EXECUTION
FIRST HORIZON ASSET SECURITIES
INC.
MORTGAGE PASS-THROUGH
CERTIFICATES
SERIES 2006-4
TERMS AGREEMENT
(to Underwriting
Agreement,
dated March 24, 2006
between the Company and the
Underwriter)
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First Horizon
Asset Securities Inc.
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New York, New York
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4000 Horizon
Way
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December 22, 2006
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Irving, Texas
75063
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Banc of America Securities LLC (the
“Underwriter”) agrees, subject to the terms and
provisions herein and of the captioned Underwriting Agreement (the
“Underwriting Agreement”), to purchase such Classes of
First Horizon Mortgage Pass-Through Trust, Series 2006-4
Certificates (the “Series 2006-4 Certificates”)
specified in Section 2(a) hereof (the “Offered
Certificates”). This letter supplements and modifies the
Underwriting Agreement solely as it relates to the purchase and
sale of the Offered Certificates described below. The Series 2006-4
Certificates are registered with the Securities and Exchange
Commission by means of an effective Registration Statement (No.
333-132046). Capitalized terms used and not defined herein have the
meanings given them in the Underwriting Agreement.
Section 1. The Mortgage Pools : The Series 2006-4 Certificates shall evidence
the entire beneficial ownership interest in two pools (the
“Mortgage Pools”) of conventional, fixed rate, first
lien, fully amortizing, one- to four-family residential mortgage
loans (the “Mortgage Loans”) having the following
characteristics as of December 1, 2006 (the “Cut-off
Date”):
(a) Aggregate Principal Amount of the Mortgage
Pools : Approximately
$386,057,198 aggregate principal balance as of the Cut-off Date,
subject to an upward or downward variance of up to 5%, the precise
aggregate principal balance to be determined by the
Company.
(b) Original Terms to Maturity
: The original term to maturity of
each Mortgage Loan included in Pool I shall be between 240 and 360
months. The original term to maturity of each Mortgage Loan in Pool
II shall be 180 months.
Section 2. The Certificates : The Offered Certificates shall be issued as
follows:
(a) Classes : The Offered Certificates shall be issued with
the following Class designations, interest rate
