<PAGE>

                                                                     Exhibit 4.3

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                                 TRUST AGREEMENT

                                      among

                           DELTA FUNDING CORPORATION,

                                   as Seller,


                     RENAISSANCE MORTGAGE ACCEPTANCE CORP.,

                                  as Depositor,

                                       and


                         [___________________________],

                                as Owner Trustee

                       Dated as of [______] [___], 200[_]

                 RENAISSANCE HOME EQUITY LOAN TRUST 200[_]-[__]
             HOME EQUITY LOAN ASSET-BACKED NOTES, SERIES 200[_]-[__]



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<PAGE>

                                Table of Contents

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
                                    ARTICLE I

                                   DEFINITIONS

<S>                  <C>                                                                                        <C>
Section 1.1          Capitalized Terms ...........................................................................1
Section 1.2          Other Definitional Provisions................................................................5

                                   ARTICLE II

                                  ORGANIZATION

Section 2.1          Name.........................................................................................6
Section 2.2          Office.......................................................................................6
Section 2.3          Purposes and Powers..........................................................................6
Section 2.4          Appointment of Owner Trustee.................................................................7
Section 2.5          Initial Capital Contribution of Owner Trust Estate...........................................7
Section 2.6          Declaration of Trust.........................................................................7
Section 2.7          Title to Trust Property......................................................................7
Section 2.8          Situs of Trust...............................................................................8
Section 2.9          Representations and Warranties of the Depositor..............................................8
Section 2.10         Federal Income Tax Allocations...............................................................9

                                   ARTICLE III

                                   SUB-TRUSTS

Section 3.1          Series Trust.................................................................................9
Section 3.2          Establishment of Sub-Trust...................................................................9
Section 3.3          Assets of Sub-Trust..........................................................................9
Section 3.4          Liabilities of Sub-Trust.....................................................................9

                                   ARTICLE IV

          TRANSFEROR INTEREST AND TRANSFERS OF THE TRANSFEROR INTEREST

Section 4.1          Initial Ownership...........................................................................10
Section 4.2          The Transferor Interest.....................................................................10
Section 4.3          [Reserved]..................................................................................11
Section 4.4          Registration of Transfer and Exchange of Transferor Interest................................11
Section 4.5          [Reserved]..................................................................................11
Section 4.6          Persons Deemed Transferors..................................................................11
Section 4.7          [Reserved]..................................................................................11
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                  <C>                                                                                        <C>
Section 4.8          Maintenance of Office or Agency.............................................................11
Section 4.9          Appointment of Paying Agent.................................................................11
Section 4.10         [Reserved]..................................................................................12
Section 4.11         [Reserved]..................................................................................12
Section 4.12         [Reserved]..................................................................................12
Section 4.13         Restrictions on Transfers of Transferor Interest............................................12

                                    ARTICLE V

                            ACTIONS BY OWNER TRUSTEE

Section 5.1          Prior Notice to the Transferor and the Insurer with Respect to Certain Matters..............15
Section 5.2          [Reserved]..................................................................................17
Section 5.3          Action by Transferor with Respect to Bankruptcy.............................................17
Section 5.4          Restrictions on Transferor's Power..........................................................17

                                   ARTICLE VI

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 6.1          Establishment of Eligible Accounts..........................................................17
Section 6.2          Application Of Trust Funds..................................................................17
Section 6.3          Method of Payment...........................................................................18
Section 6.4          [Reserved]..................................................................................18
Section 6.5          Accounting and Reports to the Transferor, the Internal Revenue Service and Others...........18
Section 6.6          Signature on Returns........................................................................18

                                   ARTICLE VII

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 7.1          General Authority...........................................................................19
Section 7.2          General Duties..............................................................................19
Section 7.3          Action upon Instruction.....................................................................19
Section 7.4          No Duties Except as Specified in this Agreement, the Transaction Documents or in
                     Instructions................................................................................20
Section 7.5          No Action Except Under Specified Documents or Instructions..................................21
Section 7.6          Restrictions................................................................................21

                                  ARTICLE VIII

                          CONCERNING THE OWNER TRUSTEE

Section 8.1          Acceptance of Trusts and Duties.............................................................21
</TABLE>

                                       ii
<PAGE>
<TABLE>
<S>                  <C>                                                                                        <C>
Section 8.2          Furnishing of Documents.....................................................................22
Section 8.3          Representations and Warranties..............................................................22
Section 8.4          Reliance; Advice of Counsel.................................................................23
Section 8.5          Not Acting in Individual Capacity...........................................................24
Section 8.6          Owner Trustee Not Liable for the Transferor Interest or the Mortgage Loans..................24
Section 8.7          Owner Trustee May Own the Transferor Interest and the Notes.................................24
Section 8.8          Licenses....................................................................................24

                                   ARTICLE IX

                          COMPENSATION OF OWNER TRUSTEE

Section 9.1          Owner Trustee's Fees and Expenses...........................................................25
Section 9.2          Indemnification.............................................................................25
Section 9.3          Payments to the Owner Trustee...............................................................25

                                    ARTICLE X

                         TERMINATION OF TRUST AGREEMENT

Section 10.1         Termination of Trust Agreement..............................................................25

                                   ARTICLE XI

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 11.1         Eligibility Requirements for Owner Trustee..................................................27
Section 11.2         Resignation or Removal of Owner Trustee.....................................................27
Section 11.3         Successor Owner Trustee.....................................................................28
Section 11.4         Merger or Consolidation of Owner Trustee....................................................28
Section 11.5         Appointment of Co-Owner Trustee or Separate Owner Trustee...................................29

                                   ARTICLE XII

                                  MISCELLANEOUS

Section 12.1         Supplements and Amendments..................................................................30
Section 12.2         No Legal Title to Owner Trust Estate in Transferor..........................................31
Section 12.3         Limitations on Rights of Others.............................................................31
Section 12.4         Notices.....................................................................................31
Section 12.5         Severability................................................................................32
Section 12.6         Separate Counterparts.......................................................................32
Section 12.7         Successors and Assigns......................................................................32
Section 12.8         No Petition.................................................................................32
Section 12.9         [Reserved]..................................................................................32
</TABLE>

                                      iii
<PAGE>
<TABLE>
<S>                  <C>                                                                                        <C>
Section 12.10        No Recourse.................................................................................32
Section 12.11        Headings....................................................................................33
Section 12.12        GOVERNING LAW...............................................................................33
Section 12.13        [Reserved]..................................................................................33
Section 12.14        Inconsistencies with Sale and Servicing Agreement...........................................33
Section 12.15        Third Party Beneficiary.....................................................................33


EXHIBIT A             Certificate of Trust.............................................   A-1
EXHIBIT B             Form of Transfer Certificate.....................................   B-1
EXHIBIT C             Form of Transferor Certificate...................................   C-1
</TABLE>


                                       iv
<PAGE>




         TRUST AGREEMENT, dated as of [_________] [__], 200[_], among
RENAISSANCE MORTGAGE ACCEPTANCE CORP., a Delaware Corporation, as depositor (the
"Depositor"), DELTA FUNDING CORPORATION, a New York Corporation, as seller (the
"Seller"), and [________________________], a(n) [_________] banking corporation,
as owner trustee (the "Owner Trustee") dated as of [_________ __], 200[_]
between the Depositor and Owner Trustee.

                                   ARTICLE I

                                   DEFINITIONS

         Section 1.1 Capitalized Terms. For all purposes of this Agreement, the
following terms shall have the meanings set forth below:

         "Agreement" shall mean this Amended and Restated Trust Agreement, as
the same may be amended and supplemented from time to time.

         "Bankruptcy Action" shall have the meaning assigned to such term in
Section 5.1.

         "Benefit Plan" shall have the meaning assigned to such term in Section
4.13.

         "Business Trust Statute" shall mean Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code ss. 3801 et seq., as the same may be amended from
time to time.

         "Certificate" shall mean the Transferor Interest.

         "Certificate of Trust" shall mean the Certificate of Trust in the form
of Exhibit A to be filed for the Trust pursuant to Section 3810(a) of the
Business Trust Statute.

         "Certificate Register" shall mean a register kept by the Certificate
Registrar in which, subject to such reasonable regulations as it may prescribe,
the Certificate Registrar shall provide for the registration of the Certificate
and the registration of transfers of the Certificate. The location of the
Certificate Registrar shall be the same as that of the Corporate Trust Office of
the Indenture Trustee.

         "Certificate Registrar" shall mean the [__________________________], as
Certificate Registrar hereunder.

         "Code" shall mean the Internal Revenue Code of 1986, as amended.

         "Corporate Trust Office" shall mean, (i) with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee, which office
at date of execution of this Agreement is located at
[____________________________], Attention: [_______________]; or at such other
address in the State of Delaware as the Owner Trustee may designate by notice to
the Transferor and the Issuer, or the principal corporate trust office of any
successor Owner Trustee, the address (which shall be in the State of Delaware)
of which the successor owner trustee will notify the Transferor and the Issuer;
or (ii) with respect to the Indenture Trustee, the principal corporate trust
office of the Indenture Trustee, which office at date of execution of this
Agreement, is located at [___________________________________], Attention:
Indenture Trust Administration, or at such other address as the Indenture
Trustee may designate by notice to the Transferor and the Issuer, or the
principal corporate trust office of any successor Indenture Trustee, the address
(which shall be in the State of [_________]) of which the successor indenture
trustee will notify the Transferor and the Issuer.
<PAGE>

         "Depositor" shall mean RENAISSANCE MORTGAGE ACCEPTANCE CORP., a
Delaware Corporation, or its successors.

         "Distribution Account" shall have the meaning assigned to such term in
the Sale and Servicing Agreement.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         "Expenses" shall have the meaning assigned to such term in Section 9.2.

         "Group" With respect to the Notes, Group I, Group II or Group III, as
the context requires. With respect to the Home Equity Loans, Loan Group I, Loan
Group II or Loan Group III, as the context requires.

         "Group I Home Equity Loans" shall mean a pool of closed-end, fixed-rate
home equity loans with conforming balances, as identified in the Mortgage Loan
Schedule.

         "Group II Home Equity Loans" shall mean a pool of closed-end,
fixed-rate home equity loans with primarily non-conforming balances, as
identified in the Mortgage Loan Schedule.

         "Group III Home Equity Loans" shall mean a pool of closed-end,
adjustable- rate home equity loans with both conforming and non-conforming
balances, as identified in the Mortgage Loan Schedule.

         "Indenture" shall mean the Indenture, dated as of [_________ __],
200[_], by and between the Issuer and the Indenture Trustee, or any successor
trustee under the Indenture.

         "Indenture Trustee" shall mean [_______________________], as Indenture
Trustee under the Indenture, or any successor trustee under the Indenture.

         "Insurance Agreement" shall mean the Insurance and Reimbursement
Agreement dated as of [_________ __], 200[_] among the Indenture Trustee, the
Seller, the Servicer, the Depositor, the Insurer and [_____________________],
including any amendments and supplements thereto.

         "Insurer" shall mean [______________________], or its successors.

         "Issuer" shall mean Renaissance Home Equity Loan Trust 200[_]-[__], the
Delaware business trust created pursuant to this Agreement.

         "Loan Group" shall mean either Loan Group I, Loan Group II or Loan
Group III.

                                       2
<PAGE>

         "Loan Group I" shall mean the pool of Home Equity Loans identified in
the Mortgage Loan Schedule as having been assigned to Loan Group I.

         "Loan Group II" shall mean the pool of Home Equity Loans identified in
the Mortgage Loan Schedule as having been assigned to Loan Group II.

         "Loan Group III" shall mean the pool of Home Equity Loans identified in
the Mortgage Loan Schedule as having been assigned to Loan Group III.

         "Mortgage Loans" shall mean the Group I Home Equity Loans, the Group II
Home Equity Loans and the Group III Home Equity Loans.

         "Non-permitted Foreign Owner" shall have the meaning set forth in
Exhibit B hereto.

         "Non-U.S. Person" shall mean any Person other than (i) a citizen or
resident of the United States, (ii) an entity treated for United States federal
income tax purposes as a corporation or partnership created or organized in or
under the laws of the United States or any state thereof, including the District
of Columbia, (iii) an estate that is subject to U.S. federal income tax
regardless of the source of its income, (iv) a trust if a court within the
United States is able to exercise primary supervision over the administration of
the trust and one or more United States trustees have authority to control all
substantial decisions of the trust, or (v) certain trusts in existence on August
20, 1996 and treated as United States persons on such date that elect to
continue to be so treated.

         "Owner Trust Estate" shall mean the contribution of $100 referred to in
Section 2.5 and the Trust Estate.

         "Owner Trustee" shall mean [________________________], a(n) [_________]
banking corporation, not in its individual capacity but solely as owner trustee
under this Agreement, and any successor owner trustee hereunder.

         "Prospective Transferor" shall mean any prospective purchaser or
prospective transferee of the Transferor Interest.

         "Rating Agency Condition" shall mean, with respect to certain actions
requiring Rating Agency consent, that each Rating Agency shall have been given
10 days (or such shorter period as is acceptable to each Rating Agency) prior
notice thereof and that each of the Rating Agencies shall have notified the
Depositor, the Seller, the Owner Trustee, the Insurer and the Issuer in writing
that such action will not result in a reduction or withdrawal of the then
current rating of the Notes, without regard to the Insurance Policy.

         "Record Date" shall mean the last Business Day preceding the related
Payment Date; provided, however, that following the date on which Definitive
Notes are available pursuant to Section 2.2 of the Indenture, the Record Date
shall be the last day of the calendar month preceding the month in which the
related Payment Date occurs.

                                       3
<PAGE>

         "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement dated as of the date hereof, among the Issuer, the Seller, the
Depositor, the Indenture Trustee and the Servicer.

         "Secretary of State" shall mean the Secretary of State of the State of
Delaware.

         "Seller" shall mean Delta Funding Corporation, a New York Corporation,
or its successors.

         "Senior Interest Participations" shall have the meaning specified in
Section 4.2.

         "Servicer" shall mean [_____________________], or any successor
servicer appointed pursuant to the Sale and Servicing Agreement.

         "Sub-Trust" shall have the meaning specified in Section 3.1 and
includes Sub-Trust 1, Sub-Trust 2 or Sub-Trust 3, each of which constitute a
separate series of interests in the Trust Estate pursuant to Section 3806(b)(2)
of the Business Trust Statute.

         "Sub-Trust 1" shall mean the portion of the Trust Estate assigned to
Loan Group I.

         "Sub-Trust 2" shall mean the portion of the Trust Estate assigned to
Loan Group II.

         "Sub-Trust 3" shall mean the portion of the Trust Estate assigned to
Loan Group III.

         "Transaction Documents" shall mean each of the Indenture, the Sale and
Servicing Agreement, the Insurance Agreement and this Agreement.

         "Transferor" shall mean the owner of the Transferor Interest.

         "Transferor Interest" shall have the meaning specified in Section 4.2.

         "Treasury Regulations" shall mean regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

         "Trust" shall mean this agreement.

         "Trust Estate" shall mean the assets subject to the Sale and Servicing
Agreement, the Mortgage Loan Purchase Agreement, this Trust Agreement and the
Indenture, assigned to the Indenture Trustee in each case in respect of the
related Sub-Trust and the related Loan Group, which assets consist of: (i) each
Home Equity Loan in the related Loan Group together with the related Mortgage
File, including its Cut-Off Date Principal Balance and all collections in
respect thereof received after the Cut-Off Date; (ii) property that secured a
Home Equity Loan in the related Loan Group that is acquired by foreclosure or
deed in lieu of foreclosure; (iii) the Seller's rights under any insurance
policies relating to Home Equity Loans in the related Loan Group (including any
Insurance Proceeds); (iv) (a) the related Sub-Trust's interest in the Collection
Account and the Distribution Account, and (b) amounts on deposit in the related
sub-account of each of the Collection Account and Distribution Account; (v) any
Cross-collateralization Payment made from the other Loan Group; (vi) the
Seller's obligation to pay, or cause to be paid, and the security interest
granted by [______________________________] to secure such obligation; (vii) the
Depositor's rights under the Mortgage Loan Purchase Agreement in respect of the
related Loan Group; (viii) the Depositor's rights under the Support Agreement in
respect of the related Loan Group; (ix) any proceeds of any of the foregoing and
(x) all other assets included or to be included in the Trust in respect of the
related Sub-Trust for the benefit of the related Noteholders and the Insurer. In
addition, on or prior to the Closing Date, the Seller shall cause the Insurer to
deliver the Insurance Policy to the Indenture Trustee for the benefit of the
Noteholders and the Transferor and the Seller shall deliver the Support
Agreement to the Indenture Trustee for the benefit of the Noteholders, the
Transferor and the Insurer.

                                       4
<PAGE>

         "Underwriter" shall mean [___________________].

         Section 1.2 Other Definitional Provisions.

                  (a) Capitalized terms used herein and not otherwise defined
herein have the meanings assigned to them in the Sale and Servicing Agreement
or, if not defined therein, in the Indenture.

                  (b) All terms defined in this Agreement shall have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

                  (c) As used in this Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Agreement or in any such certificate or other document, and
accounting terms partly defined in this Agreement or in any such certificate or
other document to the extent not defined, shall have the respective meanings
given to them under generally accepted accounting principles. To the extent that
the definitions of accounting terms in this Agreement or in any such certificate
or other document are inconsistent with the meanings of such terms under
generally accepted accounting principles, the definitions contained in this
Agreement or in any such certificate or other document shall control.

                  (d) The words "hereof," "herein," "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement; Section and Exhibit
references contained in this Agreement are references to Sections and Exhibits
in or to this Agreement unless otherwise specified; and the term "including"
shall mean "including without limitation."

                  (e) The definitions contained in this Agreement are applicable
to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such terms.

                                       5
<PAGE>

                  (f) Any agreement, instrument or statute defined or referred
to herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns.

                                   ARTICLE II

                                  ORGANIZATION

         Section 2.1 Name. The Trust shall be known as "Renaissance Home Equity
Loan Trust 200[_]-[__]," in which name the Owner Trustee may conduct the
business of the Trust and make and execute contracts and other instruments on
behalf of the Trust and the Trust may sue and be sued.

         Section 2.2 Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in the
State of [_________] as the Owner Trustee may designate by written notice to the
Transferor.

         Section 2.3 Purposes and Powers.

                  (a) The purpose of the Trust is to engage in the following
activities:

                  (i) to issue the Notes pursuant to the Indenture and the
         Transferor Interest pursuant to this Agreement and to sell such Notes
         and Transferor Interest;

                  (ii) with the proceeds of the sale of the Notes and the
         Transferor Interest, to fund start-up and transactional expenses of the
         Trust and to pay the balance to the Depositor, or at the direction of
         the Depositor, to pay the Seller, as its interests may appear pursuant
         to the Sale and Servicing Agreement;

                  (iii) to assign, grant, transfer, pledge, mortgage and convey
         the Trust Estate pursuant to the Indenture and to hold, manage and
         distribute to the Transferor pursuant to the terms of the Sale and
         Servicing Agreement any portion of the Trust Estate released from the
         lien of, and remitted to the Trust pursuant to, the Indenture;

                  (iv) to enter into and perform its obligations under the
         Transaction Documents to which it is to be a party;

                  (v) to engage in those activities, including entering into
         agreements, that are necessary, suitable or convenient to accomplish
         the foregoing or are incidental thereto or connected therewith; and

                  (vi) subject to compliance with the Transaction Documents, to
         engage in such other activities as may be required in connection with
         conservation of the Owner Trust Estate and the making of distributions
         to the Noteholders and the Transferor.

                                       6
<PAGE>

The Trust is hereby authorized to engage in the foregoing activities. The Trust
shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Agreement or the
Transaction Documents.

         Section 2.4 Appointment of Owner Trustee. The Depositor hereby confirms
the appointment of Owner Trustee as trustee of the Trust effective as of the
date hereof, to have all the rights, powers and duties set forth herein.

         Section 2.5 Initial Capital Contribution of Owner Trust Estate.
Pursuant to the Trust, the Depositor has sold, assigned, transferred and set
over to the Owner Trustee as of the date thereof, the sum of $100. The Owner
Trustee hereby acknowledges receipt in trust from the Depositor, as of the date
thereof, of the foregoing contribution, which shall constitute the initial Owner
Trust Estate and shall be deposited in the Distribution Account. The Depositor
shall pay organizational expenses of the Trust as they may arise or shall, upon
the request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

         Section 2.6 Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Transferor, subject
to the obligations of the Trust under the Transaction Documents. It is the
intention of the parties hereto that the Trust constitute a business trust under
the Business Trust Statute and that this Agreement constitute the governing
instrument of such business trust. It is the intention of the parties hereto
that, solely for income and franchise tax purposes, the Trust shall be treated
as a security arrangement, with the assets of the Trust being the Sub-Trusts
related to each Loan Group and the Transferor being the owner of the Transferor
Interest. The parties agree that, unless otherwise required by appropriate tax
authorities, the Trust will file or cause to be filed annual or other necessary
returns, reports and other forms, if any, consistent with the characterization
of the Trust, the Sub-Trusts and each Loan Group as provided in the preceding
sentence for such tax purposes. Effective as of the date hereof, the Owner
Trustee shall have all rights, powers and duties set forth herein and in the
Business Trust Statute with respect to accomplishing the purposes of the Trust.
The Owner Trustee has filed the Certificate of Trust with the Secretary of State
of the State of Delaware.

         Section 2.7 Title to Trust Property.

                  (a) Subject to the Indenture, legal title to all the Owner
Trust Estate shall be vested at all times in the Trust as a separate legal
entity except where applicable law in any jurisdiction requires title to any
part of the Owner Trust Estate to be vested in a trustee or trustees, in which
case title shall be deemed to be vested in the Owner Trustee, a co-owner trustee
and/or a separate trustee, as the case may be.

                  (b) The Transferor shall not have legal title to any part of
the Owner Trust Estate. No transfer by operation of law or otherwise of any
interest of the Transferor shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer
to it of any part of the Owner Trust Estate.

                                       7
<PAGE>

         Section 2.8 Situs of Trust. The Trust will be located and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware or the State of
Illinois. The Trust shall not have any employees; provided, however, that
nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware. Payments will be received by
the Trust only in Delaware or Illinois, and payments will be made by the Trust
only from Delaware or Illinois. The only office of the Trust will be at the
Corporate Trust Office in Delaware.

         Section 2.9 Representations and Warranties of the Depositor.

         The Depositor hereby represents and warrants to the Owner Trustee and
the Insurer that:

                  (a) The Depositor is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware and has
all licenses necessary to carry on its business as now being conducted. The
Depositor has the power and authority to execute and deliver this Agreement and
to perform in accordance herewith; the execution, delivery and performance of
this Agreement (including all instruments of transfer to be delivered pursuant
to this Agreement) by the Depositor and the consummation of the transactions
contemplated hereby have been duly and validly authorized by all necessary
action of the Depositor; this Agreement evidences the valid, binding and
enforceable obligation of the Depositor; and all requisite action has been taken
by the Depositor to make this Agreement valid, binding and enforceable upon the
Depositor in accordance with its terms, subject to the effect of bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or
affecting creditors' rights generally or the application of equitable principles
in any proceeding, whether at law or in equity.

                  (b) The consummation of the transactions contemplated by this
Agreement will not result in (i) the breach of any terms or provisions of the
Certificate of Incorporation or By-laws of the Depositor, (ii) the breach of any
term or provision of, or conflict with or constitute a default under or result
in the acceleration of any obligation under, any material agreement, indenture
or loan or credit agreement or other material instrument to which the Depositor,
or its property is subject, or (iii) the violation of any law, rule, regulation,
order, judgment or decree to which the Depositor or its respective property is
subject.

                  (c) The Depositor is not in default with respect to any order
or decree of any court or any order, regulation or demand of any federal, state,
municipal or other governmental agency, which default might have consequences
that would materially and adversely affect the condition (financial or
otherwise) or operations of the Depositor or its properties or might have
consequences that would materially and adversely affect its performance
hereunder.

                  (d) To the Depositor's best knowledge, there are no
proceedings or investigations pending or threatened before any court, regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties: (A) asserting the invalidity
of this Agreement, (B) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement or (C) seeking any determination or
ruling that might materially and adversely affect the performance by the
Depositor of its obligations under, or the validity or enforceability of, this
Agreement.

                                       8
<PAGE>

         Section 2.10 Federal Income Tax Allocations. Net income of each
Sub-Trust for any month, as determined for federal income tax purposes (and each
item of income, gain, loss and deduction entering into the computation thereof),
shall be allocated to the Transferor.

                                  ARTICLE III

                                   SUB-TRUSTS

         Section 3.1 Series Trust. The assets of the Trust shall be divided into
designated series as provided in Section 3806(b)(2) of the Business Trust
Statute (each series a "Sub-Trust"). Accordingly, it is the intent of the
parties hereto that Articles II, IV and X of this Trust Agreement shall apply
also with respect to each such Sub-Trust as if each such Sub-Trust were a
separate business trust under the Business Trust Statute, and each reference to
the term "Trust" in such Articles shall be deemed to be a reference to each such
Sub-Trust to the extent necessary to give effect to the foregoing intent. The
use of the terms "Trust" or "Sub-Trust" in this Agreement shall in no event
alter the intent of the parties hereto that the Trust receive the full benefit
of the limitation on interseries liability as set forth in Section 3804 of the
Business Trust Statute.

         Section 3.2 Establishment of Sub-Trust.

         The Owner Trustee hereby establishes and designates three initial
Sub-Trusts, as follows: Sub-Trust 1, Sub-Trust 2 and Sub-Trust 3. The provisions
of this Article III shall be applicable to the designated Sub-Trusts.

         Section 3.3 Assets of Sub-Trust. All consideration received by the
Trust Estate for the issuance or sale of the Notes and Senior Interest
Participations relating to a particular Loan Group and Sub-Trust, together with
the entire Trust Estate in which such consideration is invested or reinvested,
all income, earnings, profits, and proceeds thereof, including any proceeds
derived from the sale, exchange or liquidation of such assets, and any funds or
payments derived from any reinvestment of such proceeds in whatever form the
same may be, shall irrevocably belong solely to that Sub-Trust for all purposes,
subject only to the rights of creditors of such Sub-Trust and except as may
otherwise be provided in the Sale and Servicing Agreement or required by
applicable tax laws, and shall be so recorded upon the books of account of the
Trust. Separate and distinct records shall be maintained for each Sub-Trust and
the assets associated with a Sub-Trust shall be held and accounted for
separately from the other assets of the Trust Estate, and any other Sub-Trust.
In the event that there is any Trust Estate, or any income, earnings, profits,
and proceeds thereof, or funds or payments that are not readily identifiable as
belonging to any particular Sub-Trust, the Owner Trustee shall allocate them to
the Transferor Interest. Each such allocation by the Owner Trustee shall be
conclusive and binding upon all Noteholders and the Transferor for all purposes.

                                       9
<PAGE>

         Section 3.4 Liabilities of Sub-Trust.

                  (a) The Trust Estate belonging to each particular Sub-Trust
shall be charged with the liabilities of the Trust in respect of that Sub-Trust
and only that Sub-Trust and all expenses, costs, charges and reserves
attributable to that Sub-Trust, and any general liabilities, expenses, costs,
charges or reserves of the Trust which are not readily identifiable as belonging
to any particular Sub-Trust shall be allocated and charged by the Owner Trustee
to the Transferor. Each allocation of liabilities, expenses, costs, charges and
reserves by the Owner Trustee shall be conclusive and binding upon all
Noteholders and the Transferor for all purposes. The Owner Trustee shall have
full discretion, to the extent not inconsistent with applicable law, to
determine which items shall be treated as income and which items as capital, and
each such determination and allocation shall be conclusive and binding upon the
Noteholders and the Transferor. Every written agreement, instrument or other
undertaking made or issued by or on behalf of a particular Sub-Trust shall
include a recitation limiting the obligation or claim represented thereby to
that Sub-Trust and its assets.

                  (b) Without limitation of the foregoing provisions of this
Article, but subject to the right of the Owner Trustee in its discretion to
allocate general liabilities, expenses, costs, charges or reserves as herein
provided, the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to a particular Sub-Trust shall be
enforceable against the assets of such Sub-Trust only, and not against the
assets (i) of the Trust generally or (ii) of any other Sub-Trust. Notice of this
limitation on interseries liabilities shall be set forth in the Certificate of
Trust of the Trust (whether originally or by amendment) as filed or to be filed
in the Office of the Secretary of State of the State of Delaware pursuant to the
Business Trust Statute, and upon the giving of such notice in the Certificate of
Trust, the statutory provisions of Section 3804 of the Business Trust Statute
relating to limitations on interseries liabilities (and the statutory effect
under Section 3804 of setting forth such notice in the Certificate of Trust)
shall become applicable to the Trust and each Sub-Trust. Every note, bond,
contract, instrument, certificate or other undertaking made or issued by or on
behalf of a particular Sub-Trust shall include a recitation limiting the
obligation represented thereby to that Sub-Trust and its assets in accordance
with Section 3804(a) of the Business Trust Statute.

                                  ARTICLE IV

          TRANSFEROR INTEREST AND TRANSFERS OF THE TRANSFEROR INTEREST

         Section 4.1 Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.5 and until the issuance of
the Transferor Interest (as defined below), the Transferor shall be the sole
owner of the Trust.

         Section 4.2 The Transferor Interest. The Transferor Interest shall be
issued as a single certificate, substantially in the form of Exhibit C hereto,
upon the order of the Depositor to the Owner Trustee concurrently with the sale
and assignment to the Trust of the Mortgage Loans. The Transferor Interest shall
represent the Transferor Interest that is the entire beneficial Transferor
Interest in the assets of the Trust subject to the debt represented by the Notes
(the "Transferor Interest"). The initial Transferor Interest and each Transferor
Interest issued in exchange or upon transfer therefor shall be manually executed
by an Authorized Officer of the Owner Trustee.

                                       10
<PAGE>

         The Transferor Interest shall represent the entire beneficial
Transferor Interest in the assets of the Trust Estate, subject to the debt
represented by the Notes (the "Transferor Interest").

         A transferee of the Transferor Interest shall become the Transferor,
and shall be entitled to the rights and be subject to the obligations of the
Transferor hereunder, upon such transferee's acceptance of the Transferor
Interest duly registered in such transferee's name pursuant to Section 4.4
below.

         Section 4.3 [Reserved].

         Section 4.4 Registration of Transfer and Exchange of Transferor
Interest. The Owner Trustee hereby appoints [____________________] as
Certificate Registrar under this Agreement. The Certificate Registrar shall keep
or cause to be kept, at the office or agency maintained pursuant to Section 4.8,
a Certificate Register in which, subject to such reasonable regulations as it
may prescribe, the Certificate Register shall provide for the registration of
the Transferor Interest and of transfer and exchange of the Transferor Interest
as herein provided. The Certificate Registrar, subject to Section 4.13 hereof,
on behalf of the Trust, shall note on the Certificate Register any transfer of
the Transferor Interest.

         Section 4.5 [Reserved].

         Section 4.6 Persons Deemed Transferors. Prior to due presentation of
the Transferor Interest for registration of transfer, the Depositor, the Seller,
the Owner Trustee, the Indenture Trustee, the Insurer and the Certificate
Registrar may treat the Person in whose name the Transferor Interest shall be
registered in the Certificate Register as the owner thereof for the purpose of
receiving distributions pursuant to Section 6.2 hereof and for all other
purposes whatsoever, and none of the Seller, the Depositor, the Owner Trustee,
the Indenture Trustee, the Insurer or the Certificate Registrar shall be bound
by any notice to the contrary.

         Section 4.7 [Reserved].

         Section 4.8 Maintenance of Office or Agency. The Indenture Trustee
shall maintain an office or offices or agency or agencies (initially, the
Corporate Trust Office of the Indenture Trustee) where the Transferor Interest
may be surrendered for registration of transfer or exchange pursuant to Section
4.4 and where notices and demands to or upon the Certificate Registrar in
respect of the Transferor Interest and the Transaction Documents may be served.
The Indenture Trustee shall give prompt written notice to the Seller, the
Depositor, the Insurer, the Owner Trustee and the Transferor of any change in
the location of the Certificate Register or any such office or agency.

                                       11
<PAGE>

         Section 4.9 Appointment of Paying Agent. The Owner Trustee hereby
appoints the Indenture Trustee as Paying Agent under this Agreement. The Paying
Agent shall make distributions to the Transferor from the Distribution Account
pursuant to Section 6.2 hereof and Section 5.01 of the Sale and Servicing
Agreement and shall report the amounts of such distributions to the Owner
Trustee. The Paying Agent shall have the revocable power to withdraw funds from
the Distribution Account for the purpose of making the distributions referred to
above. In the event that the Indenture Trustee shall no longer be the Paying
Agent hereunder, the Owner Trustee shall appoint a successor to act as Paying
Agent (which shall at all times be a corporation duly incorporated and validly
existing under the laws of the United States of America or any state thereof,
authorized under such laws to exercise corporate trust powers and subject to
supervision or examination by federal or state authorities). The Owner Trustee
shall cause such successor Paying Agent or any additional Paying Agent appointed
by the Owner Trustee to execute and deliver to the Owner Trustee an instrument
in which such successor Paying Agent or additional Paying Agent shall agree with
the Owner Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Transferor in trust for the benefit of the Transferor until such sums shall
be paid to the Transferor. The Paying Agent shall return all unclaimed funds to
the Owner Trustee, and upon removal of a Paying Agent, such Paying Agent shall
also return all funds in its possession to the Owner Trustee. Any reference in
this Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

         Section 4.10 [Reserved].

         Section 4.11 [Reserved].

         Section 4.12 [Reserved].

         Section 4.13 Restrictions on Transfers of Transferor Interest. The
Transferor Interest shall not be sold, pledged, transferred or assigned, except
as provided below.

                  (a) The Transferor Interest may not be acquired by or for the
account of (i) an employee benefit plan (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA")) that is
subject to the provisions of Title I of ERISA, (ii) a plan described in Section
4975(e)(1) of the Code, or (iii) any entity, including an insurance company
separate account or general account, whose underlying assets include plan assets
by reason of a plan's investment in the entity (each, a "Benefit Plan"). Each
Prospective owner of the Transferor Interest, other than the Seller or an
affiliate of the Seller, shall represent and warrant, in writing, to the Owner
Trustee and the Certificate Registrar and any of their respective successors
that:

                  (i) Such Person is (A) a "qualified institutional buyer" as
         defined in Rule 144A under the Securities Act of 1933, as amended (the
         "Securities Act"), and is aware that the seller of such Transferor
         Interest may be relying on the exemption from the registration
         requirements of the Securities Act provided by Rule 144A and is
         acquiring such Transferor Interest for its own account or for the
         account of one or more qualified institutional buyers for whom it is
         authorized to act, (B) an "accredited investor" as defined in Rule
         501(a) under the Securities Act , or (C) a Person involved in the
         organization or operation of the Trust or an affiliate of such Person
         within the meaning of Rule 3a-7 of the 1940 Act, as amended (including,
         but not limited to, the Depositor, the Seller or the Transferor).

                                       12
<PAGE>

                  (ii) Such Person understands that such Transferor Interest has
         not been and will not be registered under the Securities Act and may be
         offered, sold, pledged or otherwise transferred only to a person whom
         the seller reasonably believes is (A) a "qualified institutional
         buyer," (B) " an accredited investor" or (C) a Person involved in the
         organization or operation of the Trust or an affiliate of such Person,
         in each case in a transaction meeting the requirements of Rule 144A
         under the Securities Act or that is otherwise exempt from registration
         under the Securities Act and in accordance with any applicable
         securities laws of any state of the United States.

                  (iii) Such Person understands that each Transferor Interest
         bears a legend to the following effect:

                  THIS TRANSFEROR INTEREST HAS NOT BEEN AND WILL NOT BE
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "ACT"), OR ANY STATE SECURITIES LAWS. THIS TRANSFEROR INTEREST
                  MAY BE DIRECTLY OR INDIRECTLY OFFERED OR SOLD OR OTHERWISE
                  DISPOSED OF (INCLUDING PLEDGED) BY THE HOLDER HEREOF ONLY TO
                  (I) A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A
                  UNDER THE ACT, IN A TRANSACTION THAT IS REGISTERED UNDER THE
                  ACT AND APPLICABLE STATE SECURITIES LAWS OR THAT IS EXEMPT
                  FROM THE REGISTRATION REQUIREMENTS OF THE ACT PURSUANT TO RULE
                  144A, (II) AN ACCREDITED INVESTOR AS DEFINED IN RULE 501(a)
                  UNDER THE ACT, OR (III) A PERSON INVOLVED IN THE ORGANIZATION
                  OR OPERATION OF THE TRUST OR AN AFFILIATE OF SUCH A PERSON
                  WITHIN THE MEANING OF RULE 3a-7 OF THE INVESTMENT COMPANY ACT
                  OF 1940, AS AMENDED (INCLUDING, BUT NOT LIMITED TO, [CHAMPION
                  MORTGAGE CO., INC.]) IN A TRANSACTION THAT IS REGISTERED UNDER
                  THE ACT AND APPLICABLE STATE SECURITIES LAWS OR THAT IS EXEMPT
                  FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND SUCH LAWS.
                  NO PERSON IS OBLIGATED TO REGISTER THIS TRANSFEROR INTEREST
                  UNDER THE ACT OR ANY STATE SECURITIES LAWS."

                  (iv) Such Person shall comply with the provisions of Section
         4.13(b), as applicable, relating to the ERISA restrictions with respect
         to the acceptance or acquisition of such Transferor Interest.

                                       13
<PAGE>

                  (b) Each Prospective Transferor, other than the Transferor or
an affiliate of the Transferor, shall either:

                  (i) represent and warrant, in writing, to the Owner Trustee
         and the Certificate Registrar and any of their respective successors,
         in accordance with Exhibit B hereto, that the Prospective Transferor is
         not (A) an "employee benefit plan" within the meaning of Section 3(3)
         of the Employee Retirement Income Security Act of 1974, as amended
         ("ERISA"), or (B) a "plan" within the meaning of Section 4975(e)(1) of
         the Code (any such plan or employee benefit plan, a "Plan") or (C) any
         entity, including an insurance company separate account or general
         account, whose underlying assets include plan assets by reason of a
         plan's investment in the entity and is not directly or indirectly
         purchasing such Transferor Interest on behalf of, as investment manager
         of, as named fiduciary of, as trustee of, or with assets of a Plan; or

                  (ii) furnish to the Owner Trustee and the Certificate
         Registrar and any of their respective successors an opinion of counsel
         acceptable to such persons that (A) the proposed issuance or transfer
         of such Transferor Interest to such Prospective Transferor will not
         cause any assets of the Trust to be deemed assets of a Plan, and (B)
         the proposed holding or transfer of such Transferor Interest will not
         cause the Owner Trustee or the Certificate Registrar or any of their
         respective successors to be a fiduciary of a Plan within the meaning of
         Section 3(21) of ERISA and will not give rise to a transaction
         described in Section 406 of ERISA or Section 4975(c)(1) of the Code for
         which a statutory or administrative exemption is unavailable.

                  (c) The Transferor Interest shall bear an additional legend
referring to the foregoing restrictions contained in paragraph (b) above.

                  (d) The Prospective Transferor, other than the Transferor or
an affiliate of the Transferor, shall obtain an Opinion of Counsel to the effect
that, as a matter of federal income tax law, such Prospective Transferor is
permitted to accept the transfer of the Transferor Interest.

                  (e) The Transferor Interest may not be pledged or transferred
without delivery to the Certificate Registrar of an Opinion of Counsel to the
effect that such transfer would not jeopardize the tax treatment of the Trust,
would not subject the Trust to an entity-level tax, and would not jeopardize the
status of the Notes as debt for all purposes.

                  (f) No pledge or transfer of the Transferor Interest shall be
effective unless such purchase or transfer is (i) to a single beneficial owner
and (ii) accompanied by an Opinion of Counsel satisfactory to the Owner Trustee,
which Opinion of Counsel shall not be an expense of the Trust, the Certificate
Registrar, the Servicer, the Depositor or the Seller, to the effect such pledge
or transfer will not cause the Trust to be treated for federal income tax
purposes as a taxable mortgage pool, association or a publicly traded
partnership taxable as a corporation.

Transfer of the Transferor Interest shall be made only if accompanied by an
Opinion of Counsel satisfactory to the Owner Trustee, which Opinion of Counsel
shall not be an expense of the Issuer, the Owner Trustee, the Servicer, the
Depositor or the Seller, to the effect such transfer will not cause the Issuer
to be treated for federal income tax purposes as an association, a taxable
mortgage pool or a publicly traded partnership taxable as a corporation.

                                       14
<PAGE>

                                   ARTICLE V

                            ACTIONS BY OWNER TRUSTEE

         Section 5.1 Prior Notice to the Transferor and the Insurer with Respect
to Certain Matters. With respect to the following matters, the Owner Trustee
shall not take action, and neither the Transferor nor the Insurer shall direct
the Owner Trustee to take any action, unless (i) the Insurer has provided its
written consent and (ii) at least thirty (30) days before the taking of such
action, the Owner Trustee shall have notified the Transferor in writing of the
proposed action and neither the Transferor nor the Insurer shall have notified
the Owner Trustee in writing prior to the 30th day after such notice is given
that the Transferor has withheld consent or the Transferor or the Insurer have
provided alternative direction:

                  (a) the initiation of any claim or lawsuit by the Trust
(except claims or lawsuits brought in connection with the collection of the Home
Equity Loans) and the compromise of any action, claim or lawsuit brought by or
against the Trust (except with respect to the aforementioned claims or lawsuits
for collection of the Home Equity Loans);

                  (b) the election by the Trust to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the
Business Trust Statute);

                  (c) the amendment or other change to this Agreement or any
Transaction Document in circumstances where the consent of any Noteholder or the
Insurer is required;

                  (d) the amendment or other change to this Agreement or any
Transaction Document in circumstances where the consent of any Noteholder or the
Insurer is not required and such amendment materially adversely affects the
interests of the Transferor;

                  (e) the appointment pursuant to the Indenture of a successor
Note Registrar, Paying Agent or Indenture Trustee, or the consent to the
assignment by the Note Registrar, Paying Agent or Indenture Trustee of its
obligations under the Indenture;

                  (f) the consent to the calling or waiver of any default of any
Transaction Document;

                  (g) the consent to the assignment by the Indenture Trustee or
the Seller of their respective obligations under any Transaction Document;

                  (h) except as provided in Article X hereof, the dissolution,
termination or liquidation of the Trust, in whole or in part;

                                       15
<PAGE>

                  (i) the merger or consolidation of the Trust with or into any
other entity, or, except as contemplated by the Sale and Servicing Agreement,
the conveyance or transfer of all or substantially all of the Trust's assets to
any other entity;

                  (j) the causing of the Trust to incur, assume or guaranty any
indebtedness other than the Notes, as set forth in this Agreement;

                  (k) doing any act that conflicts with any other Transaction
Document;

                  (l) doing any act which would make it impossible to carry on
the ordinary business of the Trust;

                  (m) confessing a judgment against the Trust;

                  (n) possessing Trust assets, or assigning the Trust's right to
property, for other than a Trust purpose; or

                  (o) changing the Trust's purpose and powers from those set
forth in this Agreement.

         In addition, the Trust shall not commingle its assets with those of any
other entity. The Trust shall maintain its financial and accounting books and
records separate from those of any other entity. Except as expressly set forth
herein, the Trust shall pay its indebtedness, operating expenses from its own
funds, and the Trust shall not pay the indebtedness, operating expenses and
liabilities of any other Person. The Trust shall maintain appropriate minutes or
other records of all appropriate actions and shall maintain its office separate
from the offices of the Depositor or the Seller, and any of their respective
affiliates. This Agreement and the Transaction Documents shall be the only
agreements among the parties hereto with respect to the creation, operation and
termination of the Trust. For accounting purposes, the Trust shall be treated as
an entity separate and distinct from the Transferor. The pricing and other
material terms of all transactions and agreements to which the Trust is a party
shall be intrinsically fair to all parties thereto.

         The Owner Trustee shall not have the power, except upon the direction
of the Transferor and with the consent of the Insurer (which consent shall not
be unreasonably withheld), and to the extent otherwise consistent with the
Transaction Documents, to (i) remove or replace the Seller or the Indenture
Trustee, (ii) institute proceedings to have the Trust declared or adjudicated a
bankrupt or insolvent, (iii) consent to the institution of bankruptcy or
insolvency proceedings against the Trust, (iv) file a petition or consent to a
petition seeking reorganization or relief on behalf of the Trust under any
applicable federal or state law relating to bankruptcy, (v) consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any
similar official) of the Trust or a substantial portion of the property of the
Trust, (vi) make any assignment for the benefit of the Trust's creditors, (vii)
cause the Trust to admit in writing its inability to pay its debts generally as
they become due, or (viii) take any action, or cause the Trust to take any
action, in furtherance of any of the foregoing (any of the above, a "Bankruptcy
Action"). So long as the Indenture remains in effect, the Transferor shall not
have the power to take, and shall not take, any Bankruptcy Action with respect
to the Trust or direct the Owner Trustee to take any Bankruptcy Action with
respect to the Trust.

                                       16
<PAGE>

         Section 5.2 [Reserved].

         Section 5.3 Action by Transferor with Respect to Bankruptcy. The Owner
Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the prior consent and approval of (i)
the Insurer; (ii) the Transferor; (iii) the Owner Trustee; and (iv) the
Indenture Trustee, and the delivery to the Owner Trustee by the Transferor of a
certificate certifying that such Transferor reasonably believes that the Trust
is insolvent. The terms of this Section 5.3 shall survive for one year and one
day following the termination of this Agreement.

         Section 5.4 Restrictions on Transferor's Power. The Transferor shall
not direct the Owner Trustee to take or refrain from taking any action if such
action or inaction would be contrary to any obligation of the Trust or the Owner
Trustee under this Agreement or any of the Transaction Documents or would be
contrary to Section 2.3 hereof, nor shall the Owner Trustee be obligated to
follow any such direction, if given.

                                   ARTICLE VI

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         Section 6.1 Establishment of Eligible Accounts. The Owner Trustee shall
cause the Indenture Trustee to establish and maintain with the Indenture Trustee
for the benefit of the Owner Trustee one or more Eligible Accounts in accordance
with the Indenture.

         Section 6.2 Application Of Trust Funds.

                  (a) On each Payment Date, the Paying Agent shall make the
distributions and payments set forth in Section 5.01 of the Sale and Servicing
Agreement from amounts on deposit in the Distribution Account.

                  (b) On or before the third Business Day following each Payment
Date, the Paying Agent shall send to DTC the statement provided to the Paying
Agent by the Indenture Trustee pursuant to Section 5.03 of the Sale and
Servicing Agreement with respect to such Payment Date.

                  (c) In the event that any withholding tax is imposed on the
Trust's payment (or allocations of income) to the Transferor, such tax shall
reduce the amount otherwise distributable to the Transferor in accordance with
this Section 6.2. The Paying Agent is hereby authorized and directed to retain
from amounts otherwise distributable to the Transferor sufficient funds for the
payment of any tax that is legally owed by the Trust (but such authorization
shall not prevent the Paying Agent from contesting any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings). The amount of any withholding tax imposed with
respect to the Transferor shall be treated as cash distributed to the Transferor
at the time it is withheld by the Trust and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with
respect to a distribution (such as a distribution to a non-U.S. Transferor), the
Paying Agent may in its sole discretion withhold such amounts in accordance with
this paragraph (c). In the event that the Transferor wishes to apply for a
refund of any such withholding tax, the Owner Trustee and the Paying Agent shall
reasonably cooperate with the Transferor in making such claim so long as the
Transferor agrees to reimburse the Owner Trustee and the Paying Agent for any
out-of-pocket expenses incurred.

                                       17
<PAGE>

         Section 6.3 Method of Payment. Distributions required to be made to the
Transferor on any Payment Date shall be made to the Transferor of record on the
preceding Record Date in the manner set forth in Section 5.01 of the Sale and
Servicing Agreement.

         Section 6.4 [Reserved].

         Section 6.5 Accounting and Reports to the Transferor, the Internal
Revenue Service and Others. The Owner Trustee shall deliver to the Transferor
such information, reports or statements as may be required by the Code and
applicable Treasury Regulations and as may be required to enable the Transferor
to prepare its respective federal and state income tax returns. Consistent with
the Trust's (and each Loan Group's and Sub-Trust's) characterization for tax
purposes as a security arrangement for the issuance of non-recourse debt, no
federal income tax return shall be filed on behalf of the Trust unless either
(a) the Trust, the Sub-Trusts, the Transferor, the Owner Trustee or the
Transferor receives an Opinion of Counsel based on a change in applicable law
occurring after the date hereof that the Code requires such a filing or (b) the
Internal Revenue Service shall determine that the Trust (or a related Loan Group
or Sub-Trust) is required to file such a return. In the event that the Trust (or
a related Loan Group or Sub-Trust) is required to file tax returns, the Owner
Trustee shall elect under Section 1278 of the Code to include in income
currently any market discount that accrues with respect to the Home Equity
Loans. The Owner Trustee shall prepare or shall cause to be prepared any tax
returns required to be filed by the Trust or the Sub-Trusts and shall remit such
returns to the Transferor at least five days before such returns are due to be
filed. The Transferor, or any other such party required by law, shall promptly
sign such returns and deliver such returns after signature to the Owner Trustee
and such returns shall be filed by, or at the direction of, the Owner Trustee
with the appropriate tax authorities. In no event shall the Transferor be liable
for any liabilities, costs or expenses of the Trust or the Sub-Trusts arising
out of the application of any tax law, including federal, state, foreign or
local income or excise taxes or any other tax imposed on or measured by income
(or any interest, penalty or addition with respect thereto or arising from a
failure to comply therewith), except for any such liability, cost or expense
attributable to the Transferor's breach of its obligations under this Agreement.

         Section 6.6 Signature on Returns.

         The Owner Trustee shall sign on behalf of the Trust or the Sub-Trusts
the tax returns of the Trust or the Sub-Trusts, if any, unless applicable law
requires a Transferor to sign such documents, in which case the Transferor shall
sign such documents.

                                       18
<PAGE>

                                  ARTICLE VII

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         Section 7.1 General Authority. The Owner Trustee is authorized and
directed to execute and deliver or cause to be executed and delivered the Notes,
the Transferor Interest and the Transaction Documents to which the Trust is to
be a party and each certificate or other document attached as an exhibit to or
contemplated by the Transaction Documents to which the Trust is to be a party
and any amendment or other agreement or instrument described in Article IV, in
each case, in such form as the Owner Trustee shall approve, as evidenced
conclusively by the Owner Trustee's execution thereof, and, on behalf of the
Trust, to direct the Indenture Trustee to authenticate and deliver the Class A-1
Notes in an aggregate principal amount equal to $[___________], the Class A-2
Notes in the aggregate principal amount of $[___________] and the Class A-3
Notes in the aggregate principal amount of $[___________]. In addition to the
foregoing, the Owner Trustee is authorized, but shall not be obligated, to take
all actions required of the Trust pursuant to the Transaction Documents.

         Section 7.2 General Duties. It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the Transaction Documents to which the Trust is
a party and to administer the Trust in the interest of the Transferor, subject
to the Transaction Documents and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the
Transaction Documents to the extent the Administrator or Renaissance Mortgage
Acceptance Corp., a Delaware Corporation ("Renaissance") has agreed in the
Administration Agreement to perform any act or to discharge any duty of the
Owner Trustee hereunder or under any Transaction Document, including
discretionary duties, and the Owner Trustee shall not be held liable for the
default or failure of the Administrator or Renaissance to carry out their
respective obligations under the Administration Agreement.

         Section 7.3 Action upon Instruction.

                  (a) Subject to Article V herein and in accordance with the
terms of the Transaction Documents, the Transferor may by written instruction
direct the Owner Trustee in the management of the Trust but only to the extent
consistent with the limited purpose of the Trust. Such direction may be
exercised at any time by written instruction of the Transferor pursuant to
Article V.

                  (b) Notwithstanding the foregoing, the Owner Trustee shall not
be required to take any action hereunder or under any Transaction Document if
the Owner Trustee shall have reasonably determined, or shall have been advised
by counsel, that such action is likely to result in liability on the part of the
Owner Trustee or is contrary to the terms hereof or of any Transaction Document
or is otherwise contrary to law.

                                       19
<PAGE>

                  (c) Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or under any Transaction Document, the Owner Trustee shall promptly
give notice (in such form as shall be appropriate under the circumstances) to
the Transferor and the Insurer (so long as no Insurer Default exists) requesting
instruction from the Transferor and the Insurer (so long as no Insurer Default
exists) as to the course of action to be adopted, and to the extent the Owner
Trustee acts in good faith in accordance with any written instruction of the
Transferor or the Insurer received, the Owner Trustee shall not be liable on
account of such action to any Person. If the Owner Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement or the
Transaction Documents, as it shall deem to be in the best interest of the
Transferor, and shall have no liability to any Person for such action or
inaction.

                  (d) In the event that the Owner Trustee is unsure as to the
application of any provision of this Agreement or any Transaction Document or
any such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this
Agreement provides no direction to the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts, the Owner Trustee may give notice (in
such form as shall be appropriate under the circumstances) to the Transferor and
the Insurer requesting instruction and, to the extent that the Owner Trustee
acts or refrains from acting in good faith in accordance with any such
instruction received from the Insurer, or if there is an Insurer Default, the
Transferor, the Owner Trustee shall not be liable, on account of such action or
inaction, to any Person. If the Owner Trustee shall not have received
appropriate instruction within ten (10) days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement or the
Transaction Documents, as it shall deem to be in the best interest of the
Transferor, and shall have no liability to any Person for such action or
inaction.

         Section 7.4 No Duties Except as Specified in this Agreement, the
Transaction Documents or in Instructions. The Owner Trustee shall not have any
duty or obligation to manage, make any payment with respect to, register,
record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to
otherwise take or refrain from taking any action under, or in connection with,
any document contemplated hereby to which the Owner Trustee or the Trust is a
party, except as expressly provided by the terms of this Agreement, any
Transaction Document or in any document or written instruction received by the
Owner Trustee pursuant to Section 7.3; and no implied duties or obligations
shall be read into this Agreement or any Transaction Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at anytime or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Securities and Exchange Commission filing
for the Trust or to record this Agreement or any Transaction Document. The Owner
Trustee nevertheless agrees that it will, at its own cost and expense, promptly
take all action as may be necessary to discharge any liens on any part of the
Owner Trust Estate that result from actions by, or claims against, the Owner
Trustee that are not related to the ownership or the administration of the Owner
Trust Estate.

                                       20
<PAGE>

         Section 7.5 No Action Except Under Specified Documents or Instructions.
The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise
deal with any part of the Owner Trust Estate except (i) in accordance with the
powers granted to and the authority conferred upon the Owner Trustee pursuant to
this Agreement, (ii) in accordance with the Transaction Documents and (iii) in
accordance with any document or instruction delivered to the Owner Trustee
pursuant to Section 7.3 above.

         Section 7.6 Restrictions. The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section 2.3
hereof or (b) that, to the actual knowledge of the Owner Trustee, would result
in the Trust's becoming taxable as a corporation for federal income tax
purposes. The Transferor shall not direct the Owner Trustee to take action that
would violate the provisions of this Section 7.6 .

                                  ARTICLE VIII

                          CONCERNING THE OWNER TRUSTEE

         Section 8.1 Acceptance of Trusts and Duties. The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Agreement and the
Transaction Documents. The Owner Trustee also agrees to disburse all moneys
actually received by it constituting part of the Owner Trust Estate upon the
terms of the Transaction Documents and this Agreement. The Owner Trustee shall
not be answerable or accountable hereunder or under any Transaction Document
under any circumstances, except (i) for its own willful misconduct, bad faith or
negligence or (ii) in the case of the inaccuracy of any representation or
warranty contained in Section 8.3 below expressly made by the Owner Trustee. In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

                  (a) the Owner Trustee shall not be liable for any error of
judgment made by a responsible officer of the Owner Trustee;

                  (b) the execution, delivery, authentication and performance by
the Owner Trustee of this Agreement will not require the authorization, consent
or approval of, the giving of notice to, the filing or registration with, or the
taking of any other action with respect to, any governmental authority or
agency;

                  (c) no provision of this Agreement or any Transaction Document
shall require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights or powers hereunder
or under any Transaction Document if the Owner Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured or provided to it;

                  (d) under no circumstances shall the Owner Trustee be liable
for indebtedness evidenced by or arising under any of the Transaction Documents,
including the principal of and interest on the Notes;

                                       21
<PAGE>

                  (e) the Owner Trustee shall not be responsible for or in
respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Depositor or the Seller or for the form, character,
genuineness, sufficiency, value or validity of any of the Owner Trust Estate or
for or in respect of the validity or sufficiency of the Transaction Documents,
other than the certificate of authentication on the Transferor Interest, and the
Owner Trustee shall in no event assume or incur any liability, duty, or
obligation to any Noteholder, to the Transferor or other than as expressly
provided for herein and in the Transaction Documents;

                  (f) the Owner Trustee shall not be liable for the default or
misconduct of the Depositor, the Seller, the Indenture Trustee, or the Servicer
under any of the Transaction Documents or otherwise and the Owner Trustee shall
have no obligation or liability to perform the obligations of the Trust under
this Agreement or the Transaction Documents that are required to be performed by
the Indenture Trustee under the Indenture, the Servicer under the Sale and
Servicing Agreement, the Administrator or Renaissance under the Administration
Agreement or the Certificate Registrar or any Paying Agent hereunder;

                  (g) the Owner Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in
relation to this Agreement or any Transaction Document, at the request, order or
direction of the Transferor, unless such Transferor has offered to the Owner
Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities that may be incurred by the Owner Trustee therein or thereby. The
right of the Owner Trustee to perform any discretionary act enumerated in this
Agreement or in any Transaction Document shall not be construed as a duty, and
the Owner Trustee shall not be answerable for other than its gross negligence or
willful misconduct in the performance of any such act; and.

                  (h) The Owner Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in accordance with the instructions of
the Depositor, the Insurer, the Seller or any Owner to the extent such action or
direction is permitted by the Transaction Documents.

         Section 8.2 Furnishing of Documents. The Owner Trustee shall furnish
(a) to the Transferor promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Owner Trustee
under the Transaction Documents and (b) to Noteholders and the Insurer promptly
upon written request therefor, copies of the Sale and Servicing Agreement and
this Agreement.

         Section 8.3 Representations and Warranties.

         [________________________] hereby represents and warrants to the
Depositor, for the benefit of the Transferor and the Insurer, that:

                  (a) It is a banking corporation duly organized and validly
existing in good standing under the laws of the State of Delaware. It has all
requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement;

                                       22
<PAGE>

                  (b) It has taken all corporate action necessary to authorize
the execution and delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to execute
and deliver this Agreement on its behalf;

                  (c) Neither the execution nor the delivery by it of this
Agreement nor the consummation by it of the transactions contemplated hereby nor
compliance by it with any of the terms or provisions hereof will contravene any
federal or Delaware law, governmental rule or regulation governing the banking
or trust powers of the Owner Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or by-laws or any indenture,
mortgage, contract, agreement or instrument to which it is a party or by which
any of its properties may be bound;

                  (d) This Agreement has been duly authorized, executed and
delivered by the Owner Trustee and constitutes a valid, legal and binding
obligation of the Owner Trustee, enforceable against it in accordance with the
terms hereof, subject to applicable bankruptcy, insolvency, reorganization,
moratorium and other laws affecting the enforcement of creditors' rights
generally and to general principles of equity, regardless of whether such
enforcement is considered in a proceeding in equity or at law;

                  (e) The Owner Trustee is not in default with respect to any
order or decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default might have consequences
that would materially and adversely affect the condition (financial or other) or
operations of the Owner Trustee or its properties or might have consequences
that would materially adversely affect its performance hereunder; and

                  (f) No litigation is pending or, to the best of the Owner
Trustee's knowledge, threatened against the Owner Trustee that would prohibit
its entering into this Agreement or performing its obligations under this
Agreement.

         Section 8.4 Reliance; Advice of Counsel.

                  (a) The Owner Trustee shall incur no liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond, or other document or paper believed
by it to be genuine and believed by it to be signed by the proper party or
parties. The Owner Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of the
determination of which is not specifically prescribed herein, the Owner Trustee
may for all purposes hereof rely on a certificate, signed by the president or
any vice president or by the treasurer or other authorized officer of the
relevant party, as to such fact or matter and such certificate shall constitute
full protection to the Owner Trustee for any action taken or omitted to be taken
by it in good faith in reliance thereon.

                  (b) In the exercise or administration of the trusts hereunder
and in the performance of its duties and obligations under this Agreement or the
Transaction Documents, the Owner Trustee (i) may act directly or through its
agents or attorneys pursuant to agreements entered into with any of them, and
the Owner Trustee shall not be liable for the conduct or misconduct of such
agents or attorneys if such agents or attorneys shall have been selected by the
Owner Trustee with reasonable care, and (ii) may consult with counsel,
accountants and other skilled persons to be selected with reasonable care and
employed by it. The Owner Trustee shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the opinion or advice
of any such counsel, accountants or other such persons and not contrary to this
Agreement or any Transaction Document.

                                       23
<PAGE>

         Section 8.5 Not Acting in Individual Capacity. Except as provided in
this Article VIII, in accepting the trusts hereby created, [__________________]
acts solely as Owner Trustee hereunder and not in its individual capacity and
all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any Transaction Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

         Section 8.6 Owner Trustee Not Liable for the Transferor Interest or the
Mortgage Loans. The recitals contained herein and in the Transferor Interest
(other than the signature of the Owner Trustee on the Certificate) shall be
taken as the statements of the Depositor, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, of any
Transaction Document or of the Transferor Interest (other than the signature of
the Owner Trustee on the Certificate and as specified in Section 8.3 hereof) or
the Notes, or of any Mortgage Loans or related documents. The Owner Trustee
shall at no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Mortgage Loan, or the perfection
and priority of any security interest created by any Mortgage Loan or the
maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Owner Trust Estate or its ability to generate the payments to
be distributed to the Transferor under this Agreement or to the Noteholders
under the Indenture, including, without limitation: the existence, condition and
ownership of any Mortgaged Property; the existence and enforceability of any
insurance thereon; the existence and contents of any Mortgage Loan on any
computer or other record thereof; the validity of the assignment of any Mortgage
Loan to the Trust or of any intervening assignment; the completeness of any
Mortgage Loan; the performance or enforcement of any Mortgage Loan; the
compliance by the Depositor, the Seller or the Servicer with any warranty or
representation made under any Transaction Document or in any related document or
the accuracy of any such warranty or representation or any action of the
Depositor, the Seller, the Indenture Trustee, the Administrator or the Servicer
or any subservicer taken in the name of the Owner Trustee.

         Section 8.7 Owner Trustee May Own the Transferor Interest and the
Notes. The Owner Trustee in its individual or any other capacity may become the
owner or pledgee of the Transferor Interest or the Notes and may deal with the
Depositor, the Seller, the Indenture Trustee, the Administrator and the Servicer
in banking transactions with the same rights as it would have if it were not
Owner Trustee.

         Section 8.8 Licenses. The Owner Trustee shall cause the Trust to use
its best efforts to obtain and maintain the effectiveness of any licenses
required in connection with this Agreement and the Transaction Documents and the
transactions contemplated hereby and thereby until such time as the Trust shall
terminate in accordance with the terms hereof.

                                       24
<PAGE>

                                   ARTICLE IX

                          COMPENSATION OF OWNER TRUSTEE

         Section 9.1 Owner Trustee's Fees and Expenses. The Owner Trustee shall
receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between the Seller and the Owner
Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Seller
for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder.

         Section 9.2 Indemnification. The Seller shall be liable as primary
obligor for, and shall indemnify the Owner Trustee and its successors, assigns,
agents and servants (collectively, the "Indemnified Parties") from and against,
any and all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, "Expenses") which may at any time be imposed on, incurred by, or
asserted against the Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, the Transaction Documents, the Owner Trust
Estate, the administration of the Owner Trust Estate or the action or inaction
of the Owner Trustee hereunder, except only that the Seller shall not be liable
for or required to indemnify an Indemnified Party from and against Expenses
arising or resulting from any of the matters described in the third sentence of
Section 8.1 hereof. The indemnities contained in this Section 9.2 shall survive
the resignation or termination of the Owner Trustee or the termination of this
Agreement. In the event of any claim, action or proceeding for which indemnity
will be sought pursuant to this Section 9.2, the Owner Trustee's choice of legal
counsel shall be subject to the approval of the Seller, which approval shall not
be unreasonably withheld.

         Section 9.3 Payments to the Owner Trustee. Any amounts paid to the
Owner Trustee pursuant to this Article IX shall be deemed not to be a part of
the Owner Trust Estate immediately after such payment.

                                   ARTICLE X

                         TERMINATION OF TRUST AGREEMENT

         Section 10.1 Termination of Trust Agreement.

                  (a) This Agreement (other than Article IX) and the Trust shall
terminate pursuant to the Business Trust Statute and be of no further force or
effect on the earlier of (i) the satisfaction and discharge of the Indenture
pursuant to Section 4.1 of the Indenture and the termination of the Sale and
Servicing Agreement and (ii) 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) alive on the date hereof. The
bankruptcy, liquidation, dissolution, death or incapacity of the Transferor
shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle
such Transferor's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding-up of all
or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

                                       25
<PAGE>

                  (b) The Transferor Interest shall be subject to an early
redemption or termination at the option of the Servicer in the manner and
subject to the provisions of Section 8.01 of the Sale and Servicing Agreement.

                  (c) Except as provided in Sections 10.1(a) and (b) above, none
of the Depositor, the Seller, the Administrator, or the Transferor shall be
entitled to revoke or terminate the Trust.

                  (d) Notice of any termination of the Trust, specifying the
Payment Date upon which the Transferor shall surrender their Transferor Interest
to the Paying Agent for payment of the final distributions and cancellation,
shall be given by the Certificate Registrar to the Transferor, the Insurer and
the Rating Agencies mailed within five Business Days of receipt by the
Certificate Registrar of notice of such termination pursuant to (a) or (b)
above, which notice given by the Owner Trustee shall state (i) the Payment Date
upon or with respect to which final payment of the Certificate Registrar shall
be made upon presentation and surrender of the Transferor Interest at the office
of the Paying Agent therein designated, (ii) the amount of any such final
payment and (iii) that the Record Date otherwise applicable to such Payment Date
is not applicable, payments being made only upon presentation and surrender of
the Transferor Interest at the office of the Paying Agent therein specified. The
Certificate Registrar shall give such notice to the Owner Trustee and the Paying
Agent at the time such notice is given to the Transferor. Upon presentation and
surrender of the Transferor Interest, the Paying Agent shall cause to be
distributed to the Transferor amounts distributable on such Payment Date
pursuant to Section 5.01 of the Sale and Servicing Agreement.

                  In the event that the Transferor shall not surrender its
Transferor Interest for cancellation within six months after the date specified
in the above-mentioned written notice, the Certificate Registrar shall give a
second written notice to the Transferor to surrender the Transferor Interest for
cancellation and receive the final distribution with respect thereto. If within
one year after the second notice the Transferor Interest shall not have been
surrendered for cancellation, the Certificate Registrar may take appropriate
steps, or may appoint an agent to take appropriate steps, to contact the
remaining Transferor concerning surrender of the Transferor Interest, and the
cost thereof shall be paid out of the funds and other assets that shall remain
subject to this Agreement. Any funds remaining in the Trust after exhaustion of
such remedies shall be distributed by the Paying Agent to the Transferor.

                                       26
<PAGE>

                  (e) Upon the winding up of the Trust and its termination, the
Owner Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State in accordance with the
Business Trust Statute.

                                   ARTICLE XI

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         Section 11.1 Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation satisfying the provisions of the
Business Trust Statute; authorized to exercise corporate powers; having a
combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by federal or state authorities; and having (or having a parent
which has) a long-term rating of at least "A" (or its equivalent) by each of
Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc., and Moody's Investors Service, Inc. and being acceptable to the Insurer.
If such corporation shall publish reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance with
the provisions of this Section 11.1, the Owner Trustee shall resign immediately
in the manner and with the effect specified in Section 11.2.

         Section 11.2 Resignation or Removal of Owner Trustee. The Owner Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Issuer, the Indenture Trustee, the Rating
Agencies, the Insurer, the Depositor and the Seller. Upon receiving such notice
of resignation, the Indenture Trustee shall promptly appoint a successor Owner
Trustee with the consent of the Insurer, which consent shall not be unreasonably
withheld, by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Owner Trustee and one copy to the successor
Owner Trustee. If no successor Owner Trustee shall have been so appointed and
have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Owner Trustee or the Insurer may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

         If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 11.1 above and shall fail to resign
after written request therefor by the Indenture Trustee, or if at any time the
Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Indenture Trustee may, and, at the
direction of the Insurer, shall, remove the Owner Trustee. If the Indenture
Trustee shall remove the Owner Trustee under the authority of the immediately
preceding sentence, the Indenture Trustee shall promptly appoint a successor
Owner Trustee acceptable to the Insurer by written instrument in duplicate, one
copy of which instrument shall be delivered to the outgoing Owner Trustee so
removed and one copy to the successor Owner Trustee and payment of all fees owed
to the outgoing Owner Trustee.

                                       27
<PAGE>

         Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section 11.2
shall not become effective until acceptance of appointment by the successor
Owner Trustee pursuant to Section 11.3, written approval by the Insurer and
payment of all fees and expenses owed to the outgoing Owner Trustee. The
Indenture Trustee shall provide notice of such resignation or removal of the
Owner Trustee to each of the Rating Agencies.

         Section 11.3 Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 11.2 shall execute, acknowledge and deliver to the
Indenture Trustee, the Insurer and to its predecessor Owner Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become effective
and such successor Owner Trustee (if acceptable to the Insurer), without any
further act, deed or conveyance, shall become fully vested with all the rights,
powers, duties, and obligations of its predecessor under this Agreement, with
like effect as if originally named as Owner Trustee. The predecessor Owner
Trustee shall upon payment of its fees and expenses deliver to the successor
Owner Trustee all documents and statements and monies held by it under this
Agreement; and the Indenture Trustee and the predecessor Owner Trustee shall
execute and deliver such instruments and do such other things as may reasonably
be required for fully and certainly vesting and confirming in the successor
Owner Trustee all such rights, powers, duties, and obligations.

         No successor Owner Trustee shall accept appointment as provided in this
Section 11.3 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 11.1 above.

         Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 11.3, the Indenture Trustee shall mail notice of the successor of
such Owner Trustee to the Transferor, the Noteholders, the Insurer and the
Rating Agencies. If the Indenture Trustee fails to mail such notice within 10
days after acceptance of appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Indenture Trustee.

         Section 11.4 Merger or Consolidation of Owner Trustee. Any corporation
into which the Owner Trustee may be merged or converted or with which either may
be consolidated or any corporation resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee, as the case may be,
hereunder, provided such corporation shall be eligible pursuant to Section 11.1
above, without the execution or filing of any instrument or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided further that the Owner Trustee, shall mail notice of
such merger or consolidation to the Seller, the Depositor, the Rating Agencies
and the Insurer.

                                       28
<PAGE>

         Section 11.5 Appointment of Co-Owner Trustee or Separate Owner Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Owner Trust Estate or any Mortgaged Property may at the time be located,
the Owner Trustee (with the consent of the Insurer, which consent shall not be
unreasonably withheld) shall have the power and shall execute and deliver all
instruments to appoint one or more Persons to act as co-owner trustee, jointly
with the Owner Trustee, or separate owner trustee or separate owner trustees, of
all or any part of the Owner Trust Estate, and to vest in such Person, in such
capacity, such title to the Trust, or any part thereof, and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Owner Trustee may consider necessary or desirable. No co-owner
trustee or separate trustee under this Section 11.5 shall be required to meet
the terms of eligibility as a successor Owner Trustee pursuant to Section 11.1
above and no notice of the appointment of any co-owner trustee or separate
trustee shall be required pursuant to Section 11.3 above.

         The Owner Trustee hereby appoints the Indenture Trustee for the purpose
of establishing and maintaining the Distribution Account and making the
distributions therefrom to the Persons entitled thereto pursuant to Section 5.01
of the Sale and Servicing Agreement.

         Each separate trustee and co-owner trustee shall, to the extent
permitted by law, be appointed and act subject to the following provision and
conditions:

                  (i) all rights, powers, duties and obligations conferred or
         imposed upon the Owner Trustee shall be conferred upon and exercised or
         performed by the Owner Trustee and such separate owner trustee or
         co-owner trustee jointly (it being understood that such separate owner
         trustee or co-owner trustee is not authorized to act separately without
         the Owner Trustee joining in such act), except to the extent that under
         any law of any jurisdiction in which any particular act or acts are to
         be performed, the Owner Trustee shall be incompetent or unqualified to
         perform such act or acts, in which event such rights, powers, duties,
         and obligations (including the holding of title to the Trust or any
         portion thereof in any such jurisdiction) shall be exercised and
         performed singly by such separate trustee or co-owner trustee but
         solely at the direction of the Owner Trustee;

                  (ii) no owner trustee under this Agreement shall be personally
         liable by reason of any act or omission of any other owner trustee
         under this Agreement; and

                  (iii) the Owner Trustee may at any time accept the resignation
         of or remove any separate trustee or co-owner trustee.

         Any notice, request or other writing given to the Owner Trustee shall
be deemed to have been given to the separate trustees and co-owner trustees, as
if given to each of them. Every instrument appointing any separate owner trustee
or co-owner trustee, other than this Agreement, shall refer to this Agreement
and to the conditions of this Article XI. Each separate trustee and co-owner
trustee, upon its acceptance of appointment, shall be vested with the estates
specified in its instrument of appointment, either jointly with the Owner
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 Owner Trustee. Each such instrument shall be filed with the Owner
Trustee.

                                       29
<PAGE>

         Any separate trustee or co-owner trustee may at any time appoint the
Owner Trustee as its agent or attorney-in-fact with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any owner trustee or co-owner
trustee shall die, become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts shall vest in and be exercised
by the Owner Trustee, to the extent permitted by law, without the appointment of
a new or successor trustee.

                                  ARTICLE XII

                                  MISCELLANEOUS

         Section 12.1 Supplements and Amendments. This Agreement may be amended
by the Depositor, the Seller and the Owner Trustee with prior written notice to
the Rating Agencies and the Indenture Trustee and with the consent of the
Insurer (which consent shall not be unreasonably withheld), but without the
consent of any of the Noteholders, the Transferor or the Indenture Trustee, to
cure any ambiguity, to correct or supplement any provisions in this Agreement or
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement or of modifying in any
manner the rights of the Noteholders or the Transferor; provided, however, that
such action shall not adversely affect in any material respect the interests of
any Noteholder, the Transferor or the Insurer. An amendment described above
shall be deemed not to adversely affect in any material respect the interests of
any Noteholder, the Transferor or the Insurer if either (i) an Opinion of
Counsel is obtained to such effect, or (ii) the party requesting the amendment
satisfies the Rating Agency Condition with respect to such amendment.

         This Agreement may also be amended from time to time by the Depositor,
the Seller and the Owner Trustee, with the prior written consent of the Rating
Agencies, the Insurer, the Indenture Trustee, the Noteholders affected thereby
evidencing more than 50% of the Percentage Interests in the Class of Notes
affected thereby or more than 50% of the Percentage Interests of all the Notes
if both Classes are so affected, and the Transferor, 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 Noteholders or
the Transferor; provided, however, that no such amendment shall (a) increase or
reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on the Home Equity Loans or distributions that shall be
required to be made for the benefit of the Noteholders or the Transferor or (b)
reduce the aforesaid Percentage Interests required to consent to any such
amendment, without the consent of the holders of all the outstanding Notes. The
Depositor shall join in any such amendment approved as provided in the preceding
sentence so long as such amendment is not adverse to the interests of the
Depositor.

                                       30
<PAGE>

         Promptly after the execution of any such amendment, the Owner Trustee
shall furnish written notification of the substance of such amendment to the
Indenture Trustee, the Insurer and each of the Rating Agencies.

         It shall not be necessary for the consent of the Transferor, the
Noteholders or the Indenture Trustee pursuant to this Section 12.1 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 any other consents of the Transferor provided for in this
Agreement or in any other Transaction Document) and of evidencing the
authorization of the execution thereof by the Transferor and the Noteholders
shall be subject to such reasonable requirements as the Owner Trustee may
prescribe.

         Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State.

         Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Owner Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent to
such execution and delivery have been satisfied. The Owner Trustee may, but
shall not be obligated to, enter into any such amendment which affects the Owner
Trustee's own rights, duties or immunities under this Agreement or otherwise.

         Section 12.2 No Legal Title to Owner Trust Estate in Transferor. The
Transferor shall not have legal title to any part of the Owner Trust Estate. The
Transferor shall be entitled to receive distributions with respect to their
undivided Transferor Interest therein only in accordance with Articles VI and X
herein. No transfer, by operation of law or otherwise, of any right, title, or
interest of the Transferor to and in its Transferor Interest shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Owner
Trust Estate.

         Section 12.3 Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Owner Trustee, the Depositor, the
Seller, the Issuer, the Insurer, the Transferor and, to the extent expressly
provided herein, the Indenture Trustee, the Insurer and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

         Section 12.4 Notices.

                  (a) Unless otherwise expressly specified or permitted by the
terms hereof, all notices shall be in writing and shall be deemed given upon
receipt by the intended recipient or three Business Days after mailing if mailed
by certified mail, postage prepaid (except that notice to the Owner Trustee
shall be deemed given only upon actual receipt by the Owner Trustee), at the
following addresses: (i) if to the Owner Trustee, its Corporate Trust Office;
(ii) if to the Depositor, Renaissance Mortgage Acceptance Corp., 1000 Woodbury
Road, Woodbury, New York 11797; (iii) if to the Insurer, [________________],
[___________________], Attention: [________________]; (iv) if to the Indenture
Trustee, its Corporate Trust Office; (v) if to the Transferor,
[_____________________________________]; (vi) if to the Seller, Delta Funding
Corporation, 1000 Woodbury Road, Suite 200, Woodbury, NY 11797; or, as to each
such party, at such other address as shall be designated by such party in a
written notice to each other party.

                                       31
<PAGE>

                  (b) Any notice required or permitted to be given to the
Transferor shall be given by first-class mail, postage prepaid, at the address
of such Transferor 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 Transferor receives such notice.

         Section 12.5 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         Section 12.6 Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         Section 12.7 Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of the
Depositor, the Seller, the Owner Trustee, the Insurer and its successors and the
Transferor and its successors and permitted assigns, all as herein provided. Any
request, notice, direction, consent, waiver or other instrument or action by the
Transferor shall bind the successors and assigns of the Transferor.

         Section 12.8 No Petition. The Owner Trustee, by entering into this
Agreement, the Transferor, by accepting the Transferor Interest, and the
Indenture Trustee and each Noteholder by accepting the benefits of this
Agreement, hereby covenant and agree that they will not at any time institute
against the Transferor or the Trust, or join in any institution against the
Transferor, or the Trust of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or state bankruptcy or law in connection with any obligations
relating to the Transferor Interest and the Notes, this Agreement or any of the
Transaction Documents.

         Section 12.9 [Reserved].

         Section 12.10 No Recourse. The Transferor by accepting the Transferor
Interest acknowledges that the Transferor's Transferor Interest represents a
beneficial interest in the Trust only and does not represent an interest in or
an obligation of the Servicer, the Depositor, the Seller, the Owner Trustee or
any Affiliate thereof and no recourse may be had against such parties or their
assets, except as may be expressly set forth or contemplated in this Agreement,
the Transferor Interest or the Transaction Documents.

                                       32
<PAGE>

         Section 12.11 Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         Section 12.12 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 12.13 [Reserved].

         Section 12.14 Inconsistencies with Sale and Servicing Agreement.

         In the event certain provisions of this Agreement conflict with the
provisions of the Sale and Servicing Agreement, the parties hereto agree that
the provisions of the Sale and Servicing Agreement shall be controlling.

         Section 12.15 Third Party Beneficiary.

         The parties hereto acknowledge that the Insurer is an express third
party beneficiary hereof entitled to enforce the provisions hereof as if it were
actually a party hereto. Nothing in this Section 12.14 however shall be
construed to mitigate in any way, the fiduciary responsibilities of the Owner
Trustee to the beneficiaries of the Trust.


                                       33
<PAGE>


         IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement
to be duly executed by their respective officers hereunto duly authorized, as of
the day and year first above written.

                                      [_______________________________________],
                                      as Owner Trustee



                                      By:
                                          ------------------------------------
                                          Name:
                                          Title:

                                      Renaissance Mortgage Acceptance Corp.,
                                      as Depositor


                                      By:
                                          ------------------------------------
                                          Name:
                                          Title:


                                      DELTA FUNDING CORPORATION,
                                      as Seller


                                      By:
                                          ------------------------------------
                                          Name:
                                          Title:



                                       34
<PAGE>

                              CERTIFICATE OF TRUST
                                       OF
                 RENAISSANCE HOME EQUITY LOAN TRUST 200[_]-[__]

         This Certificate of Trust of Renaissance Home Equity Loan Trust
200[_]-[__] (the "Trust"), is being duly executed and filed by
[________________________], a [_________] banking corporation, as trustee, to
form a business trust under the Delaware Business Trust Act (12 Del. Code,
ss.3801 et seq.) (the "Act").

         (1) Name The name of the business trust formed hereby is Renaissance
Home Equity Loan Trust 200[_]-[__].

         (2) Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is [________________________],
[______________________________], Attention:
[_________________________________].

         (3) Series. Pursuant to Section 3806(b)(2) of the Act, the Trust shall
issue one or more series of beneficial interests having the rights and
preferences set forth in the governing instrument of the Trust, as the same may
be amended from time to time (each a "Series" or "Sub-Trust").

         (4) Notice of Limitation of Liabilities of each Series. Pursuant to
Section 3804(a) of the Act, there shall be a limitation on liabilities of each
Series such that (a) the debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to a particular Series shall
be enforceable against the assets of such Series only, and not against the
assets of the Trust generally or the assets of any other Series thereof and (b)
none of the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Trust generally or any other
Series thereof shall be enforceable against the assets of such Series.

         (5) Effective Date. This Certificate of Trust shall be effective
[______] [__], 200[_].

         IN WITNESS WHEREOF, the undersigned, being the sole trustee of the
Trust, has executed this Certificate of Trust in accordance with Section 3811(a)
of the Act.

                                       [_______________________________],
                                       not in its individual capacity but solely
                                       as Owner Trustee under a Trust Agreement
                                       dated   [_________] [__], 200[_]
                                       By: _______________________________
                                       Name:
                                       Title:


<PAGE>

                                    EXHIBIT B

                              TRANSFER CERTIFICATE


Attention: [____________________]

         Re:      Amended and Restated Trust Agreement, dated as of [________]
                  [__], 200[_], among Delta Funding Corporation, as Seller,
                  Renaissance Mortgage Acceptance Corp., as Depositor, and
                  [________________________], as Owner Trustee; Renaissance Home
                  Equity Loan Trust 200[_]-[__], Home Equity Loan Asset-Backed
                  Notes, Series 200[_]-[__].

Ladies and Gentlemen:

         The undersigned (the "Transferee") has agreed to purchase from (the
"Transferor") the Transferor Interest:

         A.       Rule 144A "Qualified Institutional Buyers" should complete
                  this section

                  I.       The Transferee is (check one):

                           (i) An insurance company, as defined in Section 2(13)
                  of the Securities Act of 1933, as amended (the "Securities
                  Act"), (ii) an investment company registered under the
                  Investment Company Act of 1940, as amended (the "Investment
                  Company Act"), (iii) a business development company as defined
                  in Section 2(a)(48) of the Securities Act, (iv) a Small
                  Business Investment Company licensed by the U.S. Small
                  Business Administration under Section 301(c) or (d) of the
                  Small Business Investment Act of 1958, (v) a plan established
                  and maintained by a state, its political subdivisions, or any
                  agency or instrumentality of a state or its political
                  subdivisions, for the benefit of its employees, (vi) an
                  employee benefit plan within the meaning of Title I of the
                  Employee Retirement Income Security Act of 1974, as amended
                  ("ERISA"), (vii) a business development company as defined in
                  Section 202(a)(22) of the Investment Advisors Act of 1940,
                  (viii) an organization described in Section 501(c)(3) of the
                  Internal Revenue Code, corporation (other than a bank as
                  defined in Section 3(a)(2) of the Securities Act or a savings
                  and loan association or other institution referenced in
                  Section 3(a)(2) of the Securities Act or a foreign bank or
                  savings and loan association or equivalent institution),
                  partnership, or Massachusetts or similar business trust; or
                  (ix) an investment advisor registered under the Investment
                  Advisors Act of 1940, which, for each of (i) through (ix),
                  owns and invests on a discretionary basis at least $100
                  million in securities other than securities of issuers
                  affiliated with the Transferee, securities issued or
                  guaranteed by the United States or a person controlled or
                  supervised by and acting as an instrumentality of the
                  government of the United States pursuant to authority granted
                  by the Congress of the United States, bank deposit notes and
                  certificates of deposit, loan participations, repurchase
                  agreements, securities owned but subject to a repurchase
                  agreement, and currency, interest rate and commodity swaps
                  (collectively, "Excluded Securities");


                                      B-1
<PAGE>

                  ---      a dealer registered pursuant to Section 15 of the
                           Securities Exchange Act of 1934, as amended (the
                           "Exchange Act") that in the aggregate owns and
                           invests on a discretionary basis at least $10 million
                           of securities other than Excluded Securities and
                           securities constituting the whole or part of an
                           unsold allotment to, or subscription by, Transferee
                           as a participant in a public offering;

                  ---      an investment company registered under the Investment
                           Company Act that is part of a family of investment
                           companies (as defined in Rule 144A of the Securities
                           and Exchange Commission) which own in the aggregate
                           at least $100 million in securities other than
                           Excluded Securities and securities of issuers that
                           are part of such family of investment companies;

                  ---      an entity, all of the equity owners of which are
                           entities described in this Paragraph A(I);

                  ---      a bank as defined in Section 3(a)(2) of the
                           Securities Act, any savings and loan association or
                           other institution as referenced in Section 3(a)(5)(A)
                           of the Securities Act, or any foreign bank or savings
                           and loan association or equivalent institution that
                           in the aggregate owns and invests on a discretionary
                           basis at least $100 million in securities other than
                           Excluded Securities and has an audited net worth of
                           at least $25 million as demonstrated in its latest
                           annual financial statements, as of a date not more
                           than 16 months preceding the date of transfer of the
                           Transferor Interest to the Transferee in the case of
                           a U.S. Bank or savings and loan association, and not
                           more than 18 months preceding such date in the case
                           of a foreign bank or savings association or
                           equivalent institution.

                  II. The Transferee is acquiring such Transferor Interest
         solely for its own account, for the account of one or more others, all
         of which are "Qualified Institutional Buyers" within the meaning of
         Rule 144A, or in its capacity as a dealer registered pursuant to
         Section 15 of the Exchange Act acting in a riskless principal
         transaction on behalf of a "Qualified Institutional Buyer." The
         Transferee is not acquiring such Transferor Interest with a view to or
         for the resale, distribution, subdivision or fractionalization thereof
         that would require registration of the Transferor Interest under the
         Securities Act.

         B.       "Accredited Investors" should complete this Section

                  I.       The Transferee is (check one):

                                      B-2
<PAGE>

                  ---      a bank within the meaning of Section 3(a)(2) of the
                           Securities Act;

                  ---      a savings and loan association or other institution
                           defined in Section 3(a)(5) of the Securities Act;

                  ---      a broker or dealer registered pursuant to the
                           Exchange Act;

                  ---      an insurance company within the meaning of Section
                           2(13) of the Securities Act;

                  ---      an investment company registered under the Investment
                           Company Act;


                  ---      an employee benefit plan within the meaning of Title
                           I of ERISA, which has total assets in excess of
                           $5,000,000;

                  ---      another entity which is an "accredited investor"
                           within the meaning of paragraph [ ] (fill in) of
                           subsection (a) of Rule 501 of the Securities and
                           Exchange Commission.

                  II. The Transferee is acquiring such Transferor Interest
         solely for its own account, for investment, and not with a view to or
         for the resale, distribution, subdivision or fractionalization thereof
         which would require registration of the Transferor Interest under the
         Securities Act.

         C.       If the Transferee is unable to complete one of paragraph A(I)
                  or paragraph B(I) above, the Transferee must furnish an
                  opinion in form and substance satisfactory to the Owner
                  Trustee and Certificate Registrar of counsel satisfactory to
                  the Owner Trustee and Certificate Registrar to the effect that
                  such purchase will not violate any applicable federal or state
                  securities laws.

         D.       The Transferee represents that it is not (A) an "employee
                  benefit plan" within the meaning of Section 3(3) of the
                  Employee Retirement Income Security Act of 19974, as amended
                  ("ERISA"), or (B) a "plan" within the meaning of Section
                  4975(e)(1) of the Code (any such plan or employee benefit
                  plan, a "Plan") or (C) any entity, including an insurance
                  company separate account or general account, whose underlying
                  assets include plan assets by reason of a plan's investment in
                  the entity and is not directly or indirectly purchasing such
                  Trust Security on behalf of, as investment manager of, as
                  named fiduciary of, as trustee of, or with assets of a Plan.

                           (ii) the Transferee is an "accredited investor" as
                  defined in Rule 501(a) of Regulation D pursuant to the
                  Securities Act.

                                      B-3
<PAGE>

                                                     Very truly yours,
                                                     [NAME OF PURCHASER]

                                                     By:________________________
                                                     Title:_____________________
Dated:

THE FOREGOING IS ACKNOWLEDGED THIS [____] DAY OF [__________], [____].

[NAME OF SELLER]
By:________________________
Title:_____________________



                                      B-4
<PAGE>

                                    EXHIBIT C

                         FORM OF TRANSFEROR CERTIFICATE







                                      C-1