SUBSEQUENT TRANSFER INSTRUMENT

Pursuant to this Subsequent Transfer Instrument, dated December 28, 2006 (the “Instrument”), between Option One Mortgage Acceptance Corporation as seller (the “Depositor”), and Wells Fargo Bank, N.A. as trustee of the Option One Mortgage Loan Trust 2006-3 Asset-Backed Certificates, Series 2006-3, as purchaser (the “Trustee”), and pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2006 (the “Pooling and Servicing Agreement”), among the Depositor as depositor, Option One Mortgage Corporation as servicer and the Trustee as trustee, the Depositor and the Trustee agree to the sale by the Depositor and the purchase by the Trustee in trust, on behalf of the Trust, of the Mortgage Loans listed on the attached Schedule of Mortgage Loans (the “Subsequent Mortgage Loans”).

Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Pooling and Servicing Agreement.

Section 1.   Conveyance of Subsequent Mortgage Loans .

(a)   The Depositor does hereby sell, transfer, assign, set over and convey to the Trustee in trust, on behalf of the Trust, without recourse, all of its right, title and interest in and to the Subsequent Mortgage Loans, and including all amounts due on the Subsequent Mortgage Loans after the related Subsequent Cut-off Date, and all items with respect to the Subsequent Mortgage Loans to be delivered pursuant to Section 2.01 of the Pooling and Servicing Agreement; provided, however that the Depositor reserves and retains all right, title and interest in and to amounts due on the Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date. The Depositor, contemporaneously with the delivery of this Agreement, has delivered or caused to be delivered to the Trustee each item set forth in Section 2.01 of the Pooling and Servicing Agreement. The transfer to the Trustee by the Depositor of the Subsequent Mortgage Loans identified on the Mortgage Loan Schedule shall be absolute and is intended by the Depositor, the Servicer, the Trustee and the Certificateholders to constitute and to be treated as a sale by the Depositor to the Trust Fund.

(b)   The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee without recourse for the benefit of the Certificateholders all the right, title and interest of the Depositor, in, to and under the Subsequent Mortgage Loan Purchase Agreement, dated the date hereof, between the Depositor as purchaser and the Servicer as seller, to the extent of the Subsequent Mortgage Loans.

(c)   Additional terms of the sale are set forth on Attachment A hereto.

Section 2.   Representations and Warranties; Conditions Precedent .

(a)   The Depositor hereby confirms that each of the conditions precedent and the representations and warranties set forth in Section 2.08 of the Pooling and Servicing Agreement are satisfied as of the date hereof.

(b)   All terms and conditions of the Pooling and Servicing Agreement are hereby ratified and confirmed; provided, however, that in the event of any conflict, the provisions of this Instrument shall control over the conflicting provisions of the Pooling and Servicing Agreement.

Section 3.   Recordation of Instrument .

To the extent permitted by applicable law, this Instrument, or a memorandum thereof if permitted under applicable law, is subject to recordation in all appropriate public offices for real property records in all of 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 Certificateholders’ expense on direction of the related Certificateholders, but only when accompanied by an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Certificateholders or is necessary for the administration or servicing of the Mortgage Loans.

Section 4.   Governing Law .

This Instrument 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, without giving effect to principles of conflicts of law.

Section 5.   Counterparts .

This Instrument 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; such counterparts, together, shall constitute one and the same instrument.

Section 6.   Successors and Assigns .

This Instrument shall inure to the benefit of and be binding upon the Depositor and the Trustee and their respective successors and assigns.

Attachments

B.            The following representations and warranties with respect to each Subsequent Mortgage Loan determined as of the applicable Subsequent Cut-off Date: (i) the Subsequent Mortgage Loan may not be 30 or more days delinquent as of the last day of the calendar month preceding the related Cut-off Date or Subsequent Cut-off Date; (ii) the original term to stated maturity of the Subsequent Mortgage Loan shall not be less than 180 months and shall not exceed 360 months; (iii) the Subsequent Mortgage Loan may not provide for negative amortization; (iv) the Subsequent Mortgage Loan shall not have a loan-to-value ratio greater than 100.00%; (v) such Subsequent Mortgage Loans shall have, as of the related Cut-off Date or Subsequent Cut-off Date, a weighted average term since origination not in excess of 6 months; (vi) the Subsequent Mortgage Loan, if a fixed-rate Mortgage Loan, shall have a Mortgage Rate that is not less than approximately 6.250% per annum or greater than approximately 15.250% per annum; (vii) the Subsequent Mortgage Loan shall have been serviced by the Servicer since origination or the date that servicing was transferred with respect to any Mortgage Loan acquired by the Originator after its origination date; (viii) each of the Subsequent Mortgage Loans shall have a first payment date occurring on or before February 2007 and shall include 30 days’ interest thereon; (ix) if the Subsequent Mortgage Loan is an adjustable-rate Mortgage Loan, such Subsequent Mortgage Loan shall have a Gross Margin not less than approximately 2.500% per annum, shall have a Maximum Mortgage Rate not less than approximately 8.750% per annum and shall have a Minimum Mortgage Rate not less than approximately 5.000% per annum and (x) the Subsequent Mortgage Loan shall have been underwritten in accordance with the criteria set forth under “The Originator and Sponsor” in the Prospectus Supplement.

C.              Following the purchase of Subsequent Group I Mortgage Loans by the Trust, at the end of the Funding Period all of the Group I Mortgage Loans (including the Subsequent Group I Mortgage Loans) and subject to a variance of plus or minus 5%: (i) shall have a weighted average original term to stated maturity of not more than 360 months; (ii) shall have a weighted average Mortgage Rate of not less than 8.250% per annum and not more than 9.250% per annum; (iii) shall have a weighted average loan-to-value ratio of not more than 82.00%; (iv) shall have no Mortgage Loan with a Principal Balance which does not conform to Fannie Mae and Freddie Mac principal balance guidelines; (v) shall consist of Mortgage Loans with prepayment charges representing no less than approximately 68.00% of the Group I Mortgage Loans; (vi) shall have second lien Mortgage Loans comprising no more than 5.00% of the Group I Mortgage Loans; (vii) have fixed-rate Mortgage Loans comprising no more than 5.00% of the Group I Mortgage Loans; (viii) shall have a weighted average FICO score of not less than 590 and (ix) shall consist of Mortgage Loans covered by the PMI Policy representing no less than approximately 14.00% of the Group I Mortgage Loans. In addition, the adjustable-rate Group I Mortgage Loans shall have a weighted average Gross Margin not less than 5.750% per annum. For purposes of the calculations described in this paragraph, percentages of the Group I Mortgage Loans shall be based on the Principal Balance of the Group I Mortgage Loans as of the Cut-off Date and the Principal Balance of the Subsequent Group I Mortgage Loans as of the related Subsequent Cut-off Date.

Following the purchase of Subsequent Group II Mortgage Loans by the Trust, at the end of the Funding Period all of the Group II Mortgage Loans (including the Subsequent Group II Mortgage Loans) and subject to a variance of plus or minus 5%: (i) shall have a weighted average original term to stated maturity of not more than 360 months; (ii) shall have a weighted average Mortgage Rate of not less than 8.250% per annum and not more than 9.250% per annum; (iii) shall have a weighted average loan-to-value ratio of not more than 83.00%; (iv) shall have no Mortgage Loan with a Principal Balance in excess of $2,200,000; (v) shall consist of Mortgage Loans with prepayment charges representing no less than approximately 70.00% of the Group II Mortgage Loans; (vi) shall have second lien Mortgage Loans comprising no more than 8.00% of the Group II Mortgage Loans; (vii) have fixed-rate Mortgage Loans comprising no more than 8.00% of the Group II Mortgage Loans; (viii) shall have a weighted average FICO score of not less than 600 and (ix) shall consist of Mortgage Loans covered by the PMI Policy representing no less than approximately 8.50% of the Group II Mortgage Loans. In addition, the adjustable-rate Group II Mortgage Loans shall have a weighted average Gross Margin not less than 5.750% per annum. For purposes of the calculations described in this paragraph, percentages of the Group II Mortgage Loans shall be based on the Principal Balance of the Group II Mortgage Loans as of the Cut-off Date and the Principal Balance of the Subsequent Group II Mortgage Loans as of the related Subsequent Cut-off Date.

D.              Notwithstanding the foregoing, any Subsequent Mortgage Loan may be rejected by (i) the NIMS Insurer, if any, or (ii) Moody’s or S&P if the inclusion of such Subsequent Mortgage Loan would adversely affect the ratings on any class of Class A and Mezzanine Certificates and variances (as described above) regarding the characteristics of the Subsequent Mortgage Loans set forth above shall be permitted. The final characteristics of the Mortgage Loans (including the Additional Mortgage Loans and Subsequent Mortgage Loans) shall be reflected in a Form 8-K which will be filed within 15 days of the end of the Funding Period.