within the meaning of Section 15 of the Securities
          Act
          shall have the same rights to contribution as the Originator and each director
          of the related Seller Trust, each officer of such Seller Trust, and each
          person,
          if any, who controls such Seller within the meaning of Section 15 of the
          Securities Act shall have the same rights to contribution as the related
          Seller.

         

        (d) The
          Originator agrees to indemnify and to hold each of the Purchaser, the Trustee,
          each of the officers and directors of each such entity and each person
          or entity
          who controls each such entity or person and each Certificateholder harmless
          against any and all claims, losses, penalties, fines, forfeitures, legal
          fees
          and related costs, judgments, and any other costs, fees and expenses that
          the
          Purchaser, the Trustee, or any such person or entity and any Certificateholder
          may sustain in any way (i) related to the failure of the Originator to
          perform
          its duties in compliance with the terms of this Agreement or (ii) arising
          from a
          breach by the Originator of its representations and warranties in Sections
          3.01
          and 3.02 of this Agreement. The Originator shall immediately notify the
          Purchaser, the Trustee and each Certificateholder if a claim is made by
          a third
          party with respect to this Agreement. The Originator shall assume the defense
          of
          any such claim and pay all expenses in connection therewith, including
          reasonable counsel fees, and promptly pay, discharge and satisfy any judgment
          or
          decree which may be entered against the Purchaser, the Trustee or any such
          person or entity and/or any Certificateholder in respect of such
          claim.

         

         

        ARTICLE
          VI.

         

        TERMINATION

         

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

         

         

        ARTICLE
          VII.

         

        MISCELLANEOUS
          PROVISIONS

         

        Section
          7.01  Amendment.
          This
          Agreement may be amended from time to time by the Originator, each Seller
          Trust
          and the Purchaser, by written agreement
          signed by the Originator, each Seller Trust and the Purchaser.

         

        Section
          7.02  Governing
          Law.
          This
          Agreement shall be governed by and 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.

         

        Section
          7.03  Notices.
          All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered at or mailed by
          registered mail, postage prepaid, addressed as follows: (i) if to the
          Originator, Option One Mortgage Corporation, 3 Ada, Irvine, California
          92618,
          Attention: C. Robert Fulton, or such other address as may hereafter be
          furnished
          to the Purchaser in writing by the Originator and (ii) if to the Purchaser,
          Financial Asset Securities Corp., 600 Steamboat Road, Greenwich, Connecticut
          06830, Attention: Legal, or such other address as may hereafter be furnished
          to
          the Purchaser and any Seller Trust in writing by the Originator.

         

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

         

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

         

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

         

        Without
          limiting the generality of the foregoing, as a further inducement for the
          Purchaser to purchase the Mortgage Loans from the Sellers, the Originator
          will
          cooperate with the Purchaser in connection with the sale of any of the
          securities representing interests in the Mortgage Loans. In that connection,
          the
          Originator will provide to the Purchaser any and all information and appropriate
          verification of information, whether through letters of its auditors and
          counsel
          or otherwise, as the Purchaser shall reasonably request and will provide
          to the
          Purchaser such additional representations and warranties, covenants, opinions
          of
          counsel, letters from auditors, and certificates of public officials or
          officers
          of the Originator as are reasonably required in connection with such
          transactions and the offering of investment grade securities rated by the
          Rating
          Agencies.

         

        Section
          7.07  Intention
          of the Parties.
          It is
          the intention of the parties that the Purchaser is purchasing, and each
          Seller
          is selling, the Mortgage Loans rather than pledging the Mortgage Loans
          to secure
          a loan by the Purchaser to each Seller. Accordingly, the parties hereto
          each
          intend to treat the transaction for federal income tax purposes and all
          other
          purposes as a sale by the related Seller, and a purchase by the Purchaser,
          of
          the Mortgage Loans. The Purchaser will have the right to review the Mortgage
          Loans and the related Mortgage Files to determine the characteristics of
          the
          Mortgage Loans which will affect the federal income tax consequences of
          owning
          the Mortgage Loans and the related Seller will cooperate with all reasonable
          requests made by the Purchaser in the course of such review.

         

        Section
          7.08  Successors
          and Assigns; Assignment of Purchase Agreement.
          This
          Agreement shall bind and inure to the benefit of and be enforceable by
          each
          Seller, the Originator, the Purchaser and the Trustee.

         

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

         

        Section
          7.09 Survival.
          The
          representations and warranties set forth in Sections 3.01, 3.02 and 3.03
          and the
          provisions of Article V hereof shall survive the purchase of the Mortgage
          Loans
          hereunder.

         

        Section
          7.10 Owner
          Trustee.
          It is
          expressly understood and agreed by the parties to this Agreement that (a)
          this
          Agreement is executed and delivered by Wilmington Trust Company, not
          individually or personally but solely as Owner Trustee of the Seller Trusts,
          in
          the exercise of the powers and authority conferred and vested in it as
          trustee,
          (b) each of the representations undertakings and agreements herein made
          on the
          part of the related Seller Trust is made and intended not as personal
          representations, undertakings and agreements by Wilmington Trust Company
          but is
          made and intended for the purpose of binding only the related Seller Trust,
          (c)
          nothing herein contained shall be construed as creating any liability on
          Wilmington Trust Company, individually or personally, to perform any covenant
          either expressed or implied contained herein, all such liability, if any,
          being
          expressly waived by the parties to this Agreement and by any person claiming
          by,
          through or under the parties to this Agreement and (d) under no circumstances
          shall Wilmington Trust Company be personally liable for the payment of
          any
          indebtedness or expenses of any Seller Trust or be liable for the breach
          or
          failure of any obligation, representation, warranty or covenant made or
          undertaken by any Seller Trust under this Agreement or any other document.
           

         

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

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

         

        FINANCIAL
          ASSET SECURITIES CORP.,

        as
          Purchaser

         

        By:_________________________________

        Name: 

        Title: 

         

        OPTION
          ONE MORTGAGE CORPORATION, 
as Originator

         

        By:_________________________________

        Name: 

        Title: 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        OPTION
          ONE OWNER TRUST 2001-1A,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:____________________________________

        Name:  

        Title:
          

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        OPTION
          ONE OWNER TRUST 2001-1B,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:_______________________________________

        Name:  

        Title:
          

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        

        OPTION
          ONE OWNER TRUST 2001-2,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:___________________________________

        Name:  

        Title:
          

        

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        

        OPTION
          ONE OWNER TRUST 2002-3,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:____________________________________

        Name:  

        Title:
          

        

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        OPTION
          ONE OWNER TRUST 2003-4,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:___________________________________

        Name:  

        Title:
          

        

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        OPTION
          ONE OWNER TRUST 2003-5,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:___________________________________

        Name:  

        Title:

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        OPTION
          ONE OWNER TRUST 2005-6,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:__________________________________

        Name:  

        Title:
           

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        OPTION
          ONE OWNER TRUST 2005-7,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:____________________________________

        Name:  

        Title:
            

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        OPTION
          ONE OWNER TRUST 2005-8,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:____________________________________

        Name:  

        Title:   

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        OPTION
          ONE OWNER TRUST 2005-9,

        as
          a
          Seller

        

        

        
          	 	
                  By:

                	
                  Wilmington
                    Trust Company, not in its individual 
capacity but solely as Owner
                    Trustee.

                

        

        

        

        By:____________________________________

        Name:  

        Title:  

         

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
              

            

          

        

        SCHEDULE
          I-XI

         

        MORTGAGE
          LOANS

         

        SEE
          EXHIBIT D TO

        POOLING
          AND SERVICING AGREEMENT

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          XII

         

        REPRESENTATIONS
          AND WARRANTIES

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        The
          Originator hereby represents and warrants to the Purchaser and to any subsequent
          Purchaser that, as to each Mortgage Loan, as of the Closing Date for such
          Mortgage Loan:

         

        (1)  The
          information set forth in the Mortgage Loan Schedule is complete, true and
          correct as of the Cut-off Date;

         

        (2)  Except
          with respect to payments not yet 30 days past due, 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 Originator 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 except with respect to payments not yet 30 days past due,
          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;

         

        (3)  As
          of the
          origination date of the Mortgage Loan there were 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, and as of
          the
          Closing Date there are no delinquent taxes, insurance premiums, or other
          outstanding charges jeopardizing the lien position of the Mortgage Loan,
          and to
          the best knowledge of the Originator, as of the Closing Date, there are
          no
          ground rents, water charges, sewer rents, assessments, leasehold payments,
          including assessments payable in future installments or other outstanding
          charges affecting the related Mortgaged Property;

         

        (4)  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 Trustee; 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 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 Trustee and the terms of which are reflected in the Mortgage Loan
          Schedule;

         

        (5)  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;

         

        (6)  All
          buildings upon the Mortgaged Property are insured by an 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 first lien Mortgage Loan and the outstanding principal balance
          of
          the second lien Mortgage Loan, (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 of the originator
          or
          (iv) the amount necessary to fully compensate for any damage or loss to
          the
          improvements that are a part of such property on a replacement cost basis.
          All
          such insurance policies contain a standard mortgagee clause naming the
          Originator, 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;

         

        (7)  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 have
          been
          complied with;

         

        (8)  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;

         

        (9)  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 Originator
          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 Originator 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 Value of the Mortgaged Property,
          (c) with
          respect to each Mortgage Loan which is indicated by the Originator 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 Originator 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;

         

        (10)  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;

         

        (11)  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 who executed the related
          Mortgage either in an individual capacity or, provided that the related
          Mortgage
          is guaranteed by a natural person, as trustee for a family trust;

         

        (12)  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;

         

        (13)  As
          of the
          Closing Date and immediately prior to the sale of the Mortgage Loan hereunder,
          the applicable 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;

         

        (14)  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;

         

        (15)  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) or
          with respect to any Mortgage Loan for which the related Mortgaged Property
          is
          located in California a CLTA lender’s title insurance policy, or other generally
          acceptable form of policy or insurance 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 Originator, 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 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 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
          Originator 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 Originator,
          has done,
          by act or omission, anything which would impair the coverage of such lender’s
          title insurance policy;

         

        (16)  As
          of the
          Closing 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 Originator
          has not
          waived any default, breach, violation or event of acceleration. With respect
          to
          each second lien Mortgage Loan, as of the Closing Date (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,
          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. For purposes
          of
          the foregoing, a delinquent payment of less than thirty (30) days on a
          Mortgage
          Loan in and of itself does not constitute a default, breach, violation
          or event
          of acceleration (or an event which, with the passage of time or with notice
          and
          the expiration of any grace or cure period, has occurred that would constitute
          a
          default, breach, violation or event of acceleration) with respect to such
          Mortgage Loan;

         

        (17)  As
          of the
          Closing Date, there are no mechanics’ or similar liens or claims which have been
          filed for work, labor or material (and no rights are outstanding that under
          law
          could give rise to such 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;

         

        (18)  All
          improvements which were considered in determining the 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;

         

        (19)  The
          Mortgage Loan was originated or acquired by the Originator (and if acquired
          by
          the Originator, the Mortgage Loan was underwritten in all material respects
          with
          the Originator’s underwriting guidelines, and if a first-lien Mortgage Loan, is
          eligible for inclusion under a Secondary Mortgage Market Enhancement Act
          eligible transaction) 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;

         

        (20)  Principal
          payments on the Mortgage Loan commenced no more than sixty days after the
          proceeds of the Mortgage Loan were disbursed. The Mortgage Loan bears interest
          at the Mortgage 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,
          or such other day of each month as may be specified in the Mortgage Loan
          Schedule, 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 Mortgage Loan Schedule as an interest-only Mortgage Loan during the
          interest-only period) and to pay interest at the related Mortgage 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 Mortgage Loan Schedule as an interest-only Mortgage
          Loan
          during the interest-only period) and to pay interest at the related Mortgage
          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 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 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 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 Rate. The Index for each Adjustable-Rate
          Mortgage Loan is as defined in the Mortgage Loan Schedule. No Mortgage
          Loan is a
          convertible Mortgage Loan;

         

        (21)  The
          origination, servicing and collection practices used by the Originator
          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 Originator and any predecessor servicer
          in accordance with the terms of the Mortgage Note. With respect to escrow
          deposits and Escrow Payments, if any, all such payments are in the possession
          of, or under the control of, the Originator and there exist no deficiencies
          in
          connection therewith for which customary arrangements for repayment thereof
          have
          not been made. No escrow deposits or Escrow Payments or other charges or
          payments due the Originator have been capitalized under any Mortgage or
          the
          related Mortgage Note and no such escrow deposits or Escrow Payments are
          being
          held by the Originator for any work on a Mortgaged Property which has not
          been
          completed;

         

        (22)  As
          of the
          Closing Date, the
          Mortgaged Property is free of material damage and waste and there is no
          proceeding pending for the total or partial condemnation thereof;

         

        (23)  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. Since
          the date of origination of the Mortgage Loan, 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. As of the Closing Date, the Mortgagor
          has
          not notified the Originator and the Originator has no knowledge of any
          relief
          requested or allowed to the Mortgagor under the Servicemembers’ Civil Relief
          Act;

         

        (24)  The
          Mortgage Loan was underwritten in accordance with the underwriting standards
          of
          the Originator in effect at the time the Mortgage Loan was originated.
          The
          Mortgage Note and Mortgage are on forms generally acceptable to Fannie
          Mae and
          Freddie Mac;

         

        (25)  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;

         

        (26)  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 (or a form otherwise satisfactory to S&P and Moody’s) and
          was made and signed, prior to the approval of the Mortgage Loan application,
          by
          a qualified appraiser, duly appointed by the originator of the Mortgage
          Loan,
          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;

         

        (27)  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;

         

        (28)  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 Originator, 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;

         

        (29)  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;

         

        (30)  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;

         

        (31)  The
          Originator 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 private institutional
          investors who routinely invest in mortgage loans similar to the Mortgage
          Loan to
          regard the Mortgage Loan to be an unacceptable investment, cause the Mortgage
          Loan to become delinquent, or adversely affect the value of the Mortgage
          Loan;

         

        (32)  No
          Mortgage Loan had a Loan-to Value Ratio or a Combined Loan-to-Value Ratio
          at
          origination in excess of 100%;

         

        (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
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Originator,
          the
          related Seller, or to the best of the Originator’s knowledge, on the part of any
          other 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 is in recordable form and (other than with respect to the blank
          assignee) 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 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;

         

        (37)  No
          Mortgage Loan has a balloon payment feature, except for 17.75% of the Mortgage
          Loans;

         

        (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)  With
          respect to each Mortgage Loan, the Originator has fully and accurately
          furnished
          complete information on the related borrower credit files to Equifax, Experian
          and Trans Union Credit Information Originator, in accordance with the Fair
          Credit Reporting Act and its implementing regulations, on a monthly basis
          and
          the Originator for each Loan will furnish, in accordance with the Fair
          Credit
          Reporting Act and its implementing regulations, accurate and complete
          information on its primary borrower to Equifax, Experian, and Trans Union
          Credit
          Information Originator, on a monthly basis;

         

        (40)  The
          source of the down payment with respect to each Mortgage Loan has been
          fully
          verified by the Originator, except as noted on the Mortgage Loan
          Schedule;

         

        (41)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (42)  The
          Originator 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 Originator fails to purchase such tax service
          contract, the Originator 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 Originator agrees to purchase such flood
          zone
          service contract;

         

        (44)  As
          of the
          Closing Date. the Mortgaged Property is in material compliance with all
          applicable environmental laws pertaining to environmental hazards including,
          without limitation, asbestos, and neither the Originator nor, to the
          Originator’s knowledge, the related Mortgagor, has received any notice of any
          violation or potential violation of such law;

         

        (45)  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, “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);

         

        (46)  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 (other
          than with respect to the points and fees threshold in connection with Mortgage
          Loans that are not Points and Fees Eligible Loans and escrow payment
          requirements) is
          in
          compliance with the anti-predatory lending eligibility for purchase requirements
          of the Fannie Mae Guides;

         

        (47)  The
          debt-to-income ratio of the related Mortgagor was not greater than 65%
          at the
          origination of the related Mortgage Loan;

         

        (48)  No
          Mortgagor was required to purchase any single premium 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
          life,
          mortgage, disability, accident, unemployment or health insurance product
          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;

         

        (49)  The
          Mortgage Loans were not selected from the outstanding Fixed-Rate or
          adjustable-rate one to four-family mortgage loans in the Originator’s portfolio
          at the Cut-off 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 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;

         

        (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 and state law;

         

        (53)  The
          Mortgage Loan was not prepaid in full prior to the Closing Date and the
          Originator has not received notification from a Mortgagor that a prepayment
          in
          full shall be made after the Closing Date;

         

        (54)  No
          Mortgage Loan is secured by cooperative housing, commercial property or
          mixed
          use property;

         

        (55)  Any
          Mortgaged Property that is considered manufactured housing shall be legally
          classified as real property, is permanently affixed to a foundation and
          must
          assume that characteristics of site-built housing and must otherwise conform
          to
          the requirements (A) for inclusion in residential mortgage backed securities
          transactions rated by S&P and (B) of Fannie Mae and Freddie Mac, including,
          but not limited to, the requirements that (i) the related Mortgage Note
          or
          contract, as applicable, be secured by a “single family residence” within the
          meaning of Section 25(e)(10) of the Code, (ii) the fair market value of
          the
          manufactured home securing each related Mortgage Note or contract, as
          applicable, was at least equal to 80% of the original principal balance
          of such
          Note or contract, as applicable, and (iii) each related Mortgage Note or
          contract, as applicable, is a “qualified mortgage” under Section 860G(a)(3) of
          the Code;

         

        (56)  Each
          Mortgage Loan is eligible for sale in the secondary market without unreasonable
          credit enhancement;

         

        (57)  All
          points, fees and charges related to each Mortgage Loan (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 Mortgagor
          in
          accordance with applicable state and federal laws and regulations. Except
          as
          otherwise set forth in the Mortgage Loan Schedule and in the case of a
          Mortgage
          Loan in an original principal amount of less than $60,000 which would have
          resulted in an unprofitable origination, no
          Mortgagor was charged “points and fees” (whether or not financed) in an amount
          greater than 5% of the principal amount of the related Mortgage Loan, such
          5%
          limitation is calculated in accordance with Fannie Mae ‘s anti-predatory lending
          requirements as set forth in the Fannie Mae Selling Guide;

         

        (58)  Except
          as
          set forth on the 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 penalty, such prepayment penalty does
          not
          extend beyond five years after the date of origination. For any Mortgage
          Loan
          originated on or following October 1, 2002 that is subject to a prepayment
          penalty, such prepayment penalty does not extend beyond three 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 Originator
          shall
          not impose such prepayment premium in any instance when the mortgage debt
          is
          accelerated as the result of the Mortgagor’s default in making the loan
          payments;

         

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

         

        (60)  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 subject to the
          Georgia Act and 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;

         

        (61)  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;

         

        (62)  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;

         

        (63)  With
          respect to any Mortgage Loan which is secured by manufactured housing,
          such
          Mortgage Loan satisfies the requirements for inclusion in residential mortgage
          backed securities transactions rated by S&P;

         

        (64)  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;

         

        (65)  The
          Originator will transmit full-file credit reporting data for each Mortgage
          Loan
          pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage Loan,
          Originator 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;

         

        (66)  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;

         

        (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)  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);

         

        (72)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity protection Act;

         

        (73)  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.);

         

        (74)  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.) and
          no Mortgage Loan secured by a Mortgage Property located in the State of
          Illinois
          is in violation of the provisions of the Illinois Interest Act, including
          Section 4.1a;

         

        (75)  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;

         

        (76)  No
          Loan
          is a “High Cost Home Loan” governed by the Indiana Home Loan Practices Act, Ind.
          Code Ann. §§ 24-9-1 et seq.;

         

        (77)  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;

         

        (78)  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;

         

        (79)  With
          respect to each MOM Loan, the Originator 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;

         

        (80)  With
          respect to each Mortgage Loan, (i) if the related first lien provides for
          negative amortization, the Combined Loan-to Value Ratio was calculated
          at the
          maximum principal balance of such first lien that could result upon application
          of such negative amortization feature, 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;

         

        (81)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction; 

         

        (82)  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).
          If any
          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 480 (2004)), 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; 

         

        (83)  With
          respect to the Mortgage Loans set forth on Schedule XIII, the Originator
          shall
          cause the Servicer to deliver the reports required by Section 3.01 of the
          Pooling and Servicing Agreement;

         

        (84)  Each
          Group I Mortgage Loan (other than with respect to the points and fees threshold
          in connection with the Group I Mortgage Loans that are not Points and Fees
          Eligible Loans and escrow payment requirements) is in compliance with the
          anti-predatory lending eligibility for purchase requirements of Fannie
          Mae’s
          Selling Guide;

         

        (85)  No
          Mortgage Loan that was originated on or after October 31, 2004, 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, 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 that the terms of the arbitration are null
          and void;
          and

         

        (86)  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 has been disclosed in writing to the borrower in accordance
          with applicable state and federal law and regulation.

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          XIII

        

         

        
          	
                  Loan
                    #

                	
                  Origination
                    Date

                	
                  State

                	
                  Zip

                	
                  Note
                    Date

                
	
                  391014259

                	
                  8/15/2005

                	
                  LA

                	
                  70058

                	
                  8/15/2005

                
	
                  391014467

                	
                  8/19/2005

                	
                  LA

                	
                  70005

                	
                  8/19/2005

                
	
                  641014531

                	
                  8/17/2005

                	
                  LA

                	
                  70119

                	
                  8/17/2005

                
	
                  211037372

                	
                  10/19/2005

                	
                  FL

                	
                  34947

                	
                  10/19/2005

                
	
                  671008498

                	
                  10/19/2005

                	
                  FL

                	
                  33914

                	
                  10/19/2005

                
	
                  741013362

                	
                  10/4/2005

                	
                  FL

                	
                  33909

                	
                  10/4/2005

                

        

        

         

        

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

       

      

      

      Available
        Upon Request

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

      To:        
        [Address
        for Custodian: Mortgage Document Custody

      Wells
        Fargo Corporate Trust Services

      24
        Executive Park, Suite 100 

      Irvine,
        California 92614]

      

       

      Re:  
        Custodial
        Agreement, dated as of April 1, 2006, among Deutsche

              
        Bank National Trust Company as the Trustee, Option One Mortgage 

              
        Corporation as Servicer and Wells
        Fargo 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
        April 1, 2006, among Financial Asset Securities Corp. as Depositor, Option
        One
        Mortgage Corporation, as 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 Trustee should deliver

      the
        Custodial File:

       

      
        	 

      

      

       

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                By:

              	 
	 	
                (authorized
                  signer)

              
	
                Issuer:

              	 
	
                Address:

              	 
	
                Date:

              	 

      

      

       

      Custodian

      

      Wells
        Fargo 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
        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, Option One Mortgage 

              
        Corporation, 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:]

              	 

      

      

       

      

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [FORM
        OF
        CUSTODIAN’S 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 April 1, 2006, among Deutsche
                  Bank

              

      

                     
        National Trust Company as the Trustee, Option One Mortgage

                     
        Corporation as Servicer and Wells
        Fargo 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. 

       

      
        	 	
                WELLS
                  FARGO
                  BANK, N.A. 

                (Custodian)

              
	 	 	 
	 	
                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,
                  Option One Mortgage Corporation, as Servicer and Deutsche Bank
                  National
                  Trust Company, as Trustee with respect to Soundview Home Loan Trust
                  2006-OPT2, Asset-Backed Certificates, Series
                  2006-OPT2

              

      

       

      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:]

              	 

      

      

       

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [FORM
        OF
        CUSTODIAN’S FINAL CERTIFICATION 

      

      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 April 1, 2006, among Deutsche
                  Bank

              

      

                     
        National Trust Company as the Trustee, Option One Mortgage

                     
        Corporation as Servicer and Wells
        Fargo 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.

       

      
        	 	
                WELLS
                  FARGO
                  BANK, N.A. 

                (Custodian)

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title]

              	 

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        F-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Re:    
        Soundview
        Home Loan Trust 2006-OPT2,

               
        Asset-Backed Certificates Series 2006-OPT2

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 3 of the Custodial Agreement, dated as of April 1, 2006, among
        Deutsche Bank National Trust Company as the Trustee, Option One Mortgage
        Corporation as Servicer and Wells
        Fargo 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.

       

      
        	 	
                WELLS
                  FARGO BANK, N.A.

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

      

      

      
        
           

          

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        CUSTODIAL AGREEMENT

       

       

      

        
          	 

        

         

        

        

         

         

        DEUTSCHE
          BANK NATIONAL TRUST COMPANY, as Trustee

        for
          the
          Soundview Home Loan Trust 2006-OPT2,

        Asset
          Backed Certificates, Series 2006-OPT2

         

         

         

         

        and

         

         

         

         

        WELLS
          FARGO BANK, N.A.,

        as
          Custodian

         

        

         

         

        and

         

         

         

        OPTION
          ONE MORTGAGE CORPORATION,

        as
          Servicer

         

         

        

         

         

        CUSTODIAL
          AGREEMENT

         

         

        As
          of
          April 1, 2006

         

         

        

         

        
          	 

        

         

        

         

         

        TABLE
          OF CONTENTS

         

         

         

        
          	 	 
	
                  1.

                	
                  Definitions.

                
	
                  2.

                	
                  Delivery
                    of Custodial Files.

                
	
                  3.

                	
                  Custodian’s
                    Receipt, Examination and Certification of Mortgage Files; Initial
                    Trust
                    Receipt Delivered by the Custodian.

                
	
                  4.

                	
                  Obligations
                    of the Custodian.

                
	
                  5.

                	
                  Final
                    Trust Receipt.

                
	
                  6.

                	
                  Future
                    Defects.

                
	
                  7.

                	
                  Release
                    for Servicing.

                
	
                  8.

                	
                  Release
                    for Payment.

                
	
                  9.

                	
                  Fees
                    and Expenses of Custodian.

                
	
                  10.

                	
                  Removal
                    of Custodian.

                
	
                  11.

                	
                  Transfer
                    of Custodial Files.

                
	
                  12.

                	
                  Examination
                    of Custodial Files.

                
	
                  13.

                	
                  Insurance
                    of Custodian.

                
	
                  14.

                	
                  Counterparts.

                
	
                  15.

                	
                  Periodic
                    Statements.

                
	
                  16.

                	
                  GOVERNING
                    LAW.

                
	
                  17.

                	
                  Copies
                    of Mortgage Documents.

                
	
                  18.

                	
                  No
                    Adverse Interest of Custodian.

                
	
                  19.

                	
                  Termination
                    by Custodian.

                
	
                  20.

                	
                  Term
                    of Agreement.

                
	
                  21.

                	
                  Notices.

                
	
                  22.

                	
                  Successors
                    and Assigns.

                
	
                  23.

                	
                  Indemnification
                    of Custodian.

                
	
                  24.

                	
                  Reliance
                    of Custodian.

                
	
                  25.

                	
                  Transmission
                    of Custodial Files.

                
	
                  26.

                	
                  Authorized
                    Representatives.

                
	
                  27.

                	
                  Reproduction
                    of Documents.

                
	
                  28.

                	
                  Amendment.

                
	
                  29.

                	
                  Compliance
                    with Regulation AB.

                
	
                  30.

                	
                  Limitation
                    of Liability.

                
	 	 

        

         

        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

                
	
                  EXHIBIT
                    8

                	
                  FORM
                    OF RECEIPT OF MORTGAGE NOTE

                

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        THIS
          CUSTODIAL AGREEMENT, dated as of April 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-OPT2, Asset-Backed Certificates,
          Series 2006-OPT2 (the “Trustee”), Wells Fargo Bank, N.A. as custodian, having an
          address at 24 Executive Park, Suite 100, Irvine, California 92614 (the
          “Custodian”) and Option One Mortgage Corporation. as servicer (the “Servicer”),
          having an address at 3 Ada, Irvine, California 92618.

         

        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 Option One Mortgage Corporation, Option One Owner Trust 2001-1A,
          Option One Owner Trust 2001-1B, Option One Owner Trust 2001-2, Option One
          Owner
          Trust 2002-3, Option One Owner Trust 2003-4, Option One Owner Trust 2003-5,
          Option One Owner Trust 2005-6, Option One Owner Trust 2005-7, Option One
          Owner
          Trust 2005-8 and/or Option One Owner Trust 2005-9 (collectively, the “Sellers”),
          pursuant to the terms and conditions of an Mortgage Loan Purchase Agreement,
          dated as of March 14, 2006, among the Depositor and the Sellers (the “Purchase
          Agreement”);

         

        WHEREAS,
          the Servicer is to service the Mortgage Loans on behalf of Soundview Home
          Loan
          Trust 2006-OPT2, under a Pooling and Servicing Agreement, dated as of April
          1,
          2006, among the Depositor, the 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, endorsed either (A) in blank, in which case the
          Custodian 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 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)  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 copy of any intervening assignment of Mortgage showing a complete
          chain
          of assignments;

         

        (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 within 45 days of 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 (v) of Section 2. 

         

        The
          Custodian agrees to execute and deliver to the Depositor, the Trustee 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 (the
“Receipt
          of Mortgage Note”) 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 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 on 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. 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, and the Custodian shall, at the written
          direction of the Servicer, execute such documents provided to it by the
          Servicer
          as shall be necessary to the prosecution of any such proceedings. 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 promptly release the
          related
          Custodial File to the Servicer.

         

        9.  Fees
          and
          Expenses of Custodian.

         

        In
          accordance with the terms of the Pooling and Servicing Agreement, the
          Custodian’s fees and expenses in connection herewith shall be a monthly fee
          equal to one-twelfth of 0.0040% on the unpaid principal balance of the
          Mortgage
          Loans as of the first day of the related due period. 

         

        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. 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, Option One Mortgage Corporation, 3 Ada,
          Irvine,
          California 92618, 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.

         

        (ix)  The
          Custodian shall not be responsible for delays or failures in performance
          resulting from acts beyond its control.  Such acts shall include, but not
          limited to, acts of God, strikes, lockouts, riots, acts of war or terrorism,
          epidemics, nationalization, expropriation, currency restrictions, governmental
          regulations superimposed after the fact, fire, communication line failures,
          computer viruses, power failures, earthquakes and other disasters.

         

        (x)  The
          Custodian shall not be responsible or liable for, and makes no representation
          or
          warranty with respect to, the validity, adequacy or perfection of any lien
          upon
          or security interest in any Mortgage File.

         

        (xi)  The
          Custodian shall not be responsible for preparing or filing any reports
          or
          returns relating to federal, state or local income taxes with respect to
          this
          Agreement, other than for the Custodian’s compensation or for reimbursement of
          expenses.

         

        (xii)  The
          duties and obligations of the Custodian shall only be such as are expressly
          set
          forth in this Agreement or as set forth in a written amendment to this
          Agreement
          executed by the parties hereto or their successors and assigns.  In the
          event that any provision of this Agreement implies or requires that action
          or
          forbearance be taken by a party, but is silent as to which party has the
          duty to
          act or refrain from acting, the parties agree that the Custodian shall
          not be
          the party required to take the action or refrain from acting.  In no event
          shall the Custodial have any responsibility to ascertain or take actions
          except
          as expressly provided herein.

         

        (xiii)  Nothing
          in this Agreement shall be deemed to impose on the Custodian any duty to
          qualify
          to do business in any jurisdiction, other
          than
          (i) any
          jurisdiction where any Mortgage File is or may be held by the Custodian
          from
          time to time hereunder, and (ii) any jurisdiction where its ownership or
          property or conduct of business requires such qualification and where failure
          to
          qualify could have a material adverse effect on the Custodian or its property
          or
          business or on the ability of the Custodian to perform its duties
          hereunder.

         

        (xiv)  The
          Custodian shall have no duty to ascertain whether or not any cash amount
          or
          payment has been received by the Seller, the Buyer or any third
          person.

         

        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
          Custodian acknowledges and agrees 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 Securities and Exchange Commission
          (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 of
          1933
          (the “1933 Act”), the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”) and the rules and regulations of the Commission under the 1933
          Act and the Exchange Act. The Custodian acknowledges that interpretations
          of the
          requirements of Regulation AB may change over time, due to interpretive
          guidance
          provided by the Commission or its staff 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. 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 hereby represents and warrants that the information set forth
          in the
          Prospectus Supplement under the caption “Pooling and Servicing Agreement—The
          Custodian” (the “Custodian Disclosure”) does not contain any untrue statement of
          a material fact or omit to state a material fact required to be stated
          therein
          or necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading.

         

        (ii) 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 aspects of its financial condition that could have a material
          adverse effect on the performance by it of its Custodian obligations under
          this
          Custodial Agreement or any other securitization transaction as to which
          it is
          the custodian; (ii) there are no material legal or governmental proceedings
          pending (or known to be contemplated) against it; and (iii) there are no
          affiliations relating to the Custodian with respect to the Depositor or
          any of
          the following and their affiliates: Soundview Home Loan Trust 2006-OPT2
          (“Issuing
          Entity”), Option One Mortgage Corporation (“Sponsor”), the Depositor, the
          Servicer, the Trustee, HSBC Bank USA, National Association (“Swap Provider”) or
          any successor thereto or other material party as identified in writing
          to the
          Custodian by the Sponsor (each a “Transaction Party”) on any date following the
          date hereof,
          any
          relationships or transaction any relationships or transactions relating
          to the
          Custodian and any Transaction Party of a type described in Item 1119(b)
          of
          Regulation AB or any specific relationships involving the transaction
          contemplated by the Pooling and servicing Agreement or the Mortgage Loans
          between the Custodian and any Transaction Party.

         

        (iii) If
          so
          requested by the Depositor on any date following the Closing Date, the
          Custodian
          shall, within five Business Days following such request, confirm in writing
          the
          accuracy of the representations and warranties set forth in paragraph (ii)
          of
          this Section 29(b) 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.

         

        (iv) The
          Custodian has not and shall not engage any subcontractor which is “participating
          in the servicing function” within the meaning of Item 1122 of Regulation AB,
          unless such subcontractor provides, beginning March 1, 2007, a report and
          a
          statement of a registered public accounting firm certifying its compliance
          with
          the applicable servicing criteria in Item 1122(d) of Regulation AB.

         

        (c) Additional
          Information to Be Provided by the Custodian.
          For so
          long as the Certificates are outstanding, 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 and
          the
          Trustee 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 and the Trustee 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. As of the date the Depositor or Trustee files each
          Report on
          Form 10-D or Form 10-K with respect to the Certificates, the Custodian
          will be
          deemed to represent that any information previously provided under this
          Section
          29(c), if any, is materially correct and does not have any material omissions
          unless the Custodian has provided an update to such information.

         

        (d) Report
          on Assessment of Compliance and Attestation.
          On or
          before March 15th of each calendar year, beginning in 2007 until and unless
          a
          Form 15 suspension notification has been filed with respect to the Trust,
          the
          Custodian shall, at its own expense:

         

        (i) deliver
          to the Trustee a report (in form and substance reasonably satisfactory
          to the
          Trustee) regarding the Custodian’s assessment of compliance with the Servicing
          Criteria (set forth in Exhibit 9) applicable to it 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. Each such report shall include
          (a)
          a statement of the Custodian’s responsibility for assessing compliance with the
          Servicing Criteria applicable to it, (b) a statement that the Custodian
          used the
          criteria applicable to it identified in Item 1122(d) of Regulation AB
          (§229.1122(d)) to assess compliance with the applicable Servicing Criteria,
          (c)
          disclosure of any material instance of noncompliance identified by the
          Custodian, and (d) a statement that a registered public accounting firm
          has
          issued an attestation report on the Custodian’s assessment of compliance with
          the applicable Servicing Criteria, which report shall be delivered by the
          Custodian as provided in this Section 29(d). Such report shall be addressed
          to
          the Depositor and signed by an authorized officer of the Custodian, and
          shall
          address each of the applicable Servicing Criteria; and

         

        (ii) deliver
          to the Trustee a report of a registered public accounting firm (who may
          also
          render other services to Custodian), which is a member of the American
          Institute
          of Certified Public Accountants, that attests to, and reports on, the assessment
          of compliance made by the Custodian 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 1933 Act and the Exchange Act.

         

        (iii) The
          Custodian has not and shall not engage any subcontractor which is “participating
          in the servicing function” within the meaning of Item 1122 of Regulation AB
          unless such Subcontractor provides, beginning March 1, 2007 a Report on
          Assessment of Compliance and an Attestation from a registered public accounting
          firm certifying its compliance with the applicable Servicing
          Criteria.

         

        (e) Indemnification;
          Remedies.

         

        The
          Custodian shall indemnify the Depositor, each affiliate of the Depositor
          and
          each broker dealer acting as underwriter, placement agent or initial purchaser
          of the Certificates or each Person who controls any of such parties (within
          the
          meaning of Section 15 of the Securities Act and Section 20 of the Exchange
          Act);
          and the respective present and former directors, officers, employees and
          agents
          of each of the foregoing, and shall hold each of them harmless from and
          against
          any losses, damages, penalties, fines, forfeitures, legal fees and expenses
          and
          related costs, judgments, and any other costs, fees and expenses that any
          of
          them may sustain arising out of or based upon (i) any untrue statement
          of a
          material fact contained or alleged to be contained in the Custodian Disclosure
          and any information, report, certification, accountants’ attestation or other
          material provided under this Section 29 by or on behalf of the Custodian
          (collectively, the “Custodian Information”), or the omission or alleged omission
          to state in the Custodian Information a material fact required to be stated
          in
          the Custodian Information or necessary in order to make the statements
          therein,
          in the light of the circumstances under which they were made, not misleading;
          or
          (ii) any failure by the Custodian to deliver any information, report,
          certification, accountants’ attestation or other material when and as required
          under this Section 29. This indemnification shall survive the termination
          of
          this Custodial Agreement or the termination, resignation or removal of
          the
          Custodian.

         

        In
          the
          case of any failure of performance described in clause (ii) of the immediately
          preceding paragraph, the Custodian shall promptly reimburse the Depositor
          for
          all costs reasonably incurred by the Depositor in order to obtain the
          information, report, certification, accountants’ letter or other material not
          delivered as required by the Custodian.

         

        30.  Limitation
          of Liability.

         

        It
          is
          expressly understood and agreed by the parties hereto that (a) this Custodial
          Agreement is executed and delivered by Deutsche Bank National Trust Company,
          not
          individually or personally but solely as the Indenture Trustee for Soundview
          Home Loan Trust 2006-OPT2, 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 Soundview Home Loan Trust 2006-OPT2 are made and
          intended not as personal representations, undertakings and agreements by
          Deutsche Bank National Trust Company but are made and intended for the
          purpose
          of binding only the Soundview Home Loan Trust 2006-OPT2, (c) nothing herein
          contained shall be construed as creating any liability on Deutsche Bank
          National
          Trust Company, individually or personally, to perform any covenant either
          expressed or implied contained herein, all such liability, if any, being
          expressly waived by the parties who are signatories to this Custodial Agreement
          and by any person claiming by, through or under such parties and (d) under
          no
          circumstances shall Deutsche Bank National Trust Company be personally
          liable
          for the payment of any indebtedness or expenses of the Soundview Home Loan
          Trust
          2006-OPT2 or be liable for the breach or failure of any obligation,
          representation, warranty or covenant made or undertaken by the Soundview
          Home
          Loan Trust 2006-OPT2 under this Custodial Agreement.

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

         

        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-OPT2, 
Asset-Backed Certificates, Series 2006-OPT2

        

        By:
          ____________________________________

        Name:
           

        Title:

        

        By:
          ____________________________________

        Name: 

        Title:

         

        WELLS
          FARGO
          BANK,
          N.A.,

        as
          Custodian

        

         

        By:
          ____________________________________

        Name: 

        Title: 

        

        OPTION
          ONE MORTGAGE CORPORATION, 

        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 GC05O3

                   

                	
                  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 April 1, 2006, among Deutsche
                    Bank

                

        

                       
          National Trust Company as the Trustee, Option One Mortgage

                       
          Corporation as Servicer and Wells
          Fargo 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. 

        

         

        WELLS
          FARGO
          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 GC05O3

                   

                	
                  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 April 1, 2006, among Deutsche
                    Bank

                

        

                       
          National Trust Company as the Trustee, Option One Mortgage

                       
          Corporation as Servicer and Wells
          Fargo 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.

         

        WELLS
          FARGO
          BANK,
          N.A. 

        (Custodian)

         

         

        By:
          ______________________________

        Name:     

        Title:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        EXHIBIT
          3

         

        REQUEST
          FOR RELEASE OF DOCUMENTS

         

        

        To:         Wells
          Fargo Bank, N.A.

        24
          Executive Park, Suite 100

        Irvine,
          CA 92614

        Attn:  Inventory
          Control

        

        Re:    
          Custodial
          Agreement, dated as of April 1, 2006, among Deutsche Bank

                  
          National Trust Company as the Trustee, Option One Mortgage

                  
          Corporation as Servicer and Wells
          Fargo 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
          April 1, 2006, among Financial Asset Securities Corp. as Depositor, Option
          One
          Mortgage Corporation, as 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

        

        Wells
          Fargo 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

         

        SEE
          EXHIBIT D TO THE POOLING AND SERVICING AGREEMENT

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          8

         

         

        FORM
          OF
          RECEIPT OF MORTGAGE NOTE

         

        

        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:

                	
                  Soundview
                    Home Loan Trust 2006-OPT2,

                

        

                      
          Asset-Backed Certificates Series 2006-OPT2

         

        Ladies
          and Gentlemen:

         

        Pursuant
          to Section 3 of the Custodial Agreement, dated as of April 1, 2006, among
          Deutsche Bank National Trust Company as the Trustee, Option One Mortgage
          Corporation as Servicer and Wells
          Fargo Bank, N.A.
          as the
          Custodian, we hereby acknowledge the receipt of the original Mortgage Notes
          with
          any exceptions thereto listed on Exhibit 2.

         

        WELLS
          FARGO 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
        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-OPT2,
        Asset-Backed Certificates Series 2006-OPT2, 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
        Option One Mortgage Corporation (“OOMC”), hereby constitutes and appoints OOMC,
        by and through OOMC’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 OOMC 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
        OOMC to the Owner under the Pooling and Servicing Agreement, or (ii) be
        construed to grant OOMC 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.

       

      Option
        One Mortgage Corporation 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 OOMC
        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

       

      OPTION
        ONE MORTGAGE CORPORATION

       

      By:_________________________

      Name:

      Title:

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      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

       

      Re:    
        Soundview
        Home Loan Trust 2006-OPT2,

               
        Asset-Backed Certificates Series 2006-OPT2

       

      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.

       

      

       

      
        	 	
                WELLS
                  FARGO BANK, N.A., not in its individual capacity, but solely as
                  Trust 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:   
        Soundview
        Home Loan Trust 2006-OPT2,

              
        Asset-Backed Certificates Series 2006-OPT2

       

      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:

              	 

      

      

       

      
         

        

          

          
            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-OPT2

       

      ASSET-BACKED
        CERTIFICATES, SERIES 2006-OPT2

       

      
        	
                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”),
        Option One Mortgage Corporation, 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__

              

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        L

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

                          [DATE]

       

      Financial
        Asset Securities Corp.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Re:    
        Soundview
        Home Loan Trust 2006-OPT2,

               
        Asset-Backed Certificates Series 2006-OPT2

       

      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:   
        Soundview
        Home Loan Trust 2006-OPT2,

              
        Asset-Backed Certificates Series 2006-OPT2

       

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance Soundview Home
        Loan Trust 2006-OPT2, Asset-Backed Certificates Series 2006-OPT2, 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”), Option
        One Mortgage Corporation 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.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 DEPOSITOR WITH FORM 10-K

       

      Re:   
        Soundview
        Home Loan Trust, Series 2006-OPT2

              
        Asset Backed Certificates, Series 2006-OPT2

       

      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 Soundview Home Loan Trust 2006-OPT1 (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: Option One Mortgage Corporation 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:          
        Soundview
        Home Loan Trust 2006-OPT2 (the “Trust”)

      Asset-Backed
        Certificates, Series 2006-OPT2

       

      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, Option One Mortgage Corporation
        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:                          
        Soundview
        Home Loan Trust, Series 2006-OPT2

      Asset
        Backed Certificates, Series 2006-OPT2

       

      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, Option One Mortgage Corporation as servicer
        and Deutsche Bank National Trust Company as trustee.

      

       

      
        	 	
                OPTION
                  ONE MORTGAGE CORPORATION

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 
	 	
                Date:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      EXHIBIT
        O

       

      [RESERVED]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      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
          LETTERHEAD]

        

        March
          27,
          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 

        Soundview
          Home Loan Trust 2006-OPT2, 

        Asset-Backed
          Certificates, Series 2006-OPT2 

        

        c/o
          Deutsche Bank National Trust Company

        1761
          E.
          St. Andrew Place

        Santa
          Ana. CA 92705

        Attn:
          Trust Admin, Soundview Home Loan Trust 2006-OPT2

        

        Tel:
          714-247-6000

        Fax:
          714-247-6329

        

        Subject: Interest
          Rate Swap

        

        Transaction
          Reference Number: 394083

        
           

          
            

          

        

         

        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 Soundview Home
          Loan Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2
          (“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
          Soundview Home Loan 

        OPT-2.

        

        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, Option One Mortgage Corporation, 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:

                	
                  March
                    23, 2006

                
	 	 
	
                  Effective
                    Date:

                	
                  May
                    25, 2006

                
	 	 
	
                  Termination
                    Date:

                	
                  December
                    25, 2009, 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 June 25, 2006 and ending
                    on the
                    Termination Date, inclusive, subject to adjustment in accordance
                    with the
                    Following Business Day Convention

                
	 	 
	
                  Fixed
                    Rate:

                	
                  5.050000
                    %

                
	 	 
	
                  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 June 25, 2006
                    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 2,855,000.00 to Party A for value April 7,
                    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 Assets Securities
                    Corp. with respect to information included in any preliminary
                    prospectus
                    supplement 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:               
          Soundview
          Home Loan Trust 2006-OPT2

        c/o
          Deutsche Bank National Trust Company

        1761
          E.
          St. Andrew Place

        Santa
          Ana, CA 92705

        Attn:
          Trust Admin, Soundview Home Loan Trust 2006-OPT2

        Facsimile
          No.: 714-247-6329

        Telephone
          No: 714-247-6000

        

        with
          a
          copy to:

         

        Please
          Provide 

        

        (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 Soundview Home Loan Trust 2006-OPT2, 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, within 30 days,
          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; (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 or (3) obtain a guaranty of
          the Party
          A’s obligations under this Agreement, subject to Rating Agency Condition,
          from
          an affiliate of the Party A that is able to comply with the financial
          information disclosure requirements of Item 1115 of Regulation AB, such
          that
          disclosure provided in respect of the affiliate will satisfy any disclosure
          requirements applicable to the Swap Provider, and cause such affiliate
          to
          provide Swap Financial Disclosure. If permitted by Regulation AB, any required
          Swap Financial Disclosure may be provided by incorporation by reference
          from
          reports filed pursuant to the Exchange Act.

        

        (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: Soundview Home Loan Trust 2006-OPT2

        

        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 

        Soundview
          Home Loan Trust 2006-OPT2, 

        Asset-Backed
          Certificates, Series 2006-OPT2 

        

        

        By:
          ________________________

        Name:

        Title:

        Attachment

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        Exhibit
          I

         

        

          
            	
                    For
                      the Calculation Periods

                  	
                    Notional
                      Amount

                  
	
                    From
                      and including:*

                  	
                    To
                      but excluding:*

                  	
                    in
                      USD:

                  
	
                    The
                      Effective Date

                  	
                    June
                      25, 2006

                  	
                    6,337,745.27

                  
	
                    June
                      25, 2006

                  	
                    July
                      25, 2006

                  	
                    6,254,859.50

                  
	
                    July
                      25, 2006

                  	
                    August
                      25, 2006

                  	
                    6,151,264.38

                  
	
                    August
                      25, 2006

                  	
                    September
                      25, 2006

                  	
                    6,027,065.53

                  
	
                    September
                      25, 2006

                  	
                    October
                      25, 2006

                  	
                    5,882,562.84

                  
	
                    October
                      25, 2006

                  	
                    November
                      25, 2006

                  	
                    5,718,258.33

                  
	
                    November
                      25, 2006

                  	
                    December
                      25, 2006

                  	
                    5,534,865.54

                  
	
                    December
                      25, 2006

                  	
                    January
                      25, 2007

                  	
                    5,333,305.41

                  
	
                    January
                      25, 2007

                  	
                    February
                      25, 2007

                  	
                    5,114,995.79

                  
	
                    February
                      25, 2007

                  	
                    March
                      25, 2007

                  	
                    4,885,487.66

                  
	
                    March
                      25, 2007

                  	
                    April
                      25, 2007

                  	
                    4,661,608.06

                  
	
                    April
                      25, 2007

                  	
                    May
                      25, 2007

                  	
                    4,448,220.50

                  
	
                    May
                      25, 2007

                  	
                    June
                      25, 2007

                  	
                    4,244,825.82

                  
	
                    June
                      25, 2007

                  	
                    July
                      25, 2007

                  	
                    4,050,948.90

                  
	
                    July
                      25, 2007

                  	
                    August
                      25, 2007

                  	
                    3,866,137.36

                  
	
                    August
                      25, 2007

                  	
                    September
                      25, 2007

                  	
                    3,689,960.59

                  
	
                    September
                      25, 2007

                  	
                    October
                      25, 2007

                  	
                    3,522,008.62

                  
	
                    October
                      25, 2007

                  	
                    November
                      25, 2007

                  	
                    3,361,852.63

                  
	
                    November
                      25, 2007

                  	
                    December
                      25, 2007

                  	
                    3,209,127.53

                  
	
                    December
                      25, 2007

                  	
                    January
                      25, 2008

                  	
                    3,060,960.06

                  
	
                    January
                      25, 2008

                  	
                    February
                      25, 2008

                  	
                    2,880,174.19

                  
	
                    February
                      25, 2008

                  	
                    March
                      25, 2008

                  	
                    2,521,735.72

                  
	
                    March
                      25, 2008

                  	
                    April
                      25, 2008

                  	
                    2,162,828.25

                  
	
                    April
                      25, 2008

                  	
                    May
                      25, 2008

                  	
                    1,865,347.81

                  
	
                    May
                      25, 2008

                  	
                    June
                      25, 2008

                  	
                    1,634,276.71

                  
	
                    June
                      25, 2008

                  	
                    July
                      25, 2008

                  	
                    1,521,689.93

                  
	
                    July
                      25, 2008

                  	
                    August
                      25, 2008

                  	
                    1,445,005.34

                  
	
                    August
                      25, 2008

                  	
                    September
                      25, 2008

                  	
                    1,372,492.38

                  
	
                    September
                      25, 2008

                  	
                    October
                      25, 2008

                  	
                    1,303,913.91

                  
	
                    October
                      25, 2008

                  	
                    November
                      25, 2008

                  	
                    1,239,047.67

                  
	
                    November
                      25, 2008

                  	
                    December
                      25, 2008

                  	
                    1,177,679.50

                  
	
                    December
                      25, 2008

                  	
                    January
                      25, 2009

                  	
                    1,119,610.78

                  
	
                    January
                      25, 2009

                  	
                    February
                      25, 2009

                  	
                    1,064,654.52

                  
	
                    February
                      25, 2009

                  	
                    March
                      25, 2009

                  	
                    1,012,634.66

                  
	
                    March
                      25, 2009

                  	
                    April
                      25, 2009

                  	
                    963,390.30

                  
	
                    April
                      25, 2009

                  	
                    May
                      25, 2009

                  	
                    916,765.99

                  
	
                    May
                      25, 2009

                  	
                    June
                      25, 2009

                  	
                    872,607.83

                  
	
                    June
                      25, 2009

                  	
                    July
                      25, 2009

                  	
                    830,777.44

                  
	
                    July
                      25, 2009

                  	
                    August
                      25, 2009

                  	
                    791,144.47

                  
	
                    August
                      25, 2009

                  	
                    September
                      25, 2009

                  	
                    753,586.12

                  
	
                    September
                      25, 2009

                  	
                    October
                      25, 2009

                  	
                    717,986.88

                  
	
                    October
                      25, 2009

                  	
                    November
                      25, 2009

                  	
                    684,237.84

                  
	
                    November
                      25, 2009

                  	
                    The
                      Termination Date

                  	
                    652,236.04

                  

          

        

        
 

        *
          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

      

      FORM
        OF
        SWAP ADMINISTRATION AGREEMENT

       

       

      

        SWAP
          ADMINISTRATION AGREEMENT

         

        This
          Swap
          Administration Agreement, dated as of April 7, 2006 (this “Agreement”), among
          Deutsche Bank National Trust Company (“Deutsche Bank”), as swap administrator
          (in such capacity, the “Swap Administrator”) and as trustee and supplemental
          interest trust trustee under the Pooling and Servicing Agreement, as hereinafter
          defined (in such capacity, the “Trustee” and “Supplemental Interest Trust
          Trustee”), and Greenwich
          Capital Markets, Inc., as majority holder of the Class C
          Certificates.

         

        WHEREAS,
          the Trustee, on behalf of the holders of the Soundview Mortgage Loan Trust
          2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2, is counterparty
          to an
          Interest Rate Swap Agreement (the “Swap Agreement”), a copy of which is attached
          hereto as Exhibit A, between the Trustee and the HSBC Bank USA, National
          Association (“HSBC”);
          and

         

        WHEREAS,
          it is desirable to irrevocably appoint the Swap Administrator, and the
          Swap
          Administrator desires to accept such appointment, to receive and distribute
          funds payable by HSBC under the Swap Agreement as provided herein; 

         

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

         

        1.  Definitions.
          Capitalized terms used but not otherwise defined herein shall have the
          respective meanings assigned thereto in the Pooling and Servicing Agreement,
          dated as of April 1, 2006 (the “Pooling and Servicing Agreement”), among
          Financial Asset Securities Corp., as Depositor, Option One Mortgage Corporation,
          as servicer, and Deutsche Bank National Trust Company as trustee relating
          to the
          Soundview Mortgage Loan Trust 2006-OPT2, Asset-Backed Certificates, Series
          2006-OPT2 (the “Certificates”), or in the related Indenture as the case may be,
          as in effect on the date hereof. 

         

        
          	2.  	
                  Swap
                    Administrator.
                    

                

        

         

        (a)  The
          Swap
          Administrator is hereby irrevocably appointed to receive all funds paid
          to the
          Supplemental Interest Trust Trustee by HSBC, or its successors in interest
          (the
“Swap Provider”) under the Swap Agreement (including any Swap Termination
          Payment) and the Swap Administrator hereby accepts such appointment and
          hereby
          agrees to receive such amounts and to distribute on each Distribution Date
          such
          amounts in the following order of priority:

         

        (i)  first,
          to
          the Trustee for deposit into the Swap Account, an amount equal to the sum
          of the
          following amounts remaining outstanding after distribution of the Net Monthly
          Excess Cashflow: (A) Unpaid Interest Shortfall Amounts, (B) Net WAC Rate
          Carryover Amounts; (C) an
          amount
          necessary to maintain or restore the Overcollateralization Target Amount;
          and
          (D) any
          Allocated Realized Loss Amounts;

         

        (ii)  second,
          to Greenwich Capital Markets, Inc., as majority holder of the Class C
          Certificates, any amounts remaining after payment of (i) above, provided,
          however,
          upon the
          issuance of notes by an issuer (the “Trust”), secured by all or a portion of the
          Class C Certificates and the Class P Certificates (the “NIM Notes”), Greenwich
          Capital Markets, Inc., as majority holder of the Class C Certificates,
          hereby
          instructs the Swap Administrator to make any payments under this clause
          2(a)(ii):

         

        (A)  to
          the
          Indenture Trustee for the Trust, for deposit into the Note Account (each
          as
          defined in the related Indenture), for distribution in accordance with
          the terms
          of the Pooling and Servicing Agreement until satisfaction and discharge
          of the
          Indenture; and

         

        (B)  after
          satisfaction and discharge of the Pooling and Servicing Agreement, to the
          Holders of the Class C Certificates, pro
          rata
          based on
          the outstanding Notional Amount of each such Certificate.

         

        (b)  The
          Swap
          Administrator agrees to hold any amounts received from the Supplemental
          Interest
          Trust Trustee in trust upon the terms and conditions and for the exclusive
          use
          and benefit of the Trustee and the Indenture Trustee, as applicable (in
          turn for
          the benefit of the Certificateholders, the Noteholders and the NIMS Insurer,
          if
          any) as set forth herein. The rights, duties and liabilities of the Swap
          Administrator in respect of this Agreement shall be as follows:

         

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

         

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

         

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

         

        3.  Swap
          Account.
          The
          Swap Administrator shall segregate and hold all funds received from the
          Supplemental Interest Trust Trustee (including any Swap Termination Payment)
          separate and apart from any of its own funds and general assets and shall
          establish and maintain in the name of the Swap Administrator one or more
          segregated accounts (such account or accounts, the “Swap”) as described in the
          Pooling and Servicing Agreement.

         

        
          	4.  	
                  Replacement
                    Swap Agreements.
                    

                

        

         

        The
          Trustee shall, at the direction of the NIMS Insurer, if any, or, with the
          consent of the NIMS Insurer, if any, at the direction of Greenwich Capital
          Markets, Inc., as majority holder of the Class C Certificates, 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), Greenwich Capital
          Markets, Inc., as majority holder of the Class C Certificates, shall find
          a
          replacement counterparty to enter into a replacement swap
          agreement.

         

        Any
          Swap
          Termination Payment received by the Swap 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.

         

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

         

        5.  Representations
          and Warranties of Deutsche Bank.
          Deutsche Bank represents and warrants as follows:

         

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

         

        (b)  The
          execution, delivery and performance of this Agreement by Deutsche Bank
          as
          Trustee have been duly authorized in the Pooling and Servicing
          Agreement.

         

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

         

        
          	6.  	
                  Replacement
                    of Swap Administrator.

                

        

         

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

         

        No
          resignation or removal of the Swap Administrator and no appointment of
          a
          successor Swap Administrator shall become effective until the appointment
          by
          Greenwich Capital Markets, Inc., as majority holder of the Class C Certificates,
          of a successor swap administrator acceptable to the NIMS Insurer, if any.
          Any
          successor swap administrator shall execute such documents or instruments
          necessary or appropriate to vest in and confirm to such successor swap
          administrator all such rights and powers conferred by this
          Agreement.

         

        The
          Swap
          Administrator may resign at any time by giving written notice thereof to
          the
          other parties hereto with a copy to the NIMS Insurer, if any. If a successor
          swap administrator shall not have accepted the appointment hereunder within
          30
          days after the giving by the resigning Swap Administrator of such notice
          of
          resignation, the resigning Swap Administrator may petition any court of
          competent jurisdiction for the appointment of a successor swap administrator
          acceptable to the NIMS Insurer, if any.

         

        In
          the
          event of a resignation or removal of the Swap Administrator, Greenwich
          Capital
          Markets, Inc., as majority holder of the Class C Certificates, shall promptly
          appoint a successor Swap Administrator acceptable to the NIMS Insurer,
          if any.
          If no such appointment has been made within 10 days of the resignation
          or
          removal, the NIMS Insurer, if any, may appoint a successor Swap
          Administrator.

         

        
          	7.  	
                  Trustee
                    Obligations.

                

        

         

        Whenever
          the Supplemental Interest Trust Trustee, as a party to the Swap Agreement,
          has
          the option or is requested in such capacity, whether such request is by
          the
          counterparty to such agreement, to take any action or to give any consent,
          approval or waiver that it is on behalf of the Trust entitled to take or
          give in
          such capacity, including, without limitation, in connection with an amendment
          of
          such agreement or the occurrence of a default or termination event thereunder,
          the Supplemental Interest Trust Trustee shall promptly notify the parties
          hereto
          and the NIMS Insurer, if any, of such request in such detail as is available
          to
          it and, shall, on behalf of the parties hereto and the NIMS Insurer, if
          any,
          take such action in connection with the exercise and/or enforcement of
          any
          rights and/or remedies available to it in such capacity with respect to
          such
          request as Greenwich Capital Markets, Inc., as majority holder of the Class
          C
          Certificates, or the NIMS Insurer, if any, shall direct in writing; provided
          that if no such direction is received prior to the date that is established
          for
          taking such action or giving such consent, approval or waiver (notice of
          which
          date shall be given by the Supplemental Interest Trust Trustee to the parties
          hereto and the NIMS Insurer, if any), the Supplemental Interest Trust Trustee
          may abstain from taking such action or giving such consent, approval or
          waiver.

         

        The
          Trustee shall forward to the parties hereto and the NIMS Insurer, if any,
          on the
          Payment Date following its receipt thereof copies of any and all notices,
          statements, reports and/or other material communications and information
          (collectively, the “Swap Reports”) that it receives in connection with the Swap
          Agreement or from the counterparty thereto.

         

        
          	8.  	
                  Miscellaneous.
                    

                

        

         

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

         

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

         

        (c)  This
          Agreement may be amended, supplemented or modified in writing by the parties
          hereto, but only with the consent of the NIMS Insurer, if any.

         

        (d)  This
          Agreement may not be assigned or transferred without the prior written
          consent
          of the NIMS Insurer, if any; provided, however, the parties hereto acknowledge
          and agree to the assignment of the rights of Greenwich Capital Markets,
          Inc., as
          majority holder of the Class C Certificates, as provided under this Agreement
          pursuant to the Sale Agreement, the Trust Agreement and the
          Indenture.

         

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

         

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

         

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

         

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

         

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

         

        9.  Third-Party
          Beneficiary.
          Each of
          the Note Insurer, the Backup Note Insurer and the Indenture Trustee, if
          any,
          shall be deemed a third-party beneficiary of this Agreement to the same
          extent
          as if it were a party hereto, and shall have the right to enforce the provisions
          of this Agreement.

         

        10.  Swap
          Administrator and Trustee Rights.
          The
          Swap Administrator shall be entitled to the same rights, protections and
          indemnities afforded to the Trustee under the Pooling and Servicing Agreement,
          and the Indenture Trustee under the Indenture, in each case as if specifically
          set forth herein with respect to the Swap Administrator.

         

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

         

        11.  Limited
          Recourse.
          It is
          expressly understood and agreed by the parties hereto that this Agreement
          is
          executed and delivered by the Trustee, not in its individual capacity but
          solely
          as Trustee under the Pooling and Servicing Agreement. Notwithstanding any
          other
          provisions of this Agreement, the obligations of the Trustee under this
          Agreement are non-recourse to the Trustee, its assets and its property,
          and
          shall be payable solely from the assets of the Trust Fund, and following
          realization of such assets, any claims of any party hereto shall be extinguished
          and shall not thereafter be reinstated. No recourse shall be had against
          any
          principal, director, officer, employee, beneficiary, shareholder, partner,
          member, Trustee, agent or affiliate of the Trustee or any person owning,
          directly or indirectly, any legal or beneficial interest in the Trustee,
          or any
          successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
          payment of any amount payable under this Agreement. The parties hereto
          shall not
          enforce the liability and obligations of the Trustee to perform and observe
          the
          obligations contained in this Agreement by any action or proceeding wherein
          a
          money judgment establishing any personal liability shall be sought against
          the
          Trustee, subject to the following sentence, or the Exculpated Parties.
          The
          agreements in this paragraph shall survive termination of this Agreement
          and the
          performance of all obligations hereunder.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

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

         

        
          	 	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY

                  as
                    Swap Administrator

                
	 	 
	 	 
	 	
                  By:

                	 
	 	 	
                  Name: 

                  Title:

                
	 	
                   

                  By:

                	 
	 	 	
                  Name: 

                  Title:

                
	 	 	 

        

        

        
          	 	
                  DEUTSCHE
                    BANK NATIONAL TRUST COMPANY

                  not
                    in its individual capacity but solely as Trustee under the Pooling
                    and
                    Servicing Agreement

                
	 	 
	 	 
	 	
                  By:

                	 
	 	 	
                  Name: 

                  Title:

                
	 	
                   

                  By:

                	 
	 	 	
                  Name: 

                
	 	 	
                  Title:

                

        

        

        
          	 	
                  GREENWICH
                    CAPITAL MARKETS, INC., as majority holder of the Class C
                    Certificates

                
	 	 
	 	 
	 	
                  By:

                	 
	 	 	
                  Name: 

                
	 	 	
                  Title: 

                

        

        

        

        

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        EXHIBIT
          A

         

        SWAP
          AGREEMENT

         

        

         

        SEE
          EXHIBIT Q TO THE POOLING AND SERVICING AGREEMENT

         

        
          
            
              

              

            

            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

        ANNEX
          I

        

        The
          amounts paid under clause 2(a)(ii) of the Swap Administration Agreement
          shall be
          calculated as follows:

        

        
          	
                  Floating
                    Amount:

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  Deutsche
                    Bank National Trust Company

                
	 	 
	
                  Cap
                    Rate:

                	
                  15.00%

                
	 	 
	
                  Floating
                    Amount

                	
                  To
                    be determined in accordance with the following formula:

                   

                  The
                    product of: (i) 250; (ii) the Cap Rate, (iii) the Notional Amount;
                    and
                    (iv) the Floating Rate Day Count Fraction;

                   

                  provided,
                    however,
                    the Swap Administrator will only be obligated to pay the Floating
                    Amount
                    up to the amount remaining after payments are made under clause
                    2(a)(i) of
                    the Swap Administration Agreement.

                   

                  The
                    Floating Amount shall be paid to the Indenture Trustee for payment
                    in
                    accordance with Section 2.09(e) of the Indenture.

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360.

                
	 	 
	
                  Notional
                    Amount:

                	
                  The
                    amount set forth for such period in the Amortization Schedule
                    A.

                

        

        
          
            

            

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          A TO ANNEX I

        

        SEE
          ANNEX
          3 TO THE PROSPECTUS SUPPLEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      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 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 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

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                 

                 

                 

                Seller

                Depositor

                Trustee

                Trustee

                Depositor

                Master
                  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 Provicer,
                  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 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
                  or Master 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

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  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

                Master
                  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

                Master
                  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

              	
                Master
                  Servicer

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        I

       

      PREPAYMENT
        CHARGE SCHEDULE

       

      Available
        Upon Request

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            

          

        

      

      SCHEDULE
        II

      

      

      
        	
                Distribution
                  Date

              	
                Base

                Calculation

                Amount
                  ($)

              	
                Distribution
                  Date

              	
                Base

                Calculation

                Amount
                  ($)

              
	
                June
                  25, 2006

              	
                6,337,745.27

              	
                October
                  25, 2008

              	
                1,303,913.91

              
	
                July
                  25, 2006

              	
                6,254,859.50

              	
                November
                  25, 2008

              	
                1,239,047.67

              
	
                August
                  25, 2006

              	
                6,151,264.38

              	
                December
                  25, 2008

              	
                1,177,679.50

              
	
                September
                  25, 2006

              	
                6,027,065.53

              	
                January
                  25, 2009

              	
                1,119,610.78

              
	
                October
                  25, 2006

              	
                5,882,562.84

              	
                February
                  25, 2009

              	
                1,064,654.52

              
	
                November
                  25, 2006

              	
                5,718,258.33

              	
                March
                  25, 2009

              	
                1,012,634.66

              
	
                December
                  25, 2006

              	
                5,534,864.54

              	
                April
                  25, 2009

              	
                  
                  963,390.30

              
	
                January
                  25, 2007

              	
                5,333,305.41

              	
                May
                  25, 2009

              	
                  
                  916,765.99

              
	
                February
                  25, 2007

              	
                5,114,995.79

              	
                June
                  25, 2009

              	
                  
                  872,607.83

              
	
                March
                  25, 2007

              	
                4,885,487.67

              	
                July
                  25, 2009

              	
                  
                  830,777.44

              
	
                April
                  25, 2007

              	
                4,661,608.07

              	
                August
                  25, 2009

              	
                  
                  791,144.47

              
	
                May
                  25, 2007

              	
                4,448,220.50

              	
                September
                  25, 2009

              	
                  
                  753,586.12

              
	
                June
                  25, 2007

              	
                4,244,825.83

              	
                October
                  25, 2009

              	
                  
                  717,986.88

              
	
                July
                  25, 2007

              	
                4,050,948.90

              	
                November
                  25, 2009

              	
                  
                  684,237.84

              
	
                August
                  25, 2007

              	
                3,866,137.36

              	
                December
                  25, 2009

              	
                  
                  652,236.04

              
	
                September
                  25, 2007

              	
                3,689,960.59

              	 	 
	
                October
                  25, 2007

              	
                3,522,008.62

              	 	 
	
                November
                  25, 2007

              	
                3,361,852.63

              	 	 
	
                December
                  25, 2007

              	
                3,209,127.53

              	 	 
	
                January
                  25, 2008

              	
                3,060,960.06

              	 	 
	
                February
                  25, 2008

              	
                2,880,174.19

              	 	 
	
                March
                  25, 2008

              	
                2,521,735.72

              	 	 
	
                April
                  25, 2008

              	
                2,162,828.25

              	 	 
	
                May
                  25, 2008

              	
                1,865,347.81

              	 	 
	
                June
                  25, 2008

              	
                1,634,276.71

              	 	 
	
                July
                  25, 2008

              	
                1,521,689.93

              	 	 
	
                August
                  25, 2008

              	
                1,445,005.34

              	 	 
	
                September
                  25, 2008

              	
                1,372,492.38================================================================================

                        OPTEUM MORTGAGE ACCEPTANCE CORP.

                                   Depositor,

                            [NAME OF MASTER SERVICER]

                                Master Servicer,

                                       and

                               [NAME OF TRUSTEE],

                                     Trustee

                         POOLING AND SERVICING AGREEMENT
                         Dated as of_____________1, 200_

                       Mortgage Pass-Through Certificates
                                 Series 200_-__

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
ARTICLE I DEFINITIONS
<S>                   <C>
SECTION 1.01.         Defined Terms.........................................................................

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

SECTION 2.02.         Acceptance of the Trust Fund by the Trustee...........................................
SECTION 2.03.         Representations, Warranties and Covenants of the Master  Servicer and the Depositor...
SECTION 2.04.         Representations and Warranties of the Seller; Repurchase  and Substitution............
SECTION 2.05.         Issuance of Certificates Evidencing Interests in the Trust  Fund......................
SECTION 2.06.         Purposes and Powers of the Trust......................................................

ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND

SECTION 3.01.         Master Servicer to Act as Master Servicer.............................................
SECTION 3.02.         Sub-Servicing Agreements Between Master Servicer and Sub-Servicers....................
SECTION 3.03.         Successor Sub-Servicers...............................................................
SECTION 3.04.         Liability of the Master Servicer......................................................
SECTION 3.05.         No Contractual Relationship Between Sub-Servicers and  Trustee or Certificateholders..
SECTION 3.06.         Assumption or Termination of Sub-Servicing Agreements by  Trustee.....................
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.         Custodial Account.....................................................................
SECTION 3.11.         Permitted Withdrawals From the Custodial Account......................................
SECTION 3.12.         Permitted Instruments.................................................................
SECTION 3.13.         Maintenance of Primary Mortgage Insurance and Primary Hazard Insurance................
SECTION 3.14.         Enforcement of Due-on-Sale Clauses; Assumption Agreements.............................
SECTION 3.15.         Realization Upon Defaulted Mortgage Loans.............................................
SECTION 3.16.         Trustee to Cooperate; Release of Mortgage Files.......................................
SECTION 3.17.         Servicing Compensation................................................................
SECTION 3.18.         Maintenance of Certain Servicing Policies.............................................
SECTION 3.19.         Annual Statement as to Compliance.....................................................
SECTION 3.20.         Assessments of Compliance and Attestation Reports.....................................
SECTION 3.21.         Access to Certain Documentation.......................................................
SECTION 3.22.         Title, Conservation and Disposition of REO Property...................................
SECTION 3.23.         Additional Obligations of the Master Servicer.........................................
SECTION 3.24.         Additional Obligations of the Depositor...............................................
SECTION 3.25.         Intention of the Parties and Interpretation...........................................

ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS

SECTION 4.01.         Certificate Account; Distributions....................................................
SECTION 4.02.         Statements to Certificateholders......................................................
SECTION 4.03.         Remittance Reports; Advances by the Master Servicer...................................
SECTION 4.04.         Allocation of Realized Losses.........................................................
SECTION 4.05.         Information Reports to be Filed by the Master Servicer................................
SECTION 4.06.         Compliance with Withholding Requirements..............................................

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.................................................................

ARTICLE VI THE DEPOSITOR AND THE MASTER SERVICER

SECTION 6.01.         Liability of the Depositor and the Master Servicer....................................
SECTION 6.02.         Merger, Consolidation or Conversion of the Depositor or the Master Servicer...........
SECTION 6.03.         Limitation on Liability of the Depositor, the Master Servicer and Others..............
SECTION 6.04.         Limitation on Resignation of the Master Servicer......................................

ARTICLE VII DEFAULT

SECTION 7.01.         Events of Default.....................................................................
SECTION 7.02.         Trustee to Act; Appointment of Successor..............................................
SECTION 7.03.         Notification to Certificateholders....................................................
SECTION 7.04.         Waiver of Events of Default...........................................................

ARTICLE VIII CONCERNING 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.         Payment of Trustee's Fees.............................................................
SECTION 8.06.         Eligibility Requirements for Trustee..................................................
SECTION 8.07.         Resignation and Removal of the 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.         Commission Reporting..................................................................

ARTICLE IX TERMINATION

SECTION 9.01.         Termination Upon Repurchase or Liquidation of All Mortgage Loans......................
SECTION 9.02.         Additional Termination Requirements...................................................

ARTICLE X REMIC PROVISIONS

SECTION 10.01.        REMIC Administration..................................................................
SECTION 10.02.        Prohibited Transactions and Activities................................................
SECTION 10.03.        Master Servicer and Trustee Indemnification...........................................

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.........................................................................
SECTION 11.05.        Notices...............................................................................
SECTION 11.06.        Severability of Provisions............................................................
SECTION 11.07.        Successors and Assigns; Third Party Beneficiary.......................................
SECTION 11.08.        Article and Section Headings..........................................................
SECTION 11.09.        Notice to Rating Agencies and Certificateholder.......................................

Exhibit A-1           Form of Class A Certificate
Exhibit A-2           Form of Class B Certificate
Exhibit B             Form of Class R Certificate
Exhibit C             Form of Trustee Initial Certification
Exhibit D             Form of Trustee Final Certification
Exhibit E             Form of Remittance Report
Exhibit F-1           Request for Release
Exhibit F-2           Request for Release for Mortgage Loans Paid in Full
Exhibit G-1           Form of Investor Representation Letter
Exhibit G-2           Form of Transferor Representation Letter
Exhibit G-3           Transferor Affidavit and Agreement in connection with transfer of Residual Certificates
Exhibit G-4           Form of Transferor Certificate
Exhibit G-5           Form of Investor Representation Letter for Insurance Companies
Exhibit H             Mortgage Loan Schedule
Exhibit I             Seller's Warranty Certificate
Exhibit J             Form of Notice Under Section 3.24
Exhibit K             Form of Depositor Certification
Exhibit L             Form of Trustee Certification
Exhibit M             Form of Servicer Certification
Exhibit N             Form 10-D, Form 8-K and Form 10-K Reporting Responsibility
Exhibit CC            Servicing Criteria to Be Addressed in Assessment of Compliance
</TABLE>

<PAGE>

         This Pooling and Servicing Agreement, effective as of _______________
1, 200_, among OPTEUM MORTGAGE ACCEPTANCE CORP., as the depositor (together with
its permitted successors and assigns, the "Depositor"), [NAME OF MASTER
SERVICER], as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and [NAME OF TRUSTEE], as trustee (together
with its permitted successors and assigns, the "Trustee"),

                             PRELIMINARY STATEMENT:

         The Depositor intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes
(each, a "Class"), which in the aggregate will evidence the entire beneficial
ownership interest in the Mortgage Loans (as defined herein). As provided
herein, the Master Servicer will make an election to treat the segregated pool
of assets described in the definition of Trust Fund (as defined herein), and
subject to this Agreement (including the Mortgage Loans but excluding the
Initial Monthly Payment Deposit), as a real estate mortgage investment conduit
(a "REMIC") for federal income tax purposes, and such segregated pool of assets
will be designated as the "Trust Fund." The Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7 and Class B Certificates will
represent ownership of "regular interests" in the Trust Fund, and the Class R
Certificates will be the sole class of "residual interests" therein, for
purposes of the REMIC Provisions (as defined herein) under federal income tax
law.

         The following table sets forth the designation, type, Pass-Through
Rate, aggregate Initial Certificate Principal Balance, initial ratings and
certain features for each Class of Certificates comprising the interests in the
Trust Fund created hereunder.

                       AGGREGATE INITIAL PASS-CERTIFICATE
               INITIAL RATINGS THROUGH PRINCIPAL DESCRIPTION TYPE
                              RATE BALANCE FEATURES

                               [INSERT TABLE HERE]

         The Mortgage Loans have an aggregate Stated Principal Balance as of the
Cut-off Date equal to $___________. The Mortgage Loans are fixed rate mortgage
loans having terms to maturity at origination or modification of not more than
30 years.

         In consideration of the mutual agreements herein contained, the
Depositor, the Master Servicer and the Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         SECTION 1.01 Defined Terms.

         Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the meanings specified in this
Article.

         "Accrued Certificate Interest": With respect to each Distribution Date,
as to any Class A Certificate (other than the Class A-5 Certificates and Class
A-7 Certificates) or any Class B Certificate, one month's interest accrued at
the then applicable Pass-Through Rate on the Certificate Principal Balance
thereof immediately prior to such Distribution Date. With respect to each
Distribution Date, as to the Class A-5 Certificates and Class A-7 Certificates,
one month's interest accrued at the then applicable Pass-Through Rate on the
Notional Amount thereof immediately prior to such Distribution Date. Accrued
Certificate Interest will be calculated on the basis of a 360-day year
consisting of twelve 30-day months. In each case Accrued Certificate Interest on
any Class of Certificates will be reduced by the amount of (i) Prepayment
Interest Shortfalls, if any, which are not covered by payments by the Master
Servicer pursuant to Section 3.23 with respect to such Distribution Date, (ii)
the interest portion (adjusted to the related Net Mortgage Rate) of any of
Realized Losses (including Excess Special Hazard Losses, Excess Fraud Losses,
Excess Bankruptcy Losses and Extraordinary Losses) not allocated solely to one
or more specific Classes of Certificates pursuant to Section 4.04 (which, with
respect to the pro rata portion thereof allocated to the Class A-1, Class A-5
and Class A-6 Certificates will be allocated first to the Class A-6 Certificates
and second to the Class A-1 and Class A-5 Certificates on a pro rata basis to
the extent such Realized Losses are Default Losses), (iii) the interest portion
of Advances previously made with respect to a Mortgage Loan or REO Property
which remained unreimbursed following the Cash Liquidation or REO Disposition of
such Mortgage Loan or REO Property that was made with respect to delinquencies
that were ultimately determined to be Excess Special Hazard Losses, Excess Fraud
Losses, Excess Bankruptcy Losses or Extraordinary Losses, and (iv) any other
interest shortfalls not covered by the subordination provided by the Class B
Certificates pursuant to Section 4.04, including interest that is not
collectible from the Mortgagor pursuant to the Relief Act or similar legislation
or regulations as in effect from time to time; with all such reductions
allocated among the Classes of Certificates, in proportion to their respective
amounts of Accrued Certificate Interest which would have resulted absent such
reductions. In addition to that portion of the reductions described in the
preceding sentence, Accrued Certificate Interest on the Class B Certificates
will be reduced by the interest portion (adjusted to the related Net Mortgage
Rate) of Realized Losses that are allocated solely to the Class B Certificates
pursuant to Section 4.04.

         "Advance": As to any Mortgage Loan, any advance made by the Master
Servicer on any Distribution Date pursuant to Section 4.03.

         "Agreement": This Pooling and Servicing Agreement and all amendments
hereof.

         "Anniversary": Each anniversary of _____________ 1, 20__.

         "Assessment of Compliance": As defined in Section 3.20.

         "Attestation Report": As defined in Section 3.20.

         "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 of
record the sale of the Mortgage, which assignment, notice of transfer or
equivalent instrument may be in the form of one or more blanket assignments
covering Mortgages secured by Mortgaged Properties located in the same county,
if permitted by law.

         "Assignment Agreement": The Assignment and Assumption Agreement, dated
as of ____________, 200_, between [Name of Seller] and the Depositor relating to
the transfer and assignment of the Mortgage Loans.

         "Available Distribution Amount": With respect to each Distribution
Date, the Available Distribution Amount will be an amount equal to (a) the sum
of (i) the balance on deposit in the Custodial Account as of the close of
business on the related Determination Date and (ii) the aggregate amount of any
Advances made, all required amounts pursuant to Section 3.22 and all amounts
required to be paid by the Master Servicer pursuant to Sections 3.13 and 3.23 by
deposits into the Certificate Account on the immediately preceding Certificate
Account Deposit Date, reduced by (b) the sum, as of the close of business on the
related Determination Date of (i) Monthly Payments collected but due during a
Due Period subsequent to the Due Period ending on the first day of the month of
the related Distribution Date, (ii) all interest or other income earned on
deposits in the Custodial Account, (iii) any other amounts reimbursable or
payable to the Master Servicer or any other Person pursuant to Section 3.11,
(iv) Insurance Proceeds, Liquidation Proceeds, Principal Prepayments, REO
Proceeds and the proceeds of Mortgage Loan purchases (or amounts received in
connection with substitutions) made pursuant to Section 2.02 and 2.04, in each
case received or made in the month of such Distribution Date and (v) the
Trustee's Fee.

         "Bankruptcy Amount": As of any date of determination, an amount, equal
to the excess, if any, of (A) $_______, over (B) the aggregate amount of
Bankruptcy Losses allocated solely to one or more specific Classes of
Certificates in accordance with Section 4.04.

         The Bankruptcy Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.

         "Bankruptcy Code": The United States Bankruptcy Code of 1978, as
amended.

         "Bankruptcy Loss": With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that a Deficient
Valuation or a Debt Service Reduction shall not be deemed a Bankruptcy Loss
hereunder so long as the Master Servicer has notified the Trustee in writing
that the Master Servicer is diligently pursuing any remedies that may exist in
connection with the related Mortgage Loan and either (A) the related Mortgage
Loan is not in default with regard to payments due thereunder or (B) delinquent
payments of principal and interest under the related Mortgage Loan and any
related escrow payments in respect of such Mortgage Loan are being advanced on a
current basis by the Master Servicer, in either case without giving effect to
any Deficient Valuation or Debt Service Reduction.

         "Business Day": Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of ______________ or the State of
______________ (and such other state or states in which the Custodial Account or
the Certificate Account are at the time located) are required or authorized by
law or executive order to be closed.

         "Cash Liquidation": As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, the final receipt by or
on behalf of the Master Servicer of all Insurance Proceeds, Liquidation Proceeds
and other payments or cash recoveries which the Master Servicer reasonably and
in good faith expects to be finally recoverable with respect to such Mortgage
Loan.

         "Certificate": Any Class A, Class B or Class R Certificate.

         "Certificate Account": The account or accounts created and maintained
pursuant to Section 4.01, which shall be entitled
"___________________________________, as trustee, in trust for the registered
holders of Opteum Mortgage Acceptance Corp., Mortgage Pass-Through Certificates,
Series 200_-__" and which must be an Eligible Account.

         "Certificate Account Deposit Date": The 20th day (or if such 20th day
is not a Business Day, the Business Day immediately preceding such 20th day) of
the month.

         "Certificateholder" or "Holder": The Person in whose name a Certificate
is registered in the Certificate Register, except that, neither a Disqualified
Organization nor a Non-United States Person shall be a Holder of a Class R
Certificate for any purposes 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 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 Trustee shall be entitled to rely upon
a certification of the Depositor or the Master Servicer in determining if any
Certificates are registered in the name of a respective affiliate.

         "Certificate Owner": With respect to a Book-Entry Certificate, the
Person who is the beneficial owner of such Certificate, as reflected on the
books of an indirect participating brokerage firm for which a Depositor
Participant acts as agent, if any, and otherwise on the books of a Depositor
Participant, if any, and otherwise on the books of the Depositor.

         "Certificate Principal Balance": With respect to each Class A
Certificate (other than a Class A-5 Certificate or Class A-7 Certificate), on
any date of determination, an amount equal to (i) the Initial Certificate
Principal Balance of such Certificate as specified on the face thereof, minus
(ii) the sum of (x) the aggregate of all amounts previously distributed with
respect to such Certificate (or any predecessor Certificate) and applied to
reduce the Certificate Principal Balance thereof pursuant to Section 4.02(b) and
(y) the aggregate of all reductions in Certificate Principal Balance deemed to
have occurred in connection with Realized Losses which were previously allocated
to such Certificate (or any predecessor Certificate) pursuant to Section 4.04.
With respect to the Class B Certificates, on any date of determination, an
amount equal to the Percentage Interest evidenced by such Certificate times the
excess, if any, of (A) the then aggregate Stated Principal Balance of the
Mortgage Loans over (B) the then aggregate Certificate Principal Balance of all
other Classes of Certificates then outstanding. The Class A-5 Certificates,
Class A-7 Certificates and Class R Certificates have no Certificate Principal
Balance.

         "Certificate Register": The register maintained pursuant to Section
5.02.

         "Class": Collectively, all of the Certificates bearing the same
designation.

         "Class A Certificate": Any one of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6 or Class A-7 Certificates, executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed hereto as Exhibit A-1, each such Certificate evidencing an interest
designated as a "regular interest" in the Trust Fund for purposes of the REMIC
Provisions.

         "Class B Certificate": The Class B Certificates executed by the Trustee
and authenticated by the Certificate Registrar substantially in the form annexed
hereto as Exhibit A-2 and evidencing an interest designated as a "regular
interest" in the Trust Fund for purposes of the REMIC Provisions.

         "Class B Percentage": With respect to any Distribution Date, the lesser
of (i) 100% minus the Senior Percentage and (ii) a fraction, expressed as a
percentage, the numerator of which is the aggregate Certificate Principal
Balance of the Class B Certificates immediately prior to such date and the
denominator of which is the aggregate Stated Principal Balance of all of the
Mortgage Loans (or related REO Properties) immediately prior to such
Distribution Date.

         "Class R Certificate": Any one of the Class R Certificates executed and
delivered by the Trustee substantially in the form annexed hereto as Exhibit B
and evidencing an interest designated as a "residual interest" in the REMIC for
purposes of the REMIC Provisions.

         "Closing Date" : _______________ ___, 20__.

         "Code": The Internal Revenue Code of 1986.

         "Collateral Value": The appraised value of a Mortgaged Property based
upon the lesser of (i) the appraisal made at the time of the origination of the
related Mortgage Loan, or (ii) the sales price of such Mortgaged Property at
such time of origination. With respect to a Mortgage Loan the proceeds of which
were used to refinance an existing mortgage loan, the appraised value of the
Mortgaged Property based upon the appraisal (as reviewed and approved by the
Seller) obtained at the time of refinancing.

         "Depositor": Opteum Mortgage Acceptance Corp., or its successor in
interest.

         "Corporate Trust Office": The principal office of the Trustee at which
at any particular time its corporate trust business with respect to this
Agreement shall be administered, which office at the date of the execution of
this instrument is located at _____________________, Attention:
__________________ Series 200_-__.

         "Credit Support Depletion Date": The first Distribution Date on which
the Senior Percentage equals 100%.

         "Custodial Account": The custodial account or accounts created and
maintained pursuant to Section 3.10 in a depository institution, as custodian
for the holders of the Certificates, for the holders of certain other interests
in mortgage loans serviced or sold by the Master Servicer and for the Master
Servicer, into which the amounts set forth in Section 3.10 shall be deposited
directly. Any such account or accounts shall be an Eligible Account.

         "Cut-off Date": _____________ 1, 200_.

         "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 constituting a Deficient Valuation or any reduction that results in a
permanent forgiveness of principal.

         "Default Loss": Any Realized Loss that is attributable to the related
Mortgagor's failure to make any payment of principal or interest as required
under the Mortgage Note, excluding Special Hazard Losses (or any other loss
resulting from damage to a Mortgaged Property), Bankruptcy Losses, Fraud Losses,
or other losses of a type not covered by the subordination provided by the Class
B Certificates pursuant to Section 4.04.

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

         "Definitive Certificate": Any definitive, fully registered Certificate.

         "Deleted Mortgage Loan": A Mortgage Loan replaced or to be replaced
with a Qualified Substitute Mortgage Loan.

         "Determination Date": The 15th day (or if such 15th day is not a
Business Day, the Business Day immediately preceding such 15th day) of the month
of the related Distribution Date.

         "Disqualified Organization": Any of the following: (i) the United
States, any State or any political subdivision thereof, any possession of the
United States or any agency or instrumentality of any of the foregoing (other
than an instrumentality which is a corporation, if all of its activities are
subject to tax and, except for the FHLMC, a majority of its board of directors
is not selected by any such governmental unit), (ii) a foreign government,
international organization or any agency or instrumentality of either the
foregoing, (iii) an organization (except certain farmers' cooperatives described
in Section 521 of the Code) which is exempt from tax imposed by Chapter 1 of the
Code (unless such organization is subject to the tax imposed by Section 511 of
the Code on unrelated business taxable income), (iv) rural electric and
telephone cooperatives described in Section 1381 of the Code or (v) any other
Person so designated by the Trustee based on an Opinion of Counsel obtained by
the Trustee, at the expense of the Trust Fund, (which opinion shall be sought
only if the Trustee has actual knowledge that the holding of an Ownership
Interest in a Class R Certificate by such Person may cause the Trust Fund or any
Person having an Ownership Interest in any Class of Certificates, other than
such Person, to incur a liability for any federal tax imposed under the Code
that would not otherwise be imposed but for the Transfer of an Ownership
Interest in a Class R Certificate to such Person). The terms "United States,"
"State" and "international organization" shall have the meanings set forth in
Section 7701 of the Code or successor provisions.

         "Distribution Date": The 25th day of any month, or if such 25th day is
not a Business Day, the Business Day immediately following such 25th day
commencing on _______ 25, 20__.

         "Due Date": The first day of the month of the related Distribution
Date.

         "Due Period": With respect to any Distribution Date, the period
commencing on the second day of the month preceding the month of such
Distribution Date (or, with respect to the first Due Period, the day following
the Cut-off Date) and ending on the related Due Date.

         ["Duff & Phelps": Duff & Phelps Credit Rating Company or its successor
in interest.]

         "Eligible Account": An account maintained with a federal or state
chartered depository institution (i) the short-term obligations of which are
rated by each of the Rating Agencies in its highest rating at the time of any
deposit therein, or (ii) insured by the FDIC (to the limits established by such
Corporation), the uninsured deposits in which account are otherwise secured such
that, as evidenced by an Opinion of Counsel (obtained by and at the expense of
the Person requesting that the account be held pursuant to this clause (ii))
delivered to the Trustee prior to the establishment of such account, the
Certificateholders will have a claim with respect to the funds in such account
and a perfected first priority security interest against any collateral (which
shall be limited to Permitted Instruments, each of which shall mature not later
than the Business Day immediately preceding the Distribution Date next following
the date of investment in such collateral or the Distribution Date if such
Permitted Instrument is an obligation of the institution that maintains the
Certificate Account or Custodial Account) securing such funds that is superior
to claims of any other depositors or general creditors of the depository
institution with which such account is maintained or (iii) a trust account or
accounts maintained with a federal or state chartered depository institution or
trust company with trust powers acting in its fiduciary capacity or (iv) an
account or accounts of a depository institution acceptable to the Rating
Agencies (as evidenced in writing by the Rating Agencies that use of any such
account as the Custodial Account or the Certificate Account will not have an
adverse effect on the then-current ratings assigned to the Classes of the
Certificates then rated by the Rating Agencies). Eligible Accounts may bear
interest.

         "Event of Default": One or more of the events described in Section
7.01.

         "Excess Bankruptcy Loss": Any Bankruptcy Loss, or portion thereof,
which exceeds the then applicable Bankruptcy Amount.

         "Excess Fraud Loss": Any Fraud Loss, or portion thereof, which exceeds
the then applicable Fraud Loss Amount.

         "Excess Special Hazard Loss": Any Special Hazard Loss, or portion
thereof, that exceeds the then applicable Special Hazard Amount.

         "Extraordinary Events": Any of the following conditions with respect to
a Mortgaged Property or Mortgage Loan causing or resulting in a loss which
causes the liquidation of such Mortgage Loan:

         (a) losses that are of a type that would be covered by the fidelity
bond and the errors and omissions insurance policy required to be maintained
pursuant to Section 3.18 but are in excess of the coverage maintained
thereunder;

         (b) nuclear reaction or nuclear radiation or radioactive contamination,
all whether controlled or uncontrolled, and whether such loss be direct or
indirect, proximate or remote or be in whole or in part caused by, contributed
to or aggravated by a peril covered by the definition of the term "Special
Hazard Loss";

         (c) hostile or warlike action in time of peace or war, including action
in hindering, combatting or defending against an actual, impending or expected
attack:

                  1. by any government or sovereign power, de jure or de facto,
         or by any authority maintaining or using military, naval or air forces;
         or

                  2. by military, naval or air forces; or

                  3. by an agent of any such government, power, authority or
         forces;

         (d) any weapon of war employing atomic fission or radioactive force
whether in time of peace or war; or

         (e) insurrection, rebellion, revolution, civil war, usurped power or
action taken by governmental authority in hindering, combatting or defending
against such an occurrence, seizure or destruction under quarantine or customs
regulations, confiscation by order of any government or public authority; or
risks of contraband or illegal transportation or trade.

         "Extraordinary Losses": Any loss incurred on a Mortgage Loan caused by
or resulting from an Extraordinary Event.

         "FDIC": Federal Deposit Insurance Corporation or any successor.

         "FHLMC": Federal Home Loan Mortgage Corporation or any successor.

         ["Fitch": Fitch Investors Service, Inc., or its successor in interest.]

         "FNMA": Federal National Mortgage Association or any successor.

         "Fraud Losses": Any Realized Loss sustained by reason of a default
arising from fraud, dishonesty or misrepresentation in connection with the
related Mortgage Loan.

         "Fraud Loss Amount": As of any date of determination after the Cut-off
Date, an amount equal to: (X) up to and including the [first] anniversary of the
Cut-off Date an amount equal to ______% of the aggregate outstanding principal
balance of all of the Mortgage Loans as of the Cut-off Date minus the aggregate
amount of Fraud Losses allocated to the Class B Certificates in accordance with
Section 4.04 since the Cut-off Date up to such date of determination, (Y) from
the [first] to the fifth anniversary of the Cut-off Date, an amount equal to (1)
the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the
Cut-off Date and (b) ______% of the aggregate outstanding principal balance of
all of the Mortgage Loans as of the most recent anniversary of the Cut-off Date
minus (2) the Fraud Losses allocated solely to the Class B Certificates in
accordance with Section 4.04 since the most recent anniversary of the Cut-off
Date up to such date of determination. On and after the fifth anniversary of the
Cutoff Date the Fraud Loss Amount shall be zero.

         The Fraud Loss Amount may be further reduced by the Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master Servicer shall (i) obtain written
confirmation from each Rating Agency that such reduction shall not reduce the
rating assigned to any Class of Certificates by such Rating Agency below the
lower of the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency and (ii) provide a copy of such
written confirmation to the Trustee.

         "Funding Date": With respect to each Mortgage Loan, the date on which
funds were advanced by or on behalf of the Seller and interest began to accrue
thereunder.

         "Initial Certificate Principal Balance": With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date as set forth in the Preliminary Statement hereto.

         "Insurance Policy": With respect to any Mortgage Loan, any insurance
policy which is required to be maintained from time to time under this Agreement
in respect of such Mortgage Loan.

         "Insurance Proceeds": Proceeds paid by any insurer pursuant to the
Primary Mortgage Insurance Policy and any other insurance policy covering a
Mortgage Loan to the extent such proceeds are not applied to the restoration of
the related Mortgaged Property or released to the Mortgagor in accordance with
the procedures that the Master Servicer would follow in servicing mortgage loans
held for its own account.

         "Late Collections": With respect to any Mortgage Loan, all amounts
received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.

         "Liquidation Proceeds": Amounts (other than Insurance Proceeds)
received by the Master Servicer in connection with the taking of an entire
Mortgaged Property by exercise of the power of eminent domain or condemnation or
in connection with the liquidation of a defaulted Mortgage Loan through
trustee's sale, foreclosure sale or otherwise, other than amounts received in
respect of REO Property.

         "Loan-to-Value Ratio": As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Collateral Value of the related Mortgaged Property.

         "Master Servicer": [Name of Master Servicer], or any successor master
servicer appointed as herein provided.

         "Monthly Payment": With respect to any Mortgage Loan, the scheduled
monthly payment of principal and interest on such Mortgage Loan which is payable
by a Mortgagor from time to time under the related Mortgage Note as originally
executed (after adjustment, if any, for Principal Prepayments and for Deficient
Valuations occurring prior to such Due Date, and after any adjustment by reason
of any bankruptcy or similar proceeding or any moratorium or similar waiver or
grace period).

         ["Moody's": Moody's Investors Service, Inc. or its successor in
interest.]

         "Mortgage": The mortgage, deed of trust or any other instrument
securing the Mortgage Loan.

         "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; provided, that
whenever the term "Mortgage File" is used to refer to documents actually
received by the Trustee, such term shall not be deemed to include such
additional documents required to be added unless they are actually so added.

         "Mortgage Loan": Each of the mortgage loans, transferred and assigned
to the Trustee pursuant to Section 2.01 or Section 2.03 and from time to time
held in the Trust Fund, the Mortgage Loans originally so transferred, assigned
and held being identified in the Mortgage Loan Schedule attached hereto as
Exhibit H (and any Qualified Substitute Mortgage Loans). As used herein, the
term "Mortgage Loan" includes the related Mortgage Note and Mortgage.

         "Mortgage Loan Schedule": As of any date of determination, the schedule
of Mortgage Loans included in the Trust Fund. The initial schedule of Mortgage
Loans with accompanying information transferred on the Closing Date to the
Trustee as part of the Trust Fund for the Certificates, attached hereto as
Exhibit H (as amended from time to time to reflect the addition of Qualified
Substitute Mortgage Loans) (and, for purposes of the Trustee's review of the
Mortgage Files pursuant to Section 2.02, in computer-readable form as delivered
to the Trustee), which list shall set forth the following information, if
applicable, with respect to each Mortgage Loan:

         (i)      the loan number and name of the Mortgagor;

         (ii)     the street address, city, state and zip code of the Mortgaged
                  Property;

         (iii)    the Mortgage Rate;

         (iv)     the maturity date;

         (v)      the original principal balance;

         (vi)     the first payment date;

         (vii)    the type of Mortgaged Property;

         (viii)   the Monthly Payment in effect as of the Cut-off Date;

         (ix)     the principal balance as of the Cut-off Date;

         (x)      the occupancy status;

         (xi)     the purpose of the Mortgage Loan;

         (xii)    the Collateral Value of the Mortgaged Property;

         (xiii)   the original term to maturity;

         (xiv)    the paid-through date of the Mortgage Loan;

         (xv)     the Loan-to-Value Ratio; and

         (xvi)    whether or not the Mortgage Loan was underwritten pursuant to
                  a limited documentation program.

         The Mortgage Loan Schedule shall also set forth the total of the
amounts described under (ix) above for all of the Mortgage Loans. The Mortgage
Loan Schedule may be in the form of more than one schedule, collectively setting
forth all of the information required. With respect to any Qualified Substitute
Mortgage Loan, the item described in clauses (viii) shall be set forth as the
date of substitution.

         "Mortgage Note": The note or other evidence of the indebtedness of a
Mortgagor under a Mortgage Loan.

         "Mortgage Rate": With respect to any Mortgage Loan, the annual rate at
which interest accrues on such Mortgage Loan.

         "Mortgaged Property": The underlying property securing a Mortgage Loan.

         "Mortgagor": The obligor or obligors on a Mortgage Note.

         "Net Mortgage Rate": As to each Mortgage Loan, a per annum rate of
interest equal to the related Mortgage Rate as in effect from time to time minus
the sum of the Servicing Fee Rate and the rate at which the Trustee's Fee
accrues.

         "Nonrecoverable Advance": Any Advance previously made or proposed to be
made in respect of a Mortgage Loan which, in the good faith judgment of the
Master Servicer, will not or, in the case of a proposed Advance, would not be
ultimately recoverable from related Late Collections, Insurance Proceeds,
Liquidation Proceeds, REO Proceeds or amounts reimbursable to the Master
Servicer pursuant to Section 4.01(b). The determination by the Master Servicer
that it has made a Nonrecoverable Advance or that any proposed Advance would
constitute a Nonrecoverable Advance, shall be evidenced by an Officers'
Certificate delivered to the Depositor and the Trustee.

         "Non-United States Person": Any Person other than a United States
Person.

         "Notional Amount": As of any Distribution Date, with respect to the
Class A-5 Certificates and the Class A-7 Certificates, an amount equal to the
aggregate Certificate Principal Balance of all Classes of Certificates
immediately prior to such date.

         "Officers' Certificate": A certificate signed by the Chairman of the
Board, the Vice Chairman of the Board, the President or a vice president and by
the Treasurer, the Secretary, or one of the assistant treasurers or assistant
secretaries of the Master Servicer or of the Sub-Servicer and delivered to the
Depositor and Trustee.

         "Opinion of Counsel": A written opinion of counsel, who may be counsel
for the Depositor or the Master Servicer, reasonably acceptable to the Trustee;
except that any opinion of counsel relating to (a) the qualification of any
account required to be maintained pursuant to this Agreement as an Eligible
Account, (b) qualification of the Trust Fund as a REMIC, (c) compliance with the
REMIC Provisions or (d) resignation of the Master Servicer pursuant to Section
6.04 must be an opinion of counsel who (i) is in fact independent of the
Depositor and the Master Servicer, (ii) does not have any direct financial
interest or any material indirect financial interest in the Depositor or the
Master Servicer or in an affiliate of either and (iii) is not connected with the
Depositor or the Master Servicer as an officer, employee, director or person
performing similar functions.

         "Optimal Percentage": A fraction, expressed as a percentage, the
numerator of which is the Certificate Principal Balance of the Class A-1
Certificates immediately prior to the applicable Distribution Date and the
denominator of which is the aggregate Certificate Principal Balance of all of
the Class A Certificates immediately prior to such Distribution Date.

         "Optimal Principal Distribution Amount": An amount equal to the product
of (i) the then applicable Optimal Percentage and (ii) the Senior Principal
Distribution Amount.

         "Original Senior Percentage": _______%, which is the fraction,
expressed as a percentage, the numerator of which is the aggregate Initial
Certificate Principal Balance of the Class A Certificates and the denominator of
which is the aggregate Stated Principal Balance of the Mortgage Loans.

         "OTS": Office of Thrift Supervision or any successor.

         "Outstanding Mortgage Loan": As to any Due Date, a Mortgage Loan
(including an REO Property) which was not the subject of a Principal Prepayment
in full, Cash Liquidation or REO Disposition and which was not purchased or
substituted for prior to such Due Date pursuant to Sections 2.02 or 2.04.

         "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 Class A Certificates (other
than the Class A-7 Certificates) and Class B Certificates and any Distribution
Date, the per annum rate set forth in the Preliminary Statement hereto. With
respect to the Class A-7 Certificates and any Distribution Date, a rate equal to
the weighted average, expressed as a percentage, of the Pool Strip Rates of all
Mortgage Loans in the Trust Fund as of the Due Date in the month immediately
preceding the month in which such Distribution Date occurs, weighted on the
basis of the respective Stated Principal Balances of such Mortgage Loans, which
Stated Principal Balances shall be the Stated Principal Balances of such
Mortgage Loans at the close of business on the immediately preceding
Distribution Date after giving effect to the distributions thereon allocable to
principal (or, in the case of the initial Distribution Date, at the close of
business on the Cut-off Date). With respect to the Class A-7 Certificates and
the initial Distribution Date, the Pass-Through Rate is equal to ______% per
annum.

         "Percentage Interest": With respect to any Certificate (other than a
Class A-5, Class A-7 or Class R Certificate), the undivided percentage ownership
interest in the related Class evidenced by such Certificate, which percentage
ownership interest shall be equal to the initial Certificate Principal Balance
thereof divided by the aggregate Initial Certificate Principal Balance of all of
the Certificates of the same Class. With respect to a Class A-5 or Class A-7
Certificate, the undivided percentage ownership interest in the related Class
evidenced by such Certificate, which percentage ownership interest shall be
equal to the initial Notional Amount thereof divided by the aggregate initial
Notional Amount of all of the Certificates of the same Class. With respect to a
Class R Certificate, the interest in distributions to be made with respect to
such Class evidenced thereby, expressed as a percentage, as stated on the face
of each such Certificate.

         "Permitted Instruments": Any one or more of the following:

                  (i) (a) direct obligations of, or obligations fully guaranteed
         as to 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 and (b) direct obligations
         of, and obligations guaranteed as to timely payment by FHLMC or FNMA
         if, at the time of investment, they are assigned the highest credit
         rating by the Rating Agencies;

                  (ii) repurchase obligations (the collateral for which is held
         by a third party or the Trustee) with respect to any security described
         in clause (i) above, provided that the short-term unsecured obligations
         of the party agreeing to repurchase such obligations are at the time
         rated by each Rating Agency in one of its two highest long-term rating
         categories;

                  (iii) certificates of deposit, time deposits, demand deposits
         and bankers' acceptances of any bank or trust company incorporated
         under the laws of the United States or any state thereof or the
         District of Columbia, provided that the short-term commercial paper of
         such bank or trust company (or, in the case of the principal depository
         institution in a depository institution holding company, the long-term
         unsecured debt obligations of the depository institution holding
         company) at the date of acquisition thereof has been rated by each
         Rating Agency in its highest short-term rating;

                  (iv) commercial paper (having original maturities of not more
         than nine months) of any corporation incorporated under the laws of the
         United States or any state thereof or the District of Columbia which on
         the date of acquisition has been rated by each Rating Agency in its
         highest short- term rating;

                  (v) a money market fund or a qualified investment fund rated
         by each Rating Agency in its highest rating available; and

                  (vi) if previously confirmed in writing to the Trustee, any
         other obligation or security acceptable to each Rating Agency in
         respect of mortgage pass-through certificates rated in each Rating
         Agency's highest rating category;

provided, that no such instrument shall be a Permitted Instrument if such
instrument evidences either (a) the right to receive interest only payments with
respect to the obligations underlying such instrument or (b) both principal and
interest payments derived from obligations underlying such instrument where the
principal and interest payments with respect to such instrument provide a yield
to maturity exceeding 120% of the yield to maturity at par of such underlying
obligation.

         "Permitted Transferee": Any transferee of a Class R Certificate other
than a Disqualified Organization or a Non-United States Person.

         "Person": Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

         "Pool Strip Rate": With respect to each Mortgage Loan, the rate per
annum equal to the Net Mortgage Rate thereon minus _____% per annum.

         "Prepayment Assumption": A prepayment assumption of _____% of the
standard prepayment assumption, used for determining the accrual of original
issue discount and market discount and premium on the Certificates for federal
income tax purposes. The standard prepayment assumption assumes a constant rate
of prepayment of mortgage loans of 0.2% per annum of the then outstanding
principal balance of such mortgage loans in the first month of the life of the
mortgage loans, increasing by an additional 0.2% per annum in each succeeding
month until the thirtieth month, and a constant 6% per annum rate of prepayment
thereafter for the life of such mortgage loans.

         "Prepayment Interest Shortfall": With respect to any Distribution Date,
for each Mortgage Loan that was the subject of a partial Principal Prepayment, a
Principal Prepayment in full, or of a Cash Liquidation or an REO Disposition
during the related Prepayment Period, an amount equal to the amount of interest
that would have accrued at the applicable Net Mortgage Rate (i) in the case of a
Principal Prepayment in full, Cash Liquidation or REO Disposition on the
principal balance of such Mortgage Loan immediately prior to such prepayment (or
liquidation), commencing on the date of prepayment (or liquidation) and ending
on the last day of the month of prepayment or liquidation or (ii) in the case of
a partial Principal Prepayment, on the amount of such prepayment, commencing on
the date as of which the prepayment is applied and ending on the last day of the
month of prepayment.

         "Prepayment Period": As to any Distribution Date, the calendar month
preceding the month in which such Distribution Date occurs.

         "Primary Hazard Insurance Policy": Each primary hazard insurance policy
required to be maintained pursuant to Section 3.13.

         "Primary Mortgage Insurance Policy": Each primary mortgage insurance
policy required to be maintained pursuant to Section 3.13.

         "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 scheduled
interest due on any date or dates in any month or months subsequent to the month
of prepayment.

         "Purchase Price": With respect to any Mortgage Loan (or REO Property)
required to be purchased pursuant to Section 2.02 or 2.04, an amount equal to
the sum of (i) 100% of the Stated Principal Balance thereof, (ii) unpaid accrued
interest (or REO Imputed Interest) at the sum of the applicable Net Mortgage
Rate, the rate at which the Trustee's Fee accrues on the Stated Principal
Balance thereof outstanding during each Due Period that such interest was not
paid or advanced, from the date through which interest was last paid by the
Mortgagor or advanced and distributed to Certificateholders together with unpaid
related Servicing Fees from the date through which interest was last paid by the
Mortgagor, in each case to the first day of the month in which such Purchase
Price is to be distributed, plus (iii) the aggregate of all Advances made in
respect thereof that were not previously reimbursed.

         "Qualified Insurer": An insurance company duly qualified as such under
the laws of the state of its principal place of business and each state having
jurisdiction over such insurer in connection with the insurance policy issued by
such insurer, duly authorized and licensed in such states to transact business
in such states and to write the insurance provided by the insurance policy
issued by it, approved as an insurer by the Master Servicer, as a FNMA approved
mortgage insurer and having a claims paying ability rating of at least "AA" by
________________ and which is acceptable to _______________. Any replacement
insurer with respect to a Mortgage Loan must have at least as high a claims
paying ability rating by ______________ and _______________ as the insurer it
replaces had on the Closing Date.

         "Qualified Substitute Mortgage Loan": A Mortgage Loan substituted by
the Depositor for a Deleted Mortgage Loan which must, on the date of such
substitution, as confirmed in an Officers' Certificate delivered to the Trustee,
(i) have an outstanding principal balance, after deduction of the principal
portion of the monthly payment due in the month of substitution (or in the case
of a substitution of more than one Mortgage Loan for a Deleted Mortgage Loan, an
aggregate outstanding principal balance, after such deduction), not in excess of
the Stated Principal Balance of the Deleted Mortgage Loan (the amount of any
shortfall to be deposited by the Master Servicer, in the Custodial Account in
the month of substitution); (ii) have a Mortgage Rate and a Net Mortgage Rate no
lower than and not more than 1% per annum higher than the Mortgage Rate and Net
Mortgage Rate, respectively, of the Deleted Mortgage Loan as of the date of
substitution; (iii) have a remaining term to stated maturity not greater than
(and not more than one year less than) that of the Deleted Mortgage Loan; (iv)
comply with each representation and warranty set forth in Section 2 of the
Seller's Warranty Certificate; (v) 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; and (vi) be covered under a Primary Insurance
Policy if such Qualified Substitute Mortgage Loan has a Loan-to-Value Ratio in
excess of 80%. 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 principal balances, the Mortgage
Rates described in clause (ii) hereof shall be determined on the basis of
weighted average Mortgage Rates, the Net Mortgage Rates described in clause (ii)
hereof shall be satisfied as to each such mortgage loan, the terms described in
clause (iii) shall be determined on the basis of weighted average remaining
terms to maturity, the Loan-to-Value Ratios described in clause (v) 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 (iv) hereof must be satisfied as to each Qualified Substitute Mortgage
Loan or in the aggregate, as the case may be.

         "Rating Agency": [Standard & Poor's] [Moody's] [Fitch] [Duff & Phelps].
If either agency or a successor is no longer in existence, "Rating Agency" shall
be such statistical credit rating agency, or other comparable Person, designated
by the Depositor, notice of which designation shall be given to the Trustee and
the Master Servicer. References herein to the two highest long term debt rating
categories of a Rating Agency shall mean "AA" or better in the case of [Standard
& Poor's] [Fitch] [Duff & Phelps] and "Aa2" or better in the case of Moody's and
references herein to the highest short-term debt rating of a Rating Agency shall
mean "D-1" or better in the case of [Duff & Phelps] and "A-1" in the case of
[Standard & Poor's,] and in the case of any other Rating Agency such references
shall mean such rating categories without regard to any plus or minus.

         "Realized Loss": With respect to any Mortgage Loan or related REO
Property as to which a Cash Liquidation or REO Disposition has occurred, an
amount (not less than zero) equal to (i) the Stated Principal Balance of the
Mortgage Loan as of the date of Cash Liquidation or REO Disposition, plus (ii)
interest (and REO Imputed Interest, if any) at the related Net Mortgage Rate
from the Due Date as to which interest was last paid or advanced to
Certificateholders up to the date of the Cash Liquidation or REO Disposition on
the Stated Principal Balance of such Mortgage Loan outstanding during each Due
Period that such interest was not paid or advanced, minus (iii) the proceeds, if
any, received during the month in which such Cash Liquidation or REO Disposition
occurred, to the extent applied as recoveries of interest at the related Net
Mortgage Rate and to principal of the Mortgage Loan, net of the portion thereof
reimbursable to the Master Servicer or any Sub-Servicer with respect to related
Advances not previously reimbursed. With respect to each Mortgage Loan which has
become the subject of a Deficient Valuation, the difference between the
principal balance of the Mortgage Loan outstanding immediately prior to such
Deficient Valuation and the principal balance of the Mortgage Loan as reduced by
the Deficient Valuation. With respect to each Mortgage Loan which has become the
subject of a Debt Service Reduction, the amount of such Debt Service Reduction.

         "Record Date": The last Business Day of the month immediately preceding
the month of the related Distribution Date.

         "Regular Certificate": Any of the Certificates other than the Class R
Certificates.

         "Relief Act": The Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.

         "Relief Act Interest Shortfall": With respect to any Distribution Date
and any Mortgage Loan, any reduction in the amount of interest collectible on
such Mortgage Loan for the most recently ended calendar month as a result of the
application of the Relief Act.

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

         "REMIC Provisions": Provisions of the federal income tax law relating
to real estate mortgage investment conduits, which appear at Sections 860A
through 86OG of Subchapter M of Chapter 1 of the Code, and related provisions,
and proposed, temporary and final regulations and published rulings, notices and
announcements promulgated thereunder, as the foregoing may be in effect from
time to time.

         "Remittance Report": A report prepared by the Master Servicer providing
the information set forth in Exhibit E attached hereto.

         "REO Acquisition": The acquisition by the Master Servicer on behalf of
the Trustee for the benefit of the Certificateholders of any REO Property
pursuant to Section 3.15.

         "REO Disposition": The receipt by the Master Servicer of Insurance
Proceeds, Liquidation Proceeds and other payments and recoveries (including
proceeds of a final sale) which the Master Servicer expects to be finally
recoverable from the sale or other disposition of the REO Property.

         "REO Imputed Interest": As to any REO Property, for any period, an
amount equivalent to interest (at the Mortgage Rate that would have been
applicable to the related Mortgage Loan had it been outstanding) on the unpaid
principal balance of the Mortgage Loan as of the date of acquisition thereof (as
such balance is reduced by any income from the REO Property treated as a
recovery of principal pursuant to Section 3.15).

         "REO Proceeds": Proceeds, net of directly related expenses, received in
respect of any REO Property (including, without limitation, proceeds from the
rental of the related Mortgaged Property and of any REO Disposition), which
proceeds are required to be deposited into the Custodial Account as and when
received.

         "REO Property": A Mortgaged Property acquired by the Master Servicer
through foreclosure or deed-in-lieu of foreclosure in connection with a
defaulted Mortgage Loan.

         "Request for Release": A release signed by a Servicing Officer, in the
form of Exhibits F-1 or F-2 attached hereto.

         "Required Insurance Policy": With respect to any Mortgage Loan, any
Insurance Policy or any other insurance policy that is required to be maintained
from time to time under this Agreement or pursuant to the provisions of a
Mortgage Loan.

         "Residual Certificate": Any of the Class R Certificates.

         "Responsible Officer": When used with respect to the Trustee, the
Chairman or Vice Chairman of the Board of Directors or Trustees, the Chairman or
Vice Chairman of the Executive or Standing Committee of the Board of Directors
or Trustees, the President, the Chairman of the Committee on Trust Matters, any
vice president, any assistant vice president, the Secretary, any assistant
secretary, the Treasurer, any assistant treasurer, the Cashier, any assistant
cashier, any trust officer or assistant trust officer, the Controller and any
assistant controller or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge of and familiarity with the
particular subject.

         "Seller": [Name of Seller] and its successors and assigns.

         "Seller's Warranty Certificate": The Seller's Warranty Certificate of
the Seller, dated ______ __, 20__, in the form of Exhibit I attached hereto.

         "Senior Accelerated Distribution Percentage": With respect to any
Distribution Date, the percentage indicated below:

          DISTRIBUTION DATE SENIOR ACCELERATED DISTRIBUTION PERCENTAGE

                                     [TABLE]

provided, however, (i) that any scheduled reduction to the Senior Accelerated
Distribution Percentage described above shall not occur as of any Distribution
Date unless either (a)(1) the outstanding principal balance of Mortgage Loans
delinquent [60] days or more averaged over the last six months, as a percentage
of the aggregate outstanding principal balance of all Mortgage Loans averaged
over the last [six] months, does not exceed [2%] and (2) Realized Losses on the
Mortgage Loans to date for such Distribution Date if occurring during the sixth,
seventh, eighth, ninth or tenth year (or any year thereafter) after the Closing
Date are less than [30%, 35%, 40%, 45% or 50%], respectively, of the Initial
Certificate Principal Balance of the Class B Certificates or (b)(1) the
outstanding principal balance of the Mortgage Loans delinquent [60] days or more
averaged over the last six months, as a percentage of the aggregate outstanding
principal balance of all Mortgage Loans averaged over the last [six] months,
does not exceed [4%] and (2) Realized Losses on the Mortgage Loans to date for
such Distribution Date are less than [10%] of the Initial Certificate Principal
Balance of the Class B Certificates and (ii) that for any Distribution Date on
which the Senior Percentage is greater than the Original Senior Percentage, the
Senior Accelerated Distribution Percentage for such Distribution Date shall be
100%. Notwithstanding the foregoing, upon the reduction of the aggregate
Certificate Principal Balance of the Class A Certificates to zero, the Senior
Accelerated Distribution Percentage shall thereafter be 0%.

         "Senior Percentage": As of any Distribution Date, the lesser of 100%
and a fraction, expressed as a percentage, the numerator of which is the
aggregate Certificate Principal Balance of the Class A Certificates immediately
prior to such Distribution Date and the denominator of which is the aggregate
Stated Principal Balance of all of the Mortgage Loans (or related REO
Properties) immediately prior to such Distribution Date.

         "Senior Principal Distribution Amount": As to any Distribution Date,
the lesser of (a) the balance of the Available Distribution Amount remaining
after the distribution of all amounts required to be distributed pursuant to
Section 4.02(b)(i) and (b) the sum of the amounts required to be distributed to
the Class A Certificateholders on such Distribution Date pursuant to Section
4.02(b)(ii) and (vi).

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

         "Servicing Advances": All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other unanticipated event by the Master 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, (iii) the
management and liquidation of any REO Property and (iv) compliance with the
obligations under the second paragraph of Section 3.01 and Section 3.09.

         "Servicing Fee": As to each Mortgage Loan, an amount, payable out of
any payment of interest on the Mortgage Loan, equal to interest at the related
Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan for the
calendar month preceding the month in which the payment is due (alternatively,
in the event such payment of interest accompanies a Principal Prepayment in full
made by the Mortgagor, interest for the number of days covered by such payment
of interest).

         "Servicing Fee Rate": With respect to each Mortgage Loan, the per annum
rate of ______%.

         "Servicing Officer": Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans, whose
name appears on a list of servicing officers furnished to the Trustee by the
Master Servicer, as such list may from time to time be amended.

         "Single Certificate": A Certificate of any Class evidencing the minimum
denomination for Certificates of such Class as set forth in Section 5.01.

         "Special Hazard Amount": As of any Distribution Date, an amount equal
to $___________ (the initial "Special Hazard Amount") minus the sum of (i) the
aggregate amount of Special Hazard Losses allocated solely to the Class B
Certificates pursuant to Section 4.04 and (ii) the Adjustment Amount (as defined
below) as most recently calculated. For each anniversary of the Cut-off Date,
the Adjustment Amount shall be calculated and shall be equal to the amount, if
any, by which the amount calculated in accordance with the preceding sentence
(without giving effect to the deduction of the Adjustment Amount for such
anniversary) exceeds the greater of (A) the product of the Special Hazard
Percentage for such anniversary multiplied by the outstanding principal balance
of all of the Mortgage Loans on such anniversary and (B) twice the outstanding
principal balance of the Mortgage Loan which has the largest outstanding
principal balance on such Anniversary.

         "Special Hazard Percentage": As of each anniversary of the Cut-off
Date, the greater of (i) 1% and (ii) the largest percentage obtained by dividing
the aggregate outstanding principal balance on such anniversary of the Mortgage
Loans secured by Mortgaged Properties located in a single, five-digit zip code
area in the State of California by the outstanding principal balance of all the
Mortgage Loans on such anniversary.

         "[Standard & Poor's": Standard & Poor's Ratings Group, a division of
McGraw Hill, Inc. or its successor in interest.]

         "Startup Day": The day designated as such pursuant to Article X hereof.

         "Stated Principal Balance": With respect to any Mortgage Loan or
related REO Property at any given time, (i) the principal balance of the
Mortgage Loan outstanding as of the Cut-off Date, after application of principal
payments due on or before such date, whether or not received, minus (ii) the sum
of (a) the principal portion of the Monthly Payments due with respect to such
Mortgage Loan or REO Property during each Due Period ending prior to the most
recent Distribution Date which were received or with respect to which an Advance
was made, (b) all Principal Prepayments with respect to such Mortgage Loan or
REO Property, and all Insurance Proceeds, Liquidation Proceeds and net income
from a REO Property to the extent applied by the Master Servicer as recoveries
of principal in accordance with Section 3.15 with respect to such Mortgage Loan
or REO Property, which were distributed pursuant to Section 4.01 on any previous
Distribution Date and (c) any Realized Loss with respect thereto allocated
pursuant to Section 4.04 for any previous Distribution Date.

         "Subordinate Principal Distribution Amount": With respect to any
Distribution Date and the Class B Certificates, (a) the sum of (i) the product
of (x) the Class B Percentage and (y) the aggregate of the amounts calculated
for such Distribution Date under clauses (1), (2) and (3) of Section 4. 01
(b)(ii)(A); (ii) the principal collections described in Section 4. 01 (b)(ii)(B)
to the extent such collections are not otherwise distributed to the Senior
Certificates; and (iii) the product of (x) 100% minus the Senior Accelerated
Distribution Percentage and (z) the aggregate of all Principal Prepayments in
Full and Curtailments received in the related Prepayment Period; provided,
however, that such amount shall in no event exceed the outstanding Certificate
Principal Balance of the Class B Certificates immediately prior to such date.

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

         "Sub-Servicer Remittance Date": The 18th day of each month, or if such
day is not a Business Day, the immediately preceding Business Day.

         "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 Master Servicer.

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

         "Swap Provider": The swap provider under a swap agreement either (a)
entitled to receive payments from an administrator from amounts payable by the
Trust Fund under this Agreement or (b) required to make payments to an
administrator for payment to the Trust Fund, in either case pursuant to the
terms of a swap agreement, and any successor in interest or assign.

         "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 REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of the Trust Fund due to its classification as a REMIC
under the REMIC Provisions, 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.

         "Transfer": Any direct or indirect transfer, sale, pledge,
hypothecation or other form of assignment of any Ownership Interest in a
Certificate.

         "Transferor": Any Person who is disposing by Transfer of any Ownership
Interest in a Certificate.

         "Trust Fund": 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) the
Mortgage Loans (exclusive of payments of principal and interest due on or before
the Cut-off Date, if any) as from time to time are subject to this Agreement and
all payments under and proceeds of the Mortgage Loans, together with all
documents included in the related Mortgage File, subject to Section 2.01; (ii)
such funds or assets as from time to time are deposited in the Custodial Account
and the Certificate Account; (iii) any REO Property; (iv) the Primary Mortgage
Insurance Policies, if any, Primary Hazard Insurance Policies and all other
Insurance Policies with respect to the Mortgage Loans; and (v) the Depositor's
interest in respect of the representations and warranties made by the Seller in
the Seller's Warranty Certificate as assigned to the Trustee pursuant to Section
2.04 hereof.

         "Trustee": [Name of Trustee], or its successor in interest, or any
successor trustee appointed as herein provided.

         "Trustee's Fee": As to each Mortgage Loan and as the Distribution Date,
an amount, payable out of any payment of interest on the Mortgage Loan, equal to
interest at ______% per annum on the Stated Principal Balance of such Mortgage
Loan as of the Due Date immediately preceding the month in which such
Distribution Date occurs.

         "Uninsured Cause": Any cause of damage to property subject to a
Mortgage such that the complete restoration of such property is not fully
reimbursable by the hazard insurance policies or flood insurance policies
required to be maintained pursuant to Section 3.13.

         "United States Person": A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includable 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. The
term "United States" shall have the meaning set forth in Section 7701 of the
Code or successor provisions.

         "Voting Rights": The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. ______% of all of the Voting
Rights shall be allocated among Holders of the Certificates, respectively, other
than the Class A-5, Class A-7 and Class R Certificates, in proportion to the
outstanding Certificate Principal Balances of their respective Certificates; and
the Holders of the Class A-5, Class A-7 and Class R Certificates shall be
entitled to ___%, ___% and ___% of all of the Voting Rights, respectively,
allocated among the Certificates of each such Class in accordance with their
respective Percentage Interests.

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

         SECTION 2.01 Conveyance of Mortgage Loans.

         The Depositor, as of the Closing Date, and concurrently with the
execution and delivery hereof, does hereby assign, transfer, sell, set over and
otherwise convey to the Trustee without recourse all the right, title and
interest of the Depositor in and to the Mortgage Loans identified on the
Mortgage Loan Schedule and all other assets included or to be included in the
Trust Fund for the benefit of the Certificateholders. Such assignment includes
all principal and interest received by the Master Servicer on or with respect to
the Mortgage Loans (other than payment of principal and interest due on or
before the Cut-off Date).

         In connection with such transfer and assignment, the Depositor has
requested the Seller to deliver to, and deposit with the Trustee, the following
documents or instruments:

                  (i) the original Mortgage Note, endorsed by the Seller "Pay to
         the order of [Name of Trustee], as trustee without recourse" or to "Pay
         to the order of [Name of Trustee], as trustee for holders of Opteum
         Mortgage Acceptance Corp., Mortgage Pass-Through Certificates, Series
         200_-_, without recourse" with all intervening endorsements showing a
         complete chain of endorsements from the originator to the Person
         endorsing it to the Trustee;

                  (ii) the original recorded Mortgage or, if the original
         Mortgage has not been returned from the applicable public recording
         office, a copy of the Mortgage certified by the Seller to be a true and
         complete copy of the original Mortgage submitted to the title insurance
         company for recording;

                  (iii) a duly executed original Assignment of the Mortgage
         endorsed by the Seller, without recourse, to "[Name of Trustee], as
         trustee" or to "[Name of Trustee], as trustee for holders of Opteum
         Mortgage Acceptance Corp., Mortgage Pass-Through Certificates, Series
         200_-_", with evidence of recording thereon;

                  (iv) the original recorded Assignment or Assignments of the
         Mortgage showing a complete chain of assignment from the originator
         thereof to the Person assigning it to the Trustee or, if any such
         Assignment has not been returned from the applicable public recording
         office, a copy of such Assignment certified by the Seller to be a true
         and complete copy of the original Assignment submitted to the title
         insurance company for recording;

                  (v) the original lender's title insurance policy, or, if such
         policy has not been issued, any one of an original or a copy of the
         preliminary title report, title binder or title commitment on the
         Mortgaged Property with the original policy of the insurance to be
         delivered promptly following the receipt thereof;

                  (vi) the original of any assumption, modification, extension
         or guaranty agreement;

                  (vii) the original or a copy of the private mortgage insurance
         policy or original certificate of private mortgage insurance, if
         applicable; and

                  (viii) if any of the documents or instruments referred to
         above were executed on behalf of the Mortgagor by another Person, the
         original power of attorney or other instrument that authorized and
         empowered such Person to sign, or a copy thereof certified by the
         Seller (or by an officer of the applicable title insurance or escrow
         company) to be a true and correct copy of the original.

         The Seller is obligated pursuant to the Seller's Warranty Certificate
to deliver to the Trustee: (a) either the original recorded Mortgage, or in the
event such original cannot be delivered by the Seller, a copy of such Mortgage
certified as true and complete by the appropriate recording office, in those
instances where a copy thereof certified by the Seller was delivered to the
Trustee pursuant to clause (ii) above; and (b) either the original Assignment or
Assignments of the Mortgage, with evidence of recording thereon, showing a
complete chain of assignment from the originator to the Seller, or in the event
such original cannot be delivered by the Seller, a copy of such Assignment or
Assignments certified as true and complete by the appropriate recording office,
in those instances where copies thereof certified by the Seller were delivered
to the Trustee pursuant to clause (iv) above. Notwithstanding anything to the
contrary contained in this Section 2.01, in those instances where the public
recording office retains the original Mortgage after it has been recorded, the
Seller shall be deemed to have satisfied its obligations hereunder upon delivery
to the Trustee of a copy of such Mortgage certified by the public recording
office to be a true and complete copy of the recorded original thereof.

         If any Assignment is lost or returned unrecorded to the Trustee because
of any defect therein, the Seller is required to prepare a substitute Assignment
or cure such defect, as the case may be, and the Trustee shall cause such
Assignment to be recorded in accordance with this paragraph.

         The Seller is required, as described in the Seller's Warranty
Certificate, to deliver to the Trustee the original of any documents assigned to
the Trustee pursuant to this Section 2.01 not later than 120 days after the
Closing Date.

         All original documents relating to the Mortgage Loans which are not
delivered to the Trustee, to the extent delivered by the Seller to the Master
Servicer, are and shall be held by the Master Servicer in trust for the benefit
of the Trustee on behalf of the Certificateholders.

         Except as may otherwise expressly be provided herein, neither the
Depositor, the Master Servicer nor the Trustee shall (and the Master Servicer
shall ensure that no Sub-Servicer shall) assign, sell, dispose of or transfer
any interest in the Trust Fund or any portion thereof, or permit the Trust Fund
or any portion thereof to be subject to any lien, claim, mortgage, security
interest, pledge or other encumbrance of, any other Person.

         It is intended that the conveyance of the Mortgage Loans by the
Depositor to the Trustee as provided in this Section be, and be construed as, a
sale of the Mortgage Loans by the Depositor to the Trustee for the benefit of
the Certificateholders. It is, further, not intended that such conveyance be
deemed a pledge of the Mortgage Loans by the Depositor to the Trustee to secure
a debt or other obligation of the Depositor. However, in the event that the
Mortgage Loans are held to be property of the Depositor, or if for any reason
this Agreement is held or deemed to create a security interest in the Mortgage
Loans, then it is intended that, (a) this Agreement shall also be deemed to be a
security agreement within the meaning of Articles 8 and 9 of the New York
Uniform Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in this Section shall be deemed to
be (1) a grant by the Depositor to the Trustee of a security interest in all of
the Depositor's right (including the power to convey title thereto), title and
interest, whether now owned or hereafter acquired, in and to (A) the Mortgage
Loans, including the Mortgage Notes, the Mortgages, any related insurance
policies and all other documents in the related Mortgage Files, (B) all amounts
payable to the holders of the Mortgage Loans in accordance with the terms
thereof and (C) all proceeds of the conversion, voluntary or involuntary, of the
foregoing into cash, instruments, securities or other property, including
without limitation all amounts from time to time held or invested in the
Certificate Account or the Custodial Account, whether in the form of cash,
instruments, securities or other property and (2) an assignment by the Depositor
to the Trustee of any security interest in any and all of the Seller's right
(including the power to convey title thereto), title and interest, whether now
owned or hereafter acquired, in and to the property described in the foregoing
clauses (1)(A) through (C) granted by [Name of Seller] to the Depositor pursuant
to the Assignment Agreement; (c) the possession by the Trustee or its agent of
Mortgage Notes and such other items of property as constitute instruments,
money, negotiable documents or chattel paper shall be deemed to be "possession
by the secured party" or possession by a purchaser or a person designated by
such secured party, for purposes of perfecting the security interest pursuant to
the New York Uniform Commercial Code and the Uniform Commercial Code of any
other applicable jurisdiction (including, without limitation, Sections 9-305,
8-313 or 8-321 thereof); and (d) notifications to persons holding such property,
and acknowledgments, receipts or confirmations from persons holding such
property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents (as applicable)
of the Trustee for the purpose of perfecting such security interest under
applicable law. The Depositor and the Trustee shall, to the extent consistent
with this Agreement, take such actions as may be necessary to ensure that, if
this Agreement were deemed to create a security interest in the Mortgage Loans,
such security interest would be deemed to be a perfected security interest of
first priority under applicable law and will be maintained as such throughout
the term of the Agreement.

         SECTION 2.02 Acceptance of the Trust Fund by the Trustee.

         The Trustee acknowledges receipt (subject to any exceptions noted in
the Initial Certification described below) of the documents referred to in
Section 2.01 above and all other assets included in the Trust Fund and declares
that it holds and will hold such documents and the other documents delivered to
it constituting the Mortgage Files, and that it holds or will hold such other
assets included in the Trust Fund (to the extent delivered or assigned to the
Trustee), in trust for the exclusive use and benefit of all present and future
Certificateholders.

         The Trustee agrees, for the benefit of the Certificateholders, to
review each Mortgage File on or before the Closing Date to ascertain that all
documents required to be delivered to it are in its possession, and the Trustee
agrees to execute and deliver to the Depositor and the Master Servicer on the
Closing Date an Initial Certification in the form annexed hereto as Exhibit C to
the effect 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 such certification as not covered by such certification), (i) all
documents required to be delivered to it pursuant to this Agreement with respect
to such Mortgage Loan are in its possession, (ii) such documents have been
reviewed by it and appear regular on their face and relate to such Mortgage Loan
and (iii) based on its examination and only as to the foregoing documents, the
information set forth in items (i) - (vi) and (xiii) of the definition of the
"Mortgage Loan Schedule" accurately reflects information set forth in the
Mortgage File. Neither the Trustee nor the Master Servicer shall be under any
duty to determine whether any Mortgage File should include any of the documents
specified in clause (vi) of Section 2.01. Neither the Trustee nor the Master
Servicer shall be under any duty or obligation to inspect, review or examine
said documents, instruments, certificates or other papers to determine that the
same are genuine, enforceable 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.

         Within 90 days of the Closing Date the Trustee shall deliver to the
Depositor and the Master Servicer a Final Certification in the form annexed
hereto as Exhibit D evidencing the completeness of the Mortgage Files, with any
applicable exceptions noted thereon.

         If in the process of reviewing the Mortgage Files and preparing the
certifications referred to above the Trustee finds any document or documents
constituting a part of a Mortgage File to be missing or defective in any
material respect, the Trustee shall promptly notify the Seller, the Master
Servicer and the Depositor. The Trustee shall promptly notify the Seller of such
defect and request that the Seller cure any such defect within 60 days from the
date on which the Seller was notified of such defect, and if the Seller does not
cure such defect in all material respects during such period, request that the
Seller purchase such Mortgage Loan from the Trust Fund on behalf of the
Certificateholders at the Purchase Price within 90 days after the date on which
the Seller was notified of such defect. It is understood and agreed that the
obligation of the Seller to cure a material defect in, or purchase any Mortgage
Loan as to which a material defect in a constituent document exists shall
constitute the sole remedy respecting such defect available to
Certificateholders or the Trustee on behalf of Certificateholders. The Purchase
Price for the purchased Mortgage Loan shall be deposited or caused to be
deposited upon receipt by the Master Servicer in the Custodial Account and, upon
receipt by the Trustee of written notification of such deposit signed by a
Servicing Officer, the Trustee shall release or cause to be released to the
Seller the related Mortgage File and shall execute and deliver such instruments
of transfer or assignment, in each case without recourse, as the Seller shall
require as necessary to vest in the Seller ownership of any Mortgage Loan
released pursuant hereto and at such time the Trustee shall have no further
responsibility with respect to the related Mortgage File.

         SECTION 2.03 Representations, Warranties and Covenants of the Master
Servicer and the Depositor.

         (a) The Master Servicer hereby represents and warrants to and covenants
with the Depositor and the Trustee for the benefit of Certificateholders that:

                  (i) The Master Servicer is, and throughout the term hereof
         shall remain, a duly organized, validly existing and in good standing
         under the laws of the State of (except as otherwise permitted pursuant
         to Section 6.02), the Master Servicer is, and shall remain, in
         compliance with the laws of each state in which any Mortgaged Property
         is located to the extent necessary to perform its obligations under
         this Agreement, and the Master Servicer is, and shall remain, approved
         to sell mortgage loans to and service mortgage loans for FNMA and
         FHLMC;

                  (ii) The execution and delivery of this Agreement by the
         Master Servicer, and the performance and compliance with the terms of
         this Agreement by the Master Servicer, will not violate the Master
         Servicer's articles of incorporation or bylaws or constitute a default
         (or an event which, with notice or lapse of time, or both, would
         constitute a default) under, or result in the breach of, any material
         agreement or other instrument to which it is a party or which is
         applicable to it or any of its assets;

                  (iii) The Master Servicer has the full power and authority to
         enter into and consummate all transactions contemplated by this
         Agreement, has duly authorized the execution, delivery and performance
         of this Agreement, and has duly executed and delivered this Agreement;

                  (iv) This Agreement, assuming due authorization, execution and
         delivery by the Depositor and the Trustee, constitutes a valid, legal
         and binding obligation of the Master Servicer, enforceable against the
         Master Servicer in accordance with the terms hereof, subject to (A)
         applicable bankruptcy, insolvency, reorganization, moratorium and other
         laws affecting the enforcement of creditors' rights generally, and (B)
         general principles of equity, regardless of whether such enforcement is
         considered in a proceeding in equity or at law;

                  (v) The Master Servicer is not in violation of, and its
         execution and delivery of this Agreement and its performance and
         compliance with the terms of this Agreement will not constitute a
         violation of, any law, any order or decree of any court or arbiter, or
         any order, regulation or demand of any federal, state or local
         governmental or regulatory authority, which violation is likely to
         affect materially and adversely either the ability of the Master
         Servicer to perform its obligations under this Agreement or the
         financial condition of the Master Servicer;

                  (vi) No litigation is pending or, to the best of the Master
         Servicer's knowledge, threatened against the Master Servicer which
         would prohibit its entering into this Agreement or performing its
         obligations under this Agreement or is likely to affect materially and
         adversely either the ability of the Master Servicer to perform its
         obligations under this Agreement or the financial condition of the
         Master Servicer;

                  (vii) The Master Servicer will comply in all material respects
         in the performance of this Agreement and with all reasonable rules and
         requirements of each insurer under each Insurance Instrument;

                  (viii) The execution of this Agreement and the performance of
         the Master Servicer's obligations hereunder do not require any license,
         consent or approval of any state or federal court, agency, regulatory
         authority or other governmental body having jurisdiction over the
         Master Servicer, other than such as have been obtained; and (ix) no
         information, certificate of an officer, statement furnished in writing
         or report delivered to the Depositor, any affiliate of the Depositor or
         the Trustee by the Master Servicer will, to the knowledge of the Master
         Servicer, contain any untrue statement of a material fact or omit a
         material fact necessary to make the information, certificate, statement
         or report not misleading; and

         It is understood and agreed that the representations, warranties and
covenants set forth in this Section 2.03(a) shall survive the execution and
delivery of this Agreement, and shall inure to the benefit of the Depositor, the
Trustee and the Certificateholders. Upon discovery by the Depositor, the Trustee
or the Master Servicer of a breach of any of the foregoing representations,
warranties and covenants that materially and adversely affects the interests of
the Depositor or the Trustee, the party discovering such breach shall give
prompt written notice to the other parties.

         (b) The Depositor hereby represents and warrants to the Master Servicer
and the Trustee for the benefit of Certificateholders that as of the Closing
Date (or, if otherwise specified below, as of the date so specified):

                  (i) Immediately prior to the assignment of the Mortgage Loans
         to the Trustee, the Depositor had good title to, and was the sole owner
         of, each Mortgage Loan free and clear of any pledge, lien, encumbrance
         or security interest (other than rights to servicing and related
         compensation) and such assignment validly transfers ownership of the
         Mortgage Loans to the Trustee free and clear of any pledge, lien,
         encumbrance or security interest;

                  (ii) No Mortgage Loan is one month or more delinquent in
         payment of principal and interest as of the Cut-off Date and no
         Mortgage Loan has been so delinquent more than once in the 12-month
         period prior to the Cut-off Date;

                  (iii) The information set forth in the Mortgage Loan Schedule
         with respect to each Mortgage Loan or the Mortgage Loans, as the case
         may be, is true and correct in all material respects at the date or
         dates respecting which such information is furnished;

                  (iv) The Mortgage Loans are fully-amortizing, fixed-rate
         mortgage loans with level Monthly Payments due on the first day of each
         month and terms to maturity at origination or modification of not more
         than 30 years;

                  (v) Each Mortgage Loan secured by a Mortgaged Property with a
         Loan-to-Value Ratio at origination in excess of 80% is the subject of a
         Primary Mortgage Insurance Policy that insures that portion of the
         principal balance thereof that exceeds the amount equal to 75% of the
         appraised value of the related Mortgaged Property. Each such Primary
         Mortgage Insurance Policy is in full force and effect and the Trustee
         is entitled to the benefits thereunder; and

                  (vi) The representations and warranties of the Seller with
         respect to the Mortgage Loans and the remedies therefor are as set
         forth in the Seller's Warranty Certificate.

                  [Other representations and warranties as applicable.]

         It is understood and agreed that the representations and warranties set
forth in this Section 2.03(b) shall survive delivery of the respective Mortgage
Files to the Trustee.

         Upon discovery by either the Depositor, the Master Servicer or the
Trustee of a breach of any representation or warranty set forth in this Section
2.03 which materially and adversely affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give prompt written notice to the other parties.

         SECTION 2.04 Representations and Warranties of the Seller; Repurchase
and Substitution.

         The Depositor hereby assigns to the Trustee for the benefit of
Certificateholders its interest in respect of the representations and warranties
made by the Seller in the Seller's Warranty Certificate or the exhibits thereto.
Insofar as the Seller's Warranty Certificate relates to such representations and
warranties and any remedies provided thereunder for any breach of such
representations and warranties, such right, title and interest may be enforced
by the Trustee on behalf of the Certificateholders. Upon the discovery by the
Depositor, the Master Servicer or the Trustee of a breach of any of the
representations and warranties made in the Seller's Warranty Certificate in
respect of any Mortgage Loan which materially and adversely affects the
interests of the Certificateholders in such Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties. The Trustee
shall promptly notify the Seller of such breach and request that such Seller
shall, within 90 days from the date that the Depositor, the Seller or the
Trustee was notified of such breach, either (i) cure such breach in all material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that in the case of
such breach, the Seller shall have the option to substitute a Qualified
Substitute Mortgage Loan or Loans for such Mortgage Loan if such substitution
occurs within two years following the Closing Date. Any such substitution must
occur within 90 days from the date the Seller was notified of the breach if such
90 day period expires before two years following the Closing Date. In the event
that the Seller elects to substitute a Qualified Substitute Mortgage Loan or
Loans for a Deleted Mortgage Loan pursuant to this Section 2.04, the Seller
shall deliver to the Trustee for the benefit of the Certificateholders with
respect to such Qualified Substitute Mortgage Loan or Loans, the original
Mortgage Note, the Mortgage, an Assignment of the Mortgage in recordable form,
and such other documents and agreements as are required by Section 2.01, with
the Mortgage Note endorsed as required by Section 2.01. No substitution will be
made in any calendar month after the Determination Date for such month. Monthly
Payments due with respect to Qualified Substitute Mortgage Loans in the month of
substitution shall not be part of the Trust Fund and will be retained by the
Master Servicer and remitted by the Master Servicer to the Seller on the next
succeeding Distribution Date.

         For the month of substitution, distributions to Certificateholders will
include the Monthly Payment due on a Deleted Mortgage Loan for such month and
thereafter the Seller shall be entitled to retain all amounts received in
respect of such Deleted Mortgage Loan. The Depositor shall amend or cause to be
amended the Mortgage Loan Schedule for the benefit of the Certificateholders to
reflect the removal of such Deleted Mortgage Loan and the substitution of the
Qualified Substitute Mortgage Loan or Loans and the Depositor shall deliver the
amended Mortgage Loan Schedule, to the Trustee. Upon such substitution, the
Qualified Substitute Mortgage Loan or Loans shall be subject to the terms of
this Agreement in all respects, the Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the Seller's Warranty Certificate as of the date of
substitution, and the Depositor shall be deemed to have made with respect to any
Qualified Substitute Mortgage Loan or Loans, as of the date of substitution, the
representations and warranties set forth in Section 2.03 hereof, and the Seller
shall be obligated to repurchase or substitute for any Qualified Substitute
Mortgage Loan as to which a repurchase or substitution obligation has occurred
pursuant to Section 3 of the Seller's Warranty Certificate.

         In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to
Certificateholders in the month of substitution). The Seller shall provide the
Master Servicer on the day of substitution for immediate deposit in to the
Custodial Account the amount of such shortfall, without any reimbursement
therefor. The Seller shall give notice in writing to the Trustee of such event,
which notice shall be accompanied by an Officers' Certificate as to the
calculation of such shortfall and by 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 86OF(a)(1) of the Code or on "contributions after
the startup date" under Section 86OG(d)(1) of the Code or (b) any portion of the
Trust Fund to fail to qualify as a REMIC at any time that any Certificate is
outstanding. The costs of any substitution as described above, including any
related assignments, opinions or other documentation in connection therewith
shall be borne by the Seller.

         Except as expressly set forth herein neither the Trustee nor the Master
Servicer is under any obligation to discover any breach of the above mentioned
representations and warranties. It is understood and agreed that the obligation
of the Seller to cure such breach or to so purchase or substitute for any
Mortgage Loan as to which such a breach has occurred and is continuing shall
constitute the sole remedy respecting such breach available to
Certificateholders or the Trustee on behalf of Certificateholders. In addition,
if the first scheduled Monthly Payment is due during the first month after its
closing date (as such term is used in the Seller's Warranties Certificate) and
such Monthly Payment is not received by the Master Servicer within 30 days of
the due date in accordance with the terms of the related Mortgage Note, the
Master Servicer shall promptly notify the Seller and the Trustee and the Seller
shall purchase such Mortgage Loan from the Trust Fund at the Purchase Price or
substitute a Qualified Substitute Mortgage Loan therefor within 15 days from the
date that the Seller was notified.

         SECTION 2.05 Issuance of Certificates Evidencing Interests in the Trust
Fund.

         The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to it together with the assignment to it of
all other assets included in the Trust Fund, receipt of which is hereby
acknowledged. Concurrently with such delivery and in exchange therefor, the
Trustee, pursuant to the written request of the Depositor executed by an officer
of the Depositor, has executed and caused to be authenticated, and delivered to
or upon the order of the Depositor, the Certificates in authorized denominations
which evidence ownership of the entire Trust Fund.

         SECTION 2.06 Purposes and Powers of the Trust.

         The purpose of the common law trust, as created hereunder, is to engage
in the following activities:

         (a) acquire and hold the Mortgage Loans and the other assets of the
Trust Fund and the proceeds therefrom;

         (b) to issue the Certificates sold to the Depositor in exchange for the
Mortgage Loans; to make payments on the Certificates;

         (c) to engage in those activities that are necessary, suitable or
convenient to accomplish the foregoing or are incidental thereto or connected
therewith; and

         (d) subject to compliance with this Agreement, to engage in such other
activities as may be required in connection with conservation of the Trust Fund
and the making of distributions to the Certificateholders.

         (e) The trust is hereby authorized to engage in the foregoing
activities. The Trustee shall not cause the trust to engage in any activity
other than in connection with the foregoing or other than as required or
authorized by the terms of this Agreement while any Certificate is outstanding,
and this Section 2.06 may not be amended, without the consent of the
Certificateholders evidencing 51% or more of the aggregate Voting Rights of the
Certificates.

<PAGE>

                                   ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

         SECTION 3.01 Master Servicer to Act as Master Servicer.

         The Master Servicer shall service and administer the Mortgage Loans for
the benefit of the Certificateholders, in accordance with this Agreement and the
customary and usual standards of practice of prudent institutional mortgage
lenders servicing comparable mortgage loans for their own account in the
respective states in which the Mortgaged Properties are located. Subject to the
foregoing, the Master Servicer shall have full power and authority, acting alone
and/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
that it may deem necessary or desirable. Without limiting the generality of the
foregoing, the Master Servicer in its own name or in the name of a Sub-Servicer
is hereby authorized and empowered by the Trustee when the Master Servicer
believes it appropriate in its best judgment, to (i) execute and deliver, on
behalf of the Certificateholders and the Trustee or any of them, 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, (ii) institute foreclosure proceedings or
obtain a deed-in-lieu of foreclosure so as to convert the ownership of such
properties, and (iii) hold or cause to be held title to such properties, on
behalf of the Trustee and Certificateholders. The Master 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. Subject to Section 3.16, the Trustee shall furnish to
the Master Servicer and any Sub-Servicer any powers of attorney and other
documents necessary or appropriate to enable the Master Servicer and any Sub-
Servicer to carry out their servicing and administrative duties hereunder. The
Trustee shall not be responsible for any action taken by the Master Servicer or
any Sub-Servicer pursuant to the application of such powers of attorney. In
accordance with the standards of the preceding paragraph, the Master Servicer
shall advance or cause to be advanced funds as necessary for the purpose of
effecting the payment of taxes and assessments on the Mortgaged Properties,
which advances shall be reimbursable in the first instance from related
collections from the Mortgagors pursuant to Section 3.09, and further as
provided in Section 3.11. No costs incurred by the Master Servicer or by Sub-
Servicers in effecting the payment of taxes and assessments on the Mortgaged
Properties shall, for the purpose of calculating distributions to
Certificateholders, be added to the amount owing under the related Mortgage
Loans, notwithstanding that the terms of such Mortgage Loans so permit.

         The Master Servicer shall not (unless the Mortgagor is in default with
respect to the Mortgage Loan or such default is, in the judgment of the Master
Servicer, reasonably foreseeable) make or permit any modification, waiver or
amendment of any term of any Mortgage Loan that would both (i) 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
(ii) cause the Trust Fund 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.

         The Master Servicer may approve a request for a partial release of the
Mortgaged Property, easement, consent to alteration or demolition and other
similar matters if it has determined, exercising its good faith business
judgement in the same manner as it would if it were the owner of the related
Mortgage Loan, that such approval will not adversely affect the security for, or
the timely and full collectability of, the related Mortgage Loan. Any fee
collected by the Master Servicer for processing such request will be retained by
the Master Servicer as additional servicing compensation.

         The relationship of the Master Servicer (and of any successor to the
Master Servicer under this Agreement) to the Trustee under this Agreement is
intended by the parties to be that of an independent contractor and not that of
a joint venturer, partner or agent.

         SECTION 3.02 Sub-Servicing Agreements Between Master Servicer and
Sub-Servicers.

         (a) The Master Servicer may enter into Sub-Servicing Agreements with
Sub-Servicers for the servicing and administration of the Mortgage Loans and for
the performance of any and all other activities of the Master Servicer
hereunder. Each Sub-Servicer shall be either (i) an institution the accounts of
which are insured by the FDIC or (ii) another entity that engages in the
business of originating or servicing mortgage loans, and in either case shall be
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 in either case shall be a
FHLMC or FNMA approved mortgage servicer. Each Sub-Servicing Agreement must
impose on the Sub-Servicer requirements conforming to the provisions set forth
in Section 3.08 and provide for servicing of the Mortgage Loans consistent with
the terms of this Agreement. With the consent of the Trustee, which consent
shall not be unreasonably withheld, the Master Servicer and the Sub-Servicers
may enter into Sub-Servicing Agreements 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.

         (b) As part of its servicing activities hereunder, the Master Servicer,
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 to make advances in respect of
delinquent payments as required by a Sub-Servicing Agreement, or to purchase a
Mortgage Loan on account of defective documentation or on account of a breach of
a representation or warranty, as described in Section 2.02. 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 Master
Servicer, in its good faith business judgment, would require were it the owner
of the related Mortgage Loans. The Master Servicer shall pay the costs of such
enforcement at its own expense, but shall be reimbursed therefor only (i) from a
general recovery resulting from such enforcement only 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.

         SECTION 3.03 Successor Sub-Servicers.

         The Master 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 Master Servicer without any act or deed on the part of such Sub-Servicer or
the Master Servicer, and the Master 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.

         SECTION 3.04 Liability of the Master Servicer.

         Notwithstanding any Sub-Servicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer and a Sub-Servicer or reference to actions taken through a Sub-Servicer
or otherwise, the Master Servicer shall remain obligated and primarily liable to
the Trustee and 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 Master
Servicer alone were servicing and administering the Mortgage Loans. For purposes
of this Agreement, the Master Servicer shall be deemed to have received payments
on Mortgage Loans when the Sub-Servicer has received such payments. The Master
Servicer shall be entitled to enter into any agreement with a Sub-Servicer for
indemnification of the Master 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
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 and not as an originator shall be deemed to be between
the Sub-Servicer and the Master Servicer alone, and the Trustee and
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.

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

         In the event the Master Servicer shall for any reason no longer be the
master servicer (including by reason of an Event of Default), the Trustee or its
designee shall thereupon assume all of the rights and obligations of the Master
Servicer under each Sub-Servicing Agreement that the Master Servicer may have
entered into, unless the Trustee is then permitted and elects to terminate any
Sub-Servicing Agreement in accordance with its terms. The Trustee, its designee
or the successor servicer for the Trustee shall be deemed to have assumed all of
the Master Servicer's interest therein and to have replaced the Master Servicer
as a party to each Sub-Servicing Agreement to the same extent as if the
Sub-Servicing Agreements had been assigned to the assuming party, except that
the Master Servicer shall not thereby be relieved of any liability or
obligations under the Sub-Servicing Agreements, and the Master Servicer shall
continue to be entitled to any rights or benefits which arose prior to its
termination as master servicer.

         The Master 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 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 Master 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 related Insurance Policy, follow such collection
procedures as it would follow with respect to mortgage loans comparable to the
Mortgage Loans and held for its own account. The Master Servicer shall not be
required to institute or join in litigation with respect to collection of any
payment (whether under a Mortgage, Mortgage Note, Primary Hazard Insurance
Policy, Primary Mortgage Insurance Policy or otherwise or against any public or
governmental authority with respect to a taking or condemnation) if it
reasonably believes that it is prohibited by applicable law from enforcing the
provision of the Mortgage or other instrument pursuant to which such payment is
required. Consistent with the foregoing, the Master Servicer may in its
discretion waive any prepayment fees, late payment charge or other charge,
except as otherwise required under applicable law. The Master Servicer shall be
responsible for preparing and distributing all information statements relating
to payments on the Mortgage Loans, in accordance with all applicable federal and
state tax laws and regulations.

         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
otherwise be acceptable to the Master Servicer. All amounts held in a
Sub-Servicing Account shall be held in trust for the Trustee for the benefit of
the Certificateholders. The Sub-Servicer will be required to deposit into the
Sub-Servicing Account no later than the first Business Day after receipt all
proceeds of Mortgage Loans received by the Sub-Servicer, less its servicing
compensation and any unreimbursed expenses and advances, to the extent permitted
by the Sub-Servicing Agreement. On each Sub-Servicer Remittance Date the
Sub-Servicer will be required to remit to the Master Servicer for deposit into
the Custodial Account all funds held in the Sub-Servicing Account with respect
to any Mortgage Loan as of the Sub-Servicer Remittance Date, after deducting
from such remittance an amount equal to the servicing compensation and
unreimbursed expenses and advances to which it is then entitled pursuant to the
related Sub-Servicing Agreement, to the extent not previously paid to or
retained by it. In addition, on each Sub-Servicer Remittance Date the
Sub-Servicer will be required to remit to the Master Servicer any amounts
required to be advanced pursuant to the related Sub-Servicing Agreement. The
Sub-Servicer will also be required to remit to the Master Servicer, within one
Business Day of receipt, the proceeds of any Principal Prepayment made by the
Mortgagor and any Insurance Proceeds or Liquidation Proceeds.

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

         The Master Servicer and the Sub-Servicers shall establish and maintain
one or more accounts (the "Servicing Accounts"), and shall deposit and retain
therein all collections from the Mortgagors (or related advances from
Sub-Servicers) for the payment of taxes, assessments, Primary Hazard Insurance
Policy premiums, and comparable items for the account of the Mortgagors, to the
extent that the Master Servicer customarily escrows for such amounts.
Withdrawals of amounts so collected from a Servicing Account may be made only to
(i) effect payment of taxes, assessments, Primary Hazard Insurance Policy
premiums and comparable items; (ii) reimburse the Master Servicer (or a
Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out
of related collections for any payments made pursuant to Sections 3.01 (with
respect to taxes and assessments) and 3.13 (with respect to Primary Hazard
Insurance Policies); (iii) refund to Mortgagors any sums as may be determined to
be overages; or (iv) clear and terminate the Servicing Account at the
termination of this Agreement pursuant to Section 9.01. As part of its servicing
duties, the Master Servicer or Sub-Servicers shall, if and to the extent
required by law, pay to the Mortgagors interest on funds in Servicing Accounts
from its or their own funds, without any reimbursement therefor.

         SECTION 3.10 Custodial Account.

         (a) The Master Servicer shall establish and maintain one or more
accounts (collectively, the "Custodial Account") in which the Master Servicer
shall deposit or cause to be deposited no later than the first Business Day
after receipt or as and when received from the Sub-Servicers, the following
payments and collections received or made by or on behalf of it subsequent to
the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a
period subsequent thereto (other than in respect of principal and interest on
the Mortgage Loans due on or before the Cut-off Date):

                  (i) all payments on account of principal, including Principal
         Prepayments, on the Mortgage Loans;

                  (ii) all payments on account of interest on the Mortgage
         Loans, not including any portion thereof representing interest on
         account of the related Servicing Fee Rate;

                  (iii) all Insurance Proceeds, other than proceeds that
         represent reimbursement of costs and expenses incurred by the Master
         Servicer in connection with presenting claims under the related
         Insurance Policies, Liquidation Proceeds and REO Proceeds;

                  (iv) all proceeds of any Mortgage Loan or REO Property
         repurchased or purchased in accordance with Sections 2.02, 2.04 or 9.01
         and all amounts required to be deposited in connection with the
         substitution of a Qualified Substitute Mortgage Loan pursuant to
         Section 2.04;

                  (v) any amounts required to be deposited in the Custodial
         Account pursuant to Section 3.12, 3.13 or 3.22; and

                  (vi) all amounts transferred from the Certificate Account to
         the Custodial Account in accordance with Sections 4.01(b).

         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 Custodial Account shall be
exclusive. In the event the Master Servicer shall deposit in the Custodial
Account any amount not required to be deposited therein, it may withdraw such
amount from the Custodial Account, any provision herein to the contrary
notwithstanding. The Custodial Account shall be maintained as a segregated
account, separate and apart from trust funds created for mortgage pass-through
certificates of other series, and the other accounts of the Master Servicer.

         (b) Funds in the Custodial Account may be invested in Permitted
Instruments in accordance with the provisions set forth in Section 3.12. The
Master Servicer shall give notice to the Trustee and the Depositor of the
location of the Custodial Account after any change thereof.

         (c) Payments in the nature of late payment charges, prepayment fees,
assumption fees and reconveyance fees received on the Mortgage Loans shall not
be deposited in the Custodial Account, but rather shall be received and held by
the Master Servicer as additional servicing compensation.

         SECTION 3.11 Permitted Withdrawals From the Custodial Account.

         The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section 3.10 that are attributable to the Mortgage Loans for the following
purposes:

                  (i) to make deposits into the Certificate Account in the
         amounts and in the manner provided for in Section 4.01, such deposit to
         include interest collections on the Mortgage Loans at the Net Mortgage
         Rate [and net of amounts reimbursed therefrom];

                  (ii) to pay to itself, the Depositor, the Seller or any other
         appropriate person, as the case may be, with respect to each Mortgage
         Loan that has previously been purchased, repurchased or replaced
         pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon
         and not yet distributed as of the date of purchase, repurchase or
         substitution;

                  (iii) to reimburse itself or any Sub-Servicer for Advances not
         previously reimbursed, the Master Servicer's or any Sub-Servicer's
         right to reimbursement pursuant to this clause (iii) being limited to
         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 and as further provided in Section 3.15;

                  (iv) to reimburse or pay itself, the Trustee or the Depositor
         for expenses incurred by or reimbursable to the Master Servicer, the
         Trustee or the Depositor pursuant to Sections 3.22, 6.03, 8.05,
         10.01(c) or 10.01(g), except as otherwise provided in such Sections;

                  (v) to reimburse itself or any Sub-Servicer for costs and
         expenses incurred by or reimbursable to it relating to the prosecution
         of any claims pursuant to Section 3.13 that are in excess of the
         amounts so recovered;

                  (vi) to reimburse itself or any Sub-Servicer for unpaid
         Servicing Fees and unreimbursed Servicing Advances, the Master
         Servicer's or any Sub-Servicer's right to reimbursement pursuant to
         this clause (vi) with respect to any Mortgage Loan being limited to
         late recoveries of the payments for which such advances were made
         pursuant to Section 3.01 or Section 3.09 and any other related Late
         Collections;

                  (vii) to pay itself as servicing compensation (in addition to
         the Servicing Fee), on or after each Distribution Date, any interest or
         investment income earned on funds deposited in the Custodial Account
         for the period ending on such Distribution Date, subject to Section
         8.05;

                  (viii) to reimburse itself or any Sub-Servicer for any Advance
         previously made which itself has determined to be a Nonrecoverable
         Advance, provided that either (a) such Advance was made with respect to
         a delinquency that ultimately constituted an Excess Special Hazard
         Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss,
         or (b) the Certificate Principal Balances of the Class B Certificates
         have been reduced to zero; and

                  (ix) to clear and terminate the Custodial Account at the
         termination of this Agreement pursuant to Section 9.01.

         The Master Servicer shall keep and maintain separate accounting records
on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Custodial Account pursuant to such clauses (ii), (iii),
(iv), (v), (vi), (vii) and (viii). Reconciliations will be prepared by the
Master Servicer for the related Collection Account within 30 calendar days after
the bank statement cut-off date. All items requiring reconciliation will be
resolved within 90 calendar days of their original identification.

         In connection with clause (viii) above, the Trustee shall notify the
Master Servicer if and when the Certificate Principal Balances of the Class B
Certificates have been reduced to zero.

         SECTION 3.12 Permitted Instruments.

         Any institution maintaining the Custodial Account shall at the
direction of the Master Servicer invest the funds in such account in Permitted
Instruments, each of which shall mature not later than the Business Day
immediately preceding the Distribution Date next following the date of such
investment (except that if such Permitted Instrument is an obligation of the
institution that maintains such account, then such Permitted Instrument shall
mature not later than such Distribution Date) and shall not be sold or disposed
of prior to its maturity. All income and gain realized from any such investment
as well as any interest earned on deposits in the Custodial Account shall be for
the benefit of the Master Servicer. The Master Servicer shall deposit in the
Custodial Account (with respect to investments made hereunder of funds held
therein) an amount equal to the amount of any loss incurred in respect of any
such investment immediately upon realization of such loss without right of
reimbursement.

         SECTION 3.13 Maintenance of Primary Mortgage Insurance and Primary
Hazard Insurance.

         (a) The Master Servicer shall not take, or permit any Sub-Servicer to
take, any action which would result in non-coverage under any applicable Primary
Mortgage Insurance Policy of any loss which, but for the actions of the Master
Servicer or Sub-Servicer, would have been covered thereunder. To the extent
coverage is available, the Master Servicer shall keep or cause to be kept in
full force and effect each such Primary Mortgage Insurance Policy until the
principal balance of the related Mortgage Loan secured by a Mortgaged Property
is reduced to 75% or less of the Collateral Value in the case of such a Mortgage
Loan having a Loan-to-Value Ratio at origination in excess of 80%. The Master
Servicer shall not cancel or refuse to renew any such Primary Mortgage Insurance
Policy, or consent to any Sub-Servicer canceling or refusing to renew any such
Primary Mortgage Insurance Policy applicable to a Mortgage Loan subserviced by
it, that is in effect at the date of the initial issuance of the Certificates
and is required to be kept in force hereunder unless the replacement Primary
Mortgage Insurance Policy for such canceled or non-renewed policy is maintained
with a Qualified Insurer.

         (b) In connection with its activities as administrator and servicer of
the Mortgage Loans, the Master Servicer agrees to present or to cause the
related Sub-Servicer to present, on behalf of the Master Servicer, the
Sub-Servicer, if any, the Trustee and Certificateholders, claims to the insurer
under any Primary Mortgage Insurance Policies, in a timely manner in accordance
with such policies, and, in this regard, to take or cause to be taken such
reasonable action as shall be necessary to permit recovery under any Primary
Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to
Section 3. 10, any Insurance Proceeds collected by or remitted to the Master
Servicer under any Primary Mortgage Insurance Policies shall be deposited in the
Custodial Account, subject to withdrawal pursuant to Section 3.11.

         (c) The Master Servicer shall cause to be maintained for each Mortgage
Loan primary hazard insurance with extended coverage on the related Mortgaged
Property in an amount equal to the lesser of 100% of the replacement value of
the improvements, as determined by the insurance company, on such Mortgaged
Property or the unpaid principal balance of the Mortgage Loan. The Master
Servicer shall also cause to be maintained on property acquired upon
foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan, fire
insurance with extended coverage in an amount equal to the replacement value of
the improvements thereon. Pursuant to Section 3.10, any amounts collected by the
Master Servicer under any such policies (other than amounts to be applied to the
restoration or repair of the related Mortgaged Property or property thus
acquired or amounts released to the Mortgagor in accordance with the Master
Servicer's normal servicing procedures) shall be deposited in the Custodial
Account, subject to withdrawal pursuant to Section 3.11. Any cost incurred by
the Master Servicer in maintaining any such insurance shall not, for the purpose
of calculating monthly distributions to Certificateholders, be added to the
amount owing under the Mortgage Loan, notwithstanding that the terms of the
Mortgage Loan so permit. It is understood and agreed that no earthquake or other
additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. When the improvements securing a Mortgage
Loan are located at the time of origination of such Mortgage Loan in a federally
designated special flood hazard area, the Master Servicer shall cause flood
insurance (to the extent available) to be maintained in respect thereof. Such
flood insurance shall be in an amount equal to the lesser of (i) the replacement
value of the improvements, which are part of such Mortgaged Property on a
replacement cost basis 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 Master Servicer shall obtain and maintain a
blanket fire insurance policy with extended coverage 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 3.13, it being understood and agreed that such policy may contain a
deductible clause, in which case the Master Servicer shall, in the event that
there shall not have been maintained on the related Mortgaged Property a policy
complying with the first two sentences of this Section 3.13 and there shall have
been a loss which would have been covered by such policy, deposit in the
Certificate Account the amount not otherwise payable under the blanket policy
because of such deductible clause. Any such deposit by the Master Servicer shall
be made on the Certificate Account Deposit Date next preceding the Distribution
Date which occurs in the month following the month in which payments under any
such policy would have been deposited in the Custodial Account. In connection
with its activities as administrator and servicer of the Mortgage Loans, the
Master Servicer agrees to present, on behalf of itself, the Trustee and
Certificateholders, claims under any such blanket policy.

         SECTION 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.

         The Master Servicer will, to the extent it has knowledge of any
conveyance or prospective conveyance by any Mortgagor of the Mortgaged Property
(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 or the
Mortgage), exercise or cause to be exercised its rights to accelerate the
maturity of such Mortgage Loan under any "due-on-sale" clause applicable
thereto; provided, however, that the Master Servicer shall not exercise any such
rights if it reasonably believes that it is prohibited by law from doing so or
if such enforcement will adversely affect or jeopardize required coverage under
the Insurance Instruments. If the Master Servicer is unable to enforce such
"due- on-sale" clause (as provided in the previous sentence) or if no
"due-on-sale" clause is applicable, the Master Servicer or the Sub-Servicer will
enter into an assumption and modification agreement 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; provided, however,
that the Master Servicer shall not enter into any assumption and modification
agreement if the coverage provided under the Primary Insurance Policy, if any,
would be impaired by doing so. The Master 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, if the Master
Servicer shall have determined in good faith that such substitution will not
adversely affect the collectability of the Mortgage Loan. Any fee collected by
or on behalf of the Master Servicer for entering into an assumption or
substitution of liability agreement will be retained by or on behalf of the
Master Servicer as additional servicing compensation. In connection with any
such assumption, no material term of the Mortgage Note (including but not
limited to the Mortgage Rate, the amount of the Monthly Payment and any other
term affecting the amount or timing of payment on the Mortgage Loan) may be
changed. The Master Servicer shall not enter into any substitution or assumption
if such substitution or assumption would constitute a "significant modification"
effecting an exchange or reissuance of such Mortgage Loan under the Code (or
final, temporary or proposed Treasury regulations promulgated thereunder) and
cause the Trust Fund to fail to qualify as a REMIC under the Code or the
imposition of any tax on "prohibited transactions" or "contributions" after the
Startup Day under the REMIC Provisions. The Master Servicer shall notify the
Trustee that any such substitution or assumption agreement has been completed by
forwarding to the Trustee the original copy of such substitution or assumption
agreement, which copy 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 Master 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 any assumption that the Master Servicer
may be restricted by law from preventing, for any reason whatsoever. For
purposes of this Section 3.14, the term "assumption" is deemed to also include a
sale of a Mortgaged Property that is not accompanied by an assumption or
substitution of liability agreement.

         SECTION 3.15 Realization Upon Defaulted Mortgage Loans.

         The Master Servicer shall exercise reasonable efforts, consistent with
the procedures that the Master Servicer would use in servicing loans for its own
account, to foreclose upon or otherwise comparably convert (which may include an
REO Acquisition) 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, and which are not released from the Trust Fund pursuant to any
other provision hereof. The Master Servicer shall use reasonable efforts to
realize upon such defaulted Mortgage Loans in such manner as will maximize the
receipt of principal and interest by Certificateholders, taking into account,
among other things, the timing of foreclosure proceedings. The foregoing is
subject to the provisions that, in any case in which Mortgaged Property shall
have suffered damage from an Uninsured Cause, the Master Servicer shall not be
required to expend its own funds toward the restoration of such property unless
it shall determine in (i) that such restoration will increase the net proceeds
of liquidation of the related Mortgage Loan to Certificateholders after
reimbursement to itself for such expenses, and (ii) that such expenses will be
recoverable by the Master Servicer through Insurance Proceeds or Liquidation
Proceeds from the related Mortgaged Property, as contemplated in Section 3.11.
The Master Servicer shall be responsible for all other costs and expenses
incurred by it in any such proceedings; provided, however, that it shall be
entitled to reimbursement thereof from the related Mortgaged Property, as
contemplated in Section 3.11.

         The proceeds of any Cash Liquidation or REO Disposition, as well as any
recovery resulting from a partial collection of Insurance Proceeds or
Liquidation Proceeds or any income from an REO Property, will be applied in the
following order of priority: first, to reimburse the Master Servicer or any
Sub-Servicer for any related unreimbursed Servicing Advances, pursuant to
Section 3.11 (vi) or 3.22; second, to accrued and unpaid interest on the
Mortgage Loan or REO Imputed Interest, at the Mortgage Rate, to the date of the
Cash Liquidation or REO Disposition, or to the Due Date prior to the
Distribution Date on which such amounts are to be distributed if not in
connection with a Cash Liquidation or REO Disposition; and third, as a recovery
of principal of the Mortgage Loan. If the amount of the recovery so allocated to
interest is less than a full recovery thereof, that amount will be allocated as
follows: first, on a pro rata basis, to unpaid Servicing Fees; and second, to
interest at the related Net Mortgage Rate. The portion of the recovery so
allocated to unpaid Servicing Fees shall be reimbursed to the Master Servicer or
any Sub-Servicer pursuant to Section 3.11(vi). The portions of the recovery so
allocated to interest at the related Net Mortgage Rate and to principal of the
Mortgage Loan shall be applied as follows: first, to reimburse the Trustee for
any unpaid Trustee's Fees, second, to reimburse the Master Servicer or any
Sub-Servicer for any related unreimbursed Advances in accordance with Section 3.
1 31 (iii) or 3.22, and third, for distribution in accordance with the
provisions of Section 4.01(b) and 4.01(c).

         SECTION 3.16 Trustee to Cooperate; Release of Mortgage Files.

         Upon the payment in full of any Mortgage Loan, or the receipt by the
Master Servicer of a notification that payment in full shall be escrowed in a
manner customary for such purposes, the Master Servicer will immediately notify
the Trustee by a certification (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 Custodial Account pursuant to
Section 3.10 have been or will be so deposited) of a Servicing Officer and shall
request delivery to it of the Mortgage File in the form of the Request for
Release attached hereto as Exhibit F-2. Upon receipt of such certification and
request, the Trustee shall promptly release the related Mortgage File to the
Master Servicer. Subject to the receipt by the Master Servicer of the proceeds
of such payment in full and the payment of all related fees and expenses, the
Master Servicer shall arrange for the release to the Mortgagor of the original
cancelled Mortgage Note. The Master Servicer shall provide for preparation of
the appropriate instrument of satisfaction covering any Mortgage Loan which pays
in full and the Trustee shall cooperate in the execution and return of such
instrument to provide for its delivery or recording as may be required. All
other documents in the Mortgage File shall be retained by the Master Servicer to
the extent required by applicable law. No expenses incurred in connection with
any instrument of satisfaction or deed of reconveyance shall be chargeable to
the Custodial Account or the Certificate Account.

         From time to time and as appropriate for the servicing or foreclosure
of any Mortgage Loan, including, for this purpose, collection under the
Insurance Instruments or any other insurance policy relating to the Mortgage
Loan, the Trustee shall, upon request of the Master Servicer and delivery to the
Trustee of a Request for Release in the form attached hereto as Exhibit F-1,
release the related Mortgage File to the Master Servicer, and the Trustee shall
execute such documents as the Master Servicer shall prepare and request as being
necessary to the prosecution of any such proceedings. Such Request for Release
shall obligate the Master Servicer to return each document previously requested
from the Mortgage File to the Trustee when the need therefor by the Master
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
Custodial 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 Master Servicer has delivered to 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 which are required to be deposited into the
Custodial Account have been or will be so deposited, or that such Mortgage Loan
has become an REO Property, the servicing receipt shall be released by the
Trustee to the Master Servicer.

         Upon written request of a Servicing Officer, the Trustee shall execute
and deliver to the Master Servicer any court pleadings, requests for trustee's
sale or other documents prepared by the Master Servicer that are 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 request that such pleadings or
documents be executed by the Trustee shall include a certification 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 3.17 Servicing Compensation.

         As compensation for its activities hereunder, the Master Servicer shall
be entitled to retain, from deposits to the Custodial Account of amounts
representing payments or recoveries of interest, the Servicing Fees with respect
to each Mortgage Loan (less any portion of such amounts retained by any
Sub-Servicer). In addition, the Master Servicer shall be entitled to recover
unpaid Servicing Fees out of related Late Collections to the extent permitted in
Section 3.11.

         The Master Servicer also shall be entitled pursuant to Section 3.11 to
receive from the Custodial Account, as additional servicing compensation
interest or other income earned on deposits therein, as well as any prepayment
fees, assumption fees, late payment fees and reconveyance fees. The Master
Servicer shall be required to pay all expenses incurred by it in connection with
its servicing activities hereunder (including payment of the premiums for any
Primary Mortgage Insurance Policy or blanket policy insuring against hazard
losses pursuant to Section 3.13, payment of the servicing compensation of the
Sub-Servicer to the extent not retained by it), and shall not be entitled to
reimbursement therefor except as specifically pro vided in Section 3.11. The
Servicing Fee may not be transferred in whole or in part except in connection
with the transfer of all of the Master Servicer's responsibilities and
obligations under this Agreement.

         SECTION 3.18 Maintenance of Certain Servicing Policies.

         During the term of its service as Master Servicer, the Master Servicer
shall maintain in force (i) a policy or policies of insurance covering errors
and omissions in the performance of its obligations as servicer hereunder and
(ii) a fidelity bond in respect of its officers, employees or agents. Each such
policy or policies and bond shall, together, comply with the requirements from
time to time of FNMA or FHLMC for persons performing servicing for mortgage
loans purchased by such corporation. The Master Servicer shall prepare and
present, on behalf of itself, the Trustee and Certificateholders, claims under
any such errors and omissions policy or policies or fidelity bond in a timely
fashion in accordance with the terms of such policy or bond, and upon the filing
of any claim on any policy or bond described in this Section, the Master
Servicer shall promptly notify the Trustee of any such claims and the Trustee
shall notify the Rating Agency of such claim.

         SECTION 3.19 Annual Statement as to Compliance.

         Not later than February 28 of each calendar year beginning in 2007, the
Master Servicer shall deliver to the Depositor and the Trustee an Officer's
Certificate (an "Annual Statement of Compliance") stating, as to the signer
thereof, that (i) a review of the activities of such Servicer during the
preceding calendar year and of the performance of the Master Servicer under this
Agreement or other applicable servicing agreement has been made under such
officer's supervision, and (ii) to the best of such officer's knowledge, based
on such review, the Master Servicer has fulfilled all its obligations under this
Agreement or other applicable servicing agreement in all material respects
throughout such year, or, if there has been a failure to fulfill any such
obligation in any material respect, specifying each such failure known to such
officer and the nature and status of cure provisions thereof. Such Annual
Statement of Compliance shall contain no restrictions or limitations on its use.
In the event that the Master Servicer has delegated any servicing
responsibilities with respect to the Mortgage Loans serviced by it to a
Subservicer, the Master Servicer shall deliver an officer's certificate of the
Subservicer as described above as to each Subservicer as and when required with
respect to the Master Servicer.

         If the Master Servicer cannot deliver the related Annual Statement of
Compliance by February 28th of such year, the Trustee, at its sole option, may
permit a cure period for the Master Servicer to deliver such Annual Statement of
Compliance, but in no event later than March 10th of such year.

         Failure of the Master Servicer to timely comply with this Section 3.19
shall be deemed an Event of Default, automatically, without notice and without
any cure period, and the Trustee may, in addition to whatever rights the Trustee
may have under this Agreement and at law or equity or to damages, including
injunctive relief and specific performance, terminate all the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans serviced by it and the proceeds thereof without compensating the
Master Servicer for the same. This paragraph shall supercede any other provision
in this Agreement or any other agreement to the contrary.

         SECTION 3.20 Assessments of Compliance and Attestation Reports.

         On and after January 1, 2006, the Master Servicer shall service and
administer the related Mortgage Loans in accordance with all applicable
requirements of the Servicing Criteria. The Master Servicer shall deliver to the
Trustee and the Depositor on or before February 28 of each calendar year
beginning in 2007, a report (an "Assessment of Compliance") reasonably
satisfactory to the Trustee regarding the Master Servicer's assessment of
compliance with the Servicing Criteria during the preceding calendar year as
required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
Regulation AB, which as of the date hereof, require a report by an authorized
officer of the related Servicer that contains the following:

         (a) A statement by such officer of its responsibility for assessing
compliance with the Servicing Criteria applicable to the Master Servicer;

         (b) A statement by such officer that such officer used the Servicing
Criteria to assess compliance with the Servicing Criteria applicable to the
Master Servicer;

         (c) An assessment by such officer of the Master Servicer's compliance
with the applicable Servicing Criteria for the period consisting of the
preceding calendar year, including disclosure of any material instance of
noncompliance with respect thereto during such period, which assessment shall be
based on the activities it performs with respect to asset-backed securities
transactions taken as a whole involving the Master Servicer, that are backed by
the same asset type as the Mortgage Loans;

         (d) A statement that a registered public accounting firm has issued an
attestation report on the Master Servicer's Assessment of Compliance for the
period consisting of the preceding calendar year; and

         (e) A statement as to which of the Servicing Criteria, if any, are not
applicable to the Master Servicer, which statement shall be based on the
activities it performs with respect to asset-backed securities transactions
taken as a whole involving the Master Servicer, that are backed by the same
asset type as the Mortgage Loans.

         Such report at a minimum shall address each of the Servicing Criteria
specified on a certification substantially in the form of Exhibit CC hereto
delivered to the Trustee and the Depositor concurrently with the execution of
this Agreement.

         On or before February 28 of each calendar year beginning in 2007, the
Master Servicer shall furnish to the Trustee and the Depositor a report (an
"Attestation Report") by a registered public accounting firm that attests to,
and reports on, the Assessment of Compliance made by the Master Servicer, 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.

         The Master Servicer shall cause any subservicer, and each subcontractor
determined by the Master Servicer to be "participating in the servicing
function" within the meaning of Item 1122 of Regulation AB, to deliver to the
Trustee and the Depositor an assessment of compliance and accountants'
attestation.

         If the Master Servicer cannot deliver the related Assessment of
Compliance or Attestation Report by February 28th of such year, the Trustee, at
its sole option, may permit a cure period for the Master Servicer to deliver
such Assessment of Compliance or Attestation Report, but in no event later than
March 10th of such year.

         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 N hereto which are indicated
as applicable to the "trustee" or "securities administrator." In addition, the
Trustee shall cause the Custodian to deliver to the Trustee and the Depositor 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 N hereto which are indicated as applicable to a "custodian."
Notwithstanding the foregoing, as to any Custodian, 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.

         Failure of the Master Servicer to timely comply with this Section 3.20
shall be deemed an Event of Default, automatically, without notice and without
any cure period, and the Trustee may, in addition to whatever rights the Trustee
may have under this Agreement and at law or equity or to damages, including
injunctive relief and specific performance, terminate all the rights and
obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans serviced by it and the proceeds thereof without compensating the
Master Servicer for the same. This paragraph shall supercede any other provision
in this Agreement or any other agreement to the contrary.

         SECTION 3.21 Access to Certain Documentation.

         (a) The Master Servicer shall provide to the OTS, the FDIC and other
federal banking regulatory agencies, and their respective examiners, access to
the documentation regarding the Mortgage Loans required by applicable
regulations of the OTS, the FDIC and such other agencies. Such access shall be
afforded without charge, but only upon reasonable and prior written request and
during normal business hours at the offices of the Master Servicer designated by
it. Nothing in this Section shall derogate from the obligation of the Master
Servicer to observe any applicable law prohibiting disclosure of information
regarding the Mortgagors and the failure of the Master Servicer to provide
access as provided in this Section as a result of such obligation shall not
constitute a breach of this section.

         (b) The Master Servicer shall afford the Depositor and the Trustee,
upon reasonable notice, during normal business hours access to all records
maintained by the Master Servicer in respect of its rights and obligations
hereunder and access to officers of the Master Servicer responsible for such
obligations. Upon request, the Master Servicer shall furnish the Depositor and
the Trustee with its most recent financial statements and such other information
as the Master Servicer possesses regarding its business, affairs, property and
condition, financial or otherwise to the extent related to the servicing of the
Mortgage Loans. Payments on the Mortgage Loans, including any Payoffs, made in
accordance with the related Mortgage File will be entered into the Master
Servicer's set of records no more than two Business Days after receipt, and
allocated to principal or interest as specified in the related Mortgage File.
The Depositor may, but is not obligated to, enforce the obligations of the
Master Servicer hereunder and may, but is not obligated to, perform, or cause a
designee to perform, any defaulted obligation of the Master Servicer hereunder
or exercise the rights of the Master Servicer hereunder; provided that the
Master Servicer shall not be relieved of any of its obligations hereunder by
virtue of such performance by the Depositor or its designee. The Depositor shall
not have any responsibility or liability for any action or failure to act by the
Master Servicer and is not obligated to supervise the performance of the Master
Servicer under this Agreement or otherwise.

         SECTION 3.22 Title, Conservation and Disposition of REO Property.

         This Section shall apply only to REO Properties acquired for the
account of the Trust Fund, and shall not apply to any REO Property relating to a
Mortgage Loan which was purchased or repurchased from the Trust Fund pursuant to
any provision hereof. In the event that title to any such REO Property is
acquired, the deed or certificate of sale shall be issued to the Trustee, or to
its nominee, on behalf of the Certificateholders. The Master Servicer, on behalf
of the Trust Fund, shall either sell any REO Property within two years after the
Trust Fund acquires ownership of such REO Property for purposes of Section
86OG(a)(8) of the Code or, at the expense of the Trust Fund, request an
extension of the two-year grace period, more than 60 days before the day on
which the two-year grace period would otherwise expire, unless the Master
Servicer has delivered to the Trustee an Opinion of Counsel, addressed to the
Trustee and the Master Servicer, to the effect that the holding by the Trust
Fund of such REO Property subsequent to two years after its acquisition will not
result in the imposition on the Trust Fund of taxes on "prohibited transactions"
thereof, as defined in Section 86OF of the Code, or cause the Trust Fund to fail
to qualify as a REMIC under federal law at any time that any Certificates are
outstanding. The Master 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
86OG(a)(8) or result in the receipt by the Trust Fund of any "income from
non-permitted assets" within the meaning of Section 86OF(a)(2)(B) of the Code or
any "net income from foreclosure property" which is subject to taxation under
the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the
Master Servicer shall either itself or through an agent selected by the Master
Servicer protect and conserve such REO Property in the same manner and to such
extent as is customary in the locality where such REO Property is located and
may, incident to its conservation and protection of the interests of the
Certificateholders, rent the same, or any part thereof, as the Master Servicer
deems to be in the best interest of the Certificateholders for the period prior
to the sale of such REO Property.

         The Master 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. The Master Servicer shall deposit, or
cause to be deposited, on a daily basis in the Custodial Account all revenues
received with respect to the REO Properties, net of any directly related
expenses incurred or withdraw therefrom funds necessary for the proper
operation, management and maintenance of the REO Property.

         If as of the date of acquisition of title to any REO Property there
remain outstanding unreimbursed Servicing Advances with respect to such REO
Property or any outstanding Advances allocated thereto the Master Servicer, upon
an REO Disposition, shall be entitled to reimbursement for any related
unreimbursed Servicing Advances and any unreimbursed related Advances as well as
any unpaid Servicing Fees from proceeds received in connection with the REO
Disposition, as further provided in Section 3.15.

         Subject to the first paragraph of this Section 3.22, the REO
Disposition shall be carried out by the Master Servicer at such price and upon
such terms and conditions as the Master Servicer shall determine to be in the
best economic interest of the Trust Fund.

         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).

         The Master Servicer shall deposit the proceeds from the REO
Disposition, net of any payment to the Master Servicer as provided above, in the
Custodial Account upon receipt thereof for distribution in accordance with
Section 4.01, including any such net proceeds which are in excess of the
applicable Stated Principal Balance plus all unpaid REO Imputed Interest thereon
through the date of the REO Disposition.

         Notwithstanding the foregoing provisions of this Section 3.22, with
respect to any Mortgage Loan as to which the Master Servicer has received notice
of, or has actual knowledge of, the presence of any toxic or hazardous substance
on the Mortgaged Property, the Master Servicer shall promptly request the
Trustee and the Depositor to provide directions and instructions with respect to
such Mortgage Loan and shall act in accordance with any such directions and
instructions jointly provided by the Trustee and the Depositor. Notwithstanding
the preceding sentence of this Section 3.22, with respect to any Mortgage Loan
described by such sentence, the Master Servicer shall not, on behalf of the
Trustee, either (i) obtain title to the related Mortgaged Property as a result
of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession
of, the related Mortgaged Property, unless (i) the Depositor and the Trustee
jointly direct the Master Servicer to take such action and (ii) either (A) the
Master Servicer has, at least 30 days prior to taking such action, obtained and
delivered to the Depositor an environmental audit report prepared by a Person
who regularly conducts environmental audits using customary industry standards
or (B) the Depositor has directed the Master Servicer not to obtain an
environmental audit report. If the Trustee and the Depositor have not jointly
provided directions and instructions to the Master Servicer in connection with
any such Mortgage Loan within 30 days of a request by the Master Servicer for
such directions and instructions, then the Master Servicer shall take such
action as it deems to be in the best economic interest of the Trust Fund (other
than proceeding against the Mortgaged Property) and is hereby authorized at such
time as it deems appropriate to release such Mortgaged Property from the lien of
the related Mortgage.

         The cost of the environmental audit report contemplated by this Section
3.22 shall be advanced by the Master Servicer as an expense of the Trust Fund,
and the Master Servicer shall be reimbursed therefor from the Custodial Account
as provided in Section 3.11, any such right of reimbursement being prior to the
rights of the Certificateholders to receive any amount in the Custodial Account.

         If the Master 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 in 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 Master 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, clean-up or remediation shall be advanced by the Master Servicer as
an expense of the Trust Fund, and the Master Servicer shall be entitled to be
reimbursed therefor from the Custodial Account as provided in Section 3.11, any
such right of reimbursement being prior to the rights of the Certificateholders
to receive any amount in the Custodial Account.

         SECTION 3.23 Additional Obligations of the Master Servicer.

         On each Certificate Account Deposit Date, the Master Servicer shall
deliver to the Trustee for deposit in the Certificate Account from its own funds
and without any right of reimbursement therefor, a total amount equal to the
aggregate of the Prepayment Interest Shortfalls for such Distribution Date;
provided that the Master Servicer's obligations under this subsection on any
Distribution Date shall not be more than the total amount of its master
servicing compensation payable in such month.

         SECTION 3.24 Additional Obligations of the Depositor.

         The Depositor agrees that on or prior to the tenth day after the
Closing Date, the Depositor shall provide the Trustee with a written
notification, substantially in the form of Exhibit J attached hereto, relating
to each Class of Certificates, setting forth (i) in the case of each Class of
such Certificates, (a) if less than 10% of the aggregate Certificate Principal
Balance of such Class of Certificates has been sold as of such date, the value
calculated pursuant to clause (b)(iii) of Exhibit J hereto, or, (b) if 10% or
more of such Class of Certificates has been sold as of such date but no single
price is paid for at least 10% of the aggregate Certificate Principal Balance of
such Class of Certificates, then the weighted average price at which the
Certificates of such Class were sold and the aggregate percentage of
Certificates of such Class sold, (c) the first single price at which at least
10% of the aggregate Certificate Principal Balance of such class of Certificates
was sold or, (d) if any Certificates of each Class of Certificates are retained
by the Depositor or an affiliated corporation, or are delivered to the Seller,
the fair market value of such Certificates as of the Closing Date, (ii) the
prepayment assumption used in pricing the Certificates, and (iii) such other
information as to matters of fact as the Trustee may reasonably request to
enable it to comply with its reporting requirements with respect to each Class
of such Certificates to the extent such information can in the good faith
judgment of the Depositor be determined by it.

         SECTION 3.25 Intention of the Parties and Interpretation.

         Each of the parties acknowledges and agrees that the purpose of
Sections 3.19, 3.20, Section 8.11 and this Section 3.25 of this Agreement is to
facilitate compliance by the Seller and the Depositor with the provisions of
Regulation AB promulgated by the Commission under the 1934 Act (17 C.F.R. ss.ss.
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
Commission 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 Seller or the Depositor for delivery of
additional or different information as the Seller or 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.

<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

         SECTION 4.01 Certificate Account; Distributions.

         (a) The Trustee shall establish and maintain a Certificate Account, in
which the Master Servicer shall cause to be deposited on behalf of the Trustee
on or before 3:00 P.M. New York time on each Certificate Account Deposit Date by
wire transfer of immediately available funds an amount equal to the sum of (i)
any Advance for the immediately succeeding Distribution Date, (ii) any amount
required to be deposited in the Certificate Account pursuant to Sections 3.11,
3.13, 3.23 or 4.03(b) and (iii) all other amounts constituting or, if not
otherwise applicable to the payment of the Trustee's Fee, that would constitute
the Available Distribution Amount for the immediately succeeding Distribution
Date. The Trustee shall transfer from the Certificate Account to itself, the
Trustee's Fee on each Certificate Account Deposit Date. Such amounts do not
constitute part of the Available Distribution Amount.

         (b) On each Distribution Date the Trustee shall, distribute to the
Master Servicer, in the case of a distribution pursuant to Section 4.01(b)(iii),
and to each Certificateholder of record on the next preceding Record Date (other
than as provided in Section 9.01 respecting the final distribution) either in
immediately available funds (by wire transfer or otherwise) to the account of
such Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder has so notified the Trustee at least 5
Business Days prior to the related Record Date and such Certificateholder is the
registered owner of Certificates the aggregate Initial Certificate Principal
Balance of which is not less than $2,500,000 (or, with respect to the Class A-5
and Class A-7 Certificates, is the registered owner of an initial Notional
Amount of not less than $10,000,000 of each such class), or otherwise by check
mailed to such Certificateholder at the address of such Holder appearing in the
Certificate Register, such Certificateholder's share (based on the aggregate of
the Percentage Interests represented by Certificates of the applicable Class
held by such Holder) of the following amounts, in the following order of
priority, in each case to the extent of the Available Distribution Amount:

                  (i) to the Class A Certificateholders on a pro rata basis
         based on Accrued Certificate Interest payable thereon, Accrued
         Certificate Interest on such Classes of Certificates for such
         Distribution Date and to the extent not previously paid, for all prior
         Distribution Dates;

                  (ii) to the Class A Certificateholders (other than the Class
         A-5 Certificateholders and the Class A-7 Certificateholders), in the
         priorities and amounts set forth in Sections 4.01(c) and (d), the sum
         of the following (applied to reduce the Certificate Principal Balances
         of such Class A Certificates, as applicable):

         (A) the Senior Percentage for such Distribution Date times the sum of
the following:

                           (1) the principal portion of each Monthly Payment due
                  during the related Due Period on each Outstanding Mortgage
                  Loan, whether or not received on or prior to the related
                  Determination Date, minus the principal portion of any Debt
                  Service Reduction which together with other Bankruptcy Losses
                  exceeds the Bankruptcy Amount;

                           (2) the Stated Principal Balance of any Mortgage Loan
                  purchased during the related Prepayment Period and the amount
                  of any shortfall deposited in the Custodial Account in
                  connection with the substitution of a Deleted Mortgage Loan
                  pursuant to Section 2.04 during the related Prepayment Period;
                  and

                           (3) the principal portion of all other unscheduled
                  collections (other than Principal Prepayments and amounts
                  received in connection with a Cash Liquidation or REO
                  Disposition) received during the related Prepayment Period,
                  including, without limitation, Insurance Proceeds, Liquidation
                  Proceeds and REO Proceeds, to the extent applied by the Master
                  Servicer as recoveries of principal of the related Mortgage
                  Loan pursuant to Section 3.15;

         (B) with respect to each Mortgage Loan for which a Cash Liquidation or
a REO Disposition occurred during the related Prepayment Period and did not
result in any Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses, an amount equal to the lesser of (a)
the Senior Percentage for such Distribution Date times the Stated Principal
Balance of such Mortgage Loan and (b) the Senior Accelerated Distribution
Percentage for such Distribution Date times the related unscheduled collections
(including without limitation Insurance Proceeds, Liquidation Proceeds and REO
Proceeds) to the extent applied by the Master Servicer as recoveries of
principal of the related Mortgage Loan pursuant to Section 3.15;

         (C) the Senior Accelerated Distribution Percentage for such
Distribution Date times the aggregate of all Principal Prepayments in Full and
Curtailments received in the related Prepayment Period; and

         (D) any amounts described in clauses (A), (B) and (C) of this Section
4.01 (b)(ii), as determined for any previous Distribution Date, which remain
unpaid after application of amounts previously distributed pursuant to this
clause (D) to the extent that such amounts are not attributable to Realized
Losses which have been allocated to the Class B Certificates;

                  (iii) if the Certificate Principal Balances of the Class B
         Certificates have not been reduced to zero, to the Master Servicer or a
         Sub-Servicer, to the extent of and in reimbursement for any Advances
         previously made with respect to any Mortgage Loan or REO Property which
         remain unreimbursed in whole or in part following the Cash Liquidation
         or REO Disposition of such Mortgage Loan or REO Property, minus any
         such Advances that were made with respect to delinquencies that
         ultimately constituted Excess Special Hazard Losses, Excess Fraud
         Losses, Excess Bankruptcy Losses or Extraordinary Losses;

                  (iv) to the Holders of the Class B Certificates, the Accrued
         Certificate Interest thereon for such Distribution Date, plus any
         Accrued Certificate Interest thereon remaining unpaid from any previous
         Distribution Date, except as provided below;

                  (v) to the Holders of the Class B Certificates, an amount
         equal to the Subordinate Principal Distribution Amount for such Class
         of Certificates for such Distribution Date, applied in reduction of the
         Certificate Principal Balance of the Class B Certificates;

                  (vi) to the Class A Certificateholders (other than the Class
         A-5 and Class A-7 Certificateholders) in the priority set forth in
         Section 4.01(c), the portion, if any, of the Available Distribution
         Amount remaining after the foregoing distributions, applied to reduce
         the Certificate Principal Balances of such Class A Certificates, but in
         no event more than the sum of the outstanding Certificate Principal
         Balances of the Class A Certificates (other than the Class A-5 and
         Class A-7 Certificates) and thereafter applied to reduce the
         Certificate Principal Balance of the Class B Certificates, but in no
         event more than the outstanding Certificate Principal Balance of the
         Class B Certificates; and

                  (vii) to the Class R Certificateholders, the balance, if any,
         of the Available Distribution Amount.

         (c) Distributions of principal on the Class A Certificates (other than
the Class A-5 and Class A-7 Certificates) on each Distribution Date occurring
prior to the occurrence of the Credit Support Depletion Date will be made as
follows:

                  (i) first, to the Class A-1 Certificates and Class A-6
         Certificates, with the amount to be distributed allocated as between
         such classes on a pro rata basis, until the Certificate Principal
         Balance of each such Class has been reduced to zero;

                  (ii) second, to the Class A-2 Certificates, until the
         Certificate Principal Balance thereof has been reduced to zero;

                  (iii) third, to the Class A-3 Certificates, until the
         Certificate Principal Balance thereof has been reduced to zero; and

                  (iv) fourth, to the Class A-4 Certificates, until the
         Certificate Principal Balance thereof has been reduced to zero.

         (d) On each Distribution Date occurring on or after the Credit Support
Depletion Date, all priorities relating to sequential distributions in respect
of principal among the various classes of Senior Certificates will be
disregarded, and the Senior Principal Distribution Amount will be distributed to
all classes of Senior Certificates pro rata in accordance with their respective
outstanding Certificate Principal Balances; provided, that the aggregate amount
distributable to the Class A-1, Class A-5 and Class A-6 Certificates (the
"Tiered Certificates") in respect of Accrued Certificate Interest thereon and in
respect of their pro rata portion of the Senior Principal Distribution Amount
shall be distributed among the Tiered Certificates in the amounts and priority
as follows: first, to the Class A-1 Certificates and the Class A-5 Certificates,
up to an amount equal to, and pro rata based on, the Accrued Certificate
Interest thereon; second to the Class A-1 Certificates, up to an amount equal to
the Optimal Principal Distribution Amount thereof, in reduction of the
Certificate Principal Balances thereof; third to the Class A-6 Certificates, up
to an amount equal to the Accrued Certificate Interest thereon; and fourth to
the Class A-6 Certificates the remainder of the amount so distributable among
the Tiered Certificates.

         (e) The Trustee shall, upon written request from the Master Servicer,
invest or cause the institution maintaining the Certificate Account to invest
the funds in the Certificate Account in Permitted Instruments designated in the
name of the Trustee for the benefit of the Certificateholders, which shall
mature not later than the Business Day next preceding the Distribution Date next
following the date of such investment (except that (i) any investment in
obligations of the institution with which the Certificate Account is maintained
may mature on such Distribution Date and (ii) any other investment may mature on
such Distribution Date if the Trustee shall agree to advance funds on such
Distribution Date to the Certificate Account in the amount payable on such
investment on such Distribution Date, pending receipt thereof to the extent
necessary to make distributions on the Certificates) and shall not be sold or
disposed of prior to maturity. All income and gain realized from any such
investment shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds immediately as realized without
right of reimbursement.

         SECTION 4.02 Statements to Certificateholders.

         On each Distribution Date the Trustee shall forward or cause to be
forwarded by mail to each Holder of a Certificate and to the Depositor and the
Master Servicer a statement as to such distribution setting forth the following
information as to each Class of Certificates to the extent applicable:

                  (i) (a) the amount of such distribution to the
         Certificateholders of such Class applied to reduce the Certificate
         Principal Balance thereof, and (b) the aggregate amount included
         therein representing Principal Prepayments;

                  (ii) the total cash flows received and the general sources
         thereof;

                  (iii) the applicable record dates, accrual periods,
         determination dates for calculating distributions and general
         distribution dates;

                  (iv) the amount of such distribution to the Holders of such
         Class allocable to interest

                  (v) [the amount of any net swap payment payable to the
         Derivative Administrator, any Net Swap Payment payable to the Swap
         Provider, any swap termination payment payable to the derivative
         administrator and any Swap Termination Payment payable to the Swap
         Provider;]

                  (vi) if the distribution to the Certificateholders of such
         Class is less than the full amount that would be distributable to such
         Certificateholders if there were sufficient funds available therefor,
         the amount of the shortfall;

                  (vii) the amount of any Advance by the Master Servicer
         pursuant to Section 4.04 (including the general purpose of such
         Advance), the aggregate amount of unreimbursed Advances at the close of
         business on the Distribution Date, and the general source of funds for
         reimbursement;

                  (viii) the number and aggregate Stated Principal Balance of
         the Mortgage Loans after giving effect to the distribution of principal
         on such Distribution Date;

                  (ix) the aggregate Certificate Principal Balance of each Class
         of Certificates, after giving effect to the amounts distributed on such
         Distribution Date, separately identifying any reduction thereof due to
         Realized Losses other than pursuant to an actual distribution of
         principal;

                  (x) the related Subordinate Principal Distribution Amount;

                  (xi) the related amount of Servicing Fees paid to or retained
         by the Master Servicer;

                  (xii) on the basis of the most recent reports furnished to it
         by Sub-Servicers, the number and aggregate principal balances of
         Mortgage Loans that are delinquent (A) one month, (B) two months and
         (C) three months, and the number and aggregate principal balance of
         Mortgage Loans that are in foreclosure;

                  (xiii) the number, aggregate principal balance and book value
         of any REO Properties;

                  (xiv) the aggregate Accrued Certificate Interest remaining
         unpaid, if any, for each Class of Certificates, after giving effect to
         the distribution made on such Distribution Date;

                  (xv) the Special Hazard Amount, Fraud Loss Amount and
         Bankruptcy Amount as of the close of business on such Distribution Date
         and a description of any change in the calculation of such amounts;

                  (xvi) the Pass-Through Rate on the Class A-7 Certificates for
         such Distribution Date;

                  (xvii) the occurrence of the Credit Support Depletion Date;

                  (xviii) the Senior Accelerated Distribution Percentage
         applicable to such distribution;

                  (xix) the Senior and Class B Percentages for such Distribution
         Date;

                  (xx) the aggregate amount of Realized Losses allocated to the
         Certificates on such Distribution Date;

                  (xxi) the aggregate amount of any recoveries on previously
         foreclosed loans from the Seller due to a breach of representation or
         warranty;

                  (xxii) if applicable, material modifications, extensions or
         waivers to Mortgage Loan terms, fees, penalties or payments during the
         preceding calendar month or that have become material over time;

                  (xxiii) updated pool composition data including the following
         with respect to each Loan Group: average loan balance, weighted average
         mortgage rate, weighted average loan-to-value ratio at origination,
         weighted average FICO at origination weighted average remaining term;
         and [NOTE - Item 1121(a)(8) requires updated pool composition
         information, the foregoing is a suggestion of what to provide];

                  (xxiv) information about any additions of, substitutions for
         or removal of any Mortgage Loans from the Trust Fund, and any changes
         in the underwriting, acquisition or selection criteria as to any
         Mortgage Loans added to the Trust Fund;

                  (xxv) the weighted average remaining term to maturity of the
         Mortgage Loans after giving effect to the amounts distributed on such
         Distribution Date; and

                  (xxvi) the weighted average Mortgage Rates of the Mortgage
         Loans after giving effect to the amounts distributed on such
         Distribution Date.

         In the case of information furnished pursuant to subclauses (i) and
(ii) above, the amounts shall also be expressed as a dollar amount per Single
Certificate. Within a reasonable period of time after the end of each calendar
year, the Trustee shall prepare and forward to each Person who at any time
during the calendar year was a Holder of a Certificate, 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
provided by the Trustee pursuant to any requirements of the Code and regulations
thereunder as from time to time are in force.

         SECTION 4.03 Remittance Reports; Advances by the Master Servicer.

         (a) By 11:00 A.M. New York time the Business Day following each
Determination Date, the Master Servicer shall deliver to the Trustee a report,
prepared as of the close of business on the Determination Date (the
"Determination Date Report"), by telecopy or in a mutually agreeable electronic
format. The Determination Date Report and any written information supplemental
thereto shall include such information with respect to the Mortgage Loans that
is reasonably available to the Master Servicer and that is required by the
Trustee for purposes of making the calculations referred to in the following
paragraph, as set forth in written specifications or guidelines issued by the
Trustee from time to time. Not later than 2:00 P.M. New York time on the
Certificate Account Deposit Date, the Trustee shall furnish by telecopy to the
Master Servicer a statement (the information in such statement to be made
available to Certificateholders or the Depositor by the Master Servicer on
request) setting forth (i) the Available Distribution Amount, (ii) the amounts
required to be withdrawn from the Custodial Account and deposited into the
Certificate Account on the immediately succeeding Certificate Account Deposit
Date pursuant to clause (iii) of Section 4.01 (a); and (iii) such other
information with respect to the Mortgage Loans as the Trustee may reasonably
require to perform the calculations necessary to make the distributions
contemplated by Section 4.01 and to prepare the statements to Certificateholders
contemplated by Section 4.02. The determination by the Trustee of such amounts
shall, in the absence of obvious error, be presumptively deemed to be correct
for all purposes hereunder.

         (b) Not later than 2:00 P.M. New York time on the Certificate Account
Deposit Date, the Trustee shall notify the Master Servicer of the aggregate
amount of Advances required to be made for the related Distribution Date, which
shall be the aggregate amount of Monthly Payments (with each interest portion
thereof adjusted to be net of the related Servicing Fee Rate), less the amount
of any related Debt Service Reductions or reductions in the amount of interest
collectable from the Mortgagor pursuant to the Relief Act, on the Outstanding
Mortgage Loans as of the related Due Date, which Monthly Payments were
delinquent as of the close of business as of the related Determination Date,
provided that following the reduction of the Certificate Principal Balances of
the Class B Certificates to zero no Advance shall be made if it would be a
Nonrecoverable Advance. On or before 3:00 P.M. New York time on each Certificate
Account Deposit Date, the Master Servicer shall either (i) deposit in the
Certificate Account from its own funds, or funds received therefor from the
Sub-Servicers, an amount equal to the Advances to be made by the Master Servicer
in respect of the related Distribution Date, (ii) withdraw from amounts on
deposit in the Custodial Account and deposit in the Certificate Account all or a
portion of the amounts held for future distribution in discharge of any such
Advance, or (iii) make advances in the form of any combination of (i) and (ii)
aggregating the amount of such Advance. Any portion of the amounts held for
future distribution so used shall be replaced by the Master Servicer by deposit
in the Custodial Account on or before 12: 00 P.M. New York time on any future
Certificate Account Deposit Date to the extent that funds attributable to the
Mortgage Loans that are available in the Custodial Account for deposit in the
Certificate Account on such Certificate Account Deposit Date shall be less than
payments to Certificateholders required to be made on the following Distribution
Date. The amount of any reimbursement pursuant to Section 4.01(b)(iii) in
respect of outstanding Advances on any Distribution Date shall be allocated to
specific Monthly Payments due but delinquent for previous Due Periods, which
allocation shall be made, to the extent practicable, to Monthly Payments which
have been delinquent for the longest period of time. Such allocations shall be
conclusive for purposes of reimbursement to the Master Servicer from recoveries
on the Mortgage Loans pursuant to Section 3.11. The determination by the Master
Servicer that it has made a Nonrecoverable Advance or that any proposed Advance,
if made, would constitute a Nonrecoverable Advance, shall be evidenced by a
certificate of a Servicing Officer delivered to the Seller and the Trustee. The
Trustee shall deposit all funds it receives pursuant to this Section 4.03 into
the Certificate Account.

         (c) In the event that the Master Servicer determines on the Certificate
Account Deposit Date that it will be unable to deposit in the Certificate
Account an amount equal to the Advance required to be made for the immediately
succeeding Distribution Date in the amount determined by the Trustee pursuant to
paragraph (b) above, it shall give notice to the Trustee of its inability to
advance (such notice may be given by telecopy), not later than 3:00 P.M., New
York time, on such Business Day, specifying the portion of such amount that it
will be unable to deposit. If the Master Servicer shall have determined that it
is not obligated to make the entire Advance because all or a lesser portion of
such Advance would not be recoverable from Insurance Proceeds, Liquidation
Proceeds or otherwise, the Master Servicer shall promptly deliver to the Trustee
for the benefit of the Certificateholders an Officer's Certificate setting forth
the reasons for the Master Servicer's determination. Not later than 5:00 P.M.,
New York time, on the Certificate Account Deposit Date, unless by such time the
Master Servicer shall have directly or indirectly deposited in the Certificate
Account the entire amount of the Advances required to be made for the related
Distribution Date, pursuant to Section 7.01, the Trustee shall (a) terminate all
of the rights and obligations of the Master Servicer under this Agreement in
accordance with Section 7.01 and (b) assume the rights and obligations of the
Master Servicer hereunder, including the obligation to deposit in the
Certificate Account an amount equal to the Advance for the immediately
succeeding Distribution Date.

         SECTION 4.04 Allocation of Realized Losses.

         Prior to each Distribution Date, the Master Servicer shall determine
the total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Debt Service Reduction, Deficient Valuation or REO Disposition that
occurred during the related Prepayment Period. The amount of each Realized Loss
shall be evidenced by an Officers' Certificate by the Master Servicer. Realized
Losses shall be allocated among the various Classes of Certificates as
determined by the Trustee in accordance with the following provisions. All
Realized Losses, other than Excess Special Hazard Losses, Excess Bankruptcy
Losses, Excess Fraud Losses or Extraordinary Losses shall be allocated as
follows: first, to the Class B Certificates until the Certificate Principal
Balance thereof has been reduced to zero; and second, among all the Class A
Certificates as described below. Any Excess Special Hazard Losses, Excess
Bankruptcy Losses, Excess Fraud Losses and Extraordinary Losses on Mortgage
Loans will be allocated among the Class A and Class B Certificates on a pro rata
basis, as described below. As used herein, an allocation of a Realized Loss on a
"pro rata basis" among two or more specified Classes of Certificates means an
allocation on a pro rata basis, without priority among the various Classes so
specified, to each such Class of Certificates on the basis of the then
outstanding Certificate Principal Balances thereof in the case of the principal
portion of a Realized Loss or based on the Accrued Certificate Interest thereon
in the case of an interest portion of a Realized Loss. Allocations of Realized
Losses which are Default Losses to the Class A Certificates will be made on a
pro rata basis, based on their then outstanding Certificate Principal Balances,
or the Accrued Certificate Interest thereon, as applicable, between the Class
A-1, Class A-5 and Class A-6 Certificates, on the one hand, and the Class A-2,
Class A-3, Class A-4 and Variable Strip Certificates, on the other. Any such
Realized Losses so allocated to the Class A-1, Class A-5 and Class A-6
Certificates will be allocated first to the Class A-6 Certificates until the
Certificate Principal Balance thereof or the Accrued Certificate Interest
thereon, as appropriate, is reduced to zero and then to the Class A-1 and Class
A-5 Certificates on a pro rata basis. Any allocation of the principal portion of
Realized Losses (other than Debt Service Reductions) to a Class A Certificate
shall be made by reducing the Certificate Principal Balance thereof by the
amount so allocated, which allocation shall be deemed to have occurred at the
close of business on such Distribution Date. Any allocation of the principal
portion of Realized Losses (other than Debt Service Reductions) to the Class B
Certificates, shall be made by operation of the definition of "Certificate
Principal Balance" and by operation of the provisions of Section 4.01(b).
Allocations of the interest portions of Realized Losses shall be made by
operation of the definition of "Accrued Certificate Interest" and by operation
of the provisions of Section 4.01(b) or 4.01(d), as applicable. Allocations of
the principal portion of Debt Service Reductions shall be made by operation of
the provisions of Section 4.01(b) or 4.01(d), as applicable. All Realized Losses
and all other losses allocated to a Class of Certificates under this Section
4.04 will be allocated among the Certificates of such Class in proportion to the
Percentage Interests evidenced thereby.

         SECTION 4.05 Information Reports to be Filed by the Master Servicer.

         The Master Servicer or the Sub-Servicers shall file the 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
the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P of
the Code, respectively, and deliver to the Trustee an Officers' Certificate
stating that such reports have been filed. 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 4.06 Compliance with Withholding Requirements.

         Notwithstanding any other provision of this Agreement, the Trustee
shall comply with all federal withholding requirements respecting payments to
Certificateholders of interest or original issue discount on the Mortgage Loans,
and payments of interest or discount on amounts invested by the Trustee as agent
for Certificateholders pursuant to an election made under Section 4.01 hereof,
that the Trustee reasonably believes are applicable under the Code. The consent
of Certificateholders shall not be required for such withholding. In the event
the Trustee withholds any amount from interest or original issue discount
payments or advances thereof to any Certificateholder pursuant to federal
withholding requirements, the Trustee shall, together with its monthly report to
such Certificateholders pursuant to Section 4.02 hereof, indicate such amount
withheld.

<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

         SECTION 5.01 The Certificates.

         The Certificates will be substantially in the respective forms annexed
hereto as Exhibits A-1, A-2 and B. The Certificates will be issuable in
registered form only. The Class A Certificates, other than the Class A-5 and
Class A-7 Certificates, shall be issuable in minimum dollar denominations of
$1,000 and integral multiples of $1 in excess thereof, except that one
Certificate of each Class of Class A Certificates may be issued in an amount
such that the denomination of such Certificate and the aggregate denomination of
all other outstanding Certificates of such Class together equal the aggregate
Certificate Principal Balance of such Class. The Class B Certificates shall be
issuable in minimum dollar denominations of $25,000 and integral multiples of $1
in excess thereof, except that one Certificate of such Class may be issued in an
amount such that the denomination of such Certificate and the aggregate
denomination of all other outstanding Certificates of such Class together equal
the aggregate Certificate Principal Balance of such Class. The Class A-5 and
Class A-7 Certificates shall be issuable in minimum Notional Amounts of $1,000
and integral multiples of $1 in excess thereof, except that one Certificate of
each such Class may be issued in an amount such that the denomination of such
Certificate and the aggregate denomination of all other outstanding Certificates
of such Class together equal the aggregate Notional Amount of such Class. The
Class R Certificates will each be issuable in minimum denominations of any
Percentage Interest representing 20% and integral multiples of 0.01% in excess
thereof, provided, however, that one Class R Certificate may be issued to the
"tax matters person" pursuant to Article X, in a minimum denomination
representing a Percentage Interest of not less than 0.01%.

         Upon original issue, the Certificates shall, upon the written request
of the Depositor executed by an officer of the Depositor, be executed and
delivered by the Trustee, authenticated by the Trustee and delivered to or upon
the order of the Depositor upon receipt by the Trustee of the documents
specified in Section 2.01. The Certificates shall be executed by manual or
facsimile signature on behalf of the Trustee in its capacity as trustee
hereunder by a Responsible Officer. Certificates bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the
Trustee shall bind the Trustee, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery
of such Certificates or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any
Certificate shall be conclusive evidence, and the only evidence, that such
Certificate has been duly authenticated and delivered hereunder. All
Certificates issued on the Closing Date shall be dated the Closing Date and any
Certificates delivered thereafter shall be dated the date of their
authentication.

         SECTION 5.02 Registration of Transfer and Exchange of Certificates.

         The Trustee shall maintain a Certificate Register in which, subject to
such reasonable regulations as it may prescribe, the Trustee shall provide for
the registration of Certificates and of transfers and exchanges of Certificates
as herein provided.

         No transfer, sale, pledge or other disposition of a Class B or a Class
R Certificate shall be made unless such transfer, sale, pledge or other
disposition is exempt from the registration requirements of the Securities Act
of 1933, as amended (the "Act"), and any applicable state securities laws or is
made in accordance with said Act and laws. In the event that a transfer of a
Class B or Class R Certificate is to be made (i) the Depositor may direct the
Trustee to require a written Opinion of Counsel acceptable to and in form and
substance satisfactory to the Trustee and the Depositor that such transfer shall
be made pursuant to an exemption, describing the applicable exemption and the
basis therefor, from said Act and laws or is being made pursuant to said Act and
laws, which Opinion of Counsel shall not be an expense of the Trustee, the
Depositor or the Master Servicer, provided that such Opinion of Counsel will not
be required in connection with the initial transfer of any such Certificate by
the Depositor or any affiliate thereof, to a non-affiliate of the Depositor and
(ii) the Trustee shall require the transferee to execute a representation
letter, substantially in the form of Exhibit G-1 hereto, and the Trustee shall
require the transferor to execute a representation letter, substantially in the
form of Exhibit G-2 hereto, each acceptable to and in form and substance
satisfactory to the Depositor and the Trustee certifying to the Depositor and
the Trustee the facts surrounding such transfer, which representation letters
shall not be an expense of the Trustee, the Depositor or the Master Servicer.
Any such Certificateholder desiring to effect such transfer shall, and does
hereby agree to, indemnify the Trustee, the Depositor and the Master Servicer
against any liability that may result if the transfer is not so exempt or is not
made in accordance with such applicable federal and state laws.

         The Trustee shall require a written Opinion of Counsel from a
prospective transferee prior to the transfer of any Class B or Class R
Certificate to any employee benefit plan or other retirement arrangement,
including individual retirement accounts and Keogh plans, that is subject to
Section 406 of the Employee Retirement Income Security Act of 1974, as amended
("ERISA") or Section 4975 of the Code (any of the foregoing, a "Plan"), to a
trustee or other Person acting on behalf of any Plan, or to any other person who
is using "plan assets" of any Plan to effect such acquisition (including any
insurance company using funds in its general or separate accounts that may
constitute "plan assets"). Such Opinion of Counsel must establish to the
satisfaction of the Depositor and the Trustee or the Certificate Registrar that
such disposition will not violate the prohibited transaction provisions of
Section 406 of ERISA and Section 4975 of the Code. Neither the Depositor, the
Master Servicer nor the Trustee will be required to obtain such Opinion of
Counsel on behalf of any prospective transferee. In the case of any transfer of
the foregoing Certificates to an insurance company, in lieu of such Opinion of
Counsel, the Trustee shall require a certification in the form of Exhibit G-5
hereto substantially to the effect that all funds used by such transferee to
purchase such Certificates will be funds held by it in its general account which
it reasonably believes do not constitute "plan assets" of any Plan (as defined
above). The permission of any transfer in violation of the restriction on
transfer set forth in this paragraph shall not constitute a default or an Event
of Default.

                  (i) Each Person who has or who acquires any Ownership Interest
         in a Class R 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 authorized the Trustee
         or its designee under clause (iii)(A) below to deliver payments to a
         Person other than such Person and to negotiate the terms of any
         mandatory sale under clause (iii)(B) below and to execute all
         instruments of transfer and to do all other things necessary in
         connection with any such sale. The rights of each Person acquiring any
         Ownership Interest in a Class R Certificate are expressly subject to
         the following provisions:

         (A) Each Person holding or acquiring any Ownership Interest in a Class
R 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.

         (B) In connection with any proposed transfer of any Ownership Interest
in a Class R Certificate, the Trustee shall require delivery to it, and shall
not register the transfer of any Class R Certificate until its receipt of (1) an
affidavit and agreement (a "Transfer Affidavit and Agreement" in the form
attached hereto as Exhibit G-3) from the proposed Transferee, in form and
substance satisfactory to the Master Servicer and the Trustee representing and
warranting, among other things, that it is a Permitted Transferee, that it is
not acquiring its Ownership Interest in the Class R Certificate that is the
subject of the proposed Transfer as a nominee, trustee or agent for any Person
who is not a Permitted Transferee, that for so long as it retains its Ownership
Interest in a Class R Certificate, it will endeavor to remain a Permitted
Transferee, and that it has reviewed the provisions of this Section 5.02 and
agrees to be bound by them, and (11) a certificate, in the form attached hereto
as Exhibit G-4, from the Holder wishing to transfer the Class R Certificate, in
form and substance satisfactory to the Master Servicer and the Trustee
representing and warranting, among other things, that no purpose of the proposed
Transfer is to impede the assessment or collection of tax.

         (C) Notwithstanding the delivery of a Transfer Affidavit and Agreement
by a proposed Transferee under clause (B) above, if a Responsible Officer of the
Trustee assigned to this transaction has actual knowledge that the proposed
Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
in a Class R Certificate to such proposed Transferee shall be effected.

         (D) Each Person holding or acquiring any Ownership Interest in a Class
R Certificate shall agree (x) to require a Transfer Affidavit and Agreement from
any other Person to whom such Person attempts to transfer its Ownership Interest
in a Class R Certificate and (y) not to transfer its Ownership Interest unless
it provides a certificate to the Trustee in the form attached hereto as Exhibit
G-4.

         (E) Each Person holding or acquiring an Ownership Interest in a Class R
Certificate, by purchasing an Ownership Interest in such Certificate, agrees to
give the Trustee written notice that it is a "pass- through interest holder"
within the meaning of Temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring an Ownership Interest in a Class R Certificate, if it
is "a pass-through interest holder", or is holding an Ownership Interest in a
Class R Certificate on behalf of a "pass-through interest holder."

                  (ii) The Trustee will register the Transfer of any Class R
         Certificate only if it shall have received the Transfer Affidavit and
         Agreement in the form attached hereto as Exhibit G-3, a certificate of
         the holder requesting such transfer in the form attached hereto as
         Exhibit G-4 and all of such other documents as shall have been
         reasonably required by the Trustee as a condition to such registration.
         Transfers of the Class R Certificates to Non-United States Persons and
         Disqualified Organizations are prohibited.

                  (iii) (a) if any Disqualified Organization shall become a
         holder of a Class R Certificate, then the last preceding Permitted
         Transferee shall be restored, to the extent permitted by law, to all
         rights and obligations as holder thereof retroactive to the date of
         registration of such Transfer of such Class R Certificate. If a
         Non-United States Person shall become a holder of a Class R
         Certificate, then the last preceding United States Person shall be
         restored, to the extent permitted by law, to all rights and obligations
         as holder thereof retroactive to the date of registration of such
         Transfer of such Class R Certificate. If a transfer of a Class R
         Certificate is disregarded pursuant to the provisions of Treasury
         Regulations Section 1.860E-1 or Section 1.86OG-3, then the last
         preceding Permitted Transferee shall be restored, to the extent
         permitted by law, to all rights and obligations as holder thereof
         retroactive to the date of registration of such Transfer of such Class
         R Certificate. The Trustee shall be under no liability to any Person
         for any registration of Transfer of a Class R Certificate that is in
         fact not permitted by this Section 5.02 or for making any payments due
         on such Certificate to the holder thereof or for taking any other
         action with respect to such holder under the provisions of this
         Agreement.

                           (b) If any purported Transferee shall become a holder
         of a Class R Certificate in violation of the restrictions in this
         Section 5.02 and to the extent that the retroactive restoration of the
         rights of the holder of such Class R Certificate as described in clause
         (iii)(a) above shall be invalid, illegal or unenforceable, then the
         Trustee shall have the right, without notice to the holder or any prior
         holder of such Class R Certificate, to sell such Class R Certificate to
         a purchaser selected by the Trustee on such terms as the Trustee may
         choose. Such purported Transferee shall promptly endorse and deliver
         each Class R Certificate in accordance with the instructions of the
         Trustee. Such purchaser may be the Trustee itself. The proceeds of such
         sale, net of the commissions (which may include commissions payable to
         the Trustee), expenses and taxes due, if any, will be remitted by the
         Trustee to such purported Transferee. The terms and conditions of any
         sale under this clause (iii)(b) shall be determined in the sole
         discretion of the Trustee, and the Trustee shall not be liable to any
         Person having an Ownership Interest in a Class R Certificate as a
         result of its exercise of such discretion.

                  (iv) The Trustee shall make available to the Internal Revenue
         Service and those Persons specified by the REMIC Provisions, all
         information necessary to compute any tax imposed (A) as a result of the
         transfer of an ownership interest in a Class R Certificate to any
         Person who is a Disqualified Organization, including the information
         regarding "excess inclusions" of such Class R Certificates required to
         be provided to the Internal Revenue Service and certain Persons as
         described in Treasury Regulations Sections 1.86OD-l(b)(5) and 1.860E
         2(a)(5), and (B) as a result of any regulated investment company, real
         estate investment trust, common trust fund, partnership, trust, estate
         or organization described in Section 1381 of the Code that holds an
         Ownership Interest in a Class R Certificate having as among its record
         holders at any time any Person who is a Disqualified Organization. The
         Trustee may charge and shall be entitled to reasonable compensation for
         providing such information as may be required from those Persons which
         may have had a tax imposed upon them as specified in clauses (A) and
         (B) of this paragraph for providing such information.

         Subject to the preceding paragraphs, upon surrender for registration of
transfer of any Certificate at the office of the Trustee maintained for such
purpose, the Trustee shall execute and the Trustee or the Authenticating Agent
shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates of the same Class of a like aggregate
initial Certificate Principal Balance. Every Certificate surrendered for
transfer shall be accompanied by notification of the account of the designated
transferee or transferees for the purpose of receiving distributions pursuant to
Section 4.01 by wire transfer, if any such transferee desires and is eligible
for distribution by wire transfer.

         At the option of the Certificateholders, Certificates may be exchanged
for other Certificates of authorized denominations of the same Class of a like
aggregate initial Certificate Principal Balance, upon surrender of the
Certificates to be exchanged at the office of the Certificate Registrar.
Whenever any Certificates are so surrendered for exchange the Trustee shall
execute, authenticate and deliver the Certificates which the Certificateholder
making the exchange is entitled to receive. Every Certificate presented or
surrendered for 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 in the form satisfactory to the Trustee or the
Certificate Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

         No service charge shall be made to the Certificateholders for any
transfer or exchange of Certificates, but the Trustee 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 transfer and exchange shall be
canceled and retained by the Trustee in accordance with the Trustee's standard
procedures.

         SECTION 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.

         If (i) any mutilated Certificate is surrendered to the Trustee and the
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Certificate, and (ii) there is delivered to the Trustee such security or
indemnity as may be required by it to save it harmless, then, in the absence of
notice to the Trustee that such Certificate has been acquired by a bona fide
purchaser, the Trustee shall execute, authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of the same Class and initial Certificate Principal Balance. Upon
the issuance of any new Certificate under this Section, the Trustee 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) connected therewith. Any replacement
Certificate issued pursuant to this Section shall constitute complete and
indefeasible evidence of ownership in the Trust Fund, 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 Depositor, the Master Servicer, the Trustee and any agent of any of
them may treat the person 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 neither the Depositor,
the Master Servicer, the Trustee nor any agent of any of them shall be affected
by notice to the contrary.

<PAGE>

                                   ARTICLE VI

                      THE DEPOSITOR AND THE MASTER SERVICER

         SECTION 6.01 Liability of the Depositor and the Master Servicer.

         The Depositor and the Master Servicer each shall be liable in
accordance herewith only to the extent of the obligations specifically imposed
upon and undertaken by the Depositor and the Master Servicer herein.

         SECTION 6.02 Merger, Consolidation or Conversion of the Depositor or
the Master Servicer.

         The Depositor and the Master Servicer each will keep in full effect its
existence, rights and franchises as a corporation under the laws of the state of
its incorporation, and each will obtain and preserve its qualification to do
business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement; and provided further
that the Rating Agencies' ratings of the Class A Certificates immediately prior
to such merger or consolidation will not be qualified, reduced or withdrawn as a
result thereof (as evidenced by a letter to such effect from the Rating
Agencies).

         Any Person into which the Depositor or the Master Servicer may be
merged, consolidated or converted, or any corporation resulting from any merger
or consolidation to which the Depositor or the Master Servicer shall be a party,
or any Person succeeding to the business of the Depositor or the Master
Servicer, shall be the successor of the Depositor or the Master Servicer, 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 or surviving
Person to the Master Servicer shall be qualified to sell mortgage loans to and
service mortgage loans for FNMA or FHLMC.

         SECTION 6.03 Limitation on Liability of the Depositor, the Master
Servicer and Others.

         Neither the Depositor, the Master Servicer nor any of the directors,
officers, employees or agents of the Depositor or the Master Servicer shall be
under any liability to the Trust Fund or the Certificateholders for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Depositor or the Master Servicer (but this
provision shall protect the above described persons) against any breach of
warranties or representations made herein, or against any specific liability
imposed on the Master Servicer pursuant to Section 3.01 or any other Section
hereof; and provided further that this provision shall not protect the
Depositor, the Master Servicer or any such person, against any liability which
would otherwise be imposed by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. The Depositor, the Master Servicer and any
director, officer, employee or agent of the Depositor or the Master 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 Depositor,
the Master Servicer and any director, officer, employee or agent of the
Depositor or the Master Servicer shall be indemnified and held harmless by the
Trust Fund against 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 Master Servicer's servicing obligations
with respect to any specific Mortgage Loan or Mortgage Loans (except as any such
loss, liability or expense shall be otherwise reimbursable pursuant to this
Agreement) or related to the Master Servicer's obligations under Section 3.01,
or any loss, liability or expense incurred by reason of willful misfeasance, bad
faith or gross negligence in the performance of duties hereunder or by reason of
reckless disregard of obligations and duties hereunder.

         Neither the Depositor nor the Master Servicer shall be under any
obligation to appear in, prosecute or defend any legal action which is not
incidental to its respective duties under this Agreement and which in its
opinion may involve it in any expense or liability; provided, however, that the
Depositor or the Master Servicer may in its sole discretion undertake any such
action which it may deem necessary or desirable with respect to this Agreement
and the rights and duties of the parties hereto and the interests of the
Certificateholders hereunder. In such event, the legal expenses and costs of
such action and any liability resulting therefrom (except any action or
liability related to the Master Servicer's obligations under Section 3.01) shall
be expenses, costs and liabilities of the Trust Fund, and the Depositor and the
Master Servicer shall be entitled to be reimbursed therefor from the Certificate
Account as provided in Section 3.11, any such right of reimbursement being prior
to the rights of Certificateholders to receive any amount in the Certificate
Account.

         SECTION 6.04 Limitation on Resignation of the Master Servicer.

         The Master Servicer shall not resign from the obligations and duties
hereby imposed on it except (a) upon appointment of a successor servicer
reasonably acceptable to the Trustee and upon receipt by the Trustee of a letter
from each Rating Agency that such a resignation and appointment will not, in and
of itself, result in a downgrading of the Certificates or (b) upon determination
that its duties hereunder are no longer permissible under applicable law (any
such determination permitting the resignation of the Master Servicer to be
evidenced by an Opinion of Counsel (at the expense of the resigning Master
Servicer) to such effect delivered to the Trustee). No such resignation shall
become effective until the Trustee or a successor servicer shall have assumed
the Master Servicer's responsibilities, duties, liabilities and obligations
hereunder.

<PAGE>

                                   ARTICLE VII

                                     DEFAULT

         SECTION 7.01 Events of Default.

         "Event of Default", wherever used herein, means any one of the
following events:

                  (i) any failure by the Master Servicer to remit to the Trustee
         for distribution to the Certificateholders any payment (other than an
         Advance) required to be made under the terms of the Certificates or
         this Agreement which continues unremedied for a period of one day after
         the date upon which written notice of such failure, requiring the same
         to be remedied, shall have been given to the Master Servicer by the
         Depositor (with a copy to the Trustee) or the Trustee, or to the Master
         Servicer, the Depositor and the Trustee by the Holders of Certificates
         entitled to at least 25% of the Voting Rights; or

                  (ii) any failure on the part of the Master Servicer duly to
         observe or perform in any material respect any other of the covenants
         or agreements on the part of the Master Servicer contained in the
         Certificates or in this Agreement (including any breach of the Master
         Servicer's representations and warranties pursuant to Section 2.03(a)
         which materially and adversely affects the interests of the
         Certificateholders) which continues unremedied for a period of 30 days
         after the date on which written notice of such failure, requiring the
         same to be remedied, shall have been given to the Master Servicer by
         the Depositor (with a copy to the Trustee) or the Trustee, or to the
         Master Servicer, the Depositor and the Trustee by the Holders of
         Certificates entitled to at least 25% of the Voting Rights; or

                  (iii) a decree or order of a court or agency or supervisory
         authority having jurisdiction in an involuntary case under any present
         or future federal or state bankruptcy, insolvency or similar law or the
         appointment of a conservator or receiver or liquidator 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 Master Servicer and such
         decree or order shall have remained in force undischarged or unstayed
         for a period of 60 consecutive days; or

                  (iv) the Master Servicer shall consent to the appointment of a
         conservator or receiver or liquidator in any insolvency, readjustment
         of debt, marshalling of assets and liabilities or similar proceedings
         of or relating to the Master Servicer or of or relating to all or
         substantially all of its property; or

                  (v) the Master Servicer shall admit in writing its inability
         to pay its debts generally as they become due, file a petition to take
         advantage of or otherwise voluntarily commence a case or proceeding
         under any applicable bankruptcy, insolvency, reorganization or other
         similar statute, make an assignment for the benefit of its creditors,
         or voluntarily suspend payment of its obligations; or

                  (vi) the Master Servicer shall fail to deposit in the
         Certificate Account on any Certificate Account Deposit Date an amount
         equal to any required Advance.

         If the Master Servicer shall fail to make any deposit in the
Certificate Account as required by Section 4.01, the Trustee shall give the
Master Servicer notice pursuant to clause (i) not later than the Business Day
following the Certificate Account Deposit Date. If an Event of Default described
in clauses (i) - (v) of this Section shall occur, then, and in each and every
such case, so long as such Event of Default shall not have been remedied, the
Depositor or the Trustee may, and at the direction of the Holders of
Certificates entitled to at least 51% of the Voting Rights, the Trustee shall,
by notice to the Master Servicer (and to the Depositor if given by the Trustee
or to the Trustee if given by the Depositor) terminate all of the rights and
obligations of the Master Servicer under this Agreement and in and to the Trust
Fund, other than its rights as a Certificateholder hereunder and the Depositor,
terminate all of the rights and obligations of the Master Servicer under this
Agreement and in and to the Trust Fund, other than its rights as a
Certificateholder hereunder. If an Event of Default described in clause (vi)
hereof shall occur, the Trustee shall, by notice to the Master Servicer and the
Depositor, terminate all of the rights and obligations of the Master Servicer
under this Agreement and in and to the Trust Fund, other than its rights as a
Certificateholder hereunder. On or after the receipt by the Master Servicer of
such notice, all authority and power of the Master Servicer under this
Agreement, whether with respect to the Certificates (other than as a holder
thereof) or the Mortgage Loans or other wise, shall pass to and be vested in the
Trustee pursuant to and under this Section, and, without limitation, the Trustee
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 instru ments, 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
responsibilities and rights hereunder, including, without limitation, the
transfer to the Trustee or its appointed agent for administration by it of all
cash amounts which shall at the time be deposited by the Master Servicer or
should have been deposited to the Custodial or the Certificate Account or
thereafter be received with respect to the Mortgage Loans. The Trustee shall not
be deemed to have breached any obligation hereunder as a result of a failure to
make or delay in making any distribution as and when required hereunder caused
by the failure of the Master Servicer to remit any amounts received on it or to
deliver any documents held by it with respect to the Mortgage Loans. For
purposes of this Section 7.01, the Trustee shall not be deemed to have knowledge
of an Event of Default unless a Responsible Officer of the Trustee assigned to
and working in the Trustee's Corporate Trust Division has actual knowledge
thereof or unless notice of any event which is in fact such an Event of Default
is received by the Trustee and such notice references the Certificates, the
Trust Fund or this Agreement.

         [Notwithstanding any termination of the activities of [Name of Master
Servicer] in its capacity as Master Servicer hereunder, [Name of Master
Servicer] shall be entitled to receive, out of any Late Collection of a Monthly
Payment on a Mortgage Loan which was due prior to the notice terminating [Name
of Master Servicer]'s rights and obligations as Master Servicer hereunder and
received after such notice, that portion to which [Name of Master Servicer]
would have been entitled pursuant to Sections 3.11 (ii), (iii), (iv), (v) and
(viii) and Section 4. 01 (b)(iii) as well as the portion of its related
Servicing Fee in respect thereof, and any other amounts payable to [Name of
Master Servicer] hereunder the entitlement to which arose prior to the
termination of its activities hereunder.]

         SECTION 7.02 Trustee to Act; Appointment of Successor.

         On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7.01, the Trustee or its appointed agent shall
be the successor in all respects to the Master Servicer in its capacity as
Master Servicer under this Agreement and the transactions set forth or provided
for herein and shall be subject thereafter to all the responsibilities, duties
and liabilities relating thereto placed on the Master Servicer including the
obligation to make Advances which have been or will be required to be made
(except for the responsibilities, duties and liabilities contained in Section
2.03 and its obligations to deposit amounts in respect of losses incurred prior
to the date of succession pursuant to Section 3.12 and 4.01(e)) by the terms and
provisions hereof; and provided further, that any failure to perform such duties
or responsibilities caused by the Master Servicer's failure to provide
information required by Section 4.03 shall not be considered a default by the
Trustee hereunder. As compensation therefor, the Trustee shall be entitled to
all funds relating to the Mortgage Loans which the Master Servicer would have
been entitled to charge to the Custodial Account and the Certificate Account if
the Master Servicer had continued to act hereunder. Notwithstanding the above,
the Trustee may, if it shall be unwilling to so act, or shall, if it is unable
to so act or if the Holders of Certificates entitled to at least 51% of the
Voting Rights so request in writing to the Trustee, appoint, or petition a court
of competent jurisdiction to appoint, any FNMA-or FHLMC approved mortgage
servicing institution 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.
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 Mortgage Loans as it and such
successor shall agree; provided, however, that no such compensation shall be in
excess of that permitted the Master Servicer hereunder. The Trustee and such
successor shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession; provided, however, that such
succession shall not reduce the ratings of the Certificates below the original
ratings thereof.

         Any successor, including the Trustee, to the Master Servicer shall
maintain in force during its term as master servicer hereunder the Insurance
Policies and fidelity bonds to the same extent as the Master Servicer is so
required pursuant to Sections 3.13 and 3.18.

         SECTION 7.03 Notification to Certificateholders.

         (a) Upon any such termination or appointment of a successor to the
Master Servicer, the Trustee shall give prompt notice thereof to
Certificateholders.

         (b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates notice of each
such Event of Default hereunder known to the Trustee, unless such Event of
Default shall have been cured or waived.

         SECTION 7.04 Waiver of Events of Default.

         The Holders representing at least 66% of the Voting Rights of
Certificates affected by a default or Event of Default hereunder, may waive such
default or Event of Default (other than an Event of Default set forth in Section
7.01(vi); provided, however, that (a) a default or Event of Default under clause
(i) of Section 7.01 may be waived only by all of the Holders of Certificates
affected by such default or Event of Default and (b) no waiver pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
the second paragraph of Section 11.01 or materially adversely affect any
non-consenting Certificateholder. Upon any such waiver of a default or Event of
Default by the Holders representing the requisite percentage of Voting Rights of
Certificates affected by such default or Event of Default, such default or Event
of Default shall cease to exist and shall be deemed to have been remedied for
every purpose hereunder. No such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon except to the
extent expressly so waived.

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

         SECTION 8.01 Duties of Trustee.

         The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement. If an Event of Default occurs and is continuing, 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. Any
permissive right of the Trustee enumerated in this Agreement shall not be
construed as a duty.

         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. If any such instrument is found
not to conform to the requirements of this Agreement in a material manner, the
Trustee shall take action as it deems appropriate to have the instrument
corrected.

         The Trustee shall sign on behalf of the Trust Fund any tax return that
the Trustee is required to sign pursuant to applicable federal, state or local
tax laws.

         The Trustee covenants and agrees that it shall perform its obligations
hereunder in a manner so as to maintain the status of the Trust Fund as a REMIC
under the REMIC Provisions and to prevent the imposition of any federal, state
or local income, prohibited transaction, contribution or other tax on the Trust
Fund to the extent that maintaining such status and avoiding such taxes are
reasonably within the control of the Trustee and are reasonably within the scope
of its duties under this Agreement.

         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 an Event of Default, and after
         the curing of all such Events of Default 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, 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 or Responsible
         Officers 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 Holders of Certificates
         entitled to at least 25% of the Voting Rights relating to the time,
         method and place of conducting any proceeding for any remedy available
         to the Trustee, or exercising any trust or power conferred upon the
         Trustee, under this Agreement.

         SECTION 8.02 Certain Matters Affecting the Trustee.

         Except as otherwise provided in Section 8.01:

         (a) 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;

         (b) 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
therewith;

         (c) The Trustee shall be under no obligation to exercise any of the
trusts or powers vested in it by this Agreement or to make any investigation of
matters arising hereunder 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 reasonable security or
indemnity against the costs, expenses and liabilities which may be incurred
therein or thereby; nothing contained herein shall, however, relieve the Trustee
of the obligation, upon the occurrence of an Event of Default (which has not
been cured), to exercise such of the rights and powers vested in it by this
Agreement, and to 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;

         (d) 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;

         (e) Prior to the occurrence of an Event of Default hereunder and after
the curing of all Events of Default 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 document, unless
requested in writing to do so by Holders of Certificates entitled to at least
25% of the Voting Rights; 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 expense or liability as a condition to taking any such action. The
reasonable expense of every such reasonable examination shall be paid by the
Master Servicer or, if paid by the Trustee, shall be repaid by the Master
Servicer upon demand; and

         (f) 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.

         SECTION 8.03 Trustee Not Liable for Certificates or Mortgage Loans.

         The recitals contained herein and in the Certificates, other than the
signature of the Trustee on the Certificates and the certificate of
authentication, shall be taken as the state ments of the Depositor or the Master
Servicer, as the case may be, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations or warranties as to the
validity or sufficiency of this Agreement or of the Certificates or of any
Mortgage Loan or related document, other than the signature of the Trustee on
the Certificates and the Certificate of Authentication. The Trustee shall not be
accountable for the use or application by the Depositor or the Master Servicer
of any of the Certificates or of the proceeds of such Certificates, or for the
use or application of any funds paid to the Seller in respect of the Mortgage
Loans or deposited in or withdrawn from the Custodial Account or the Certificate
Account or any other account by or on behalf of the Depositor or the Master
Servicer, other than any funds held by or on behalf of the Trustee in accordance
with Section 4.01.

         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 it would have if it were
not Trustee.

         SECTION 8.05 Payment of Trustee's Fees.

         The Trustee shall withdraw from the Certificate Account on each
Distribution Date and pay to itself the Trustee's Fee. Except as otherwise
provided in this Agreement, the Trustee and any director, officer, employee or
agent of the Trustee shall be indemnified by the Trust Fund and held harmless
against any loss, liability or "unanticipated out-of-pocket" expense incurred or
paid to third parties (which expenses shall not include salaries paid to
employees, or allocable overhead, of the Trustee) in connection with the
acceptance or administration of its trusts hereunder or the Certificates, other
than any loss, liability or expense incurred by reason of willful misfeasance,
bad faith or negligence in the performance of duties hereunder or by reason of
reckless disregard of obligations and duties hereunder all such amounts shall be
payable from funds in the Custodial Account as provided in Section 3.11. The
provisions of this Section 8.05 shall survive the termination of this Agreement.

         The Master Servicer shall indemnify the Trustee and any director,
officer, employee or agent of the Trustee against any loss, liability or expense
that may be sustained in connection with this Agreement related to the willful
misfeasance, bad faith or negligence in the performance of its duties hereunder.

         SECTION 8.06 Eligibility Requirements for Trustee.

         The Trustee hereunder shall at all times be a corporation or a national
banking association organized and doing business under the laws of any state or
the United States of America or the District of Columbia, 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. In addition, the Trustee shall at all times be acceptable to
the Rating Agency rating the Certificates. If such corporation 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 the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 8.07.
The corporation or national banking association serving as Trustee may have
normal banking and trust relationships with the Seller and its affiliates or the
Master Servicer and its affiliates; provided, however, that such corporation
cannot be an affiliate of the Master Servicer other than the Trustee in its role
as successor to the Master Servicer.

         SECTION 8.07 Resignation and Removal of the Trustee.

         The Trustee may at any time resign and be discharged from the trusts
hereby created by giving notice thereof to the Depositor, the Master Servicer
and to all Certificateholders; provided, that such resignation shall not be
effective until a successor trustee is appointed and accepts appointment in
accordance with the following provisions. Upon receiving such notice of
resignation, the Depositor shall promptly appoint a successor trustee who meets
the eligibility requirements of Section 8.06 by written instrument, in
duplicate, which instrument shall be delivered to the resigning Trustee and to
the successor trustee. A copy of such instrument shall be delivered to the
Certificateholders and the Master Servicer by the Depositor. If no successor
trustee shall have been so appointed and have accepted appointment within 60
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; provided, however, that the resigning Trustee shall not resign and be
discharged from the trusts hereby created until such time as the Rating Agency
rating the Certificates approves the 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 Master Servicer, or if at any time the
Trustee shall become incapable of acting, or shall be adjudged 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, or if the rating of the long-term debt obligations of the Trustee
is not acceptable to the Rating Agency in respect of mortgage pass-through
certificates having a rating equal to the then current rating on the
Certificates, then the Depositor may remove the Trustee and appoint a successor
trustee who meets the eligibility requirements of Section 8.06 by written
instrument, in duplicate, which instrument shall be delivered to the Trustee so
removed and to the successor trustee. A copy of such instrument shall be
delivered to the Certificateholders and the Master Servicer by the Depositor.

         The Holders of Certificates entitled to at least 51% of the Voting
Rights may at any time remove the Trustee and appoint a successor trustee by
written instrument or instruments, in triplicate, signed by such Holders or
their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Master Servicer, one complete set to the Trustee so
removed and one complete set to the successor so appointed. A copy of such
instrument shall be delivered to the Certificateholders and the Master Servicer
by the Depositor.

         Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 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 Master Servicer and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the prede cessor 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 the like effect as if originally named as trustee
herein. The predecessor trustee shall deliver to the successor trustee all
Mortgage Files and related documents and statements held by it hereunder, and
the Master Servicer and the predecessor trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for more
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 unless at the time of such acceptance such successor trustee shall be
eligible under the provisions of Section 8.06.

         Upon acceptance of appointment by a successor trustee as provided in
this Section, the Master Servicer shall mail notice of the succession of such
trustee hereunder to all Holders of Certificates at their addresses as shown in
the Certificate Register. If the Master Servicer fails to mail such notice
within ten days after acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be mailed at the expense of the
Master Servicer.

         SECTION 8.09 Merger or Consolidation of Trustee.

         Any corporation into which the Trustee 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 Trustee shall be a party, or any
corporation succeeding to the business of the Trustee, shall be the successor of
the Trustee hereunder, provided such corporation shall be eligible under the
provisions of Section 8.06, 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 hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same 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 Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8. 10, such powers, duties, obligations, rights and trusts as the Depositor and
the Trustee may consider necessary or desirable. If the Depositor shall not have
joined in such appointment within 15 days after the receipt by it of a request
so to do, or in case an Event of Default 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 hereunder and no notice to Holders of
Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be
required under Section 8.08 hereof.

         In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 8. 10 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, 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 Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the 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.

         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 Commission Reporting.

         (a) (i) Within 15 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 Master Servicer, with a copy of the monthly
statement to be furnished by the Trustee to the Certificateholders for such
Distribution Date and detailing all data elements specified in Item 1121(a) of
Regulation AB as part of the monthly statement; provided that the Trustee shall
have received no later than 2 days prior to the date such Distribution Report on
Form 10-D is required to be provided to the Trustee as described in clause
(a)(iv) below, the following information:

         (A) Notice of any material modifications, extensions or waivers to
Mortgage Loan terms, fees, penalties or payments during the distribution period
or that have cumulatively become material over time from the Master Servicer;

         (B) Notice of any new issuance of asset-backed securities backed by the
same asset pool, any pool asset changes, such as Mortgage Loan substitutions and
repurchases, and cash flows available for future purchases, if applicable from
the Seller;

         (C) A brief description of any legal proceedings pending, including
proceedings known to be contemplated by governmental authorities, against the
Depositor, Seller and the Master Servicer or of which any property of the
foregoing is the subject, that is material to Certificateholders from each of
the Depositor, Seller and the Master Servicer if applicable;

         (D) The information required by Item 2 of Part II of Form 10-Q
regarding any sale of securities that are either backed by the same asset pool
or are otherwise issued by the issuer, regardless of whether the transaction was
registered under the Securities Act of 1933 during the period covered by the
report, from the Seller;

         (E) The information required by Item 3 of Part II of Form 10-Q with
respect to defaults upon the senior securities during the period covered by the
report, from the Seller;

         (F) Any information required to be disclosed in a report on Form 8-K
during the period covered by the report on the Form 10-D, but not reported,
whether or not otherwise required by the Form 10-D from the Seller and the
Master Servicer; and

         (G) Any exhibits to the Form 10-D from the Seller.

         (ii) The Trustee will prepare and file Current Reports on Form 8-K in
respect of the Trust, signed by the Master Servicer, at the direction and
expense of the Depositor, provided, that, the Depositor, the Seller or the
Master Servicer shall have timely notified the Trustee of an item reportable on
a Current Report on Form 8-K and shall have delivered to the Trustee no later
than one Business Days prior to the filing deadline for such Current Report, all
information, data, and exhibits required to be provided to the Trustee as
described in clause (a)(iv) below or filed with such Current Report with respect
to:

         (A) Any entry into a material definitive agreement, any termination of
a material definitive agreement and any bankruptcy or receivership of the
Depositor, the Seller or the Master Servicer (including any servicer that does
not sign the pooling and servicing agreement and any subservicer that signs a
subservicing agreement) from the Depositor, the Seller or the Master Servicer as
applicable;

         (B) Any material modification to the rights of Certificateholders,
amendments of the articles of incorporation or bylaws or a change of the fiscal
year of any transaction party from each of the Depositor, the Seller or the
Master Servicer as applicable; and

         (C) Any Securities Act update provided by the Seller.

         (iii) Prior to January 30 in each year commencing in 2007, the Trustee
shall, in accordance with industry standards, file a Form 15 Suspension Notice
with respect to the Trust Fund, if applicable. Prior to (x) March 15, 2007 and
(y) unless and until a Form 15 Suspension Notice shall have been filed, prior to
March 15 of each year thereafter, the Master 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 Master Servicer
pursuant to Sections 3.13 and 3.14. 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, subject to subsection (d) below, file a Form
10-K, in substance 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
Master Servicer pursuant to Sections 3.16 and 3.17 and a certification in the
form attached hereto as Exhibit K (the "Depositor Certification"), which shall
be signed by the senior officer of the Depositor in charge of securitization.
The Depositor, Seller and the Master Servicer shall provide the Trustee with the
following information, as applicable, no later than March 1 of each calendar
year prior to the filing deadline for the Form 10-K and required to be provided
to the Trustee as described in clause (a)(iv) below:

         (A) Any exhibits or financial statement schedules required by Item 15
of Form 10-K from each of the Depositor, Seller and the Master Servicer;

         (B) A description of any legal proceedings pending, including
proceedings known to be contemplated by governmental authorities, against the
Depositor, Seller and the Master Servicer or of which any property of the
foregoing is the subject, that is material to Certificateholders from each of
the Depositor, Seller and the Master Servicer if applicable;

         (D) A description of any affiliations between the transaction parties
pursuant to Item 1119 of Regulation AB from the Seller; and

         (E) The Assessment of Compliance, Attestation Report, Annual Compliance
Statements and other documentation provided by the Master Servicer pursuant to
Sections 3.19 and 3.20.

         (iv) As to each item of information required to be included in any Form
10-D, Form 8-K or Form 10-K, the Trustee's obligation to include the information
in the applicable report is subject to receipt from the entity that is indicated
in Exhibit __ as the responsible party for providing that information, if other
than the Trustee, as and when required as described above. Each of the Master
Servicer, Seller and Depositor hereby agree to notify and provide to the Trustee
all information that is required to be included in any Form 10-D, Form 8-K or
Form 10-K, with respect to which that entity is indicated in Exhibit __ as the
responsible party for providing that information. [The Swap Provider will be
obligated pursuant to the Swap Agreement to provide to the Trustee any
information that may be required to be included in any Form 10-D, Form 8-K or
Form 10-K. The Trustee shall be responsible for determining the significance
percentage (as defined in Item 1115 of Regulation AB) of the Swap Provider at
any time. The Master Servicer shall be responsible for determining the pool
concentration applicable to any subservicer or originator at any time, for
purposes of disclosure as required by Items 1117 and 1119 of Regulation AB.]

         (v) The Depositor hereby grants to the Master Servicer a limited power
of attorney to sign each Form 10-D, Form 8-K and Form 10-K on behalf of the
Depositor. Such power of attorney shall continue until either the earlier of (x)
receipt by the Master Servicer from the Depositor of written termination of such
power of attorney and (y) the termination of the Trust Fund. The Depositor
agrees to promptly furnish to the Trustee, from time to time upon request, such
further information, reports and financial statements within its control related
to this Agreement, the Mortgage Loans as the Trustee reasonably deems
appropriate to prepare and file all necessary reports with the Commission. The
Trustee shall have no responsibility to file any items other than those
specified in this Section 8.11; provided, however, the Trustee will cooperate
with the Depositor in connection with any additional filings with respect to the
Trust Fund as the Depositor deems necessary under the Securities Exchange Act of
1934, as amended (the "Exchange Act"). Copies of all reports filed by the
Trustee under the Exchange Act shall be sent to: the Depositor c/o
[_____________________________]. Fees and expenses incurred by the Trustee in
connection with this Section 8.11 shall not be reimbursable from the Trust Fund.

         (b) Not later than 15 calendar days before the date on which the
Depositor's annual report on Form 10-K is required to be filed in accordance
with the Exchange Act and the rules and regulations of the Commission (or, if
such day is not a Business Day, the immediately preceding Business Day), the
Trustee shall sign a certification in the form attached hereto as Exhibit L (the
"Trustee Certification") for the benefit of the Depositor and its officers,
directors and affiliates regarding certain aspects of items 1 through 3 of the
Depositor Certification. In addition, the Trustee shall, subject to the
provisions of Section 8.01 and 8.02 hereof, 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
arising out of or based upon a breach of the Trustee's obligations under this
Section 8.11 or any inaccuracy made in the Trustee Certification. If the
indemnification provided for in this Section 8.11(b) is unavailable or
insufficient to hold harmless such Persons, then the Trustee shall contribute to
the amount paid or payable by such Persons as a result of the losses, claims,
damages or liabilities of such Persons in such proportion as is appropriate to
reflect the relative fault of the Depositor on the one hand and the Trustee on
the other. The Trustee acknowledges that the Depositor is relying on the
Trustee's performance of its obligations under this Section 8.11 in order to
perform its obligations under Section 8.11(a) above.

         (c) Not later than 15 calendar days before the date on which the
Depositor's annual report on Form 10-K is required to be filed in accordance
with the Exchange Act and the rules and regulations of the Commission (or, if
such day is not a Business Day, the immediately preceding Business Day), the
Master Servicer will deliver to the Depositor and the Trustee an Officer's
Certificate for the prior calendar year in substantially the form of Exhibit M
to this Agreement. The Master Servicer agrees to indemnify and hold harmless the
Depositor, the Trustee and each Person, if any, who "controls" the Depositor or
the Trustee within the meaning of the Securities Act 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, fees and expenses that such Person may sustain
arising out of third party claims based on (i) the failure of the Master
Servicer to deliver or caused to be delivered when required any Officer's
Certificate pursuant to this Section 8.11(c), or (ii) any material misstatement
or omission contained in any Officer's Certificate provided pursuant to this
Section 8.11(c). If an event occurs that would otherwise result in an
indemnification obligation under clauses (i) or (ii) above, but the
indemnification provided for in this Section 8.11(c) by such Servicer is
unavailable or insufficient to hold harmless such Persons, then such Servicer
shall contribute to the amount paid or payable by such Persons as a result of
the losses, claims, damages or liabilities of such Persons in such proportion as
is appropriate to reflect the relative fault of the Depositor or Trustee on the
one hand and such Servicer on the other. Each Servicer acknowledges that the
Depositor and the Trustee are relying on the Master Servicer's performance of
its obligations under this Agreement in order to perform their respective
obligations under this Section 8.11.

         (d) Nothing shall be construed from the foregoing subsections (a), (b)
and (c) to require the Trustee or any officer, director or Affiliate thereof to
sign any Form 10-K or any certification contained therein. Furthermore, the
inability of the Trustee to file a Form 10-K as a result of the lack of required
information as set forth in Section 8.11(a) or required signatures on such Form
10-K or any certification contained therein shall not be regarded as a breach by
the Trustee of any obligation under this Agreement.

         (e) Notwithstanding the provisions of Section 10.01, this Section 8.12
may be amended without the consent of the Certificateholders.

         (f) Upon any filing with the Commission, the Trustee shall promptly
deliver to the Depositor a copy of any executed report, statement or
information.

<PAGE>

                                   ARTICLE IX

                                   TERMINATION

         SECTION 9.01 Termination Upon Repurchase or Liquidation of All Mortgage
Loans.

         Subject to Section 9.02, the respective obligations and
responsibilities of the Depositor, the Master Servicer and the Trustee created
hereby (other than the obligations of the Master Servicer to provide for and the
Trustee to make payments to Certificateholders as hereafter set forth) shall
terminate upon payment to the Certificateholders of all amounts held by or on
behalf of the Trustee and required to be paid to them hereunder following the
earlier to occur of (i) the repurchase by the Master Servicer of all Mortgage
Loans and each REO Property in respect thereof remaining in the Trust Fund at a
price equal to (a) 100% of the unpaid principal balance of each Mortgage Loan
(other than one as to which a REO Property was acquired) on the day of
repurchase together with accrued interest on such unpaid principal balance at
the related Net Mortgage Rate to the first day of the month in which the
proceeds of such repurchase are to be distributed, plus (b) the appraised value
of any REO Property less the good faith estimate of the Master Servicer of
liquidation expenses to be incurred in connection with its disposal thereof,
such appraisal to be conducted by an appraiser mutually agreed upon by the
Master Servicer and the Trustee at the expense of the Master Servicer, (but not
more than the unpaid principal balance of the related Mortgage Loan, together
with accrued interest on that balance at the Net Mortgage Rate to the first day
of the month of repurchase), and (ii) the final payment or other liquidation (or
any Advance with respect thereto) of the last Mortgage Loan remaining in the
Trust Fund (or the disposition of all REO Property in respect thereof);
provided, however, that in no event shall the trust created hereby continue
beyond 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 hereof. In the case of any repurchase
by the Master Servicer pursuant to clause (i), the Master Servicer shall include
in such repurchase price the amount of any Advances that will be reimbursed to
the Master Servicer pursuant to Section 3.11 (iii) and the Master Servicer shall
exercise reasonable efforts to cooperate fully with the Trustee in effecting
such repurchase and the transfer of the Mortgage Loans and related Mortgage
Files and related records to the Master Servicer.

         The right of the Master Servicer to repurchase all Mortgage Loans
pursuant to (i) above shall be conditioned upon the aggregate Stated Principal
Balance of such Mortgage Loans at the time of any such repurchase aggregating an
amount equal to or less than ___% of the aggregate Stated Principal Balance of
the Mortgage Loans at the Cut-off Date. If such right is exercised, the Master
Servicer upon such repurchase shall provide to the Trustee, the certification
required by Section 3.16.

         Notice of any termination, specifying the Distribution Date upon which
the Certificateholders may surrender their Certificates to the Trustee for
payment of the final distri bution and cancellation, shall be given promptly by
the Master Servicer by letter to the Trustee and shall be given promptly by the
Trustee to the Certificateholders mailed (a) in the event such notice is given
in connection with the Master Servicer's election to repurchase, not earlier
than the 15th day and not later than the 25th day of the month next preceding
the month of such final distribution or (b) otherwise during the month of such
final distribution on or before the Determination Date in such month, in each
case specifying (i) the Distribution Date upon which final payment of the
Certificates will be made upon presentation and surrender of Certificates at the
office of the Certificate Registrar therein designated, (ii) the amount of any
such final payment and (iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation
and surrender of the Certificates at the office of the Certificate Registrar
therein specified. In the event such notice is given in connection with the
Master Servicer's election to repurchase, the Master Servicer shall deposit in
the Custodial Account pursuant to Section 3. 10 on the last day of the related
Prepayment Period an amount equal to the above-described repurchase price
payable out of its own funds. Upon presentation and surrender of the
Certificates by the Certificateholders, the Trustee shall distribute to the
Certificateholders (i) the amount otherwise distributable on such Distribution
Date, if not in connection with the Master Servicer's election to repurchase, or
(ii) if the Master Servicer elected to so repurchase, an amount determined as
follows: with respect to each Class A and Class B Certificate, the outstanding
Certificate Principal Balance thereof, plus one month's interest thereon at the
applicable Pass-Through Rate and any previously unpaid Accrued Certificate
Interest, subject to the priority set forth in Section 4.01(b); and with respect
to each Class R Certificate, the Percentage Interest evidenced thereby
multiplied by the difference, if any, between the above described repurchase
price and the aggregate amount to be distributed to the Class A and Class B
Certificateholders. Upon certification to the Trustee by a Servicing Officer,
following such final deposit, the Trustee shall promptly release the Mortgage
Files as directed by the Master Servicer for the remaining Mortgage Loans, and
the Trustee shall execute all assignments, endorsements and other instruments
required by the Master Servicer as being necessary to effectuate such transfer.

         In the event that all of the Certificateholders shall not surrender
their Certificates for cancellation within six months after the time specified
in the above-mentioned notice, the Trustee shall give a second notice to the
remaining Certificateholders to surrender their Certificates for cancellation
and receive the final distribution with respect thereto. If within six months
after the second notice all of the Certificates shall not have been surrendered
for cancellation, the Trustee shall take reasonable steps as directed by the
Depositor, or appoint an agent to take reasonable steps, to contact the
remaining Certificateholders concerning surrender of their Certificates, and the
cost thereof shall be paid out of the funds and other assets which remain
subject hereto. If, within nine months after the second notice, all of the
Certificates shall not have been surrendered for cancellation, the Class R
Certificateholders shall be entitled to all unclaimed funds and other assets
which remain subject hereto.

         SECTION 9.02 Additional Termination Requirements.

         (a) In the event the Master Servicer repurchases the Mortgage Loans as
provided in Section 9.01, the Trust Fund shall be terminated in accordance with
the following additional requirements, unless the Master Servicer obtains for
the Trustee an Opinion of Counsel to the effect that the failure of the Trust
Fund to comply with the requirements of this Section 9.02 will not (i) result in
the imposition of taxes on the net income derived from "prohibited transactions"
of the Trust Fund as defined in Section 86OF of the Code or (ii) cause the Trust
Fund to fail to qualify as a REMIC at any time that any Certificates are
outstanding:

                  (i) The Trustee shall establish a 90-day liquidation period
         and specify the first day of such period in a statement attached to the
         Trust Fund's final Tax Return pursuant to Treasury Regulation
         (S)1.86OF-1. The Trustee shall satisfy all the requirements of a
         qualified liquidation under 86OF of the Code and any regulations
         thereunder, as evidenced by an Opinion of Counsel obtained at the
         expense of the Master Servicer;

                  (ii) During such 90-day liquidation period, and at or prior to
         the time of making of the final payment on the Certificates, the Master
         Servicer shall sell all of the assets of the Trust Fund for cash; and

                  (iii) At the time of the making of the final payment on the
         Certificates, the Trustee shall distribute or credit, or cause to be
         distributed or credited, to the Holders of the Class R Certificates all
         remaining cash on hand (other than cash retained to meet claims), and
         the Trust Fund shall terminate at that time.

         (b) By their acceptance of the Class R Certificates, the Holders
thereof hereby agree to authorize the Trustee to specify the 90-day liquidation
period for the Trust Fund, which authorization shall be binding upon all
successor Class R Certificateholders.

<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

         SECTION 10.01 REMIC Administration.

         (a) The Trustee shall make an election to treat the Trust Fund as a
REMIC under the Code and, if necessary, under applicable state law. Such
election will be made on Form 1066 or other appropriate federal tax or
information return or any appropriate state return for the taxable year ending
on the last day of the calendar year in which the Certificates are issued. For
the purposes of the REMIC election in respect of the Trust Fund, the Class A and
Class B Certificates shall be designated as the "regular interests" and the
Class R Certificates shall be designated as the sole class of "residual
interest" in the Trust Fund. The Trustee shall not permit the creation of any
"interests" in the Trust Fund (within the meaning of Section 86OG of the Code)
other than the Regular Certificates and the Residual Certificates.

         (b) The Closing Date is hereby designated as the "startup day" of the
Trust Fund within the meaning of Section 86OG(a)(9) of the Code.

         (c) The Trustee shall hold a Class R Certificate representing a 0.01 %
Percentage interest of all Class R Certificates and shall be designated as the
tax matters person of the Trust Fund in the manner provided under Treasury
regulations section 1.86OF-4(d) and temporary Treasury regulations section
301.6231(a)(7)-1T. The Trustee, as tax matters person, shall (i) act on behalf
of the Trust Fund in relation to any tax matter or controversy involving the
Trust Fund and (ii) represent the Trust Fund in any administrative or judicial
proceeding relating to an examination or audit by any governmental taxing
authority with respect thereto. To the extent authorized under the Code and the
regulations promulgated thereunder, each Holder of a Class R Certificate, hereby
irrevocably appoints and authorizes the Trustee to be its attorney-in-fact for
purposes of signing any Tax Returns required to be filed on behalf of the Trust
Fund. The legal expenses and costs of any such action described in this
subsection and any liability resulting therefrom shall constitute expenses of
the Trust Fund and the Trustee shall be entitled to reimbursement therefor
unless such legal expenses and costs are incurred by reason of the Trustee's
willful misfeasance, bad faith or negligence.

         (d) Except as provided in Section 4.05, the Trustee shall prepare or
cause to be prepared, sign and file all of the Tax Returns in respect of the
Trust Fund created hereunder. The expenses of preparing and filing such returns
shall be borne by the Trustee without any right of reimbursement therefor.

         (e) The Trustee shall perform on behalf of the Trust Fund all reporting
and other tax compliance duties that are the responsibility of the Trust Fund
under the Code, REMIC Provisions or other compliance guidance issued by the
Internal Revenue Service or any state or local taxing authority. Among its other
duties, as required by the Code, the REMIC Provisions or other such compliance
guidance, the Trustee shall provide (i) to any Transferor of a Class R
Certificate such information as is necessary for the application of any tax
relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee, (ii) Certificateholders such information or reports as are
required by the Code or the REMIC Provisions including reports relating to
interest, original issue discount and market discount or premium (using the
Prepayment Assumption) and (iii) to the Internal Revenue Service the name,
title, address and telephone number of the person who will serve as the
representative of the Trust Fund. In addition, the Depositor shall provide or
cause to be provided to the Trustee, within ten (10) days after the Closing
Date, all information or data that the Trustee reasonably determines to be
relevant for tax purposes as to the valuations and issue prices of the
Certificates, including, without limitation, the price, yield, prepayment
assumption and projected cash flow of the Certificates.

         (f) The Trustee shall take such action and shall cause the Trust Fund
created hereunder to take such action as shall be necessary to create or
maintain the status thereof as a REMIC under the REMIC Provisions (and the
Master Servicer shall assist it, to the extent reasonably requested by it). The
Trustee shall not take any action, cause the Trust Fund 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 the Trust Fund as a REMIC or (ii) 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 86OF(a)(2) of the Code and the tax on
contributions to a REMIC set forth in Section 86OG(d) of the Code) (either such
event, an "Adverse REMIC Event") unless the Trustee received an Opinion of
Counsel (at the expense of the party seeking to take such action but in no event
shall such Opinion of Counsel be an expense of the Trustee) to the effect that
the contemplated action will not, with respect to the Trust Fund created
hereunder, endanger such status or result in the imposition of such a tax. The
Master Servicer shall not take or fail to take any action (whether or not
authorized hereunder) as to which the Trustee has advised it in writing that it
has received an Opinion of Counsel to the effect that an Adverse REMIC Event
could occur with respect to such action. In addition, prior to taking any action
with respect to the Trust Fund or its assets, or causing the Trust Fund to take
any action, which is not expressly permitted under the terms of this Agreement,
the Master Servicer will consult with the Trustee or its designee, in writing,
with respect to whether such action could cause an Adverse REMIC Event to occur
with respect to the Trust Fund, and the Master Servicer shall not take any such
action or cause the Trust Fund to take any such action as to which the Trustee
has advised it in writing that an Adverse REMIC Event could occur. The Trustee
may consult with counsel to make such written advice, and the cost of same shall
be borne by the party seeking to take the action not permitted by this Agreement
(but in no event shall such cost be an expense of the Trustee). At all times as
may be required by the Code, the Trustee will ensure that substantially all of
the assets of the Trust Fund will consist of "qualified mortgages" as defined in
Section 86OG(a)(3) of the Code and "permitted investments" as defined in Section
86OG(a)(5) of the Code.

         (g) In the event that any tax is imposed on "prohibited transactions"
of the Trust Fund created hereunder as defined in Section 86OF(a)(2) of the
Code, on "net income from foreclosure property" of the Trust Fund as defined in
Section 86OG(c) of the Code, on any contributions to the Trust Fund after the
Startup Day therefor pursuant to Section 86OG(d) of the Code, or any other tax
is imposed by the Code or any applicable provisions of state or local tax laws,
such tax shall be charged (i) to the Trustee pursuant to Section 10.03 hereof,
if such tax arises out of or results from the willful misfeasance, bad faith or
negligence in performance by the Trustee of any of its obligations under this
Article X, (ii) to the Master Servicer pursuant to Section 10.03 hereof, if such
tax arises out of or results from a breach by the Master Servicer of any of its
obligations under Article III or this Article X, or otherwise (iii) against
amounts on deposit in the Custodial Account and shall be paid by withdrawal
therefrom.

         (h) On or before April 15 of each calendar year, commencing April 15,
20_, the Trustee shall deliver to the Master Servicer and each Rating Agency a
Certificate from a Responsible Officer of the Trustee stating the Trustee's
compliance with this Article X.

         (i) The Master Servicer and the Trustee shall, for federal income tax
purposes, maintain books and records with respect to the Trust Fund on a
calendar year and on an accrual basis.

         (j) Following the Startup Day, the Trustee shall not accept any
contributions of assets to the Trust Fund other than in connection with any
Qualified Substitute Mortgage Loan delivered in accordance with Section 2.04
unless it shall have received an Opinion of Counsel (which such Opinion of
Counsel shall not be an expense of the Trustee) to the effect that the inclusion
of such assets in the Trust Fund will not cause the Trust Fund to fail to
qualify as a REMIC at any time that any Certificates are outstanding or subject
the Trust Fund to any tax under the REMIC Provisions or other applicable
provisions of federal, state and local law or ordinances.

         (k) Neither the Trustee nor the Master Servicer shall enter into any
arrangement by which the Trust Fund will receive a fee or other compensation for
services nor permit either such REMIC to receive any income from assets other
than "qualified mortgages" as defined in Section 86OG(a)(3) of the Code or
"permitted investments" as defined in Section 86OG(a)(5) of the Code.

         (l) Solely for purposes of satisfying Section 1.86OG-1(a)(4)(iii) of
the Treasury regulations, and based on certain assumptions described below, the
"latest possible maturity date" by which the Certificate Principal Balances of
the Certificates representing a regular interest in the Trust Fund would be
reduced to zero is __________ 25, 20__, which is the Distribution Date
immediately following the latest scheduled maturity of any Mortgage Loan as
determined assuming that (i) scheduled interest and principal payments on the
Mortgage Loans are received in a timely manner, with no delinquencies or losses,
(ii) there are no principal prepayments, and (iii) neither the Seller nor the
Master Servicer will repurchase any Mortgage Loans.

         SECTION 10.02 Prohibited Transactions and Activities.

         Neither the Depositor, the Master Servicer nor the Trustee shall sell,
dispose of or substitute for any of the Mortgage Loans (except in connection
with (i) the foreclosure of a Mortgage Loan, including but not limited to, the
acquisition or sale of a Mortgaged Property acquired by deed in lieu of
foreclosure, (ii) the bankruptcy of the Trust Fund, (iii) the termination of the
Trust Fund pursuant to Article IX of this Agreement or (iv) a purchase of
Mortgage Loans pursuant to Article II or III of this Agreement) nor acquire any
assets for the Trust Fund, nor sell or dispose of any investments in the
Custodial Account or the Certificate Account for gain, nor accept any
contributions to the Trust Fund after the Closing Date unless it has received an
Opinion of Counsel (at the expense of the party seeking to cause such sale,
disposition, substitution or acquisition but in no event shall such Opinion of
Counsel be an expense of the Trustee) that such sale, disposition, substitution
or acquisition will not (a) affect adversely the status of the Trust Fund as a
REMIC or (b) cause the Trust Fund to be subject to a tax on "prohibited
transactions" or "contributions" pursuant to the REMIC Provisions.

         SECTION 10.03 Master Servicer and Trustee Indemnification.

         (a) The Trustee agrees to indemnify the Trust Fund, the Depositor and
the Master Servicer for any taxes and costs including, without limitation, any
reasonable attorneys fees imposed on or incurred by the Trust Fund, the
Depositor or the Master Servicer, as a result of the willful misfeasance, bad
faith or negligence by the Trustee with respect to the Trustee's covenants set
forth in this Article X.

         (b) The Master Servicer agrees to indemnify the Trust Fund, the
Depositor and the Trustee for any taxes and costs (including, without
limitation, any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Depositor or the Trustee, as a result of a breach of the Master
Servicer's covenants set forth in this Article X or in Article III with respect
to compliance with the REMIC Provisions, including without limitation, any
penalties arising from the Trustee's execution of Tax Returns prepared by the
Master Servicer that contain errors or omissions.

<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

         SECTION 11.01 Amendment.

         This Agreement may be amended from time to time by the Depositor, the
Master Servicer and the Trustee without the consent of any 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 to correct any error, (iii) to change the timing and/or
nature of deposits in the Certificate Account, provided that (a) such change
would not adversely affect in any material respect the interests of any
Certificateholder, as evidenced by an Opinion of Counsel, and (b) such change
would not adversely affect the then-current rating of any rated class of
Certificates, as evidenced by a letter from each applicable Rating Agency, (iv)
to modify, eliminate or add to any of the provisions of the Trust Fund (a) to
such extent as shall be necessary to maintain the qualification of the Trust
Fund as a REMIC or to avoid or minimize the risk of imposition of any tax on the
Trust Fund, provided that the Trustee has received an Opinion of Counsel to the
effect that (1) such action is necessary or desirable to maintain such
qualification or to avoid or minimize such risk, and (2) such action will not
adversely affect in any material respect the interests of any Certificateholder,
or (b) to restrict the transfer of the Class R Certificates, provided that the
Depositor has determined that the then- current ratings of the Class A
Certificates will not be adversely affected, as evidenced by a letter from each
Rating Agency, and that any such amendment will not give rise to any tax with
respect to the transfer of the Class R Certificates to a non-Permitted
Transferee, (v) to make any other provisions with respect to matters or
questions arising this Agreement which are not materially inconsistent with the
provisions thereof, provided that such action will not adversely affect in any
material respect the interests of any Certificateholder, or (vi) to amend
specified provisions that are not material to holders of any class of
Certificates offered hereunder.

         This Agreement may also be amended from time to time by the Depositor,
the Master Servicer and the Trustee with the consent of the Holders of
Certificates entitled to at least 66-2/3% of the Voting Rights allocated to each
Class affected thereby 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 shall (i) reduce in any manner the amount of, or
delay the timing of, payments received on Mortgage Loans which are required to
be distributed on any Certificate without the consent of the Holder of such
Certificate, or (ii) reduce the aforesaid percentage of Certificates the Holders
of which are required to consent to any such amendment, without the consent of
the Holders of all Certificates then outstanding. Notwithstanding any other
provision of this Agreement, for purposes of the giving or withholding of
consents pursuant to this Section 11.01, Certificates registered in the name of
the Seller or the Master Servicer or any affiliate thereof shall be entitled to
Voting Rights with respect to matters described in clauses (i) and (ii) of this
paragraph.

         Notwithstanding any contrary provision of this Agreement, the Trustee
shall not consent to any amendment to this Agreement unless it shall have first
received an Opinion of Counsel (provided by the Person requesting such
amendment) to the effect that such amendment will not result in the imposition
of any tax on the Trust Fund pursuant to the REMIC Provisions or cause the Trust
Fund to fail to qualify as a REMIC at any time that any of the Certificates are
outstanding. Promptly after the execution of any such amendment the Trustee
shall furnish a statement describing the amendment to each Certificateholder.

         It shall not be necessary for the consent of Certificateholders under
this Section 11.01 to approve the particular form of any proposed amendment, but
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.

         Prior to executing any amendment pursuant to this Section, the Trustee
shall be entitled to receive an Opinion of Counsel (provided by the Person
requesting such amendment) to the effect that such amendment is authorized or
permitted by this Agreement. The cost of an Opinion of Counsel delivered
pursuant to this Section 11.01 shall be an expense of the party requesting such
amendment, but in any case shall not be an expense of the Trustee.

         The Trustee may, but shall not be obligated to enter into any amendment
pursuant to this Section 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
Master Servicer and at the expense of the Depositor on direction by the Trustee,
but only upon direction 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 constitute but one and
the same instrument.

         SECTION 11.03 Limitation on Rights of Certificateholders.

         The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor 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 Fund, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

         No Certificateholder shall have any right to vote (except as expressly
provided for herein) or in any manner otherwise control the operation and
management of the Trust Fund, 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 party 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 notice of an Event of Default, or of a default
by the Seller or the Trustee in the performance of any obligation hereunder, 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 60 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, 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, 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.

         This Agreement and the Certificates 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.

         SECTION 11.05 Notices.

         All demands, notices and direction hereunder shall be in writing and
shall be deemed effective upon receipt when delivered to (a) in the case of the
Depositor, ________________________, ____________________________________,
Attention: ____________________, or such other address as may hereafter be
furnished to the Trustee and the Master Servicer in writing by the Depositor,
(b) in the case of the Trustee _____________________, Attention:
_______________________________, or such other address as may hereafter be
furnished to the Master Servicer and the Depositor in writing by the Trustee and
(c) in the case of the Master Servicer, [Name of Master Servicer]
________________________, ____________________________________, Attention:
__________________________ or such other address as may hereafter be furnished
to the Depositor and the Trustee in writing. 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. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

         SECTION 11.06 Severability of Provisions.

         If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever 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 Successors and Assigns; Third Party Beneficiary.

         The provisions of this Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the parties hereto, and all
such provisions shall inure to the benefit of the Trustee and the
Certificateholders. The parties hereto agree that the Seller is the intended
third party beneficiary of Sections 3.07, 3.10 and 3.22 hereof, and that the
Seller may enforce such provisions to the same extent as if the Seller were a
party to this Agreement.

         SECTION 11.08 Article and Section Headings.

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

         SECTION 11.09 Notice to Rating Agencies and Certificateholder.

         The Trustee shall use its best efforts to promptly provide notice to
the Rating Agency referred to below with respect to each of the following of
which it has actual knowledge:

         1. Any material change or amendment to this Agreement;

         2. The occurrence of any Event of Default that has not been cured;

         3. The resignation or termination of the Master Servicer or the
Trustee;

         4. The repurchase or substitution of Mortgage Loans pursuant to Section
2.04;

         5. The final payment to Certificateholders; and

         6. Any change in the location of the Custodial Account or the
Certificate Account.

         In addition, the Trustee shall promptly furnish to the Rating Agency
copies of the following:

         1. Each report to Certificateholders described in Section 4.02;

         2. Each annual independent public accountants' servicing report
received as described in Section 3.20; and

         3. Each Master Servicer compliance report received as described in
Section 3.19.

         Any such notice pursuant to this Section 11.09 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) in the
case of [_________________________] Attention: ______________ the case of
[____________________________________________________] or, in each case, such
other address as such Rating Agency may designate in writing to the parties
thereto.

<PAGE>

         IN WITNESS WHEREOF, the Depositor, the Master 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.

                                 OPTEUM MORTGAGE ACCPETANCE CORP.,

                                 Depositor

                                 By:
                                    --------------------------------------------

                                 [NAME OF MASTER SERVICER],
                                 Master Servicer

                                 By:
                                    --------------------------------------------

                                 [NAME OF TRUSTEE],
                                 Trustee

                                 By:
                                    --------------------------------------------

<PAGE>

                                   EXHIBIT A-1

                         FORM OF CLASS [A-_] 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 (THE "CODE").

<PAGE>

<TABLE>
<CAPTION>
<S>                              <C>
Certificate No.__                _____% Pass_Through Rate
Class A_____
Date of Pooling and Servicing    Percentage Interest:____%
Agreement and Cut_off Date:
_____________ 1, 20__
First Distribution Date:         Aggregate Initial [Certificate Principal Balance]
_____________, 20__              [Notional Amount] of the Class A___ Certificates:
                                 $______________
Master Servicer:                 Initial [Certificate Principal
[Name of Master Servicer]        Balance] [Notional Amount] of this Certificate:
                                 $______________
Assumed Final                    CUSIP:__________
Distribution Date:
__________ 25, 20__
</TABLE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                                  SERIES 200_-_

         evidencing a percentage interest in the distributions allocable to the
         Class A- ___ Certificates with respect to a Trust Fund consisting
         primarily of a pool of conforming one- to four-family fixed-rate first
         lien mortgage loans formed and sold by OPTEUM MORTGAGE ACCEPTANCE CORP.

         This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Opteum Mortgage
Acceptance Corp, the Master Servicer, the Trustee referred to below or any of
their affiliates. Neither this Certificate nor the underlying Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality or by [Name
of Master Servicer], the Master Servicer, the Trustee or any of their
affiliates. None of the Depositor, the Master Servicer or any of their
affiliates will have any obligation with respect to any certificate or other
obligation secured by or payable from payments on the Certificates.

         This certifies that [Cede & Co.] is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
Initial [Certificate Principal Balance] [Notional Amount] of this Certificate by
the aggregate Initial [Certificate Principal Balance] [Notional Amount] of all
Class A-____ Certificates, both as specified above) in certain distributions
with respect to the Trust Fund consisting primarily of an interest in a pool of
conventional one- to four-family fixed-rate first lien mortgage loans (the
"Mortgage Loans"), formed and sold by Opteum Mortgage Acceptance Corp.
(hereinafter called the "Depositor," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the Depositor, the Master Servicer and [Name of Trustee], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereafter. 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.

         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, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
immediately preceding the month of such Distribution Date (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of [interest
and] [principal], if any, required to be distributed to Holders of Class
A-____Certificates on such Distribution Date.

         Distributions on this Certificate will be made either by the Trustee or
by a Paying Agent appointed by the Trustee either in immediately available funds
(by wire transfer or otherwise) for the account of the Person entitled thereto
if such Person shall have so notified the Trustee or such Paying Agent at least
5 Business Days prior to the related Record Date, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

         Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
[Certificate Principal Balance] [Notional Amount] of this Certificate is set
forth above. The [Certificate Principal Balance] [Notional Amount] hereof will
be reduced to the extent of [distributions allocable to principal and] any
Realized Losses allocable hereto.

         This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates").

         The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.

         As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Trustee, the Depositor and the Master Servicer of advances
made, or certain expenses incurred, by either of them.

         The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Depositor, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of
each Class of Certificates affected thereby. 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 herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of 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 upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee, duly endorsed by, or accompanied
by an assignment in the form below or other 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 authorized denominations evidencing
the same Class and aggregate Percentage Interest will be issued to the
designated transferee or transferees.

         The Certificates are issuable only as registered Certificates without
coupons in Classes and 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 authorized denominations
evidencing the same Class and 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 Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Depositor, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.

         This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.

         The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Class R
Certificateholder from the Trust Fund of all remaining Mortgage Loans and all
property acquired in respect of such Mortgage Loans, thereby effecting early
retirement of the Certificates. The Agreement permits, but does not require, the
Class R Certificateholder to (i) purchase at a price determined as provided in
the Agreement all remaining Mortgage Loans and all property acquired in respect
of any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Aggregate [Stated Principal Balance] [Notional Amount] of
the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than one percent of the Aggregate [Stated
Principal Balance] [Notional Amount] of the Mortgage Loans at the Cut-off Date.

         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.

         Unless the certificate of authentication hereon has been executed by
the Trustee, by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:   __________ __, 200_                 [NAME OF TRUSTEE],
                                                      as Trustee

                                             By:________________________________
                                             Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class A-____ Certificates referred to in the
within-mentioned Agreement.

                                             [NAME OF TRUSTEE],
                                             as Trustee

                                             By:________________________________
                                             Authorized Signatory

<PAGE>

                                   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) a Percentage
Interest evidenced by the within Mortgage Pass-Through Certificate and hereby
authorizes the transfer of registration of such interest to assignee on the
Certificate Register of the Trust Fund.

         I (We) further direct the Certificate Registrar 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:                                  ________________________________________
                                          Signature by or on behalf of assignor

                                                ________________________________
                                                     Signature Guaranteed

<PAGE>

                            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 __________________, the assignee named
above, or ________________, as its agent.

<PAGE>

                                   EXHIBIT A-2
                         FORM OF CLASS B-_ CERTIFICATES

         THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
CERTIFICATES AND THE [CLASS M CERTIFICATES] [THE CLASS B-1 CERTIFICATES] [AND
THE CLASS B-2 CERTIFICATES], AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

         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 (THE "CODE").

         THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

         NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE
TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(D) OF THE
AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE
OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE
MASTER SERVICER, THE DEPOSITOR OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN
ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

<PAGE>

<TABLE>
<CAPTION>
<S>                                          <C>
Certificate No. 1                            _______% Pass-Through Rate
Class [B-_]                                  Aggregate  Initial   [Certificate   Principal  Balance]
                                             [Notional Amount] of the
                                             Class [B-_] Certificates:
                                             $-----------------
Date of Pooling and Servicing                Initial   [Certificate   Principal  Balance]  [Notional
Agreement and Cut-off Date:                  Amount]
_____________ 1, 200_                        of this Certificate ("Denomination"):
                                             $--------------
First Distribution Date:
_____________, 200_
Master Servicer:                             CUSIP:
[Name of Master Servicer]
Assumed Final Distribution Date:             Percentage Interest of this Certificate:
_____________, 20__                          100.00%
</TABLE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                                  SERIES 200_-_

         evidencing percentage interest in the distributions allocable to the
         Class [B-_] Certificates with respect to a Trust Fund consisting
         primarily of a pool of conforming one- to four- family fixed-rate first
         lien mortgage loans formed and sold by OPTEUM MORTGAGE ACCEPTANCE CORP.

         This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Opteum Mortgage
Acceptance Corp, the Master Servicer, the Trustee referred to below or any of
their affiliates. Neither this Certificate nor the underlying Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality or by [Name
of Master Servicer], the Master Servicer, the Trustee or any of their
affiliates. None of the Depositor, the Master Servicer or any of their
affiliates will have any obligation with respect to any certificate or other or
obligation secured by or payable from payments on the Certificates.

         This certifies that ___________ is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
Initial [Certificate Principal Balance] [Notional Amount] of this Certificate by
the aggregate Initial [Certificate Principal Balance] [Notional Amount] of all
Class [B-_] Certificates, both as specified above), in certain distributions
with respect to a Trust Fund consisting primarily of a pool of one- to
four-family fixed-rate first lien mortgage loans (the "Mortgage Loans"), formed
and sold by Opteum Mortgage Acceptance Corp (hereinafter called the "Depositor,"
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
as specified above (the "Agreement") among the Depositor, the Master Servicer
and [Name of Trustee], as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned 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.

         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, the
Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
immediately preceding the month of such Distribution Date (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class [B-_]
Certificates on such Distribution Date.

         Distributions on this Certificate will be made either by the Trustee or
by a Paying Agent appointed by the Trustee either in immediately available funds
(by wire transfer or otherwise) for the account of the Person entitled thereto
if such Person shall have so notified the Trustee or such Paying Agent at least
5 Business Days prior to the related Record Date, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

         Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
[Certificate Principal Balance] [Notional Amount] of this Certificate is set
forth above. The [Certificate Principal Balance] [Notional Amount] hereof will
be reduced to the extent of [the distributions allocable to principal and] any
Realized Losses allocable hereto.

         No transfer of this Class [B-_] Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is to be
made, (i) the Trustee shall require an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee that such transfer is exempt
(describing the applicable exemption and the basis therefor) from or is being
made pursuant to the registration requirements of the Securities Act of 1933, as
amended, and of any applicable statute of any state and (ii) the transferee and
transferor shall execute a representation letter in the form described by the
Agreement. The Holder hereof desiring to effect such transfer shall, and does
hereby agree to, indemnify the Trustee, the Depositor, the Master Servicer and
the Certificate Registrar acting on behalf of the Trustee 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. In connection with any such transfer, the
Trustee will also require either (i) an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee with respect to the
permissibility of such transfer under the Employee Retirement Income Security
Act of 1974, as amended ("ERISA") and Section 4975 of the Internal Revenue Code
(the "Code") and stating, among other things, that the transferee's acquisition
of a Class [B-_] Certificate will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or
(ii) a representation letter, in the form as described by the Agreement, either
stating that the transferee is not an employee benefit or other plan subject to
the prohibited transaction provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee of any Plan) acting, directly or indirectly, on behalf of or
purchasing any Certificate with "plan assets" of any Plan, or stating that the
transferee is an insurance company, the source of funds to be used by it to
purchase the Certificate is an "insurance company general account" (within the
meaning of Department of Labor Prohibited Transaction Class Exemption ("PTCE")
95-60), and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

         This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates").

         The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.

         As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Trustee, the Depositor and the Master Servicer of advances
made, or certain expenses incurred, by either of them.

         The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Depositor, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of
each Class of Certificates affected thereby. 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 herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of 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 upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee, duly endorsed by, or accompanied
by an assignment in the form below or other 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 authorized denominations evidencing
the same Class and aggregate Percentage Interest will be issued to the
designated transferee or transferees.

         The Certificates are issuable only as registered Certificates without
coupons in Classes and 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 authorized denominations
evidencing the same Class and 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 Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Depositor, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.

         This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.

         The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Class R
Certificateholder from the Trust Fund of all remaining Mortgage Loans and all
property acquired in respect of such Mortgage Loans, thereby effecting early
retirement of the Certificates. The Agreement permits, but does not require, the
Class R Certificateholder to (i) purchase at a price determined as provided in
the Agreement all remaining Mortgage Loans and all property acquired in respect
of any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Aggregate [Stated Principal Balance] [Notional Amount] of
the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than one percent of the Aggregate [Stated
Principal Balance] [Notional Amount] of the Mortgage Loans at the Cut-off Date.

         Unless the certificate of authentication hereon has been executed by
the Trustee, by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:   ___________ __, 200_                [NAME OF TRUSTEE],
                                             as Trustee

                                             By: _______________________________
                                             Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class [B-_] Certificates referred to in the
within-mentioned Agreement.

                                             [NAME OF TRUSTEE],
                                             as Trustee

                                             By: _______________________________
                                             Authorized Signatory

<PAGE>

                                   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) a Percentage
Interest evidenced by the within Mortgage Pass-Through Certificate and hereby
authorizes the transfer of registration of such interest to assignee on the
Certificate Register of the Trust Fund.

         I (We) further direct the Certificate Registrar 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:
      __________________________________________________________________________
                              Signature by or on behalf of assignor

<PAGE>

                            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 , ________________________________
____________________ the assignee named above, or , ________________
______________________________________ as its agent.

<PAGE>

                                    EXHIBIT B
                           FORM OF CLASS R CERTIFICATE

         THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

         SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A "RESIDUAL INTEREST" IN ONE OR MORE "REAL ESTATE MORTGAGE INVESTMENT
CONDUITS" AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF
THE INTERNAL REVENUE CODE OF 1986 (THE "CODE").

         NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE
TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE
DEPOSITOR AND THE TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE IS PERMISSIBLE
UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE
MASTER SERVICER, THE DEPOSITOR OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN
ADDITION TO THOSE UNDERTAKEN IN THE POOLING AND SERVICING AGREEMENT (THE
"AGREEMENT").

         ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) 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, (B) 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, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE, (ANY
SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN
REFERRED TO AS A "DISQUALIFIED ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED
ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR
COLLECTION OF TAX AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL
CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE.
NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR
AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE
OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE
A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO,
THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE, EACH HOLDER OF THIS
CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED
TO THE PROVISIONS OF THIS PARAGRAPH.

<PAGE>

<TABLE>
<CAPTION>
<S>                                 <C>
Certificate No. 1                   _______% Pass-Through Rate

Class R Senior

Date of Pooling and, Servicing      Percentage Interest:  100.00%
Agreement and Cut-off Date:
______________ 1, 200_

First Distribution Date:            Aggregate  Initial   [Certificate   Principal  Balance]
______________, 200_                [Notional Amount] of the
                                    Class R Certificates:
                                    $_________________

Master Servicer:                    Initial   [Certificate   Principal  Balance]  [Notional
[Name of Master Servicer]           Amount] of this
                                    Class R Certificates:
                                    $_________________

Assumed Final Distribution Date:    CUSIP:
______________, 20__
</TABLE>

                        MORTGAGE PASS-THROUGH CERTIFICATE
                                  SERIES 20_-_

         evidencing a percentage interest in any distributions allocable to the
         Class R Certificates with respect to a Trust Fund consisting primarily
         of a pool of one- to four-family fixed-rate first lien mortgage loans
         formed and sold by OPTEUM MORTGAGE ACCEPTANCE CORP.

         This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Opteum Mortgage
Acceptance Corp, the Master Servicer, the Trustee referred to below or any of
their affiliates. Neither this Certificate nor the underlying Mortgage Loans are
guaranteed or insured by any governmental agency or instrumentality or by [Name
of Master Servicer], the Master Servicer, the Trustee or any of their
affiliates. None of the Depositor, the Master Servicer or any of their
affiliates will have any obligation with respect to any certificate or other
obligation secured by or payable from payments on the Certificates.

         This certifies that ________________ is the registered owner of the
Percentage Interest evidenced by this Certificate stated above in certain
distributions with respect to a Trust Fund, consisting primarily of a pool of
one- to four-family fixed-rate first lien mortgage loans (the "Mortgage Loans"),
formed and sold by Opteum Mortgage Acceptance Corp (hereinafter called the
"Depositor," which term includes any successor entity under the Agreement
referred to below). The Trust Fund was created pursuant to a Pooling and
Servicing Agreement dated as specified above (the "Agreement") among the
Depositor, the Master Servicer and [Name of Trustee], as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereafter. 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.

         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, the
Business Day immediately following (the Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
immediately preceding the month of such Distribution Date (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of interest and
principal, if any , required to be distributed to Holders of Class R
Certificates on such Distribution Date.

         Each Holder of this Certificate will be deemed to have agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United States Person and a Permitted Transferee, (ii) the transfer of any
Ownership Interest in this Certificate will be conditioned upon the delivery to
the Trustee of, among other things, an affidavit to the effect that it is a
United States Person and Permitted Transferee, (iii) 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, and (iv) if any person other than a United States Person
and a Permitted Transferee acquires any Ownership Interest in this Certificate
in violation of such restrictions, then the Depositor will have the right, in
its sole discretion and without notice to the Holder of this Certificate, to
sell this Certificate to a purchaser selected by the Depositor, which purchaser
may be the Depositor, or any affiliate of the Depositor, on such terms and
conditions as the Depositor may choose.

         Notwithstanding the above, the final distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that purpose in the City and State of New York. The Initial
[Certificate Principal Balance] [Notional Amount] of this Certificate is set
forth above. The [Certificate Principal Balance] [Notional Amount] hereof will
be reduced to the extent of [distributions allocable to principal] and any
Realized Losses allocable hereto. Notwithstanding the reduction of the
[Certificate Principal Balance] [Notional Amount] hereof to zero, this
Certificate will remain outstanding under the Agreement and the Holder hereof
may have additional obligations with respect to this Certificate, including tax
liabilities, and may be entitled to certain additional distributions hereon, in
accordance with the terms and provisions of the Agreement.

         In connection with any transfer of this Certificate, the Trustee will
also require either (i) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee with respect to the permissibility of such
transfer under the Employee Retirement Income Security Act of 1974, as amended
("ERISA") and Section 4975 of the Internal Revenue Code (the "Code") and
stating, among other things, that the transferee's acquisition of a Class R
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a representation
letter, in the form as described by the Agreement, stating that the transferee
is not an employee benefit or other plan subject to the prohibited transaction
provisions of ERISA or Section 4975 of the Code (a "Plan"), or any other person
(including an investment manager, a named fiduciary or a trustee of any Plan)
acting, directly or indirectly, on behalf of or purchasing any Certificate with
"plan assets" of any Plan.

         This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as Mortgage Pass-Through Certificates of
the Series specified hereon (herein collectively called the "Certificates").

         The Certificates are limited in right of payment to certain collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the Agreement. In the event Master Servicer funds are advanced
with respect to any Mortgage Loan, such advance is reimbursable to the Master
Servicer, to the extent provided in the Agreement, from related recoveries on
such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.

         As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Trustee, the Depositor and the Master Servicer of advances
made, or certain expenses incurred, by either of them.

         The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Depositor, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of
each Class of Certificates affected thereby. 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 herefor or in lieu hereof whether or not notation
of such consent is made upon the Certificate. The Agreement also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain additional circumstances, without the
consent of the Holders of certain Classes of 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 upon surrender of this Certificate for registration of transfer at the
offices or agencies appointed by the Trustee, duly endorsed by, or accompanied
by an, assignment in the form below or other 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 authorized denominations evidencing
the same Class and aggregate Percentage Interest will be issued to the
designated transferee or transferees.

         The Certificates are issuable only as registered Certificates without
coupons in Classes and 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 authorized denominations
evidencing the same Class and 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 Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Depositor, the Master Servicer, the Trustee or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Depositor, the
Master Servicer, the Trustee nor any such agent shall be affected by notice to
the contrary.

         This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.

         The obligations created by the Agreement in respect of the Certificates
and the Trust Fund created thereby shall terminate upon the payment to
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Class R
Certificateholder from the Trust Fund of all remaining Mortgage Loans and all
property acquired in respect of such Mortgage Loans, thereby effecting early
retirement of the Certificates. The Agreement permits, but does not require, the
Class R Certificateholder to (i) purchase at a price determined as provided in
the Agreement all remaining Mortgage Loans and all property acquired in respect
of any Mortgage Loan or (ii) purchase in whole, but not in part, all of the
Certificates from the Holders thereof; provided, that any such option may only
be exercised if the Aggregate [Stated Principal Balance] [Notional Amount] of
the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than one percent of the Aggregate [Stated
Principal Balance] [Notional Amount] of the Mortgage Loans at the Cut-off Date.

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

         Unless the certificate of authentication hereon has been executed by
the Trustee, by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated:   _________ __, 200_                  [NAME OF TRUSTEE],
                                             as Trustee

                                             By:________________________________
                                             Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Class R Certificates referred to in the
within-mentioned Agreement.

                                             [NAME OF TRUSTEE],
                                             as Trustee

                                             By:________________________________
                                             Authorized Signatory

<PAGE>

                                   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: _________________

                                ________________________________________________
                                      Signature by or on behalf of assignor

<PAGE>

                            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 _______________________________________
the assignee named above, or ___________________________________________________
as its agent.

<PAGE>

                                    EXHIBIT C

                     FORM OF TRUSTEE'S INITIAL CERTIFICATION

                                                             __________ __, 200_

[Name of Master Servicer]
_____________________
_____________________

         Re:      Pooling and Servicing Agreement, dated as of __________ 1,
                  200_among Opteum Mortgage Acceptance Corp., [Name of Master
                  Servicer], and [Name of Trustee], Mortgage Pass-Through
                  Certificates Series 200_-
                  ------------------------------------------------------------

Ladies and Gentlemen:

         In accordance with Section 2.02 of the above-captioned 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 the attachment hereto) it has reviewed the
Mortgage File and the Mortgage Loan Schedule and has determined that: (i) all
documents required to be included in the Mortgage File are in its possession;
(ii) such documents have reviewed by it and appear regular on their face and
relate to such Mortgage Loan; and (iii) base on examination by it, and only as
to such documents, the information set forth in items (i), (ii), (iii) (iv) of
the definition or description of "Mortgage Loan Schedule" is correct.

         The trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The Trustee makes no
representation that any documents specified in clause (vi) of Section 2.01
should be included in any Mortgage File. The Trustee makes no representations as
to and shall not be responsible to verify: (i) the validity, legality,
sufficiency, enforceability, due authorization, recordability or genuineness of
any of the documents contained in each Mortgage File of any of the Mortgage
Loans identified on the Mortgage Loan Schedule, (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan, or (iii)
the existence of any assumption, modification, written assurance or substitution
agreement with respect to any Mortgage File if no such documents appear in the
Mortgage File delivered to the Trustee.

<PAGE>

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.

                                     [NAME OF TRUSTEE]

                                     By:
                                        ________________________________
                                     Name:
                                     Title:

<PAGE>

                                    EXHIBIT D

                       FORM OF TRUSTEE FINAL CERTIFICATION

                                                             __________ __, 200_

[Name of Master Servicer]
_____________________
_____________________

         Re:      Pooling and Servicing Agreement, dated as of __________ 1,
                  200_ among Opteum Mortgage Acceptance Corp, [Name of Master
                  Servicer], and [Name of Trustee], Mortgage Pass-Through
                  Certificates Series 200_-
                  -----------------------------------------------------------

Ladies and Gentlemen:

         In accordance with Section 2.02 of the above-captioned 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 the attachment hereto) it has received the
documents set forth in Section 2.01.

         The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The Trustee makes no
representation that any documents specified in clause (vi) of Section 2.01
should be included in any Mortgage File. The Trustee makes no representations as
to and shall not be responsible to verify: (i) the validity, legality,
sufficiency, enforceability, due authorization, recordability or genuineness of
any of the documents contained in each Mortgage File of any of the Mortgage
Loans identified on the Mortgage Loan Schedule, (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan or (iii)
the existence of any assumption, modification, written assurance or substitution
agreement with respect to any Mortgage File if no such documents appear in the
Mortgage File delivered to the Trustee.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in, the above-captioned Pooling and Servicing
Agreement.

                                     [NAME OF TRUSTEE]

                                     By:
                                        --------------------------------
                                     Name:
                                     Title:

<PAGE>

                                    EXHIBIT E

                            FORM OF REMITTANCE REPORT

                             (PROVIDED UPON REQUEST)

<PAGE>

                                   EXHIBIT F-1

                               REQUEST FOR RELEASE
                                  (for trustee)

Loan Information
                     Name of Mortgagor:         ________________________________

                     Master Servicer
                     Loan No.:                  ________________________________
Trustee
                     Name:                      ________________________________
                     Address:                   ________________________________
                     Trustee
                     Mortgage File No.:         ________________________________

REQUEST FOR REQUESTING DOCUMENTS (check one):

1.       Mortgage Loan Liquidated.

                  (The Master Servicer hereby certifies that all proceeds of
                  foreclosure, insurance or other liquidation have been finally
                  received and deposited into the Custodial Account to the
                  extent required pursuant to the Pooling and Servicing
                  Agreement.)

2.       Mortgage Loan in Foreclosure.

3.       Mortgage Loan Repurchased Pursuant to Section 9.01 of the Pooling and
         Servicing Agreement.

4.       Mortgage Loan Repurchased Pursuant to Article II of the Pooling and
         Servicing Agreement.

                  (The Master Servicer hereby certifies that the repurchase
                  price has been deposited into the Custodial Account pursuant
                  to the Pooling and Servicing Agreement.)

5.       Other (explain).

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

         The undersigned Master Servicer hereby acknowledges that it has
received from the Trustee for the Holders of Mortgage Pass-Through Certificates,
Series 200_-_, the documents referred to below (the "Documents"). All
capitalized terms not otherwise defined in this Request for Release shall have
the meanings given them in the Pooling and Servicing Agreement, dated as of
__________ 1, 200_ (the "Pooling and Servicing Agreement"), among Opteum
Mortgage Acceptance Corp, [Name of Master Servicer] and the Trustee.

(_)      Promissory Note dated _________________, 200_, in the original
         principal sum of $__________, made by __________________, payable to,
         or endorsed to the order of, the Trustee.

(_)      Mortgage recorded on _________________________ as instrument no.
         ___________ in the County Recorders Office of the County of
         ______________________, State of _____________________ in
         book/reel/docket of official records at page/image _______________.

(_)      Deed of Trust recorded on ____________________ as instrument
         no._____________ in the County Recorder's Office of the County of
         ______________________, State of _____________________in
         book/reel/docket __________________ of official records at page/image
         ________________.

(_)      Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
         _______________ as instrument no. ______________ in the County
         Recorder's Office of the County of ________________, State of
         ___________________ in book/reel/docket ____________ of official
         records at page/image ___________.

(_)      Other documents, including any amendments, assignments or other
         assumptions of the Mortgage Note or Mortgage.

         (_)      __________________________________________________

         (_)      __________________________________________________

         (_)      __________________________________________________

         (_)      __________________________________________________

         The undersigned Master Servicer hereby acknowledges and agrees as
follows:

                  (1) The Master Servicer shall hold and retain possession of
         the Documents in trust for the benefit of the Trustee, solely for the
         purposes provided in the Agreement.

                  (2) The Master Servicer shall not cause or knowingly permit
         the Documents to become subject to, or encumbered by, any claim, liens,
         security interest, charges, writs of attachment or other impositions
         nor shall the Master Servicer assert or seek to assert any claims or
         rights of setoff to or against the Documents or any proceeds thereof.

                  (3) The Master Servicer shall return each and every Document
         previously requested from the Mortgage File to the Custodian when the
         need therefor no longer exists, unless the Mortgage Loan relating to
         the Documents has been liquidated and the proceeds thereof have been
         remitted to the Custodial Account and except as expressly provided in
         the Agreement.

                  (4) The Documents and any proceeds thereof, including any
         proceeds of proceeds, coming into the possession or control of the
         Master Servicer shall at all times be earmarked for the account of the
         Trustee, and the Master Servicer shall keep the Documents and any
         proceeds separate and distinct from all other property in the Master
         Servicer's possession, custody or control.

                                             [NAME OF MASTER SERVICER]

                                             By:
                                                --------------------------------

                                             Title:
                                                   -----------------------------

Date: _________________, 200_

<PAGE>

                                   EXHIBIT F-2

                               REQUEST FOR RELEASE
                          [Mortgage Loans Paid in Full]

                     OFFICER'S CERTIFICATE AND TRUST RECEIPT
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 200_-_

_____________________________________ HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER
OF THE MASTER SERVICER, HOLDING THE OFFICE SET FORTH BENEATH HIS/HER SIGNATURE,
AND HEREBY FURTHER CERTIFIES AS FOLLOWS:

WITH RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

ALL PAYMENTS OF PRINCIPAL, PREMIUM (IF ANY), AND INTEREST HAVE BEEN MADE.

LOAN NUMBER:                                                BORROWER'S NAME:
            _________________________________________
COUNTY:

WE HEREBY CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS,
WHICH ARE REQUIRED TO BE DEPOSITED IN THE CUSTODIAL ACCOUNT PURSUANT TO SECTION
3.10 OF THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

_________ ____________                       DATED: ___________________________

//       VICE PRESIDENT

//       ASSISTANT VICE PRESIDENT

<PAGE>

                                   EXHIBIT G-1

                     FORM OF INVESTOR REPRESENTATION LETTER

                                ___________,200__

Opteum Mortgage Acceptance Corp.
[*Address]

[Name of Trustee]
______________________
______________________

Attention: Opteum Mortgage Acceptance Corp, Series 200_-_

         Re:      Opteum Mortgage Acceptance Corp., Mortgage Pass-through
                  Certificates, Series 200_-_, Class __
                  --------------------------------------------------------

Ladies and Gentlemen:

         ______________ (the "Purchaser") intends to purchase from
______________ (the "Seller") $_________ Initial Certificate Principal Balance
of Mortgage Pass-Through Certificates, Series 200_-_, Class _____ (the
"Certificates"), issued pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of _________ 1, 200_ among Opteum
Mortgage Acceptance Corp, as depositor (the "Depositor"), [Name of Master
Servicer], as master servicer and [Name of Trustee], as trustee (the "Trustee").
All terms used herein and not otherwise defined shall have the meanings set
forth in the Pooling and Servicing Agreement. The Purchaser hereby certifies,
represents and warrants to, and covenants with, the Depositor and the Trustee
that:

                  1. The Purchaser understands that (a) the Certificates have
         not been and will not be registered or qualified under the Securities
         Act of 1933, as amended (the "Act") or any state securities law, (b)
         the Depositor is not required to so register or qualify the
         Certificates, (c) the Certificates may be resold only if registered and
         qualified pursuant to the provisions of the Act or any state securities
         law, or if an exemption from such registration and qualification is
         available, (d) the Pooling and Servicing Agreement contains
         restrictions regarding the transfer of the Certificates and (e) the
         Certificates will bear a legend to the foregoing effect.

                  2. The Purchaser is acquiring the Certificates for its own
         account for investment only and not with a view to or for sale in
         connection with any distribution thereof in any manner that would
         violate the Act or any applicable state securities laws.

                  3. The Purchaser is (a) a substantial, sophisticated
         institutional investor having such knowledge and experience in
         financial and business matters, and, in particular, in such matters
         related to securities similar to the Certificates, such that it is
         capable of evaluating the merits and risks of investment in the
         Certificates, (b) able to bear the economic risks of such an investment
         and (c) an "accredited investor" within the meaning of Rule 501 (a)
         promulgated pursuant to the Act.

                  4. The Purchaser has been furnished with, and has had an
         opportunity to review (a) [a copy of the Private Placement Memorandum,
         dated _________ __, 200_, relating to the Certificates (b)] a copy of
         the Pooling and Servicing Agreement and [(b)] [(c)] such other
         information concerning the Certificates, the Mortgage Loans and the
         Depositor as has been requested by the Purchaser from the Depositor or
         the Seller and is relevant to the Purchaser's decision to purchase the
         Certificates. The Purchaser has had any questions arising from such
         review answered by the Depositor or the Seller to the satisfaction of
         the Purchaser. [If the Purchaser did not purchase the Certificates from
         the Seller in connection with the initial distribution of the
         Certificates and was provided with a copy of the Private Placement
         Memorandum (the "Memorandum") relating to the original sale (the
         "Original Sale") of the Certificates by the Depositor, the Purchaser
         acknowledges that such Memorandum was provided to it by the Seller,
         that the Memorandum was prepared by the Depositor solely for use in
         connection with the Original Sale and the Depositor did not participate
         in or facilitate in any way the purchase of the Certificates by the
         Purchaser from the Seller, and the Purchaser agrees that it will look
         solely to the Seller and not to the Depositor with respect to any
         damage, liability, claim or expense arising out of, resulting from or
         in connection with (a) error or omission, or alleged error or omission,
         contained in the Memorandum, or (b) any information, development or
         event arising after the date of the Memorandum.]

                  5. The Purchaser has not and will not nor has it authorized or
         will it authorize any person to (a) offer, pledge, sell, dispose of or
         otherwise transfer any Certificate, any interest in any Certificate or
         any other similar security to any person in any manner, (b) solicit any
         offer to buy or to accept a pledge, disposition of other transfer of
         any Certificate, any interest in any Certificate or any other similar
         security from any person in any manner, (c) otherwise approach or
         negotiate with respect to any Certificate, any interest in any
         Certificate or any other similar security with any person in any
         manner, (d) make any general solicitation by means of general
         advertising or in any other manner or (e) take any other action, that
         (as to any of (a) through (e) above) would constitute a distribution of
         any Certificate under the Act, that would render the disposition of any
         Certificate a violation of Section 5 of the Act or any state securities
         law, or that would require registration or qualification pursuant
         thereto. The Purchaser will not sell or otherwise transfer any of the
         Certificates, except in compliance with the provisions of the Pooling
         and Servicing Agreement.

                                             Very truly yours,

                                             -----------------------------------
                                             (Purchaser)

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

<PAGE>

                                   EXHIBIT G-2

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                      ______________,200___

Opteum Mortgage Acceptance Corp.
[*Address]

[Name of Trustee]
______________________
______________________

Attention: Opteum Mortgage Acceptance Corp., Series 200_-_

         Re:      Opteum Mortgage Acceptance Corp., Mortgage Pass-through
                  Certificates, Series 200_-_, Class __
                  -------------------------------------------------------

Ladies and Gentlemen:

         In connection with the sale by ___________ (the "Seller") to ________
(the "Purchaser") of $_________ Initial Certificate Principal Balance of
Mortgage Pass-Through Certificates, Series 200_-_, Class _____ (the
"Certificates"), issued pursuant to the Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of __________ 1, 200_ among Opteum
Mortgage Acceptance Corp., as depositor (the "Depositor"), [Name of Master
Servicer], as master servicer and [Name of Trustee], as trustee (the "Trustee").
The Seller hereby certifies, represents and warrants to, a covenants with, the
Depositor and the Trustee that:

         Neither the Seller nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Certificate, any
interest in any Certificate or any other similar security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any interest in any Certificate or
any other similar security with any person in any manner, (d) has made any
general solicitation by means of general advertising or in any other manner, or
(e) has taken any other action, that (as to any of (a) through (e) above) would
constitute a distribution of the Certificates under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section 5 of the Act or any state securities law, or that would require
registration or qualification pursuant thereto. The Seller will not act in any
manner set forth in the foregoing sentence with respect to any Certificate. The
Seller has not and will not sell or otherwise transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.

                                             Very truly yours,

                                             -----------------------------------
                                             (Seller)

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

<PAGE>

                                   EXHIBIT G-3
                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                   )
                :ss.:
COUNTY OF                  )

         ___________________, being first duly sworn, deposes, represents and
warrants:

         1. That he/she is [Title of Officer] of [Name of Owner], a [savings
institution] [corporation] duly organized and existing under the laws of [the
State of __________] [the United States], (the "Owner"), (record or beneficial
owner of the Class R Certificates (the "Class R Certificates") on behalf of
which he/she makes this affidavit and agreement). This Class R Certificates were
issued pursuant to the Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of _________ 1, 200_ among Opteum Mortgage
Acceptance Corp., as depositor, [Name of Master Servicer], as master servicer
(the "Master Servicer"), and [Name of Trustee], as trustee (the "Trustee").

         2. That the Owner (i) is not and will not be a "disqualified
organization" as of _____________ [date of transfer] within the meaning of
Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended (the
"Code"), (ii) will endeavor to remain other than a disqualified organization for
so long as it retains its ownership interest in the Class R Certificates, and
(iii) is acquiring the Class R Certificates for its own account or for the
account of another Owner from which it has received an affidavit and agreement
in substantially the same form as this affidavit and agreement. (For this
purpose, a "disqualified organization" means the United States, any state or
political subdivision thereof, any agency or instrumentality of any of the
foregoing (other than an instrumentality all of the activities of which are
subject to tax and, except for Freddie Mac, a majority of whose board of
directors is not selected by any such governmental entity) or any foreign
government, international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

         3. That the Owner is aware (i) of the tax that would be imposed on
transfers of Class R Certificates to disqualified organizations under the Code,
that applies to all transfers of Class R Certificates after March 31, 1988; (ii)
that such tax would be on the transferor, or, if such transfer is through an
agent (which person includes a broker, nominee or middleman) for a disqualified
organization, on the agent; (iii) that the person otherwise liable for the tax
shall be relieved of liability for the tax if the transferee furnishes to such
person an affidavit that the transferee is not a disqualified organization and,
at the time of transfer, such person does not have actual knowledge that the
affidavit is false; and (iv) that the Class R Certificates may be "noneconomic
residual interests" within the meaning of 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.

         4. That the Owner is aware of the tax imposed on a "pass-through
entity" holding Class R Certificates if at any time during the taxable year of
the pass-through entity a disqualified organization is the record holder of an
interest in such entity. (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.)

         5. That the Owner is aware that the Trustee will not register the
transfer of any Class R Certificates unless the transferee, or the transferee's
agent, delivers to it an affidavit and agreement, among other things, in
substantially the same form as this affidavit and agreement. The Owner expressly
agrees that it will not consummate any such transfer if it knows or believes
that any of the representations contained in such affidavit and agreement are
false.

         6. That the Owner has reviewed the restrictions set forth on the face
of the Class R Certificates and the provisions of Section 5.02(f) of the Pooling
and Servicing Agreement under which the Class R Certificates were issued (in
particular, clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver payments to a person other than the Owner and negotiate a
mandatory sale by the Trustee in the event the Owner holds such Certificates in
violation of Section 5.02(f)). The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

         7. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificates will only be
owned, directly or indirectly, by an Owner that is not a disqualified
organization.

         8. The Owner's Taxpayer Identification Number is _____________________.

         9. This affidavit and agreement relates only to the Class R
Certificates held by the owner and not to any other holder of the Class R
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R Certificates.

         10. That no purpose of the Owner relating to the transfer of any of the
Class R Certificates by the Owner is or will be to impede the assessment or
collection of any tax.

         11. That the Owner has no present knowledge or expectation that it will
be unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding. In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R Certificate
that the Owner intends to pay taxes associated with holding such Class R
Certificate as they become due, fully understanding that it may incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

         12. That the Owner has no present knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Class R Certificates remain outstanding.

         13. The Owner is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, provided that
with respect to any partnership or other entity treated as a partnership for
United States federal income tax purposes, 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 or trust whose
income 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.

         14. (a) 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
or otherwise under ERISA, 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, 29 C.F.R. ss. 2510.3-101 or otherwise under ERISA; or

                  (b) The Owner will provide the Trustee, the Depositor and the
Master Servicer with an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee, the Depositor and the Master Servicer to
the effect that the purchase of Certificates is permissible under applicable
law, will not constitute or result in any non-exempt prohibited transaction
under ERISA or Section 4975 of the Code and will not subject the Trustee, the
Depositor or the Master Servicer to any obligation or liability (including
obligations or liabilities under ERISA or Section 4975 of the Code) in addition
to those undertaken in the Pooling and Servicing Agreement.

         In addition, the Owner hereby certifies, represents and warrants to,
and covenants with, the Depositor, the Trustee and the Master Servicer that the
Owner will not transfer such Certificates to any Plan or person unless either
such Plan or person meets the requirements set forth in either (a) or (b) above.

         Capitalized terms used but not defined herein shall have the meanings
assigned in the Pooling and Servicing Agreement.

<PAGE>

         IN WITNESS WHEREOF, the Owner has caused this instrument to be executed
on its behalf, by its [Title of Officer] and its corporate seal to be hereunto
attached, attested by its [Assistant] Secretary, this ______ day of
_____________, _____.

                                                      [NAME OF OWNER]

                                             By:
                                                --------------------------------
                                                      [Name of Officer]
                                                      [Title of Officer]

[Corporate Seal]

ATTEST:

[Assistant] Secretary

         Personally appeared before me the above-named [Name of Officer], known
or proved to me to be the same person who executed the foregoing instrument and
to be the [Title of Officer] of the Owner, and acknowledged to me that such
person executed the same as such person's free act and deed and the free act and
deed of the Owner.

         Subscribed and sworn before me this ____ day of ___________, 200__.

                                             -----------------------------------
                                                      NOTARY PUBLIC

                                    COUNTY OF
                                              ----------------------------------
                                    STATE OF
                                             -----------------------------------
                                    My Commission expires the ____ day of
                                    ________ ,200__.

<PAGE>

                                   EXHIBIT G-4

                         FORM OF TRANSFEROR CERTIFICATE

______________, 200__

Opteum Mortgage Acceptance Corp.
[*Address]

[Name of Trustee]
_____________________
_____________________

Attention: Opteum Mortgage Acceptance Corp., Series 200_-_

         Re:      Opteum Mortgage Acceptance Corp., Mortgage Pass-Through
                  Certificates, Series 200_-_, Class R
                  -------------------------------------------------------

Ladies and Gentlemen:

         This letter is delivered to you in connection with the sale by
________________________ (the "Seller") to _______________________ (the
"Purchaser") of a ____% Percentage Interest in the Mortgage Pass-Through
Certificates, Series 200_-_, Class R (the "Certificates"), issued pursuant to
Section 5.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of _________ 1, 200_, among Opteum Mortgage Acceptance
Corp., as depositor (the "Depositor"), [Name of Master Servicer], as master
servicer and [Name of Trustee], as trustee (the "Trustee"). All terms used
herein and not otherwise defined shall have the meaning set forth in the Pooling
and Servicing Agreement. The Seller hereby certifies, represents and warrants
to, and covenants with, the Depositor and the Trustee that:

         1. No purpose of the Seller relating to the sale of the Certificates by
the Seller to the Purchaser is or will be to impede the assessment or collection
of any tax.

         2. The Seller understands that the Purchaser has delivered to the
Trustee and the Master Servicer a transfer affidavit and agreement in the form
attached to the Pooling and Servicing Agreement as Exhibit G-3. The Seller does
not know or believe that any representation contained therein is false.

         3. The Seller has at the time of the transfer conducted a reasonable
investigation of the financial condition of the Purchaser as contemplated by
Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result of that
investigation, the Seller has determined that the Purchaser has historically
paid its debts as they have become due and has found no significant evidence to
indicate that the Purchaser will not continue to pay its debts as they become
due in the future. The Seller understands that the transfer of the Certificates
may not be respected for United States income tax purposes (and the Seller may
continue to be liable for United States income taxes associated therewith)
unless the Seller has conducted such an investigation.

         4. The Seller has no actual knowledge that the proposed Transferee is a
Disqualified Organization, an agent of a Disqualified Organization or a
Non-United States Person.

                                    Very truly yours,

                                    -----------------------------------
                                    (Seller)

                                    By:
                                       --------------------------------
                                    Name:
                                         ------------------------------
                                    Title:
                                          -----------------------------

<PAGE>

                                   EXHIBIT G-5
                     FORM OF INVESTOR REPRESENTATION LETTER
                             FOR INSURANCE COMPANIES

<PAGE>

                                    EXHIBIT H

                             MORTGAGE LOAN SCHEDULE

                             (PROVIDED UPON REQUEST)

<PAGE>

                                    EXHIBIT I

                          SELLER'S WARRANTY CERTIFICATE

<PAGE>

                                    EXHIBIT J

      FORM OF NOTICE UNDER SECTION 3.24 OF POOLING AND SERVICING AGREEMENT

                                              ___________ __, 200_

[NAME OF TRUSTEE]
______________________
______________________

         Re:      Opteum Mortgage Acceptance Corp., Mortgage Pass-Through
                  Certificates, Series 200_-_
                  -------------------------------------------------------

         Pursuant to Section 3.25 of the Pooling and Servicing Agreement, dated
as of _________ 1, 200_, relating to the Certificates referenced above, the
undersigned does hereby notify you that:

         (a) The prepayment assumption used in pricing the Certificates with
respect to the Mortgage Loans in Series 200_-_ consisted of a Prepayment
Assumption (the "Prepayment Assumption") of ___% per annum.

         (b) With respect to each Class of Certificates comprising the captioned
series, set forth below is (i), the first price, as a percentage of the
Certificate Principal Balance or Notional Amount of each Class of Certificates,
at which 10% of the aggregate Certificate Principal Balance or Notional Amount
of each such Class of Certificates was first sold at a single price, if
applicable, or (ii) if more than 10% of a Class of Certificates have been sold
but no single price is paid for at least 10% of the aggregate Certificate
Principal Balance or Notional Amount of such Class of Certificates, then the
weighted average price at which the Certificates of such Class were sold
expressed as a percentage of the Certificate Principal Balance or Notional
Amount of such Class of Certificates, (iii) if less than 10% of the aggregate
Certificate Principal Balance or Notional Amount of a Class of Certificates has
been sold, the purchase price for each such Class of Certificates paid by [Name
of Underwriter] (the "Underwriter"), expressed as a percentage of the
Certificate Principal Balance or Notional Amount of such Class of Certificates
calculated by: (1) estimating the fair market value of each such Class of
Certificates as of March, 2002; (2) adding such estimated fair market value to
the aggregate purchase prices of each Class of Certificates described in clause
(i) or (ii) above; (3) dividing each of the fair market values determined in
clause (1) by the sum obtained in clause (2); (4) multiplying the quotient
obtained for each Class of Certificates in clause (3) by the purchase price paid
by the Underwriter for all the Certificates purchased by it; and (5) for each
Class of Certificates, dividing the product obtained from such Class of
Certificates in clause (4) by the initial Certificate Principal Balance or
Notional Amount of such Class of Certificates or (iv) the fair market value (but
not less than zero) as of the Closing Date of each Certificate of each Class of
Certificates retained by the Depositor or an affiliate corporation, or delivered
to the seller:

SERIES 200_-_

Class A: ____%

Class B: ____%

Class R: ____%

         The prices and values set forth above do not include accrued interest
with respect to periods before the closing.

                                     OPTEUM MORTGAGE ACCEPTANCE CORP.

                                     By:
                                        --------------------------------
                                     Name:
                                     Title:

<PAGE>

                                    EXHIBIT K
                         FORM OF DEPOSITOR CERTIFICATION

                  Re:      Opteum Mortgage Acceptance Corp., Mortgage
                           Pass-Through Certificates, Series 200_-_

         I, __________________________, certify that:

1.       I have reviewed this annual report on Form 10-K, and all reports on
         Form 8-K containing distribution and servicing reports filed in respect
         of periods included in the year covered by this annual report, of
         Opteum Mortgage Investment Mortgage Trust [________] (the "Trust");

2.       Based on my knowledge, the information in these reports, 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 last day of the period covered by this annual
         report;

3.       Based on my knowledge, the distribution information required to be
         prepared by the Trustee based upon the servicing information required
         to be provided by each Servicer under the Pooling and Servicing
         Agreement is included in these reports;

4.       Based on my knowledge and upon the annual compliance statements
         included in the report and required to be delivered to the Trustee in
         accordance with the terms of the Pooling and Servicing Agreement and
         based upon the review required under the Pooling and Servicing
         Agreement, and except as disclosed in the report, each Servicer has
         fulfilled its obligations under the Pooling and Servicing Agreement;
         and

5.       The reports disclose all significant deficiencies relating to each
         Servicer's compliance with the minimum servicing standards based, in
         each case, upon the report provided by an independent public
         accountant, after conducting a review in compliance with the Uniform
         Single Attestation Program for Mortgage Bankers or similar standard as
         set forth in the Pooling and Servicing Agreement, that is included in
         these reports.

         In giving the certifications above, I have reasonably relied on the
information provided to me by the following unaffiliated parties: each Servicer
and the Trustee.

         Capitalized terms used but not defined herein have the meanings
ascribed to them in the Pooling and Servicing Agreement, dated [___________]
(the "Pooling and Servicing Agreement"), among Opteum Mortgage Acceptance Corp.,
as depositor (the "Depositor"), [__________], as a servicer
("[__________]"),[__________], as master servicer and [__________], as trustee
(the "Trustee").

                                             -----------------------------------
                                             [Name]
                                             [Title]
                                             [Date]

<PAGE>

                                    EXHIBIT L

                          FORM OF TRUSTEE CERTIFICATION

                  Re:      Opteum Mortgage Acceptance Corp., Mortgage
                           Pass-Through Certificates, Series 200_-_
                           ------------------------------------------

         [__________] (the "Trustee") hereby certifies to Opteum Mortgage
Acceptance Corp. (the "Depositor"), and each Person, if any, who "controls" the
Depositor within the meaning of the Securities Act of 1933, as amended, and its
officers, directors and affiliates, and with the knowledge and intent that they
will rely upon this certification, that:

(a) The Trustee has reviewed the annual report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing distribution reports filed in
respect of periods included in the year covered by that annual report, of the
Depositor relating to the above-referenced trust;

(b) Based on the Trustee's knowledge, and assuming the accuracy and completeness
of the information supplied to the Trustee by each Servicer, the distribution
information in the distribution reports contained in all reports on Form 8-K
included in the year covered by the annual report on Form 10-K for fiscal year
[_____], prepared by the Trustee, taken as a whole, does not contain any untrue
statement of a material fact or omit to state a material fact required by the
Pooling and Servicing Agreement to be included therein and necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading as of the last day of the period covered by that annual
report; and

(c) Based on the Trustee's 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 [__________] (the
"Pooling and Servicing Agreement"), among Opteum Mortgage Acceptance Corp., as
depositor (the "Depositor"), [__________], as a servicer
("[__________]"),[__________], as master servicer and [__________], as trustee
(the "Trustee").

                                             [__________]
                                             as Trustee

                                             By:________________________________
                                             [Name]
                                             [Title]
                                             [Date]

<PAGE>

                                    EXHIBIT M

                           FORM SERVICER CERTIFICATION

                  Re:      Opteum Mortgage Acceptance Corp., Mortgage
                           Pass-Through Certificates, Series 200_-_
                           ------------------------------------------

         I, ___________________________, a duly elected and acting officer of
[__________________] (the "Master Servicer"), certify pursuant to Section
8.11(d) of the Pooling and Servicing Agreement to 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, with respect to the calendar year immediately preceding the date
of this Certificate (the "Relevant Year"), as follows":

(a) For purposes of this Certificate, "Relevant Information" means the
information in the certificate provided pursuant to Section 3.19 of the Pooling
and Servicing Agreement (the "Annual Compliance Certificate") for the Relevant
Year and the information in all servicing reports required pursuant to the
Pooling and Servicing Agreement to be provided by the Servicer to the Trustee
during the Relevant Year (as such information is amended or corrected in writing
and delivered to the Trustee). Based on my knowledge, the Relevant Information,
taken as a whole, does not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein which is necessary
to make the statements made therein, in light of the circumstances under which
such statements were made, not misleading as of the last day of the Relevant
Year;

(b) The Relevant Information required to be provided to the Trustee under the
Pooling and Servicing Agreement has been provided to the Trustee;

(c) I am responsible for reviewing the activities performed by the Servicer
under the Pooling and Servicing Agreement during the Relevant Year. Based upon
the review required under the Pooling and Servicing Agreement and except as
disclosed in the Annual Compliance Certificate or the accountants' statement
provided pursuant to Section 3.20 of the Pooling and Servicing Agreement, to the
best of my knowledge, the Servicer has fulfilled its obligations under the
Pooling and Servicing Agreement throughout the Relevant Year.

         Capitalized terms used but not defined herein have the meanings
ascribed to them in the Pooling and Servicing Agreement, dated [___________]
(the "Pooling and Servicing Agreement"), among Opteum Mortgage Acceptance Corp.,
as depositor (the "Depositor"), [__________], as a servicer
("[__________]"),[__________], as master servicer and [__________], as trustee
(the "Trustee").

                                             [_____________________________],
                                             as Master Servicer

                                             By:
                                                ________________________________
                                             [Name]
                                             [Title]

<PAGE>

                                    EXHIBIT N

                        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 party identified as responsible for preparing the Securities Exchange Act
Reports pursuant to Section 3.16 of the Pooling and Servicing Agreement. The
trustee in this transaction is responsible for all of the securities
administrator functions.

Under Item 1 of Form 10-D: a) items marked "monthly statements to
certificateholders" are required to be included in the periodic Distribution
Date statement under Section 5.06 of the Pooling and Servicing Agreement,
provided by the Trustee based on information received from the party providing
such information; and b) items marked "Form 10-D report" are required to be in
the Form 10-D report but not the monthly statements to certificateholders,
provided by the party indicated. Information under all other Items of Form 10-D
is to be included in the Form 10-D report. All such information and any other
Items of Form 8-K and Form 10-K set forth in this exhibit shall be sent to the
Trustee and the Depositor.

<TABLE>
<CAPTION>
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                                                           Master
   Form       Item              Description               Servicer        Trustee        Custodian       Depositor        Sponsor
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
10-D        Must  be  filed  within  15  days  of  the  distribution  date  for  the
            asset-backed securities.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
<S>         <C>       <C>                               <C>            <C>             <C>             <C>             <C>
            1         Distribution and Pool
                      Performance Information
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Item 1121(a) - Distribution  and
                      Pool Performance Information
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (1)   Any   applicable    record                 X
                      dates,       accrual      dates,                 -
                      determination      dates     for
                      calculating   distributions  and                 (monthly
                      actual  distribution  dates  for                 statements  to
                      the distribution period.                         certificateholders)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (2) Cash flows  received and the                 X
                      sources        thereof       for
                      distributions,      fees     and                 (monthly
                      expenses.                                        statements  to
                                                                       certificateholders)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (3)   Calculated   amounts   and                 X
                      distribution   of  the  flow  of
                      funds  for the  period  itemized                 (monthly
                      by   type   and    priority   of                 statements  to
                      payment, including:                              certificateholders)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                               (i)  Fees  or  expenses                 X
                      accrued   and   paid,   with  an
                      identification  of  the  general                 (monthly
                      purpose  of  such  fees  and the                 statements  to
                      party  receiving  such  fees  or                 certificateholders)
                      expenses.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                               (ii)  Payments  accrued                 X
                      or   paid   with    respect   to
                      enhancement   or  other  support                 (monthly
                      identified   in  Item   1114  of                 statements  to
                      Regulation     AB    (such    as                 certificateholders)
                      insurance   premiums   or  other
                      enhancement  maintenance  fees),
                      with  an  identification  of the
                      general    purpose    of    such
                      payments     and    the    party
                      receiving such payments.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                               (iii)        Principal,                 X
                      interest        and        other
                      distributions  accrued  and paid                 (monthly
                      on the  asset-backed  securities                 statements  to
                      by type and by  class or  series                 certificateholders)
                      and any  principal  or  interest
                      shortfalls or carryovers.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                               (iv)  The   amount   of                 X
                      excess   cash   flow  or  excess
                      spread  and the  disposition  of                 (monthly
                      excess cash flow.                                statements  to
                                                                       certificateholders)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (4)    Beginning    and   ending                 X
                      principal    balances   of   the
                      asset-backed securities.                         (monthly
                                                                       statements  to
                                                                       certificateholders)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (5)  Interest  rates  applicable                 X
                      to  the  pool   assets  and  the
                      asset-backed   securities,    as                 (monthly
                      applicable.  Consider  providing                 statements  to
                      interest  rate  information  for                 certificateholders)
                      pool   assets   in   appropriate
                      distributional     groups     or
                      incremental ranges.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (6)    Beginning    and   ending                 X
                      balances     of      transaction
                      accounts,    such   as   reserve                 (monthly
                      accounts,  and material  account                 statements  to
                      activity during the period.                      certificateholders)
                                                                       (only     with
                                                                       respect     to
                                                                       the    reserve
                                                                       accounts)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (7)  Any  amounts  drawn  on any                 X
                      credit   enhancement   or  other
                      support  identified in Item 1114                 (monthly
                      of     Regulation     AB,     as                 statements  to
                      applicable,  and the  amount  of                 certificateholders)
                      coverage   remaining  under  any
                      such  enhancement,  if known and
                      applicable.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (8)  Number  and  amount of pool                 X                               Updated pool
                      assets  at  the   beginning  and                                                 composition
                      ending  of  each   period,   and                 (monthly                        information
                      updated     pool     composition                 statements  to                  fields to be
                      information,  such  as  weighted                 certificateholders)             as specified
                      average     coupon,     weighted                                                 by Depositor
                      average   remaining  term,  pool                                                 from time to
                      factors and prepayment amounts.                                                  time
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (9)    Delinquency    and   loss                 X
                      information for the period.
                                                                       (monthly
                                                                       statements  to
                                                                       certificateholders)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      In   addition,    describe   any  X
                      material    changes    to    the
                      information  specified  in  Item
                      1100(b)(5)   of   Regulation  AB
                      regarding   the   pool   assets.
                      (methodology)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (10)  Information on the amount,                 X
                      terms  and  general  purpose  of
                      any advances  made or reimbursed                 (monthly
                      during  the  period,   including                 statements  to
                      the   general   use   of   funds                 certificateholders)
                      advanced and the general  source
                      of funds for reimbursements.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (11)        Any         material                 X
                      modifications,   extensions   or
                      waivers  to  pool  asset  terms,                 (monthly
                      fees,   penalties   or  payments                 statements  to
                      during the  distribution  period                 certificateholders)
                      or   that   have    cumulatively
                      become material over time.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (12)  Material  breaches of pool  X              X                               X
                      asset     representations     or
                      warranties    or     transaction                 (if agreed
                      covenants.                                       upon by the
                                                                       parties)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (13)   Information   on   ratio,                 X
                      coverage  or  other  tests  used
                      for    determining   any   early                 (monthly
                      amortization,   liquidation   or                 statements  to
                      other  performance  trigger  and                 certificateholders)
                      whether the trigger was met.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      (14)  Information  regarding any                                                 X
                      new  issuance  of   asset-backed
                      securities  backed  by the  same
                      asset pool,
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                            information  regarding any  X              X                               X
                            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                                                 X               X
                            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.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Item  1121(b) -  Pre-Funding  or                                                 X
                      Revolving Period Information

                      Updated  pool   information   as
                      required under Item 1121(b).
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            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:
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Sponsor (Seller)                                                                                 X
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Depositor                                                                        X
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Trustee                                          X
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Issuing entity                                                                   X
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Master   Servicer,    affiliated  X
                      Servicer,     other     Servicer
                      servicing  20% or  more  of pool
                      assets at time of report,  other
                      material servicers
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Originator  of  20% or  more  of                                                 X
                      pool  assets  as of the  Cut-off
                      Date
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Custodian                                                        X
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            3         Sales of  Securities  and Use of
                      Proceeds
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Information  from  Item  2(a) of                                                 X
                      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.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            4         Defaults Upon Senior Securities
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Information  from Item 3 of Part                 X
                      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)
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            5         Submission of Matters to a Vote
                      of Certificateholders
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Information from Item 4 of Part                  X
                      II of Form 10-Q
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            6         Significant   Obligors  of  Pool
                      Assets
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Item   1112(b)   -   Significant                                                 X
                      Obligor Financial Information*
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      *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                 X
                            disclosure threshold
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                            Requesting        required                 X
                            financial  information  or
                            effecting    incorporation
                            by reference
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Item    1115(b)   -   Derivative
                      Counterparty           Financial
                      Information*
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                            Determining        current                                                 X
                            maximum probable exposure
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                            Determining        current                 X
                            significance percentage
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                            Requesting        required                 X
                            financial  information  or
                            effecting    incorporation
                            by reference
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      *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  The Responsible Party for the applicable Form 8-K item as indicated below.
                      required  to be reported on Form
                      8-K during  the  period  covered
                      by  the   Form   10-D   but  not
                      reported
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            9         Exhibits
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Distribution report                              X
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Exhibits  required  by Item  601                                                 X
                      of   Regulation   S-K,  such  as
                      material agreements
----------- -------------------------------------------------------------------------- --------------- --------------- -------------
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  X              X                               X               X
                      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
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            1.02      Termination    of   a   Material  X              X                               X               X
                      Definitive Agreement
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Disclosure      is      required  X              X               X               X               X
                      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.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            1.03      Bankruptcy or Receivership
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Disclosure      is      required  X              X               X               X               X
                      regarding   the   bankruptcy  or
                      receivership,  if  known  to the
                      Master  Servicer,  with  respect
                      to any of the following:

                      Sponsor   (Seller),   Depositor,
                      Master   Servicer,    affiliated
                      Servicer,     other     Servicer
                      servicing  20% or  more  of pool
                      assets at time of report,  other
                      material   servicers,   Trustee,
                      significant   obligor,    credit
                      enhancer    (10%    or    more),
                      derivatives        counterparty,
                      Custodian
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            2.04      Triggering Events that
                      Accelerate or Increase a Direct
                      Financial Obligation or an
                      Obligation under an Off-Balance
                      Sheet Arrangement [in this
                      transaction there is no
                      off-balance sheet arrangement]
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Includes an early  amortization,                 X
                      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   monthly    statements   to
                      certificateholders    [in   this
                      transaction  there  will  be  no
                      events   other  than   waterfall
                      triggers]
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            3.03      Material Modification to Rights
                      of Certificateholders
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Disclosure is required of any                    X
                      material modification to
                      documents defining the rights
                      of Certificateholders,
                      including the Pooling and
                      Servicing Agreement
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            5.03      Amendments to Articles of
                      Incorporation or Bylaws; Change
                      in Fiscal Year
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Disclosure is required of any                                                    X
                      amendment "to the governing
                      documents of the issuing entity"
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            5.06      Change in Shell Company Status
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      [Not applicable to ABS issuers]                                                  X
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            6.01      ABS Informational and
                      Computational Material
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      [Not included in reports to be                                                   X
                      filed under Section 3.16]
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            6.02      Change of Servicer or Trustee
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Requires   disclosure   of   any  X              X                               X
                      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 or trustee.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Reg AB disclosure  about any new  X
                      master    servicer    is    also
                      required.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Reg AB disclosure  about any new                 X
                      trustee is also required.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            6.03      Change in Credit Enhancement or
                      Other External Support
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Covers    termination   of   any                 X                               X
                      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                 X                               X
                      enhancement   provider  is  also
                      required.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            6.04      Failure   to  Make  a   Required                 X
                      Distribution
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            6.05      Securities      Act     Updating
                      Disclosure
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      If     any     material     pool                                                 X
                      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.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      If there  are any new  servicers                                                 X
                      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.
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            7.01      Regulation FD Disclosure          X              X               X               X
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
            8.01      Other Events
----------- --------- --------------------------------- -------------- --------------- --------------- --------------- -------------
                      Any  event,   with   respect  to                                                 X
                      which    information    is   not
                      otherwise  called  for  in  Form
                      8-K, that the  registrant  deems
                      of         importance         to
                      certificateholders.
----------- --------- --------------------------------- ----------------------------------------------------------------------------
            9.01      Financial Statements and          The Responsible Party applicable to reportable event.
                      Exhibits
----------- --------- --------------------------------- ----------------------------------------------------------------------------
10-K        Must be filed within 90 days of the fiscal year end for the registrant.
----------- ------------------------------------------------------------------------------- ---------- --------------- -------------
            9B      Other Information
----------- ------- ---------------------------------- -----------------------------------------------------------------------------
                    Disclose     any      information  The Responsible Party for the applicable Form 8-K as indicated above.
                    required  to be  reported on Form
                    8-K  during  the  fourth  quarter
                    covered  by the Form 10-K but not
                    reported
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
            15      Exhibits and Financial  Statement
                    Schedules
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Item   1112(b)   -    Significant                                                  X
                    Obligor Financial Information
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Item    1114(b)(2)    -    Credit
                    Enhancement   Provider  Financial
                    Information
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                         Determining       applicable                  X
                         disclosure threshold
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                         Requesting          required                  X
                         financial   information   or
                         effecting  incorporation  by
                         reference
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Item    1115(b)   -    Derivative
                    Counterparty            Financial
                    Information
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                         Determining  current maximum                                                  X
                         probable exposure
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                         Determining          current                  X
                         significance percentage
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                         Requesting          required                  X
                         financial   information   or
                         effecting  incorporation  by
                         reference
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    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:
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Sponsor (Seller)                                                                                   X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Depositor                                                                          X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Trustee                                            X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Issuing entity                                                                     X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Master    Servicer,    affiliated  X
                    Servicer,      other     Servicer
                    servicing  20% or  more  of  pool
                    assets at time of  report,  other
                    material servicers
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Originator  of  20%  or  more  of                                                  X
                    pool  assets  as of  the  Cut-off
                    Date
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Custodian                                                          X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Item  1119  -  Affiliations   and
                    relationships     between     the
                    following   entities,   or  their
                    respective  affiliates,  that are
                    material to Certificateholders:
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Sponsor (Seller)                                                                                   X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Depositor                                                                          X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Trustee                                            X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Master    Servicer,    affiliated  X
                    Servicer,      other     Servicer
                    servicing  20% or  more  of  pool
                    assets at time of  report,  other
                    material servicers
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Originator                                                                         X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Custodian                                                          X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Credit Enhancer/Support Provider                                                   X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Significant Obligor                                                                X
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Item   1122   -   Assessment   of  X               X               X
                    Compliance     with     Servicing
                    Criteria
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
                    Item 1123 -  Servicer  Compliance  X               X
                    Statement
----------- ------- ---------------------------------- --------------- --------------- --------------- --------------- -------------
</TABLE>

<PAGE>

                                   EXHIBIT CC

                       SERVICING CRITERIA TO BE ADDRESSED
                           IN ASSESSMENT OF COMPLIANCE
Key:
X - obligation

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.

<TABLE>
<CAPTION>
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
Reg AB Reference   Servicing Criteria                  Servicers   Master      Securities  Custodian   Paying        Trustee
                                                                    Servicer   Administrator             Agent
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   General Servicing Considerations
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
<S>                <C>                                <C>          <C>         <C>         <C>         <C>         <C>
1122(d)(1)(i)      Policies   and   procedures   are       X           X           X                                   X-1
                   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       X           X
                   activities   are   outsourced  to
                   third   parties,   policies   and
                   procedures   are   instituted  to
                   monitor    the   third    party's
                   performance  and compliance  with
                   such servicing activities.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Any     requirements    in    the
                   transaction     agreements     to
                   maintain a back-up  servicer  for
1122(d)(1)(iii)    the Pool Assets are maintained.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
1122(d)(1)(iv)     A  fidelity  bond and  errors and       X           X
                   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       X           X           X                       X
                   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.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Disbursements   made   via   wire       X           X           X                       X
                   transfer  on behalf of an obligor
                   or to an  investor  are made only
1122(d)(2)(ii)     by authorized personnel.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Advances  of funds or  guarantees       X           X                                                X
                   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
1122(d)(2)(iii)    agreements.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   The  related   accounts  for  the       X           X           X                       X
                   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
1122(d)(2)(iv)     transaction agreements.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Each    custodial    account   is       X           X           X                                    X
                   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
1122(d)(2)(v)      Exchange Act.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Unissued  checks are  safeguarded       X
                   so  as  to  prevent  unauthorized
1122(d)(2)(vi)     access.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
1122(d)(2)(vii)    Reconciliations  are  prepared on       X           X           X                       X
                   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.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Investor      Remittances     and
                   Reporting
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
1122(d)(3)(i)      Reports to  investors,  including       X           X           X
                   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.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Amounts  due  to  investors   are       X           X           X                       X
                   allocated    and    remitted   in
                   accordance    with    timeframes,
                   distribution  priority  and other
                   terms    set    forth    in   the
1122(d)(3)(ii)     transaction agreements.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Disbursements    made    to    an       X           X           X                       X
                   investor  are  posted  within two
                   business  days to the  Servicer's
                   investor  records,  or such other
                   number of days  specified  in the
1122(d)(3)(iii)    transaction agreements.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
1122(d)(3)(iv)     Amounts   remitted  to  investors       X           X           X                       X
                   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       X                                   X
                   assets is  maintained as required
                   by the transaction  agreements or
                   related pool asset documents.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
1122(d)(4)(ii)     Pool     assets    and    related       X                                   X
                   documents  are   safeguarded   as
                   required   by   the   transaction
                   agreements
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
1122(d)(4)(iii)    Any   additions,    removals   or       X           X
                   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,       X
                   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.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   The Servicer's  records regarding       X
                   the pool  assets  agree  with the
                   Servicer's  records  with respect
                   to an obligor's  unpaid principal
1122(d)(4)(v)      balance.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Changes   with   respect  to  the       X
                   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
1122(d)(4)(vi)     asset documents.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Loss   mitigation   or   recovery       X
                   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
1122(d)(4)(vii)    agreements.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
1122(d)(4)(viii)   Records  documenting   collection       X
                   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).
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
1122(d)(4)(ix)     Adjustments  to interest rates or       X
                   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       X
                   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.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Payments  made  on  behalf  of an       X
                   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
1122(d)(4)(xi)     transaction agreements.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Any  late  payment  penalties  in       X
                   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
1122(d)(4)(xii)    or omission.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Disbursements  made on  behalf of       X
                   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
1122(d)(4)(xiii)   transaction agreements.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Delinquencies,   charge-offs  and       X           X           X
                   uncollectible     accounts    are
                   recognized    and   recorded   in
                   accordance  with the  transaction
1122(d)(4)(xiv)    agreements.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
                   Any   external   enhancement   or                               X                                    X
                   other   support,   identified  in
                   Item  1114(a)(1)  through  (3) or
                   Item  1115 of  Regulation  AB, is
                   maintained  as set  forth  in the
1122(d)(4)(xv)     transaction agreements.
------------------ ---------------------------------- ------------ ----------- ----------- ----------- ----------- ------------
</TABLE>

<TABLE>
<CAPTION>
------------------  -----------
Reg AB Reference      Notes

------------------  -----------

------------------  -----------
<S>                 <C>
1122(d)(1)(i)       1 -
                    attest to
                    knowledge
                    but not
                    to process

------------------  -----------
1122(d)(1)(ii)

------------------  -----------
                    NA

1122(d)(1)(iii)
------------------  -----------
1122(d)(1)(iv)

------------------  -----------

------------------  -----------
1122(d)(2)(i)

------------------  -----------

1122(d)(2)(ii)
------------------  -----------

1122(d)(2)(iii)
------------------  -----------

1122(d)(2)(iv)
------------------  -----------

1122(d)(2)(v)
------------------  -----------

1122(d)(2)(vi)
------------------  -----------
1122(d)(2)(vii)

------------------  -----------

------------------  -----------
1122(d)(3)(i)

------------------  -----------

1122(d)(3)(ii)
------------------  -----------

1122(d)(3)(iii)
------------------  -----------
1122(d)(3)(iv)

------------------  -----------

------------------  -----------
1122(d)(4)(i)

------------------  -----------
1122(d)(4)(ii)

------------------  -----------
1122(d)(4)(iii)

------------------  -----------
1122(d)(4)(iv)

------------------  -----------

1122(d)(4)(v)
------------------  -----------

1122(d)(4)(vi)
------------------  -----------

1122(d)(4)(vii)
------------------  -----------
1122(d)(4)(viii)

------------------  -----------
1122(d)(4)(ix)

------------------  -----------
1122(d)(4)(x)

------------------  -----------

1122(d)(4)(xi)
------------------  -----------

1122(d)(4)(xii)
------------------  -----------

1122(d)(4)(xiii)
------------------  -----------

1122(d)(4)(xiv)
------------------  -----------

1122(d)(4)(xv)
------------------  -----------
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]