EXHIBIT 4.1

                                                                  EXECUTION COPY





             STRUCTURED ASSET SECURITIES CORPORATION, as Depositor,

                 AURORA LOAN SERVICES INC., as Master Servicer,



                                       and

                           CITIBANK, N.A., as Trustee



                           ---------------------------

                                 TRUST AGREEMENT

                           Dated as of January 1, 2004

                           ---------------------------



                     STRUCTURED ASSET SECURITIES CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 2004-5H

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                                TABLE OF CONTENTS
                                                                            Page
Article I         DEFINITIONS..................................................4

         Section 1.01.     Definitions.........................................4

         Section 1.02.     Calculations Respecting Mortgage Loans.............35

Article II        DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES..............36

         Section 2.01.     Creation and Declaration of Trust Fund;
                           Conveyance of Mortgage Loans.......................36

         Section 2.02.     Acceptance of Trust Fund by Trustee: Review of
                           Documentation for Trust Fund.......................39

         Section 2.03.     Representations and Warranties of the Depositor....41

         Section 2.04.     Discovery of Breach................................42

         Section 2.05.     Repurchase, Purchase or Substitution of
                           Mortgage Loans.....................................43

         Section 2.06.     Grant Clause.......................................44

Article III       THE CERTIFICATES............................................45

         Section 3.01.     The Certificates...................................45

         Section 3.02.     Registration.......................................46

         Section 3.03.     Transfer and Exchange of Certificates..............46

         Section 3.04.     Cancellation of Certificates.......................52

         Section 3.05.     Replacement of Certificates........................52

         Section 3.06.     Persons Deemed Owners..............................52

         Section 3.07.     Temporary Certificates.............................52

         Section 3.08.     Appointment of Paying Agent........................53

         Section 3.09.     Book-Entry Certificates............................53

Article IV        ADMINISTRATION OF THE TRUST FUND............................55

         Section 4.01.     Collection Account.................................55

         Section 4.02.     Application of Funds in the Collection Account.....56

         Section 4.03.     Reports to Certificateholders......................59

         Section 4.04.     Certificate Account................................61

         Section 4.05.     [Reserved].........................................62

         Section 4.06.     [Reserved].........................................62

Article V         DISTRIBUTIONS TO HOLDERS OF CERTIFICATES....................62

         Section 5.01.     Distributions Generally............................62

         Section 5.02.     Distributions from the Certificate Account.........63

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         Section 5.03.     Allocation of Realized Losses......................66

         Section 5.04.     Advances by the Master Servicer and the Trustee....68

         Section 5.05.     Compensating Interest Payments.....................69

Article VI        CONCERNING THE TRUSTEE; EVENTS OF DEFAULT...................69

         Section 6.01.     Duties of Trustee..................................69

         Section 6.02.     Certain Matters Affecting the Trustee..............71

         Section 6.03.     Trustee Not Liable for Certificates................72

         Section 6.04.     Trustee May Own Certificates.......................73

         Section 6.05.     Eligibility Requirements for Trustee...............73

         Section 6.06.     Resignation and Removal of Trustee.................73

         Section 6.07.     Successor Trustee..................................74

         Section 6.08.     Merger or Consolidation of Trustee.................74

         Section 6.09.     Appointment of Co-Trustee, Separate Trustee
                           or Custodian.......................................75

         Section 6.10.     Authenticating Agents..............................76

         Section 6.11.     Indemnification of Trustee.........................77

         Section 6.12.     Fees and Expenses of Trustee and Custodian.........78

         Section 6.13.     Collection of Monies...............................78

         Section 6.14.     Events of Default; Trustee To Act; Appointment
                           of Successor.......................................78

         Section 6.15.     Additional Remedies of Trustee Upon Event
                           of Default.........................................82

         Section 6.16.     Waiver of Defaults.................................82

         Section 6.17.     Notification to Holders............................83

         Section 6.18.     Directions by Certificateholders and Duties
                           of Trustee During Event of Default.................83

         Section 6.19.     Action Upon Certain Failures of the Master
                           Servicer and Upon Event of Default.................83

         Section 6.20.     Preparation of Tax Returns and Other Reports.......83

Article VII       PURCHASE AND TERMINATION OF THE TRUST FUND..................85

         Section 7.01.     Termination of Trust Fund Upon Repurchase or
                           Liquidation of All Mortgage Loans..................85

         Section 7.02.     Procedure Upon Termination of Trust Fund...........86

         Section 7.03.     Additional Requirements under the REMIC
                           Provisions.........................................87

Article VIII      RIGHTS OF CERTIFICATEHOLDERS................................87

         Section 8.01.     Limitation on Rights of Holders....................87

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         Section 8.02.     Access to List of Holders..........................88

         Section 8.03.     Acts of Holders of Certificates....................89

Article IX        ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY
                  THE MASTER SERVICER.........................................90

         Section 9.01.     Duties of the Master Servicer......................90

         Section 9.02.     Master Servicer Fidelity Bond and Master
                           Servicer Errors and Omissions Insurance Policy.....90

         Section 9.03.     Master Servicer's Financial Statements and
                           Related Information................................91

         Section 9.04.     Power to Act; Procedures...........................91

         Section 9.05.     Servicing Agreements Between the Master
                           Servicer and Servicers; Enforcement of Servicers'
                           Obligations........................................93

         Section 9.06.     Collection of Taxes, Assessments and Similar
                           Items..............................................94

         Section 9.07.     Termination of Servicing Agreements; Successor
                           Servicers..........................................94

         Section 9.08.     Master Servicer Liable for Enforcement.............95

         Section 9.09.     No Contractual Relationship Between Servicers
                           and Trustee or Depositor...........................95

         Section 9.10.     Assumption of Servicing Agreement by Trustee.......95

         Section 9.11.     "Due-on-Sale" Clauses; Assumption Agreements.......96

         Section 9.12.     Release of Mortgage Files..........................96

         Section 9.13.     Documents, Records and Funds in Possession
                           of Master Servicer To Be Held for Trustee..........97

         Section 9.14.     Representations and Warranties of the
                           Master Servicer....................................99

         Section 9.15.     Closing Certificate and Opinion...................101

         Section 9.16.     Standard Hazard and Flood Insurance Policies......101

         Section 9.17.     Presentment of Claims and Collection of Proceeds..101

         Section 9.18.     Maintenance of the Primary Mortgage Insurance
                           Policies..........................................102

         Section 9.19.     Trustee To Retain Possession of Certain
                           Insurance Policies and Documents..................102

         Section 9.20.     Realization Upon Defaulted Mortgage Loans.........103

         Section 9.21.     Compensation to the Master Servicer...............103

         Section 9.22.     REO Property......................................104

         Section 9.23.     [Reserved]........................................104

         Section 9.24.     Reports to the Trustee............................104

         Section 9.25.     Annual Officer's Certificate as to Compliance.....105

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         Section 9.26.     Annual Independent Accountants' Servicing Report..106

         Section 9.27.     Merger or Consolidation...........................106

         Section 9.28.     Resignation of Master Servicer....................106

         Section 9.29.     Assignment or Delegation of Duties by the
                           Master Servicer...................................107

         Section 9.30.     Limitation on Liability of the Master Servicer
                           and Others........................................107

         Section 9.31.     Indemnification; Third-Party Claims...............108

Article X         REMIC ADMINISTRATION.......................................109

         Section 10.01.    REMIC Administration..............................109

         Section 10.02.    Prohibited Transactions and Activities............111

         Section 10.03.    Indemnification with Respect to Certain Taxes
                           and Loss of REMIC Status..........................111

         Section 10.04.    REO Property......................................111

Article XI        MISCELLANEOUS PROVISIONS...................................112

         Section 11.01.    Binding Nature of Agreement; Assignment...........112

         Section 11.02.    Entire Agreement..................................112

         Section 11.03.    Amendment.........................................113

         Section 11.04.    Voting Rights.....................................114

         Section 11.05.    Provision of Information..........................114

         Section 11.06.    Governing Law.....................................114

         Section 11.07.    Notices...........................................115

         Section 11.08.    Severability of Provisions........................115

         Section 11.09.    Indulgences; No Waivers...........................115

         Section 11.10.    Headings Not To Affect Interpretation.............115

         Section 11.11.    Benefits of Agreement.............................116

         Section 11.12.    Special Notices to the Rating Agencies............116

         Section 11.13.    Counterparts......................................117

         Section 11.14.    Transfer of Servicing.............................117

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                                   ATTACHMENTS

Exhibit A         Forms of Certificates
Exhibit B-1       Form of Initial Certification
Exhibit B-2       Form of Interim Certification
Exhibit B-3       Form of Final Certification
Exhibit B-4       Form of Endorsement
Exhibit C         Request for Release of Documents and Receipt
Exhibit D-l       Form of Residual Certificate Transfer Affidavit (Transferee)
Exhibit D-2       Form of Residual Certificate Transfer Affidavit (Transferor)
Exhibit E         Servicing Agreements
Exhibit F         Form of Rule 144A Transfer Certificate
Exhibit G         Form of Purchaser's Letter for Institutional Accredited
                  Investors
Exhibit H         Form of ERISA Transfer Affidavit
Exhibit I         Monthly Remittance Advice
Exhibit J         Monthly Electronic Data Transmission
Exhibit K         Custodial Agreements
Exhibit L-1       Form of Transfer Certificate for Transfer from Restricted
                  Global Security to Regulation S Global Security
Exhibit L-2       Form of Transfer Certificate for Transfer from Regulation S
                  Global Security to Restricted Global Security
Exhibit M         Form of Certification to be Provided to the Depositor and/or
                  the Master Servicer by the Trustee
Exhibit N         Form of Certification to be Provided to the Depositor and the
                  Trustee by the Master Servicer

Schedule A        Mortgage Loan Schedule

                                       v
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         This TRUST AGREEMENT, dated as of January 1, 2004 (the "Agreement"), is
by and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as
depositor (the "Depositor"), AURORA LOAN SERVICES INC., as master servicer (the
"Master Servicer") and CITIBANK, N.A., a national banking association, as
trustee (the "Trustee").

                              PRELIMINARY STATEMENT

         The Depositor has acquired the Mortgage Loans from the Lehman Brothers
Holdings Inc. (the "Seller"), and at the Closing Date is the owner of the
Mortgage Loans and the other property being conveyed by it to the Trustee for
inclusion in the Trust Fund. On the Closing Date, the Depositor will acquire the
Certificates from the Trust Fund as consideration for its transfer to the Trust
Fund of the Mortgage Loans and the other property constituting the Trust Fund.
The Depositor has duly authorized the execution and delivery of this Agreement
to provide for the conveyance to the Trustee of the Mortgage Loans and the other
property constituting the Trust Fund. All covenants and agreements made by the
Depositor, the Master Servicer, and the Trustee herein with respect to the
Mortgage Loans and the other property constituting the Trust Fund are for the
benefit of the Holders from time to time of the Certificates. The Depositor and
the Master Servicer are entering into this Agreement, and the Trustee is
accepting the Trust Fund created hereby, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged.

         As provided herein, the Trustee shall elect that the Trust Fund be
treated for federal income tax purposes as comprising two real estate mortgage
investment conduits (each a "REMIC" or, in the alternative, the Lower Tier REMIC
and the Upper Tier REMIC, respectively). Each Certificate, other than the Class
R Certificate and the Class A-IO2 Certificates, is hereby designated as a
regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions.
Each of the Class A-IO2 Components is hereby designated as a regular interest in
the Upper Tier REMIC for purposes of the REMIC provisions. The Class R
Certificate represents ownership of the sole class of residual interest in each
of the Lower Tier REMIC and the Upper Tier REMIC for purposes of the REMIC
Provisions. The Upper Tier REMIC shall hold as assets the several classes of
uncertificated Lower Tier REMIC Regular Interests. Each Lower Tier REMIC Regular
Interest is hereby designated as a regular interest in the Lower Tier REMIC. The
Lower Tier REMIC shall hold as assets all property of the Trust Fund other than
the Lower Tier REMIC Interest Interests.

         The Lower Tier REMIC

         The following table specifies the class designation, initial principal
balance, pass-through rate and related Certificates or Class A-IO2 Components
for each class of Lower Tier REMIC Interest.

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                       Initial Principal          Pass-     Related Certificates
 Lower Tier REMIC     Balance or Notional       Through        or Class A-IO2
     Interest               Amount                Rate           Components
 ----------------     -------------------         ----      --------------------
LT-A1                     $84,953,000             5.55%      Class A1 and Class
                                                             A-IO2 Component A1
LT-A2                     $46,055,000             5.55%       Class A2 and Class
                                                             A-IO2 Component A2
LT-A3                     $31,681,000             5.55%       Class A3 and Class
                                                             A-IO2 Component A3
LT-A4                     $46,942,000             5.55%       Class A4 and Class
                                                             A-IO2 Component A4
LT-APO                    $ 4,871,547             0.00%      Class A-PO
LT-B1                     $ 2,101,000             5.55%      Class B1
LT-B2                     $ 1,658,000             5.55%      Class B2
LT-B3                     $ 1,327,000             5.55%      Class B3
LT-B4                     $   553,000             5.55%      Class B4
LT-B5                     $   332,000             5.55%      Class B5
LT-B6                     $   663,495             5.55%      Class B6
LT-AR                     $       100             5.55%      Class R
LT-AIO1                       (1)                  (1)       Class A-IO1
LT-R                          (2)                  (2)       N/A
         --------------------

1.   The Class LT-AIO1 Interest shall have a notional balance, rather than a
     principal balance. For federal income tax purposes, the Class LT-AIO1
     Interest shall be entitled to a specified portion of the interest payable
     on each Non-Discount Mortgage Loan equal to the excess of the Net Mortgage
     Rate over the Designated Rate.

2.   The Class LT-R Interest shall represent the sole class of residual interest
     in the Lower Tier REMIC. The Class LT-R Interest will not have a principal
     amount or interest rate. The Class LT-R Interest shall be represented by
     the Class R Certificate.

         Payments of principal and interest shall be made on the Lower Tier
REMIC Interests in the same amounts as such payments are made on the
Corresponding Certificates and Class A-IO2 Components (without regard to
payments made under Section 5.02(d)) and Realized Losses and shortfalls shall be
allocated to the Lower Tier REMIC Interests in the same amounts as such Realized
Losses and shortfalls are allocated to the Corresponding Certificates and Class
A-IO2 Components. Subordinate Certificate Writedown Amounts shall be borne by
each Class of Lower Tier REMIC Interest in an amount equal to the Subordinate
Certificate Writedown Amount, if any, for the Corresponding Class of
Certificates. For purposes of allocating Realized Losses and shortfalls to the
Class LT-A1 Interest, the Class LT-A2 Interest, the Class LT-A3

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Interest and the Class LT-A4 Interest, Realized Losses and shortfalls allocated
to the Class A-IO2 Interest on any Distribution Date will be allocated among the
Class A-IO2 Components pro rata in accordance with the current accrued interest
on the Class A-IO2 Components for such Distribution Date.

         The Upper Tier REMIC

         When reference is made herein to the "ranking" of a Certificate, the
highest ranking Certificate is the Certificate with the lowest numerical
designation and the lowest ranking Certificate is the Certificate with the
highest numerical designation.

         The following table specifies the Class designation, Certificate
Interest Rate, initial Class Principal Amount or Class Notional Amount, and
minimum denomination (by dollar amount or Percentage Interest) for each Class of
Certificates representing the interests in the Trust Fund created hereunder.
Each Certificate, other than the Class R Certificates, represents ownership of
one or more regular interests in the Upper Tier REMIC for purposes of the REMIC
provisions.

                                            Initial Class
                                          Principal Amount
                       Certificate            or Class               Minimum
Class Designation     Interest Rate        Notional Amount         Denomination
-----------------     -------------        ---------------         ------------

Class A1                   3.55%              $84,953,000           $   25,000
Class A2                   4.43%              $46,055,000           $   25,000
Class A3                   5.50%              $31,681,000           $   25,000
Class A4                   5.54%              $46,942,000           $   25,000
Class A-IO1                1.00%                      (1)           $1,000,000
Class A-IO2                1.00%                      (2)           $1,000,000
Class A-PO                 0.00%(3)           $ 4,871,547           $   25,000
Class B1                   5.55%              $ 2,101,000           $  100,000
Class B2                   5.55%              $ 1,658,000           $  100,000
Class B3                   5.55%              $ 1,327,000           $  100,000
Class B4                   5.55%              $   553,000           $  250,000
Class B5                   5.55%              $   332,000           $  250,000
Class B6                   5.55%              $   663,495           $  250,000
Class R                    5.55%              $       100           $      100

---------------------------

(1)  The Class A-IO1 Certificates are interest-only certificates, as applicable,
     have no principal balance and accrue interest on the Class A-IO1 Notional
     Amounts (initially, $63,581,039). The Class Notional Amount of the Class
     A-IO1 Certificates for any Distribution Date will be equal to the product
     of (1) a fraction, the numerator of which is the weighted average of the
     Net Mortgage Rates of the Non-Discount Mortgage Loans at the beginning of
     the related Due Period (weighted on the basis of the Scheduled Principal
     Balances of the Mortgage Loans as of the preceding Distribution Date or, in
     the case of the first Distribution Date, as of the Cut-off Date) minus
     5.55% and the denominator of which is 1.00% and (2) the total Scheduled
     Principal Balance of the Non-Discount Mortgage Loans as of the preceding
     Distribution Date or, in the case of the first Distribution Date, as of the
     Cut-off Date. For federal income tax purposes, the Class A-IO1 Certificates
     shall be entitled to 100% of the interest payable on the Class LT-AIO1
     Interest.

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(2)  The Class A-IO2 Certificates are interest-only certificates, as applicable,
     have no principal balance and accrue interest on the Class A-IO2 Notional
     Amounts (initially, $223,541,070). The Class Notional Amount of the Class
     A-IO2 Certificates for any Distribution Date will be equal to the product
     of (1) a fraction, the numerator of which is 5.55% minus the weighted
     average of the interest rates on the Class A1, Class A2, Class A3 and Class
     A4 Certificates, weighted on the basis of the Certificate Principal
     Balances of such Certificates immediately prior to such Distribution Date,
     and the denominator of which is 1.00% and (2) the aggregate Certificate
     Principal Balances of the Class A1, Class A2, Class A3 and Class A4
     Certificates immediately prior to such Distribution Date.

(3)  The Class A-PO Certificates are Principal-Only Certificates and will not be
     entitled to payments of interest.


         As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $221,137,143.12.

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

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01.  Definitions.
                        -----------

         The following words and phrases, unless the context otherwise requires,
shall have the following meanings:

         Accepted Servicing Practices: With respect to any Mortgage Loan, as
applicable, either (x) those customary mortgage servicing practices of prudent
mortgage servicing institutions that service or master service mortgage loans of
the same type and quality as such Mortgage Loan in the jurisdiction where the
related Mortgaged Property is located, to the extent applicable to the Trustee
or the Master Servicer or (y) as provided in the applicable Servicing Agreement,
to the extent applicable to the related Servicer.

         Accountant: A person engaged in the practice of accounting who (except
when this Agreement provides that an Accountant must be Independent) may be
employed by or affiliated with the Depositor or an Affiliate of the Depositor.

         Accretion Directed Certificate:  Not applicable.

         Accretion Termination Date:  Not applicable.

         Accrual Amount: As to any Class of Accrual Certificates and each
Distribution Date through the Credit Support Depletion Date, the sum of (x) any
amount of Accrued Certificate Interest allocable to such Class pursuant to
Section 5.02(a)(ii) on such Distribution Date and (y) any Interest Shortfall
allocable to such Class pursuant to Section 5.02(a)(iii) on such Distribution
Date. As to any Class of Accrual Certificates and each Distribution Date after
the Credit Support Depletion Date, zero.

         Accrual Certificate: Not applicable.

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<PAGE>

         Accrual Component: Not applicable.

         Accrual Period: With respect to any Distribution Date and any Class of
Certificates or any Class of Lower Tier REMIC Interests, the one-month period
beginning immediately following the end of the preceding Accrual Period (or from
the Cut-off Date, in the case of the first Accrual Period) and ending on the
last day of the month immediately preceding the month in which such Distribution
Date occurs.

         Accrued Certificate Interest: As to any Class of Certificates and any
Distribution Date, the product of the Certificate Interest Rate for such Class
of Certificates and the Class Principal Amount (or Class Notional Amount) of
such Class of Certificates immediately preceding such Distribution Date, as
reduced by such Class's share of the interest portion of (i) any Excess Losses
for such Distribution Date and (ii) any Relief Act Reduction for the Mortgage
Pool for such Distribution Date, in each case allocable among the Certificates
pro rata based on the Accrued Certificate Interest otherwise distributable
thereto. Interest shall be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The interest shall accrue during the related Accrual
Period.

         Act:  As defined in Section 3.03(c).

         Additional Collateral:  Not applicable.

         Additional Collateral Servicing Agreement: Not applicable.

         Adjustable Rate Mortgage Loan:  Not applicable.

         Adjusted Net WAC:  Not applicable.

         Advance: An advance of the aggregate of payments of principal and
interest (net of the Master Servicing Fee and the applicable Servicing Fee) on
one or more Mortgage Loans that were due on the Due Date in the related Due
Period and not received as of the close of business on the related Determination
Date, required to be made by or on behalf of the Master Servicer and the related
Servicer (or by the Trustee) pursuant to Section 5.04.

         Affiliate: With respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.
For the purposes of this definition, "control" when used with respect to any
specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

         Aggregate Master Servicing Compensation:  Not applicable.

         Aggregate Principal Balance: The aggregate of the Scheduled Principal
Balances for all Mortgage Loans at any date of determination.

         Aggregate Subordinate Percentage:  Not applicable.

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<PAGE>

         Aggregate Voting Interests: The aggregate of the Voting Interests of
all the Certificates under this Agreement.

         Agreement: This Trust Agreement and all amendments and supplements
hereto.

         Apportioned Principal Balance: Not applicable.

         Appraised Value: With respect to any Mortgage Loan, the amount set
forth in an appraisal made in connection with the origination of such Mortgage
Loan as the value of the related Mortgaged Property.

         Associated Mortgage Loan: Not applicable.

         Assignment of Mortgage: An assignment of the Mortgage, notice of
transfer or equivalent instrument, in recordable form, sufficient under the laws
of the jurisdiction wherein the related Mortgaged Property is located to reflect
the sale of the Mortgage to the Trustee, which assignment, notice of transfer or
equivalent instrument may be in the form of one or more blanket assignments
covering the Mortgage Loans secured by Mortgaged Properties located in the same
jurisdiction, if permitted by law; provided, however, that the Trustee shall not
be responsible for determining whether any such assignment is in recordable
form.

         Aurora: Aurora Loan Services Inc. or its successor in interest, in its
capacity as a Servicer.

         Authenticating Agent: Any authenticating agent appointed by the Trustee
pursuant to Section 6.10.

         Authorized Officer: Any Person who may execute an Officer's Certificate
on behalf of the Depositor.

         Available Distribution Amount: On any Distribution Date, the sum of the
following amounts:

                  (i)      the total amount of all cash received by the Master
         Servicer through the Remittance Date applicable to each Servicer and
         deposited by the Master Servicer by the Deposit Date for such
         Distribution Date on the Mortgage Loans of such Mortgage Pool
         (including proceeds of any Insurance Policy and any other credit
         support relating to such Mortgage Loans), plus all Advances made by the
         Master Servicer or any Servicer (or the Trustee in its capacity as
         successor Master Servicer) for such Distribution Date, any Compensating
         Interest Payment for such date and Mortgage Pool any amounts received
         with respect to any Additional Collateral or any Surety Bond related
         thereto and any amounts paid by any Servicer in respect of Prepayment
         Interest Shortfalls in respect of the related Mortgage Loans for such
         date, but not including:

                           (A) all amounts distributed pursuant to Section 5.02
                  on prior Distribution Dates;

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<PAGE>

                           (B) all Scheduled Payments of principal and interest
                  collected but due on a date subsequent to the related Due
                  Period;

                           (C) all Principal Prepayments received or identified
                  by the applicable Servicer after the applicable Prepayment
                  Period (together with any interest payments received with such
                  prepayments to the extent that they represent the payment of
                  interest accrued on the related Mortgage Loans for the period
                  subsequent to the applicable Prepayment Period);

                           (D) any other unscheduled collection, including Net
                  Liquidation Proceeds and Insurance Proceeds, received by the
                  Master Servicer after the applicable Prepayment Period;

                           (E) all fees and amounts due or reimbursable to the
                  Master Servicer, the Trustee (other than the Trustee Fee), a
                  Custodian or a Servicer pursuant to the terms of this
                  Agreement, the applicable Custodial Agreement or the
                  applicable Servicing Agreement; and

                           (F) Prepayment Interest Excess, to the extent not
                  offset by Prepayment Interest Shortfalls; and

                  (ii)     any other payment made by the Master Servicer, any
         Servicer, the Seller, the Depositor, or any other Person with respect
         to such Distribution Date (including the Purchase Price with respect to
         any Mortgage Loan purchased by the Seller, the Depositor or any other
         Person).

         Balloon Mortgage Loan:  Not applicable.

         Balloon Payment:  Not applicable.

         Bank:  Lehman Brothers Bank, FSB and its successors and assigns.

         Bankruptcy: As to any Person, the making of an assignment for the
benefit of creditors, the filing of a voluntary petition in bankruptcy,
adjudication as a bankrupt or insolvent, the entry of an order for relief in a
bankruptcy or insolvency proceeding, the seeking of reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief, or
seeking, consenting to or acquiescing in the appointment of a trustee, receiver
or liquidator, dissolution, or termination, as the case may be, of such Person
pursuant to the provisions of either the United States Bankruptcy Code of 1986,
as amended, or any other similar state laws.

         Bankruptcy Coverage Termination Date: The Distribution Date on which
the Bankruptcy Loss Limit has been reduced to zero (or less than zero).

         Bankruptcy Loss Limit: As of the Cut-off Date, $132,668.00, which
amount shall be reduced from time to time by the amount of Bankruptcy Losses
that are allocated to the related Classes of Certificates.

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<PAGE>

         Bankruptcy Losses: With respect to the Mortgage Loans, losses that are
incurred as a result of Deficient Valuations and any reduction, in a bankruptcy
proceeding, of the amount of the Scheduled Payment on a Mortgage Loan other than
as a result of a Deficient Valuation.

         Blanket Mortgage:  Not applicable.

         Book-Entry Certificates: Beneficial interests in Certificates
designated as "Book-Entry Certificates" in this Agreement, ownership and
transfers of which shall be evidenced or made through book entries by a Clearing
Agency as described in Section 3.09; provided, that after the occurrence of a
condition whereupon book-entry registration and transfer are no longer permitted
and Definitive Certificates are to be issued to Certificate Owners, such
Book-Entry Certificates shall no longer be "Book-Entry Certificates." As of the
Closing Date, all of the Classes of Certificates listed in the second table of
the Preliminary Statement, other than the Class R Certificate, will constitute
Book-Entry Certificates.

         Business Day: Any day other than (i) a Saturday or a Sunday, (ii) a day
on which banking institutions in New York, New York or, if other than New York,
the city in which the Corporate Trust Office of the Trustee is located, or (iii)
with respect to any Remittance Date or any Servicer reporting date, the States
specified in the definition of "Business Day" in the applicable Servicing
Agreement, are authorized or obligated by law or executive order to be closed.

         Certificate: Any one of the certificates signed and countersigned by
the Trustee in substantially the forms attached hereto as Exhibit A.

         Certificate Account: The account maintained by the Trustee in
accordance with the provisions of Section 4.04.

         Certificate Group: Not applicable.

         Certificate Interest Rate: With respect to each Class of Certificates,
the applicable per annum rate specified or determined as provided in the
Preliminary Statement hereto.

         Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the owner of such Book-Entry Certificate, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with
such Clearing Agency (directly or as an indirect participant, in accordance with
the rules of such Clearing Agency).

         Certificate Principal Amount: With respect to any Certificate other
than a Notional Certificate, at the time of determination, the maximum specified
dollar amount of principal to which the Holder thereof is then entitled
hereunder, such amount being equal to the initial principal amount set forth on
the face of such Certificate (plus, in the case of any Negative Amortization
Certificate, any Deferred Interest allocated thereto on previous Distribution
Dates, and plus, in the case of any Accrual Certificate, its Percentage Interest
of any related Accrual Amount for each previous Distribution Date), less the
amount of all principal distributions previously made with respect to such
Certificate, and all Realized Losses allocated to such Certificate and, in the
case of a Subordinate Certificate, any Subordinate Certificate Writedown Amount
allocated to such Certificates. For purposes of Article V hereof, unless
specifically

                                       8
<PAGE>

provided to the contrary, Certificate Principal Amounts shall be determined as
of the close of business of the immediately preceding Distribution Date, after
giving effect to all distributions made on such date. Notional Certificates are
issued without Certificate Principal Amounts.

         Certificate Register and Certificate Registrar: The register maintained
and the registrar appointed pursuant to Section 3.02.

         Class: All Certificates bearing the same class designation, and, in the
case of the Lower Tier REMIC Interests, all interests bearing the same
designation.

         Class A-IO2 Components: Each of the Class A-IO2 Component A1, the Class
A-IO2 Component A2, the Class A-IO2 Component A3 and the Class A-IO2 Component
A4.

         Class A-IO2 Component A1: A regular interest in the Upper Tier REMIC
that bears interest at a 1.00% rate and has, on any Distribution Date, a
notional amount equal to the product of (1) a fraction, the numerator of which
is 5.55% minus the interest rate on the Class A1 Certificates and the
denominator of which is 1.00% and (2) the aggregate Certificate Principal
Balance of the Class A1 Certificates immediately prior to such Distribution
Date. Solely for federal income tax purposes, Class A-IO2 Component A1 shall be
represented by the Class A-IO2 Certificates.

         Class A-IO2 Component A2: A regular interest in the Upper Tier REMIC
that bears interest at a 1.00% rate and has, on any Distribution Date, a
notional amount equal to the product of (1) a fraction, the numerator of which
is 5.55% minus the interest rate on the Class A2 Certificates and the
denominator of which is 1.00% and (2) the aggregate Certificate Principal
Balance of the Class A2 Certificates immediately prior to such Distribution
Date. Solely for federal income tax purposes, Class A-IO2 Component A2 shall be
represented by the Class A-IO2 Certificates.

         Class A-IO2 Component A3: A regular interest in the Upper Tier REMIC
that bears interest at a 1.00% rate and has, on any Distribution Date, a
notional amount equal to the product of (1) a fraction, the numerator of which
is 5.55% minus the interest rate on the Class A3 Certificates and the
denominator of which is 1.00% and (2) the aggregate Certificate Principal
Balance of the Class A3 Certificates immediately prior to such Distribution
Date. Solely for federal income tax purposes, Class A-IO2 Component A3 shall be
represented by the Class A-IO2 Certificates.

         Class A-IO2 Component A4: A regular interest in the Upper Tier REMIC
that bears interest at a 1.00% rate and has, on any Distribution Date, a
notional amount equal to the product of (1) a fraction, the numerator of which
is 5.55% minus the interest rate on the Class A4 Certificates and the
denominator of which is 1.00% and (2) the aggregate Certificate Principal
Balance of the Class A4 Certificates immediately prior to such Distribution
Date. Solely for federal income tax purposes, Class A-IO2 Component A4 shall be
represented by the Class A-IO2 Certificates.

         Class A-PO Deferred Amount: As to any Distribution Date on or prior to
the Credit Support Depletion Date and, with respect to the Class A-PO
Certificates, (i) the applicable PO Percentage of the principal portion of each
Realized Loss for such Distribution Date on a

                                       9
<PAGE>

Discount Mortgage Loan in the Mortgage Pool and (ii) all such amounts previously
allocated thereto and not distributed to such Class A-PO Certificates as a Class
A-PO Deferred Amount.

         Class B Certificate: Any Class B1, Class B2, Class B3 Class B4, Class
B5 or Class B6 Certificate.

         Class LT-A1 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-A2 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-A3 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-A4 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-AIO1 Interest: A regular interest in the Lower Tier REMIC
having the characteristics described in the Preliminary Statement.

         Class LT-APO Interest: A regular interest in the Lower Tier REMIC
having the characteristics described in the Preliminary Statement.

         Class LT-AR Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-B1 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-B2 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-B3 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-B4 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-B5 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-B6 Interest: A regular interest in the Lower Tier REMIC having
the characteristics described in the Preliminary Statement.

         Class LT-R Interest: The sole residual interest in the Lower Tier
REMIC.

         Class Notional Amount: With respect to each Class of Notional
Certificates, the applicable class notional amount calculated as provided in the
Preliminary Statement hereto.

                                       10
<PAGE>

         Class P Certificates:  None.

         Class Percentage: With respect to each Class of Subordinate
Certificates, for each Distribution Date, the percentage obtained by dividing
the Class Principal Amount immediately prior to such Distribution Date by the
sum of the Class Principal Amounts of all Classes immediately prior to such
date.

         Class Principal Amount: With respect to each Class of Certificates
other than any Class of Notional Certificates, the aggregate of the Certificate
Principal Amounts of all Certificates of such Class at the date of
determination. With respect to each Class of Notional Certificates, zero.

         Class UT-R Interest: The sole class of residual interest in the Upper
Tier REMIC, representing the right to all payments on the Class R Certificate
other than payments in respect of the Class LT-R Interest.

         Clearing Agency: An organization registered as a "clearing agency"
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. As
of the Closing Date, the Clearing Agency shall be The Depository Trust Company.

         Clearing Agency Participant: A broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency effects
book-entry transfers and pledges of securities deposited with the Clearing
Agency.

         Clearstream: Clearstream Banking, societe anonyme, and any successor
thereto.

         Closing Date:  January 30, 2004.

         Code: The Internal Revenue Code of 1986, as amended, and as it may be
further amended from time to time, any successor statutes thereto, and
applicable U.S. Department of Treasury regulations issued pursuant thereto in
temporary or final form.

         Collection Account: A separate account established and maintained by
the Master Servicer pursuant to Section 4.01.

         Compensating Interest Payment: With respect to any Distribution Date,
an amount equal to the aggregate of any Prepayment Interest Shortfalls required
to be paid by the Servicers with respect to such Distribution Date. The Master
Servicer shall not be responsible to make any Compensating Interest Payment.

         Component:  Not applicable.

         Component Certificate:  Not applicable.

         Component Interest Rate: Not applicable.

         Component Principal Amount: Not applicable.

                                       11
<PAGE>

         Component Writedown Amount:  Not applicable.

         Conventional Loan:  Not applicable.

         Converted Mortgage Loan:  None.

         Convertible Mortgage Loan:  None.

         Cooperative Corporation:  Not applicable.

         Cooperative Loan:  None.

         Cooperative Loan Documents:  Not applicable.

         Cooperative Property:  Not applicable.

         Cooperative Shares: Not applicable.

         Cooperative Unit:  Not applicable.

         Corporate Trust Office: The principal corporate trust office of the
Trustee at which, at any particular time, its corporate trust business shall be
administered, which office at the date hereof is located at Citibank, N.A., 111
Wall Street, 14th Floor, Zone 3, New York, New York 10005, Attention: Structured
Finance -- SASCO 2004-5H.

         Corresponding Certificates or Class A-IO2 Components: For each Class of
Lower Tier REMIC Interest, the Corresponding Certificates or Class A-IO2
Components designated for such Class in the Preliminary Statement.

         Credit Score: With respect to any Mortgage Loan, a numerical assessment
of default risk with respect to the Mortgagor under such Mortgage Loan,
determined on the basis of a methodology developed by Fair, Isaac & Co., Inc.

         Credit Support Depletion Date: The Distribution Date on which, after
giving effect to all distributions on such date, the aggregate Certificate
Principal Amount of the Subordinate Certificates is reduced to zero.

         Credit Support Percentage: As to any Class of Subordinate Certificates
and any Distribution Date, the sum of the Class Percentages of all Classes of
Certificates that rank lower in priority than such Class, without giving effect
to distributions on such Distribution Date.

         Custodial Agreement: Each custodial agreement attached as Exhibit K
hereto, and any custodial agreement subsequently executed by the Trustee
substantially in the form thereof.

         Custodian: Each custodian appointed by the Trustee pursuant to a
Custodial Agreement, and any successor thereto. The initial Custodians are U.S.
Bank National Association and Wells Fargo Bank, National Association.

         Cut-off Date:  January 1, 2004.

                                       12
<PAGE>

         Cut-off Date Aggregate Principal Balance: With respect to the Mortgage
Loans in the Trust Fund on the Closing Date, the Aggregate Principal Balance for
all such Mortgage Loans as of the Cut-off Date.

         Debt Service Reduction: With respect to any Mortgage Loan, a reduction
of the Scheduled Payment that the related Mortgagor is obligated to pay on any
Due Date as a result of any proceeding under Bankruptcy law or any similar
proceeding.

         Deferred Interest: With respect to any Class of Negative Amortization
Certificates and any Distribution Date, the lesser of (x) the applicable
Interest Distribution Amount for such date (without giving effect to any
Deferred Interest) and (y) the aggregate Mortgage Loan Negative Amortization, if
any, for the related Due Period.

         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 such Mortgage Loan, which valuation
results from a proceeding under Bankruptcy law or any similar proceeding.

         Definitive Certificate: A Certificate of any Class issued in
definitive, fully registered, certificated form.

         Deleted Mortgage Loan: A Mortgage Loan that is repurchased from the
Trust Fund pursuant to the terms hereof or as to which one or more Qualifying
Substitute Mortgage Loans are substituted therefor.

         Deposit Date: With respect to each Distribution Date, the Business Day
immediately preceding such Distribution Date.

         Depositor: Structured Asset Securities Corporation, a Delaware
corporation having its principal place of business in New York, or its
successors in interest.

         Designated Rate:  5.55% per annum.

         Determination Date: With respect to each Distribution Date, the
Remittance Date immediately preceding such Distribution Date.

         Discount Mortgage Loan: A Mortgage Loan with a Net Mortgage Rate less
than the related Designated Rate.

         Disqualified Organization: Either (i) the United States, (ii) any state
or political subdivision thereof, (iii) any foreign government, (iv) any
international organization, (v) any agency or instrumentality of any of the
foregoing, (vi) any tax-exempt 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, (vii) any organization described in section 1381(a)(2)(C) of the
Code, (viii) any "electing large partnership" described in section 775 of the
Code or (ix) any other entity designated as a Disqualified Organization by
relevant legislation amending the REMIC Provisions and in effect at or proposed
to be effective as of the time of the determination. In

                                       13
<PAGE>

addition, 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, with the exception of the Federal Home Loan Mortgage
Corporation, a majority of its board of directors is not selected by such
governmental unit.

         Distribution Date: The 25th day of each month, or, if such 25th day is
not a Business Day, the next succeeding Business Day commencing in February
2004.

         Due Date: With respect to any Mortgage Loan, the date on which a
Scheduled Payment is due under the related Mortgage Note.

         Due Period: With respect to any Distribution Date, the period
commencing on the second day of the month immediately 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: Either (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company acceptable to
the Rating Agencies or (ii) an account or accounts the deposits in which are
insured by the FDIC to the limits established by such corporation, provided that
any such deposits not so insured shall be maintained in an account at a
depository institution or trust company whose commercial paper or other short
term debt obligations (or, in the case of a depository institution or trust
company which is the principal subsidiary of a holding company, the commercial
paper or other short term debt or deposit obligations of such holding company or
depository institution, as the case may be) have been rated by each Rating
Agency in its highest short-term rating category, or (iii) a segregated trust
account or accounts (which shall be a "special deposit account") maintained with
the Trustee or any other federal or state chartered depository institution or
trust company, acting in its fiduciary capacity, in a manner acceptable to the
Trustee and the Rating Agencies. Eligible Accounts may bear interest.

         Eligible Investments: Any one or more of the following obligations or
securities:

                  (i)      direct obligations of, and obligations fully
         guaranteed as to timely payment of principal and interest by, the
         United States of America or any agency or instrumentality of the United
         States of America the obligations of which are backed by the full faith
         and credit of the United States of America ("Direct Obligations");

                  (ii)     federal funds, or demand and time deposits in,
         certificates of deposits of, or bankers' acceptances issued by, any
         depository institution or trust company (including U.S. subsidiaries of
         foreign depositories and the Trustee or any agent of the Trustee,
         acting in its respective commercial capacity) incorporated or organized
         under the laws of the United States of America or any state thereof and
         subject to supervision and examination by federal or state banking
         authorities, so long as at the time of investment or the contractual
         commitment providing for such investment the commercial paper or other
         short-term debt obligations of such depository institution or trust
         company (or, in the case of a depository institution or trust company
         which is the principal subsidiary of a holding company, the commercial
         paper or other short-term debt or deposit obligations of such holding
         company or deposit institution, as the case may be) have been rated by
         each

                                       14
<PAGE>

         Rating Agency in its highest short-term rating category or one of its
         two highest long-term rating categories;

                  (iii)    repurchase agreements collateralized by Direct
         Obligations or securities guaranteed by GNMA, FNMA or FHLMC with any
         registered broker/dealer subject to Securities Investors' Protection
         Corporation jurisdiction or any commercial bank insured by the FDIC, if
         such broker/dealer or bank has an uninsured, unsecured and unguaranteed
         obligation rated by each Rating Agency in its highest short-term rating
         category;

                  (iv)     securities bearing interest or sold at a discount
         issued by any corporation incorporated under the laws of the United
         States of America or any state thereof which have a credit rating from
         each Rating Agency, at the time of investment or the contractual
         commitment providing for such investment, at least equal to one of the
         two highest short-term credit ratings of each Rating Agency; provided,
         however, that securities issued by any particular corporation will not
         be Eligible Investments to the extent that investment therein will
         cause the then outstanding principal amount of securities issued by
         such corporation and held as part of the Trust Fund to exceed 20% of
         the sum of the Aggregate Principal Balance and the aggregate principal
         amount of all Eligible Investments in the Certificate Account;
         provided, further, that such securities will not be Eligible
         Investments if they are published as being under review with negative
         implications from either Rating Agency;

                  (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 180 days after the date of
         issuance thereof) rated by each Rating Agency in its highest short-term
         ratings;

                  (vi)     a Qualified GIC;

                  (vii)    certificates or receipts representing direct
         ownership interests in future interest or principal payments on
         obligations of the United States of America or its agencies or
         instrumentalities (which obligations are backed by the full faith and
         credit of the United States of America) held by a custodian in
         safekeeping on behalf of the holders of such receipts; and

                  (viii)   any other demand, money market fund, common trust
         fund or time deposit or obligation, or interest-bearing or other
         security or investment, (A) rated in the highest rating category by
         each Rating Agency or (B) that would not adversely affect the then
         current rating by either Rating Agency of any of the Certificates. Such
         investments in this subsection (viii) may include money market mutual
         funds or common trust funds, including, without limitation, any fund
         for which Citibank, N.A. ("Citibank"), the Trustee or an affiliate
         thereof serves as an investment advisor, administrator, shareholder
         servicing agent, and/or custodian or subcustodian, notwithstanding that
         (x) the Bank, or an affiliate thereof charges and collects fees and
         expenses from such funds for services rendered, (y) Citibank, or an
         affiliate thereof charges and collects fees and expenses for services
         rendered pursuant to this Agreement, and (z) services performed for
         such funds and pursuant to this Agreement may converge at any time. The
         Trustee specifically

                                       15
<PAGE>

         authorizes Citibank or an affiliate thereof to charge and collect from
         the Trustee such fees as are collected from all investors in such funds
         for services rendered to such funds (but not to exceed investment
         earnings thereon);

provided, however, that (i) no such instrument shall be an Eligible Investment
if such instrument evidences either (x) a right to receive only interest
payments with respect to the obligations underlying such instrument or (y) both
principal and interest payments derived from obligations underlying such
instrument and the principal and interest payments with respect to such
instrument provide a yield to maturity of greater than 120% of the yield to
maturity at par of such underlying obligations and (ii) any such investment must
be a "permitted investment" within the meaning of Section 860G(a)(5) of the
Code.

         Employee Mortgage Loan:  Not applicable.

         ERISA: The Employee Retirement Income Security Act of 1974, as amended,
and as it may be further amended from time to time, any successor statutes
thereto, and applicable U.S. Department of Labor regulations issued pursuant
thereto in temporary or final form.

         ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that meets the requirements of the
Underwriter's Exemption.

         ERISA-Restricted Certificate: Any Class R, Class B1, Class B2, Class
B3, Class B4, Class B5, Class B6 Certificate or any Certificate with a rating
below the lowest applicable rating permitted under an Underwriter's Exemption.

         Escrow Account: Any account established and maintained by a Servicer
pursuant to the applicable Servicing Agreement.

         Euroclear: JPMorgan Chase Bank, Brussels office, as operator of the
Euroclear System.

         Event of Default: Any one of the conditions or circumstances enumerated
in Section 6.14(a).

         Excess Loss: Any Bankruptcy Loss, or portion thereof, in excess of the
then-applicable Bankruptcy Loss Limit, any Fraud Loss, or portion thereof, in
excess of the then-applicable Fraud Loss Limit, and any Special Hazard Loss, or
portion thereof, in excess of the then-applicable Special Hazard Loss Limit.

         FDIC: The Federal Deposit Insurance Corporation or any successor
thereto.

         FHLMC: The Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

         Final Scheduled Distribution Date: The Distribution Date for the
Certificates in December 2033.

         Financial Intermediary:  Not applicable.

                                       16
<PAGE>

         Fitch:  Fitch, Inc., or any successor in interest.

         FNMA: The Federal National Mortgage Association, a federally chartered
and privately owned corporation organized and existing under the Federal
National Mortgage Association Charter Act, or any successor thereto.

         Fraud Loss: Any Realized Loss on a Liquidated Mortgage Loan sustained
by reason of a default arising from fraud, dishonesty or misrepresentation in
connection with the related Mortgage Loan, as reported by the applicable
Servicer to the Master Servicer.

         Fraud Loss Limit: With respect to any Distribution Date (x) prior to
the first anniversary of the Cut-off Date, $4,422,743.00 less the aggregate of
Fraud Losses since the Cut-off Date, and (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 Limit as of the most recent anniversary of the Cut-off Date and (b)
1.00% of the aggregate principal balance of all the Mortgage Loans as of the
most recent anniversary of the Cut-off Date less (2) the aggregate of Fraud
Losses since the most recent anniversary of the Cut-off Date. On or after the
fifth anniversary of the Cut-off Date, the Fraud Loss Limit shall be zero.

         Global Securities: The global certificates representing the Book-Entry
Certificates.

         GNMA: The Government National Mortgage Association, a wholly owned
corporate instrumentality of the United States within HUD.

         Grantor Trust:  Not applicable.

         Grantor Trust I Assets: Not applicable.

         Grantor Trust II Assets: Not applicable.

         Grantor Trust Provisions:  Not applicable.

         Group 1 Certificate: Not applicable.

         Group 2 Certificate: Not applicable.

         Group Subordinate Amount: Not applicable.

         Holder or Certificateholder: The registered owner of any Certificate as
recorded on the books of the Certificate Registrar except that, solely for the
purposes of taking any action or giving any consent pursuant to this Agreement,
any Certificate registered in the name of the Depositor, the Trustee, the Master
Servicer, any Servicer or any Affiliate thereof shall be deemed not to be
outstanding in determining whether the requisite percentage necessary to effect
any such consent has been obtained, except that, in determining whether the
Trustee shall be protected in relying upon any such consent, only Certificates
which a Responsible Officer of the Trustee knows to be so owned shall be
disregarded. The Trustee may request and conclusively rely on certifications by
the Depositor, the Master Servicer and any Servicer in determining

                                       17
<PAGE>

whether any Certificates are registered to an Affiliate of the Depositor, the
Master Servicer or such Servicer.

         HUD: The United States Department of Housing and Urban Development, or
any successor thereto.

         Independent: When used with respect to any Accountants, a Person who is
"independent" within the meaning of Rule 2-01(b) of the Securities and Exchange
Commission's Regulation S-X. When used with respect to any other Person, a
Person who (a) is in fact independent of another specified Person and any
Affiliate of such other Person, (b) does not have any material direct financial
interest in such other Person or any Affiliate of such other Person, and (c) is
not connected with such other Person or any Affiliate of such other Person as an
officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

         Initial LIBOR Rate:  Not applicable.

         Initial Net Mortgage Rate:  Not applicable.

         Initial Senior Enhancement Percentage:  3.07% per annum.

         Insurance Policy: Any Primary Mortgage Insurance Policy and any
standard hazard insurance policy, flood insurance policy, earthquake insurance
policy or title insurance policy relating to the Mortgage Loans or the Mortgaged
Properties, to be in effect as of the Closing Date or thereafter during the term
of this Agreement, including, without limitation, United Guaranty Pool Policy
#341, United Guaranty Pool Policy #342, United Guaranty Pool Policy #346, United
Guaranty Pool Policy #347, United Guaranty Pool Policy #348 and United Guaranty
Pool Policy #349.

         Insurance Proceeds: Amounts paid by the insurer under any Insurance
Policy, other than amounts (i) to cover expenses incurred by or on behalf of the
applicable Servicer in connection with procuring such proceeds, (ii) to be
applied to restoration or repair of the related Mortgaged Property or (iii)
required to be paid over to the Mortgagor pursuant to law or the related
Mortgage Note.

         Interest Distribution Amount:  Not applicable.

         Interest Shortfall: With respect to any Class of Certificates and any
Distribution Date, any Accrued Certificate Interest not distributed (or added to
principal) with respect to any previous Distribution Date, other than any Net
Prepayment Interest Shortfalls.

         Intervening Assignments: The original intervening assignments of the
Mortgage, notice of transfer or equivalent instrument.

         Latest Possible Maturity Date: For the Certificates, the Distribution
Date in December 2033.

         Lehman Brothers Holdings: Lehman Brothers Holdings Inc., or any
successor in interest.

                                       18
<PAGE>

         LIBOR:  Not applicable.

         LIBOR Certificate:  Not applicable.

         LIBOR Component:  Not applicable.

         LIBOR Determination Date:  Not applicable.

         Liquidated Mortgage Loan: Any defaulted Mortgage Loan as to which the
Master Servicer or the applicable Servicer has determined that all amounts that
it expects to recover on behalf of the Trust Fund from or on account of such
Mortgage Loan have been recovered.

         Liquidation Expenses: Expenses that are incurred by the Master Servicer
or any Servicer in connection with the liquidation of any defaulted Mortgage
Loan and are not recoverable under the applicable Primary Mortgage Insurance
Policy, including, without limitation, foreclosure and rehabilitation expenses,
legal expenses and unreimbursed amounts expended pursuant to Sections 9.06, 9.16
or 9.22.

         Liquidation Proceeds: Cash received in connection with the liquidation
of a defaulted Mortgage Loan, whether through the sale or assignment of such
Mortgage Loan, trustee's sale, foreclosure sale or otherwise, or the sale of the
related Mortgaged Property (including any Additional Collateral) if the
Mortgaged Property (including such Additional Collateral) is acquired in
satisfaction of the Mortgage Loan, including any amounts remaining in the
related Escrow Account.

         Loan-to-Value Ratio: With respect to any Mortgage Loan, the ratio of
the principal balance of such Mortgage Loan at origination, or such other date
as is specified, to the Original Value thereof.

         London Business Day:  Not applicable.

         Lower Tier REMIC:  As defined in the Preliminary Statement.

         Lower Tier REMIC Interests: Any of the Class LT-A1 Interest, the Class
LT-A2 Interest, the Class LT-A3 Interest, the Class LT-A4 Interest, the Class
LT-APO Interest, the Class LT-AIO1 Interest, the Class LT-AR Interest, the Class
LT-B1 Interest, the Class LT-B2 Interest, the Class LT-B3 Interest, the Class
LT-B4 Interest, the Class LT-B5 Interest, the Class LT-B6 Interest and the Class
LT-R Interest.

         Lower Tier REMIC Regular Interests: Each of the Lower Tier REMIC
Interests other than the Class LT-R Interest.

         Maintenance:  Not applicable.

         Master Servicer: Aurora Loan Services Inc., or any successor in
interest, or if any successor master servicer shall be appointed as herein
provided, then such successor master servicer.

                                       19
<PAGE>

         Master Servicing Fee: As to any Distribution Date and each Mortgage
Loan, an amount equal to the product of the Master Servicing Fee Rate and the
Scheduled Principal Balance of such Mortgage Loan as of the first day of the
related Due Period. The Master Servicing Fee for any Mortgage Loan shall be
payable in respect of any Distribution Date solely from the interest portion of
the Scheduled Payment or other payment or recovery with respect to such Mortgage
Loan.

         Master Servicing Fee Rate: With respect to each Mortgage Loan (other
than any Participation), 0.000% per annum.

         Master Servicer Remittance Date: Not applicable.

         Material Defect:  As defined in Section 2.02(c) hereof.

         MERS: Mortgage Electronic Registration Systems, Inc., a Delaware
Corporation, or any successor in interest thereto.

         MERS Mortgage Loan: Any Mortgage Loan as to which the related Mortgage,
or an Assignment of Mortgage, has been or will be recorded in the name of MERS,
as agent for the holder from time to time of the Mortgage Note.

         Middle Tier REMIC:  Not applicable.

         Middle Tier REMIC Interest:  Not applicable.

         Middle Tier REMIC Regular Interest:  Not applicable.

         Modified Group Subordinate Amount: Not applicable.

         Modified Pool Subordinate Amount: Not applicable.

         Moody's: Moody's Investors Service, Inc., or any successor in interest.

         Mortgage: A mortgage, deed of trust or other instrument encumbering a
fee simple interest in real property securing a Mortgage Note, together with
improvements thereto.

         Mortgage 100(SM) Loan:  Not applicable.

         Mortgage File: The mortgage documents listed in Section 2.01(b)
pertaining to a particular Mortgage Loan required to be delivered to the Trustee
or a Custodian pursuant to this Agreement.

         Mortgage Group: Not applicable.

         Mortgage Group I: Not applicable.

         Mortgage Group II: Not applicable.

                                       20
<PAGE>

         Mortgage Loan: A Mortgage and the related notes or other evidences of
indebtedness secured by each such Mortgage conveyed, transferred, sold, assigned
to or deposited with the Trustee pursuant to Section 2.01 or Section 2.05,
including without limitation, each Mortgage Loan listed on the Mortgage Loan
Schedule, as amended from time to time. In addition, as used herein the term
"Mortgage Loan" includes the Participations, except where otherwise specified or
where the context requires otherwise.

         Mortgage Loan Sale Agreement: The agreement, dated as of January 1,
2004, for the sale of the Mortgage Loans by Lehman Brothers Holdings to the
Depositor.

         Mortgage Loan Schedule: The schedule attached hereto as Schedule A,
which shall identify each Mortgage Loan, as such schedule may be amended from
time to time to reflect the addition of Mortgage Loans to, or the deletion of
Mortgage Loans from, the Trust Fund. The Depositor shall be responsible for
providing the Trustee and the Master Servicer with all amendments to the
Mortgage Loan Schedule.

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

         Mortgage Pool: The aggregate of the Mortgage Loans identified on the
Mortgage Loan Schedule as being included in the Trust Fund.

         Mortgage Rate: As to any Mortgage Loan, the per annum rate at which
interest accrues on such Mortgage Loan.

         Mortgaged Property: Either of (x) the fee simple interest in real
property, together with improvements thereto including any exterior improvements
to be completed within 120 days of disbursement of the related Mortgage Loan
proceeds or (y) in the case of a Cooperative Loan, the related Cooperative
Shares and Proprietary Lease, securing the indebtedness of the Mortgagor under
the related Mortgage Loan.

         Mortgagor:  The obligor on a Mortgage Note.

         Negative Amortization Certificate:  None.

         Net Liquidation Proceeds: With respect to any Liquidated Mortgage Loan,
the related Liquidation Proceeds net of unreimbursed expenses incurred in
connection with liquidation or foreclosure and unreimbursed Advances, Servicing
Advances and Servicing Fees received and retained in connection with the
liquidation of such Mortgage Loan.

         Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage Rate
thereof reduced by the sum of the Trustee Fee Rate, the applicable Servicing Fee
Rate and any mortgage insurance premium, as applicable thereto.

         Net Prepayment Interest Shortfall: With respect to any Distribution
Date, the excess, if any, of any Prepayment Interest Shortfalls with respect to
the Mortgage Loans in such Mortgage Pool for such date over the sum of any
amounts paid by the applicable Servicer with respect to

                                       21
<PAGE>

such shortfalls and any amount that is required to be paid by the Master
Servicer in respect of such shortfalls pursuant to this Agreement.

         Net WAC: Not applicable.

         Non-Book-Entry Certificate: Any Certificate other than a Book-Entry
Certificate.

         Non-Discount Mortgage Loan: A Mortgage Loan with a Net Mortgage Rate
less than the related Designated Rate.

         Non-MERS Mortgage Loan: Any Mortgage Loan other than a MERS Mortgage
Loan.

         Non-permitted Foreign Holder:  As defined in Section 3.03(f).

         Non-PO Percentage: As to any Discount Mortgage Loan, the percentage
equivalent of a fraction, the numerator of which is the Net Mortgage Rate of
such Discount Mortgage Loan and the denominator of which is the Designated Rate.
As to any Non-Discount Mortgage Loan, 100%.

         Non-PO Pool Balance: For any Distribution Date, the sum of the related
Non-PO Percentage of the Scheduled Principal Balance of each Mortgage Loan
included in such Mortgage Pool for that Distribution Date.

         Non-U.S. Person: Any person other than (i) a citizen or resident of the
United States; (ii) a corporation (or entity treated as a corporation for tax
purposes) created or organized in the United States or under the laws of the
United States or of any state thereof, including, for this purpose, the District
of Columbia; (iii) a partnership (or entity treated as a partnership for tax
purposes) organized in the United States or under the laws of the United States
or of any state thereof, including, for this purpose, the District of Columbia
(unless provided otherwise by future Treasury regulations); (iv) an estate whose
income is includible in gross income for United States income tax purposes
regardless of its source; or (v) 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 U.S. Persons have authority to control all substantial decisions of
the trust. Notwithstanding the last clause of the preceding sentence, to the
extent provided in Treasury regulations, certain trusts in existence on August
20, 1996, and treated as U.S. Persons prior to such date, may elect to continue
to be U.S. Persons.

         Notional Amount: With respect to any Notional Certificate and any
Distribution Date, such Certificate's Percentage Interest of the Class Notional
Amount of such Class of Certificates for such Distribution Date.

         Notional Certificate:  Any Class A-IO1 or Class A-IO2 Certificate.

         Notional Component:  Not applicable.

         Offering Document: The private placement memorandum dated January 29,
2004, relating to the Class B4, Class B5 and Class B6 Certificates, or the
Prospectus.

                                       22
<PAGE>

         Officer's Certificate: A certificate signed by the Chairman of the
Board, any Vice Chairman, the President, any Vice President or any Assistant
Vice President of a Person, and in each case delivered to the Trustee.

         Opinion of Counsel: A written opinion of counsel, reasonably acceptable
in form and substance to the Trustee, and who may be in-house or outside counsel
to the Depositor, the Master Servicer or the applicable Servicer but which must
be Independent outside counsel with respect to any such opinion of counsel
concerning the transfer of any Residual Certificate or concerning certain
matters with respect to ERISA, or the taxation, or the federal income tax
status, of each REMIC. For purpose of Section 2.01(c)(i), the Opinion of Counsel
referred to therein may take the form of a memorandum of law or other acceptable
assurance.

         Original Credit Support Percentage: With respect to any class of
Certificates, the Credit Support Percentage with respect to such Class on the
Closing Date.

         Original Subordinate Amount: The Subordinate Amount for the Mortgage
Pool on the Closing Date.

         Original Value: The lesser of (a) the Appraised Value of a Mortgaged
Property at the time the related Mortgage Loan was originated and (b) if the
Mortgage Loan was made to finance the acquisition of the related Mortgaged
Property, the purchase price paid for the Mortgaged Property by the Mortgagor at
the time the related Mortgage Loan was originated.

         Parent Power(R) Loan:  Not applicable.

         Participation Agreement:  Not applicable.

         Participation:  Not applicable.

         Participation Schedule:  Not applicable.

         Participation Master Servicer:  Not applicable.

         Paying Agent:  Any paying agent appointed pursuant to Section 3.08.

         Percentage Interest: With respect to any Certificate and the related
Class, such Certificate's percentage interest in the undivided beneficial
ownership interest in the Trust Fund evidenced by all Certificates of the same
Class as such Certificate. With respect to any Certificate other than a Notional
Certificate, the Percentage Interest evidenced thereby shall equal the initial
Certificate Principal Amount thereof divided by the initial Class Principal
Amount of all Certificates of the same Class. With respect to any Notional
Certificate, the Percentage Interest evidenced thereby shall be as specified on
the face thereof.

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

         Placement Agent:  Lehman Brothers Inc.

                                       23
<PAGE>

         Planned Principal Balance:  Not applicable.

         Pledged Asset Loan-to-Value Ratio:  Not applicable.

         Pledged Asset Mortgage Loan:  Not applicable.

         Pool 1: Not applicable.

         Pool 2: Not applicable.

         Pool Balance: As to any Distribution Date, the sum of the Scheduled
Principal Balance of each Mortgage Loan included in the Mortgage Pool.

         PO Percentage: As to any Discount Mortgage Loan, the percentage
equivalent of a fraction, the numerator of which is the Designated Rate minus
the Net Mortgage Rate of such Discount Mortgage Loan and the denominator of
which is the Designated Rate. As to any Non-Discount Mortgage Loan, 0%.

         PO Principal Distribution Amount: For any Distribution Date, the sum of
the following amounts:

                  (i)      the applicable PO Percentage of the principal portion
         of each Scheduled Payment (without giving effect to any Debt Service
         Reduction occurring prior to the Bankruptcy Coverage Termination Date)
         on each Mortgage Loan due during the related Due Period;

                  (ii)     the applicable PO Percentage of each of the following
         amounts: (1) each Principal Prepayment collected on a Mortgage Loan
         during the applicable Prepayment Period, (2) each other unscheduled
         collection, including Insurance Proceeds and Net Liquidation Proceeds
         (other than with respect to any Mortgage Loan that was finally
         liquidated during the applicable Prepayment Period), representing or
         allocable to recoveries of principal of such Mortgage Loan received
         during the applicable Prepayment Period and (3) the principal portion
         of all proceeds of the purchase of any Mortgage Loan (or, in the case
         of a permitted substitution, amounts representing a principal
         adjustment) actually received by the Trustee with respect to the
         applicable Prepayment Period;

                  (iii)    with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan that was finally liquidated during the
         related Prepayment Period, the applicable PO Percentage of the related
         net Liquidation Proceeds allocable to principal; and

                  (iv)     any amounts described in clauses (i) through (iii)
         for any previous Distribution Date that remain unpaid.

         Prepayment Interest Excess: With respect to any Distribution Date and
any Principal Prepayment in full received on the Mortgage Loans serviced by
Aurora from the first day through the sixteenth day of the month during which
such Distribution Date occurs, all amounts

                                       24
<PAGE>

paid in respect of interest at the applicable Net Mortgage Rate on such
Principal Prepayment in full.

         Prepayment Interest Shortfall: With respect to any Distribution Date
and (x) any Principal Prepayment in part and, with respect to those Mortgage
Loans serviced by Servicers other than Aurora, any Principal Prepayment in full
and (y) any Principal Prepayment in full with respect to those Mortgage Loans
serviced by Aurora if received on or after the seventeenth day of the month
immediately preceding the month of such Distribution Date but on or before the
last day of the month immediately preceding the month of such Distribution Date,
the difference between (i) one full month's interest at the applicable Mortgage
Rate (after giving effect to any applicable Relief Act Reduction), as reduced by
the applicable Servicing Fee Rate, the applicable Retained Interest Rate and the
Master Servicing Fee Rate (if the Master Servicer is acting as Servicer), on the
outstanding principal balance of such Mortgage Loan immediately prior to such
prepayment and (ii) the amount of interest actually received with respect to
such Mortgage Loan in connection with such Principal Prepayment.

         Prepayment Penalty Amounts:  Not applicable.

         Prepayment Period: With respect to those Mortgage Loans serviced by
Servicers other than Aurora, any Distribution Date and any Principal Prepayment,
whether in part or in full (including any liquidation), the calendar month
immediately preceding the month in which such Distribution Date occurs. With
respect to any Distribution Date and a Principal Prepayment in full (including
any liquidation) with respect to those Mortgage Loans serviced by Aurora, the
period from the seventeenth day of the month immediately preceding the month of
such Distribution Date to the sixteenth day of the month of such Distribution
Date. With respect to those Mortgage Loans serviced by Aurora, any Distribution
Date and any Principal Prepayment in part, the calendar month immediately
preceding the month in which such Distribution Date occurs.

         Primary Mortgage Insurance Policy: Mortgage guaranty insurance, if any,
on an individual Mortgage Loan, as evidenced by a policy or certificate.

         Principal Amount Schedules:  Not applicable.

         Principal-Only Certificate:  The Class A-PO Certificates.

         Principal Prepayment: Any Mortgagor payment of principal (other than a
Balloon Payment) or other recovery of principal on a Mortgage Loan that is
recognized as having been received or recovered in advance of its scheduled Due
Date and applied to reduce the principal balance of the Mortgage Loan in
accordance with the terms of the Mortgage Note or the applicable Servicing
Agreement.

         Proprietary Lease: With respect to any Cooperative Unit, a lease or
occupancy agreement between a Cooperative Corporation and a holder of related
Cooperative Shares.

         Prospectus: The prospectus supplement dated January 29, 2004, the
supplement to the prospectus supplement dated February 2, 2004, together with
the accompanying prospectus dated

                                       25
<PAGE>

January 27, 2004, relating to the Senior Certificates and the Class B1, Class B2
and Class B3 Certificates.

         Purchase Price: With respect to the repurchase of a Mortgage Loan
pursuant to this Agreement, an amount equal to the sum of (a) 100% of the unpaid
principal balance of such Mortgage Loan, (b) accrued interest thereon at the
Mortgage Rate, from the date as to which interest was last paid to (but not
including) the Due Date immediately preceding the related Distribution Date, (c)
any unreimbursed Servicing Advances with respect to such Mortgage Loan and (d)
any costs and damages incurred by the Trust Fund in connection with any
violation by such Mortgage Loan of any predatory- or abusive-lending law. The
Master Servicer or the applicable Servicer (or the Trustee, if applicable) shall
be reimbursed from the Purchase Price for any Mortgage Loan or related REO
Property for any Advances made with respect to such Mortgage Loan that are
reimbursable to the Master Servicer or such Servicer under this Agreement or the
applicable Servicing Agreement, as well as any unreimbursed Servicing Advances
and accrued and unpaid Master Servicing Fees or Servicing Fees, as applicable.

         QIB:  As defined in Section 3.03(c).

         Qualified GIC: A guaranteed investment contract or surety bond
providing for the investment of funds in the Collection Account or the
Certificate Account and insuring a minimum, fixed or floating rate of return on
investments of such funds, which contract or surety bond shall:

         (a)      be an obligation of an insurance company or other corporation
whose long-term debt is rated by each Rating Agency in one of its two highest
rating categories or, if such insurance company has no long-term debt, whose
claims paying ability is rated by each Rating Agency in one of its two highest
rating categories, and whose short-term debt is rated by each Rating Agency in
its highest rating category;

         (b)      provide that the Trustee may exercise all of the rights under
such contract or surety bond without the necessity of taking any action by any
other Person;

         (c)      provide that if at any time the then current credit standing
of the obligor under such guaranteed investment contract is such that continued
investment pursuant to such contract of funds would result in a downgrading of
any rating of the Certificates, the Trustee shall terminate such contract
without penalty and be entitled to the return of all funds previously invested
thereunder, together with accrued interest thereon at the interest rate provided
under such contract to the date of delivery of such funds to the Trustee;

         (d)      provide that the Trustee's interest therein shall be
transferable to any successor trustee hereunder; and

         (e)      provide that the funds reinvested thereunder and accrued
interest thereon be returnable to the Collection Account or the Certificate
Account, as the case may be, not later than the Business Day prior to any
Distribution Date.

         Qualified Insurer:  Not applicable.

                                       26
<PAGE>

         Qualifying Substitute Mortgage Loan: In the case of a Mortgage Loan
substituted for a Deleted Mortgage Loan, a Mortgage Loan that, on the date of
substitution, (i) has a Scheduled Principal Balance (together with that of any
other mortgage loan substituted for the same Deleted Mortgage Loan) as of the
Due Date in the month in which such substitution occurs not in excess of the
Scheduled Principal Balance of the related Deleted Mortgage Loan, provided,
however, that, to the extent that the Scheduled Principal Balance of such
Mortgage Loan is less than the Scheduled Principal Balance of the related
Deleted Mortgage Loan, then such differential in principal amount, together with
interest thereon at the applicable Mortgage Rate net of the applicable Master
Servicing Fee and the applicable Servicing Fee from the date as to which
interest was last paid through the end of the Due Period in which such
substitution occurs, shall be paid by the party effecting such substitution to
the Master Servicer for deposit into the Collection Account, and shall be
treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not
lower than the Net Mortgage Rate of the related Deleted Mortgage Loan and will
be a Discount Mortgage Loan if the Deleted Mortgage Loan was a Discount Mortgage
Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan was a
Non-Discount Mortgage Loan; (iii) has a remaining stated term to maturity not
longer than, and not more than one year shorter than, the remaining term to
stated maturity of the related Deleted Mortgage Loan; (iv) (A) has a
Loan-to-Value Ratio as of the date of such substitution of not greater than 80%,
provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value
Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute
Mortgage Loan may be greater than 80% but shall not be greater than the
Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of
such substitute Mortgage Loan does not increase the weighted average
Loan-to-Value Ratio of the Mortgage Pool by more than 5%; (v) will comply with
all of the representations and warranties relating to Mortgage Loans set forth
herein, as of the date as of which such substitution occurs; (vi) is not a
Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
Loan; (vii) if applicable, has the same index as and a margin not less than that
of the related Deleted Mortgage Loan; (viii) has not been delinquent for a
period of more than 30 days more than once in the twelve months immediately
preceding such date of substitution; (ix) is covered by a Primary Mortgage
Insurance Policy if the related Deleted Mortgage Loan is so covered, and the
Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; (x) has a Credit
Score not greater than 20 points lower than the Credit Score of the related
Deleted Mortgage Loan, provided, however, that if the Deleted Mortgage Loan does
not have a Credit Score, then such substitute Mortgage Loan shall have a Credit
Score equal to or greater than 700; (xi) has its initial adjustment date after
the related Reset Date; and (xii) has a gross margin no less than the related
Deleted Mortgage Loan. In the event that either one mortgage loan is substituted
for more than one Deleted Mortgage Loan or more than one mortgage loan is
substituted for one or more Deleted Mortgage Loans, then (a) the Scheduled
Principal Balance referred to in clause (i) above shall be determined such that
the aggregate Scheduled Principal Balance of all such substitute Mortgage Loans
shall not exceed the aggregate Scheduled Principal Balance of all Deleted
Mortgage Loans and (b) each of (1) the rate referred to in clause (ii) above,
(2) the remaining term to stated maturity referred to in clause (iii) above, (3)
the Loan-to-Value Ratio referred to in clause (iv) above and (4) the Credit
Score referred to in clause (x) above shall be determined on a weighted average
basis, provided that the final scheduled maturity date of any Qualifying
Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date
of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is
substituted for a Deleted Mortgage Loan pursuant to this

                                       27
<PAGE>

Agreement, the party effecting such substitution shall certify such
qualification in writing to the Trustee and the Master Servicer.

         Rating Agency: Each of S&P, Fitch or Moody's.

         Realized Loss: (a) with respect to each Liquidated Mortgage Loan, an
amount equal to (i) the unpaid principal balance of such Mortgage Loan as of the
date of liquidation, plus (ii) interest at the applicable Net Mortgage Rate from
the date as to which interest was last paid up to the last day of the month of
such liquidation, minus (iii) Liquidation Proceeds received, net of amounts that
are reimbursable to the Master Servicer or the applicable Servicer with respect
to such Mortgage Loan (other than Advances of principal and interest) including
expenses of liquidation or (b) with respect to each Mortgage Loan that has
become the subject of a Deficient Valuation, the difference between the unpaid
principal balance of such Mortgage Loan immediately prior to such Deficient
Valuation and the unpaid principal balance of such Mortgage Loan as reduced by
the Deficient Valuation. In determining whether a Realized Loss on a Liquidated
Mortgage Loan is a Realized Loss of interest or principal, Liquidation Proceeds
shall be allocated, first, to payment of expenses related to such Liquidated
Mortgage Loan (including payment of any Retained Interest), then to accrued
unpaid interest and finally to reduce the principal balance of the Mortgage
Loan.

         Recognition Agreement:  Not applicable.

         Record Date: With respect to any Distribution Date and each Class of
Certificates, the close of business on the last Business Day of the month
immediately preceding the month in which such Distribution Date occurs.

         Redemption Certificate:  None.

         Reference Banks:  Not applicable.

         Regulation S: Regulation S promulgated under the Act or any successor
provision thereto, in each case as the same may be amended from time to time;
and all references to any rule, section or subsection of, or definition or term
contained in, Regulation S means such rule, section, subsection, definition or
term, as the case may be, or any successor thereto, in each case as the same may
be amended from time to time.

         Regulation S Global Security: The meaning specified in Section 3.01(c).

         Related Pool: Not applicable.

         Relief Act Reduction: With respect to any Mortgage Loan as to which
there has been a reduction in the amount of interest collectible thereon as a
result of application of the Servicemembers Civil Relief Act, any amount by
which interest collectible on such Mortgage Loan for the Due Date in the related
Due Period is less than interest accrued thereon for the applicable one-month
period at the Mortgage Rate without giving effect to such reduction.

         REMIC: Each of the Lower Tier REMIC and the Upper Tier REMIC, as
described in the Preliminary Statement hereto.

                                       28
<PAGE>

         REMIC Provisions: The provisions of the federal income tax law relating
to real estate mortgage investment conduits, which appear at sections 860A
through 860G of Subchapter M of Chapter 1 of the Code, and related provisions,
and regulations, including proposed regulations and rulings, and administrative
pronouncements promulgated thereunder, as the foregoing may be in effect from
time to time.

         Remittance Date: The day in each month on which each Servicer is
required to remit payments to the account maintained by the Master Servicer, as
specified in the applicable Servicing Agreement, which is the 18th day of each
month (or if such 18th day is not a Business Day, the next succeeding Business
Day).

         REO Property: A Mortgaged Property acquired by the Trust Fund through
foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
Mortgage Loan or otherwise treated as having been acquired pursuant to the REMIC
Provisions.

         Repurchase Price:  As defined in Section 7.01(b) hereof.

         Reserve Interest Rate:  Not applicable.

         Reset Date:  Not applicable.

         Residual Certificate:  Any Class R Certificate.

         Responsible Officer: When used with respect to the Trustee, any Vice
President, Assistant Vice President, the Secretary, any assistant secretary, any
Trust Officer, the Treasurer, or any assistant treasurer, working in its
corporate trust department and having direct responsibility for the
administration of this Agreement.

         Restricted Certificate: Any Class B4, Class B5 or Class B6 Certificate
but excluding any Regulation S Global Security.

         Restricted Global Security:  The meaning specified in Section 3.01(c).

         Retained Interest:  Not applicable.

         Retained Interest Holder:   Not applicable.

         Retained Interest Rate:  Not applicable.

         Rounding Account:  Not applicable.

         S&P: Standard & Poor's, a division of The McGraw-Hill Companies, Inc.,
or any successor in interest.

         Scheduled Payment: Each scheduled payment of principal and interest (or
of interest only, if applicable) to be paid by the Mortgagor on a Mortgage Loan,
as reduced (except where otherwise specified herein) by the amount of any
related Debt Service Reduction (excluding all amounts of principal and interest
that were due on or before the Cut-off Date whenever received)

                                       29
<PAGE>

and, in the case of an REO Property, an amount equivalent to the Scheduled
Payment that would have been due on the related Mortgage Loan if such Mortgage
Loan had remained in existence. In the case of any bi-weekly payment Mortgage
Loan, all payments due on such Mortgage Loan during any Due Period shall be
deemed collectively to constitute the Scheduled Payment due on such Mortgage
Loan in such Due Period.

         Scheduled Principal Amount:  Not applicable.

         Scheduled Principal Balance: With respect to (i) any Mortgage Loan as
of any Distribution Date, the principal balance of such Mortgage Loan at the
close of business on the Cut-off Date, after giving effect to principal payments
due on or before the Cut-off Date, whether or not received, less an amount equal
to principal payments due after the Cut-off Date and on or before the Due Date
in the related Due Period, whether or not received from the Mortgagor or
advanced by the applicable Servicer or the Master Servicer, and all amounts
allocable to unscheduled principal payments (including Principal Prepayments,
Net Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each
case to the extent identified and applied prior to or during the applicable
Prepayment Period) and (ii) any REO Property as of any Distribution Date, the
Scheduled Principal Balance of the related Mortgage Loan on the Due Date
immediately preceding the date of acquisition of such REO Property by or on
behalf of the Trustee (reduced by any amount applied as a reduction of principal
on the Mortgage Loan). With respect to any Mortgage Loan as of the Cut-off Date,
as specified in the Mortgage Loan Schedule or the Participation Schedule, as the
case may be.

         Security Agreement:  Not applicable.

         Seller:  Lehman Brothers Holdings, or any successor in interest.

         Senior Certificate: Any Class A1, Class A2, Class A3, Class A4, Class
A-IO1, Class A-PO, Class A-IO2 or Class R Certificate.

         Senior Enhancement Percentage: For any Distribution Date, the
percentage equivalent of a fraction, the numerator of which is the sum of the
Class Principal Amounts of the Subordinate Certificates and denominator of which
is the Non-PO Pool Balance for the immediately preceding Distribution Date.

         Senior Percentage: With respect to any Distribution Date, the
percentage equivalent of the fraction, the numerator of which is the sum of the
Class Principal Amounts of each Class of Senior Certificates (other than the
Class A-PO Certificates) immediately prior to such Distribution Date and the
denominator of which is the Non-PO Pool Balance for the immediately preceding
Distribution Date.

         Senior Prepayment Percentage: With respect to any Distribution Date
occurring during the five years beginning on the first Distribution Date, 100%,
except as described herein below. With respect to any Distribution Date
occurring on or after the fifth anniversary of the first Distribution Date, the
related Senior Percentage plus the following percentage of the related
Subordinate Percentage for such Distribution Date: for any Distribution Date in
the first year thereafter, 70%; for any Distribution Date in the second year
thereafter, 60%; for any Distribution Date in the third year thereafter, 40%;
for any Distribution Date in the fourth year

                                       30
<PAGE>

thereafter, 20%; and for any subsequent Distribution Date, 0%; provided,
however, (i) if on any Distribution Date the Senior Enhancement Percentage for a
Mortgage Pool is less than the Initial Senior Enhancement Percentage for such
Mortgage Pool, the Senior Prepayment Percentage on that Distribution Date shall
once again equal 100%, (ii) unless the condition described in (i) has occurred,
if on any Distribution Date before the Distribution Date in February 2007, prior
to giving effect to any distributions on such Distribution Date, the Senior
Enhancement Percentage for such Distribution Date is greater than or equal to
twice the Initial Senior Enhancement Percentages for such Mortgage Pool, then
the Senior Prepayment Percentage for such Distribution Date will equal the
related Senior Percentage plus 50% of the related Subordinate Percentage for
such Mortgage Pool and (iii) unless the condition described in (i) has occurred,
if on any Distribution Date on or after the Distribution Date in February 2007,
prior to giving effect to any distributions on such Distribution Date, the
Senior Enhancement Percentages for such Distribution Date is greater than or
equal to twice the Initial Senior Enhancement Percentages for the Mortgage Pool,
then the Senior Prepayment Percentage on each Distribution Date will equal the
related Senior Percentage.

         Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage below the respective levels in effect for the most recent prior
period set forth in the paragraph above shall be effective on any Distribution
Date if, as of the first Distribution Date as to which any such decrease
applies, (i) the average outstanding principal balance on such Distribution Date
and for the preceding five Distribution Dates of all Mortgage Loans in the Trust
Fund that were delinquent 60 days or more (including for this purpose any
Mortgage Loans in foreclosure and the Scheduled Payments that would have been
due on Mortgage Loans with respect to which the related Mortgaged Properties
have been acquired by the Trust Fund if the related Mortgage Loan had remained
in existence) is greater than or equal to 50% of the sum of the Subordinate
Amount immediately prior to such Distribution Date or (ii) cumulative Realized
Losses with respect to the Mortgage Loans exceed (a) with respect to the
Distribution Date on or prior to the third anniversary of the first Distribution
Date, 20% of the sum of the Original Subordinate Amount, (b) with respect to any
Distribution Date after the third anniversary and prior to the sixth anniversary
of the first Distribution Date, 30% of the sum of the Original Subordinate
Amount, (c) with respect to any Distribution Date on or after the sixth
anniversary and prior to the seventh anniversary of the first Distribution Date,
35% of the sum of the Original Subordinate Amount, (d) with respect to any
Distribution Date on or after the seventh anniversary and prior to the eighth
anniversary of the first Distribution Date, 40% of the sum of the Original
Subordinate Amount, (e) with respect to any Distribution Date on or after the
eighth anniversary and prior to the ninth anniversary of the first Distribution
Date, 45% of the sum of the Original Subordinate Amount, and (f) with respect to
any Distribution Date on or after the ninth anniversary of the first
Distribution Date or thereafter, 50% of the sum of the Original Subordinate
Amount. After the Class Principal Amount of each Class of Senior Certificates
(other than the Class A-PO Certificates) has been reduced to zero, the Senior
Prepayment Percentage for the related Mortgage Pool shall be 0%.

         Senior Principal Distribution Amount: For any Distribution Date, the
sum of the following amounts:

                  (i)      the product of (a) the Senior Percentage for such
         date and (b) the applicable Non-PO Percentage of the principal portion
         of each Scheduled Payment

                                       31
<PAGE>

         (without giving effect to any Debt Service Reduction occurring prior to
         the Bankruptcy Coverage Termination Date), on each Mortgage Loan due
         during the related Due Period;

                  (ii)     the product of (a) the Senior Prepayment Percentage
         for such date and (b) the applicable Non-PO Percentage of each of the
         following amounts: (1) each Principal Prepayment on the Mortgage Loans
         collected during the related Prepayment Period, (2) each other
         unscheduled collection, including Insurance Proceeds and Net
         Liquidation Proceeds (other than with respect to any Mortgage Loan that
         was finally liquidated during the related Prepayment Period)
         representing or allocable to recoveries of principal received during
         the related Prepayment Period, and (3) the principal portion of all
         proceeds of the purchase of any Mortgage Loan (or, in the case of a
         permitted substitution, amounts representing a principal adjustment)
         actually received by the Trustee during the related Prepayment Period;

                  (iii)    with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan that was finally liquidated during the
         related Prepayment Period, the lesser of (a) the applicable Non-PO
         Percentage related net Liquidation Proceeds allocable to principal and
         (b) the product of the related Senior Prepayment Percentage for such
         date and the Scheduled Principal Balance of such related Mortgage Loan
         at the time of liquidation; and

                  (iv)     any amounts described in clauses (i) through (iii)
         for any previous Distribution Date that remain unpaid.

If on any Distribution Date the Class Principal Amount of each Class of Senior
Certificates has been reduced to zero, the Senior Principal Distribution Amount
for such date (following such reduction) and each subsequent Distribution Date
shall be zero.

         Servicers: Any Servicer that has entered into any of the Servicing
Agreements attached as Exhibit E hereto, or any successor in interest.
Initially, the Servicers are Aurora, Commercial Federal Bank, Countrywide Home
Loans Servicing LP, GMAC Mortgage Corporation, SunTrust Mortgage, Inc.,
Waterfield Mortgage Company, Inc. and Wells Fargo Home Mortgage, Inc.

         Servicing Advances: Expenditures incurred by a Servicer in connection
with the liquidation or foreclosure of a Mortgage Loan which are eligible for
reimbursement under the applicable Servicing Agreement.

         Servicing Agreement: Each Servicing Agreement between a Servicer and
the Seller, dated as of January 1, 2004, attached hereto in Exhibit E, and any
other servicing agreement entered into between a successor servicer and the
Seller or the Trustee pursuant to the terms hereof.

         Servicing Fee: The Servicing Fee specified in the applicable Servicing
Agreement.

         Servicing Fee Rate: With respect to each Servicer, as specified in
applicable Servicing Agreement.

                                       32
<PAGE>

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

         Special Hazard Loss: With respect to the Mortgage Loans, (x) any
Realized Loss arising out of any direct physical loss or damage to a Mortgaged
Property which is caused by or results from any cause, exclusive of any loss
covered by a hazard policy or a flood insurance policy required to be maintained
in respect of such Mortgaged Property and any loss caused by or resulting from
(i) normal wear and tear, (ii) conversion or other dishonest act on the part of
the Trustee, the Master Servicer, any Servicer or any of their agents or
employees or (iii) errors in design, faulty workmanship or faulty materials,
unless the collapse of the property or a part thereof ensues, or (y) any
Realized Loss arising from or related to the presence or suspected presence of
hazardous wastes, or hazardous substances on a Mortgaged Property unless such
loss is covered by a hazard policy or flood insurance policy required to be
maintained in respect of such Mortgaged Property, in any case, as reported by
any Servicer to the Master Servicer.

         Special Hazard Loss Limit: As of the Cut-off Date, $2,211,371.00 which
amount shall be reduced in each case from time to time to an amount equal on any
Distribution Date to the Special Hazard Loss Limit as of the Closing Date less
the amount, if any, of Special Hazard Losses incurred since the Closing Date.

         Specified Rating:  Not applicable.

         Startup Day: The day designated as such pursuant to Section 10.01(b)
hereof.

         Subordinate Amount: With respect to any Distribution Date, the excess,
if any, of the Non-PO Pool Balance for the immediately preceding Distribution
Date over the sum of the aggregate of the Certificate Principal Amounts of the
Senior Certificates (other than the Class A-PO Certificates) immediately prior
to the related Distribution Date. With respect to the Closing Date, the excess
of the Cut-off Date Aggregate Principal Balance over the sum of the aggregate of
the initial Certificate Principal Amount of the Senior Certificates.

         Subordinate Certificate:  Any Class B Certificate.

         Subordinate Certificate Writedown Amount: As to any Distribution Date,
the amount by which (i) the sum of the Class Principal Amounts of all the
Certificates (after giving effect to the distribution of principal and the
allocation of Realized Losses in reduction of the Certificate Principal Amounts
of the Certificates on such Distribution Date) exceeds (ii) the aggregate
Scheduled Principal Balance of the Mortgage Loans for such Distribution Date.

         Subordinate Class Percentage: With respect to any Distribution Date and
any Class of Subordinate Certificates, the percentage obtained by dividing the
Class Principal Amount of such Class immediately prior to such Distribution Date
by the aggregate Certificate Principal Amount of all Subordinate Certificates
immediately prior to such Distribution Date.

         Subordinate Component Percentage: Not applicable.

                                       33
<PAGE>

         Subordinate Percentage: With respect to any Distribution Date, the
difference between 100% and the related Senior Percentage for such Distribution
Date.

         Subordinate Prepayment Percentage: With respect to any Distribution
Date, the difference between 100% and the related Senior Prepayment Percentage
for such Distribution Date.

         Subordinate Principal Distribution Amount: For any Distribution Date,
the sum of the following:

                  (i)      the product of (a) the related Subordinate Percentage
         for such date and (b) the applicable Non-PO Percentage of the principal
         portion of each Scheduled Payment (without giving effect to any Debt
         Service Reduction occurring prior to the applicable Bankruptcy Coverage
         Termination Date) on each Mortgage Loan due during the related Due
         Period;

                  (ii)     the product of (a) the related Subordinate Prepayment
         Percentage for such date and (b) the applicable Non-PO Percentage of
         each of the following amounts: (1) each Principal Prepayment on the
         Mortgage Loans collected during the related Prepayment Period, (2) each
         other unscheduled collection, including Insurance Proceeds and Net
         Liquidation Proceeds (other than with respect to any Mortgage Loan that
         was finally liquidated during the related Prepayment Period)
         representing or allocable to recoveries of principal received during
         the related Prepayment Period, and (3) the principal portion of all
         proceeds of the purchase of any Mortgage Loan (or, in the case of a
         permitted substitution, amounts representing a principal adjustment)
         actually received by the Trustee during the related Prepayment Period;

                  (iii)    with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan that was finally liquidated during the
         related Prepayment Period, the applicable Non-PO Percentage of the
         related net Liquidation Proceeds allocable to principal less any
         related amount paid pursuant to subsection (iii) of the definition of
         Senior Principal Distribution Amount; and

                  (iv)     any amounts described in clauses (i) through (iii)
         for any previous Distribution Date that remain unpaid;

         Surety:  Not applicable.

         Surety Bond:  Not applicable.

         Tax Matters Person: The "tax matters person" as specified in the REMIC
Provisions.

         Title Insurance Policy: A title insurance policy maintained with
respect to a Mortgage Loan.

         Transfer Agreement: As defined in the Mortgage Loan Sale Agreement.

                                       34
<PAGE>

         Transferor: Each seller of Mortgage Loans to the Lehman Brothers
Holdings pursuant to a Transfer Agreement.

         Trust Fund: The corpus of the trust created pursuant to this Agreement,
consisting of the Mortgage Loans (other than any Retained Interest), the
assignment of the Depositor's rights under the Mortgage Loan Sale Agreement and
the Participation Agreement, the Participations, the Additional Collateral, such
amounts as shall from time to time be held in the Collection Account, the
Certificate Account, any Escrow Account, the Insurance Policies, any REO
Property, and the other items referred to in, and conveyed to the Trustee under,
Section 2.01(a).

         Trust Rate:  Not applicable.

         Trust REMIC:  Each REMIC created hereunder.

         Trustee: Citibank, N.A., not in its individual capacity but solely as
Trustee, or any successor in interest, or if any successor trustee or any
co-trustee shall be appointed as herein provided, then such successor trustee
and such co-trustee, as the case may be.

         Trustee Fee: As to any Distribution Date, an amount equal to the
product of the Trustee Fee Rate and the aggregate Scheduled Principal Balance of
the Mortgage Loans in such Mortgage Pool.

         Trustee Fee Rate:  0.0065% per annum.

         Undercollateralization Distribution:  Not applicable.

         Undercollateralized Group:  Not applicable.

         Underlying Subordinate Rates:  Not applicable.

         Underwriter's Exemption: Prohibited Transaction Exemption 91-14, 56
Fed. Reg. 7413 (1991), as amended (or any successor thereto), or any
substantially similar administrative exemption granted by the U.S. Department of
Labor.

         Upper Tier REMIC: One of the separate REMICs as described in the
Preliminary Statement hereto.

         Voting Interests: The portion of the voting rights of all the
Certificates that is allocated to any Certificate for purposes of the voting
provisions of this Agreement. At all times during the term of this Agreement
until the Class Notional Amount of each Class of Notional Certificates has been
reduced to zero, 95% of all Voting Interests shall be allocated to the
Certificates other than the Notional Certificates, and 5% of all Voting
Interests shall be allocated to the Notional Certificates. After the Class
Notional Amount of each Class of Notional Certificates has been reduced to zero,
all of the Voting Interests shall be allocated to the remaining Classes of
Certificates. Voting Interests allocated to the Notional Certificates shall be
allocated among the Classes of such Certificates (and among the Certificates of
each such Class) in proportion to their Class Notional Amounts (or Notional
Amounts). Voting Interests shall be allocated among the

                                       35
<PAGE>

other Classes of Certificates (and among the Certificates of each such Class) in
proportion to their Class Principal Amounts (or Certificate Principal Amounts).

         Section 1.02.  Calculations Respecting Mortgage Loans.
                        --------------------------------------

         Calculations required to be made pursuant to this Agreement with
respect to any Mortgage Loan in the Trust Fund shall be made based upon current
information as to the terms of the Mortgage Loans and reports of payments
received from the Mortgagor on such Mortgage Loans and payments to be made to
the Trustee by the Master Servicer as supplied to the Trustee by the Master
Servicer. The Trustee shall not be required to recompute, verify or recalculate
the information supplied to it by the Master Servicer.

                                   ARTICLE II

                              DECLARATION OF TRUST;
                            ISSUANCE OF CERTIFICATES

         Section 2.01.  Creation and Declaration of Trust Fund; Conveyance of
Mortgage Loans.

         (a) Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby transfer, assign, set over, deposit with and otherwise
convey to the Trustee, without recourse, subject to Sections 2.02, 2.04, 2.05
and 2.06, in trust, all the right, title and interest of the Depositor in and to
the Mortgage Loans (including the Participations). Such conveyance includes,
without limitation, the right to all distributions of principal and interest
received on or with respect to the Mortgage Loans on and after the Cut-off Date
(other than payments of principal and interest due on or before such date), and
all such payments due after such date but received prior to such date and
intended by the related Mortgagors to be applied after such date, together with
all of the Depositor's right, title and interest in and to the Collection
Account and all amounts from time to time credited to and the proceeds of the
Collection Account, the Certificate Account and all amounts from time to time
credited to and the proceeds of the Certificate Account, any Escrow Account
established pursuant to Section 9.06 hereof and all amounts from time to time
credited to and the proceeds of any such Escrow Account, any REO Property and
the proceeds thereof, the Depositor's rights under any Insurance Policies
related to the Mortgage Loans, and the Depositor's security interest in any
collateral pledged to secure the Mortgage Loans, including the Mortgaged
Properties and any Additional Collateral, and any proceeds of the foregoing, to
have and to hold, in trust; and the Trustee declares that, subject to the review
provided for in Section 2.02, it has received and shall hold the Trust Fund, as
trustee, in trust, for the benefit and use of the Holders of the Certificates
and for the purposes and subject to the terms and conditions set forth in this
Agreement, and, concurrently with such receipt, has caused to be executed,
authenticated and delivered to or upon the order of the Depositor, in exchange
for the Trust Fund, Certificates in the authorized denominations evidencing the
entire ownership of the Trust Fund.

         Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby assign to the Trustee all of its rights and interest under
the Mortgage Loan Sale Agreement; including all rights of the Seller under the
applicable Servicing Agreement to the extent assigned under the Mortgage Loan
Sale Agreement. The Trustee hereby accepts such

                                       36
<PAGE>

assignment, and shall be entitled to exercise all rights of the Depositor under
the Mortgage Loan Sale Agreement as if, for such purpose, it were the Depositor.
The foregoing sale, transfer, assignment, set-over, deposit and conveyance does
not and is not intended to result in creation or assumption by the Trustee of
any obligation of the Depositor, the Seller, or any other Person in connection
with the Mortgage Loans or any other agreement or instrument relating thereto
except as specifically set forth herein.

         In addition, with respect to any Pledged Asset Mortgage Loan, the
Depositor does hereby transfer, assign, set-over and otherwise convey to the
Trustee without recourse (except as provided herein) (i) its rights as assignee
under any security agreements, pledge agreements or guarantees relating to the
Additional Collateral supporting any Pledged Asset Mortgage Loan, (ii) its
security interest in and to any Additional Collateral, (iii) its right to
receive payments in respect of any Pledged Asset Mortgage Loan pursuant to the
Additional Collateral Servicing Agreement and (iv) its rights as beneficiary
under the Surety Bond in respect of any Pledged Asset Mortgage Loan.
Notwithstanding anything to the contrary in this Agreement, the Trust Fund shall
not obtain title to or beneficial ownership of any Additional Collateral as a
result of or in lieu of the disposition thereof or otherwise.

         (b) In connection with such transfer and assignment, the Depositor does
hereby deliver to, and deposit with, or cause to be delivered to and deposited
with, the Trustee, and/or any custodian acting on the Trustee's behalf, if
applicable, the following documents or instruments with respect to each Mortgage
Loan (each a "Mortgage File") so transferred and assigned (other than the
Participations):

                  (i)      with respect to each Mortgage Loan, the original
         Mortgage Note endorsed without recourse in proper form to the order of
         the Trustee, or in blank (in each case, with all necessary intervening
         endorsements as applicable);

                  (ii)     the original of any guarantee, security agreement or
         pledge agreement relating to any Additional Collateral and executed in
         connection with the Mortgage Note, assigned to the Trustee;

                  (iii)    with respect to each Mortgage Loan other than a
         Cooperative Loan, the original recorded Mortgage with evidence of
         recording indicated 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. If, in connection with any Mortgage
         Loan, the Depositor cannot deliver the Mortgage with evidence of
         recording thereon on or prior to the Closing Date because of a delay
         caused by the public recording office where such Mortgage has been
         delivered for recordation or because such Mortgage has been lost, the
         Depositor shall deliver or cause to be delivered to the Trustee (or its
         custodian), in the case of a delay due to recording, a true copy of
         such Mortgage, pending delivery of the original thereof, together with
         an Officer's Certificate of the Depositor certifying that the copy of
         such Mortgage delivered to the Trustee (or its custodian) is a true
         copy and that

                                       37
<PAGE>

         the original of such Mortgage has been forwarded to the public
         recording office, or, in the case of a Mortgage that has been lost, a
         copy thereof (certified as provided for under the laws of the
         appropriate jurisdiction) and a written Opinion of Counsel acceptable
         to the Trustee and the Depositor that an original recorded Mortgage is
         not required to enforce the Trustee's interest in the Mortgage Loan;

                  (iv)     the original of each assumption, modification or
         substitution agreement, if any, relating to the Mortgage Loans, or, as
         to any assumption, modification or substitution agreement which cannot
         be delivered on or prior to the Closing Date because of a delay caused
         by the public recording office where such assumption, modification or
         substitution agreement has been delivered for recordation, a photocopy
         of such assumption, modification or substitution agreement, pending
         delivery of the original thereof, together with an Officer's
         Certificate of the Depositor certifying that the copy of such
         assumption, modification or substitution agreement delivered to the
         Trustee (or its custodian) is a true copy and that the original of such
         agreement has been forwarded to the public recording office;

                  (v)      with respect to each Non-MERS Mortgage Loan other
         than a Cooperative Loan, the original Assignment of Mortgage for each
         Mortgage Loan;

                  (vi)     if applicable, such original intervening assignments
         of the Mortgage, notice of transfer or equivalent instrument (each, an
         "Intervening Assignment"), as may be necessary to show a complete chain
         of assignment from the originator, or, in the case of an Intervening
         Assignment that has been lost, a written Opinion of Counsel acceptable
         to the Trustee that such original Intervening Assignment is not
         required to enforce the Trustee's interest in the Mortgage Loans;

                  (vii)    the original Primary Mortgage Insurance Policy or
         certificate, if private mortgage guaranty insurance is required;

                  (viii)   with respect to each Mortgage Loan other than a
         Cooperative Loan, the original mortgagee title insurance policy or
         attorney's opinion of title and abstract of title;

                  (ix)     the original of any security agreement, chattel
         mortgage or equivalent executed in connection with the Mortgage or as
         to any security agreement, chattel mortgage or their equivalent that
         cannot be delivered on or prior to the Closing Date because of a delay
         caused by the public recording office where such document has been
         delivered for recordation, a photocopy of such document, pending
         delivery of the original thereof, together with an Officer's
         Certificate of the Depositor certifying that the copy of such security
         agreement, chattel mortgage or their equivalent delivered to the
         Trustee (or its custodian) is a true copy and that the original of such
         document has been forwarded to the public recording office; and

                  (x)      with respect to any Cooperative Loan, the Cooperative
         Loan Documents.

         The parties hereto acknowledge and agree that the form of endorsement
attached hereto as Exhibit B-4 is intended to effect the transfer to the
Trustee, for the benefit of the Certificateholders, of the Mortgage Notes and
the Mortgages.

                                       38
<PAGE>

         With respect to each Participation, the Depositor does hereby deliver
to, and deposit with, or cause to be delivered to and deposited with, the
Trustee, and/or any custodian acting on the Trustee's behalf, a copy of the
Participation Agreement and the original Participation issued to the Trustee.

         (c) (i) Assignments of Mortgage with respect to each Non-MERS Mortgage
Loan other than a Cooperative Loan shall be recorded; provided, however, that
such Assignments need not be recorded if, in the Opinion of Counsel (which must
be from Independent counsel) acceptable to the Trustee and the Rating Agencies,
recording in such states is not required to protect the Trustee's interest in
the related Non-MERS Mortgage Loans. Subject to the preceding sentence, as soon
as practicable after the Closing Date (but in no event more than 3 months
thereafter except to the extent delays are caused by the applicable recording
office), the Trustee, at the expense of the Depositor and with the cooperation
of the applicable Servicer, shall cause to be properly recorded by such Servicer
in each public recording office where the related Mortgages are recorded each
Assignment of Mortgage referred to in subsection (b)(v) above with respect to a
Non-MERS Mortgage Loan. With respect to each Cooperative Loan, the Trustee, at
the expense of the Depositor and with the cooperation of the applicable
Servicer, shall cause such Servicer to take such actions as are necessary under
applicable law in order to perfect the interest of the Trustee in the related
Mortgaged Property.

                  (ii)     With respect to each MERS Mortgage Loan, the Trustee,
         at the expense of the Depositor and with the cooperation of the
         applicable Servicer, shall cause to be taken such actions by such
         Servicer as are necessary to cause the Trustee to be clearly identified
         as the owner of each such Mortgage Loan on the records of MERS for
         purposes of the system of recording transfers of beneficial ownership
         of mortgages maintained by MERS.

         (d) In instances where a Title Insurance Policy is required to be
delivered to the Trustee, or to the applicable Custodian on behalf of the
Trustee, under clause (b)(viii) above and is not so delivered, the Depositor
will provide a copy of such Title Insurance Policy to the Trustee, or to the
applicable Custodian on behalf of the Trustee, as promptly as practicable after
the execution and delivery hereof, but in any case within 180 days of the
Closing Date.

         (e) For Mortgage Loans (if any) that have been prepaid in full after
the Cut-off Date and prior to the Closing Date, the Depositor, in lieu of
delivering the above documents, herewith delivers to the Trustee, or to the
applicable Custodian on behalf of the Trustee, an Officer's Certificate which
shall include a statement to the effect that all amounts received in connection
with such prepayment that are required to be deposited in the applicable
Collection Account pursuant to Section 4.01 have been so deposited. All original
documents that are not delivered to the Trustee or the applicable Custodian on
behalf of the Trustee shall be held by the Master Servicer or the applicable
Servicer in trust for the benefit of the Trustee and the Certificateholders.

         Section 2.02.  Acceptance of Trust Fund by Trustee: Review of
Documentation for Trust Fund.

                                       39
<PAGE>

         (a) The Trustee, or the applicable Custodian on behalf of the Trustee,
by execution and delivery hereof, acknowledges receipt of the Participations and
the Mortgage Files pertaining to the Mortgage Loans listed on the Mortgage Loan
Schedule, subject to review thereof by the Trustee, or by the applicable
Custodian on behalf of the Trustee, under this Section 2.02. The Trustee, or the
applicable Custodian on behalf of the Trustee, will execute and deliver to the
Trustee, the Depositor and the Master Servicer on the Closing Date an Initial
Certification in the form annexed hereto as Exhibit B-1 (or in the form annexed
to the applicable Custodial Agreement as Exhibit B-1, as applicable).

         (b) Within 45 days after the Closing Date, the applicable Custodian
will, on behalf of the Trustee and for the benefit of Holders of the
Certificates, review each Mortgage File to ascertain that all required documents
set forth in Section 2.01 have been received and appear on their face to contain
the requisite signatures by or on behalf of the respective parties thereto, and
shall deliver to the Trustee, the Depositor and the Master Servicer an Interim
Certification in the form annexed hereto as Exhibit B-2 (or in the form annexed
to the applicable Custodial Agreement as Exhibit B-2, as applicable) to the
effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
(other than any Mortgage Loan prepaid in full or any Mortgage Loan specifically
identified in such certification as not covered by such certification), (i) all
of the applicable documents specified in Section 2.01(b) are in its possession
and (ii) such documents have been reviewed by it and appear to relate to such
Mortgage Loan. The Trustee, or the applicable Custodian on behalf of the
Trustee, shall make sure that the documents are executed and endorsed, but shall
be under no duty or obligation to inspect, review or examine any such documents,
instruments, certificates or other papers to determine that the same are valid,
binding, legally effective, properly endorsed, genuine, enforceable or
appropriate for the represented purpose or that they have actually been recorded
or are in recordable form or that they are other than what they purport to be on
their face. Neither the Trustee nor any Custodian shall have any responsibility
for verifying the genuineness or the legal effectiveness of or authority for any
signatures of or on behalf of any party or endorser.

         (c) If in the course of the review described in paragraph (b) above the
Trustee or the applicable Custodian discovers any document or documents
constituting a part of a Mortgage File that is missing, does not appear regular
on its face (i.e., is mutilated, damaged, defaced, torn or otherwise physically
altered) or appears to be unrelated to the Mortgage Loans identified in the
Mortgage Loan Schedule (each, a "Material Defect"), the Trustee, or the
applicable Custodian on behalf of the Trustee, shall promptly identify the
Mortgage Loan to which such Material Defect relates in the Interim Certificate
delivered to the Depositor or the Master Servicer (and to the Trustee). Within
90 days of its receipt of such notice, the Depositor shall be required to cure
such Material Defect (and, in such event, the Depositor shall provide the
Trustee with an Officer's Certificate confirming that such cure has been
effected). If the Depositor does not so cure such Material Defect, it shall, if
a loss has been incurred with respect to such Mortgage Loan that would, if such
Mortgage Loan were not purchased from the Trust Fund, constitute a Realized
Loss, and such loss is attributable to the failure of the Depositor to cure such
Material Defect, repurchase the related Mortgage Loan from the Trust Fund at the
Purchase Price. A loss shall be deemed to be attributable to the failure of the
Depositor to cure a Material Defect if, as determined by the Depositor, upon
mutual agreement with the Servicer acting in good faith, absent such Material
Defect, such loss would not have been incurred. Within the two-year period
following the Closing Date, the Depositor may, in lieu of repurchasing a

                                       40
<PAGE>

Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage Loan a
Qualifying Substitute Mortgage Loan subject to the provisions of Section 2.05.
The failure of the Trustee or the applicable Custodian to give the notice
contemplated herein within 45 days after the Closing Date shall not affect or
relieve the Depositor of its obligation to repurchase any Mortgage Loan pursuant
to this Section 2.02 or any other Section of this Agreement requiring the
repurchase of Mortgage Loans from the Trust Fund.

         (d) Within 180 days following the Closing Date, the Trustee, or the
applicable Custodian, shall deliver to the Trustee, the Depositor and the Master
Servicer a Final Certification substantially in the form annexed hereto as
Exhibit B-3 (or in the form annexed to the applicable Custodial Agreement as
Exhibit B-3, as applicable) evidencing the completeness of the Mortgage Files in
its possession or control, with any exceptions noted thereto.

         (e) Nothing in this Agreement shall be construed to constitute an
assumption by the Trust Fund, the Trustee or the Certificateholders of any
unsatisfied duty, claim or other liability on any Mortgage Loan or to any
Mortgagor.

         (f) Each of the parties hereto acknowledges that the Custodian shall
perform the applicable review of the Mortgage Loans and respective
certifications thereof as provided in this Section 2.02.

         (g) Each of the parties hereto acknowledge and agree that it is not
intended that any Mortgage Loan be included in the Trust Fund that is a
"High-Cost Home Loan" as defined in the New Jersey Home Ownership Act effective
November 27, 2003.

         Section 2.03.  Representations and Warranties of the Depositor.
                        -----------------------------------------------

         (a) The Depositor hereby represents and warrants to the Trustee, for
the benefit of Certificateholders, and to the Master Servicer, as of the Closing
Date or such other date as is specified, that:

                  (i)      the Depositor is a corporation duly organized,
         validly existing and in good standing under the laws governing its
         creation and existence and has full corporate power and authority to
         own its property, to carry on its business as presently conducted, to
         enter into and perform its obligations under this Agreement, and to
         create the trust pursuant hereto;

                  (ii)     the execution and delivery by the Depositor of this
         Agreement have been duly authorized by all necessary corporate action
         on the part of the Depositor; neither the execution and delivery of
         this Agreement, nor the consummation of the transactions herein
         contemplated, nor compliance with the provisions hereof, will conflict
         with or result in a breach of, or constitute a default under, any of
         the provisions of any law, governmental rule, regulation, judgment,
         decree or order binding on the Depositor or its properties or the
         certificate of incorporation or bylaws of the Depositor;

                  (iii)    the execution, delivery and performance by the
         Depositor of this Agreement and the consummation of the transactions
         contemplated hereby do not require the consent or approval of, the
         giving of notice to, the registration with, or the taking of any other

                                       41
<PAGE>

         action in respect of, any state, federal or other governmental
         authority or agency, except such as has been obtained, given, effected
         or taken prior to the date hereof;

                  (iv)     this Agreement has been duly executed and delivered
         by the Depositor and, assuming due authorization, execution and
         delivery by the Trustee and the Master Servicer, constitutes a valid
         and binding obligation of the Depositor enforceable against it in
         accordance with its terms except as such enforceability may be subject
         to (A) applicable bankruptcy and insolvency laws and other similar laws
         affecting the enforcement of the rights of creditors generally and (B)
         general principles of equity regardless of whether such enforcement is
         considered in a proceeding in equity or at law;

                  (v)      there are no actions, suits or proceedings pending
         or, to the knowledge of the Depositor, threatened or likely to be
         asserted against or affecting the Depositor, before or by any court,
         administrative agency, arbitrator or governmental body (A) with respect
         to any of the transactions contemplated by this Agreement or (B) with
         respect to any other matter which in the judgment of the Depositor will
         be determined adversely to the Depositor and will if determined
         adversely to the Depositor materially and adversely affect it or its
         business, assets, operations or condition, financial or otherwise, or
         adversely affect its ability to perform its obligations under this
         Agreement; and

                  (vi)     immediately prior to the transfer and assignment of
         the Mortgage Loans to the Trustee, the Depositor was the sole owner of
         record and holder of each Mortgage Loan, and the Depositor had good and
         marketable title thereto, and had full right to transfer and sell each
         Mortgage Loan to the Trustee free and clear, subject only to (1) liens
         of current real property taxes and assessments not yet due and payable
         and, if the related Mortgaged Property is a condominium unit, any lien
         for common charges permitted by statute, (2) covenants, conditions and
         restrictions, rights of way, easements and other matters of public
         record as of the date of recording of such Mortgage acceptable to
         mortgage lending institutions in the area in which the related
         Mortgaged Property is located and specifically referred to in the
         lender's Title Insurance Policy or attorney's opinion of title and
         abstract of title delivered to the originator of such Mortgage Loan,
         and (3) such other matters to which like properties are commonly
         subject which do not, individually or in the aggregate, materially
         interfere with the benefits of the security intended to be provided by
         the Mortgage, of any encumbrance, equity, participation interest, lien,
         pledge, charge, claim or security interest, and had full right and
         authority, subject to no interest or participation of, or agreement
         with, any other party, to sell and assign each Mortgage Loan pursuant
         to this Agreement.

         (b) The representations and warranties of each Transferor with respect
to the related Mortgage Loans in the applicable Transfer Agreement, which have
been assigned to the Trustee hereunder, were made as of the date specified in
the applicable Transfer Agreement (or underlying agreement, if such Transfer
Agreement is in the form of an assignment of a prior agreement). To the extent
that any fact, condition or event with respect to a Mortgage Loan constitutes a
breach of both (i) a representation or warranty of the applicable Transferor
under the applicable Transfer Agreement and (ii) a representation or warranty of
Lehman Brothers Holdings under the Mortgage Loan Sale Agreement, the only right
or remedy of the Trustee or of any Certificateholder shall be the Trustee's
right to enforce the obligations of the applicable

                                       42
<PAGE>

Transferor under any applicable representation or warranty made by it. The
Trustee acknowledges that Lehman Brothers Holdings shall have no obligation or
liability with respect to any breach of a representation or warranty made by it
with respect to the Mortgage Loans if the fact, condition or event constituting
such breach also constitutes a breach of a representation or warranty made by
the applicable Transferor in the applicable Transfer Agreement, without regard
to whether such Transferor fulfills its contractual obligations in respect of
such representation or warranty. The Trustee further acknowledges that the
Depositor shall have no obligation or liability with respect to any breach of
any representation or warranty with respect to the Mortgage Loans (except as set
forth in Section 2.03(a)(vi)) under any circumstances.

         Section 2.04.  Discovery of Breach.
                        -------------------

         It is understood and agreed that the representations and warranties (i)
set forth in Section 2.03 and (ii) of Lehman Brothers Holdings set forth in the
Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
hereunder and (iii) of each Transferor, assigned by Lehman Brothers Holdings to
the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the
Trustee by the Depositor hereunder shall each survive delivery of the Mortgage
Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and
shall continue throughout the term of this Agreement. Upon discovery by either
the Depositor, the Master Servicer or the Trustee of a breach of any of such
representations and warranties that adversely and materially affects the value
of the related Mortgage Loan, the party discovering such breach shall give
prompt written notice to the other parties. Within 90 days of the discovery of a
breach of any representation or warranty given to the Trustee by the Depositor,
any Transferor, Lehman Brothers Holdings and assigned to the Trustee, the
Depositor, such Transferor, Lehman Brothers Holdings shall either (a) cure such
breach in all material respects, (b) repurchase such Mortgage Loan or any
property acquired in respect thereof from the Trustee at the Purchase Price or
(c) within the two year period following the Closing Date, substitute a
Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event
of discovery of a breach of any representation and warranty of any Transferor
assigned to the Trustee shall enforce its rights under the applicable Transfer
Agreement and the Mortgage Loan Sale Agreement for the benefit of
Certificateholders. As provided in the Mortgage Loan Sale Agreement, if any
Transferor substitutes for a Mortgage Loan for which there is a breach of any
representations and warranties in the related Transfer Agreement which adversely
and materially affects the value of such Mortgage Loan and such substitute
mortgage loan is not a Qualifying Substitute Mortgage Loan, under the terms of
the Mortgage Loan Sale Agreement, Lehman Brothers Holdings will, in exchange for
such substitute Mortgage Loan, (i) provide the applicable Purchase Price for the
affected Mortgage Loan or (ii) within two years of the Closing Date, substitute
such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.

         Section 2.05.  Repurchase, Purchase or Substitution of Mortgage Loans.
                        ------------------------------------------------------

         (a) With respect to any Mortgage Loan repurchased by the Depositor
pursuant to this Agreement, by Lehman Brothers Holdings pursuant to the Mortgage
Loan Sale Agreement or by any Transferor pursuant to the applicable Transfer
Agreement, the principal portion of the funds received by the Master Servicer in
respect of such repurchase of a Mortgage Loan will be considered a Principal
Prepayment and shall be deposited in the Collection Account pursuant to Section
4.01. The Trustee, upon receipt of the full amount of the Purchase Price for a
Deleted

                                       43
<PAGE>

Mortgage Loan, or upon receipt of the Mortgage File for a Qualifying Substitute
Mortgage Loan substituted for a Deleted Mortgage Loan (and any applicable
Substitution Amount), shall release or cause to be released and reassign to the
Depositor, Lehman Brothers Holdings or the applicable Transferor, as applicable,
the related Mortgage File for the Deleted Mortgage Loan and shall execute and
deliver such instruments of transfer or assignment, in each case without
recourse, representation or warranty, as shall be necessary to vest in such
party or its designee or assignee title to any Deleted Mortgage Loan released
pursuant hereto, free and clear of all security interests, liens and other
encumbrances created by this Agreement, which instruments shall be prepared by
the Trustee (or its custodian), and the Trustee shall have no further
responsibility with respect to the Mortgage File relating to such Deleted
Mortgage Loan.

         (b) With respect to each Qualifying Substitute Mortgage Loan to be
delivered to the Trustee (or its Custodian) pursuant to the terms of this
Article II in exchange for a Deleted Mortgage Loan: (i) the Depositor, the
applicable Transferor, Lehman Brothers Holdings, as applicable, must deliver to
the Trustee (or its custodian) the Mortgage File for the Qualifying Substitute
Mortgage Loan containing the documents set forth in Section 2.01(b) along with a
written certification certifying as to the delivery of such Mortgage File and
containing the granting language set forth in Section 2.01(a); and (ii) the
Depositor will be deemed to have made, with respect to such Qualified Substitute
Mortgage Loan, each of the representations and warranties made by it with
respect to the related Deleted Mortgage Loan. As soon as practicable after the
delivery of any Qualifying Substitute Mortgage Loan hereunder, the Trustee, at
the expense of the Depositor and at the direction and with the cooperation of
the applicable Servicer, shall (i) with respect to a Qualifying Substitute
Mortgage Loan that is a Non-MERS Mortgage Loan, cause the Assignment of Mortgage
to be recorded by such Servicer if required pursuant to Section 2.01(c)(i), or
(ii) with respect to a Qualifying Substitute Mortgage Loan that is a MERS
Mortgage Loan, cause to be taken such actions by such Servicer as are necessary
to cause the Trustee to be clearly identified as the owner of each such Mortgage
Loan on the records of MERS if required pursuant to Section 2.01(c)(ii).

         (c) Notwithstanding any other provision of this Agreement, the right to
substitute Mortgage Loans pursuant to this Article II shall be subject to the
additional limitations that no substitution of a Qualifying Substitute Mortgage
Loan for a Deleted Mortgage Loan shall be made unless the Trustee has received
an Opinion of Counsel (at the expense of the party seeking to make the
substitution) that, under current law, such substitution will not (A) affect
adversely the status of any REMIC established hereunder as a REMIC, or of the
related "regular interests" as "regular interests" in any such REMIC, or (B)
cause any such REMIC to engage in a "prohibited transaction" or prohibited
contribution pursuant to the REMIC Provisions. The Depositor shall cause the
Mortgage Loan Schedule to be amended in accordance with the terms of this
Agreement.

         Section 2.06.  Grant Clause.
                        ------------

         It is intended that the conveyance of the Depositor's right, title and
interest in and to property constituting the Trust Fund pursuant to this
Agreement shall constitute, and shall be construed as, a sale of such property
and not a grant of a security interest to secure a loan. However, if such
conveyance is deemed to be in respect of a loan, it is intended that: (i) the
rights and obligations of the parties shall be established pursuant to the terms
of this Agreement;

                                       44
<PAGE>

(ii) the Depositor hereby grants to the Trustee for the benefit of the Holders
of the Certificates a first priority security interest in all of the Depositor's
right, title and interest in, to and under, whether now owned or hereafter
acquired, the Trust Fund and all proceeds of any and all property constituting
the Trust Fund to secure payment of the Certificates; and (iii) this Agreement
shall constitute a security agreement under applicable law. If such conveyance
is deemed to be in respect of a loan and the Trust created by this Agreement
terminates prior to the satisfaction of the claims of any Person holding any
Certificate, the security interest created hereby shall continue in full force
and effect and the Trustee shall be deemed to be the collateral agent for the
benefit of such Person, and all proceeds shall be distributed as herein
provided.

                                       45
<PAGE>

                                   ARTICLE III


                                THE CERTIFICATES

         Section 3.01.  The Certificates.
                        ----------------

         (a) The Certificates shall be issuable in registered form only and
shall be securities governed by Article 8 of the New York Uniform Commercial
Code. The Book-Entry Certificates will be evidenced by one or more certificates,
beneficial ownership of which will be held in the dollar denominations in
Certificate Principal Amount or Notional Principal Amount, as applicable, or in
the Percentage Interests, specified herein. Each Class of Book-Entry
Certificates shall be issued in the minimum denominations in Certificate
Principal Amount (or Notional Amount) or Percentage Interest specified in the
Preliminary Statement hereto and in integral multiples of $1 or 5% (in the case
of Certificates issued in Percentage Interests) in excess thereof. Each Class of
Non-Book Entry Certificates other than the Residual Certificate shall be issued
in definitive, fully registered form in the minimum denominations in Certificate
Principal Amount (or Notional Amount) specified in the Preliminary Statement
hereto and in integral multiples of $1 in excess thereof. The Residual
Certificate shall be issued as a single Certificate and maintained in
definitive, fully registered form in a minimum denomination equal to $100. The
Certificates may be issued in the form of typewritten certificates. One
Certificate of each Class of Certificates other than any Class of Residual
Certificates may be issued in any denomination in excess of the minimum
denomination.

         (b) The Certificates shall be executed by manual or facsimile signature
on behalf of the Trustee by an authorized officer. Each Certificate shall, on
original issue, be authenticated by the Trustee upon the order of the Depositor
upon receipt by the Trustee of the Mortgage Files described in Section 2.01. 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 an
authorized officer of the Trustee or the Authenticating Agent, if any, by manual
signature, and such certification 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. At any time and from time to time after the execution
and delivery of this Agreement, the Depositor may deliver Certificates executed
by the Depositor to the Trustee or the Authenticating Agent for authentication
and the Trustee or the Authenticating Agent shall authenticate and deliver such
Certificates as in this Agreement provided and not otherwise.

         (c) The Class B4, Class B5 or Class B6 Certificates offered and sold in
reliance on the exemption from registration under Rule 144A shall be issued
initially in the form of one or more permanent global Certificates in
definitive, fully registered form without interest coupons with the applicable
legends set forth in Exhibit A added to the forms of such Certificates (each, a
"Restricted Global Security"), which shall be deposited on behalf of the
subscribers for such Certificates represented thereby with the Trustee, as
custodian for DTC and registered in the name of a nominee of DTC, duly executed
and authenticated by the Trustee as hereinafter provided. The aggregate
principal amounts of the Restricted Global Securities may from time to time be
increased or decreased by adjustments made on the records of the Trustee or DTC
or its nominee, as the case may be, as hereinafter provided.

                                       46
<PAGE>

         The Class B4, Class B5 or Class B6 Certificates sold in offshore
transactions in reliance on Regulation S shall be issued initially in the form
of one or more permanent global Certificates in definitive, fully registered
form without interest coupons with the applicable legends set forth in Exhibit A
hereto added to the forms of such Certificates (each, a "Regulation S Global
Security"), which shall be deposited on behalf of the subscribers for such
Certificates represented thereby with the Trustee, as custodian for DTC and
registered in the name of a nominee of DTC, duly executed and authenticated by
the Trustee as hereinafter provided. The aggregate principal amounts of the
Regulation S Global Securities may from time to time be increased or decreased
by adjustments made on the records of the Trustee or DTC or its nominee, as the
case may be, as hereinafter provided.

         (d) The Class B4, Class B5 or Class B6 Certificates sold to an
"accredited investor" under Rule 501(a)(1), (2), (3) or (7) under the Act shall
be issued initially in the form of one or more Definitive Certificates.

         Section 3.02.  Registration.
                        ------------

         The Trustee is hereby appointed, and hereby accepts its appointment as,
Certificate Registrar in respect of the Certificates and shall maintain books
for the registration and for the transfer of Certificates (the "Certificate
Register"). The Trustee may appoint a bank or trust company to act as
Certificate Registrar. A registration book shall be maintained for the
Certificates collectively. The Certificate Registrar may resign or be discharged
or removed and a new successor may be appointed in accordance with the
procedures and requirements set forth in Sections 6.06 and 6.07 hereof with
respect to the resignation, discharge or removal of the Trustee and the
appointment of a successor trustee. The Certificate Registrar may appoint, by a
written instrument delivered to the Holders and the Master Servicer, any bank or
trust company to act as co-registrar under such conditions as the Certificate
Registrar may prescribe; provided, however, that the Certificate Registrar shall
not be relieved of any of its duties or responsibilities hereunder by reason of
such appointment.

         Section 3.03.  Transfer and Exchange of Certificates.
                        -------------------------------------

         (a) A Certificate (other than Book-Entry Certificates which shall be
subject to Section 3.09 hereof) may be transferred by the Holder thereof only
upon presentation and surrender of such Certificate at the office of the
Certificate Registrar duly endorsed or accompanied by an assignment duly
executed by such Holder or his duly authorized attorney in such form as shall be
satisfactory to the Certificate Registrar. Upon the transfer of any Certificate
in accordance with the preceding sentence, the Trustee shall execute, and the
Trustee or any Authenticating Agent shall authenticate and deliver to the
transferee, one or more new Certificates of the same Class and evidencing, in
the aggregate, the same aggregate Certificate Principal Amount as the
Certificate being transferred. No service charge shall be made to a
Certificateholder for any registration of transfer of Certificates, 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 registration
of transfer of Certificates.

                                       47
<PAGE>

         (b) A Certificate may be exchanged by the Holder thereof for any number
of new Certificates of the same Class, in authorized denominations, representing
in the aggregate the same Certificate Principal Amount as the Certificate
surrendered, upon surrender of the Certificate to be exchanged at the office of
the Certificate Registrar duly endorsed or accompanied by a written instrument
of transfer duly executed by such Holder or his duly authorized attorney in such
form as is satisfactory to the Certificate Registrar. Certificates delivered
upon any such exchange will evidence the same obligations, and will be entitled
to the same rights and privileges, as the Certificates surrendered. No service
charge shall be made to a Certificateholder for any exchange of Certificates,
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
exchange of Certificates. Whenever any Certificates are so surrendered for
exchange, the Trustee shall execute, and the Trustee or the Authenticating Agent
shall authenticate, date and deliver the Certificates which the
Certificateholder making the exchange is entitled to receive.

         (c) By acceptance of a Restricted Certificate or a Regulation S Global
Security, whether upon original issuance or subsequent transfer, each Holder of
such a Certificate acknowledges the restrictions on the transfer of such
Certificate set forth thereon and agrees that it will transfer such a
Certificate only as provided herein. In addition, each Holder of a Regulation S
Global Security shall be deemed to have represented and warranted to the
Trustee, the Certificate Registrar and any of their respective successors that:
(i) such Person is not a U.S. person within the meaning of Regulation S and was,
at the time the buy order was originated, outside the United States and (ii)
such Person understands that such Certificates have not been registered under
the Securities Act of 1933, as amended (the "Act"), and that (x) until the
expiration of the 40-day distribution compliance period (within the meaning of
Regulation S), no offer, sale, pledge or other transfer of such Certificates or
any interest therein shall be made in the United States or to or for the account
or benefit of a U.S. person (each as defined in Regulation S) and (y) if in the
future it decides to offer, resell, pledge or otherwise transfer such
Certificates, such Certificates may be offered, resold, pledged or otherwise
transferred only (A) to a person which the seller reasonably believes is a
"qualified institutional buyer" (a "QIB") as defined in Rule 144A under the Act,
that is purchasing such Certificates for its own account or for the account of a
qualified institutional buyer to which notice is given that the transfer is
being made in reliance on Rule 144A or (B) in an offshore transaction (as
defined in Regulation S) in compliance with the provisions of Regulation S, in
each case in compliance with the requirements of this Agreement; and it will
notify such transferee of the transfer restrictions specified in this Section.

         The following restrictions shall apply with respect to the transfer and
registration of transfer of a Restricted Certificate to a transferee that takes
delivery in the form of a Definitive Certificate:

                  (i)      The Certificate Registrar shall register the transfer
         of a Restricted Certificate if the requested transfer is (x) to the
         Depositor or the Placement Agent, an affiliate (as defined in Rule 405
         under the Act) of the Depositor or the Placement Agent or (y) being
         made to a QIB by a transferor that has provided the Trustee with a
         certificate in the form of Exhibit F hereto; and

                                       48
<PAGE>

                  (ii)     The Certificate Registrar shall register the transfer
         of a Restricted Certificate if the requested transfer is being made to
         an "accredited investor" under Rule 501(a)(1), (2), (3) or (7) under
         the Act by a transferor who furnishes to the Trustee a letter of the
         transferee substantially in the form of Exhibit G hereto.

         (d) No transfer of an ERISA-Restricted Certificate in the form of a
Definitive Certificate shall be made to any Person unless the Trustee has
received (A) a certificate substantially in the form of Exhibit H (or Exhibit
D-1 in the case of the Class R Certificate) hereto from such transferee, or (B)
an Opinion of Counsel satisfactory to the Trustee and the Depositor to the
effect that the purchase and holding of such a Certificate will not constitute
or result in the assets of the Trust Fund being deemed to be "plan assets"
subject to the prohibited transaction provisions of ERISA, Section 4975 of the
Code or substantially similar rules under state, local or other federal law
("Similar Law") and will not subject the Trustee or the Depositor to any
obligation in addition to those undertaken in the Agreement; provided, however,
that the Trustee will not require such certificate or opinion in the event that,
as a result of a change of law or otherwise, counsel satisfactory to the Trustee
has rendered an Opinion of Counsel to the effect that the purchase and holding
of an ERISA-Restricted Certificate (other than the Class R Certificate) by a
plan or a Person that is purchasing or holding such a Certificate with the
assets of a Plan will not constitute or result in a prohibited transaction under
ERISA, Section 4975 of the Code or Similar Law. Each transferee of an
ERISA-Restricted Certificate that is a Book Entry Certificate shall be deemed to
have made the representations set forth in Exhibit H. The preparation and
delivery of the certificate and opinions referred to above shall not be an
expense of the Trust Fund, the Trustee or the Depositor. Notwithstanding the
foregoing, no opinion or certificate shall be required for the initial issuance
of the ERISA-Restricted Certificates.

         The Trustee shall have no obligations to monitor transfers of
Book-Entry Certificates that are ERISA-Restricted Certificates and shall have no
liability for transfers of such Certificates in violation of the transfer
restrictions.

         Notwithstanding anything to the contrary herein, any purported transfer
of an ERISA-Restricted Certificate in the form of a Definitive Certificate to or
on behalf of an employee benefit plan subject to Title I of ERISA, a plan
subject to Section 4975 of the Code or a plan subject to Similar Law without the
delivery to the Trustee of an Opinion of Counsel satisfactory to the Trustee as
described above shall be void and of no effect. The Trustee shall be under no
liability to any Person for any registration of transfer of any ERISA-Restricted
Certificate that is in fact not permitted by this Section 3.03(d) or for making
any payments due on such 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 transfer was registered in accordance with the foregoing
requirements. The Trustee shall be entitled, but not obligated, to recover from
any Holder of any ERISA-Restricted Certificate that was in fact an employee
benefit plan subject to Title I of ERISA, a plan subject to Section 4975 of the
Code or a plan subject to Similar Law, or a Person acting on behalf of any such
plan at the time it became a Holder or, at such subsequent time as it became
such a plan or Person acting on behalf of such a plan, all payments made on such
ERISA-Restricted Certificate at and after either such time. Any such payments so
recovered by the Trustee shall be paid and delivered by the Trustee to the last
preceding Holder of such Certificate that is not such a plan or Person acting on
behalf of a plan.

                                       49
<PAGE>

         (e) As a condition of the registration of transfer or exchange of any
Certificate, the Certificate Registrar may require the certified taxpayer
identification number of the owner of the Certificate and the payment of a sum
sufficient to cover any tax or other governmental charge imposed in connection
therewith; provided, however, that the Certificate Registrar shall have no
obligation to require such payment or to determine whether or not any such tax
or charge may be applicable. No service charge shall be made to the
Certificateholder for any registration, transfer or exchange of Certificate.

         (f) Notwithstanding anything to the contrary contained herein, no
Residual Certificate may be owned, pledged or transferred, directly or
indirectly, by or to (i) a Disqualified Organization or (ii) an individual,
corporation or partnership or other person unless, in the case of clause (ii),
such person is (A) not a Non-U.S. Person or (B) is a Non-U.S. Person that holds
a Residual Certificate in connection with the conduct of a trade or business
within the United States and has furnished the transferor and the Trustee with
an effective Internal Revenue Service Form W-8ECI or successor form at the time
and in the manner required by the Code (any such person who is not covered by
clause (A) or (B) above is referred to herein as a "Non-permitted Foreign
Holder").

         Prior to and as a condition of the registration of any transfer, sale
or other disposition of a Residual Certificate, the proposed transferee shall
deliver to the Trustee an affidavit in substantially the form attached hereto as
Exhibit D-1 representing and warranting, among other things, that such
transferee is neither a Disqualified Organization, an agent or nominee acting on
behalf of a Disqualified Organization, nor a Non-permitted Foreign Holder (any
such transferee, a "Permitted Transferee"), and the proposed transferor shall
deliver to the Trustee an affidavit in substantially the form attached hereto as
Exhibit D-2. In addition, the Trustee may (but shall have no obligation to)
require, prior to and as a condition of any such transfer, the delivery by the
proposed transferee of an Opinion of Counsel, addressed to the Depositor and the
Trustee satisfactory in form and substance to the Depositor, that such proposed
transferee or, if the proposed transferee is an agent or nominee, the proposed
beneficial owner, is not a Disqualified Organization, agent or nominee thereof,
or Non-permitted Foreign Holder. Notwithstanding the registration in the
Certificate Register of any transfer, sale, or other disposition of a Residual
Certificate to a Disqualified Organization, an agent or nominee thereof, or
Non-permitted Foreign Holder, such registration shall be deemed to be of no
legal force or effect whatsoever and such Disqualified Organization, agent or
nominee thereof, or Non-permitted Foreign Holder shall not be deemed to be a
Certificateholder for any purpose hereunder, including, but not limited to, the
receipt of distributions on such Residual Certificate. The Trustee shall not be
under any liability to any person for any registration or transfer of a Residual
Certificate to a Disqualified Organization, agent or nominee thereof, or
Non-permitted Foreign Holder or for the maturity of any payments due on such
Residual Certificate to the Holder thereof or for taking any other action with
respect to such Holder under the provisions of the Agreement, so long as the
transfer was effected in accordance with this Section 3.03(f), unless the
Trustee shall have actual knowledge at the time of such transfer or the time of
such payment or other action that the transferee is a Disqualified Organization,
agent or nominee thereof, or Non-permitted Foreign Holder. The Trustee shall be
entitled to recover from any Holder of a Residual Certificate that was a
Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder at the time it became a Holder or any subsequent time it became a
Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder, all payments made on such Residual

                                       50
<PAGE>

Certificate at and after either such times (and all costs and expenses,
including but not limited to attorneys' fees, incurred in connection therewith).
Any payment (not including any such costs and expenses) so recovered by the
Trustee shall be paid and delivered to the last preceding Holder of such
Residual Certificate.

         If any purported transferee shall become a registered Holder of a
Residual Certificate in violation of the provisions of this Section 3.03(f),
then upon receipt of written notice to the Trustee that the registration of
transfer of such Residual Certificate was not in fact permitted by this Section
3.03(f), the last preceding Permitted Transferee shall be restored to all rights
as Holder thereof retroactive to the date of such 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 3.03(f), for making any payment due on such
Certificate to the registered Holder thereof or for taking any other action with
respect to such Holder under the provisions of this Agreement so long as the
transfer was registered upon receipt of the affidavit described in the preceding
paragraph of this Section 3.03(f).

         (g) Each Holder of a Residual Certificate, by such Holder's acceptance
thereof, shall be deemed for all purposes to have consented to the provisions of
this section.

         (h) Notwithstanding any provision to the contrary herein, so long as a
Global Security representing any of the Class B4, Class B5 or Class B6
Certificates remains outstanding and is held by or on behalf of DTC, transfers
of a Global Security representing any such Certificates, in whole or in part,
shall only be made in accordance with Section 3.01 and this Section 3.03(h).

                  (i)      Subject to clauses (ii) and (iii) of this Section
         3.03(h), transfers of a Global Security representing any of the Class
         B4, Class B5 or Class B6 Certificates shall be limited to transfers of
         such Global Security, in whole or in part, to nominees of DTC or to a
         successor of DTC or such successor's nominee.

                  (ii)     Restricted Global Security to Regulation S Global
         Security. If a holder of a beneficial interest in a Restricted Global
         Security deposited with or on behalf of DTC wishes at any time to
         exchange its interest in such Restricted Global Security for an
         interest in a Regulation S Global Security, or to transfer its interest
         in such Restricted Global Security to a Person who wishes to take
         delivery thereof in the form of an interest in a Regulation S Global
         Security, such holder, provided such holder is not a U.S. person, may,
         subject to the rules and procedures of DTC, exchange or cause the
         exchange of such interest for an equivalent beneficial interest in the
         Regulation S Global Security. Upon receipt by the Trustee, as
         Certificate Registrar, of (I) instructions from DTC directing the
         Trustee, as Certificate Registrar, to be credited a beneficial interest
         in a Regulation S Global Security in an amount equal to the beneficial
         interest in such Restricted Global Security to be exchanged but not
         less than the minimum denomination applicable to such holder's
         Certificates held through a Regulation S Global Security, (II) a
         written order given in accordance with DTC's procedures containing
         information regarding the participant account of DTC and, in the case
         of a transfer pursuant to and in accordance with Regulation S, the
         Euroclear or Clearstream account to be credited with such increase and
         (III) a certificate in the form of Exhibit L-1 hereto given by the
         holder of such beneficial interest stating that the exchange or
         transfer of such interest has been made in

                                       51
<PAGE>

         compliance with the transfer restrictions applicable to the Global
         Securities, including that the holder is not a U.S. person, and
         pursuant to and in accordance with Regulation S, the Trustee, as
         Certificate Registrar, shall reduce the principal amount of the
         Restricted Global Security and increase the principal amount of the
         Regulation S Global Security by the aggregate principal amount of the
         beneficial interest in the Restricted Global Security to be exchanged,
         and shall instruct Euroclear or Clearstream, as applicable,
         concurrently with such reduction, to credit or cause to be credited to
         the account of the Person specified in such instructions a beneficial
         interest in the Regulation S Global Security equal to the reduction in
         the principal amount of the Restricted Global Security.

                  (iii)    Regulation S Global Security to Restricted Global
         Security. If a holder of a beneficial interest in a Regulation S Global
         Security deposited with or on behalf of DTC wishes at any time to
         transfer its interest in such Regulation S Global Security to a Person
         who wishes to take delivery thereof in the form of an interest in a
         Restricted Global Security, such holder may, subject to the rules and
         procedures DTC, exchange or cause the exchange of such interest for an
         equivalent beneficial interest in a Restricted Global Security. Upon
         receipt by the Trustee, as Certificate Registrar, of (I) instructions
         from DTC directing the Trustee, as Certificate Registrar, to cause to
         be credited a beneficial interest in a Restricted Global Security in an
         amount equal to the beneficial interest in such Regulation S Global
         Security to be exchanged but not less than the minimum denomination
         applicable to such holder's Certificates held through a Restricted
         Global Security, to be exchanged, such instructions to contain
         information regarding the participant account with DTC to be credited
         with such increase, and (II) a certificate in the form of Exhibit L-2
         hereto given by the holder of such beneficial interest and stating,
         among other things, that the Person transferring such interest in such
         Regulation S Global Security reasonably believes that the Person
         acquiring such interest in a Restricted Global Security is a QIB, is
         obtaining such beneficial interest in a transaction meeting the
         requirements of Rule 144A and in accordance with any applicable
         securities laws of any State of the United States or any other
         jurisdiction, then the Trustee, as Certificate Registrar, will reduce
         the principal amount of the Regulation S Global Security and increase
         the principal amount of the Restricted Global Security by the aggregate
         principal amount of the beneficial interest in the Regulation S Global
         Security to be transferred and the Trustee, as Certificate Registrar,
         shall instruct DTC, concurrently with such reduction, to credit or
         cause to be credited to the account of the Person specified in such
         instructions a beneficial interest in the Restricted Global Security
         equal to the reduction in the principal amount of the Regulation S
         Global Security.

                  (iv)     Other Exchanges. In the event that a Global Security
         is exchanged for Certificates in definitive registered form without
         interest coupons, pursuant to Section 3.09(c) hereof, such Certificates
         may be exchanged for one another only in accordance with such
         procedures as are substantially consistent with the provisions above
         (including certification requirements intended to insure that such
         transfers comply with Rule 144A, comply with Rule 501(a)(1), (2), (3)
         or (7) or are to non-U.S. persons in compliance with Regulation S under
         the Act, as the case may be), and as may be from time to time adopted
         by the Trustee.

                                       52
<PAGE>

                  (v)      Restrictions on U.S. Transfers. Transfers of
         interests in the Regulation S Global Security to U.S. persons (as
         defined in Regulation S) shall be limited to transfers made pursuant to
         the provisions of Section 3.03(h)(iii).

         Section 3.04.  Cancellation of Certificates.
                        ----------------------------

         Any Certificate surrendered for registration of transfer or exchange
shall be cancelled and retained in accordance with normal retention policies
with respect to cancelled certificates maintained by the Trustee or the
Certificate Registrar.

         Section 3.05.  Replacement of Certificates.
                        ---------------------------

         If (i) any Certificate is mutilated and is surrendered to the Trustee
or any Authenticating Agent or (ii) the Trustee or any Authenticating Agent
receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and there is delivered to the Trustee or the Authenticating Agent
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Depositor and any Authenticating
Agent that such destroyed, lost or stolen Certificate has been acquired by a
bona fide purchaser, the Trustee shall execute and the Trustee or any
Authenticating Agent shall 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 Certificate Principal Amount. Upon the issuance of any new
Certificate under this Section 3.05, the Trustee and Authenticating Agent 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 or the Authenticating Agent) connected
therewith. Any replacement Certificate issued pursuant to this Section 3.05
shall constitute complete and indefeasible evidence of ownership in the
applicable Trust Fund, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.

         Section 3.06.  Persons Deemed Owners.
                        ---------------------

         Subject to the provisions of Section 3.09 with respect to Book-Entry
Certificates, the Depositor, the Master Servicer, the Trustee, the Certificate
Registrar and any agent of any of them may treat the Person in whose name any
Certificate is registered upon the books of the Certificate Registrar as the
owner of such Certificate for the purpose of receiving distributions pursuant to
Sections 5.01 and 5.02 and for all other purposes whatsoever, and neither the
Depositor, the Master Servicer, the Trustee, the Certificate Registrar nor any
agent of any of them shall be affected by notice to the contrary.

         Section 3.07.  Temporary Certificates.
                        ----------------------

         (a) Pending the preparation of definitive Certificates, upon the order
of the Depositor, the Trustee shall execute and shall authenticate and deliver
temporary Certificates that are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Certificates in lieu of which they are issued and with
such variations as the authorized officers executing such Certificates may
determine, as evidenced by their execution of such Certificates.

                                       53
<PAGE>

         (b) If temporary Certificates are issued, the Depositor will cause
definitive Certificates to be prepared without unreasonable delay. After the
preparation of definitive Certificates, the temporary Certificates shall be
exchangeable for definitive Certificates upon surrender of the temporary
Certificates at the office or agency of the Trustee without charge to the
Holder. Upon surrender for cancellation of any one or more temporary
Certificates, the Trustee shall execute and authenticate and deliver in exchange
therefor a like aggregate Certificate Principal Amount of definitive
Certificates of the same Class in the authorized denominations. Until so
exchanged, the temporary Certificates shall in all respects be entitled to the
same benefits under this Agreement as definitive Certificates of the same Class.

         Section 3.08.  Appointment of Paying Agent.
                        ---------------------------

         The Trustee may appoint a Paying Agent (which may be the Trustee) for
the purpose of making distributions to Certificateholders hereunder. The Trustee
shall cause such Paying Agent to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee that such
Paying Agent will hold all sums held by it for the payment to Certificateholders
in an Eligible Account in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to the Certificateholders. All
funds remitted by the Trustee to any such Paying Agent for the purpose of making
distributions shall be paid to Certificateholders on each Distribution Date and
any amounts not so paid shall be returned on such Distribution Date to the
Trustee. If the Paying Agent is not the Trustee, the Trustee shall cause to be
remitted to the Paying Agent on or before the Business Day prior to each
Distribution Date, by wire transfer in immediately available funds, the funds to
be distributed on such Distribution Date. Any Paying Agent shall be either a
bank or trust company or otherwise authorized under law to exercise corporate
trust powers.

         Section 3.09.  Book-Entry Certificates.
                        -----------------------

         (a) Each Class of Book-Entry Certificates, upon original issuance,
shall be issued in the form of one or more typewritten Certificates representing
the Book-Entry Certificates, to be delivered to The Depository Trust Company,
the initial Clearing Agency, by, or on behalf of, the Depositor. The Book-Entry
Certificates shall initially be registered on the Certificate Register in the
name of the nominee of the Clearing Agency, and no Certificate Owner will
receive a definitive certificate representing such Certificate Owner's interest
in the Book-Entry Certificates, except as provided in Section 3.09(c). Unless
Definitive Certificates have been issued to Certificate Owners of Book-Entry
Certificates pursuant to Section 3.09(c):

                  (i)      the provisions of this Section 3.09 shall be in full
         force and effect;

                  (ii)     the Depositor, the Master Servicer, the Paying Agent,
         the Certificate Registrar and the Trustee may deal with the Clearing
         Agency for all purposes (including the making of distributions on the
         Book-Entry Certificates) as the authorized representatives of the
         Certificate Owners and the Clearing Agency shall be responsible for
         crediting the amount of such distributions to the accounts of such
         Persons entitled thereto, in accordance with the Clearing Agency's
         normal procedures;

                                       54
<PAGE>

                  (iii)    to the extent that the provisions of this Section
         3.09 conflict with any other provisions of this Agreement, the
         provisions of this Section 3.09 shall control; and

                  (iv)     the rights of Certificate Owners shall be exercised
         only through the Clearing Agency and the Clearing Agency Participants
         and shall be limited to those established by law and agreements between
         such Certificate Owners and the Clearing Agency and/or the Clearing
         Agency Participants. Unless and until Definitive Certificates are
         issued pursuant to Section 3.09(c), the initial Clearing Agency will
         make book-entry transfers among the Clearing Agency Participants and
         receive and transmit distributions of principal of and interest on the
         Book-Entry Certificates to such Clearing Agency Participants.

         (b) Whenever notice or other communication to the Certificateholders is
required under this Agreement, unless and until Definitive Certificates shall
have been issued to Certificate Owners pursuant to Section 3.09(c), the Trustee
shall give all such notices and communications specified herein to be given to
Holders of the Book-Entry Certificates to the Clearing Agency.

         (c) If (i) (A) the Depositor advises the Trustee in writing that the
Clearing Agency is no longer willing or able to discharge properly its
responsibilities with respect to the Book-Entry Certificates, and (B) the
Trustee or the Depositor is unable to locate a qualified successor, (ii) the
Depositor, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of an Event of Default, Certificate Owners representing beneficial
interests aggregating not less than 50% of the Class Principal Amount of a Class
of Book-Entry Certificates identified as such to the Trustee by an Officer's
Certificate from the Clearing Agency advise the Trustee and the Clearing Agency
through the Clearing Agency Participants in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests
of the Certificate Owners of a Class of Book-Entry Certificates, the Trustee
shall notify or cause the Certificate Registrar to notify the Clearing Agency to
effect notification to all Certificate Owners, through the Clearing Agency, of
the occurrence of any such event and of the availability of Definitive
Certificates to Certificate Owners requesting the same. Upon surrender to the
Trustee of the Book-Entry Certificates by the Clearing Agency, accompanied by
registration instructions from the Clearing Agency for registration, the Trustee
shall issue the Definitive Certificates. Neither the Transferor 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 all references herein to
obligations imposed upon or to be performed by the Clearing Agency shall be
deemed to be imposed upon and performed by the Trustee, to the extent
applicable, with respect to such Definitive Certificates and the Trustee shall
recognize the holders of the Definitive Certificates as Certificateholders
hereunder.

                                       55
<PAGE>

                                   ARTICLE IV

                        ADMINISTRATION OF THE TRUST FUND

         Section 4.01.  Collection Account.
                        ------------------

         (a) On the Closing Date, the Master Servicer shall open and shall
thereafter maintain a segregated account held in trust (the "Collection
Account"), entitled "Aurora Loan Services Inc., as Master Servicer, in trust for
the benefit of the Holders of Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2004-5H." The Collection Account shall relate
solely to the Certificates issued by the Trust Fund hereunder, and funds in such
Collection Account shall not be commingled with any other monies.

         (b) The Collection Account shall be an Eligible Account. If an existing
Collection Account ceases to be an Eligible Account, the Master Servicer shall
establish a new Collection Account that is an Eligible Account within 30 days
and transfer all funds on deposit in such existing Collection Account into such
new Collection Account.

         (c) The Master Servicer shall give to the Trustee prior written notice
of the name and address of the depository institution at which the Collection
Account is maintained and the account number of such Collection Account. No
later than 2:00 p.m. on each Deposit Date, the entire amount on deposit in the
Collection Account (subject to permitted withdrawals set forth in Section 4.02),
not including any amounts which are to be excluded from the Available
Distribution Amount for such Distribution Date pursuant to clauses (A) through
(G) of paragraph (i) of the definition thereof (other than any amounts due or
reimbursable to the Trustee pursuant to this Agreement), shall be remitted to
the Trustee for deposit into the Certificate Account by wire transfer in
immediately available funds. The Master Servicer, at its option, may choose to
make daily remittances from the Collection Account to the Trustee for deposit
into the Certificate Account.

         (d) The Master Servicer shall deposit or cause to be deposited into the
Collection Account, no later than the Business Day following the Closing Date,
any amounts representing Scheduled Payments on the Mortgage Loans due after the
Cut-off Date and received by the Master Servicer on or before the Closing Date.
Thereafter, the Master Servicer shall deposit or cause to be deposited in the
Collection Account on the applicable Remittance Date the following amounts
received or payments made by it (other than in respect of principal of and
interest on the Mortgage Loans due on or before the Cut-Off Date):

                  (i)      all payments on account of principal, including
         Principal Prepayments and late collections, on the Mortgage Loans;

                  (ii)     all payments on account of interest on the Mortgage
         Loans (other than payments due prior to the Cut-off Date), net of the
         applicable Servicing Fee and Master Servicing Fee with respect to each
         such Mortgage Loan, but only to the extent of the amount permitted to
         be withdrawn or withheld from the Collection Account in accordance with
         Sections 5.04 and 9.21;

                                       56
<PAGE>

                  (iii)    any unscheduled payment or other recovery with
         respect to a Mortgage Loan not otherwise specified in this paragraph
         (d), including all Net Liquidation Proceeds with respect to the
         Mortgage Loans and REO Property, and all amounts received in connection
         with the operation of any REO Property, net of any unpaid Servicing
         Fees and Master Servicing Fees with respect to such Mortgage Loans, but
         only to the extent of the amount permitted to be withdrawn or withheld
         from the Collection Account in accordance with Sections 5.04 and 9.21;
         provided that if the applicable Servicer is also the Retained Interest
         Holder with respect to any Mortgage Loan, payments on account of
         interest on the Mortgage Loans as to which such Servicer is the
         Retained Interest Holder may also be made net of the related Retained
         Interest with respect to each such Mortgage Loan.

                  (iv)     all Insurance Proceeds;

                  (v)      all Advances made by the Master Servicer or the
         applicable Servicer pursuant to Section 5.04 or the applicable
         Servicing Agreement; and

                  (vi)     all proceeds of any Mortgage Loan purchased by any
         Person.

         (e) Funds in the Collection Account may be invested in Eligible
Investments (selected by and at the written direction of the Master Servicer)
which shall mature not later than the earlier of (a) the Deposit Date (except
that if such Eligible Investment is an obligation of the Trustee or the Paying
Agent, if other than the Trustee, and such Collection Account is maintained with
the Trustee or the Paying Agent, if other than the Trustee, then such Eligible
Investment shall mature not later than such applicable Distribution Date) or (b)
the day on which the funds in such Collection Account are required to be
remitted to the Trustee for deposit into the Certificate Account, and any such
Eligible Investment shall not be sold or disposed of prior to its maturity. All
such Eligible Investments shall be made in the name of the Master Servicer in
trust for the benefit of the Trustee and Holders of Structured Asset Securities
Corporation, Mortgage Pass-Through Certificates, Series 2004-5H. All income and
gain realized from any such investment shall be for the benefit of the Master
Servicer, while such Collection Account is maintained by the Master Servicer,
and shall be subject to its withdrawal or order from time to time and shall not
be part of the Trust Fund. The amount of any losses incurred in respect of any
such investments shall be deposited in such Collection Account by the Master
Servicer out of its own funds, without any right of reimbursement therefor,
immediately as realized. The foregoing requirements for deposit in the
Collection Account are exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments of interest on funds in the
Collection Account and payments in the nature of late payment charges or
assumption fees need not be deposited by the Master Servicer in the Collection
Account and may be retained by the Master Servicer or the applicable Servicer as
additional servicing compensation. If the Master Servicer deposits in the
Collection Account any amount not required to be deposited therein, it may at
any time withdraw such amount from such Collection Account.

         Section 4.02.  Application of Funds in the Collection Account.
                        ----------------------------------------------

         The Master Servicer may, from time to time, make, or cause to be made,
withdrawals from the Collection Account for the following purposes:

                                       57
<PAGE>

                  (i)      to reimburse itself or any Servicer for Advances made
         by it or by such Servicer pursuant to Section 5.04 or the applicable
         Servicing Agreement; the Master Servicer's right to reimburse itself
         pursuant to this subclause (i) is limited to amounts received on or in
         respect of particular Mortgage Loans (including, for this purpose,
         Liquidation Proceeds and amounts representing Insurance Proceeds with
         respect to the property subject to the related Mortgage) which
         represent late recoveries (net of the applicable Servicing Fee and the
         Master Servicing Fee) of payments of principal or interest respecting
         which any such Advance was made, it being understood, in the case of
         any such reimbursement, that the Master Servicer's or Servicer's right
         thereto shall be prior to the rights of the Certificateholders;

                  (ii)     to reimburse itself or any Servicer for any
         previously unreimbursed Advances or Servicing Advances made by it or by
         such Servicer that it or such Servicer determines in good faith will
         not be recoverable from amounts representing late recoveries of
         payments of principal or interest respecting the particular Mortgage
         Loan as to which such Servicing Advance was made or from Liquidation
         Proceeds or Insurance Proceeds with respect to such Mortgage Loan, it
         being understood, in the case of any such reimbursement, that such
         Master Servicer's or Servicer's right thereto shall be prior to the
         rights of the Certificateholders;

                  (iii)    to reimburse itself or any Servicer from Liquidation
         Proceeds for Liquidation Expenses and for amounts expended by it
         pursuant to Sections 9.20 and 9.22(a) or the applicable Servicing
         Agreement in good faith in connection with the restoration of damaged
         property and, to the extent that Liquidation Proceeds after such
         reimbursement exceed the unpaid principal balance of the related
         Mortgage Loan, together with accrued and unpaid interest thereon at the
         applicable Mortgage Rate less the applicable Servicing Fee and the
         Master Servicing Fee for such Mortgage Loan to the Due Date next
         succeeding the date of its receipt of such Liquidation Proceeds, to pay
         to itself out of such excess the amount of any unpaid assumption fees,
         late payment charges or other Mortgagor charges on the related Mortgage
         Loan and to retain any excess remaining thereafter as additional
         servicing compensation, it being understood, in the case of any such
         reimbursement or payment, that such Master Servicer's or Servicer's
         right thereto shall be prior to the rights of the Certificateholders;

                  (iv)     in the event it has elected not to pay itself the
         Master Servicing Fee out of any Mortgagor payment on account of
         interest or other recovery with respect to a particular Mortgage Loan
         prior to the deposit of such Mortgagor payment or recovery in the
         Collection Account, to pay to itself the Master Servicing Fee for each
         Distribution Date and any unpaid Master Servicing Fees for prior
         Distribution Dates, as reduced pursuant to Section 5.05, from any
         Mortgagor payment as to interest or such other recovery with respect to
         that Mortgage Loan, as is permitted by this Agreement;

                  (v)      to reimburse itself or any Servicer for expenses
         incurred by and recoverable by or reimbursable to it or such Servicer
         pursuant to Section 9.04, 9.06, 9.16 or 9.22(a) or pursuant to the
         applicable Servicing Agreement;

                                       58
<PAGE>

                  (vi)     to pay to the applicable Person, with respect to each
         Mortgage Loan or REO Property acquired in respect thereof that has been
         repurchased by such Person pursuant to this Agreement, all amounts
         received thereon and not distributed on the date on which the related
         repurchase was effected;

                  (vii)    subject to Section 5.04, to pay to itself income
         earned on the investment of funds deposited in the Collection Account;

                  (viii)   to make payments to the Trustee for deposit into the
         Certificate Account in the amounts and in the manner provided for in
         Section 4.04;

                  (ix)     to make distributions of the Retained Interest to the
         Retained Interest Holder on each Distribution Date (other than any
         Retained Interest not deposited into the Collection Account in
         accordance with Section 4.01(d)(iii));

                  (x)      to make payment to itself, the Trustee and others
         pursuant to any provision of this Agreement;

                  (xi)     to withdraw funds deposited in error in the
         Collection Account;

                  (xii)    to clear and terminate any Collection Account
         pursuant to Section 7.02;

                  (xiii)   to reimburse a successor Master Servicer (solely in
         its capacity as successor Master Servicer), for any fee or advance
         occasioned by a termination of the Master Servicer, and the assumption
         of such duties by the Trustee or a successor Master Servicer appointed
         by the Trustee pursuant to Section 6.14, in each case to the extent not
         reimbursed by the terminated Master Servicer, it being understood, in
         the case of any such reimbursement or payment, that the right of the
         Master Servicer or the Trustee thereto shall be prior to the rights of
         the Certificateholders; and

                  (xiv)    to reimburse any Servicer for such amounts as are due
         thereto under the applicable Servicing Agreement and have not been
         retained by or paid to such Servicer to the extent provided in such
         Servicing Agreement.

         If provided in the related Servicing Agreement, each Servicer shall be
entitled to retain as additional servicing compensation any Prepayment Interest
Excess (to the extent not offset by Prepayment Interest Shortfalls). The
Servicer of the Participations shall be entitled to retain as additional
servicing compensation any Prepayment Penalty Amounts received with respect to
the Participations.

         In connection with withdrawals pursuant to subclauses (i), (iii), (iv)
and (vi) above, the Master Servicer's or Servicer's entitlement thereto is
limited to collections or other recoveries on the related Mortgage Loan. The
Master Servicer shall therefore keep and maintain a separate accounting for each
Mortgage Loan it master services for the purpose of justifying any withdrawal
from the Collection Account it maintains pursuant to such subclause (i), (iii),
(iv) and (vi).

                                       59
<PAGE>

         Section 4.03.  Reports to Certificateholders.
                        -----------------------------

         (a) On each Distribution Date, the Trustee shall have prepared (based
solely on information provided by the Master Servicer) and shall make available
to each Certificateholder a written report setting forth the following
information (on the basis of Mortgage Loan level information obtained from the
applicable Servicer and the Master Servicer):

                  (i)      the aggregate amount of the distribution to be made
         on such Distribution Date to the Holders of each Class of Certificates,
         other than any Class of Notional Certificates, to the extent
         applicable, allocable to principal on the Mortgage Loans, including
         Liquidation Proceeds and Insurance Proceeds, stating separately the
         amount attributable to scheduled principal payments and unscheduled
         payments in the nature of principal in the Mortgage Pool;

                  (ii)     the aggregate amount of the distribution to be made
         on such Distribution Date to the Holders of each Class of Certificates
         allocable to interest, including any Accrual Amount added to the Class
         Principal Amount of any Class of Accrual Certificates;

                  (iii)    the amount, if any, of any distribution to the
         Holders of a Residual Certificate;

                  (iv)     (A) the aggregate amount of any Advances required to
         be made by or on behalf of the Master Servicer or any Servicer (or, if
         applicable, the Trustee) with respect to such Distribution Date, (B)
         the aggregate amount of such Advances actually made, and (C) the
         amount, if any, by which (A) above exceeds (B) above;

                  (v)      the Aggregate Principal Balance of the Mortgage Loans
         and the Pool Balance for such Distribution Date, after giving effect to
         payments allocated to principal reported under clause (i) above;

                  (vi)     the Class Principal Amount (or Class Notional Amount)
         of each Class of Certificates, to the extent applicable, as of such
         Distribution Date after giving effect to payments allocated to
         principal reported under clause (i) above (and to the addition of any
         Accrual Amount in the case of any Class of Accrual Certificates),
         separately identifying any reduction of any of the foregoing
         Certificate Principal Amounts due to Realized Losses;

                  (vii)    any Realized Losses realized with respect to the
         Mortgage Loans (x) in the applicable Prepayment Period and (y) in the
         aggregate since the Cut-off Date, stating separately the amount of
         Special Hazard Losses, Fraud Losses and Bankruptcy Losses and the
         aggregate amount of such Realized Losses, and the remaining Special
         Hazard Loss Amount, Fraud Loss Amount and Bankruptcy Loss Amount;

                  (viii)   the amount of the Master Servicing Fees, Servicing
         Fees and Trustee Fee paid during the Due Period to which such
         distribution relates;

                                       60
<PAGE>

                  (ix)     the number and aggregate Scheduled Principal Balance
         of Mortgage Loans, as reported to the Trustee by the Master Servicer,
         (a) remaining outstanding (b) delinquent one month, (c) delinquent two
         months, (d) delinquent three or more months, and (e) as to which
         foreclosure proceedings have been commenced as of the close of business
         on the last Business Day of the calendar month immediately preceding
         the month in which such Distribution Date occurs;

                  (x)      the aggregate principal balance of all REO Properties
         as of the close of business on the last Business Day of the calendar
         month immediately preceding the month in which such Distribution Date
         occurs;

                  (xi)     with respect to substitution of Mortgage Loans in the
         preceding calendar month, the aggregate Scheduled Principal Balance of
         all such Deleted Mortgage Loans, and of all Qualifying Substitute
         Mortgage Loans;

                  (xii)    the aggregate outstanding Interest Shortfalls and Net
         Prepayment Interest Shortfalls, if any, for each Class of Certificates,
         after giving effect to the distribution made on such Distribution Date;

                  (xiii)   the Certificate Interest Rate applicable to such
         Distribution Date with respect to each Class of Certificates; and

                  (xiv)    if applicable, the amount of any shortfall (i.e., the
         difference between the aggregate amounts of principal and interest
         which Certificateholders would have received if there were sufficient
         available amounts in the Certificate Account and the amounts actually
         distributed).

         In the case of information furnished pursuant to subclauses (i), (ii)
and (viii) above, the amounts shall be expressed as a dollar amount per $1,000
of original principal amount of Certificates.

         The Trustee will make such report and additional loan level information
(and, at its option, any additional files provided by the Master Servicer
containing the same information in an alternative format) available each month
to Certificateholders and the Rating Agencies via the Trustee's internet
website. The Trustee's internet website shall initially be located at
"www.sf.citidirect.com." Assistance in using the website can be obtained by
calling the Trustee at (212) 657-7781. Such parties that are unable to use the
website 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.

         The foregoing information and reports shall be prepared and determined
by the Trustee based solely on Mortgage Loan data provided to the Trustee by the
Master Servicer no later than four Business Days prior to the Distribution Date.
In preparing or furnishing the Mortgage Loan data to the Trustee, the Master
Servicer shall be entitled to rely conclusively on the accuracy of the
information or data regarding the Mortgage Loans and the related REO Property
that has

                                       61
<PAGE>

been provided to the Master Servicer by each Servicer, and the Master Servicer
shall not be obligated to verify, recompute, reconcile or recalculate any such
information or data. The Trustee shall be entitled to conclusively rely on the
Mortgage Loan data provided by the Master Servicer and shall have no liability
for any errors in such Mortgage Loan data.

         (b) Upon the reasonable advance written request of any
Certificateholder that is a savings and loan, bank or insurance company, which
request, if received by the Trustee, will be promptly forwarded to the Master
Servicer, the Master Servicer shall provide, or cause to be provided, (or, to
the extent that such information or documentation is not required to be provided
by a Servicer under the applicable Servicing Agreement, shall use reasonable
efforts to obtain such information and documentation from such Servicer, and
provide) to such Certificateholder such reports and access to information and
documentation regarding the Mortgage Loans as such Certificateholder may
reasonably deem necessary to comply with applicable regulations of the Office of
Thrift Supervision or its successor or other regulatory authorities with respect
to investment in the Certificates; provided, however, that the Master Servicer
shall be entitled to be reimbursed by such Certificateholder for such Master
Servicer's actual expenses incurred in providing such reports and access.

         (c) Within 90 days, or such shorter period as may be required by
statute or regulation, after the end of each calendar year, the Trustee shall,
upon written request, send to each Person who at any time during the calendar
year was a Certificateholder of record, and make available to Certificate Owners
(identified as such by the Clearing Agency) in accordance with applicable
regulations, a report summarizing the items provided to Certificateholders
pursuant to Section 4.03(a) on an annual basis as may be required to enable such
Holders to prepare their federal income tax returns. Such information shall
include the amount of original issue discount accrued on each Class of
Certificates and information regarding the expenses of the Trust Fund. The
Master Servicer shall provide the Trustee with such Mortgage Loan level
information as is necessary for the Trustee to prepare such reports.

         Section 4.04.  Certificate Account.
                        -------------------

         (a) The Trustee shall establish and maintain in its name, as trustee, a
trust account (the "Certificate Account"), to be held in trust for the benefit
of the Certificateholders until disbursed pursuant to the terms of this
Agreement. The Certificate Account shall be an Eligible Account. If the existing
Certificate Account ceases to be an Eligible Account, the Trustee shall
establish a new Certificate Account that is an Eligible Account within 20
Business Days and transfer all funds on deposit in such existing Certificate
Account into such new Certificate Account. The Certificate Account shall relate
solely to the Certificates issued hereunder and funds in the Certificate Account
shall be held separate and apart from and shall not be commingled with any other
monies including, without limitation, other monies of the Trustee held under
this Agreement.

         (b) The Trustee shall cause to be deposited into the Certificate
Account on the day on which, or, if such day is not a Business Day, the Business
Day immediately following the day on which, any monies are remitted by the
Master Servicer to the Trustee all such amounts. The Trustee shall make
withdrawals from the Certificate Account only for the following purposes:

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<PAGE>

                  (i)      to withdraw amounts deposited in the Certificate
         Account in error;

                  (ii)     to pay the Trustee any investment income earned with
         respect to funds in the Certificate Account invested in Eligible
         Investments as set forth in subsection (c) below, and to make payments
         to itself prior to making distributions pursuant to Section 5.02 for
         any expenses or other indemnification owing to the Trustee and others
         pursuant to any provision of this Agreement;

                  (iii)    to make payments of the Master Servicing Fee (to the
         extent not already withheld or withdrawn from the Collection Account by
         the Master Servicer) to the Master Servicer;

                  (iv)     to make distributions to the Certificateholders
         pursuant to Article V; and

                  (v)      to clear and terminate the Certificate Account
         pursuant to Section 7.02.

         (c) The Trustee may invest, or cause to be invested, funds held in the
Certificate Account, which funds, if invested, shall be invested in Eligible
Investments (which may be obligations of the Trustee). All such investments must
mature no later than the next Distribution Date, and shall not be sold or
disposed of prior to their maturity. All such Eligible Investments will be made
in the name of the Trustee (in its capacity as such) or its nominee. All income
and gain realized from any such investment shall be paid to the Trustee and
shall be subject to its withdrawal on order from time to time. The amount of any
losses incurred in respect of any such investments shall be paid by the Trustee
for deposit in the Certificate Account out of its own funds, without any right
of reimbursement therefor, immediately as realized. Funds held in the
Certificate Account that are not invested shall be held in cash.

                                    ARTICLE V

                    DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

         Section 5.01.  Distributions Generally.
                        -----------------------

         (a) Subject to Section 7.01 with respect to the final distribution on
the Certificates, on each Distribution Date the Trustee or the Paying Agent
shall make distributions in accordance with this Article V. Such distributions
shall be made by check mailed to each Certificateholder's address as it appears
on the Certificate Register of the Certificate Registrar (which shall initially
be the Trustee) or, upon written request made to the Trustee at least three
Business Days prior to the related Distribution Date to any Certificateholder
owning an aggregate initial Certificate Principal Amount of at least $2,500,000,
or, in the case of the Notional Certificates, a Percentage Interest of 25%, by
wire transfer in immediately available funds to an account specified in the
request and at the expense of such Certificateholder; provided, however, that
the final distribution in respect of any Certificate shall be made only upon
presentation and surrender of such Certificate at the Corporate Trust Office.
Wire transfers will be made at the expense of the Holder requesting such wire
transfer by deducting a wire transfer fee from the related distribution.
Notwithstanding such final payment of principal of any of the Certificates, each
Residual Certificate will remain outstanding until the termination of each REMIC
and the payment in full of all other amounts due with respect to the Residual
Certificate and at such time

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<PAGE>

such final payment in retirement of the Residual Certificate will be made only
upon presentation and surrender of such Certificate at the Corporate Trust
Office of the Trustee or at the office of its designated presenting agent in New
York City. If any payment required to be made on the Certificates is to be made
on a day that is not a Business Day, then such payment will be made on the next
succeeding Business Day.

         (b) All distributions or allocations made with respect to
Certificateholders within each Class on each Distribution Date shall be
allocated among the outstanding Certificates in such Class equally in proportion
to their respective initial Certificate Principal Amounts (or initial Notional
Amounts).

         Section 5.02.  Distributions from the Certificate Account.
                        ------------------------------------------

         (a) On each Distribution Date, the Trustee (or the Paying Agent on
behalf of the Trustee) shall withdraw from the Certificate Account the Available
Distribution Amount with respect to the Mortgage Pool, and shall distribute such
amount to the Holders of record of each Class of Certificates, in the following
order of priority:

                  (i)      to payment of the Trustee Fee for such Distribution
         Date;

                  (ii)     from the remaining Available Distribution Amount, to
         each Class of Senior Certificates (other than the Class A-PO
         Certificates), the Accrued Certificate Interest thereon for such
         Distribution Date, as reduced by such Class's allocable share of any
         Net Prepayment Interest Shortfalls for such Distribution Date;
         provided, however, that any shortfall in available amounts shall be
         allocated among the Senior Classes in proportion to the amount of
         Accrued Certificate Interest (as so reduced) that would otherwise be
         distributable thereon;

                  (iii)    from the remaining Available Distribution Amount, to
         each Class of Senior Certificates (other than the Class A-PO
         Certificates), any related Interest Shortfall for such Distribution
         Date; provided, however, that any shortfall in available amounts shall
         be allocated among the Senior Classes in proportion to the Interest
         Shortfall for each such Class on such Distribution Date;

                  (iv)     from the remaining Available Distribution Amount, to
         the Senior Certificates (other than any Class of Notional Certificates)
         in reduction of the Certificate Principal Amounts thereof, concurrently
         as follows:

                           (A) sequentially, to the Class R, Class A1, Class A2
                  and Class A3, Class A4 Certificates, in that order, in an
                  amount up to the Senior Principal Distribution Amount, in
                  reduction of their respective Certificate Principal Amounts,
                  until their Class Principal Amounts have been reduced to zero;
                  and

                           (B) to the Class A-PO Certificates, the PO Principal
                  Distribution Amount, until their Class Principal Amount has
                  been reduced to zero;

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<PAGE>

                  (v)      to the Class A-PO Certificates, to the extent of the
         Available Distribution Amount, the Class A-PO Deferred Amount for such
         Certificates for such Distribution Date, until the Class Principal
         Amount thereof has been reduced to zero; provided, however, that (A)
         distributions pursuant to this priority shall not exceed the aggregate
         Subordinate Principal Distribution Amount for such date and (B) such
         amounts will not reduce the Class Principal Amount of such
         Certificates;

                  (vi)     from the remaining Available Distribution Amount, to
         the Subordinated Certificates, in the following order of priority:

                           (A) to the Class B1 Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as
                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date;

                           (B) to the Class B1 Certificates, any Interest
                  Shortfall for such Class on such Distribution Date;

                           (C) to the Class B1 Certificates, in reduction of the
                  Class Principal Amount thereof, such Class's Subordinate Class
                  Percentage of each Subordinate Principal Distribution Amount
                  for such Distribution Date, except as provided in Section
                  5.02(c), until the Certificate Principal Balance thereof has
                  been reduced to zero;

                           (D) to the Class B2 Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as
                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date;

                           (E) to the Class B2 Certificates, any Interest
                  Shortfall for such Class on such Distribution Date;

                           (F) to the Class B2 Certificates, in reduction of the
                  Certificate Principal Amount thereof, such Class's Subordinate
                  Class Percentage of each Subordinate Principal Distribution
                  Amount for such Distribution Date, except as provided in
                  Section 5.02(c), until the Class Principal Amount thereof has
                  been reduced to zero;

                           (G) to the Class B3 Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as
                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date;

                           (H) to the Class B3 Certificates, any Interest
                  Shortfall for such Class on such Distribution Date;

                           (I) to the Class B3 Certificates, in reduction of the
                  Certificate Principal Amount thereof, such Class's Subordinate
                  Class Percentage of each Subordinate Principal Distribution
                  Amount for such Distribution Date, except as provided in
                  Section 5.02(c), until the Class Principal Amount thereof has
                  been reduced to zero;

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<PAGE>

                           (J) to the Class B4 Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as
                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date;

                           (K) to the Class B4 Certificates, any Interest
                  Shortfall for such Class on such Distribution Date;

                           (L) to the Class B4 Certificates, in reduction of the
                  Certificate Principal Amount thereof, such Class's Subordinate
                  Class Percentage of each Subordinate Principal Distribution
                  Amount for such Distribution Date, except as provided in
                  Section 5.02(c), until the Certificate Principal Balance
                  thereof has been reduced to zero;

                           (M) to the Class B5 Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as
                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date;

                           (N) to the Class B5 Certificates, any Interest
                  Shortfall for such Class on such Distribution Date;

                           (O) to the Class B5 Certificates, in reduction of the
                  Certificate Principal Amount thereof, such Class's Subordinate
                  Class Percentage of each Subordinate Principal Distribution
                  Amount for such Distribution Date, except as provided in
                  Section 5.02(c), until the Class Principal Balance thereof has
                  been reduced to zero;

                           (P) to the Class B6 Certificates, the Accrued
                  Certificate Interest thereon for such Distribution Date, as
                  reduced by such Class's allocable share of any Net Prepayment
                  Interest Shortfalls for such Distribution Date;

                           (Q) to the Class B6 Certificates, any Interest
                  Shortfall for such Class on such Distribution Date; and

                           (R) to the Class B6 Certificates, in reduction of the
                  Certificate Principal Amount thereof, such Class's Subordinate
                  Class Percentage of each Subordinate Principal Distribution
                  Amount for such Distribution Date, except as provided in
                  Section 5.02(c), until the Certificate Principal Balance
                  thereof has been reduced to zero.

         (b) Net Prepayment Interest Shortfalls shall be allocated among the
Certificates pro rata based on the Accrued Certificate Interest otherwise
distributable thereon.

         (c) (i) If on any Distribution Date the Credit Support Percentage for
the Class B1 Certificates is less than the Original Credit Support Percentage
for such Class, then, notwithstanding anything to the contrary in Section
5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the
definition of Subordinate Principal Distribution Amount will be made in respect
of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such

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<PAGE>

Distribution Date; (ii) If on any Distribution Date the Credit Support
Percentage for the Class B2 Certificates is less than the Original Credit
Support Percentage for such Class, then, notwithstanding anything to the
contrary in Section 5.02(a), no distribution of amounts described in clauses
(ii) and (iii) of the definition of Subordinate Principal Distribution Amount
will be made in respect of the Class B3, Class B4, Class B5 or Class B6
Certificates on such Distribution Date; (iii) If on any Distribution Date the
Credit Support Percentage for the Class B3 Certificates is less than the
Original Credit Support Percentage for such Class, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount will be made in respect of the Class B4, Class B5 or Class
B6 Certificates on such Distribution Date; (iv) If on any Distribution Date the
Credit Support Percentage for the Class B4 Certificates is less than the
Original Credit Support Percentage for such Class, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount will be made in respect of the Class B5 or Class B6
Certificates on such Distribution Date; and (v) If on any Distribution Date the
Credit Support Percentage for the Class B5 Certificates is less than the
Original Credit Support Percentage for such Class, then, notwithstanding
anything to the contrary in Section 5.02(a), no distribution of amounts
described in clauses (ii) and (iii) of the definition of Subordinate Principal
Distribution Amount will be made in respect of the Class B6 Certificates on such
Distribution Date.

         Any amount not distributed in respect of any Class on any Distribution
Date pursuant to the immediately preceding paragraph will be allocated among the
remaining Subordinate Class in proportion to their respective Certificate
Principal Amount.

         (d) On each Distribution Date, the Trustee shall distribute to the
Holder of the Class R Certificate any portion of the Available Distribution
Amount for such Distribution Date remaining after application of all amounts
described in paragraph (a) of this Section 5.02. Any distributions pursuant to
this paragraph (d) shall not reduce the Class Principal Amount of the Class R
Certificate.

         Section 5.03.  Allocation of Realized Losses.
                        -----------------------------

         (a) On any Distribution Date, (x) the applicable PO Percentage of the
principal portion of each Realized Loss (including any Realized Loss that is an
Excess Loss) in respect of a Mortgage Loan will be allocated to the Class A-PO
Certificates until the Class Principal Amount thereof has been reduced to zero;
and (y) the Non-PO Percentage of the principal portion of each Realized Loss
(other than any Excess Loss) in respect of a Mortgage Loan shall be allocated as
described below:

                           first, to the Class B6 Certificates, until the Class
                  Principal Amount thereof has been reduced to zero;

                           second, to the Class B5 Certificates, until the Class
                  Principal Amount thereof has been reduced to zero;

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<PAGE>

                           third, to the Class B4 Certificates, until the Class
                  Principal Amount thereof has been reduced to zero;

                           fourth, to the Class B3 Certificates, until the Class
                  Principal Amount thereof has been reduced to zero;

                           fifth, to the Class B2 Certificates, until the Class
                  Principal Amount thereof has been reduced to zero;

                           sixth, to the Class B1 Certificates, until the Class
                  Principal Amount thereof has been reduced to zero; and

                           seventh, to the Class A1, Class A2, Class A3, Class
                  A4 and Class R Certificates, pro rata, until the Class
                  Principal Amounts thereof have been reduced to zero.

         Notwithstanding the foregoing, the first $0.03 of the applicable Non-PO
Percentage of the principal portion of a Realized Loss shall not be allocated to
any Class of Certificates.

         (b) With respect to any Distribution Date, the applicable Non-PO
Percentage of the principal portion of any Excess Loss shall be allocated, pro
rata, to the Subordinate Certificates and the Senior Certificates (other than
the Class A-PO Certificates), in proportion to their Class Principal Amounts;
provided, that any such loss allocated to any Class of Accrual Certificates (and
any Accrual Component) shall be allocated (subject to Section 5.03(c)) on the
basis of the lesser of (x) the Class Principal Amount thereof immediately prior
to the applicable Distribution Date and (y) the Class Principal Amount thereof
on the Closing Date (as reduced by any Realized Losses previously allocated
thereto).

         (c) Any Realized Losses allocated to a Class or Component of
Certificates pursuant to Section 5.03(a) or (b) shall be allocated among the
Certificates of such Class or Component in proportion to their respective
Certificate Principal Amounts or Component Principal Amounts. Any allocation of
Realized Losses pursuant to this paragraph (c) shall be accomplished by reducing
the Certificate Principal Amount or Component Principal Amount of the related
Certificates on the related Distribution Date in accordance with Section
5.03(d).

         (d) Realized Losses allocated in accordance with this Section 5.03
shall be allocated on the Distribution Date in the month following the month in
which such loss was incurred and, in the case of the principal portion thereof,
after giving effect to distributions made on such Distribution Date.

         (e) On each Distribution Date, the Subordinate Certificate Writedown
Amount for such date shall effect a corresponding reduction in the Certificate
Principal Amount of the lowest ranking Class of outstanding Subordinate
Certificates, which reduction shall occur on such Distribution Date after giving
effect to distributions made on such Distribution Date.

         (f) In the event that there is a recovery of an amount in respect of
principal of a Mortgage Loan, which amount had previously been allocated as a
Realized Loss to one or more Classes of Certificates, each outstanding Class to
which any portion of such Realized Loss had

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<PAGE>

previously been allocated shall be entitled to receive, on the Distribution Date
in the month following the month in which such recovery is received, its pro
rata share (based on the Class Principal Amount thereof) of such recovery, up to
the amount of the portion of such Realized Loss previously allocated to such
Class. In the event that the total amount of such recovery exceeds the amount of
Realized Loss allocated to the outstanding Classes in accordance with the
preceding provisions, each outstanding Class of Certificates shall be entitled
to receive its pro rata share of the amount of such excess, up to the amount of
any unrecovered Realized Loss previously allocated to such Class. Any such
recovery allocated to a Class of Certificates shall not further reduce the
Certificate Principal Amount of such Certificate. Any such amounts not otherwise
allocated to any Class of Certificates, pursuant to this subsection shall be
treated as Principal Prepayments for purposes of this Agreement.

         Section 5.04.  Advances by the Master Servicer and the Trustee.
                        -----------------------------------------------

         (a) Advances shall be made in respect of each Deposit Date as provided
herein. If, on any Determination Date, the Master Servicer determines that any
Scheduled Payments due during the related Due Period (other than Balloon
Payments) have not been received, the Master Servicer shall, or shall cause the
applicable Servicer to, advance such amount, less an amount, if any, to be set
forth in an Officer's Certificate to be delivered to the Trustee on such
Determination Date, which if advanced the Master Servicer or such Servicer has
determined would not be recoverable from amounts received with respect to such
Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds
or otherwise. If the Master Servicer determines that an Advance is required, it
shall on the Deposit Date immediately following such Determination Date either
(i) remit to the Trustee from its own funds (or funds advanced by the applicable
Servicer) for deposit in the Certificate Account immediately available funds in
an amount equal to such Advance, (ii) cause to be made an appropriate entry in
the records of the Collection Account that funds in such account being held for
future distribution or withdrawal have been, as permitted by this Section 5.04,
used by the Master Servicer to make such Advance, and remit such immediately
available funds to the Trustee for deposit in the Certificate Account or (iii)
make Advances in the form of any combination of clauses (i) and (ii) aggregating
the amount of such Advance. Any funds being held in the Collection Account for
future distribution to Certificateholders and so used shall be replaced by the
Master Servicer from its own funds by remittance to the Trustee for deposit in
the Certificate Account on or before any future Deposit Date to the extent that
funds in the Certificate Account on such Deposit Date shall be less than
payments to Certificateholders required to be made on the related Distribution
Date. The Master Servicer and each Servicer shall be entitled to be reimbursed
from the Collection Account for all Advances made by it as provided in Section
4.02.

         (b) In the event that the Master Servicer fails for any reason to make
an Advance required to be made pursuant to Section 5.04(a) on or before the
Deposit Date, the Trustee, solely in its capacity as successor Master Servicer
pursuant to Section 6.14, shall, on or before the related Distribution Date,
deposit in the Certificate Account an amount equal to the excess of (a) Advances
required to be made by the Master Servicer or any Servicer that would have been
deposited in such Certificate Account over (b) the amount of any Advance made by
the Master Servicer or such Servicer with respect to such Distribution Date;
provided, however, that the Trustee shall be required to make such Advance only
if it is not prohibited by law from doing so and it has determined that such
Advance would be recoverable from amounts to be received with

                                       69
<PAGE>

respect to such Mortgage Loan, including late payments, Liquidation Proceeds,
Insurance Proceeds, or otherwise. The Trustee shall be entitled to be reimbursed
from the Certificate Account for Advances made by it pursuant to this Section
5.04 as if it were the Master Servicer.

         Section 5.05.  Compensating Interest Payments.
                        ------------------------------

         The Master Servicer shall not be responsible for making any
Compensating Interest Payments not made by the Servicers. Any Compensating
Interest Payments made by the Servicers shall be a component of the Interest
Remittance Amount.

                                   ARTICLE VI

                             CONCERNING THE TRUSTEE;
                                EVENTS OF DEFAULT

         Section 6.01.  Duties of Trustee.
                        -----------------

         (a) The Trustee, except during the continuance of an Event of Default
(of which a Responsible Officer of the Trustee shall have actual knowledge),
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. Any permissive right of the Trustee provided for in
this Agreement shall not be construed as a duty of the Trustee. If an Event of
Default (of which a Responsible Officer of the Trustee shall have actual
knowledge) has occurred and has not otherwise been cured or waived, 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 Person
would exercise or use under the circumstances in the conduct of such Person's
own affairs unless the Trustee is acting as Master Servicer, in which case it
shall use the same degree of care and skill as the Master Servicer hereunder.

         (b) 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 are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any such resolution,
certificate, statement, opinion, report, document, order or other instrument
furnished by the Master Servicer, to the Trustee pursuant to this Agreement, and
the Trustee shall not be required to recalculate or verify any numerical
information furnished to the Trustee pursuant to this Agreement.

         (c) The Trustee shall not have any liability arising out of or in
connection with this Agreement, except for its negligence or willful misconduct.
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 willful misconduct; provided, however, that:

                  (i)      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 consent or direction of Holders of
         Certificates as provided in Section 6.19 hereof;

                  (ii)     For all purposes under this Agreement, the Trustee
         shall not be deemed to have notice of any Event of Default (other than
         resulting from a failure by the Master

                                       70
<PAGE>

         Servicer (i) to remit funds (or to make Advances) or (ii) to furnish
         information to the Trustee when required to do so) unless a Responsible
         Officer of the Trustee has actual knowledge thereof or unless written
         notice of any event which is in fact such a default is received by the
         Trustee at the Corporate Trust Office, and such notice references the
         Holders of the Certificates and this Agreement;

                  (iii)    For all purposes under this Agreement, the Trustee
         shall not be deemed to have notice of any Event of Default (other than
         resulting from a failure by the Master Servicer to furnish information
         to the Trustee when required to do so) unless a Responsible Officer of
         the Trustee has actual knowledge thereof or unless written notice of
         any event which is in fact such a default is received by the Trustee at
         the address provided in Section 11.07, and such notice references the
         Holders of the Certificates and this Agreement; and

                  (iv)     No provision of this Agreement shall require the
         Trustee to expend or risk its own funds or otherwise incur any
         financial liability in the performance of any of its duties hereunder,
         or in the exercise of any of its rights or powers, if it shall have
         reasonable grounds for believing that 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 Master
         Servicer under this Agreement except, with respect to the Trustee,
         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 Master
         Servicer in accordance with the terms of this Agreement.

         (d) The Trustee shall have no duty hereunder with respect to any
complaint, claim, demand, notice or other document it may receive or which may
be alleged to have been delivered to or served upon it by the parties as a
consequence of the assignment of any Mortgage Loan hereunder; provided, however,
that the Trustee shall use its best efforts to remit to the Master Servicer upon
receipt any such complaint, claim, demand, notice or other document (i) which is
delivered to the Corporate Trust Office of the Trustee, (ii) of which a
Responsible Officer has actual knowledge and (iii) which contains information
sufficient to permit the Trustee to make a determination that the real property
to which such document relates is a Mortgaged Property.

         (e) 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 Certificateholders of any Class holding Certificates which
evidence, as to such Class, Percentage Interests aggregating not less than 25%
as 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.

         (f) The Trustee shall not be held liable by reason of any insufficiency
in any account (including without limitation the Collection Account and the
Certificate Account) held by or on behalf of the Trustee resulting from any
investment loss on any Eligible Investment included therein (except to the
extent that the Trustee is the obligor and has defaulted thereon).

                                       71
<PAGE>

         (g) Except as otherwise provided herein, the Trustee shall have no duty
(A) to see to any recording, filing, or depositing of this Agreement or any
agreement referred to herein or any financing statement or continuation
statement evidencing a security interest, or to see to the maintenance of any
such recording or filing or depositing or to any re-recording, re-filing or
re-depositing of any thereof, (B) to see to any insurance, (C) to see to the
payment or discharge of any tax, assessment, or other governmental charge or any
lien or encumbrance of any kind owing with respect to, assessed or levied
against, any part of the Trust Fund other than from funds available in the
Collection Account or the Certificate Account, or (D) to confirm or verify the
contents of any reports or certificates of the Master Servicer delivered to the
Trustee pursuant to this Agreement believed by the Trustee , as applicable, to
be genuine and to have been signed or presented by the proper party or parties.

         (h) The Trustee shall not be liable in its individual capacity for an
error of judgment made in good faith by a Responsible Officer or other officers
of the Trustee unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts.

         (i) Notwithstanding anything in this Agreement to the contrary, the
Trustee shall not be liable for special, indirect or consequential losses or
damages of any kind whatsoever (including, but not limited to, lost profits),
even if the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of action.

         Section 6.02.  Certain Matters Affecting the Trustee.  Except as
otherwise provided in Section 6.01:

                  (i)      The Trustee may request, and may rely and shall be
         protected in acting or refraining from acting upon any resolution,
         Officer's Certificate, certificate of auditors, Opinion of Counsel or
         any other certificate, statement, instrument, opinion, report, notice,
         request, consent, order, approval, bond or other paper or document
         believed by it to be genuine and to have been signed or presented by
         the proper party or parties;

                  (ii)     The Trustee may consult with counsel and any advice
         of its counsel or 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
         advice or Opinion of Counsel;

                  (iii)    The Trustee shall not be personally liable for any
         action taken, suffered or omitted by it in good faith and reasonably
         believed by it to be authorized or within the discretion or rights or
         powers conferred upon it by this Agreement;

                  (iv)     Unless an Event of Default shall have occurred and be
         continuing, 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 (provided the same
         appears regular on its face), unless requested in writing to do so by
         Holders of at least a majority in Class Principal Amount (or Class
         Notional Amount) of each Class of Certificates; 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

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<PAGE>

         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 or
         payment of such estimated expenses as a condition to proceeding. The
         reasonable expense thereof shall be paid by the Holders requesting such
         investigation;

                  (v)      The Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents, custodians, or attorneys, which agents, custodians or
         attorneys shall have any and all of the rights, powers, duties and
         obligations of the Trustee conferred on them by such appointment
         provided that the Trustee shall continue to be responsible for its
         duties and obligations hereunder to the extent provided herein, and
         provided further that the Trustee shall not be responsible for any
         misconduct or negligence on the part of any such agent or attorney
         appointed with due care by the Trustee;

                  (vi)     The Trustee shall be under no obligation to exercise
         any of the trusts or powers vested in it by this Agreement or to
         institute, conduct or defend any litigation hereunder or in relation
         hereto, in each case 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;

                  (vii)    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; and

                  (viii)   The Trustee shall not be required to give any bond or
         surety in respect of the execution of the Trust Fund created hereby or
         the powers granted hereunder.

         Section 6.03. Trustee Not Liable for Certificates. The Trustee makes no
representations as to the validity or sufficiency of this Agreement or of the
Certificates (other than the certificate of authentication on the Certificates)
or of any Mortgage Loan, or related document save that the Trustee represents
that, assuming due execution and delivery by the other parties hereto, this
Agreement has been duly authorized, executed and delivered by it and constitutes
its valid and binding obligation, enforceable against it in accordance with its
terms except that such enforceability may be subject to (A) applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally, and (B) general principles of equity
regardless of whether such enforcement is considered in a proceeding in equity
or at law. The Trustee shall not be accountable for the use or application by
the Depositor of funds paid to the Depositor in consideration of the assignment
of the Mortgage Loans to the Trust Fund by the Depositor or for the use or
application of any funds deposited into the Collection Account, the Certificate
Account, any Escrow Account or any other fund or account maintained with respect
to the Certificates. The Trustee shall not be responsible for the legality or
validity of this Agreement or the validity, priority, perfection or sufficiency
of the security for the Certificates issued or intended to be issued hereunder.
Except as otherwise provided herein, the Trustee shall have no responsibility
for filing any financing or continuation statement in any public office at

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any time or to otherwise perfect or maintain the perfection of any security
interest or lien granted to it hereunder or to record this Agreement.

         Section 6.04. Trustee May Own Certificates. The Trustee and any
Affiliate or agent of the Trustee in its individual or any other capacity may
become the owner or pledgee of Certificates and may transact banking and trust
with the other parties hereto with the same rights it would have if it were not
Trustee or such agent.

         Section 6.05. Eligibility Requirements for Trustee. Trustee hereunder
shall at all times be (i) an institution insured by the FDIC and (ii) a
corporation or national banking association, organized and doing business under
the laws of any State or the United States of America, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus
of not less than $50,000,000 and subject to supervision or examination by
federal or state authority. If such corporation or national banking association
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
or national banking association 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
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 6.06.

         Section 6.06.  Resignation and Removal of Trustee.
                        ----------------------------------

         (a) The Trustee may at any time resign and be discharged from the trust
hereby created by giving written notice thereof to the Depositor and the Master
Servicer. Upon receiving such notice of resignation, the Depositor will promptly
appoint a successor trustee, by written instrument, one copy of which instrument
shall be delivered to the resigning Trustee, one copy to the successor trustee
and one copy to the Master Servicer. If no successor trustee shall have been so
appointed and shall have 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.

         (b) If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 6.05 and shall fail to resign after
written request therefor by the Depositor, (ii) the Trustee shall become
incapable of acting, 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 its property or affairs for the
purpose of rehabilitation, conservation or liquidation, (iii) a tax is imposed
or threatened with respect to the Trust Fund by any state in which the Trustee
or the Trust Fund held by the Trustee is located or (iv) the continued use of
the Trustee would result in a downgrading of the rating by the Rating Agencies
of any Class of Certificates with a rating, then the Depositor shall remove the
Trustee and appoint a successor trustee by written instrument, one copy of which
instrument shall be delivered to the Trustee so removed, one copy to the
successor trustee and one copy to the Master Servicer.

         (c) The Holders of more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates may at any time upon 30
days' written notice to the

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<PAGE>

Trustee and the Depositor, remove the Trustee by such written instrument, signed
by such Holders or their attorney-in-fact duly authorized, one copy of which
instrument shall be delivered to the Depositor, one copy to the Trustee so
removed and one copy to the Master Servicer; the Depositor shall thereupon use
its best efforts to appoint a mutually acceptable successor trustee in
accordance with this Section.

         (d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon (i) the payment of all unpaid amounts owed to the Trustee and
(ii) acceptance of appointment by the successor trustee as provided in Section
6.07.

         Section 6.07.  Successor Trustee
                        -----------------

         (a) Any successor trustee appointed as provided in Section 6.06 shall
execute, acknowledge and deliver to the Depositor, the Master 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 predecessor trustee (or its custodian) shall deliver to
the successor trustee (or assign to the successor trustee its interest under
each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files
and documents and statements related to each Mortgage Files held by it
hereunder, and shall duly assign, transfer, deliver and pay over to the
successor trustee the entire Trust Fund, together with all necessary instruments
of transfer and assignment or other documents properly executed necessary to
effect such transfer and such of the record or copies thereof maintained by the
predecessor trustee in the administration hereof as may be requested by the
successor trustee and shall thereupon be discharged from all duties and
responsibilities under this Agreement. In addition, the Master Servicer and the
predecessor Trustee shall execute and deliver such other instruments and do such
other things as may reasonably be required to more fully and certainly vest and
confirm in the successor trustee all such rights, powers, duties and
obligations.

         (b) No successor trustee shall accept appointment as provided in this
Section unless at the time of such appointment such successor trustee shall be
eligible under the provisions of Section 6.05.

         (c) 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 and to all Holders of Certificates at their addresses as shown in the
Certificate Register and to the Rating Agencies. The expenses of such mailing
shall be borne by the Master Servicer.

         Section 6.08. Merger or Consolidation of Trustee. Any Person into which
the Trustee may be merged or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any Persons succeeding to the business of the Trustee,
shall be the successor to the Trustee 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

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<PAGE>

the contrary notwithstanding, provided that such Person shall be eligible under
the provisions of Section 6.05.

         Section 6.09. Appointment of Co-Trustee, Separate Trustee or Custodian.
                       --------------------------------------------------------

         (a) Notwithstanding any other provisions hereof, at any time, the
Trustee, the Depositor or the Certificateholders evidencing more than 50% of the
Class Principal Amount (or Class Notional Amount) of each Class of Certificates
shall each have the power from time to time to appoint one or more Persons to
act either as co-trustees jointly with the Trustee, or as separate trustees, or
as custodians, for the purpose of holding title to, foreclosing or otherwise
taking action with respect to any Mortgage Loan outside the state where the
Trustee has its principal place of business where such separate trustee or
co-trustee is necessary or advisable (or the Trustee has been advised by the
Master Servicer that such separate trustee or co-trustee is necessary or
advisable) under the laws of any state in which a property securing a Mortgage
Loan is located or for the purpose of otherwise conforming to any legal
requirement, restriction or condition in any state in which a property securing
a Mortgage Loan is located or in any state in which any portion of the Trust
Fund is located. The separate trustees, co-trustees, or custodians so appointed
shall be trustees or custodians for the benefit of all the Certificateholders
and shall have such powers, rights and remedies as shall be specified in the
instrument of appointment; provided, however, that no such appointment shall, or
shall be deemed to, constitute the appointee an agent of the Trustee. The
obligation of the Trustee to make Advances pursuant to Section 5.04 and 6.14
hereof shall not be affected or assigned by the appointment of a co-trustee.

         (b) Every separate trustee, co-trustee, and custodian shall, to the
extent permitted by law, be appointed and act subject to the following
provisions and conditions:

                  (i)      all powers, duties, obligations and rights conferred
         upon the Trustee in respect of the receipt, custody and payment of
         moneys shall be exercised solely by the Trustee;

                  (ii)     all other 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, co-trustee, or custodian jointly, except to the extent that
         under any law of any jurisdiction in which any particular act or acts
         are to be performed 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, co-trustee, or custodian;

                  (iii)    no trustee or custodian hereunder shall be personally
         liable by reason of any act or omission of any other trustee or
         custodian hereunder; and

                  (iv)     the Trustee or the Certificateholders evidencing more
         than 50% of the Aggregate Voting Interests of the Certificates may at
         any time accept the resignation of or remove any separate trustee,
         co-trustee or custodian, so appointed by it or them, if such
         resignation or removal does not violate the other terms of this
         Agreement.

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<PAGE>

         (c) 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, co-trustee or custodian shall refer to this Agreement and the
conditions of this Article VI. 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.

         (d) Any separate trustee, co-trustee or custodian 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. The Trustee shall not
be responsible for any action or inaction of any separate trustee, co-trustee or
custodian. If any separate trustee, co-trustee or custodian 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.

         (e) No separate trustee, co-trustee or custodian hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section
6.05 hereunder and no notice to Certificateholders of the appointment shall be
required under Section 6.07 hereof.

         (f) The Trustee agrees to instruct the co-trustees, if any, to the
extent necessary to fulfill the Trustee's obligations hereunder.

         (g) The Trustee shall pay the reasonable compensation of the
co-trustees to the extent, and in accordance with the standards, specified in
Section 6.12 hereof (which compensation shall not reduce any compensation
payable to the Trustee under such Section).

         Section 6.10.  Authenticating Agents.
                        ---------------------

         (a) The Trustee may appoint one or more Authenticating Agents which
shall be authorized to act on behalf of the Trustee in authenticating
Certificates. Wherever reference is made in this Agreement to the authentication
of Certificates by the Trustee or the Trustee's certificate of authentication,
such reference shall be deemed to include authentication on behalf of the
Trustee by an Authenticating Agent and a certificate of authentication executed
on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
must be a corporation organized and doing business under the laws of the United
States of America or of any state, having a combined capital and surplus of at
least $15,000,000, authorized under such laws to do a trust business and subject
to supervision or examination by federal or state authorities.

         (b) Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which any Authenticating Agent shall be a
party, or any Person succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the

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<PAGE>

Authenticating Agent without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

         (c) Any Authenticating Agent may at any time resign by giving at least
30 days' advance written notice of resignation to the Trustee and the Depositor.
The Trustee may at any time terminate the agency of any Authenticating Agent by
giving written notice of termination to such Authenticating Agent and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.10, the Trustee may appoint a
successor Authenticating Agent, shall give written notice of such appointment to
the Depositor and shall mail notice of such appointment to all Holders of
Certificates. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties
and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section 6.10. No
Authenticating Agent shall have responsibility or liability for any action taken
by it as such at the direction of the Trustee. Any Authenticating Agent shall be
entitled to reasonable compensation for its services and, if paid by the
Trustee, it shall be a reimbursable expense to the extent provided in Section
6.12.

         Section 6.11. Indemnification of Trustee. The Trustee and its
respective directors, officers, employees and agents shall be entitled to
indemnification from the Trust Fund for any loss, liability or expense incurred
in connection with any legal proceeding or incurred without negligence or
willful misconduct on their part, arising out of, or in connection with, the
acceptance or administration of the trusts created hereunder or in connection
with the performance of their duties hereunder, including any applicable fees
and expenses payable pursuant to Section 6.12 and the costs and expenses of
defending themselves against any claim in connection with the exercise or
performance of any of their powers or duties hereunder, provided that:

                  (i)      with respect to any such claim, the Trustee shall
         have given the Depositor, the Master Servicer and the Holders written
         notice thereof promptly after the Trustee shall have knowledge thereof;
         provided that failure to so notify shall not relieve the Trust Fund of
         the obligation to indemnify the Trustee; however, any reasonable delay
         by the Trustee to provide written notice to the Depositor, the Master
         Servicer and the Holders promptly after the Trustee shall have obtained
         knowledge of a claim shall not relieve the Trust Fund of the obligation
         to indemnify the Trustee under this Section 6.11;

                  (ii)     while maintaining control over its own defense, the
         Trustee shall cooperate and consult fully with the Depositor in
         preparing such defense; and

                  (iii)    notwithstanding anything to the contrary in this
         Section 6.11, the Trust Fund shall not be liable for settlement of any
         such claim by the Trustee entered into without the prior consent of the
         Depositor, which consent shall not be unreasonably withheld.

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<PAGE>

         The provisions of this Section 6.11 shall survive any termination of
this Agreement and the resignation or removal of the Trustee and shall be
construed to include, but not be limited to any loss, liability or expense under
any environmental law.

         Section 6.12. Fees and Expenses of Trustee and Custodian. The Trustee
shall be entitled to (a) the Trustee Fee and (b) all reasonable expenses,
disbursements and advancements incurred or made by the Trustee in accordance
with this Agreement (including fees and expenses of its counsel and all persons
not regularly in its employment), except any such expenses, disbursements and
advancements that either (i) arise from its negligence, bad faith or willful
misconduct or (ii) do not constitute "unanticipated expenses" within the meaning
of Treasury Regulations Section 1.860G-1(b)(3)(ii). The Custodian shall be
compensated as separately agreed with the Depositor.

         Section 6.13. Collection of Monies. Except as otherwise expressly
provided in this Agreement, the Trustee may demand payment or delivery of, and
shall receive and collect, all money and other property payable to or receivable
by the Trustee pursuant to this Agreement. The Trustee shall hold all such money
and property received by it as part of the Trust Fund and shall distribute it as
provided in this Agreement. If the Trustee shall not have timely received
amounts to be remitted with respect to the Mortgage Loans from the Master
Servicer, the Trustee shall request the Master Servicer to make such
distribution as promptly as practicable or legally permitted. If the Trustee
shall subsequently receive any such amount, it may withdraw such request.

         Section 6.14.  Events of Default; Trustee To Act; Appointment of
Successor.

         (a) The occurrence of any one or more of the following events shall
constitute an "Event of Default":

                  (i)      Any failure by the Master Servicer to furnish the
         Trustee the Mortgage Loan data sufficient to prepare the reports
         described in Section 4.03(a) which continues unremedied for a period of
         two (2) Business Days after the date upon which written notice of such
         failure shall have been given to such Master Servicer by the Trustee or
         to such Master Servicer, the Trustee by the Holders of not less than
         25% of the Class Principal Amount (or Class Notional Amount) of each
         Class of Certificates affected thereby; 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 such Master Servicer contained
         in this Agreement which continues unremedied for a period of 30 days
         (or 15 days, in the case of a failure to maintain any Insurance Policy
         required to be maintained pursuant to this Agreement) after the date on
         which written notice of such failure, requiring the same to be
         remedied, shall have been given to such Master Servicer by the Trustee,
         or to such Master Servicer and the Trustee by the Holders of not less
         than 25% of the Class Principal Amount (or Class Notional Amount) of
         each Class of Certificates affected thereby; or

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<PAGE>

                  (iii)    A decree or order of a court or agency or supervisory
         authority having jurisdiction for 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 days or
         any Rating Agency reduces or withdraws or threatens to reduce or
         withdraw the rating of the Certificates because of the financial
         condition or loan servicing capability of such Master Servicer; 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, voluntary
         liquidation or similar proceedings of or relating to such 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 any applicable insolvency or
         reorganization statute, make an assignment for the benefit of its
         creditors or voluntarily suspend payment of its obligations; or

                  (vi)     The Master Servicer shall be dissolved, or shall
         dispose of all or substantially all of its assets, or consolidate with
         or merge into another entity or shall permit another entity to
         consolidate or merge into it, such that the resulting entity does not
         meet the criteria for a successor servicer as specified in Section 9.27
         hereof; or

                  (vii)    If a representation or warranty set forth in Section
         9.14 hereof shall prove to be incorrect as of the time made in any
         respect that materially and adversely affects the interests of the
         Certificateholders, and the circumstance or condition in respect of
         which such representation or warranty was incorrect shall not have been
         eliminated or cured within 60 days after the date on which written
         notice of such incorrect representation or warranty shall have been
         given to the Master Servicer by the Trustee, or to the Master Servicer
         and the Trustee by the Holders of not less than 25% of the Aggregate
         Certificate Principal Amount of each Class of Certificates; or

                  (viii)   A sale or pledge of the any of the rights of the
         Master Servicer hereunder or an assignment of this Agreement by the
         Master Servicer or a delegation of the rights or duties of the Master
         Servicer hereunder shall have occurred in any manner not otherwise
         permitted hereunder and without the prior written consent of the
         Trustee and Certificateholders holding more than 50% of the Class
         Principal Amount (or Class Notional Amount) of each Class of
         Certificates;

                  (ix)     The Master Servicer has notice or actual knowledge
         that any Servicer at any time is not either an FNMA- or FHLMC- approved
         Seller/Servicer, and the Master Servicer has not terminated the rights
         and obligations of such Servicer under the applicable Servicing
         Agreement and replaced such Servicer with an FNMA- or FHLMC-approved
         servicer within 60 days of the absence of the date the Master Servicer
         receives such notice or actual knowledge; or

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<PAGE>

                  (x)      Any failure of the Master Servicer to remit to the
         Trustee any payment required to be made to the Trustee for the benefit
         of Certificateholders under the terms of this Agreement, including any
         Advance, on any Deposit Date, which such failure continues unremedied
         for a period of one Business Day after the date upon which notice of
         such failure shall have been given to the Master Servicer by the
         Trustee.

         If an Event of Default described in clauses (i) through (ix) of this
Section 6.14 shall occur, then, in each and every case, subject to applicable
law, so long as any such Event of Default shall not have been remedied within
any period of time prescribed by this Section 6.14, the Trustee, by notice in
writing to the Master Servicer may, and shall, if so directed by
Certificateholders evidencing more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates, terminate all of the
rights and obligations of the Master Servicer hereunder and in and to the
Mortgage Loans and the proceeds thereof. If an Event of Default described in
clause (x) of this Section 6.14 shall occur, then, in each and every case,
subject to applicable law, so long as such Event of Default shall not have been
remedied within the time period prescribed by clause (x) of this Section 6.14,
the Trustee, by notice in writing to the Master Servicer, shall promptly
terminate all of the rights and obligations of the Master Servicer hereunder and
in and to the Mortgage Loans and the proceeds thereof. If an Event of Default
described in clause (x) of this Section 6.14 shall occur, then, in each and
every case, subject to applicable law, the Trustee, by notice in writing to the
Master Servicer, shall promptly terminate all of the rights and obligations of
the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds
thereof. On or after the receipt by the Master Servicer of such written notice,
all authority and power of the Master Servicer, and only in its capacity as
Master Servicer under this Agreement, whether with respect to the Mortgage Loans
or otherwise, shall pass to and be vested in the Trustee pursuant to and under
the terms of this Agreement; and the Trustee is hereby authorized and empowered
to execute and deliver, on behalf of the defaulting Master 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 or assignment of the Mortgage Loans and related documents or
otherwise. The defaulting Master Servicer agrees to cooperate with the Trustee
in effecting the termination of the defaulting Master Servicer's
responsibilities and rights hereunder as Master Servicer including, without
limitation, notifying Servicers of the assignment of the master servicing
function and providing the Trustee or its designee all documents and records in
electronic or other form reasonably requested by it to enable the Trustee or its
designee to assume the defaulting Master Servicer's functions hereunder and the
transfer to the Trustee for administration by it of all amounts which shall at
the time be or should have been deposited by the defaulting Master Servicer in
the Collection Account maintained by such defaulting Master Servicer and any
other account or fund maintained with respect to the Certificates or thereafter
received with respect to the Mortgage Loans. The Master Servicer being
terminated shall bear all costs of a master servicing transfer, including but
not limited to those of the Trustee reasonably allocable to specific employees
and overhead, legal fees and expenses, accounting and financial consulting fees
and expenses, and costs of amending the Agreement, if necessary. The Trustee
shall be entitled to be reimbursed from the Master Servicer (or by the Trust
Fund, if the Master Servicer is unable to fulfill its obligations hereunder) for
all costs associated with the transfer of servicing from the predecessor Master
Servicer, including, without limitation, any costs or expenses associated with
the complete transfer of all servicing data and the completion, correction or
manipulation of such servicing

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<PAGE>

data as may be required by the Trustee to correct any errors or insufficiencies
in the servicing data or otherwise to enable the Trustee to master service the
Mortgage Loans properly and effectively. If the terminated Master Servicer does
not pay such reimbursement within thirty (30) days of its receipt of an invoice
therefor, such reimbursement shall be an expense of the Trust and the Trustee
shall be entitled to withdraw such reimbursement from amounts on deposit in the
Certificate Account pursuant to Section 4.04; provided that the terminated
Master Servicer shall reimburse the Trust for any such expense incurred by the
Trust Fund.

         Notwithstanding the termination of its activities as Master Servicer,
each terminated Master Servicer shall continue to be entitled to reimbursement
to the extent provided in Section 4.02(i), (ii), (iii), (iv), (v), (vi), (vii),
(ix) and (xi) to the extent such reimbursement relates to the period prior to
such Master Servicer's termination.

         If any Event of Default shall occur of which a Responsible Officer of
the Trustee has actual knowledge, the Trustee shall promptly notify the Rating
Agencies of the nature and extent of such Event of Default. The Trustee shall
immediately give written notice to the Master Servicer upon such Master
Servicer's failure to remit funds on the Deposit Date.

         (b) Within 90 days of the time the Master Servicer receives a notice of
termination from the Trustee pursuant to Section 6.14(a) or the Trustee receives
the resignation of the Master Servicer evidenced by an Opinion of Counsel
pursuant to Section 9.28, the Trustee, unless another master servicer shall have
been appointed, shall be the successor in all respects to the Master Servicer in
its capacity as such under this Agreement and the transactions set forth or
provided for herein and shall have all the rights and powers and be subject to
all the responsibilities, duties and liabilities relating thereto and arising
thereafter placed on the Master Servicer hereunder, including the obligation to
make Advances; provided, however, that any failure to perform such duties or
responsibilities caused by the Master Servicer's or the Trustee's failure to
provide information required by this Agreement shall not be considered a default
by the Trustee hereunder. In addition, the Trustee shall have no responsibility
for any act or omission of the Master Servicer prior to the issuance of any
notice of termination and within a period of time not to exceed 90 days after
the issuance of any notice of termination pursuant to Section 6.14(a) or Section
9.28. The Trustee shall have no liability relating to the representations and
warranties of the Master Servicer set forth in Section 9.14. In the Trustee's
capacity as such successor, the Trustee shall have the same limitations on
liability herein granted to the Master Servicer. As compensation therefor, the
Trustee shall be entitled to receive all compensation payable to the Master
Servicer under this Agreement, including the Master Servicing Fee.

         (c) Notwithstanding the above, the Trustee may, if it shall be
unwilling to continue to so act, or shall, if it is unable to so act, appoint or
petition a court of competent jurisdiction to appoint any established housing
and home finance institution servicer, master servicer, servicing or mortgage
servicing institution having a net worth of not less than $15,000,000 and
meeting such other standards for a successor master servicer as are set forth in
this Agreement, as the successor to such Master Servicer in the assumption of
all of the responsibilities, duties or liabilities of a master servicer, like
the Master Servicer. Any entity designated by the Trustee as a successor master
servicer may be an Affiliate of the Trustee; provided, however, that, unless
such Affiliate meets the net worth requirements and other standards set forth
herein for a successor master servicer, the Trustee, in its individual capacity
shall agree, at the time of such

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designation, to be and remain liable to the Trust Fund for such Affiliate's
actions and omissions in performing its duties hereunder. 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 to the Master Servicer hereunder. The Trustee and such
successor shall take such actions, consistent with this Agreement, as shall be
necessary to effectuate any such succession and may make other arrangements with
respect to the servicing to be conducted hereunder which are not inconsistent
herewith. The Master Servicer shall cooperate with the Trustee and any successor
master servicer in effecting the termination of the Master Servicer's
responsibilities and rights hereunder including, without limitation, notifying
Mortgagors of the assignment of the master servicing functions and providing the
Trustee and successor master servicer, as applicable, all documents and records
in electronic or other form reasonably requested by it to enable it to assume
the Master Servicer's functions hereunder and the transfer to the Trustee or
such successor master servicer, as applicable, all amounts which shall at the
time be or should have been deposited by the Master Servicer in the Collection
Account and any other account or fund maintained with respect to the
Certificates or thereafter be received with respect to the Mortgage Loans.
Neither the Trustee nor any other successor master servicer shall be deemed to
be in default hereunder by reason of any failure to make, or any delay in
making, any distribution hereunder or any portion thereof caused by (i) the
failure of the Master Servicer to deliver, or any delay in delivering, cash,
documents or records to it, (ii) the failure of the Master Servicer to cooperate
as required by this Agreement, (iii) the failure of the Master Servicer to
deliver the Mortgage Loan data to the Trustee as required by this Agreement or
(iv) restrictions imposed by any regulatory authority having jurisdiction over
the Master Servicer.

         Section 6.15. Additional Remedies of Trustee Upon Event of Default.
During the continuance of any Event of Default, so long as such Event of Default
shall not have been remedied, the Trustee, in addition to the rights specified
in Section 6.14, shall have the right, in its own name and as trustee of an
express trust, to take all actions now or hereafter existing at law, in equity
or by statute to enforce its rights and remedies and to protect the interests,
and enforce the rights and remedies, of the Certificateholders (including the
institution and prosecution of all judicial, administrative and other
proceedings and the filings of proofs of claim and debt in connection
therewith). Except as otherwise expressly provided in this Agreement, no remedy
provided for by this Agreement shall be exclusive of any other remedy, and each
and every remedy shall be cumulative and in addition to any other remedy, and no
delay or omission to exercise any right or remedy shall impair any such right or
remedy or shall be deemed to be a waiver of any Event of Default.


         Section 6.16. Waiver of Defaults. 35% or more of the Aggregate Voting
Interests of Certificateholders may waive any default or Event of Default by the
Master Servicer in the performance of its obligations hereunder, except that a
default in the making of any required deposit to the Certificate Account that
would result in a failure of the Trustee to make any required payment of
principal of or interest on the Certificates may only be waived with the consent
of 100% of the affected Certificateholders. Upon any such waiver of a past
default, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have

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<PAGE>

been remedied for every purpose of this Agreement. No such waiver shall extend
to any subsequent or other default or impair any right consequent thereon except
to the extent expressly so waived.

         Section 6.17. Notification to Holders. Upon termination of the Master
Servicer or appointment of a successor to the Master Servicer, in each case as
provided herein, the Trustee shall promptly mail notice thereof by first class
mail to the Certificateholders at their respective addresses appearing on the
Certificate Register. The Trustee shall also, within 45 days after the
occurrence of any Event of Default known to a Responsible Officer of the
Trustee, give written notice thereof to the Certificateholders, unless such
Event of Default shall have been cured or waived prior to the issuance of such
notice and within such 45-day period.

         Section 6.18. Directions by Certificateholders and Duties of Trustee
During Event of Default. Subject to the provisions of Section 8.01 hereof,
during the continuance of any Event of Default, Holders of Certificates
evidencing not less than 25% of the Class Principal Amount (or Class Notional
Amount) of each Class of Certificates may direct 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; provided,
however, that the Trustee shall be under no obligation to pursue any such
remedy, or to exercise any of the trusts or powers vested in it by this
Agreement (including, without limitation, (i) the conducting or defending of any
administrative action or litigation hereunder or in relation hereto and (ii) the
terminating of the Master Servicer or any successor master servicer from its
rights and duties as master servicer hereunder) at the request, order or
direction of any of the Certificateholders, unless such Certificateholders shall
have offered to the Trustee reasonable security or indemnity against the cost,
expenses and liabilities which may be incurred therein or thereby; and, provided
further, that, subject to the provisions of Section 8.01, the Trustee shall have
the right to decline to follow any such direction if the Trustee, in accordance
with an Opinion of Counsel, determines that the action or proceeding so directed
may not lawfully be taken or if the Trustee in good faith determines that the
action or proceeding so directed would involve it in personal liability or be
unjustly prejudicial to the non-assenting Certificateholders.



         Section 6.19. Action Upon Certain Failures of the Master Servicer and
Upon Event of Default. In the event that a Responsible Officer of the Trustee
shall have actual knowledge of any action or inaction of the Master Servicer
that would become an Event of Default upon the Master Servicer's failure to
remedy the same after notice, the Trustee shall give notice thereof to the
Master Servicer. For all purposes of this Agreement, in the absence of actual
knowledge by a Responsible Officer of the Trustee, the Trustee shall not be
deemed to have knowledge of any failure of the Master Servicer or any other
Event of Default unless notified in writing by the Depositor, the Master
Servicer or a Certificateholder.

         Section 6.20.  Preparation of Tax Returns and Other Reports.
                        --------------------------------------------

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         (a) The Trustee shall prepare or cause to be prepared on behalf of the
Trust Fund, based upon information calculated in accordance with this Agreement
pursuant to instructions given by the Depositor, and the Trustee shall file,
federal tax returns and appropriate state income tax returns and such other
returns as may be required by applicable law relating to the Trust Fund, and
shall file any other documents to the extent required by applicable state tax
law (to the extent such documents are in the Trustee's possession). The Trustee
shall forward copies to the Depositor of all such returns and Form 1099
supplemental tax information and such other information within the control of
the Trustee as the Depositor may reasonably request in writing, and shall
forward to each Certificateholder such forms and furnish such information within
the control of the Trustee as are required by the Code and the REMIC Provisions
to be furnished to them, and will prepare and distribute to Certificateholders
Form 1099 (supplemental tax information) (or otherwise furnish information
within the control of the Trustee) to the extent required by applicable law. The
Master Servicer will indemnify the Trustee for any liability of or assessment
against the Trustee, as applicable, resulting from any error in any of such tax
or information returns directly resulting from errors in the information
provided by such Master Servicer.

         (b) The Trustee shall prepare and file with the Internal Revenue
Service ("IRS"), on behalf of each of the Lower Tier REMIC and the Upper Tier
REMIC, an application on IRS Form SS-4. The Trustee, upon receipt from the IRS
of the Notice of Taxpayer Identification Number Assigned for each REMIC, shall
promptly forward copies of such notice to the Master Servicer and the Depositor.
The Trustee will file, on behalf of each REMIC, an IRS Form 8811.

         (c) The Depositor shall prepare or cause to be prepared the initial
current report on Form 8-K. Thereafter, within 15 days after each Distribution
Date, the Trustee shall, in accordance with industry standards, file with the
Securities and Exchange Commission (the "Commission") via the Electronic Data
Gathering and Retrieval System (EDGAR), a Form 8-K with a copy of the statement
to the Certificateholders for such Distribution Date as an exhibit thereto.
Prior to January 31, 2005, the Trustee shall, in accordance with industry
standards, file a Form 15 Suspension Notification with respect to the Trust
Fund, if applicable. Prior to March 31, 2005, the Trustee shall file (but will
not execute) a Form 10-K, in substance conforming to industry standards, with
respect to the Trust Fund. The Depositor hereby grants to the Trustee a limited
power of attorney to execute and file each such document on behalf of the
Depositor. Such power of attorney shall continue until either the earlier of (i)
receipt by the Trustee from the Depositor of written termination of such power
of attorney and (ii) 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 and the Mortgage Loans as the Trustee reasonably deems
appropriate to prepare and file all necessary reports with the Commission. In
addition, the Form 10-K shall include the certification required pursuant to
Rule 13a-14 under the Securities and Exchange Act of 1934, as amended (the "Form
10-K Certification") signed by an appropriate party or parties (which Form 10-K
Certification the Trustee shall not be required to sign). The Trustee shall have
no responsibility to file any items other than those specified in this section.

         (d) If so requested, the Trustee shall sign a certification (in the
form attached hereto as Exhibit M) for the benefit of the Person(s) signing the
Form 10-K Certification regarding certain aspects of such Form 10-K
Certification (provided, however, that the Trustee shall not be

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<PAGE>

required to undertake an analysis of the accountant's report attached as an
exhibit to the Form 10-K).

         (e) If so requested, the Master Servicer shall sign a certification (in
the form attached hereto as Exhibit N) for the benefit of the Person(s) signing
the Form 10-K Certification regarding certain aspects of such Form 10-K
Certification (provided, however, that the Master Servicer shall not be required
to undertake an analysis of the accountant's report attached as an exhibit to
the Form 10-K).

         (f) Each person (including their officers or directors) that signs any
Form 10-K Certification shall be entitled to indemnification from the Trust Fund
for any liability or expense incurred by it in connection with such
certification, other than any liability or expense attributable to such Person's
own bad faith, negligence or willful misconduct. The provisions of this
subsection shall survive any termination of this Agreement and the resignation
or removal of such Person.



                                   ARTICLE VII

                            PURCHASE AND TERMINATION
                                OF THE TRUST FUND

         Section 7.01. Termination of Trust Fund Upon Repurchase or Liquidation
of All Mortgage Loans.

         (a) The respective obligations and responsibilities of the Trustee and
the Master Servicer created hereby (other than the obligation of the Trustee to
make payments to Certificateholders as set forth in Section 7.02, the obligation
of the Master Servicer to make a final remittance to the Trustee for deposit
into the Certificate Account pursuant to Section 4.02 and the obligations of the
Master Servicer to the Trustee pursuant to Sections 9.10 and 9.14), shall
terminate on the earlier of (i) the final payment or other liquidation of the
last Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the sale of all remaining property held by the Trust Fund in
accordance with Section 7.01(b); provided, however, that in no event shall the
Trust Fund 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. Any termination of the Trust Fund shall be carried out in such a manner
so that the termination of each REMIC included therein shall qualify as a
"qualified liquidation" under the REMIC Provisions.

         (b) On any Distribution Date occurring after the date on which the
aggregate Scheduled Principal Balance of the Mortgage Loans in the Trust Fund is
less than 5% of the Principal Balance of the Mortgage Loans in the Trust Fund
(determined in the aggregate rather than by pool) as of the Cut-off Date, the
Master Servicer, with the consent of the Seller (which consent will not be
unreasonably withheld), may, upon written direction to the Trustee, cause the
Trustee to sell (or arrange for the sale of) the assets of the Trust Fund. Upon
the repurchase of the Mortgage Loans in the Trust Fund, the Master Servicer
shall, upon written direction to the

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<PAGE>

Trustee, cause each REMIC included in the Trust Fund to adopt a plan of complete
liquidation pursuant to Section 7.03 hereof to sell all of its property. The
property of the Trust Fund shall be sold at a price (the "Repurchase Price")
equal to: (i) 100% of the unpaid principal balance of each Mortgage Loan in the
Trust Fund on the day of such purchase plus interest accrued thereon at the
applicable Mortgage Rate with respect to any Mortgage Loan to the Due Date in
the Due Period immediately preceding such Distribution Date, (ii) the fair
market value of any REO Property and any other property held by the Trust Fund,
such fair market value to be determined by an appraiser or appraisers appointed
by the Master Servicer with the consent of the Trustee and (iii) any
unreimbursed Servicing Advances with respect to each Mortgage Loan in the Trust
Fund. The Master Servicer, each Servicer (or the Trustee, if applicable) shall
be reimbursed from the Repurchase Price for any Mortgage Loan or related REO
Property for any Advances or Servicing Advances made with respect to the
Mortgage Loans that are reimbursable to the Master Servicer under this Agreement
or the related Servicing Agreement (or to the Trustee hereunder), together with
any accrued and unpaid compensation and any other amounts due to the Master
Servicer and the Trustee hereunder or the Servicers thereunder. The Trustee
shall distribute the assets of the Trust Fund on the Distribution Date on which
the repurchase occurred. Upon the repurchase of the Mortgage Loans, the Trust
Fund shall terminate in accordance with the terms of this Agreement.

         Section 7.02.  Procedure Upon Termination of Trust Fund.
                        ----------------------------------------

         (a) Notice of any termination pursuant to the provisions of Section
7.01, specifying the Distribution Date upon which the final distribution shall
be made, shall be given promptly by the Trustee by first class mail to
Certificateholders mailed (x) no later than five Business Days after the Trustee
has received notice from the Master Servicer of its intent to exercise its right
to cause the termination of the Trust Fund pursuant to Section 7.01(b) or (y)
upon the final payment or other liquidation of the last Mortgage Loan or REO
Property in the Trust Fund. Such notice shall specify (A) the Distribution Date
upon which final distribution on the Certificates of all amounts required to be
distributed to Certificateholders pursuant to Section 5.02 will be made upon
presentation and surrender of the Certificates at the Corporate Trust Office,
and (B) that the Record Date otherwise applicable to such Distribution Date is
not applicable, distribution being made only upon presentation and surrender of
the Certificates at the office or agency of the Trustee therein specified. The
Trustee shall give such notice to the Master Servicer, the Depositor and the
Certificate Registrar at the time such notice is given to Holders of the
Certificates. Upon any such termination, the duties of the Certificate Registrar
with respect to the Certificates shall terminate and the Trustee shall
terminate, or request the Master Servicer to terminate, the Collection Account
it maintains, the Certificate Account and any other account or fund maintained
with respect to the Certificates, subject to the Trustee's obligation hereunder
to hold all amounts payable to Certificateholders in trust without interest
pending such payment.

         (b) In the event that all of the Holders do not surrender their
Certificates for cancellation within three months after the time specified in
the above-mentioned written notice, the Trustee 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
one year after the second notice any Certificates shall not have been
surrendered for cancellation, the Trustee may take appropriate steps to contact
the remaining Certificateholders concerning surrender of such Certificates, and
the cost thereof shall be paid out of the amounts distributable to such Holders.
If within two years after the second notice any Certificates shall not have been
surrendered for cancellation, the Trustee shall, subject to applicable state law
relating to escheatment, hold all amounts distributable

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<PAGE>

to such Holders for the benefit of such Holders. No interest shall accrue on any
amount held by the Trustee and not distributed to a Certificateholder due to
such Certificateholder's failure to surrender its Certificate(s) for payment of
the final distribution thereon in accordance with this Section.

         (c) Any reasonable expenses incurred by the Trustee in connection with
any termination or liquidation of the Trust Fund shall be paid from proceeds
received from the liquidation of the Trust Fund, but only to the extent that
such expenses constitute "unanticipated expenses" within the meaning of Treasury
Regulations Section 1.860G-1(b)(3)(ii).

         Section 7.03.  Additional Requirements under the REMIC Provisions.
                        --------------------------------------------------

         (a) Any termination of the Trust Fund shall be effected in accordance
with the following additional requirements, unless the Trustee seeks (at the
request of the Master Servicer), and subsequently receives, an Opinion of
Counsel (at the expense of the Master Servicer), addressed to the Trustee to the
effect that the failure of the Trust Fund to comply with the requirements of
this Section 7.03 will not (i) result in the imposition of taxes on any REMIC
under the REMIC Provisions or (ii) cause any REMIC established hereunder to fail
to qualify as a REMIC at any time that any Certificates are outstanding:

                  (i)      The Trustee shall sell all of the assets of the Trust
         Fund for cash and, within 90 days of such sale, shall distribute the
         proceeds of such sale to the Certificateholders in complete liquidation
         of the Trust Fund and each REMIC; and

                  (ii)     The Trustee shall attach a statement to the final
         Federal income tax return for each REMIC stating that pursuant to
         Treasury Regulation ss. 1.860F-1, the first day of the 90-day
         liquidation period for each such REMIC was the date on which the
         Trustee sold the assets of the Trust Fund.

         (b) By its acceptance of a Residual Certificate, each Holder thereof
hereby (i) authorizes the Trustee to take the action described in paragraph (a)
above and (ii) agrees to take such other action as may be necessary to
facilitate liquidation of each REMIC created under this Agreement, which
authorization shall be binding upon all successor Residual Certificateholders.



                                  ARTICLE VIII

                          RIGHTS OF CERTIFICATEHOLDERS

         Section 8.01.  Limitation on Rights of Holders.
                        -------------------------------

         (a) The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or this Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs

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<PAGE>

to claim an accounting or take any action or proceeding in any court for a
partition or winding up of this Trust Fund, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them. Except as
otherwise expressly provided herein, no Certificateholder, solely by virtue of
its status as a Certificateholder, shall have any right to vote or in any manner
otherwise control the Master Servicer or 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
person by reason of any action taken by the parties to this Agreement pursuant
to any provision hereof.

         (b) No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing 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 an Event
of Default and of the continuance thereof, as hereinbefore provided, and unless
also the Holders of Certificates evidencing not less than 25% of the Class
Principal Amount (or Class Notional Amount) of Certificates of each Class 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 cost, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for sixty
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 and
no direction inconsistent with such written request has been given such Trustee
during such sixty-day period by such Certificateholders; it being understood and
intended, and being 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 or by
availing 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
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 8.02.  Access to List of Holders.
                        -------------------------

         (a) If the Trustee is not acting as Certificate Registrar, the
Certificate Registrar will furnish or cause to be furnished to the Trustee,
within fifteen days after receipt by the Certificate Registrar of a request by
the Trustee in writing, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Certificateholders of each Class as
of the most recent Record Date.

         (b) If three or more Holders or Certificate Owners (hereinafter
referred to as "Applicants") apply in writing to the Trustee, and such
application states that the Applicants desire to communicate with other Holders
with respect to their rights under this Agreement or under the Certificates and
is accompanied by a copy of the communication which such Applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt

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of such application, afford such Applicants reasonable access during the normal
business hours of the Trustee to the most recent list of Certificateholders held
by the Trustee or shall, as an alternative, send, at the Applicants' expense,
the written communication proffered by the Applicants to all Certificateholders
at their addresses as they appear in the Certificate Register.

         (c) Every Holder or Certificate Owner, if the Holder is a Clearing
Agency, by receiving and holding a Certificate, agrees with the Depositor, the
Master Servicer, the Certificate Registrar and the Trustee that neither the
Depositor, the Master Servicer, the Certificate Registrar nor the Trustee shall
be held accountable by reason of the disclosure of any such information as to
the names and addresses of the Certificateholders hereunder, regardless of the
source from which such information was derived.

         Section 8.03.  Acts of Holders of Certificates.
                        -------------------------------

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders or Certificate Owner, if the Holder is a Clearing Agency, may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where expressly required herein, to the Master Servicer. Such instrument or
instruments (as the action embodies therein and evidenced thereby) are herein
sometimes referred to as an "Act" of the Holders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing
appointing any such agents shall be sufficient for any purpose of this Agreement
and conclusive in favor of the Trustee and Master Servicer, if made in the
manner provided in this Section. Each of the Trustee and Master Servicer shall
promptly notify the other of receipt of any such instrument by it, and shall
promptly forward a copy of such instrument to the other.

         (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 any notary public or other officer authorized
by law to take acknowledgments or deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Whenever
such execution is by an officer of a corporation or a member of a partnership on
behalf of such corporation or partnership, such certificate or affidavit shall
also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the individual
executing the same, may also be proved in any other manner which the Trustee
deems sufficient.

         (c) The ownership of Certificates (whether or not such Certificates
shall be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee) shall be proved by the
Certificate Register, and the Trustee, the Master Servicer and the Depositor
shall not be affected by any notice to the contrary.

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Certificate shall bind every future
Holder of the same 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

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Trustee or the Master Servicer in reliance thereon, whether or not notation of
such action is made upon such Certificate.

                                   ARTICLE IX

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                             BY THE MASTER SERVICER

         Section 9.01.  Duties of the Master Servicer.
                        -----------------------------

         The Certificateholders, by their purchase and acceptance of the
Certificates, appoint Aurora Loan Services Inc., as Master Servicer. For and on
behalf of the Depositor, the Trustee and the Certificateholders, the Master
Servicer shall master service the Mortgage Loans in accordance with the
provisions of this Agreement and the provisions of the applicable Servicing
Agreement.

         Section 9.02.  Master Servicer Fidelity Bond and Master Servicer Errors
                        --------------------------------------------------------
and Omissions Insurance Policy.
------------------------------

         (a) The Master Servicer, at its expense, shall maintain in effect a
Fidelity Bond and an Errors and Omissions Insurance Policy, affording coverage
with respect to all directors, officers, employees and other Persons acting on
such Master Servicer's behalf, and covering errors and omissions in the
performance of the Master Servicer's obligations hereunder. The Errors and
Omissions Insurance Policy and the Fidelity Bond shall be in such form and
amount that would meet the requirements of FNMA or FHLMC if it were the
purchaser of the Mortgage Loans. The Master Servicer shall (i) require each
Servicer to maintain an Errors and Omissions Insurance Policy and a Fidelity
Bond in accordance with the provisions of the applicable Servicing Agreement,
(ii) cause each Servicer to provide to the Master Servicer certificates
evidencing that such policy and bond is in effect and to furnish to the Master
Servicer any notice of cancellation, non-renewal or modification of the policy
or bond received by it, as and to the extent provided in the applicable
Servicing Agreement, and (iii) furnish copies of the certificates and notices
referred to in clause (ii) to the Trustee upon its request. The Fidelity Bond
and Errors and Omissions Insurance Policy may be obtained and maintained in
blanket form.

         (b) The Master Servicer shall promptly report to the Trustee any
material changes that may occur in the Master Servicer Fidelity Bond or the
Master Servicer Errors and Omissions Insurance Policy and shall furnish to the
Trustee, on request, certificates evidencing that such bond and insurance policy
are in full force and effect. The Master Servicer shall promptly report to the
Trustee all cases of embezzlement or fraud, if such events involve funds
relating to the Mortgage Loans. The total losses, regardless of whether claims
are filed with the applicable insurer or surety, shall be disclosed in such
reports together with the amount of such losses covered by insurance. If a bond
or insurance claim report is filed with any of such bonding companies or
insurers, the Master Servicer shall promptly furnish a copy of such report to
the Trustee. Any amounts relating to the Mortgage Loans collected by the Master
Servicer under any such bond or policy shall be promptly remitted by the Master
Servicer to the Trustee for deposit into the Certificate Account. Any amounts
relating to the Mortgage Loans collected by

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<PAGE>

any Servicer under any such bond or policy shall be remitted to the Master
Servicer to the extent provided in the applicable Servicing Agreement.

         Section 9.03.  Master Servicer's Financial Statements and Related
                        --------------------------------------------------
Information.
-----------

         For each year this Agreement is in effect, the Master Servicer shall
submit to the Trustee, each Rating Agency and the Depositor a copy of its annual
unaudited financial statements on or prior to the last day of February of each
year commencing on February 28, 2005. Such financial statements shall include a
balance sheet, income statement, statement of retained earnings, statement of
additional paid-in capital, statement of changes in financial position and all
related notes and schedules and shall be in comparative form, certified by a
nationally recognized firm of Independent Accountants to the effect that such
statements were examined and prepared in accordance with generally accepted
accounting principles applied on a basis consistent with that of the preceding
year.

         Section 9.04.  Power to Act; Procedures.
                        ------------------------

         (a) The Master Servicer shall master service the Mortgage Loans and
shall have full power and authority, subject to the REMIC Provisions and the
provisions of Article X hereof, and each Servicer shall have full power and
authority (to the extent provided in the applicable Servicing Agreement) to do
any and all things that it may deem necessary or desirable in connection with
the servicing and administration of the Mortgage Loans, including but not
limited to the power and authority (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages, (iii) to
collect any Insurance Proceeds and Liquidation Proceeds and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan, in each case, in accordance with the provisions of
this Agreement and the applicable Servicing Agreement, as applicable; provided
that the Master Servicer shall not take, or knowingly permit any Servicer to
take, any action that is inconsistent with or prejudices the interests of the
Trust Fund or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor, the Trustee and the Certificateholders under this
Agreement. The Master 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 any Servicer, when the Master Servicer or a Servicer, as the case
may be, believes it is appropriate in its best judgment to register any Mortgage
Loan with MERS, 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. The Master Servicer shall represent and protect the
interests of the Trust Fund in the same manner as it protects its own interests
in mortgage loans in its own portfolio in any claim, proceeding or litigation
regarding a Mortgage Loan and shall not make or knowingly permit any Servicer to
make any modification, waiver or amendment of any term of any Mortgage Loan that
would cause any REMIC included in the Trust Fund to fail to qualify as a REMIC
or result in the imposition of any tax under Section 860F(a) or Section 860G(d)
of the Code. Without limiting the generality of the foregoing, the Master
Servicer in its own name or in the name of a Servicer, and each

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Servicer, to the extent such authority is delegated to such Servicer by the
Master Servicer under the applicable Servicing Agreement, is hereby authorized
and empowered by the Trustee when the Master Servicer or a Servicer, as the case
may be, believes it appropriate in its best judgment and in accordance with
Accepted Servicing Practices and the applicable Servicing Agreement, to execute
and deliver, on behalf of itself and the Certificateholders, 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 with respect to the Mortgaged Properties. The Trustee
shall furnish the Master Servicer or the Servicer, upon request, with any powers
of attorney prepared by the Master Servicer or such Servicer empowering the
Master Servicer or such Servicer to execute and deliver instruments of
satisfaction or cancellation, or of partial or full release or discharge, and to
foreclose upon or otherwise liquidate Mortgaged Property, and to appeal,
prosecute or defend in any court action relating to the Mortgage Loans or the
Mortgaged Property, in accordance with the applicable Servicing Agreement and
this Agreement, and the Trustee shall execute and deliver such other documents,
as the Master Servicer may request, necessary or appropriate to enable the
Master Servicer to master service the Mortgage Loans and carry out its duties
hereunder, and to allow each Servicer to service the Mortgage Loans, in each
case in accordance with Accepted Servicing Practices (and the Trustee shall have
no liability for misuse of any such powers of attorney by the Master Servicer or
the applicable Servicer). If the Master Servicer or the Trustee has been advised
that it is likely that the laws of the state in which action is to be taken
prohibit such action if taken in the name of the Trustee or that the Trustee
would be adversely affected under the "doing business" or tax laws of such state
if such action is taken in its name, then upon request of the Trustee, the
Master Servicer shall join with the Trustee in the appointment of a co-trustee
pursuant to Section 6.09 hereof. In the performance of its duties hereunder, the
Master Servicer shall be an independent contractor and shall not, except in
those instances where it is taking action in the name of the Trustee, be deemed
to be the agent of the Trustee.

         (b) In master servicing and administering the Mortgage Loans, the
Master Servicer shall employ procedures and exercise the same care that it
customarily employs and exercises in master servicing and administering loans
for its own account, giving due consideration to Accepted Servicing Practices
where such practices do not conflict with this Agreement. Consistent with the
foregoing, the Master Servicer may, and may permit any Servicer to, in its
discretion (i) waive any late payment charge or any prepayment charge or penalty
interest in connection with the prepayment of a Mortgage Loan and (ii) extend
the due dates for payments due on a Mortgage Note for a period not greater than
120 days; provided, however, that the maturity of any Mortgage Loan shall not be
extended past the date on which the final payment is due on the latest maturing
Mortgage Loan as of the Cut-off Date. In the event of any extension described in
clause (ii) above, the Master Servicer shall make or cause to be made Advances
on the related Mortgage Loan in accordance with the provisions of Section 5.04
on the basis of the amortization schedule of such Mortgage Loan without
modification thereof by reason of such extension. Notwithstanding anything to
the contrary in this Agreement, the Master Servicer shall not make or knowingly
permit any modification, waiver or amendment of any material term of any
Mortgage Loan unless: (1) such Mortgage Loan is in default or default by the
related Mortgagor is, in the reasonable judgment of the Master Servicer or the
applicable Servicer, reasonably foreseeable, (2) in the case of a waiver of a
Prepayment Premium (a) if such Mortgage Loan is in default or default by the
related Mortgagor is reasonably foreseeable, and such waiver would maximize
recovery of total proceeds taking into account the value of such

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Prepayment Premium and the related Mortgage Loan or (b) if the prepayment is not
the result of a refinance by the Servicer or any of its affiliates and (i) such
Mortgage Loan is in default or default by the related Mortgagor is, in the
reasonable judgment of the Master Servicer or the applicable Servicer,
reasonably foreseeable, and such waiver would maximize recovery of total
proceeds taking into account the value of such Prepayment Premium and the
related Mortgage Loan or (ii) the collection of the Prepayment Premium would be
in violation of applicable laws or (iii) the collection of such Prepayment
Premium would be considered "predatory" pursuant to written guidance published
or issued by any applicable federal, state or local regulatory authority acting
in its official capacity and having jurisdiction over such matters, and (3) the
Master Servicer shall have provided or caused to be provided to the Trustee an
Opinion of Counsel (which opinion shall, if provided by the Master Servicer, be
an expense reimbursed from the Collection Account pursuant to Section 4.02(v))
in writing to the effect that such modification, waiver or amendment would not
cause an Adverse REMIC Event; provided, in no event shall an Opinion of Counsel
be required for the waiver of a Prepayment Premium under clause (2) above.

         Section 9.05.  Servicing Agreements Between the Master Servicer and
                        ----------------------------------------------------
Servicers; Enforcement of Servicers' Obligations.
------------------------------------------------

         (a) Each Servicing Agreement requires the applicable Servicer to
service the Mortgage Loans in accordance with the provisions thereof. References
in this Agreement to actions taken or to be taken by the Master Servicer include
such actions taken or to be taken by a Servicer pursuant to a Servicing
Agreement. Any fees, costs and expenses and other amounts payable to such
Servicers shall be deducted from amounts remitted to the Master Servicer by the
applicable Servicer (to the extent permitted by the applicable Servicing
Agreement) and shall not be an obligation of the Trust, the Trustee or the
Master Servicer.

         (b) The Master Servicer shall not be required to (i) take any action
with respect to the servicing of any Mortgage Loan that the related Servicer is
not required to take under the related Servicing Agreement and (ii) cause a
Servicer to take any action or refrain from taking any action if the related
Servicing Agreement does not require the Servicer to take such action or refrain
from taking such action; in both cases notwithstanding any provision of this
Agreement that requires the Master Servicer to take such action or cause the
Servicer to take such action.

         (c) The Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall enforce the obligations of each Servicer under the
related Servicing Agreement, and shall use its reasonable best efforts to
enforce the obligations of each Servicer under the related Servicing Agreement
and shall, upon its obtaining actual knowledge of the failure of a Servicer to
perform its obligations in accordance with the related Servicing Agreement, to
the extent that the non-performance of any such obligations would have a
material adverse effect on a Mortgage Loan, the Trust Fund or
Certificateholders, terminate the rights and obligations of such Servicer
thereunder to the extent and in the manner permitted by the related Servicing
Agreement and either act as servicer of the related Mortgage Loans or enter into
a Servicing Agreement with a successor Servicer. Such enforcement, including,
without limitation, the legal prosecution of claims, termination of 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, and shall be

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<PAGE>

reimbursed therefor initially 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, (ii) from a specific
recovery of costs, expenses or attorneys' fees against the party against whom
such enforcement is directed, and then, to the extent that such amounts are
insufficient to reimburse the Master Servicer for the costs of such enforcement
or (iii) from the Collection Account.

         Section 9.06.  Collection of Taxes, Assessments and Similar Items.
                        --------------------------------------------------

         (a) To the extent provided in the applicable Servicing Agreement, the
Master Servicer shall cause each Servicer to establish and maintain one or more
custodial accounts at a depository institution (which may be a depository
institution with which the Master Servicer or any Servicer establishes accounts
in the ordinary course of its servicing activities), the accounts of which are
insured to the maximum extent permitted by the FDIC (each, an "Escrow Account")
and shall deposit therein any collections of amounts received with respect to
amounts due for taxes, assessments, water rates, Standard Hazard Insurance
Policy premiums or any comparable items for the account of the Mortgagors.
Withdrawals from any Escrow Account may be made (to the extent amounts have been
escrowed for such purpose) only in accordance with the applicable Servicing
Agreement. Each Servicer shall be entitled to all investment income not required
to be paid to Mortgagors on any Escrow Account maintained by such Servicer. The
Master Servicer shall make (or cause to be made) to the extent provided in the
applicable Servicing Agreement advances to the extent necessary in order to
effect timely payment of taxes, water rates, assessments, Standard Hazard
Insurance Policy premiums or comparable items in connection with the related
Mortgage Loan (to the extent that the Mortgagor is required, but fails, to pay
such items), provided that it has determined that the funds so advanced are
recoverable from escrow payments, reimbursement pursuant to Section 4.02(v) or
otherwise.

         (b) Costs incurred by the Master Servicer or by Servicers in effecting
the timely payment of taxes and assessments on the properties subject to the
Mortgage Loans may be added to the amount owing under the related Mortgage Note
where the terms of the Mortgage Note so permit; provided, however, that the
addition of any such cost shall not be taken into account for purposes of
calculating the distributions to be made to Certificateholders. Such costs, to
the extent that they are unanticipated, extraordinary costs, and not ordinary or
routine costs shall be recoverable by the Master Servicer pursuant to Section
4.02(v).

         Section 9.07.  Termination of Servicing Agreements; Successor
                        ----------------------------------------------
Servicers.
---------

         (a) The Master Servicer shall be entitled to terminate the rights and
obligations of any Servicer under the applicable Servicing Agreement in
accordance with the terms and conditions of such Servicing Agreement and without
any limitation by virtue of this Agreement; provided, however, that in the event
of termination of any Servicing Agreement by the Master Servicer or the related
Servicer, the Master Servicer shall either act as Servicer of the related
Mortgage Loans, or enter into a Servicing Agreement with a successor Servicer.

         (b) If the Master Servicer acts as Servicer, it will not assume
liability for the representations and warranties of the Servicer, if any, that
it replaces. The Master Servicer shall use reasonable efforts to have the
successor Servicer assume liability for the representations and

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<PAGE>

warranties made by the terminated Servicer in respect of the related Mortgage
Loans, and in the event of any such assumption by the successor Servicer, the
Trustee or the Master Servicer, as applicable, may, in the exercise of its
business judgment, release the terminated Servicer from liability for such
representations and warranties.

         Section 9.08.  Master Servicer Liable for Enforcement.
                        --------------------------------------

         Notwithstanding any Servicing Agreement, the Master Servicer shall
remain obligated and liable to the Trustee and the Certificateholders in
accordance with the provisions of this Agreement, to the extent of its
obligations hereunder, without diminution of such obligation or liability by
virtue of such Servicing Agreements or arrangements. The Master Servicer shall
use commercially reasonable efforts to ensure that the Mortgage Loans are
serviced in accordance with the provisions of this Agreement and shall use
commercially reasonable efforts to enforce the provisions of each Servicing
Agreement for the benefit of the Certificateholders. The Master Servicer shall
be entitled to enter into any agreement with the Servicers for indemnification
of the Master Servicer and nothing contained in this Agreement shall be deemed
to limit or modify such indemnification. Except as expressly set forth herein,
the Master Servicer shall have no liability for the acts or omissions of any
Servicer in the performance by such Servicer of its obligations under the
related Servicing Agreement.

         Section 9.09.  No Contractual Relationship Between Servicers and
                        -------------------------------------------------
Trustee or Depositor.
--------------------

         Any Servicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Servicer in
its capacity as such and not as an originator shall be deemed to be between such
Servicer, the Seller, the Master Servicer, the Trustee and the Depositor shall
not be deemed parties thereto and shall have no claims, rights, obligations,
duties or liabilities with respect to such Servicer except as set forth in
Section 9.10 hereof.

         Section 9.10.  Assumption of Servicing Agreement by Trustee.
                        --------------------------------------------

         (a) In the event the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of any Event of Default under this
Agreement), after a period not to exceed ninety days after the issuance of any
notice of termination pursuant to Section 6.14 or Section 9.28, as applicable,
the Trustee shall thereupon assume all of the rights and obligations of such
Master Servicer hereunder and under each Servicing Agreement entered into with
respect to the Mortgage Loans. The Trustee, its designee or any successor master
servicer appointed by the Trustee shall be deemed to have assumed all of the
Master Servicer's interest herein and therein to the same extent as if such
Servicing Agreement had been assigned to the assuming party, except that the
Master Servicer shall not thereby be relieved of any liability or obligations of
the Master Servicer under such Servicing Agreement accruing prior to its
replacement as Master Servicer, and shall be liable to the Trustee, and hereby
agrees to indemnify and hold harmless the Trustee from and against all costs,
damages, expenses and liabilities (including reasonable attorneys' fees)
incurred by the Trustee as a result of such liability or obligations of the
Master Servicer and in connection with the Trustee's assumption (but not its
performance, except to the extent that costs or liability of the Trustee are
created or increased as a result of negligent or wrongful acts or omissions of
the Master Servicer prior to its replacement as Master Servicer) of

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the Master Servicer's obligations, duties or responsibilities thereunder;
provided that the Master Servicer shall not indemnify or hold harmless the
Trustee against negligent or willful misconduct of the Trustee.

         (b) The Master Servicer that has been terminated shall, upon request of
the Trustee but at the expense of such Master Servicer or at the expense of the
Trust Fund, deliver to the assuming party all documents and records relating to
each Servicing Agreement and the related Mortgage Loans and an accounting of
amounts collected and held by it and otherwise use its best efforts to effect
the orderly and efficient transfer of each Servicing Agreement to the assuming
party.

         Section 9.11.  "Due-on-Sale" Clauses; Assumption Agreements.
                        --------------------------------------------

         (a) To the extent provided in the applicable Servicing Agreement, to
the extent Mortgage Loans contain enforceable due-on-sale clauses, and to the
extent that the Master Servicer has knowledge of the conveyance of a Mortgaged
Property, the Master Servicer shall use its reasonable best efforts to cause the
Servicers to enforce such clauses in accordance with the applicable Servicing
Agreement. If applicable law prohibits the enforcement of a due-on-sale clause
or such clause is otherwise not enforced in accordance with the applicable
Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the
original Mortgagor may be released from liability in accordance with the
applicable Servicing Agreement.

         (b) The Master Servicer or the related Servicer, as the case may be,
shall be entitled to approve a request from a Mortgagor for the granting of an
easement thereon in favor of another Person or any alteration or demolition of
the related Mortgaged Property if it has determined, exercising its good faith
business judgment in the same manner as it would if it were the owner of the
related Mortgage Loan, that the security for, and the timely and full
collectability of, such Mortgage Loan would not be materially adversely affected
thereby. Any fee collected by the Master Servicer or the related Servicer for
processing such a request will be retained by the Master Servicer or such
Servicer as additional servicing compensation.

         Section 9.12.  Release of Mortgage Files.
                        -------------------------

         (a) Upon (i) becoming aware of the payment in full of any Mortgage
Loan, (ii) the receipt by the Master Servicer of a notification that payment in
full has been or will be escrowed in a manner customary for such purposes or
(iii) in the case of a Mortgage Loan as to which the related Mortgaged Property
is located in California, receipt by the Master Servicer of notification from
the Servicer that the Servicer reasonably expects that payment in full will be
received promptly, the Master Servicer will, or will cause the applicable
Servicer to, promptly notify the Trustee and the applicable Custodian 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 that are
required to be deposited in the Collection Account maintained by the Master
Servicer pursuant to Section 4.01 have been or will be so deposited) of a
Servicing Officer and shall request the applicable Custodian, to deliver to the
applicable Servicer the related Mortgage File. In lieu of sending a hard copy
certification of a Servicing Officer, the Master Servicer may, or may cause the
Servicer to, deliver the request for release in a mutually agreeable electronic
format. To the extent that such a request, on its face, originates from a
Servicing Officer, no signature shall be required. Upon receipt of such
certification and request, the Trustee or the

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<PAGE>

applicable Custodian, shall promptly release the related Mortgage File to the
applicable Servicer and neither the Trustee nor the Custodian shall have any
further responsibility with regard to such Mortgage File. The Master Servicer is
authorized, and each Servicer, to the extent such authority is delegated to such
Servicer by the Master Servicer under the applicable Servicing Agreement, is
authorized, to give, as agent for the Trustee, as the mortgagee under the
Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
assignment of mortgage without recourse) regarding the Mortgaged Property
subject to the Mortgage, which instrument of satisfaction or assignment, as the
case may be, shall be delivered to the Person or Persons entitled thereto
against receipt therefor of such payment, it being understood and agreed that no
expenses incurred in connection with such instrument of satisfaction or
assignment, as the case may be, shall be chargeable to the Collection Account.

         (b) From time to time and as appropriate for the servicing or
foreclosure of, or other legal proceedings relating to, any Mortgage Loan and in
accordance with Accepted Servicing Practices and the applicable Servicing
Agreement, the Trustee shall execute such pleadings, request for trustee's sale
or other documents as shall be prepared and furnished to the Trustee by the
Master Servicer, or by a Servicer (in form reasonably acceptable to the Trustee)
and as are necessary to the prosecution of any such proceedings. The Trustee or
the Custodian, shall, upon request of the Master Servicer, or of a Servicer, and
delivery to the Trustee or the applicable Custodian, of a trust receipt signed
by a Servicing Officer substantially in the form annexed hereto as Exhibit C or
in the form annexed to the applicable Custodial Agreement as Exhibit C, release
the related Mortgage File held in its possession or control to the Master
Servicer (or the applicable Servicer). Such trust receipt shall obligate the
Master Servicer or applicable Servicer to return the Mortgage File to the
Trustee or Custodian, as applicable, when the need therefor by the Master
Servicer or applicable Servicer no longer exists unless (i) the Mortgage Loan
shall be liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to that herein above specified, the trust receipt shall be
released by the Trustee or the Custodian, as applicable, to the Master Servicer
(or the applicable Servicer) or (ii) the Mortgage File has been delivered
directly or through a Servicer 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 directly or
through a Servicer 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.

         Section 9.13.  Documents, Records and Funds in Possession of Master
                        ----------------------------------------------------
Servicer To Be Held for Trustee.
-------------------------------

         (a) The Master Servicer shall transmit, or cause the applicable
Servicer to transmit, to the Trustee such documents and instruments coming into
the possession of the Master Servicer or such Servicer from time to time as are
required by the terms hereof to be delivered to the Trustee. Any funds received
by the Master Servicer or by a Servicer in respect of any Mortgage Loan or which
otherwise are collected by the Master Servicer or by a Servicer as Liquidation
Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall be held for
the benefit of the Trustee and the Certificateholders subject to the Master
Servicer's right to retain or withdraw from the Collection Account the Master
Servicing Fee and other amounts provided in this Agreement, and to the right of
each Servicer to retain its Servicing Fee and other amounts as

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<PAGE>

provided in the applicable Servicing Agreement. The Master Servicer shall, and
shall (to the extent provided in the applicable Servicing Agreement) cause each
Servicer to, provide access to information and documentation regarding the
Mortgage Loans to the Trustee, its agents and accountants at any time upon
reasonable request and during normal business hours, and to Certificateholders
that are savings and loan associations, banks or insurance companies, the Office
of Thrift Supervision, the FDIC and the supervisory agents and examiners of such
Office and Corporation or examiners of any other federal or state banking or
insurance regulatory authority if so required by applicable regulations of the
Office of Thrift Supervision or other regulatory authority, such access to be
afforded without charge but only upon reasonable request in writing and during
normal business hours at the offices of the Master Servicer designated by it. In
fulfilling such a request the Master Servicer shall not be responsible for
determining the sufficiency of such information.

         (b) All Mortgage Files and funds collected or held by, or under the
control of, the Master Servicer, or each Servicer, in respect of any Mortgage
Loans, whether from the collection of principal and interest payments or from
Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
Servicer, or by such Servicer, for and on behalf of the Trustee and the
Certificateholders and shall be and remain the sole and exclusive property of
the Trustee; provided, however, that the Master Servicer and each Servicer shall
be entitled to setoff against, and deduct from, any such funds any amounts that
are properly due and payable to the Master Servicer or such Servicer under this
Agreement or the applicable Servicing Agreement and shall be authorized to remit
such funds to the Trustee in accordance with this Agreement.

         (c) The Master Servicer hereby acknowledges that concurrently with the
execution of this Agreement, the Trustee shall own or, to the extent that a
court of competent jurisdiction shall deem the conveyance of the Mortgage Loans
from the Seller to the Depositor not to constitute a sale, the Trustee shall
have a security interest in the Mortgage Loans and in all Mortgage Files
representing such Mortgage Loans and in all funds now or hereafter held by, or
under the control of, a Servicer or the Master Servicer that are collected by
such Servicer or the Master Servicer in connection with the Mortgage Loans,
whether as scheduled installments of principal and interest or as full or
partial prepayments of principal or interest or as Liquidation Proceeds or
Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
proceeds of proceeds (but excluding any fee or other amounts to which such
Servicer is entitled under the applicable Servicing Agreement, or the Master
Servicer or the Depositor is entitled to hereunder); and the Master Servicer
agrees that so long as the Mortgage Loans are assigned to and held by the
Trustee, all documents or instruments constituting part of the Mortgage Files,
and such funds relating to the Mortgage Loans which come into the possession or
custody of, or which are subject to the control of, the Master Servicer or any
Servicer shall be held by the Master Servicer or such Servicer for and on behalf
of the Trustee as the Trustee's agent and bailee for purposes of perfecting the
Trustee's security interest therein as provided by the applicable Uniform
Commercial Code or other laws.

         (d) The Master Servicer agrees that it shall not, and shall not
authorize any Servicer to, create, incur or subject any Mortgage Loans, or any
funds that are deposited in any custodial account, Escrow Account or the
Collection Account, or any funds that otherwise are or may become due or payable
to the Trustee, to any claim, lien, security interest, judgment, levy, writ of
attachment or other encumbrance, nor assert by legal action or otherwise any
claim or right of

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<PAGE>

setoff against any Mortgage Loan or any funds collected on, or in connection
with, a Mortgage Loan.

         Section 9.14.  Representations and Warranties of the Master Servicer.
                        -----------------------------------------------------

         (a) The Master Servicer hereby represents and warrants to the
Depositor, the Trustee, for the benefit of the Certificateholders, as of the
Closing Date that:

                  (i)      it is validly existing and in good standing under the
         jurisdiction of its formation, and as Master Servicer has full power
         and authority to transact any and all business contemplated by this
         Agreement and to execute, deliver and comply with its obligations under
         the terms of this Agreement, the execution, delivery and performance of
         which have been duly authorized by all necessary corporate action on
         the part of the Master Servicer;

                  (ii)     the execution and delivery of this Agreement by the
         Master Servicer and its performance and compliance with the terms of
         this Agreement will not (A) violate the Master Servicer's charter or
         bylaws, (B) violate any law or regulation or any administrative decree
         or order to which it is subject or (C) 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 contract,
         agreement or other instrument to which the Master Servicer is a party
         or by which it is bound or to which any of its assets are subject,
         which violation, default or breach would materially and adversely
         affect the Master Servicer's ability to perform its obligations under
         this Agreement;

                  (iii)    this Agreement constitutes, assuming due
         authorization, execution and delivery hereof by the other respective
         parties hereto, a legal, valid and binding obligation of the Master
         Servicer, enforceable against it in accordance with the terms hereof,
         except as such enforcement may be limited by bankruptcy, insolvency,
         reorganization, moratorium and other laws affecting the enforcement of
         creditors' rights in general, and by general equity principles
         (regardless of whether such enforcement is considered in a proceeding
         in equity or at law);

                  (iv)     the Master Servicer is not in default with respect to
         any order or decree of any court or any order or regulation of any
         federal, state, municipal or governmental agency to the extent that any
         such default would materially and adversely affect its performance
         hereunder;

                  (v)      the Master Servicer is not a party to or bound by any
         agreement or instrument or subject to any charter provision, bylaw or
         any other corporate restriction or any judgment, order, writ,
         injunction, decree, law or regulation that may materially and adversely
         affect its ability as Master Servicer to perform its obligations under
         this Agreement or that requires the consent of any third person to the
         execution of this Agreement or the performance by the Master Servicer
         of its obligations under this Agreement;

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<PAGE>

                  (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;

                  (vii)    the Master Servicer, or an affiliate thereof the
         primary business of which is the servicing of conventional residential
         mortgage loans, is an FNMA- and FHLMC- approved seller/servicer;

                  (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 Master Servicer of or compliance by the
         Master Servicer with this Agreement or the consummation of the
         transactions contemplated by this Agreement, except for such consents,
         approvals, authorizations and orders (if any) as have been obtained;

                  (ix)     the consummation of the transactions contemplated by
         this Agreement are in the ordinary course of business of the Master
         Servicer; and

                  (x)      the Master Servicer has obtained an Errors and
         Omissions Insurance Policy and a Fidelity Bond in accordance with
         Section 9.02, each of which is in full force and effect, and each of
         which provides at least such coverage as is required hereunder.

         (b) It is understood and agreed that the representations and warranties
set forth in this Section 9.14 shall survive the execution and delivery of this
Agreement. The Master Servicer shall indemnify the Depositor and the Trustee and
hold them harmless against any loss, damages, penalties, fines, forfeitures,
legal fees and related costs, judgments, and other costs and expenses resulting
from any claim, demand, defense or assertion based on or grounded upon, or
resulting from, a breach of the Master Servicer's representations and warranties
contained in Section 9.14(a). Notwithstanding anything in this Agreement to the
contrary, the Master Servicer shall not be liable for special, indirect or
consequential losses or damages of any kind whatsoever (including, but not
limited to, lost profits). It is understood and agreed that the enforcement of
the obligation of the Master Servicer set forth in this Section to indemnify the
Depositor and the Trustee as provided in this Section constitutes the sole
remedy (other than as set forth in Section 6.14) of the Depositor and the
Trustee, respecting a breach of the foregoing representations and warranties.
Such indemnification shall survive any termination of the Master Servicer as
Master Servicer hereunder, and any termination of this Agreement.

         Any cause of action against the Master Servicer relating to or arising
out of the breach of any representations and warranties made in this Section
shall accrue upon discovery of such breach by either the Depositor, the Master
Servicer or the Trustee or notice thereof by any one of such parties to the
other parties.

         (c) It is understood and agreed that the representations and warranties
of the Depositor set forth in Sections 2.03(a)(i) through (vi) shall survive the
execution and delivery of this Agreement. The Depositor shall indemnify the
Master Servicer and hold it harmless against any loss, damages, penalties,
fines, forfeitures, legal fees and related costs, judgments, and other costs and
expenses resulting from any claim, demand, defense or assertion based on or
grounded upon, or resulting from, a breach of the Depositor's representations
and warranties contained in

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<PAGE>

Sections 2.03(a)(i) through (vi). It is understood and agreed that the
enforcement of the obligation of the Depositor set forth in this Section to
indemnify the Master Servicer as provided in this Section constitutes the sole
remedy of the Master Servicer respecting a breach by the Depositor of the
representations and warranties in Sections 2.03(a)(i) through (vi).

         Any cause of action against the Depositor relating to or arising out of
the breach of the representations and warranties made in Sections 2.03(a)(i)
through (vi) shall accrue upon discovery of such breach by either the Depositor
or the Master Servicer or notice thereof by any one of such parties to the other
parties.

         Section 9.15.  Closing Certificate and Opinion.
                        -------------------------------

         On or before the Closing Date, the Master Servicer shall cause to be
delivered to the Depositor and Lehman Brothers Inc. an Opinion of Counsel, dated
the Closing Date, in form and substance reasonably satisfactory to the Depositor
and Lehman Brothers Inc., as to the due authorization, execution and delivery of
this Agreement by the Master Servicer and the enforceability thereof.

         Section 9.16.  Standard Hazard and Flood Insurance Policies.
                        --------------------------------------------

         For each Mortgage Loan (other than a Cooperative Loan), the Master
Servicer shall maintain, or cause to be maintained by each Servicer, standard
fire and casualty insurance and, where applicable, flood insurance, all in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. It is understood and agreed that such insurance shall
be with insurers meeting the eligibility requirements set forth in the
applicable Servicing Agreement and that no earthquake or other additional
insurance is to be required of any Mortgagor or to be maintained on property
acquired in respect of a defaulted 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.

         Pursuant to Section 4.01, any amounts collected by the Master Servicer,
or by any Servicer, under any insurance policies maintained pursuant to this
Section 9.16 (other than amounts to be applied to the restoration or repair of
the property subject to the related Mortgage or released to the Mortgagor in
accordance with the Master Servicer's or the Servicer's normal servicing
procedures and Accepted Servicing Practices) shall be deposited into the
Collection Account, subject to withdrawal pursuant to Section 4.02. Any cost
incurred by the Master Servicer or any Servicer in maintaining any such
insurance if the Mortgagor defaults in its obligation to do so shall be added to
the amount owing under the Mortgage Loan where the terms of the Mortgage Loan so
permit; provided, however, that the addition of any such cost shall not be taken
into account for purposes of calculating the distributions to be made to
Certificateholders and shall be recoverable by the Master Servicer or such
Servicer pursuant to Section 4.02(v).

         Section 9.17.  Presentment of Claims and Collection of Proceeds.
                        ------------------------------------------------

         The Master Servicer shall, or shall cause each Servicer (to the extent
provided in the applicable Servicing Agreement) to, prepare and present on
behalf of the Trustee and the Certificateholders all claims under the Insurance
Policies with respect to the Mortgage Loans,

                                       102
<PAGE>

and take such actions (including the negotiation, settlement, compromise or
enforcement of the insured's claim) as shall be necessary to realize recovery
under such policies. Any proceeds disbursed to the Master Servicer (or disbursed
to a Servicer and remitted to the Master Servicer) in respect of such policies
or bonds shall be promptly deposited in the Collection Account upon receipt,
except that any amounts realized that are to be applied to the repair or
restoration of the related Mortgaged Property or release to the Mortgagor in
accordance with the Master Servicer's or the Servicer's normal servicing
procedures need not be so deposited (or remitted).

         Section 9.18.  Maintenance of the Primary Mortgage Insurance Policies.
                        ------------------------------------------------------

         (a) The Master Servicer shall not take, or knowingly permit any
Servicer (consistent with the applicable Servicing Agreement) to take, any
action that would result in non-coverage under any applicable Primary Mortgage
Insurance Policy of any loss which, but for the actions of such Master Servicer
or Servicer, would have been covered thereunder. To the extent that coverage is
available, the Master Servicer shall use its best reasonable efforts to keep in
force and effect, or to cause each Servicer to keep in force and effect (to the
extent that the Mortgage Loan requires the Mortgagor to maintain such
insurance), primary mortgage insurance applicable to each Mortgage Loan in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. The Master Servicer shall not, and shall not permit
any Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
Policy that is in effect at the date of the initial issuance of the Certificates
and is required to be kept in force hereunder except as required by a applicable
law or in accordance with the provisions of this Agreement and the related
Servicing Agreement, as applicable.

         (b) The Master Servicer agrees to present, or to cause each Servicer to
present, on behalf of the Trustee and the Certificateholders, claims to the
insurer under any Primary Mortgage Insurance Policies and, in this regard, to
take such reasonable action as shall be necessary to permit recovery under any
Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
Pursuant to Section 4.01, any amounts collected by the Master Servicer or any
Servicer under any Primary Mortgage Insurance Policies shall be deposited in the
Collection Account, subject to withdrawal pursuant to Section 4.02.

         Section 9.19.  Trustee To Retain Possession of Certain Insurance
                        -------------------------------------------------
Policies and Documents.
----------------------

         The Trustee (or its custodian, if any, as directed by the Trustee),
shall retain possession and custody of the originals of the Primary Mortgage
Insurance Policies or certificate of insurance if applicable and any
certificates of renewal as to the foregoing as may be issued from time to time
as contemplated by this Agreement. Until all amounts distributable in respect of
the Certificates have been distributed in full and the Master Servicer otherwise
has fulfilled its obligations under this Agreement, the Trustee (or its
custodian, if any, as directed by the Trustee) shall also retain possession and
custody of each Mortgage File in accordance with and subject to the terms and
conditions of this Agreement. The Master Servicer shall promptly deliver or
cause to be delivered to the Trustee (or its custodian, if any, as directed by
the Trustee), upon the execution or receipt thereof the originals of the Primary
Mortgage Insurance Policies and any certificates of renewal thereof, and such
other documents or instruments that constitute portions of the Mortgage File
that come into the possession of the Master Servicer from time to time.

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<PAGE>

         Section 9.20.  Realization Upon Defaulted Mortgage Loans.
                        -----------------------------------------

         The Master Servicer shall use its reasonable best efforts to, or to
cause each Servicer to, foreclose upon, repossess or otherwise comparably
convert the ownership of Mortgaged 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, all in
accordance with the applicable Servicing Agreement. Alternatively, the Master
Servicer may take, or authorize any Servicer to take, other actions in respect
of a defaulted Mortgage Loan, which may include (i) accepting a short sale (a
payoff of the Mortgage Loan for an amount less than the total amount
contractually owed in order to facilitate a sale of the Mortgaged Property by
the Mortgagor) or permitting a short refinancing (a payoff of the Mortgage Loan
for an amount less than the total amount contractually owed in order to
facilitate refinancing transactions by the Mortgagor not involving a sale of the
Mortgaged Property), (ii) arranging for a repayment plan or (iii) agreeing to a
modification in accordance with Section 9.04. In connection with such
foreclosure or other conversion or action, the Master Servicer shall, consistent
with Section 9.18, follow such practices and procedures as it shall reasonably
determine to be in the best interests of the Trust Fund and the
Certificateholders and which shall be consistent with its customary practices in
performing its general mortgage servicing activities; provided that the Master
Servicer shall not be liable in any respect hereunder if the Master Servicer is
acting in connection with any such foreclosure or other conversion or action in
a manner that is consistent with the provisions of this Agreement. Neither the
Master Servicer, nor any Servicer, shall be required to expend its own funds or
incur other reimbursable charges in connection with any foreclosure, or
attempted foreclosure which is not completed, or toward the correction of any
default on a related senior mortgage loan, or towards the restoration of any
property unless it shall determine (i) that such restoration and/or foreclosure
will increase the proceeds of liquidation of the Mortgage Loan to the
Certificateholders after reimbursement to itself for such expenses or charges
and (ii) that such expenses and charges will be recoverable to it through
Liquidation Proceeds or Insurance Proceeds (as provided in Section 4.02).

         Section 9.21.  Compensation to the Master Servicer.
                        -----------------------------------

         The Master Servicer shall (i) be entitled, at its election, either (a)
to pay itself the Master Servicing Fee, in respect of the Mortgage Loans out of
any Mortgagor payment on account of interest prior to the deposit of such
payment in the Collection Account it maintains or (b) to withdraw from the
Collection Account, the Master Servicing Fee to the extent permitted by Section
4.02(iv). The Master Servicer shall also be entitled, at its election, either
(a) to pay itself the Master Servicing Fee in respect of each delinquent
Mortgage Loan master serviced by it out of Liquidation Proceeds in respect of
such Mortgage Loan or other recoveries with respect thereto to the extent
permitted in Section 4.02 or (b) to withdraw from the Collection Account it
maintains the Master Servicing Fee in respect of each Liquidated Mortgage Loan
to the extent of such Liquidation Proceeds or other recoveries, to the extent
permitted by Section 4.02. Servicing compensation in the form of assumption
fees, if any, late payment charges, as collected, if any, or otherwise shall be
retained by the Master Servicer (or the applicable Servicer) and shall not be
deposited in the Collection Account. If the Master Servicer does not retain or
withdraw the Master Servicing Fee from the Collection Account as provided
herein, the Master Servicer shall be entitled to direct the Trustee to pay the
Master Servicing Fee to such Master Servicer by withdrawal from the Certificate
Account to the extent that payments have been received with

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<PAGE>

respect to the applicable Mortgage Loan. The Master Servicer shall be required
to pay all expenses incurred by it in connection with its activities hereunder
and shall not be entitled to reimbursement therefor except as provided in this
Agreement. Pursuant to Section 4.01(e), all income and gain realized from any
investment of funds in the Collection Account shall be for the benefit of the
Master Servicer as additional compensation. The provisions of this Section 9.21
are subject to the provisions of Section 6.14(b).

         Section 9.22.  REO Property.
                        ------------

         (a) In the event the Trust Fund acquires ownership of any REO Property
in respect of any Mortgage Loan, the deed or certificate of sale shall be issued
to the Trustee, or to its nominee, on behalf of the Certificateholders. The
Master Servicer shall use its reasonable best efforts to sell, or, to the extent
provided in the applicable Servicing Agreement, cause the applicable Servicer to
sell, any REO Property as expeditiously as possible and in accordance with the
provisions of this Agreement and the related Servicing Agreement, as applicable,
but in all events within the time period, and subject to the conditions set
forth in Article X hereof. Pursuant to its efforts to sell such REO Property,
the Master Servicer shall protect and conserve, or cause the applicable Servicer
to protect and conserve, such REO Property in the manner and to such extent
required by the applicable Servicing Agreement, subject to Article X hereof.

         (b) The Master Servicer shall deposit or cause to be deposited all
funds collected and received by it, or recovered from any Servicer, in
connection with the operation of any REO Property in the Collection Account.

         (c) The Master Servicer and the applicable Servicer, upon the final
disposition of any REO Property, shall be entitled to reimbursement for any
related unreimbursed Advances as well as any unpaid Master Servicing Fees or
Servicing Fees from Liquidation Proceeds received in connection with the final
disposition of such REO Property; provided, that (without limitation of any
other right of reimbursement that the Master Servicer or any Servicer shall have
hereunder) any such unreimbursed Advances as well as any unpaid Master Servicing
Fees or Servicing Fees may be reimbursed or paid, as the case may be, prior to
final disposition, out of any net rental income or other net amounts derived
from such REO Property.

         (d) The Liquidation Proceeds from the final disposition of the REO
Property, net of any payment to the Master Servicer and the applicable Servicer
as provided above, shall be deposited in the Collection Account on or prior to
the Determination Date in the month following receipt thereof (and the Master
Servicer shall provide prompt written notice to the Trustee upon such deposit)
and be remitted by wire transfer in immediately available funds to the Trustee
for deposit into the Certificate Account on the next succeeding Deposit Date.

         Section 9.23.  [Reserved].
                        ----------

         Section 9.24.  Reports to the Trustee.
                        ----------------------

         (a) Not later than 30 days after each Distribution Date, the Master
Servicer shall forward to the Trustee a statement, deemed to have been certified
by a Servicing Officer, setting forth the status of the Collection Account
maintained by the Master Servicer as of the close of business on the related
Distribution Date, indicating that all distributions required by this Agreement
to be

                                       105
<PAGE>

made by the Master Servicer have been made (or if any required distribution has
not been made by the Master Servicer, specifying the nature and status thereof)
and showing, for the period covered by such statement, the aggregate of deposits
into and withdrawals from the Collection Account maintained by the Master
Servicer. Copies of such statement shall be provided by the Master Servicer to
the Depositor, Attention: Contract Finance, and, upon request, any
Certificateholders (or by the Trustee at the Master Servicer's expense if the
Master Servicer shall fail to provide such copies (unless (i) the Master
Servicer shall have failed to provide the Trustee with such statement or (ii)
the Trustee shall be unaware of the Master Servicer's failure to provide such
statement)).

         (b) Not later than two Business Days following each Distribution Date,
the Master Servicer shall deliver to the Person designated by the Depositor, in
a format consistent with other electronic loan level reporting supplied by the
Master Servicer in connection with similar transactions, "loan level"
information with respect to the Mortgage Loans as of the related Determination
Date, to the extent that such information has been provided to the Master
Servicer by the Servicers or by the Depositor.

         (c) All information, reports and statements prepared by the Master
Servicer under this Agreement shall be based on information supplied to the
Master Servicer by the Servicers without independent verification thereof and
the Master Servicer shall be entitled to rely on such information.

         Section 9.25.  Annual Officer's Certificate as to Compliance.
                        ---------------------------------------------

         (a) The Master Servicer shall deliver to the Trustee and the Rating
Agencies on or before five Business Days after March 15 of each year, commencing
in March 2005, an Officer's Certificate, certifying that with respect to the
period ending on the immediately preceding December 31; (i) such Servicing
Officer has reviewed the activities of such Master Servicer during the preceding
calendar year or portion thereof and its performance under this Agreement; (ii)
to the best of such Servicing Officer's knowledge, based on such review, such
Master Servicer has performed and fulfilled its duties, responsibilities and
obligations under this Agreement in all material respects throughout such year,
or, if there has been a default in the fulfillment of any such duties,
responsibilities or obligations, specifying each such default known to such
Servicing Officer and the nature and status thereof, (iii) nothing has come to
the attention of such Servicing Officer to lead such Servicing Officer to
believe that any Servicer has failed to perform any of its duties,
responsibilities and obligations under its Servicing Agreement in all material
respects throughout such year, or, if there has been a material default in the
performance or fulfillment of any such duties, responsibilities or obligations,
specifying each such default known to such Servicing Officer and the nature and
status thereof, and (iv) the Master Servicer has received from each Servicer
such Servicer's annual certificate of compliance and a copy of such Servicer's
annual audit report, in each case to the extent required under the applicable
Servicing Agreement, or, if any such certificate or report has not been received
by the Master Servicer, the Master Servicer is using its best reasonable efforts
to obtain such certificate or report.

         (b) Copies of such statements shall be provided to any
Certificateholder upon request, by the Master Servicer or by the Trustee at the
Master Servicer's expense if the Master Servicer

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<PAGE>

failed to provide such copies (unless (i) the Master Servicer shall have failed
to provide the Trustee with such statement or (ii) the Trustee shall be unaware
of the Master Servicer's failure to provide such statement).

         Section 9.26.  Annual Independent Accountants' Servicing Report.
                        ------------------------------------------------

         If the Master Servicer has, during the course of any fiscal year,
directly serviced any of the Mortgage Loans, then the Master Servicer at its
expense shall cause a nationally recognized firm of independent certified public
accountants to furnish a statement to the Trustee, the Rating Agencies and the
Depositor on or before the last day of February of each year, commencing on
February 28, 2005, to the effect that, with respect to the most recently ended
fiscal year, such firm has examined certain records and documents relating to
the Master Servicer's performance of its servicing obligations under this
Agreement and pooling and servicing and trust agreements in material respects
similar to this Agreement and to each other and that, on the basis of such
examination conducted substantially in compliance with the audit program for
mortgages serviced for FHLMC or the Uniform Single Attestation Program for
Mortgage Bankers, such firm is of the opinion that the Master Servicer's
activities have been conducted in compliance with this Agreement, or that such
examination has disclosed no material items of noncompliance except for (i) such
exceptions as such firm believes to be immaterial, (ii) such other exceptions as
are set forth in such statement and (iii) such exceptions that the Uniform
Single Attestation Program for Mortgage Bankers or the Audit Program for
Mortgages Serviced by FHLMC requires it to report. Copies of such statements
shall be provided to any Certificateholder upon request by the Master Servicer,
or by the Trustee at the expense of the Master Servicer if the Master Servicer
shall fail to provide such copies. If such report discloses exceptions that are
material, the Master Servicer shall advise the Trustee whether such exceptions
have been or are susceptible of cure, and will take prompt action to do so.

         To the extent that the Master Servicer receives an Annual Independent
Accountants' Servicing Report from any Servicer, the Master Servicer shall
forward a copy of such report to the Trustee. If the report is not received from
the Servicer, the Trustee may request that the Master Servicer contact the
applicable Servicer to obtain such report. The Master Servicer will not be
liable for the failure of a Servicer to provide such report.

         Section 9.27.  Merger or Consolidation.
                        -----------------------

         Any Person into which the Master Servicer may be merged or
consolidated, or any Person resulting from any merger, conversion, other change
in form or consolidation to which the Master Servicer shall be a party, or any
Person succeeding to the business of the Master Servicer, shall be the successor
to the Master Servicer 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 resulting
Person to the Master Servicer shall be a Person that shall be qualified and
approved to service mortgage loans for FNMA or FHLMC and shall have a net worth
of not less than $15,000,000.

         Section 9.28.  Resignation of Master Servicer.
                        ------------------------------

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<PAGE>

         Except as otherwise provided in Sections 9.27 and 9.29 hereof, the
Master Servicer shall not resign from the obligations and duties hereby imposed
on it unless it or the Trustee determines that the Master Servicer's 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
and cannot be cured. Any such determination permitting the resignation of the
Master Servicer shall be evidenced by an Opinion of Counsel that shall be
Independent to such effect delivered to the Trustee. In the event such
determination of ineligibility of the Master Servicer to continue in the
capacity of master servicer is made by the Master Servicer, no such resignation
shall become effective until a period of time not to exceed ninety days after
the Trustee receives written notice thereof from the Master Servicer and until
the Trustee shall have assumed, or a successor master servicer shall have been
appointed by the Trustee and until such successor shall have assumed, the Master
Servicer's responsibilities and obligations under this Agreement. Notice of such
resignation shall be given promptly by the Master Servicer to the Depositor.

         Section 9.29.  Assignment or Delegation of Duties by the Master
                        ------------------------------------------------
Servicer.
--------

         Except as expressly provided herein, the Master 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 Master Servicer hereunder; provided, however, that the Master
Servicer shall have the right without the prior written consent of the Trustee,
the Depositor or the Rating Agencies to delegate or assign to or subcontract
with or authorize or appoint an Affiliate of the Master Servicer to perform and
carry out any duties, covenants or obligations to be performed and carried out
by the Master Servicer hereunder. In no case, however, shall any such
delegation, subcontracting or assignment to an Affiliate of the Master Servicer
relieve the Master Servicer of any liability hereunder. Notice of such permitted
assignment shall be given promptly by the Master Servicer to the Depositor and
the Trustee. If, pursuant to any provision hereof, the duties of the Master
Servicer are transferred to a successor master servicer, the entire amount of
the Master Servicing Fees and other compensation payable to the Master Servicer
pursuant hereto, including amounts payable to or permitted to be retained or
withdrawn by the Master Servicer pursuant to Section 9.21 hereof, shall
thereafter be payable to such successor master servicer.

         Section 9.30.  Limitation on Liability of the Master Servicer and
                        --------------------------------------------------
Others.
------

         (a) The Master Servicer undertakes to perform such duties and only such
duties as are specifically set forth in this Agreement.

         (b) No provision of this Agreement shall be construed to relieve the
Master Servicer from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct; provided, however, that the duties
and obligations of the Master Servicer shall be determined solely by the express
provisions of this Agreement, the Master Servicer 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 Master Servicer and, in absence of bad faith on the part
of the Master Servicer, the Master Servicer may conclusively rely, as to the
truth of the statements and the correctness of the

                                       108
<PAGE>

opinions expressed therein, upon any certificates or opinions furnished to the
Master Servicer and conforming to the requirements of this Agreement.

         (c) Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Trustee 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 Master
Servicer or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in its
performance of its duties or by reason of reckless disregard for its obligations
and duties under this Agreement. The Master Servicer and any director, officer,
employee or agent of the Master Servicer shall be entitled to indemnification by
the Trust Fund and will be held harmless 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 incurred by reason of
willful misfeasance, bad faith or negligence in the performance of his or its
duties hereunder or by reason of reckless disregard of his or its obligations
and duties hereunder. The Master Servicer and any director, officer, employee or
agent of 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 Master Servicer shall be under no obligation to appear
in, prosecute or defend any legal action that is not incidental to its duties to
master service the Mortgage Loans in accordance with this Agreement and that in
its opinion may involve it in any expenses or liability; provided, however, that
the Master Servicer may in its sole discretion undertake any such action that it
may deem necessary or desirable in 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 shall be expenses, costs and liabilities of the
Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
out of the Collection Account it maintains as provided by Section 4.02.
Notwithstanding anything herein to the contrary, the Master Servicer shall have
no liability for the servicing of the Additional Collateral, including, without
limitation, the perfection, continuation, partial release, release, termination,
realization upon, substitution, foreclosure, sale, or any other matter with
respect to the Additional Collateral, or the enforcement of the Additional
Collateral Servicing Agreement.


         Section 9.31.  Indemnification; Third-Party Claims.
                        -----------------------------------

         The Master Servicer agrees to indemnify the Depositor and the Trustee,
and hold them harmless against any and all claims, losses, penalties, fines,
forfeitures, legal fees and related costs, judgments, and any other costs,
liability, fees and expenses that the Depositor and the Trustee may sustain as a
result of the failure of the Master Servicer to perform its duties and master
service the Mortgage Loans in compliance with the terms of this Agreement. The
Depositor and the Trustee shall immediately notify the Master Servicer if a
claim is made by a third party with respect to this Agreement or the Mortgage
Loans entitling the Depositor and the Trustee to indemnification hereunder,
whereupon the Master Servicer shall assume the defense of any such claim and pay
all expenses in connection therewith, including counsel fees, and

                                       109
<PAGE>

promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim.

                                    ARTICLE X

                              REMIC ADMINISTRATION

         Section 10.01. REMIC Administration.
                        --------------------

         (a) As set forth in the Preliminary Statement hereto, the Trustee shall
elect REMIC status in accordance with the REMIC Provisions with respect to each
REMIC. The Trustee shall make such elections on Forms 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. For the purposes of such
elections, each of the Lower Tier REMIC Regular Interests is hereby designated
as a regular interest in the Lower Tier REMIC. Each Certificate, other than the
Class R Certificate and the Class A-IO2 Certificates, is hereby designated as a
regular interest in the Upper Tier REMIC. Each of the Class A-IO2 Components is
hereby designated as a regular interest in the Upper Tier REMIC. The Class LT-R
Interest is hereby designated as the sole residual interest in the Lower Tier
REMIC. The UT-R Interest is hereby designated as the sole residual interest in
the Upper Tier REMIC. The Class R Certificate evidences ownership of the Class
LT-R Interest and the Class UT-R Interest.

         (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. The "latest possible
maturity date" of each regular interest in each REMIC for purposes of Treasury
Regulation 1.860G-1(a)(4) is the Latest Possible Maturity Date.

         (c) The Trustee shall pay any and all tax related expenses (not
including taxes) of each REMIC, including but not limited to any professional
fees or expenses related to audits or any administrative or judicial proceedings
with respect to such REMIC that involve the Internal Revenue Service or state
tax authorities, but only to the extent that (i) such expenses are ordinary or
routine expenses, including expenses of a routine audit but not expenses of
litigation (except as described in (ii)); or (ii) such expenses or liabilities
(including taxes and penalties) are attributable to the negligence or willful
misconduct of the Trustee in fulfilling its duties hereunder (including its
duties as tax return preparer). The Trustee shall be entitled to reimbursement
of the expenses to the extent provided in clause (i) above from the Certificate
Account, but only to the extent such expenses are "unanticipated expenses" for
purposes of Treasury Regulation Section 1.860G-1(b)(3)(ii).

         (d) The Trustee shall prepare, sign and file all of each REMIC's
federal and state tax and information returns as such REMIC's direct
representative. The expenses of preparing and filing such returns shall be borne
by the Trustee. If any Disqualified Organization acquires any Ownership Interest
in a Residual Certificate, then the Trustee will upon request provide to the
Internal Revenue Service, and to the persons specified in Sections 860E(e)(3)
and (6) of the Code, such information as required in Section 860D(a)(6)(B) of
the Code needed to compute the tax imposed under Section 860E(e) of the Code on
transfers of residual interests to disqualified

                                       110
<PAGE>

organizations and the Trustee will be reimbursed by the Trust for all expenses
incurred therewith.

         (e) The Trustee or its designee 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.

         (f) The Trustee, the Master Servicer and the Holders of Certificates
shall take any action or cause each REMIC to take any action necessary to create
or maintain the status of such 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 Master Servicer nor the Holder of any Residual Certificate
shall take any action, cause any REMIC 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 any REMIC as
a REMIC or (ii) result in the imposition of a tax upon any 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
and the Master 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 or the assets
therein, or causing any 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 and the Master 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 or the Master 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 any REMIC 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 or, if no such
amounts are available, out of other amounts held in the Collection Account, and
shall reduce amounts otherwise payable to holders of regular interests in such
REMIC, as the case may be.

         (h) The Trustee shall, for federal income tax purposes, maintain books
and records with respect to each REMIC on a calendar year and on an accrual
basis.

         (i) No additional contributions of assets shall be made to any REMIC,
except as expressly provided in this Agreement with respect to Qualified
Substitute Mortgage Loans.

         (j) Neither the Trustee nor the Master Servicer shall enter into any
arrangement by which any REMIC will receive a fee or other compensation for
services.

                                       111
<PAGE>

         (k) Upon the request of any Rating Agency, the Trustee shall deliver to
such Rating Agency an Officer's Certificate stating the Trustee's compliance
with the provisions of this Section 10.01.

         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 a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of each REMIC pursuant to Article VII 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
Certificate Account for gain, nor accept any contributions to any REMIC after
the Closing Date, unless it has 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 such REMIC as a REMIC or of the Certificates or
Components, other than the Residual Certificates and Component 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 such REMIC to be subject to a tax on prohibited
transactions or prohibited contributions pursuant to the REMIC Provisions.

         Section 10.03. Indemnification with Respect to Certain Taxes and Loss
                        ------------------------------------------------------
of REMIC Status.
---------------

         In the event that a 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 Holder of the Residual Certificate
against any and all losses, claims, damages, liabilities or expenses ("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 Master
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).

         Section 10.04. REO Property.
                        ------------

         (a) Notwithstanding any other provision of this Agreement, the Master
Servicer, acting on behalf of the Trustee hereunder, shall not (except to the
extent provided in the applicable

                                       112
<PAGE>

Servicing Agreement), permit any Servicer to, rent, lease, or otherwise earn
income on behalf of any REMIC with respect to any REO Property which might 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 REMIC
of any "income from non-permitted assets" within the meaning of section
860F(a)(2) of the Code or any "net income from foreclosure property" which is
subject to tax under the REMIC Provisions unless the Master Servicer has
advised, or has caused the applicable Servicer to advise, the Trustee in writing
to the effect that, under the REMIC Provisions, such action would not adversely
affect the status of any REMIC as a REMIC and any income generated for such
REMIC by the REO Property would not result in the imposition of a tax upon such
REMIC.

         (b) The Master Servicer shall make, or shall cause the applicable
Servicer to make, reasonable efforts to sell any REO Property for its fair
market value. In any event, however, the Master Servicer shall, or shall cause
the applicable Servicer to, dispose of any REO Property within three years from
the end of the calendar year of its acquisition by the Trust Fund unless the
Trustee has received a grant of extension from the Internal Revenue Service to
the effect that, under the REMIC Provisions and any relevant proposed
legislation and under applicable state law, a REMIC may hold REO Property for a
longer period without adversely affecting the REMIC status of such REMIC or
causing the imposition of a Federal or state tax upon such REMIC. If the Trustee
has received such an extension, then (a) the Trustee shall provide a copy of
such extension to the Master Servicer and (b) the Trustee, or the Master
Servicer, acting on its behalf hereunder, shall, or shall cause the applicable
Servicer to, continue to attempt to sell the REO Property for its fair market
value for such period longer than three years as such extension permits (the
"Extended Period"). If the Trustee has not received such an extension and the
Trustee, or the Master Servicer acting on behalf of the Trustee hereunder, or
the applicable Servicer is unable to sell the REO Property within 33 months
after its acquisition by the Trust Fund or if the Trustee has received such an
extension, and the Trustee, or the Master Servicer acting on behalf of the
Trustee hereunder, is unable to sell the REO Property within the period ending
three months before the close of the Extended Period, the Master Servicer shall,
or shall cause the applicable Servicer to, before the end of the three year
period or the Extended Period, as applicable, (i) purchase such REO Property at
a price equal to the REO Property's fair market value or (ii) auction the REO
Property to the highest bidder (which may be the Master Servicer) in an auction
reasonably designed to produce a fair price prior to the expiration of the
three-year period or the Extended Period, as the case may be.

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

         Section 11.01. Binding Nature of Agreement; Assignment.
                        ---------------------------------------

         This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

         Section 11.02. Entire Agreement.
                        ----------------

                                       113
<PAGE>

         This Agreement contains the entire agreement and understanding among
the parties hereto with respect to the subject matter hereof, and supersedes all
prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter hereof. The express terms hereof control and
supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof.

         Section 11.03. Amendment.
                        ---------

         (a) This Agreement may be amended from time to time by the Depositor,
the Master Servicer, the Trustee, without notice to or the consent of any of the
Holders, (i) to cure any ambiguity, (ii) to cause the provisions herein to
conform to or be consistent with or in furtherance of the statements made with
respect to the Certificates, the Trust Fund or this Agreement in any Offering
Document; or to correct or supplement any provision herein which may be
inconsistent with any other provisions herein, (iii) to make any other
provisions with respect to matters or questions arising under this Agreement or
(iv) to add, delete, or amend any provisions to the extent necessary or
desirable to comply with any requirements imposed by the Code and the REMIC
Provisions. No such amendment effected pursuant to the preceding sentence shall,
as evidenced by an Opinion of Counsel, adversely affect the status of any REMIC
created pursuant to this Agreement, nor shall such amendment effected pursuant
to clause (iii) of such sentence adversely affect in any material respect the
interests of any Holder. Prior to entering into any amendment without the
consent of Holders pursuant to this paragraph, the Trustee may require an
Opinion of Counsel (at the expense of the party requesting such amendment) to
the effect that such amendment is permitted under this paragraph. Any such
amendment shall be deemed not to adversely affect in any material respect any
Holder, if the Trustee receives written confirmation from each Rating Agency
that such amendment will not cause such Rating Agency to reduce, qualify or
withdraw the then current rating assigned to the Certificates (and any Opinion
of Counsel requested by the Trustee in connection with any such amendment may
rely expressly on such confirmation as the basis therefor).

         (b) 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 not less than 66 2/3% of the Class Principal Amount (or Percentage Interest)
of each Class of Certificates 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;
provided, however, that no such amendment shall be made unless the Trustee
receives an Opinion of Counsel, at the expense of the party requesting the
change, that such change will not adversely affect the status of any REMIC as a
REMIC or cause a tax to be imposed on any REMIC; and provided further, that no
such amendment may (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 percentages of Class Principal Amount (or Percentage
Interest) of Certificates of each Class, the Holders of which are required to
consent to any such amendment without the consent of the Holders of 100% of the
Class Principal Amount (or Class Notional Amount) of each Class of Certificates
affected thereby. For purposes of this paragraph, references to "Holder" or
"Holders" shall be deemed to include, in the case of any Class of Book-Entry
Certificates, the related Certificate Owners.

                                       114
<PAGE>

         (c) Promptly after the execution of any such amendment, the Trustee
shall furnish written notification of the substance of such amendment to each
Holder, the Depositor and to the Rating Agencies.

         (d) It shall not be necessary for the consent of Holders under this
Section 11.03 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 Holders shall be subject to such reasonable regulations as
the Trustee may prescribe.

         (e) Notwithstanding anything to the contrary in any Servicing
Agreement, the Trustee shall not consent to any amendment of any Servicing
Agreement except pursuant to the standards provided in this Section with respect
to amendment of this Agreement.

         Section 11.04. Voting Rights.
                        -------------

         Except to the extent that the consent of all affected
Certificateholders is required pursuant to this Agreement, with respect to any
provision of this Agreement requiring the consent of Certificateholders
representing specified percentages of aggregate outstanding Certificate
Principal Amount (or Notional Amount), Certificates owned by the Depositor, the
Master Servicer, the Trustee or any Servicer or Affiliates thereof are not to be
counted so long as such Certificates are owned by the Depositor, the Master
Servicer, the Trustee or any Servicer or Affiliates thereof.

         Section 11.05. Provision of Information.
                        ------------------------

         (a) For so long as any of the Certificates of any Series or Class are
"restricted securities" within the meaning of Rule 144(a)(3) under the Act, each
of the Depositor and the Trustee agree to cooperate with each other to provide
to any Certificateholders and to any prospective purchaser of Certificates
designated by such Certificateholder, upon the request of such Certificateholder
or prospective purchaser, any information required to be provided to such holder
or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
under the Act. Any reasonable, out-of-pocket expenses incurred by the Trustee in
providing such information shall be reimbursed by the Depositor.

         (b) The Trustee will make available to any person to whom a Prospectus
was delivered, upon the request of such person specifying the document or
documents requested, (i) a copy (excluding exhibits) of any report on Form 8-K
or Form 10-K filed with the Securities and Exchange Commission pursuant to
Section 6.20(c) and (ii) a copy of any other document incorporated by reference
in the Prospectus to the extent such document is in the possession of the
Trustee. Any reasonable out-of-pocket expenses incurred by the Trustee in
providing copies of such documents shall be reimbursed by the Depositor.

         (c) On each Distribution Date, the Trustee shall make available to the
Depositor a copy of the report delivered to Certificateholders pursuant to
Section 4.03.

         Section 11.06. Governing Law.
                        -------------

                                       115
<PAGE>

         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 WITHOUT REGARD TO
CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK (OTHER THAN SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW).

         Section 11.07. Notices.
                        -------

         All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given when delivered to such party at the
relevant address, facsimile number or electronic mail address set forth below
(or at such other address, facsimile number or electronic mail address as such
party may designate from time to time by written notice in accordance with this
Section 11.07): received by (a) in the case of the Depositor, Structured Asset
Securities Corporation, 745 7th Avenue, 7th Floor, New York, New York 10019,
Attention: Mark Zusy, (b) in the case of the Trustee, Citibank, N.A., 111 Wall
Street, 14th Floor, Zone 3, New York, New York 10005, Attention: Structured
Finance - SASCO 2004-5H and (c) in the case of the Master Servicer, Aurora Loan
Services Inc., 2530 South Parker Road, Suite 601, Aurora, Colorado 80014;
Attention: Master Servicing or as to each party such other address as may
hereafter be furnished by such party to the other parties in writing. Any notice
required or permitted to be mailed to a Holder 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
Holder receives such notice.

         Section 11.08. 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 11.09. Indulgences; No Waivers.
                        -----------------------

         Neither the failure nor any delay on the part of a party to exercise
any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any
other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed
by the party asserted to have granted such waiver.

         Section 11.10. Headings Not To Affect Interpretation.
                        -------------------------------------

                                       116
<PAGE>

         The headings contained in this Agreement are for convenience of
reference only, and they shall not be used in the interpretation hereof.

         Section 11.11. Benefits of Agreement.
                        ---------------------

         Nothing in this Agreement or in the Certificates, express or implied,
shall give to any Person, other than the parties to this Agreement and their
successors hereunder and the Holders of the Certificates, any benefit or any
legal or equitable right, power, remedy or claim under this Agreement, except to
the extent specified in Section 11.14.

         Section 11.12. Special Notices to the Rating Agencies.
                        --------------------------------------

         (a) The Depositor shall give prompt notice to the Rating Agencies of
the occurrence of any of the following events of which it has notice:

                  (i)      any amendment to this Agreement pursuant to Section
         11.03;

                  (ii)     any Assignment by the Master Servicer of its rights
         hereunder or delegation of its duties hereunder;

                  (iii)    the occurrence of any Event of Default described in
         Section 6.14;

                  (iv)     any notice of termination given to the Master
         Servicer pursuant to Section 6.14 and any resignation of the Master
         Servicer hereunder;

                  (v)      the appointment of any successor to any Master
         Servicer pursuant to Section 6.14; and

                  (vi)     the making of a final payment pursuant to Section
         7.02.

         (b) All notices to the Rating Agencies provided for this Section shall
be in writing and sent by first class mail, telecopy or overnight courier, as
follows:

         If to Moody's, to:

         Moody's Investors Service, Inc.
         99 Church Street
         New York, New York 10007
         Attention: Residential Mortgage Surveillance

         If to Fitch, to:

         Fitch, Inc.
         One State Street Plaza
         New York, New York 10004

         If to S&P, to:

                                       117
<PAGE>

         Standard & Poor's
         55 Water Street
         New York, New York 10041

         (c) The Trustee shall make available to the Rating Agencies reports
prepared pursuant to Section 4.03. In addition, the Trustee shall, at the
expense of the Trust Fund, make available to each Rating Agency such information
as such Rating Agency may reasonably request regarding the Certificates or the
Trust Fund, to the extent that such information is reasonably available to the
Trustee.

         Section 11.13. Counterparts.
                        ------------

         This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, and all of which together shall
constitute one and the same instrument.

         Section 11.14. Transfer of Servicing.
                        ---------------------

         The Seller agrees that it shall provide written notice to the Trustee
and the Master Servicer thirty days prior to any transfer or assignment by the
Seller of its rights under any Servicing Agreement or of the servicing
thereunder or delegation of its rights or duties thereunder or any portion
thereof to any Person other than the initial Servicer under such Servicing
Agreement; provided that (i) the Seller shall not be required to provide prior
notice of any transfer of servicing that occurs within three months following
the Closing Date to an entity that is a Servicer on the Closing Date. In
addition, the ability of the Seller to transfer or assign its rights and
delegate its duties under a Servicing Agreement (other than a transfer of
servicing rights between Lehman Brothers Holdings) or to transfer the servicing
thereunder to a successor servicer shall be subject to the following conditions:

                  (i)      Such successor servicer must be qualified to service
         loans for FNMA or FHLMC;

                  (ii)     Such successor servicer must satisfy the
         seller/servicer eligibility standards in the applicable Servicing
         Agreement, exclusive of any experience in mortgage loan origination,
         and must be reasonably acceptable to the Master Servicer, whose
         approval shall not be unreasonably withheld;

                  (iii)    Such successor servicer must execute and deliver to
         the Trustee and the Master Servicer an agreement, in form and substance
         reasonably satisfactory to the Trustee and the Master Servicer, that
         contains an assumption by such successor servicer of the due and
         punctual performance and observance of each covenant and condition to
         be performed and observed by the applicable Servicer under the
         applicable Servicing Agreement or, in the case of a transfer of
         servicing to a party that is already a Servicer pursuant to this
         Agreement, an agreement to add the related Mortgage Loans to the
         Servicing Agreement already in effect with such Servicer;

                  (iv)     If the successor servicer is not a Servicer of
         Mortgage Loans at the time of such transfer, there must be delivered to
         the Trustee a letter from each Rating Agency to

                                       118
<PAGE>

         the effect that such transfer of servicing will not result in a
         qualification, withdrawal or downgrade of the then-current rating of
         any of the Certificates;

                  (v)      The Seller shall, at its cost and expense, take such
         steps, or cause the terminated Servicer to take such steps, as may be
         necessary or appropriate to effectuate and evidence the transfer of the
         servicing of the Mortgage Loans to such successor servicer, including,
         but not limited to, the following: (A) to the extent required by the
         terms of the Mortgage Loans and by applicable federal and state laws
         and regulations, the Seller shall cause the prior Servicer to timely
         mail to each obligor under a Mortgage Loan any required notices or
         disclosures describing the transfer of servicing of the Mortgage Loans
         to the successor servicer; (B) prior to the effective date of such
         transfer of servicing, the Seller shall cause the prior Servicer to
         transmit to any related insurer notification of such transfer of
         servicing; (C) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to deliver to the
         successor servicer all Mortgage Loan Documents and any related records
         or materials; (D) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to transfer to the
         successor servicer, or, if such transfer occurs after a Remittance Date
         but before the next succeeding Deposit Date, to the Master Servicer,
         all funds held by the applicable Servicer in respect of the Mortgage
         Loans; (E) on or prior to the effective date of such transfer of
         servicing, the Seller shall cause the prior Servicer to, after the
         effective date of the transfer of servicing to the successor servicer,
         continue to forward to such successor servicer, within one Business Day
         of receipt, the amount of any payments or other recoveries received by
         the prior Servicer, and to notify the successor servicer of the source
         and proper application of each such payment or recovery; and (F) the
         Seller shall cause the prior Servicer to, after the effective date of
         transfer of servicing to the successor servicer, continue to cooperate
         with the successor servicer to facilitate such transfer in such manner
         and to such extent as the successor servicer may reasonably request.

                                       119
<PAGE>

         IN WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer
have caused their names to be signed hereto by their respective officers
hereunto duly authorized as of the day and year first above written.

                                       STRUCTURED ASSET SECURITIES
                                           CORPORATION, as Depositor


                                       By: _____________________________________
                                           Name:  Bradford Andres
                                           Title: Senior Vice President


                                       CITIBANK, N.A.,
                                           as Trustee


                                       By: _____________________________________
                                           Name:  Karen Schluter
                                           Title: Assistant Vice President


                                       AURORA LOAN SERVICES INC.,
                                           as Master Servicer


                                       By: _____________________________________
                                           Name:  E. Todd Whittemore
                                           Title: Executive Vice President
<PAGE>

Solely for purposes of Section 11.14,
accepted and agreed to by:

LEHMAN BROTHERS HOLDINGS INC.


By: _____________________________________
    Name:  Bradford Andres
    Title: Authorized Signatory
<PAGE>

                                    EXHIBIT A
                                    ---------

                              FORMS OF CERTIFICATES



                             [INTENTIONALLY OMITTED]




                                       A-1
<PAGE>

                                   EXHIBIT B-1
                                   -----------

                          FORM OF INITIAL CERTIFICATION



                                                      Date

Citibank, N.A.
111 Wall Street
14th Floor, Zone 3
New York, New York 10005

Structured Asset Securities Corporation
745 7th Avenue, 7th Floor
New York, New York 10019

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

         Re:      Trust Agreement (the "Trust Agreement"), dated as of January
                  1, 2004 among Structured Asset Securities Corporation, as
                  Depositor, Aurora Loan Services Inc., as Master Servicer and
                  Citibank, N.A., as Trustee, with respect to Structured Asset
                  Securities Corporation Mortgage Pass-Through Certificates,
                  Series 2004-5H

Ladies and Gentlemen:

         In accordance with Section 2.02(a) of the Trust Agreement, subject to
review of the contents thereof, the undersigned, as Custodian on behalf of the
Trustee, hereby certifies that it (or its custodian) has received the documents
listed in Section 2.01(b) of the Trust Agreement for each Mortgage File
pertaining to each Mortgage Loan listed on Schedule A, to the Trust Agreement,
subject to any exceptions noted on Schedule I hereto.

         Capitalized words and phrases used herein and not otherwise defined
herein shall have the respective meanings assigned to them in the Trust
Agreement. This Certificate is subject in all respects to the terms of Section
2.02 of the Trust Agreement and the Trust Agreement sections cross-referenced
therein.

                                       [Custodian], on behalf of
                                       CITIBANK, N.A.,
                                       as Trustee


                                       By: _____________________________________
                                           Name:
                                           Title:


                                      B-1-1
<PAGE>

                                   EXHIBIT B-2
                                   -----------

                          FORM OF INTERIM CERTIFICATION



                                                      Date

Citibank, N.A.
111 Wall Street
14th Floor, Zone 3
New York, New York 10005

Structured Asset Securities Corporation
745 7th Avenue, 7th Floor
New York, New York 10019

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

         Re:      Trust Agreement (the "Trust Agreement"), dated as of January
                  1, 2004 among Structured Asset Securities Corporation, as
                  Depositor, Aurora Loan Services Inc., as Master Servicer and
                  Citibank, N.A., as Trustee, with respect to Structured Asset
                  Securities Corporation Mortgage Pass-Through Certificates,
                  Series 2004-5H

Ladies and Gentlemen:

         In accordance with Section 2.02(b) of the Trust Agreement, the
undersigned, as Custodian on behalf of the 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(b) of the Trust
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 identified above and has
determined that each such document appears regular on its face and appears to
relate to the Mortgage Loan identified in such document.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement including, but not limited
to, Section 2.02(b).

                                       [Custodian], on behalf of
                                       CITIBANK, N.A.,
                                       as Trustee

                                       By: _____________________________________
                                           Name:
                                           Title:


                                      B-2-1
<PAGE>

                                   EXHIBIT B-3
                                   -----------

                           FORM OF FINAL CERTIFICATION



                                                      Date

Citibank, N.A.
111 Wall Street
14th Floor, Zone 3
New York, New York 10005

Structured Asset Securities Corporation
745 7th Avenue, 7th Floor
New York, New York 10019

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

         Re:      Trust Agreement (the "Trust Agreement"), dated as of January
                  1, 2004 among Structured Asset Securities Corporation, as
                  Depositor, Aurora Loan Services Inc., as Master Servicer and
                  Citibank, N.A., as Trustee, with respect to Structured Asset
                  Securities Corporation Mortgage Pass-Through Certificates,
                  Series 2004-5H

Ladies and Gentlemen:

         In accordance with Section 2.02(d) of the Trust Agreement, the
undersigned, as Custodian on behalf of the 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(b) of the Trust
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 the Mortgage Loan Schedule is
correct.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement.

                                       [Custodian], on behalf of
                                       CITIBANK, N.A.,
                                       as Trustee


                                       By: _____________________________________
                                           Name:
                                           Title:


                                      B-3-1
<PAGE>

                                   EXHIBIT B-4
                                   -----------

                               FORM OF ENDORSEMENT

         Pay to the order of Citibank, N.A., as trustee (the "Trustee") under
the Trust Agreement dated as of January 1, 2004, among Structured Asset
Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master
Servicer and Citibank, N.A., as Trustee relating to Structured Asset Securities
Corporation Mortgage Pass-Through Certificates, Series 2004-5H, without
recourse.




                                       _________________________________________
                                           [current signatory on note]


                                       By: _____________________________________
                                           Name:
                                           Title:


                                      B-4-1
<PAGE>

                                    EXHIBIT C
                                    ---------

                  REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT



                                                      Date


[Addressed to Trustee
or, if applicable, custodian]



         In connection with the administration of the mortgages held by you as
Trustee under a certain Trust Agreement dated as of January 1, 2004 among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer and Citibank, N.A., as Trustee (the "Trust Agreement"),
the undersigned Master Servicer hereby requests a release of the Mortgage File
held by you as Trustee with respect to the following described Mortgage Loan for
the reason indicated below.

         Mortgagor's Name:

         Address:

         Loan No.:

         Reason for requesting file:

1.       Mortgage Loan paid in full. (The Master Servicer hereby certifies that
         all amounts received in connection with the loan have been or will be
         credited to the Collection Account or the Certificate Account
         (whichever is applicable) pursuant to the Trust Agreement.)

2.       The Mortgage Loan is being foreclosed.

3.       Mortgage Loan substituted. (The Master Servicer hereby certifies that a
         Qualifying Substitute Mortgage Loan has been assigned and delivered to
         you along with the related Mortgage File pursuant to the Trust
         Agreement.)

4.       Mortgage Loan repurchased. (The Master Servicer hereby certifies that
         the Purchase Price has been credited to the Collection Account or the
         Certificate Account (whichever is applicable) pursuant to the Trust
         Agreement.)

5.       Other. (Describe)

         The undersigned acknowledges that the above Mortgage File will be held
by the undersigned in accordance with the provisions of the Trust Agreement and
will be returned to you within ten (10) days of our receipt of the Mortgage
File, except if the Mortgage Loan has

                                       C-1
<PAGE>

been paid in full, or repurchased or substituted for a Qualifying Substitute
Mortgage Loan (in which case the Mortgage File will be retained by us
permanently) and except if the Mortgage Loan is being foreclosed (in which case
the Mortgage File will be returned when no longer required by us for such
purpose).

         Capitalized terms used herein shall have the meanings ascribed to them
in the Trust Agreement.


                                       _________________________________________
                                       [Name of Master Servicer]



                                       By: _____________________________________
                                           Name:
                                           Title: Servicing Officer


                                       C-2
<PAGE>

                                   EXHIBIT D-1
                                   -----------

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)



STATE OF                )
                        )  ss.:
COUNTY OF               )

         [NAME OF OFFICER], _________________ being first duly sworn, deposes
and says:

That he [she] is [title of officer] ________________________ of [name of
Purchaser] _________________________________________ (the "Purchaser"), a
_______________________ [description of type of entity] duly organized and
existing under the laws of the [State of __________] [United States], on behalf
of which he [she] makes this affidavit.

1.       That the Purchaser's Taxpayer Identification Number is ______________.

2.       That the Purchaser is not a "disqualified organization" within the
         meaning of Section 860E(e)(5) of the Internal Revenue Code of 1986, as
         amended (the "Code") and will not be a "disqualified organization" as
         of __________________ [date of transfer], and that the Purchaser is not
         acquiring a Residual Certificate (as defined in the Agreement) for the
         account of, or as agent (including a broker, nominee, or other
         middleman) for, any person or entity from which it has not received an
         affidavit substantially in the form of this affidavit. For these
         purposes, a "disqualified organization" means the United States, any
         state or political subdivision thereof, any foreign government, any
         international organization, any agency or instrumentality of any of the
         foregoing (other than an instrumentality if all of its activities are
         subject to tax and a majority of its board of directors is not selected
         by such governmental entity), any cooperative organization furnishing
         electric energy or providing telephone service to persons in rural
         areas as described in Code Section 1381(a)(2)(C), any "electing large
         partnership" within the meaning of Section 775 of the Code, or any
         organization (other than a farmers' cooperative described in Code
         Section 521) that is exempt from federal income tax unless such
         organization is subject to the tax on unrelated business income imposed
         by Code Section 511.

3.       That the Purchaser is not, and on __________________ [date of transfer]
         will not be, an employee benefit plan subject to Title I of the
         Employee Retirement Income Security Act of 1974, as amended, Section
         4975 of the Code or substantially similar rules under state, local or
         federal law, the trustee of any such plan or a person acting on behalf
         of any such plan or investing the assets of any such plan to acquire a
         Residual Certificate.

4.       That the Purchaser hereby acknowledges that under the terms of the
         Trust Agreement (the "Agreement") among Structured Asset Securities
         Corporation, Citibank, N.A., as

                                      D-1-1
<PAGE>

         Trustee and Aurora Loan Services Inc., as Master Servicer, dated as of
         January 1, 2004, no transfer of a Residual Certificate shall be
         permitted to be made to any person unless the Depositor and the Trustee
         have received a certificate from such transferee containing the
         representations in paragraphs 2, 3 and 4 hereof.

5.       That the Purchaser does not hold REMIC residual securities as nominee
         to facilitate the clearance and settlement of such securities through
         electronic book-entry changes in accounts of participating
         organizations (such entity, a "Book-Entry Nominee").

6.       That the Purchaser does not have the intention to impede the assessment
         or collection of any federal, state or local taxes legally required to
         be paid with respect to such Residual Certificate, and that the
         Purchaser has provided financial statements or other financial
         information requested by the transferor in connection with the transfer
         of the Residual Certificate in order to permit the transferor to assess
         the financial capability of the Purchaser to pay such taxes.

7.       That the Purchaser will not transfer a Residual Certificate to any
         person or entity (i) as to which the Purchaser has actual knowledge
         that the requirements set forth in paragraph 2, paragraph 5 or
         paragraph 9 hereof are not satisfied or that the Purchaser has reason
         to believe does not satisfy the requirements set forth in paragraph 6
         hereof and (ii) without obtaining from the prospective Purchaser an
         affidavit substantially in this form and providing to the Trustee a
         written statement substantially in the form of Exhibit D-2 to the
         Agreement.

8.       That the Purchaser understands that, as the holder of a Residual
         Certificate, the Purchaser may incur tax liabilities in excess of any
         cash flows generated by the interest and that it intends to pay taxes
         associated with holding such Residual Certificate as they become due.

9.       That the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person
         that holds a Residual Certificate in connection with the conduct of a
         trade or business within the United States and has furnished the
         transferor and the Trustee with an effective Internal Revenue Service
         Form W-8 ECI (Certificate of Foreign Person's Claim for Exemption From
         Withholding on Income Effectively Connected with the Conduct of a Trade
         or Business in the United States) or successor form at the time and in
         the manner required by the Code. "Non-U.S. Person" means any person
         other than (i) a citizen or resident of the United States; (ii) a
         corporation (or entity treated as a corporation for tax purposes)
         created or organized in the United States or under the laws of the
         United States or of any state thereof, including, for this purpose, the
         District of Columbia; (iii) a partnership (or entity treated as a
         partnership for tax purposes) organized in the United States or under
         the laws of the United States or of any state thereof, including, for
         this purpose, the District of Columbia (unless provided otherwise by
         future Treasury regulations); (iv) an estate whose income is includible
         in gross income for United States income tax purposes regardless of its
         source; (v) 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 U.S. Persons have authority to control all substantial
         decisions of the trust; or (vi) to the extent

                                      D-1-2
<PAGE>

         provided in Treasury regulations, certain trusts in existence prior to
         August 20, 1996 that are treated as United States persons prior to such
         date and elect to continue to be treated as United States persons.

10.      That the Purchaser agrees to such amendments of the Trust Agreement as
         may be required to further effectuate the restrictions on transfer of
         any Residual Certificate to such a "disqualified organization," an
         agent thereof, a Book-Entry Nominee, or a person that does not satisfy
         the requirements of paragraph 6 and paragraph 9 hereof.

11.      That the Purchaser consents to the designation of the Trustee as its
         agent to act as "tax matters person" of the Trust Fund pursuant to the
         Trust Agreement.

         Terms used in this transfer affidavit which are not otherwise defined
herein have the respective meanings assigned thereto in the Trust Agreement.

                                      D-1-3
<PAGE>

         IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[title of officer] this _____ day of __________, 20__.


                                       _________________________________________
                                       [name of Purchaser]



                                       By: _____________________________________
                                           Name:
                                           Title:



         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
Purchaser, and acknowledged to me that he [she] executed the same as his [her]
free act and deed and the free act and deed of the Purchaser.

         Subscribed and sworn before me this _____ day of __________, 20__.

NOTARY PUBLIC



___________________________________


COUNTY OF__________________________

STATE OF___________________________

My commission expires the _____ day of __________, 20__.


                                      D-1-4
<PAGE>

                                   EXHIBIT D-2
                                   -----------

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)


                                                            ____________________
                                                                    Date





         Re:      Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2004-5H
                  --------------------------------------------------------------

         _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true and has no reason to believe that the
information contained in paragraph 6 thereof is not true, and has no reason to
believe that the Transferee has the intention to impede the assessment or
collection of any federal, state or local taxes legally required to be paid with
respect to a Residual Certificate. In addition, the Transferor has conducted a
reasonable investigation at the time of the transfer and found that the
Transferee had historically paid its debts as they came due and found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due.


                                       Very truly yours,



                                       _________________________________________
                                       Name:
                                       Title:


                                      D-2-1
<PAGE>

                                    EXHIBIT E
                                    ---------

                              SERVICING AGREEMENTS

                         See Exhibits 99.2 through 99.8




                                       E-1
<PAGE>

                                    EXHIBIT F
                                    ---------

                     FORM OF RULE 144A TRANSFER CERTIFICATE


         Re:      Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2004-5H
                  --------------------------------------------------------------

         Reference is hereby made to the Trust Agreement (the "Trust
Agreement"), dated as of January 1, 2004 among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer and
Citibank, N.A., as Trustee. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust Agreement.

         This letter relates to $_________ initial Certificate Principal Amount
of Class Certificates which are held in the form of Definitive Certificates
registered in the name of (the "Transferor"). The Transferor has requested a
transfer of such Definitive Certificates for Definitive Certificates of such
Class registered in the name of [insert name of transferee].

         In connection with such request, and in respect of such Certificates,
the Transferor hereby certifies that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Trust Agreement
and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
that the Transferor reasonably believes is a "qualified institutional buyer"
within the meaning of Rule 144A purchasing for its own account or for the
account of a "qualified institutional buyer", which purchaser is aware that the
sale to it is being made in reliance upon Rule 144A, in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United States or any other applicable jurisdiction.

         This certificate and the statements contained herein are made for your
benefit and the benefit of the Placement Agent and the Depositor.


                                       _________________________________________
                                           [Name of Transferor]



                                       By: _____________________________________
                                           Name:
                                           Title:


Dated: __________________, ________


                                       F-1
<PAGE>

                                    EXHIBIT G
                                    ---------


                         FORM OF PURCHASER'S LETTER FOR
                       INSTITUTIONAL ACCREDITED INVESTORS


                                                            ____________________
                                                                    Date



Dear Sirs:

         In connection with our proposed purchase of $______________ principal
amount of Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2004-5H (the "Privately Offered Certificates") of
Structured Asset Securities Corporation (the "Depositor") which are held in the
form of Definitive Certificates, we confirm that:

1.       We understand that the Privately Offered Certificates have not been,
         and will not be, registered under the Securities Act of 1933, as
         amended (the "Securities Act"), and may not be sold except as permitted
         in the following sentence. We agree, on our own behalf and on behalf of
         any accounts for which we are acting as hereinafter stated, that if we
         should sell any Privately Offered Certificates within two years of the
         later of the date of original issuance of the Privately Offered
         Certificates or the last day on which such Privately Offered
         Certificates are owned by the Depositor or any affiliate of the
         Depositor (which includes the Placement Agent) we will do so only (A)
         to the Depositor, (B) to "qualified institutional buyers" (within the
         meaning of Rule 144A under the Securities Act) in accordance with Rule
         144A under the Securities Act ("QIBs"), (C) pursuant to the exemption
         from registration provided by Rule 144 under the Securities Act, or (D)
         to an institutional "accredited investor" within the meaning of Rule
         501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act
         that is not a QIB (an "Institutional Accredited Investor") which, prior
         to such transfer, delivers to the Trustee under the Trust Agreement
         (the "Trust Agreement"), dated as of January 1, 2004 among Structured
         Asset Securities Corporation, as Depositor, Aurora Loan Services Inc.,
         as Master Servicer and Citibank, N.A., as Trustee, a signed letter in
         the form of this letter; and we further agree, in the capacities stated
         above, to provide to any person purchasing any of the Privately Offered
         Certificates from us a notice advising such purchaser that resales of
         the Privately Offered Certificates are restricted as stated herein.

2.       We understand that, in connection with any proposed resale of any
         Privately Offered Certificates to an Institutional Accredited Investor,
         we will be required to furnish to the Trustee and the Depositor a
         certification from such transferee in the form hereof to confirm that
         the proposed sale is being made pursuant to an exemption from, or in a
         transaction not subject to, the registration requirements of the
         Securities Act. We further understand that the Privately Offered
         Certificates purchased by us will bear a legend to the foregoing
         effect.

                                       G-1
<PAGE>

3.       We are acquiring the Privately Offered Certificates for investment
         purposes and not with a view to, or for offer or sale in connection
         with, any distribution in violation of the Securities Act. We have such
         knowledge and experience in financial and business matters as to be
         capable of evaluating the merits and risks of our investment in the
         Privately Offered Certificates, and we and any account for which we are
         acting are each able to bear the economic risk of such investment.

4.       We are an Institutional Accredited Investor and we are acquiring the
         Privately Offered Certificates purchased by us for our own account or
         for one or more accounts (each of which is an Institutional Accredited
         Investor) as to each of which we exercise sole investment discretion.

5.       We have received such information as we deem necessary in order to make
         our investment decision.

6.       If we are acquiring ERISA-Restricted Certificates, we understand that
         in accordance with ERISA, the Code, Similar Law and the Underwriter's
         Exemption, no Plan and no person acting on behalf of such a Plan may
         acquire such Certificate except in accordance with Section 3.03(d) of
         the Trust Agreement.

         Terms used in this letter which are not otherwise defined herein have
the respective meanings assigned thereto in the Trust Agreement.


                                       G-2
<PAGE>

         You and the Depositor are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect
to the matters covered hereby.

                                       Very truly yours,



                                       _________________________________________
                                          [Purchaser]



                                       By ______________________________________
                                          Name:
                                          Title:


                                       G-3
<PAGE>

                                    EXHIBIT H
                                    ---------

                        FORM OF ERISA TRANSFER AFFIDAVIT

STATE OF NEW YORK            )
                             )  ss.:
COUNTY OF NEW YORK           )

         The undersigned, being first duly sworn, deposes and says as follows:

1.       The undersigned is the ______________________ of (the "Investor"), a
         [corporation duly organized] and existing under the laws of __________,
         on behalf of which he makes this affidavit.

2.       The Investor either (x) is not, and on ___________ [date of transfer]
         will not be, an employee benefit plan subject to Title I of the
         Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
         Section 4975 of the Internal Revenue Code of 1986, as amended (the
         "Code") or substantially similar rules under state, local or other
         federal law ("Similar Law"), the trustee of any such plan or a person
         acting on behalf of any such plan or investing the assets of any such
         plan; or (y) if the Certificate has been the subject of an
         ERISA-Qualifying Underwriting, is an insurance company that is
         purchasing the Certificate with funds contained in an "insurance
         company general account" as defined in Section V(e) of Prohibited
         Transaction Class Exemption ("PTCE") 95-60 and the purchase and holding
         of the Certificate are covered under Sections I and III of PTCE 95-60.

3.       The Investor hereby acknowledges that under the terms of the Trust
         Agreement (the "Agreement") among Structured Asset Securities
         Corporation, as Depositor, Aurora Loan Services Inc., as Master
         Servicer and Citibank, N.A., as Trustee, dated as of January 1, 2004,
         no transfer of the ERISA-Restricted Certificates (other than the Class
         R Certificate) shall be permitted to be made to any person unless the
         Depositor and Trustee have received a certificate from such transferee
         in the form hereof.

4.       Capitalized terms used but not defined herein shall have the meanings
         given to such terms in the Trust Agreement.


                                       H-1
<PAGE>

         IN WITNESS WHEREOF, the Investor has caused this instrument to be
executed on its behalf, pursuant to proper authority, by its duly authorized
officer, duly attested, this ____ day of _______________, 20__.



                                       _________________________________________
                                           [Investor]


                                       By: _____________________________________
                                           Name:
                                           Title:


ATTEST:


___________________________________

STATE OF                     )
                             )  ss.:
COUNTY OF                    )

         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 Investor, and acknowledged
that he executed the same as his free act and deed and the free act and deed of
the Investor.

         Subscribed and sworn before me this _____ day of ___________ 20___.



                                       _________________________________________
                                       NOTARY PUBLIC

                                       My commission expires the
                                       ____ day of __________, 20__.



                                       H-2
<PAGE>

                                    EXHIBIT I
                                    ---------

                            MONTHLY REMITTANCE ADVICE

                             [Intentionally Omitted]




                                       I-1
<PAGE>

                                    EXHIBIT J
                                    ---------

                      MONTHLY ELECTRONIC DATA TRANSMISSION

                             [Intentionally Omitted]




                                       J-1
<PAGE>

                                    EXHIBIT K
                                    ---------

                              CUSTODIAL AGREEMENTS

                             [INTENTIONALLY OMITTED]




                                       K-1
<PAGE>

                                   EXHIBIT L-1
                                   -----------

                          FORM OF TRANSFER CERTIFICATE
                  FOR TRANSFER FROM RESTRICTED GLOBAL SECURITY
                         TO REGULATION S GLOBAL SECURITY
                     (Transfers pursuant to ss. 3.03(h)(ii)
                                of the Agreement)
                     --------------------------------------


                  Re:      Structured Asset Securities Corporation Mortgage Loan
                           Trust Mortgage Pass-Through Certificates, Series
                           2004-5H

         Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer and Citibank, N.A., as Trustee, dated as of January 1,
2004. Capitalized terms used but not defined herein shall have the meanings
given to them in the Agreement.

         This letter relates to U.S. $ aggregate principal amount of Securities
which are held in the form of a Restricted Global Security with DTC in the name
of [name of transferor] (the "Transferor") to effect the transfer of the
Securities in exchange for an equivalent beneficial interest in a Regulation S
Global Security.

         In connection with such request, the Transferor does hereby certify
that such transfer has been effected in accordance with the transfer
restrictions set forth in the Agreement and the Securities and in accordance
with Rule 904 of Regulation S, and that:

                  a.       the offer of the Securities was not made to a person
                  in the United States;

                  b.       at the time the buy order was originated, the
                  transferee was outside the United States or the Transferor and
                  any person acting on its behalf reasonably believed that the
                  transferee was outside the United States;

                  c.       no directed selling efforts have been made in
                  contravention of the requirements of Rule 903 or 904 of
                  Regulation S, as applicable;

                  d.       the transaction is not part of a plan or scheme to
                  evade the registration requirements of the United States
                  Securities Act of 1933, as amended; and

                  e.       the transferee is not a U.S. person (as defined in
                  Regulation S).


                                      L-1-1
<PAGE>

         You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the
matters covered hereby. Terms used in this certificate have the meanings set
forth in Regulation S.





         [Name of Transferor]


         By:
                                       Name:
         Title:


Date: ____________________,__


                                      L-1-2
<PAGE>

                                   EXHIBIT L-2
                                   -----------

                    FORM OF TRANSFER CERTIFICATE FOR TRANSFER
                        FROM REGULATION S GLOBAL SECURITY
                          TO RESTRICTED GLOBAL SECURITY
                     (Transfers pursuant to ss. 3.03(h)(iii)
                                of the Agreement)
                     ---------------------------------------


                  Re:      Structured Asset Securities Corporation Mortgage
                           Pass-Through Certificates, Series 2004-5H

         Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer and Citibank, N.A., as Trustee, dated as of January 1,
2004. Capitalized terms used but not defined herein shall have the meanings
given to them in the Agreement.

         This letter relates to U.S. $ aggregate principal amount of Securities
which are held in the form of a Regulations S Global Security in the name of
[name of transferor] (the "Transferor") to effect the transfer of the Securities
in exchange for an equivalent beneficial interest in a Restricted Global
Security.

         In connection with such request, and in respect of such Securities, the
Transferor does hereby certify that such Securities are being transferred in
accordance with (i) the transfer restrictions set forth in the Agreement and the
Securities and (ii) Rule 144A under the United States Securities Act of 1933, as
amended, to a transferee that the Transferor reasonably believes is purchasing
the Securities for its own account or an account with respect to which the
transferee exercises sole investment discretion, the transferee and any such
account is a qualified institutional buyer within the meaning of Rule 144A, in a
transaction meeting the requirements of Rule 144A and in accordance with any
applicable securities laws of any state of the United States or any other
jurisdiction.


         [Name of Transferor]


                                       By:
                                           Name:
                                           Title:




                                      L-2-1
<PAGE>

                                    EXHIBIT M
                                    ---------

                     FORM OF CERTIFICATION TO BE PROVIDED TO
             THE DEPOSITOR AND/OR THE MASTER SERVICER BY THE TRUSTEE

Structured Asset Securities Corporation
745 7th Avenue, 7th Floor
New York, New York 10019

Aurora Loan Services, Inc.
2350 South Parker Road, Suite 601
Aurora, Colorado 80014

Re:      Structured Asset Securities Corporation,
         Mortgage Pass-Through Certificates, Series 2004-5H

Reference is made to the Trust Agreement, dated as of January 1, 2004 (the
"Trust Agreement"), by and among Citibank, N.A. (the "Trustee"), Aurora Loan
Services, Inc., as master servicer (the "Master Servicer"), and Structured Asset
Securities Corporation, as depositor (the "Depositor"). The Trustee hereby
certifies to the Depositor and the Master Servicer, and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this
certification, that:

         (i)      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, relating to the
                  above-referenced trust;

         (ii)     Based solely upon the information provided to us by the Master
                  Servicer, the information set forth in the reports referenced
                  in (i) above does not contain any untrue statement of material
                  fact; and

         (iii)    Based on my knowledge, the distribution information required
                  to be provided by the Trustee under the Trust Agreement is
                  included in these reports.



Date:



                                       Citibank, N.A., as Trustee



                                       By:      ________________________________
                                       Name:    ________________________________
                                       Title:   ________________________________


                                       M-1
<PAGE>

                                    EXHIBIT N
                                    ---------

                     FORM OF CERTIFICATION TO BE PROVIDED TO
              THE DEPOSITOR AND THE TRUSTEE BY THE MASTER SERVICER

Structured Asset Securities Corporation
745 7th Avenue, 7th Floor
New York, New York 10019

Citibank, N.A.
111 Wall Street
14th Floor, Zone 3
New York, New York 10005

Re:      Structured Asset Securities Corporation,
         Mortgage Pass-Through Certificates, Series 2004-5H

Reference is made to the Trust Agreement, dated as of January 1, 2004 (the
"Trust Agreement"), by and among Citibank, N.A. (the "Trustee"), Aurora Loan
Services, Inc., as master servicer (the "Master Servicer"), and Structured Asset
Securities Corporation, as depositor (the "Depositor"). I, [identify the
certifying individual], a [title] of the Master Servicer hereby certify to the
Depositor and the Trustee, and its officers, directors and affiliates, and with
the knowledge and intent that they will rely upon this certification, that:

         (i)      I have reviewed the material provided by the Master Servicer
                  to the Trustee in accordance with Section 9.24 of the Trust
                  Agreement during the fiscal year [YEAR];

         (ii)     Based on my knowledge, the information prepared by the Master
                  Servicer and delivered to the Trustee pursuant to Section 9.24
                  of the Trust Agreement, taken as a whole, does not contain any
                  untrue statements of material fact or omit to state any
                  material facts necessary to make the statements made, in light
                  of the circumstances under which such statements were made,
                  not misleading at the time such information was delivered to
                  the Trustee; and

         (iii)    Based on my knowledge, all of the information required to be
                  provided by the Master Servicer to the Trustee under the Trust
                  Agreement is included in the material referred to in (i)
                  above.

Date:


                                   Aurora Loan Services Inc., as Master Servicer


                                   By:      ____________________________________
                                   Name:    ____________________________________
                                   Title:   ____________________________________


                                       N-1
<PAGE>

                                   SCHEDULE A
                                   ----------

                             MORTGAGE LOAN SCHEDULE


                         (In the aggregate and by pool)



                             [INTENTIONALLY OMITTED]