Version 3.06 And Php 5.6

Does cs-cart 3.06 (especially its Smarty version) work with PHP 5.6? Our host recently upgraded. The admin panel is still working, but no storefront. I am getting
Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home/homescho/public_html/corner/lib/smarty/Smarty_Compiler.class.php on line 269
and sometimes
Fatal error: Allowed memory size of 268435456 bytes exhausted (tried to allocate 11 bytes) in /home/homescho/public_html/corner/core/db/mysqli.php on line 122
and sometimes
404 - Oops! We were unable to find what you were looking for.
I cleared cache and still same. Any small tweak to get 3.06 storefront compatible with PHP 5.6?

It should be fine. You might want to identify the stack trace where the depreciated warning is coming from. It could be a modification or 3rd party addon versus the core of cs-cart.

If you have the debugger turned on, the the tracing of some of the large SQL queries can cause your site to run out of memory. Turn off debugger and it should be OK.

No clue on the 404 but that's certainly not a PHP issue.

Can someone confirm if the Smarty Engine in 3.06 is compatible with PHP 5.6. I think it is Smarty 2.x and the smarty website only says

Smarty 3.x: PHP 5.2+

Smarty 2.x: PHP 4 or 5