<PAGE>
                                                                    EXHIBIT 4.1


             STRUCTURED ASSET SECURITIES CORPORATION, as Depositor,

                 AURORA LOAN SERVICES INC., as Master Servicer,

                                       and

                      THE CHASE MANHATTAN BANK, as Trustee



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

                                 TRUST AGREEMENT

                           Dated as of August 1, 2001
                           ---------------------------



                     STRUCTURED ASSET SECURITIES CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 2001-14A


<PAGE>


<TABLE>
<CAPTION>
                                Table of Contents
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
Article I DEFINITIONS.............................................................................................5

Section 1.01. Definitions.........................................................................................5
Section 1.02. Calculations Respecting Mortgage Loans.............................................................36

Article II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES........................................................37

Section 2.01. Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans...............................37
Section 2.02. Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund........................40
Section 2.03. Representations and Warranties of the Depositor....................................................41
Section 2.04. Discovery of Breach................................................................................43
Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans.............................................44
Section 2.06. Grant Clause.......................................................................................45

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

Section 3.01. The Certificates...................................................................................45
Section 3.02. Registration.......................................................................................46
Section 3.03. Transfer and Exchange of Certificates..............................................................47
Section 3.04. Cancellation of Certificates.......................................................................52
Section 3.05. Replacement of Certificates........................................................................52
Section 3.06. Persons Deemed Owners..............................................................................52
Section 3.07. Temporary Certificates.............................................................................53
Section 3.08. Appointment of Paying Agent........................................................................53
Section 3.09. Book-Entry Certificates............................................................................53

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

Section 4.01. Collection Account.................................................................................55
Section 4.02. Application of Funds in the Collection Account.....................................................57
Section 4.03. Reports to Certificateholders......................................................................59
Section 4.04. Certificate Account................................................................................61
Section 4.05. [Reserved].........................................................................................62
Section 4.06. [Reserved].........................................................................................62

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

Section 5.01. Distributions Generally............................................................................62
Section 5.02. Distributions from the Certificate Account.........................................................63
Section 5.03. Allocation of Realized Losses......................................................................68
Section 5.04. Advances by Master Servicer and Trustee............................................................70
Section 5.05. Compensating Interest Payments.....................................................................71
Section 5.06. [Reserved].........................................................................................71
Section 5.07. The Class 1-A1 Certificate Insurance Policy........................................................71
</TABLE>


                                       i
<PAGE>

<TABLE>
<S>                                                                                                            <C>
Article VI CONCERNING THE TRUSTEE; EVENTS OF DEFAULT.............................................................74

Section 6.01. Duties of Trustee..................................................................................74
Section 6.02. Certain Matters Affecting the Trustee..............................................................76
Section 6.03. Trustee Not Liable for Certificates................................................................77
Section 6.04. Trustee May Own Certificates.......................................................................77
Section 6.05. Eligibility Requirements for Trustee...............................................................77
Section 6.06. Resignation and Removal of Trustee.................................................................78
Section 6.07. Successor Trustee..................................................................................79
Section 6.08. Merger or Consolidation of Trustee.................................................................79
Section 6.09. Appointment of Co-Trustee, Separate Trustee or Custodian...........................................79
Section 6.10. Authenticating Agents..............................................................................81
Section 6.11. Indemnification of Trustee.........................................................................82
Section 6.12. Fees and Expenses of Trustee.......................................................................82
Section 6.13. Collection of Monies...............................................................................82
Section 6.14. Events of Default; Trustee To Act; Appointment of Successor........................................83
Section 6.15. Additional Remedies of Trustee Upon Event of Default...............................................86
Section 6.16. Waiver of Defaults.................................................................................87
Section 6.17. Notification to Holders............................................................................87
Section 6.18. Directions by Certificateholders and Duties of Trustee During Event of Default.....................87
Section 6.19. Action Upon Certain Failures of the Master Servicer and Upon Event of Default......................88
Section 6.20. Preparation of Tax Returns and Other Reports.......................................................88

Article VII PURCHASE AND TERMINATION OF THE TRUST FUND...........................................................89

Section 7.01. Termination of Trust Fund Upon Repurchase or Liquidation of All Mortgage Loans.....................89
Section 7.02. Procedure Upon Termination of Trust Fund...........................................................89
Section 7.03. Additional Requirements under the REMIC Provisions.................................................90

Article VIII RIGHTS OF CERTIFICATEHOLDERS........................................................................91

Section 8.01. Limitation on Rights of Holders....................................................................91
Section 8.02. Access to List of Holders..........................................................................92
Section 8.03. Acts of Holders of Certificates....................................................................92

Article IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER.................................93

Section 9.01. Duties of the Master Servicer......................................................................93
Section 9.02. Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance Policy............93
Section 9.03. Master Servicer's Financial Statements and Related Information.....................................94
Section 9.04. Power to Act; Procedures...........................................................................94
</TABLE>


                                       ii
<PAGE>

<TABLE>
<S>                                                                                                            <C>
Section 9.05. Servicing Agreements Between the Master Servicer and Servicers; Enforcement of
                 Servicers' Obligations..........................................................................96
Section 9.06. Collection of Taxes, Assessments and Similar Items.................................................97
Section 9.07. Termination of Servicing Agreements; Successor Servicers...........................................97
Section 9.08. Master Servicer Liable for Enforcement.............................................................98
Section 9.09. No Contractual Relationship Between Servicers and Trustee or Depositor.............................98
Section 9.10. Assumption of Servicing Agreement by Trustee.......................................................98
Section 9.11. "Due-on-Sale" Clauses; Assumption Agreements.......................................................99
Section 9.12. Release of Mortgage Files..........................................................................99
Section 9.13. Documents, Records and Funds in Possession of Master Servicer To Be Held for Trustee..............100
Section 9.14. Representations and Warranties of the Master Servicer.............................................102
Section 9.15. Closing Certificate and Opinion...................................................................104
Section 9.16. Standard Hazard and Flood Insurance Policies......................................................104
Section 9.17. Presentment of Claims and Collection of Proceeds..................................................104
Section 9.18. Maintenance of the Primary Mortgage Insurance Policies............................................105
Section 9.19. Trustee To Retain Possession of Certain Insurance Policies and Documents..........................105
Section 9.20. Realization Upon Defaulted Mortgage Loans.........................................................106
Section 9.21. Compensation to the Master Servicer...............................................................106
Section 9.22. REO Property......................................................................................107
Section 9.23. [Reserved]........................................................................................107
Section 9.24. Reports to the Trustee............................................................................107
Section 9.25. Annual Officer's Certificate as to Compliance.....................................................108
Section 9.26. Annual Independent Accountants' Servicing Report..................................................109
Section 9.27. Merger or Consolidation...........................................................................109
Section 9.28. Resignation of Master Servicer....................................................................109
Section 9.29. Assignment or Delegation of Duties by the Master Servicer.........................................110
Section 9.30. Limitation on Liability of the Master Servicer and Others.........................................110
Section 9.31. Indemnification; Third-Party Claims...............................................................111

Article X REMIC ADMINISTRATION..................................................................................111

Section 10.01. REMIC Administration.............................................................................111
Section 10.02. Prohibited Transactions and Activities...........................................................113
Section 10.03. Indemnification with Respect to Certain Taxes and Loss of REMIC Status...........................113
Section 10.04. REO Property.....................................................................................114

Article XI MISCELLANEOUS PROVISIONS.............................................................................115

Section 11.01. Binding Nature of Agreement; Assignment..........................................................115
Section 11.02. Entire Agreement.................................................................................115
Section 11.03. Amendment........................................................................................115
Section 11.04. Voting Rights....................................................................................116
Section 11.05. Provision of Information.........................................................................116
Section 11.06. Governing Law....................................................................................117
Section 11.07. Notices..........................................................................................117
Section 11.08. Severability of Provisions.......................................................................117
</TABLE>


                                      iii
<PAGE>

<TABLE>
<S>                                                                                                            <C>
Section 11.09. Indulgences; No Waivers..........................................................................118
Section 11.10. Headings Not To Affect Interpretation............................................................118
Section 11.11. Benefits of Agreement............................................................................118
Section 11.12. Special Notices to the Rating Agencies and Class 1-A1 Certificate Insurer........................118
Section 11.13. Counterparts.....................................................................................119
Section 11.14. Transfer of Servicing............................................................................119
Section 11.15. Matters Relating to the Class 1-A1 Certificate Insurance Policy..................................120
Section 11.16. Class 1-A1 Certificate Insurer Contact Person....................................................121
</TABLE>


                                       iv
<PAGE>


<TABLE>
                                   ATTACHMENTS

<S>               <C>
Exhibit A         Forms of Certificates
Exhibit B-1       Form of Initial Certification
Exhibit B-2       Form of Interim Certification
Exhibit B-3       Form of Final Certification
Exhibit B-4       Form of Endorsement
Exhibit C         Request for Release of Documents and Receipt
Exhibit D-l       Form of Residual Certificate Transfer Affidavit (Transferee)
Exhibit D-2       Form of Residual Certificate Transfer Affidavit (Transferor)
Exhibit E         Servicing Agreements
Exhibit F         Form of Rule 144A Transfer Certificate
Exhibit G         Form of Purchaser's Letter for Institutional Accredited Investors
Exhibit H         Form of ERISA Transfer Affidavit
Exhibit I         Monthly Remittance Advice
Exhibit J         Monthly Electronic Data Transmission
Exhibit K         Custodial Agreement
Exhibit L         Commitment Letter
Exhibit M         Class 1-A1 Certificate Insurance Policy
Exhibit M-1       Form of Transfer Certificate for Transfer from Restricted Global Security to Regulation S Global Security
Exhibit M-2       Form of Transfer Certificate for Transfer from Regulation S Global Security to Restricted Global Security


Schedule A        Mortgage Loan Schedule
</TABLE>


                                       v
<PAGE>


      This TRUST AGREEMENT, dated as of August 1, 2001 (the "Agreement"), is by
and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as
depositor (the "Depositor"), AURORA LOAN SERVICES INC., as master servicer (the
"Master Servicer"), and THE CHASE MANHATTAN BANK, a New York banking
corporation, as trustee (the "Trustee").

                              PRELIMINARY STATEMENT

      The Depositor has acquired the Mortgage Loans from Lehman Capital, A
Division of Lehman Brothers Holdings Inc. (the "Seller"), and at the Closing
Date is the owner of the Mortgage Loans and the other property being conveyed by
it to the Trustee for inclusion in the Trust Fund. On the Closing Date, the
Depositor will acquire the Certificates from the Trust Fund as consideration for
its transfer to the Trust Fund of the Mortgage Loans and the other property
constituting the Trust Fund. The Depositor has duly authorized the execution and
delivery of this Agreement to provide for the conveyance to the Trustee of the
Mortgage Loans and the other property constituting the Trust Fund. All covenants
and agreements made by the Depositor, the Master Servicer and the Trustee herein
with respect to the Mortgage Loans and the other property constituting the Trust
Fund are for the benefit of the Holders from time to time of the Certificates
and the Class 1-A1 Certificate Insurer. The Depositor and the Master Servicer
are entering into this Agreement, and the Trustee is accepting the Trust Fund
created hereby, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged.

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

Lower Tier REMIC

      The following table specifies the class designation, interest rate, and
principal amount for each class of Lower Tier Interests.


                                       1
<PAGE>

<TABLE>
<CAPTION>
         Lower Tier                  Lower Tier            Initial Class or         Corresponding Class
     Class Designation              Interest Rate          Principal Amount           of Certificates
     -----------------              -------------          ----------------           ---------------

<S>                                 <C>                    <C>                      <C>
Class LT1-A1                             (1)                  $200,000,000.00          Class 1-A1
Class LT1-A2                             (2)                  $130,802,000.00          Class 1-A2
        (3)                                                                        Class 1-A3
Class LT1-AR                             (2)            $              100.00          Class R
Class LT1-B                              (2)                 $  12,354,202.65          Classes B1-B6
Class LT2-A1                             (4)                 $  90,336,000.00          Class 2-A1
Class LT2-A2                             (4)                 $  70,000,000.00          Class 2-A2
        (5)                                                                        Class 2-A3
Class LT2-B                              (4)                $    5,988,523.64          Class B1-B6
Class LT-R                               (6)                            (6)            Class R
---------------------
</TABLE>

(1)   For any Distribution Date (and the related Accrual Period), the interest
      rate for the Class LT1-A1 Interest shall be a per annum equal to the
      excess of the Net WAC for Pool 1 for such Distribution Date over 0.08%.

(2)   For any Distribution Date (and related Accrual Period), the interest rate
      for the Class LT1-A2, Class LT1-AR, and LT1-B Interests shall be a per
      annum rate equal to the Net WAC for Pool 1 for such Distribution Date.

(3)   For any Distribution Date (and the related Accrual Period) on or before
      the Distribution Date in June 2004, the Class 1-A3 Certificate shall be
      entitled to a specified portion of the interest accrued on the Class
      LT1-A1 Interest for the related Accrual Period. Specifically, the Class
      1-A3 Certificate shall be entitled to interest accruals on the Class
      LT1-A1 interest at a per annum rate of 0.15% for all Distribution Dates on
      or before the Distribution Date in June 2004 and shall not be entitled to
      any distributions thereafter.

(4)   For any Distribution Date (and the related Accrual Period) the interest
      rate for the Class LT2-A1, Class LT2-A2, and Class LT2-B Interests shall
      be a per annum rate equal to the Net WAC for Pool 2 for such Distribution
      Date.

(5)   For any Distribution Date (and the related Accrual Period) on or before
      the Distribution Date in July 2004, the Class 2-A3 Certificate shall be
      entitled to a specified portion of the interest accrued on the Class
      LT2-A1 Interest for the related Accrual Period. Specifically, the Class
      2-A3 Certificate shall be entitled to interest accruals on the Class
      LT2-A1 interest at a per annum rate of 0.14% for all Distribution Dates on
      or before the Distribution Date in July 2004 and shall not be entitled to
      any distributions thereafter.

(6)   The Class LT-R Interest shall represent the sole class of residual
      interest in the Lower Tier REMIC. It does not have an interest rate or a
      principal amount.

      On each Distribution Date, the Available Distribution Amount for Pool 1
and for Pool 2 shall be distributed with respect to the Lower Tier Interests in
the following manner:

      (i)   To the Trustee the Trustee Fee applicable to Pool 1 and to Pool 2;

      (ii)  From the Available Distribution Amount for Pool 1 only, to the Class
            1-A1 Certificate Insurer the Class 1-A1 Certificate Premium Amount;

      (iii) To each Class of Lower Tier Regular Interests, interest at the rate
            described above in the same order that interest is distributed on
            the Corresponding Class or Classes of Certificates;

                                       2
<PAGE>

      (iv)  To each Class of Lower Tier Interest for which there is a
            Corresponding Class of Senior Certificates, principal on such Class
            of Lower Tier Interest in the same manner and in the same amount as
            principal is distributed on such Corresponding Class of Senior
            Certificates;

      (v)   The excess, if any, of the Available Distribution Amount for Pool 1
            over the amounts distributed pursuant to clauses (iii) and (iv)
            above is to be distributed as principal on the Class LT1-B Interest;
            and

      (vi)  The excess, if any, of the Available Distribution Amount for Pool 2
            over the amounts distributed pursuant to clauses (iii) and (iv)
            above is to be distributed as principal on the Class LT2-B Interest.

      On each Distribution Date, Realized Losses (other than Excess Losses)
shall be allocated among the Lower Tier Interests in the following manner:

      (i)   Realized Losses (other than Excess Losses) attributable to the
            Mortgage Loans in Pool 1 for any Distribution Date shall be
            allocated first to the Class LT1-B Interest until its principal
            balance is reduced to zero;

      (ii)  Realized Losses (other than Excess Losses) attributable to the
            Mortgage Loans in Pool 2 shall be allocated first to the Class LT2-B
            Interest until its balance is reduced to zero; and

      (iii) Realized Losses (other than Excess Losses) in excess of the
            allocations made pursuant to clauses (i) and (ii) above are to be
            allocated first to either the Class LT1-B or Class LT2-B Interests,
            whichever has a remaining balance, to the extent of its remaining
            principal balance, and then among the remaining classes of Lower
            Tier Interests in the same manner that such Realized Losses are
            allocated among the Corresponding Classes of Certificates.

      Net Prepayment Shortfalls and Excess Losses are to be allocated among the
Classes of Lower Tier Interests in the same manner that such items are allocated
among the Corresponding Classes of Certificates.

Upper Tier REMIC

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



                                       3
<PAGE>


<TABLE>
<CAPTION>
                                                   Initial Class Principal
                                                            Amount
                            Certificate                    or Class
    Class Designation      Interest Rate               Notional Amount           Minimum Denomination
    -----------------      -------------               ---------------           ------------

<S>                        <C>                      <C>                         <C>
Class 1-A1                        (1)               $   200,000,000.00             $       25,000
Class 1-A2                        (2)               $   130,802,000.00             $       25,000
Class 1-A3                        (3)                            (4)               $20,000,000.00
Class 2-A1                        (5)               $    90,336,000.00             $       25,000
Class 2-A2                        (6)               $    70,000,000.00             $       25,000
Class 2-A3                        (7)                            (8)               $   20,000,000
Class B1                          (9)               $     6,368,000.00             $      100,000
Class B2                          (9)               $     5,094,000.00             $      100,000
Class B3                          (9)               $     2,801,000.00             $      100,000
Class B4                          (9)               $     1,783,000.00             $      250,000
Class B5                          (9)               $     1,018,000.00             $      250,000
Class B6                          (9)               $     1,278,726.29             $      250,000
Class R                           (2)               $           100.00             $          100
</TABLE>

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

      (1)   For any Distribution Date (and the related Accrual Period) on or
            before the Distribution Date in June 2004, the Certificate Interest
            Rate for the Class 1-A1 Certificates shall be a per annum rate equal
            to the excess of the Net WAC for Pool 1 for such Distribution Date
            over 0.23%. For any Distribution Date (and the related Accrual
            Period) after the Distribution Date in June 2004, the Certificate
            Interest Rate for the Class 1-A1 Certificates shall be a per annum
            rate equal to the excess of the Net WAC for Pool 1 for such
            Distribution Date over 0.08%.

      (2)   For any Distribution Date (and related Accrual Period), the
            Certificate Interest Rate for the Class 1-A2 and Class R
            Certificates shall be a per annum rate equal to the Net WAC for Pool
            1 for such Distribution Date.

      (3)   For any Distribution Date (and the related Accrual Period) on or
            before the Distribution Date in June 2004, the Certificate Interest
            Rate for the Class 1-A3 Certificates shall be a per annum rate equal
            to 0.15%. For any Distribution Date (and the related Accrual Period)
            after the Distribution Date in June 2004, the Class 1-A3
            Certificates shall not accrue interest and shall not be entitled to
            any distributions.

      (4)   The Class 1-A3 Certificates are Notional Certificates. For any
            Distribution Date (and the related Accrual Period) on or before the
            Distribution Date in June 2004, the Class 1-A3 Certificates shall
            have a Class Notional Amount equal to the Class Principal Amounts of
            the Class 1-A1 Certificates immediately prior to such Distribution
            Date. For any Distribution Date (and the related Accrual Period)
            after the Distribution Date in June 2004, the Class 1-A3
            Certificates shall have a Class Notional Amount of zero.

      (5)   For any Distribution Date (and the related Accrual Period) on or
            before the Distribution Date in July 2004, the Certificate Interest
            Rate for the Class 2-A1 Certificates shall be a per annum rate equal
            to the excess of the Net WAC for Pool 2 for such Distribution Date
            over 0.14%. For any Distribution Date (and the related Accrual
            Period) after the Distribution Date in July 2004, the Certificate
            Interest Rate for the Class 2-A1 Certificates shall be a per annum
            rate equal to the Net WAC for Pool 2 for such Distribution Date.

      (6)   For any Distribution Date (and related Accrual Period), the
          Certificate Interest Rate for the Class 2-A2 Certificates shall be a
          per annum rate equal to the Net WAC for Pool 2 for such Distribution
          Date.

      (7)   For any Distribution Date (and the related Accrual Period) on or
            before the Distribution Date in July 2004, the Certificate Interest
            Rate for the Class 2-A3 Certificates shall be a per annum rate equal
            to 0.14%. For any Distribution Date (and the related Accrual Period)
            after the Distribution Date in July 2004, the Class 2-A3
            Certificates shall not accrue interest and shall not be entitled to
            any distributions.

                                       4
<PAGE>

      (8)   The Class 2-A3 Certificates are Notional Certificates. For any
            Distribution Date (and the related Accrual Period) on or before the
            Distribution Date in July 2004, the Class 2-A3 Certificates shall
            have a Class Notional Amount equal to the Class Principal Amount of
            the Class 2-A1 Certificates immediately prior to such Distribution
            Date. For any Distribution Date (and the related Accrual Period)
            after the Distribution Date in July 2004, the Class 2-A3
            Certificates shall have a Class Notional Amount of zero.

      (9)   For any Distribution Date (and the related Accrual Period), the
            Class B1, Class B2, Class B3, Class B4, Class B5, and Class B6
            Certificates will bear interest at a per annum rate equal to the
            Average Rate for such Distribution Date.

      As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $509,480,826.29.

      For purposes hereof, each pool of Mortgage Loans constitutes a fully
separate and distinct sub-trust.

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



                                   Article I

                                   DEFINITIONS

      Section 1.01. Definitions.

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

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

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

      Accretion Directed Certificate: None.

      Accretion Termination Date: None.

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


                                       5
<PAGE>
         Accrual Certificate:  None.

         Accrual Component:  None.

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

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

      Act: As defined in Section 3.03(c).

      Additional Collateral: None.

      Adjustable Rate Mortgage Loan: Any Mortgage Loan as to which the related
Mortgage Note provides for the adjustment of the Mortgage Rate.

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

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

      Aggregate Class 1-A1 Certificate Insurance Premium: As to any Distribution
Date, the sum of (a) the Class 1-A1 Certificate Insurance Premium for such
Distribution Date and (b) the amount of any Class 1-A1 Certificate Insurance
Premium that was not distributed to the Class 1-A1 Certificate Insurer on any
prior Distribution Date.

                                       6
<PAGE>

      Aggregate Master Servicing Compensation: As to any Distribution Date, the
sum of (x) the aggregate of the Master Servicing Fees payable to the Master
Servicer in respect of such Distribution Date and (y) all income and gain
realized from the investment of funds in the Collection Account during the
period from and including the Deposit Date in the calendar month immediately
preceding the month in which such Distribution Date occurs, to but excluding the
Deposit Date relating to such Distribution Date.

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

      Aggregate Subordinate Percentage: With respect to any Distribution Date,
the sum of the Class Principal Amounts of the Subordinate Certificates
immediately prior to such date divided by the sum of the Pool Balances for all
Mortgage Pools for the immediately preceding Distribution Date.

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

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

      AP Percentage: Not applicable.

      AP Principal Distribution Amount: Not applicable.

      Apportioned Principal Balance: As to any Class of Subordinate Certificates
and any Distribution Date, the Class Principal Amount of such Class immediately
prior to such Distribution Date multiplied by a fraction, the numerator of which
is the applicable Group Subordinate Amount for such date and the denominator of
which is the sum of the Group Subordinate Amounts for all Mortgage Pools for
such date.

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

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

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

                                       7
<PAGE>

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

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

      Available Distribution Amount: As to each Mortgage Pool and on any
Distribution Date, the sum of the following amounts:

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

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

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

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

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

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

                  (F) any Prepayment Penalty Amounts.

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

                                       8
<PAGE>

      Average Rate: With respect to any Distribution Date and related Accrual
Period, the weighted average of the Net WAC applicable to each of the Mortgage
Pools for such date, weighted on the basis of the Group Subordinate Amount for
each such Mortgage Pool for such date.

      Balloon Mortgage Loan: Any Mortgage Loan having an original term to
maturity that is shorter than its amortization schedule, and a final Scheduled
Payment that is disproportionately large in comparison to other Scheduled
Payments.

      Balloon Payment: The final Scheduled Payment in respect of a Balloon
Mortgage Loan.

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

      Bankruptcy Coverage Termination Date: As to any Mortgage Pool, the
Distribution Date on which the Bankruptcy Loss Limit has been reduced to zero
(or less than zero).

      Bankruptcy Loss Limit: As of the Cut-off Date, $100,000, which amount
shall be reduced from time to time by the amount of Bankruptcy Losses that are
allocated to the Certificates.

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

      Benefit Plan Opinion: An Opinion of Counsel satisfactory to the Trustee to
the effect that any proposed transfer will not (i) cause the assets of the Trust
Fund to be regarded as plan assets for purposes of the Plan Asset Regulations or
(ii) give rise to any fiduciary duty on the part of the Depositor or the
Trustee.

      Blanket Mortgage: The mortgage or mortgages encumbering a Cooperative
Property.

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

                                       9
<PAGE>

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

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

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

      Certificate Group: The Group 1 Certificates or the Group 2 Certificates,
as applicable.

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

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

      Certificate Principal Amount: With respect to any Certificate other than a
Notional Certificate, at the time of determination, the maximum specified dollar
amount of principal to which the Holder thereof is then entitled hereunder, such
amount being equal to the initial principal amount set forth on the face of such
Certificate (plus, in the case of any Negative Amortization Certificate, any
Deferred Interest allocated thereto on previous Distribution Dates, and plus, in
the case of any Accrual Certificate, its Percentage Interest of any related
Accrual Amount for each previous Distribution Date), less the amount of all
principal distributions previously made with respect to such Certificate, and
all Realized Losses allocated to such Certificate and, in the case of a
Subordinate Certificate, any Subordinate Certificate Writedown Amount allocated
to such Certificates. For purposes of Article V hereof, unless specifically
provided to the contrary, Certificate Principal Amounts shall be determined as
of the close of business of the immediately preceding Distribution Date, after
giving effect to all distributions made on such date. Notional Certificates are
issued without Certificate Principal Amounts.

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

      Certificateholder: The meaning provided in the definition of "Holder."

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

      Certificateholder: The meaning provided in the definition of "Holder."

                                       10
<PAGE>

      Class 1-A1 Certificate Insurance Policy: The irrevocable Ambac Insurance
Policy No. AB0485BE dated the Closing Date, including any endorsements thereto
issued by the Class 1-A1 Certificate Insurer to the Trustee for the benefit of
the Holders of the Class 1-A1 Certificates, a copy of which is attached as
Exhibit M hereto.

      Class 1-A1 Certificate Insurance Premium: With respect to any Distribution
Date and with respect to the Class 1-A1 Certificate Insurance Policy, an amount
equal to 1/12th of the product of (a) the Class Principal Amount of the Class
1-A1 Certificates as of such Distribution Date (prior to giving effect to any
distribution thereon on such Distribution Date) and (b) the Class 1-A1 Premium
Percentage.

      Class 1-A1 Certificate Insurer: Ambac Assurance Corporation, a
Wisconsin-domiciled stock insurance corporation, or any successor thereto, as
issuer of the Class 1-A1 Certificate Insurance Policy.

      Class 1-A1 Certificate Insurer Contact Person: The officer designated by
the Master Servicer to provide information to Class 1-A1 Certificate Insurer
pursuant to Section 5.07(g). The initial Class 1-A1 Certificate Insurer Contact
Person is appointed in Section 11.16.

      Class 1-A1 Certificate Insurer Default: The occurrence and continuance of
any of the following events:

      (a) the Class 1-A1 Certificate Insurer shall have failed to make a payment
required to be made under the Class 1-A1 Certificate Insurance Policy in
accordance with its terms;

      (b) the Class 1-A1 Certificate Insurer shall have (i) filed a petition or
commenced a case or proceeding under any provision or chapter of the United
States Bankruptcy Code or any other similar federal or state law relating to
insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made
a general assignment for the benefit of its creditors, or (iii) had an order for
relief entered against it under the United States Bankruptcy Code or any other
similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
liquidation or reorganization that is final and nonappealable; or

      (c) a court of competent jurisdiction, the Office of the Commissioner of
Insurance of the State of New York or other competent regulatory authority shall
have entered a final and nonappealable order, judgment or decree (i) appointing
a custodian, trustee, agent or receiver for the Class 1-A1 Certificate Insurer
or for all or any material portion of its property or (ii) authorizing the
taking of possession by a custodian, trustee, agent or receiver of the Class
1-A1 Certificate Insurer (or the taking of possession of all or any material
portion of the property of the Class 1-A1 Certificate Insurer).

      Class 1-A1 Guaranteed Distributions: (a) With respect to any Distribution
Date, (i) the Accrued Certificate Interest (without regard to clause (i) of the
definition thereof) of the Class 1-A1 Certificates for such Distribution Date,
(ii) the amount of any Realized Loss of principal allocated to the Class 1-A1
Certificates on such Distribution Date net of any Net Prepayment Interest
Shortfalls allocated to the Class 1-A1 Certificates for such Distribution Date
and (iii) the amount of any distribution of principal or interest to any Class
1-A1 Certificateholder which is subsequently avoided in whole or in part as a
preference payment under applicable law and (b) for the Final Scheduled
Distribution Date, the Class Principal Amount of the Class 1-A1 Certificates to
the extent unpaid on the Final Scheduled Distribution Date.

                                       11
<PAGE>

         Class 1-A1 Policy Payments Account: The separate Eligible Account
created and maintained by the Trustee pursuant to Section 5.07(c) in the name of
the Trustee for the benefit of the Class 1-A1 Certificateholders and designated,
"The Chase Manhattan Bank, Class 1-A1 Policy Payments Account in trust for
registered holders of Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2001-14A, Class 1-A1." Funds in the Class 1-A1
Policy Payments Account shall be held in trust for the benefit of the Class 1-A1
Certificateholders for the uses and purposes set forth in this Agreement.

      Class 1-A1 Premium Percentage: The meaning assigned to such term in the
Class 1-A1 Certificate Insurance Policy.

      Class AP Certificate: None.

      Class AP Deferred Amount: Not applicable.

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

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

      Class Notional Amount: With respect to each Class of Notional
Certificates, and with respect to each of the Class LT1-A3 and Class LT2-A3
Interests, the applicable class notional amount calculated as provided in the
Preliminary Statement hereto.

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

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

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

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

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

      Closing Date: August 20, 2001.

                                       12
<PAGE>

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

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

      Commitment Letter: The Commitment Letter dated as of August 1, 2001
between the Depositor and the Class 1-A1 Certificate Insurer, a copy of which is
attached as Exhibit L hereto.

      Compensating Interest Payment: With respect to each Mortgage Pool and any
Distribution Date, an amount equal to the excess of (x) the aggregate of any
Prepayment Interest Shortfalls with respect to such Mortgage Pool and such
Distribution Date over (y) the aggregate of any amounts required to be paid by
the applicable Servicer in respect of such shortfalls but not paid; provided
that such amount, to the extent payable by the Master Servicer, shall not exceed
the Aggregate Master Servicing Compensation that would be payable to the Master
Servicer in respect of such Mortgage Pool and such Distribution Date without
giving effect to any Compensating Interest Payment.

      Component: Not applicable.

      Component Certificate: None.

      Component Interest Rate: None.

      Component Notional Amount: Not applicable.

      Component Principal Amount: Not applicable.

      Component Writedown Amount: Not applicable.

      Conventional Loan: A Mortgage Loan that is not insured by the United
States Federal Housing Administration or guaranteed by the United States
Veterans Administration.

         Converted Mortgage Loan:  None.

         Convertible Mortgage Loan:  None.

         Cooperative Corporation: The entity that holds title (fee or an
acceptable leasehold estate) to the real property and improvements constituting
the Cooperative Property and which governs the Cooperative Property, which
Cooperative Corporation must qualify as a Cooperative Housing Corporation under
Section 216 of the Code.

      Cooperative Loan: Any Mortgage Loan secured by Cooperative Shares and a
Proprietary Lease.

         Cooperative Loan Documents: As to any Cooperative Loan, (i) the
Cooperative Shares, together with a stock power in blank; (ii) the original
executed Security Agreement and the assignment of the Security Agreement
endorsed in blank; (iii) the original executed Proprietary Lease and the
assignment of the Proprietary Lease endorsed in blank; (iv) the original
executed Recognition Agreement and the assignment of the Recognition Agreement
(or a blanket assignment of all Recognition Agreements) endorsed in blank; (v)
the executed UCC-1 financing statement with evidence of recording thereon, which
has been filed in all places required to perfect the security interest in the
Cooperative Shares and the Proprietary Lease; and (vi) executed UCC-3 financing
statements (or copies thereof) or other appropriate UCC financing statements
required by state law, evidencing a complete and unbroken line from the
mortgagee to the Trustee with evidence of recording thereon (or in a form
suitable for recordation).

                                       13
<PAGE>

         Cooperative Property: The real property and improvements owned by the
Cooperative Corporation, that includes the allocation of individual dwelling
units to the holders of the Cooperative Shares of the Cooperative Corporation.

      Cooperative Shares: Shares issued by a Cooperative Corporation.

      Cooperative Unit: A single-family dwelling located in a Cooperative
Property.

      Corporate Trust Office: The principal corporate trust office of the
Trustee at which, at any particular time, its corporate trust business shall be
administered, which office at the date hereof is located at 450 West 33rd
Street, 14th Floor, New York, New York 10001, Attention: Institutional Trust
Services/SASCO 2001-14A.

      Corresponding Class: With respect to any class of Lower Tier Interests,
the Class of Certificates so designated in the Preliminary Statement hereto.
With respect to any Class of Certificates, the class or classes of Lower Tier
Interests so designated in the Preliminary Statement hereto.

      Corresponding Component: None.

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

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

      Credit Support Percentage: As to any Class of Subordinate Certificates and
any Distribution Date, the sum of the Class Percentages of all Classes of
Certificates that rank lower in priority than such Class.

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

      Custodian: Each custodian appointed by the Trustee pursuant to a Custodial
Agreement, and any successor thereto.

                                       14
<PAGE>

      Cut-off Date: August 1, 2001.

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

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

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

      Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding indebtedness under such Mortgage Loan, which valuation
results from a proceeding under Bankruptcy law or any similar proceeding.

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

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

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

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

      Designated Rate: Not applicable.

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

      Discount Mortgage Loan: Not applicable.

      Disqualified Organization: Either (i) the United States, (ii) any state or
political subdivision thereof, (iii) any foreign government, (iv) any
international organization, (v) any agency or instrumentality of any of the
foregoing, (vi) any tax-exempt organization (other than a cooperative described
in section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of
the Code unless such organization is subject to the tax imposed by section 511
of the Code, (vii) any organization described in section 1381(a)(2)(C) of the
Code, (viii) any "electing large partnership" described in section 775 of the
Code, or (ix) any other entity designated as a Disqualified Organization by
relevant legislation amending the REMIC Provisions and in effect at or proposed
to be effective as of the time of the determination. In addition, a corporation
will not be treated as an instrumentality of the United States or of any state
or political subdivision thereof if all of its activities are subject to tax
and, with the exception of the Federal Home Loan Mortgage Corporation, a
majority of its board of directors is not selected by such governmental unit.

                                       15
<PAGE>

      Distribution Date: The 25th day of each month, or, if such 25th day is not
a Business Day, the next succeeding Business Day commencing in September 2001.

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

      Due Period: With respect to any Distribution Date, the period commencing
on the second day of the month immediately preceding the month in which such
Distribution Date occurs and ending on the first day of the month in which such
Distribution Date occurs.

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

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

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

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

                                       16
<PAGE>

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

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

            (v) commercial paper (including both non interest-bearing discount
      obligations and interest-bearing obligations payable on demand or on a
      specified date not more than 180 days after the date of issuance thereof)
      rated by each Rating Agency in its highest short-term ratings;

            (vi) a Qualified GIC;

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

            (viii) any other demand, money market fund, common trust fund or
      time deposit or obligation, or interest-bearing or other security or
      investment, (A) rated in the highest rating category by each Rating Agency
      or (B) that would not adversely affect the then current rating by either
      Rating Agency of any of the Certificates (in the case of the Class 1-A1
      Certificates determined without regard to the Class 1-A1 Certificate
      Insurance Policy). Such investments in this subsection (viii) may include
      money market mutual funds, including, without limitation, the J.P. Morgan
      U.S. Government Money Market Fund or any other fund for which The Chase
      Manhattan Bank (the "Bank"), the Trustee or an affiliate thereof serves as
      an investment advisor, administrator, shareholder servicing agent, and/or
      custodian or subcustodian, notwithstanding that (i) the Bank or an
      affiliate thereof charges and collects fees and expenses from such funds
      for services rendered, (ii) the Bank or an affiliate thereof charges and
      collects fees and expenses for services rendered pursuant to this
      Agreement, and (iii) services performed for such funds and pursuant to
      this Agreement may converge at any time. The Trustee specifically
      authorizes the Bank or an affiliate thereof to charge and collect from the
      Trustee such fees as are collected from all investors in such funds for
      services rendered to such funds (but not to exceed investment earnings
      thereon);

                                       17
<PAGE>

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

      Employee Mortgage Loan: Each Mortgage Loan listed on Schedule C hereto.

      ERISA: The Employee Retirement Income Security Act of 1974, as amended.

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

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

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

      Euroclear: Morgan Guaranty Trust Company of New York, Brussels office, as
operator of the Euroclear System.

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

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

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

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

         Final Scheduled Distribution Date:  August 25, 2031.

                                       18
<PAGE>

      Financial Intermediary: A broker, dealer, bank or other financial
institution or other Person that clears through or maintains a custodial
relationship with a Clearing Agency Participant.

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

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

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

      Fraud Loss Limit: With respect to any Distribution Date (x) prior to the
first anniversary of the Cut-off Date, $10,189,617 less the aggregate of Fraud
Losses since the Cut-off Date, and (y) from the first to the fourth anniversary
of the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss
Limit as of the most recent anniversary of the Cut-off Date and (b) 1% of the
aggregate principal balance of all the Mortgage Loans as of the most recent
anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses since the
most recent anniversary of the Cut-off Date. On or after the fifth anniversary
of the Cut-off Date, the Fraud Loss Limit shall be zero.

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

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

         Group 1:  All of the Group 1 Certificates.

      Group 1 Certificate: Any Class 1-A1, Class 1-A2, Class 1-A3 or Class R
Certificate.

      Group 1 Reset Date: The Accrual Period beginning on May 1, 2004.

      Group 2: All of the Group 2 Certificates.

      Group 2 Certificate: Any Class 2-A1, Class 2-A2 or Class 2-A3 Certificate.

      Group 2 Reset Date: The Accrual Period beginning on June 1, 2004.

      Group Subordinate Amount: With respect to any Mortgage Pool and any
Distribution Date, the excess, if any, of the Pool Balance of such Mortgage Pool
for the immediately preceding Distribution Date over the sum of the aggregate of
the Certificate Principal Amounts of the Senior Certificates of the related
Certificate Group immediately prior to the related Distribution Date.

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

                                       19
<PAGE>

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

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

      Initial LIBOR Rate: Not applicable.

      Initial Net Mortgage Rate: Not applicable.

      Insurance Policy: Any Primary Mortgage Insurance Policy and any standard
hazard insurance policy, flood insurance policy, earthquake insurance policy or
title insurance policy relating to the Mortgage Loans or the Mortgaged
Properties, to be in effect as of the Closing Date or thereafter during the term
of this Agreement.

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

      Insured Payment: The meaning assigned to such term in the Class 1-A1
Certificate Insurance Policy.

      Interest Distribution Amount: Not applicable.

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

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

                                       20
<PAGE>

      Late Payment Rate: The meaning assigned to such term in the Class 1-A1
Certificate Insurance Policy.

      Latest Possible Maturity Date: The Distribution Date in August 2034.

      Lehman Capital: Lehman Capital, A Division of Lehman Brothers Holdings
Inc., or any successor in interest.

      LIBOR: Not applicable.

      LIBOR Certificate: None.

      LIBOR Component: None.

      LIBOR Determination Date: Not applicable.

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

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

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

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

      London Business Day: Not applicable.

      Lower Tier Interest: Any one of the classes of lower tier interests
described in the Preliminary Statement hereto.

      Lower Tier Interest Rate: As to each Lower Tier Interest, the applicable
interest rate, if any, as described in the Preliminary Statement hereto.

      Lower Tier REMIC: The Lower Tier REMIC as described in the Preliminary
Statement hereto.

                                       21
<PAGE>

      Maintenance: With respect to any Cooperative Unit, the rent or fee paid by
the Mortgagor to the Cooperative Corporation pursuant to the Proprietary Lease.

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

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

      Master Servicing Fee Rate: 0.005% per annum.

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

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

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

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

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

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

      Mortgage Loan: A Mortgage and the related notes or other evidences of
indebtedness secured by each such Mortgage conveyed, transferred, sold, assigned
to or deposited with the Trustee pursuant to Section 2.01 or Section 2.05,
including without limitation, each Mortgage Loan listed on the Mortgage Loan
Schedule, as amended from time to time.

      Mortgage Loan Sale Agreement: The agreement, dated as of August 1, 2001,
for the sale of the Mortgage Loans by Lehman Capital to the Depositor.

      Mortgage Loan Schedule: The schedule attached hereto as Schedule A, which
shall identify each Mortgage Loan, as such schedule may be amended from time to
time to reflect the addition of Mortgage Loans to, or the deletion of Mortgage
Loans from, the Trust Fund.

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

                                       22
<PAGE>

      Mortgage Pool: Either Pool 1 or Pool 2.

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

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

      Mortgagor: The obligor on a Mortgage Note.

      Negative Amortization Certificate: None.

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

      Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage Rate
thereof reduced by the sum of the applicable Servicing Fee Rate, the Master
Servicing Fee Rate and the Trustee Fee Rate.

      Net Prepayment Interest Shortfall: With respect to each Mortgage Pool and
any Distribution Date, the excess, if any, of any Prepayment Interest Shortfalls
with respect to the Mortgage Loans in such Mortgage Pool for such date over the
sum of any amounts paid by the applicable Servicer with respect to such
shortfalls and any amount that is required to be paid by the Master Servicer in
respect of such shortfalls pursuant to this Agreement.

         Net WAC: With respect to each Mortgage Pool and any Distribution Date,
the weighted average of Net Mortgage Rates of the Mortgage Loans in the related
Mortgage Pool at the beginning of the related Due Period, weighted on the basis
of their Scheduled Principal Balances.

      Non-AP Percentage: Not applicable.

      Non-AP Senior Certificate: None.

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

      Non-Discount Mortgage Loan: Not applicable.

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

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

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

                                       23
<PAGE>

      Notice of Nonpayment: The notice to be delivered by the Trustee to the
Class 1-A1 Certificate Insurer with respect to any Distribution Date pursuant to
Section 5.07(a), which shall be in the form attached to the Class 1-A1
Certificate Insurance Policy.

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

      Notional Certificate: Any Class 1-A3 or Class 2-A3 Certificate.

      Notional Component: None.

      Offering Document: Either of the private placement memorandum dated June
14, 2001 relating to the Class B4, Class B5 and Class B6 Certificates, or the
Prospectus.

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

      Opinion of Counsel: A written opinion of counsel, reasonably acceptable in
form and substance to the Trustee, and who may be in-house or outside counsel to
the Depositor, the Master Servicer or the applicable Servicer but which must be
Independent outside counsel with respect to any such opinion of counsel
concerning the transfer of any Residual Certificate or concerning certain
matters with respect to the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or the taxation, or the federal income tax status, of each
REMIC. For purpose of Section 2.01(c)(i), the Opinion of Counsel referred to
therein may take the form of a memorandum of law or other acceptable assurance.

      Original Credit Support Percentage: With respect to each Class of
Subordinate Certificates, the Credit Support Percentage for such Class of
Certificates on the Closing Date.

      Original Group Subordinate Amount: As to any Mortgage Pool, the Group
Subordinate Amount for such Mortgage Pool on the Closing Date.

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

                                       24
<PAGE>

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

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

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

      Placement Agent: Lehman Brothers Inc.

      Plan Asset Regulations: The Department of Labor regulations set forth in
29 C.F.R. 2510.3-101.

      Pool 1: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 1.

      Pool 1 Mortgage Loan: Any Mortgage Loan in Pool 1.

      Pool 2: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 2.

      Pool 2 Mortgage Loan: Any Mortgage Loan in Pool 2.

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

      Prepayment Interest Shortfall: With respect to any Distribution Date and
(x) any Principal Prepayment in part or in full, the difference between (i) one
full month's interest at the applicable Mortgage Rate (giving effect to any
applicable Relief Act Reduction), as reduced by the applicable Servicing Fee
Rate and the applicable Master Servicing Fee Rate on the outstanding principal
balance of such Mortgage Loan immediately prior to such prepayment and (ii) the
amount of interest actually received with respect to such Mortgage Loan in
connection with such Principal Prepayment.

      Prepayment Penalty Amounts: With respect to any Distribution Date, all
premiums or charges paid by the obligors under the Mortgage Notes due to
Principal Prepayments collected by the applicable Servicer during the
immediately preceding Prepayment Period, if any.

                                       25
<PAGE>

         Prepayment Period: With respect to any Distribution Date and any
Principal Prepayment in part or in full, the calendar month immediately
preceding the month of such Distribution Date.

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

      Principal Amount Schedules: Not applicable.

      Principal Only Certificate: None.

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

      Proceeding: Any suit in equity, action at law or other judicial or
administrative proceeding.

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

      Prospectus: The prospectus supplement dated August 15, 2001, together with
the accompanying prospectus dated July 27, 2001, relating to the Senior
Certificates and the Class B1, Class B2 and Class B3 Certificates.

      Purchase Price: With respect to the repurchase of a Mortgage Loan pursuant
to this Agreement, an amount equal to the sum of (a) 100% of the unpaid
principal balance of such Mortgage Loan, (b) accrued interest thereon at the
Mortgage Rate, from the date as to which interest was last paid to (but not
including) the Due Date immediately preceding the related Distribution Date and
(c) any unreimbursed Servicing Advances with respect to such Mortgage Loan. The
Class 1-A1 Certificate Insurer shall be reimbursed from the Purchase Price for
any unpaid Reimbursement Amount due to the Class 1-A1 Certificate Insurer with
respect to such repurchased Mortgage Loan. The Master Servicer or the applicable
Servicer (or the Trustee, if applicable) shall be reimbursed from the Purchase
Price for any Mortgage Loan or related REO Property for any Advances made with
respect to such Mortgage Loan that are reimbursable to the Master Servicer or
such Servicer under this Agreement or the applicable Servicing Agreement, as
well as any unreimbursed Servicing Advances and accrued and unpaid Master
Servicing Fees or Servicing Fees, as applicable.

      QIB: As defined in Section 3.03(c).

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

                                       26
<PAGE>

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

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

      (c) provide that if at any time the then current credit standing of the
obligor under such guaranteed investment contract is such that continued
investment pursuant to such contract of funds would result in a downgrading of
any rating of the Certificates (which in the case of the Class 1-A1 Certificates
is determined without regard to the Class 1-A1 Certificate Insurance Policy),
the Trustee shall terminate such contract without penalty and be entitled to the
return of all funds previously invested thereunder, together with accrued
interest thereon at the interest rate provided under such contract to the date
of delivery of such funds to the Trustee;

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

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

      Qualified Insurer: An insurance company duly qualified as such under the
laws of the states in which the related Mortgaged Properties are located, duly
authorized and licensed in such states to transact the applicable insurance
business and to write the insurance provided and whose claims paying ability is
rated by each Rating Agency in its highest rating category or whose selection as
an insurer will not adversely affect the rating of the Certificates (which in
the case of the Class 1-A1 Certificates is determined without regard to the
Class 1-A1 Certificate Insurance Policy),

      Qualifying Substitute Mortgage Loan: In the case of a Mortgage Loan
substituted for a Deleted Mortgage Loan, a Mortgage Loan that, on the date of
substitution, (i) has a Scheduled Principal Balance (together with that of any
other mortgage loan substituted for the same Deleted Mortgage Loan) as of the
Due Date in the month in which such substitution occurs not in excess of the
Scheduled Principal Balance of the related Deleted Mortgage Loan, provided,
however, that, to the extent that the Scheduled Principal Balance of such
Mortgage Loan is less than the Scheduled Principal Balance of the related
Deleted Mortgage Loan, then such differential in principal amount, together with
interest thereon at the applicable Mortgage Rate net of the applicable Master
Servicing Fee and the applicable Servicing Fee from the date as to which
interest was last paid through the end of the Due Period in which such
substitution occurs, shall be paid by the party effecting such substitution to
the Trustee for deposit into the Certificate Account, and shall be treated as a
Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not lower than the
Net Mortgage Rate of the related Deleted Mortgage Loan and will be a Discount
Mortgage Loan if the Deleted Mortgage Loan was a Discount Mortgage Loan or a
Non-Discount Mortgage Loan if the Deleted Mortgage Loan was a Non-Discount

                                       27
<PAGE>

Mortgage Loan; (iii) has a remaining stated term to maturity not longer than,
and not more than one year shorter than, the remaining term to stated maturity
of the related Deleted Mortgage Loan; (iv) (A) has a Loan-to-Value Ratio as of
the date of such substitution of not greater than 80%, provided, however, that
if the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than
80%, then the Loan-to-Value Ratio of such substitute Mortgage Loan may be
greater than 80% but shall not be greater than the Loan-to-Value Ratio of the
related Deleted Mortgage Loan and (B) the addition of such substitute Mortgage
Loan does not increase the weighted average Loan-to-Value Ratio of the related
Mortgage Pool by more than 5%; (v) will comply with all of the representations
and warranties relating to Mortgage Loans set forth herein, as of the date as of
which such substitution occurs; (vi) is not a Cooperative Loan unless the
related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable, has
the same index as and a margin not less than that of the related Deleted
Mortgage Loan; (viii) has not been delinquent for a period of more than 30 days
more than once in the twelve months immediately preceding such date of
substitution; (ix) is covered by a Primary Mortgage Insurance Policy if the
related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of such
Mortgage Loan is greater than 80%; (x) has a Credit Score not greater than 20
points lower than the Credit Score of the related Deleted Mortgage Loan,
provided, however, that if the Deleted Mortgage Loan does not have a Credit
Score, then such substitute Mortgage Loan shall have a Credit Score equal to or
greater than 700; (xi) is an Adjustable Rate Mortgage Loan with an index equal
to the weekly average yield on actively traded U.S. Treasury securities adjusted
to a constant maturity of one year as reported by the Federal Reserve Board in
statistical release H.15(519); (xii) has its initial adjustment date after the
related Reset Date; and (xiii) has a gross margin no less than the related
Deleted Mortgage Loan. In the event that either one mortgage loan is substituted
for more than one Deleted Mortgage Loan or more than one mortgage loan is
substituted for one or more Deleted Mortgage Loans, then (a) the Scheduled
Principal Balance referred to in clause (i) above shall be determined such that
the aggregate Scheduled Principal Balance of all such substitute Mortgage Loans
shall not exceed the aggregate Scheduled Principal Balance of all Deleted
Mortgage Loans and (b) each of (1) the rate referred to in clause (ii) above,
(2) the remaining term to stated maturity referred to in clause (iii) above, (3)
the Loan-to-Value Ratio referred to in clause (iv) above and (4) the Credit
Score referred to in clause (x) above shall be determined on a weighted average
basis, provided that the final scheduled maturity date of any Qualifying
Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date
of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is
substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party
effecting such substitution shall certify such qualification in writing to the
Trustee.

      Rating Agency: Each of Fitch and Moody's.

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

                                       28
<PAGE>

      Recognition Agreement: With respect to any Cooperative Loan, an agreement
between the related Cooperative Corporation and the originator of such Mortgage
Loan to establish the rights of such originator in the related Cooperative
Property.

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

      Redemption Certificate: None.

      Reference Banks: Not applicable.

      Regulation S: Regulation S promulgated under the Act or any successor
provision thereto, in each case as the same may be amended from time to time;
and all references to any rule, section or subsection of, or definition or term
contained in, Regulation S means such rule, section, subsection, definition or
term, as the case may be, or any successor thereto, in each case as the same may
be amended from time to time. Regulation S Global Security: The meaning
specified in Section 3.01(c).

      Reimbursement Amount: The meaning assigned to such term in the Class 1-A1
Certificate Insurance Policy.

      Relief Act Reduction: With respect to any Mortgage Loan as to which there
has been a reduction in the amount of interest collectible thereon as a result
of application of the Solders' and Sailors' Civil Relief Act of 1940, as
amended, any amount by which interest collectible on such Mortgage Loan for the
Due Date in the related Due Period is less than interest accrued thereon for the
applicable one-month period at the Mortgage Rate without giving effect to such
reduction.

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

      REMIC Provisions: The provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at sections 860A through
86OG of Subchapter M of Chapter 1 of the Code, and related provisions, and
regulations, including proposed regulations and rulings, and administrative
pronouncements promulgated thereunder, as the foregoing may be in effect from
time to time.

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

                                       29
<PAGE>

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

      Reserve Interest Rate: Not applicable.

      Reset Date: The Group 1 Reset Date or Group 2 Reset Date, as applicable.

      Residual Certificate: Any Class R Certificate.

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

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

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

      Retained Interest: None.

      Retained Interest Holder: Not applicable.

      Retained Interest Rate: Not applicable.

      Rounding Account: Not applicable.

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

         Scheduled Payment: Each scheduled payment of principal and interest (or
of interest only, if applicable) to be paid by the Mortgagor on a Mortgage Loan,
as reduced (except where otherwise specified herein) by the amount of any
related Debt Service Reduction (excluding all amounts of principal and interest
that were due on or before the Cut-off Date whenever received) and, in the case
of an REO Property, an amount equivalent to the Scheduled Payment that would
have been due on the related Mortgage Loan if such Mortgage Loan had remained in
existence. In the case of any bi-weekly payment Mortgage Loan, all payments due
on such Mortgage Loan during any Due Period shall be deemed collectively to
constitute the Scheduled Payment due on such Mortgage Loan in such Due Period.

      Scheduled Principal Amount: As to any Distribution Date, an amount equal
to the amount described in clause (i)(b) of the definition of Senior Principal
Distribution Amount.

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

                                       30
<PAGE>

      Security Agreement: With respect to any Cooperative Loan, the agreement
between the owner of the related Cooperative Shares and the originator of the
related Mortgage Note that defines the terms of the security interest in such
Cooperative Shares and the related Proprietary Lease.

      Seller: Lehman Capital, A Division of Lehman Brothers Holdings Inc., or
any successor in interest.

      Senior Certificate: Any Class 1-A1, Class 1-A2, Class 1-A3, Class 2-A1,
Class 2-A2, Class 2-A3 or Class R Certificate.

      Senior Percentage: With respect to each Mortgage Pool and any Distribution
Date, the percentage equivalent of the fraction, the numerator of which is the
aggregate of the Certificate Principal Amounts of the Class 1-A1, Class 1-A2 and
Class R Certificates, in the case of Pool 1, and the Class 2-A1 and Class 2-A2
Certificates, in the case of Pool 2, immediately prior to such Distribution Date
and the denominator of which is the related Pool Balance for the immediately
preceding Distribution Date.

      Senior Prepayment Percentage: With respect to each Mortgage Pool and any
Distribution Date occurring during the five years beginning on the first
Distribution Date, 100%. With respect to each Mortgage Pool and for any
Distribution Date occurring on or after the fifth anniversary of the first
Distribution Date, the related Senior Percentage plus the following percentage
of the related Subordinate Percentage for such Distribution Date: for any
Distribution Date in the first year thereafter, 70%; for any Distribution Date
in the second year thereafter, 60%; for any Distribution Date in the third year
thereafter, 40%; for any Distribution Date in the fourth year thereafter, 20%;
and for any subsequent Distribution Date, 0%; provided, however, (i) if on any
of the foregoing Distribution Dates the Senior Percentage for any Mortgage Pool
exceeds the initial Senior Percentage for such Mortgage Pool, the Senior
Prepayment Percentage for each Mortgage Pool on such Distribution Date shall
once again equal 100%, (ii) if on any Distribution Date before the Distribution
Date in September 2004, prior to giving effect to any distributions on such
Distribution Date, the Subordinate Percentage for such Distribution Date is
greater than or equal to twice the initial Subordinate Percentage, then the
Senior Prepayment Percentage for such Distribution Date will equal the Senior
Percentage plus 50% of the Subordinate Percentage and (iii) if on any
Distribution Date on or after the Distribution Date in September 2004, prior to
giving effect to any distributions on such Distribution Date, the Subordinate
Percentage for such Distribution Date is greater than or equal to twice the
initial Subordinate Percentage, then the Senior Prepayment Percentage on such
Distribution Date will equal the Senior Percentage.

                                       31
<PAGE>

      Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage for any Mortgage Pool below the level in effect for the most recent
prior period set forth in the paragraph above (calculated without regard to
clause (ii) or (iii) of the above paragraph) shall be effective on any
Distribution Date if, as of the first Distribution Date as to which any such
decrease applies, (i) the average outstanding principal balance on such
Distribution Date and for the preceding five Distribution Dates of all Mortgage
Loans in such Mortgage Pool that were delinquent 60 days or more (including for
this purpose any Mortgage Loans in foreclosure and the Scheduled Payments that
would have been due on Mortgage Loans with respect to which the related
Mortgaged Property has been acquired by the Trust Fund if the related Mortgage
Loan had remained in existence) is greater than or equal to 50% of the
applicable Group Subordinate Amount immediately prior to such Distribution Date
or (ii) cumulative Realized Losses with respect to the Mortgage Loans in any
Mortgage Pool exceed (a) with respect to the Distribution Date on the fifth
anniversary of the first Distribution Date, 30% of the related Original Group
Subordinate Amount, (b) with respect to the Distribution Date on the sixth
anniversary of the first Distribution Date, 35% of the related Original Group
Subordinate Amount, (c) with respect to the Distribution Date on the seventh
anniversary of the first Distribution Date, 40% of the related Original Group
Subordinate Amount, (d) with respect to the Distribution Date on the eighth
anniversary of the first Distribution Date, 45% of the related Original Group
Subordinate Amount, and (e) with respect to the Distribution Date on the ninth
anniversary of the first Distribution Date or thereafter, 50% of the related
Original Group Subordinate Amount. After the Class Principal Amount of each
Class of Senior Certificates in any Certificate Group has been reduced to zero,
the Senior Prepayment Percentage for the related Mortgage Pool shall be 0%.

      Senior Principal Distribution Amount: For each Certificate Group and any
Distribution Date, the sum of the following amounts:

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

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

                                       32
<PAGE>

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

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

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

      Servicer: Any Servicer that has entered into any of the Servicing
Agreements attached as Exhibit E hereto, or any successor in interest.
Initially, the Servicers are Wells Fargo Mortgage, Inc. and ABN AMRO Mortgage
Group, Inc.

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

      Servicing Agreement: Each Servicing Agreement between a Servicer and the
Seller, dated as of August 1, 2001, attached hereto in Exhibit E, and any other
servicing agreement entered into between a successor servicer and the Seller or
the Trustee pursuant to the terms hereof.

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

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

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

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

                                       33
<PAGE>

         Special Hazard Loss Limit: As of the Cut-off Date, $5,094,808, which
amount shall be reduced from time to time to an amount equal on any Distribution
Date to the lesser of (a) the greatest of (i) 1% of the aggregate of the
Scheduled Principal Balances of the Mortgage Loans; (ii) twice the Scheduled
Principal Balance of the Mortgage Loan having the highest Scheduled Principal
Balance, and (iii) the aggregate Scheduled Principal Balances of the Mortgage
Loans secured by Mortgaged Properties located in the single California postal
zip code area having the highest aggregate Scheduled Principal Balance of
Mortgage Loans of any such postal zip code area and (b) the Special Hazard Loss
Limit as of the Closing Date less the amount, if any, of Special Hazard Losses
incurred with respect to Mortgage Loans since the Closing Date.

      Specified Rating: Not applicable.

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

      Subordinate Certificate: Any Class B Certificate.

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

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

      Subordinate Component Percentage: Not applicable.

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

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

      Subordinate Principal Distribution Amount: For each Certificate Group and
any Distribution Date, the sum of the following:

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

                                       34
<PAGE>

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

            (iii) with respect to unscheduled recoveries allocable to principal
      of any Mortgage Loan in the related Mortgage Pool that was finally
      liquidated during the related Prepayment Period, the related net
      Liquidation Proceeds allocable to principal less any related amount paid
      pursuant to subsection (iii) of the definition of Senior Principal
      Distribution Amount for the related Certificate Group; and

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

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

      Termination Price: As defined in Section 7.01 hereof.

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

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

      Transferor: Each seller of Mortgage Loans to Lehman Capital pursuant to a
Transfer Agreement.

      Trust Fund: The corpus of the trust created pursuant to this Agreement,
consisting of the Mortgage Loans, the assignment of the Depositor's rights under
the Mortgage Loan Sale Agreement, such amounts as shall from time to time be
held in the Collection Account, the Certificate Account, any Escrow Account, the
Insurance Policies, any REO Property, the Class 1-A1 Certificate Insurance
Policy, the Class 1-A1 Policy Payments Account and the other items referred to
in, and conveyed to the Trustee under, Section 2.01(a).

      Trust Rate: Not applicable.

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

         Trustee Fee: As to any Distribution Date, an amount equal to the
product of the Trustee Fee Rate and the aggregate Scheduled Principal Balance of
the related Mortgage Loans as of the first day of the related Due Period in the
aggregate. For purposes of payment of the Trustee Fee pursuant to Section
5.02(a)(i), the Trustee Fee shall be calculated separately, by Mortgage Pool.

                                       35
<PAGE>

      Trustee Fee Rate: 0.0055% per annum.

      Undercollateralization Distribution: As defined in Section 5.02(e)(ii).

      Undercollateralized Group: With respect to any Distribution Date, the
Senior Certificates of any Certificate Group as to which the aggregate
Certificate Principal Amount thereof, after giving effect to distributions
pursuant to Sections 5.02(a) and (b) on such date, is greater than the Pool
Balance of the related Mortgage Pool for such Distribution Date.

      Underwriter's Exemption: Prohibited Transaction Exemption 2000-58, 65 Fed.
Reg. 67765 (2000), as amended (or any successor thereto), or any substantially
similar administrative exemption granted by the U.S. Department of Labor.

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

      Voting Interests: The portion of the voting rights of all the Certificates
that is allocated to any Certificate for purposes of the voting provisions of
this Agreement. At all times during the term of this Agreement until the Class
Notional Amount of each Class of Notional Certificates has been reduced to zero,
95% of all Voting Interests shall be allocated to the Certificates other than
the Notional Certificates and 5% of all Voting Interests shall be allocated to
the Notional Certificates. After the Class Notional Amount of each Class of
Notional Certificates has been reduced to zero, 100% of all Voting Interests
shall be allocated to the remaining Classes of Certificates. Voting Interests
allocated to the Notional Certificates shall be allocated among the Classes of
such Certificates (and among the Certificates of each such Class) in proportion
to their Class Notional Amounts (or Notional Amounts). Voting Interests shall be
allocated among the other Classes of Certificates (and among the Certificates of
each such Class) in proportion to their Class Principal Amounts (or Certificate
Principal Amounts); provided, however, that on and after the date, if any, on
which the Class 1-A1 Certificate Insurer has paid a claim under the Class 1-A1
Certificate Insurance Policy in respect of the Class 1-A1 Certificates, the
Class 1-A1 Certificate Insurer shall be entitled to exercise all consent, voting
and related rights of such class.

      Section 1.02. Calculations Respecting Mortgage Loans.

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


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<PAGE>


                                   Article II

                              DECLARATION OF TRUST;
                            ISSUANCE OF CERTIFICATES

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

      (a) Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby transfer, assign, set over, deposit with and otherwise
convey to the Trustee, without recourse, subject to Sections 2.02, 2.04, 2.05
and 2.06, in trust, all the right, title and interest of the Depositor in and to
the Mortgage Loans. Such conveyance includes, without limitation, the right to
all distributions of principal and interest received on or with respect to the
Mortgage Loans on and after the Cut-off Date (other than payments of principal
and interest due on or before such date), and all such payments due after such
date but received prior to such date and intended by the related Mortgagors to
be applied after such date, together with all of the Depositor's right, title
and interest in and to the Collection Account and all amounts from time to time
credited to and the proceeds of the Collection Account, the Certificate Account
and all amounts from time to time credited to and the proceeds of the
Certificate Account, any Escrow Account established pursuant to Section 9.06
hereof and all amounts from time to time credited to and the proceeds of any
such Escrow Account, any REO Property and the proceeds thereof, the Depositor's
rights under any Insurance Policies related to the Mortgage Loans, and the
Depositor's security interest in any collateral pledged to secure the Mortgage
Loans, including the Mortgaged Properties and any Additional Collateral, and any
proceeds of the foregoing, to have and to hold, in trust; and the Trustee
declares that, subject to the review provided for in Section 2.02, it has
received and shall hold the Trust Fund, as trustee, in trust, for the benefit
and use of the Holders of the Certificates and the Class 1-A1 Certificate
Insurer and for the purposes and subject to the terms and conditions set forth
in this Agreement, and, concurrently with such receipt, has caused to be
executed, authenticated and delivered to or upon the order of the Depositor, in
exchange for the Trust Fund, Certificates in the authorized denominations
evidencing the entire ownership of the Trust Fund.

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

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

                                       37
<PAGE>

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

            (ii) the original of any guarantee executed in connection with the
      Mortgage Note, assigned to the Trustee;

            (iii) with respect to each Mortgage Loan other than a Cooperative
      Loan, the original recorded Mortgage with evidence of recording indicated
      thereon and the original recorded power of attorney, if the Mortgage was
      executed pursuant to a power of attorney, with evidence of recording
      thereon or, if such Mortgage or power of attorney has been submitted for
      recording but has not been returned from the applicable public recording
      office, has been lost or is not otherwise available, a copy of such
      Mortgage or power of attorney, as the case may be, certified to be a true
      and complete copy of the original submitted for recording. If, in
      connection with any Mortgage Loan, the Depositor cannot deliver the
      Mortgage with evidence of recording thereon on or prior to the Closing
      Date because of a delay caused by the public recording office where such
      Mortgage has been delivered for recordation or because such Mortgage has
      been lost, the Depositor shall deliver or cause to be delivered to the
      Trustee (or its custodian), in the case of a delay due to recording, a
      true copy of such Mortgage, pending delivery of the original thereof,
      together with an Officer's Certificate of the Depositor certifying that
      the copy of such Mortgage delivered to the Trustee (or its custodian) is a
      true copy and that the original of such Mortgage has been forwarded to the
      public recording office, or, in the case of a Mortgage that has been lost,
      a copy thereof (certified as provided for under the laws of the
      appropriate jurisdiction) and a written Opinion of Counsel acceptable to
      the Trustee and the Depositor that an original recorded Mortgage is not
      required to enforce the Trustee's interest in the Mortgage Loan;

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

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

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

                                       38
<PAGE>

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

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

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

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

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

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

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

                                       39
<PAGE>

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

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

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

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

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

                                       40
<PAGE>

      (c) If in the course of the review described in paragraph (b) above the
Trustee or the applicable Custodian discovers any document or documents
constituting a part of a Mortgage File that is missing, does not appear regular
on its face (i.e., is mutilated, damaged, defaced, torn or otherwise physically
altered) or appears to be unrelated to the Mortgage Loans identified in the
Mortgage Loan Schedule (each, a "Material Defect"), the Trustee, or the
applicable Custodian on behalf of the Trustee, shall promptly identify the
Mortgage Loan to which such Material Defect relates in the Interim Certificate
delivered to the Depositor or the Master Servicer (and to the Trustee). Within
90 days of its receipt of such notice, the Depositor shall be required to cure
such Material Defect (and, in such event, the Depositor shall provide the
Trustee with an Officer's Certificate confirming that such cure has been
effected). If the Depositor does not so cure such Material Defect, it shall, if
a loss has been incurred with respect to such Mortgage Loan that would, if such
Mortgage Loan were not purchased from the Trust Fund, constitute a Realized
Loss, and such loss is attributable to the failure of the Depositor to cure such
Material Defect, repurchase the related Mortgage Loan from the Trust Fund at the
Purchase Price. A loss shall be deemed to be attributable to the failure of the
Depositor to cure a Material Defect if, as determined by the Depositor, upon
mutual agreement with the Servicer acting in good faith, absent such Material
Defect, such loss would not have been incurred. Within the two-year period
following the Closing Date, the Depositor may, in lieu of repurchasing a
Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage Loan a
Qualifying Substitute Mortgage Loan subject to the provisions of Section 2.05.
The failure of the Trustee or the applicable Custodian to give the notice
contemplated herein within 45 days after the Closing Date shall not affect or
relieve the Depositor of its obligation to repurchase any Mortgage Loan pursuant
to this Section 2.02 or any other Section of this Agreement requiring the
repurchase of Mortgage Loans from the Trust Fund.

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

      (e) Nothing in this Agreement shall be construed to constitute an
assumption by the Trust Fund, the Trustee, the Certificateholders or the Class
1-A1 Certificate Insurer of any unsatisfied duty, claim or other liability on
any Mortgage Loan or to any Mortgagor.

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

      Section 2.03. Representations and Warranties of the Depositor.

      (a) The Depositor hereby represents and warrants to the Trustee, for the
benefit of Certificateholders, to the Class 1-A1 Certificate Insurer and to the
Master Servicer, as of the Closing Date or such other date as is specified,
that:

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<PAGE>

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

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

            (iii) the execution, delivery and performance by the Depositor of
      this Agreement and the consummation of the transactions contemplated
      hereby do not require the consent or approval of, the giving of notice to,
      the registration with, or the taking of any other action in respect of,
      any state, federal or other governmental authority or agency, except such
      as has been obtained, given, effected or taken prior to the date hereof;

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

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

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

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<PAGE>

      (b) The representations and warranties of each Transferor with respect to
the related Mortgage Loans in the applicable Transfer Agreement, which have been
assigned to the Trustee hereunder, were made as of the date specified in the
applicable Transfer Agreement (or underlying agreement, if such Transfer
Agreement is in the form of an assignment of a prior agreement). To the extent
that any fact, condition or event with respect to a Mortgage Loan constitutes a
breach of both (i) a representation or warranty of the applicable Transferor
under the applicable Transfer Agreement and (ii) a representation or warranty of
Lehman Capital under the Mortgage Loan Sale Agreement, the only right or remedy
of the Trustee or of any Certificateholder shall be the Trustee's right to
enforce the obligations of the applicable Transferor under any applicable
representation or warranty made by it. The Trustee acknowledges that Lehman
Capital shall have no obligation or liability with respect to any breach of a
representation or warranty made by it with respect to the Mortgage Loans if the
fact, condition or event constituting such breach also constitutes a breach of a
representation or warranty made by the applicable Transferor in the applicable
Transfer Agreement, without regard to whether such Transferor fulfills its
contractual obligations in respect of such representation or warranty. The
Trustee further acknowledges that the Depositor shall have no obligation or
liability with respect to any breach of any representation or warranty with
respect to the Mortgage Loans (except as set forth in Section 2.03(a)(vi)) under
any circumstances.

      Section 2.04. Discovery of Breach.

      It is understood and agreed that the representations and warranties (i)
set forth in Section 2.03, (ii) of Lehman Capital set forth in the Mortgage Loan
Sale Agreement and assigned to the Trustee by the Depositor hereunder and (iii)
of each Transferor, assigned by Lehman Capital to the Depositor pursuant to the
Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
hereunder shall each survive delivery of the Mortgage Files and the Assignment
of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout
the term of this Agreement. Upon discovery by either the Depositor, the Master
Servicer, the Trustee or the Class 1-A1 Certificate Insurer of a breach of any
of such representations and warranties that adversely and materially affects the
value of the related Mortgage Loan, the party discovering such breach shall give
prompt written notice to the other parties. Within 90 days of the discovery of a
breach of any representation or warranty given to the Trustee by the Depositor,
any Transferor or Lehman Capital and assigned to the Trustee, the Depositor,
such Transferor or Lehman Capital, as applicable, shall either (a) cure such
breach in all material respects, (b) repurchase such Mortgage Loan or any
property acquired in respect thereof from the Trustee at the Purchase Price or
(c) within the two year period following the Closing Date, substitute a
Qualifying Substitute Mortgage Loan for the affected Mortgage Loan. In the event
of discovery of a breach of any representation and warranty of any Transferor
assigned to the Trustee, the Trustee shall enforce its rights under the
applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the
benefit of Certificateholders. As provided in the Mortgage Loan Sale Agreement,
if any Transferor substitutes for a Mortgage Loan for which there is a breach of
any representations and warranties in the related Transfer Agreement which
adversely and materially affects the value of such Mortgage Loan and such
substitute mortgage loan is not a Qualifying Substitute Mortgage Loan, under the
terms of the Mortgage Loan Sale Agreement, Lehman Capital will, in exchange for
such substitute Mortgage Loan, (i) provide the applicable Purchase Price for the
affected Mortgage Loan or (ii) within two years of the Closing Date, substitute
such affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.

                                       43
<PAGE>


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

      (a) With respect to any Mortgage Loan repurchased by the Depositor
pursuant to this Agreement, by Lehman Capital pursuant to the Mortgage Loan Sale
Agreement or by any Transferor pursuant to the applicable Transfer Agreement,
the principal portion of the funds received by the Trustee in respect of such
repurchase of a Mortgage Loan will be considered a Principal Prepayment and
shall be deposited in the Collection Account. The Trustee, upon receipt of the
full amount of the Purchase Price for a Deleted Mortgage Loan, or upon receipt
of the Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a
Deleted Mortgage Loan (and any applicable Substitution Amount), shall release or
cause to be released and reassign to the Depositor, Lehman Capital or the
applicable Transferor, as applicable, the related Mortgage File for the Deleted
Mortgage Loan and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, representation or warranty, as shall
be necessary to vest in such party or its designee or assignee title to any
Deleted Mortgage Loan released pursuant hereto, free and clear of all security
interests, liens and other encumbrances created by this Agreement, which
instruments shall be prepared by the Trustee (or its custodian), and the Trustee
shall have no further responsibility with respect to the Mortgage File relating
to such Deleted Mortgage Loan.

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

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<PAGE>

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

      Section 2.06. Grant Clause.

      It is intended that the conveyance of the Depositor's right, title and
interest in and to property constituting the Trust Fund pursuant to this
Agreement shall constitute, and shall be construed as, a sale of such property
and not a grant of a security interest to secure a loan. However, if such
conveyance is deemed to be in respect of a loan, it is intended that: (i) the
rights and obligations of the parties shall be established pursuant to the terms
of this Agreement; (ii) the Depositor hereby grants to the Trustee for the
benefit of the Holders of the Certificates and the Class 1-A1 Certificate
Insurer a first priority security interest in all of the Depositor's right,
title and interest in, to and under, whether now owned or hereafter acquired,
the Trust Fund and all proceeds of any and all property constituting the Trust
Fund to secure payment of the Certificates; and (iii) this Agreement shall
constitute a security agreement under applicable law. If such conveyance is
deemed to be in respect of a loan and the Trust created by this Agreement
terminates prior to the satisfaction of the claims of any Person holding any
Certificate, the security interest created hereby shall continue in full force
and effect and the Trustee shall be deemed to be the collateral agent for the
benefit of such Person, and all proceeds shall be distributed as herein
provided.

                                  Article III

                                THE CERTIFICATES

      Section 3.01. The Certificates.

      (a) The Certificates shall be issuable in registered form only and shall
be securities governed by Article 8 of the New York Uniform Commercial Code. The
Book-Entry Certificates will be evidenced by one or more certificates,
beneficial ownership of which will be held in the dollar denominations in
Certificate Principal Amount or Notional Principal Amount, as applicable, or in
the Percentage Interests, specified herein. Each Class of Book-Entry
Certificates shall be issued in the minimum denominations in Certificate
Principal Amount (or Notional Amount) or Percentage Interest specified in the
Preliminary Statement hereto and in integral multiples of $1 or 5% (in the case
of Certificates issued in Percentage Interests) in excess thereof. Each Class of
Non-Book Entry Certificates other than the Residual Certificate shall be issued
in definitive, fully registered form in the minimum denominations in Certificate
Principal Amount (or Notional Amount) specified in the Preliminary Statement
hereto and in integral multiples of $1 in excess thereof. The Residual
Certificate shall be issued as a single Certificate and maintained in
definitive, fully registered form in a minimum denomination equal to 25% of the
Percentage Interest of such Class. The Certificates may be issued in the form of
typewritten certificates. One Certificate of each Class of Certificates other
than any Class of Residual Certificates may be issued in any denomination in
excess of the minimum denomination.


                                       45
<PAGE>

      (b)   Certificates shall be executed by manual or facsimile signature
on behalf of the Trustee by an authorized officer. Each Certificate shall, on
original issue, be authenticated by the Trustee upon the order of the Depositor
upon receipt by the Trustee of the Mortgage Files described in Section 2.01. No
Certificate shall be entitled to any benefit under this Agreement, or be valid
for any purpose, unless there appears on such Certificate a certificate of
authentication substantially in the form provided for herein, executed by an
authorized officer of the Trustee or the Authenticating Agent, if any, by manual
signature, and such certification upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date
of their authentication. At any time and from time to time after the execution
and delivery of this Agreement, the Depositor may deliver Certificates executed
by the Depositor to the Trustee or the Authenticating Agent for authentication
and the Trustee or the Authenticating Agent shall authenticate and deliver such
Certificates as in this Agreement provided and not otherwise.

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

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

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

Section 3.02.     Registration.


                                       46
<PAGE>

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

      Section 3.03. Transfer and Exchange of Certificates.

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

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

      (c)   By acceptance of a Restricted Certificate or a Regulation S Global
Security, whether upon original issuance or subsequent transfer, each Holder of
such a Certificate acknowledges the restrictions on the transfer of such
Certificate set forth thereon and agrees that it will transfer such a
Certificate only as provided herein. In addition, each Holder of a Regulation S


                                       47
<PAGE>

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

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

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

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

      (d)   (i) No transfer of an ERISA-Restricted Certificate in the form of a
Definitive Certificate shall be made to any Person unless the Trustee has
received (A) a certificate substantially in the form of Exhibit H (or Exhibit
D-1 in the case of the Class R Certificate) hereto from such transferee in the
case of any Class B4, Class B5, Class B6 Certificate or any Certificate which a
Responsible Officer of the Trustee has actual knowledge that such Certificate
has become an ERISA-Restricted Certificate because it no longer has a rating
permitted under the Underwriter's Exemption, or (B) an Opinion of Counsel
satisfactory to the Trustee and the Depositor to the effect that the purchase
and holding of such a Certificate will not constitute or result in the assets of
the Trust Fund being deemed to be "plan assets" subject to the prohibited
transactions provisions of ERISA or Section 4975 of the Code and will not
subject the Trustee or the Depositor to any obligation in addition to those
undertaken in the Agreement; provided, however, that the Trustee will not
require such certificate or opinion in the event that, as a result of a change
of law or otherwise, counsel satisfactory to the Trustee has rendered an opinion
to the effect that the purchase and holding of an ERISA-Restricted Certificate
by a Plan or a Person that is purchasing or holding such a Certificate with the


                                       48
<PAGE>

assets of a Plan will not constitute or result in a prohibited transaction under
ERISA or Section 4975 of the Code. Each transferee of an ERISA-Restricted
Certificate that is a Book Entry Certificate shall be deemed to have made the
representations set forth in Exhibit H. The preparation and delivery of the
certificate and opinions referred to above shall not be an expense of the Trust
Fund, the Trustee or the Depositor. Notwithstanding the foregoing, no opinion or
certificate shall be required for the initial issuance of the ERISA-Restricted
Certificates.

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

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

      Prior to and as a condition of the registration of any transfer, sale or
other disposition of a Residual Certificate, the proposed transferee shall
deliver to the Trustee an affidavit in substantially the form attached hereto as
Exhibit D-1 representing and warranting, among other things, that such
transferee is neither a Disqualified Organization, an agent or nominee acting on
behalf of a Disqualified Organization, nor a Non-permitted Foreign Holder (any
such transferee, a "Permitted Transferee"), and the proposed transferor shall
deliver to the Trustee an affidavit in substantially the form attached hereto as
Exhibit D-2. In addition, the Trustee may (but shall have no obligation to)
require, prior to and as a condition of any such transfer, the delivery by the
proposed transferee of an Opinion of Counsel, addressed to the Depositor and the
Trustee satisfactory in form and substance to the Depositor, that such proposed
transferee or, if the proposed transferee is an agent or nominee, the proposed
beneficial owner, is not a Disqualified Organization, agent or nominee thereof,
or Non-permitted Foreign Holder. Notwithstanding the registration in the
Certificate Register of any transfer, sale, or other disposition of a Residual
Certificate to a Disqualified Organization, an agent or nominee thereof, or
Non-permitted Foreign Holder, such registration shall be deemed to be of no
legal force or effect whatsoever and such Disqualified Organization, agent or
nominee thereof, or Non-permitted Foreign Holder shall not be deemed to be a
Certificateholder for any purpose hereunder, including, but not limited to, the
receipt of distributions on such Residual Certificate. The Trustee shall not be
under any liability to any person for any registration or transfer of a Residual


                                       49
<PAGE>

Certificate to a Disqualified Organization, agent or nominee thereof, or
Non-permitted Foreign Holder or for the maturity of any payments due on such
Residual Certificate to the Holder thereof or for taking any other action with
respect to such Holder under the provisions of the Agreement, so long as the
transfer was effected in accordance with this Section 3.03(f), unless the
Trustee shall have actual knowledge at the time of such transfer or the time of
such payment or other action that the transferee is a Disqualified Organization,
agent or nominee thereof, or Non-permitted Foreign Holder. The Trustee shall be
entitled to recover from any Holder of a Residual Certificate that was a
Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder at the time it became a Holder or any subsequent time it became a
Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder, all payments made on such Residual Certificate at and after either such
times (and all costs and expenses, including but not limited to attorneys' fees,
incurred in connection therewith). Any payment (not including any such costs and
expenses) so recovered by the Trustee shall be paid and delivered to the last
preceding Holder of such Residual Certificate.

      If any purported transferee shall become a registered Holder of a Residual
Certificate in violation of the provisions of this Section 3.03(f), then upon
receipt of written notice to the Trustee that the registration of transfer of
such Residual Certificate was not in fact permitted by this Section 3.03(f), the
last preceding Permitted Transferee shall be restored to all rights as Holder
thereof retroactive to the date of such registration of transfer of such
Residual Certificate. The Trustee shall be under no liability to any Person for
any registration of transfer of a Residual Certificate that is in fact not
permitted by this Section 3.03(f), for making any payment due on such
Certificate to the registered Holder thereof or for taking any other action with
respect to such Holder under the provisions of this Agreement so long as the
transfer was registered upon receipt of the affidavit described in the preceding
paragraph of this Section 3.03(f).

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

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

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

            (B) Restricted Global Security to Regulation S Global Security. If a
      holder of a beneficial interest in a Restricted Global Security deposited
      with or on behalf of DTC wishes at any time to exchange its interest in
      such Restricted Global Security for an interest in a Regulation S Global
      Security, or to transfer its interest in such Restricted Global Security
      to a Person who wishes to take delivery thereof in the form of an interest
      in a Regulation S Global Security, such holder, provided such holder is
      not a U.S. person, may, subject to the rules and procedures of DTC,
      exchange or cause the exchange of such interest for an equivalent
      beneficial interest in the Regulation S Global Security. Upon receipt by
      the Trustee, as Certificate Registrar, of (I) instructions from DTC


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<PAGE>

      directing the Trustee, as Certificate Registrar, to be credited a
      beneficial interest in a Regulation S Global Security in an amount equal
      to the beneficial interest in such Restricted Global Security to be
      exchanged but not less than the minimum denomination applicable to such
      holder's Certificates held through a Regulation S Global Security, (II) a
      written order given in accordance with DTC's procedures containing
      information regarding the participant account of DTC and, in the case of a
      transfer pursuant to and in accordance with Regulation S, the Euroclear or
      Clearstream account to be credited with such increase and (III) a
      certificate in the form of Exhibit L-1 hereto given by the holder of such
      beneficial interest stating that the exchange or transfer of such interest
      has been made in compliance with the transfer restrictions applicable to
      the Global Securities, including that the holder is not a U.S. person, and
      pursuant to and in accordance with Regulation S, the Trustee, as
      Certificate Registrar, shall reduce the principal amount of the Restricted
      Global Security and increase the principal amount of the Regulation S
      Global Security by the aggregate principal amount of the beneficial
      interest in the Restricted Global Security to be exchanged, and shall
      instruct Euroclear or Clearstream, as applicable, concurrently with such
      reduction, to credit or cause to be credited to the account of the Person
      specified in such instructions a beneficial interest in the Regulation S
      Global Security equal to the reduction in the principal amount of the
      Restricted Global Security.

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


                                       51
<PAGE>

      shall instruct DTC, concurrently with such reduction, to credit or cause
      to be credited to the account of the Person specified in such instructions
      a beneficial interest in the Restricted Global Security equal to the
      reduction in the principal amount of the Regulation S Global Security.

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

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

      Section 3.04. Cancellation of Certificates.

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

      Section 3.05. Replacement of Certificates.

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

      Section 3.06. Persons Deemed Owners.

      Subject to the provisions of Section 3.09 with respect to Book-Entry
Certificates, the Depositor, the Master Servicer, the Trustee, the Certificate
Registrar and any agent of any of them may treat the Person in whose name any
Certificate is registered upon the books of the Certificate Registrar as the


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<PAGE>

owner of such Certificate for the purpose of receiving distributions pursuant to
Sections 5.01 and 5.02 and for all other purposes whatsoever, and neither the
Depositor, the Master Servicer, the Trustee, the Certificate Registrar nor any
agent of any of them shall be affected by notice to the contrary.

      Section 3.07. Temporary Certificates.

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

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

      Section 3.08. Appointment of Paying Agent.

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

      Section 3.09. Book-Entry Certificates.

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


                                       53
<PAGE>

in the Book-Entry Certificates, except as provided in Section 3.09(c). Unless
Definitive Certificates have been issued to Certificate Owners of Book-Entry
Certificates pursuant to Section 3.09(c):

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

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

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

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

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

      (c)   If (i) (A) the Depositor advises the Trustee in writing that the
Clearing Agency is no longer willing or able to discharge properly its
responsibilities with respect to the Book-Entry Certificates, and (B) the
Trustee or the Depositor is unable to locate a qualified successor, (ii) the
Depositor, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of an Event of Default, Certificate Owners representing beneficial
interests aggregating not less than 50% of the Class Principal Amount of a Class
of Book-Entry Certificates identified as such to the Trustee by an Officer's
Certificate from the Clearing Agency advise the Trustee and the Clearing Agency
through the Clearing Agency Participants in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests
of the Certificate Owners of a Class of Book-Entry Certificates, the Trustee
shall notify or cause the Certificate Registrar to notify the Clearing Agency to
effect notification to all Certificate Owners, through the Clearing Agency, of
the occurrence of any such event and of the availability of Definitive
Certificates to Certificate Owners requesting the same. Upon surrender to the
Trustee of the Book-Entry Certificates by the Clearing Agency, accompanied by
registration instructions from the Clearing Agency for registration, the Trustee
shall issue the Definitive Certificates. Neither the Transferor nor the Trustee


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<PAGE>

shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Certificates all references herein to
obligations imposed upon or to be performed by the Clearing Agency shall be
deemed to be imposed upon and performed by the Trustee, to the extent
applicable, with respect to such Definitive Certificates and the Trustee shall
recognize the holders of the Definitive Certificates as Certificateholders
hereunder.

                                   ARTICLE IV

                        ADMINISTRATION OF THE TRUST FUND

      Section 4.01. Collection Account.

      (a)   On the Closing Date, the Master Servicer shall open and shall
thereafter maintain a segregated account held in trust (the "Collection
Account"), entitled "Aurora Loan Services Inc., as Master Servicer, in trust for
the benefit of the Holders of Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2001-14A." The Collection Account shall relate
solely to the Certificates issued by the Trust Fund hereunder, and funds in such
Collection Account shall not be commingled with any other monies.

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

      (c)   The Master Servicer shall give to the Trustee prior written notice
of the name and address of the depository institution at which the Collection
Account is maintained and the account number of such Collection Account. On each
Deposit Date, the entire amount on deposit in the Collection Account (subject to
permitted withdrawals set forth in Section 4.02), excluding such amounts not
included in the Available Distribution Amount for such Distribution Date
pursuant to clauses (A) through (G) of paragraph (i) of the definition thereof
(except for any amounts due or reimburseable to the Trustee), shall be remitted
to the Trustee for deposit into the Certificate Account by wire transfer in
immediately available funds. The Master Servicer, at its option, may choose to
make daily remittances from the Collection Account to the Trustee for deposit
into the Certificate Account.

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

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

            (ii) all payments on account of interest on the Mortgage Loans
      (other than payments due prior to the Cut-off Date), net of the applicable
      Servicing Fee and Master Servicing Fee with respect to each such Mortgage


                                       55
<PAGE>

      Loan, but only to the extent of the amount permitted to be withdrawn or
      withheld from the Collection Account in accordance with Sections 5.04 and
      9.21;

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

            (iv) all Insurance Proceeds;

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

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

      (e)   Funds in the Collection Account may be invested in Eligible
Investments (selected by and at the written direction of the Master Servicer)
which shall mature not later than the earlier of (a) the Deposit Date (except
that if such Eligible Investment is an obligation of the Trustee or the Paying
Agent, if other than the Trustee, and such Collection Account is maintained with
the Trustee or the Paying Agent, if other than the Trustee, then such Eligible
Investment shall mature not later than such applicable Distribution Date) or (b)
the day on which the funds in such Collection Account are required to be
remitted to the Trustee for deposit into the Certificate Account, and any such
Eligible Investment shall not be sold or disposed of prior to its maturity. All
such Eligible Investments shall be made in the name of the Trustee (in its
capacity as such) or its nominee. All income and gain realized from any such
investment shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time, subject to Section 5.05, and shall
not be part of the Trust Fund. The amount of any losses incurred in respect of
any such investments shall be deposited in such Collection Account by the Master
Servicer out of its own funds, without any right of reimbursement therefor,
immediately as realized. The foregoing requirements for deposit in the
Collection Account are exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments of interest on funds in the
Collection Account and payments in the nature of late payment charges or
assumption fees need not be deposited by the Master Servicer in the Collection
Account and may be retained by the Master Servicer or the applicable Servicer as
additional servicing compensation. If the Master Servicer deposits in the
Collection Account any amount not required to be deposited therein, it may at
any time withdraw such amount from such Collection Account. In the event the
Master Servicer does not provide written direction to the Trustee pursuant to
this Section, all funds on deposit in the Collection Account shall remain
uninvested.


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<PAGE>

      Section 4.02. Application of Funds in the Collection Account.

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

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

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

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

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


                                       57
<PAGE>

            (v) to reimburse itself or any Servicer for expenses incurred by and
      recoverable by or reimbursable to it or such Servicer pursuant to Section
      9.04, 9.06, 9.16 or 9.22(a) or pursuant to the applicable Servicing
      Agreement, and to reimburse itself for any expenses reimbursable to it
      pursuant to Section 10.01(c);

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

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

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

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

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

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

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

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

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

      Each Servicer shall be entitled to retain as additional servicing
compensation any Prepayment Penalty Amounts.

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


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<PAGE>

      Section 4.03. Reports to Certificateholders.

      (a)   On each Distribution Date, the Trustee shall make available to each
Certificateholder and the Class 1-A1 Certificate Insurer a written report
setting forth the following information, by Mortgage Pool and Certificate Group
(on the basis of Mortgage Loan level information obtained from the applicable
Servicer):

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

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

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

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

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

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

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

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


                                       59
<PAGE>

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

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

            (xi) with respect to any Mortgage Loan that became an REO Property
      during the preceding calendar month, the principal balance of such
      Mortgage Loan and the number of such Mortgage Loans as of the close of
      business on the last Business Day of the calendar month immediately
      preceding the month in which such Distribution Date occurs;

            (xii) with respect to substitution of Mortgage Loans in the
      preceding calendar month, the Scheduled Principal Balance of each Deleted
      Mortgage Loan, and of each Qualifying Substitute Mortgage Loan;

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

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

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

            (xvi) any Insured Payments made in respect of Class 1-A1 Guaranteed
      Distributions paid under the Class 1-A1 Certificate Insurance Policy; and

            (xvii) any other "loan-level" information for any Mortgage Loans
      that are delinquent three or more months and any REO Property held by the
      Trust that is reported by the Master Servicer to the Trustee.

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

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


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<PAGE>

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

      Upon request, the Trustee shall also deliver or cause to be delivered by
first class mail to the Depositor a copy of the above-described written report,
to the following address: Mortgage Finance Group, Lehman Brothers Inc., Three
World Financial Center, 200 Vesey Street, New York, New York, 10285, Attention:
Stanley P. Labanowski, or to such other address as the Depositor may designate.

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

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

      Section 4.04. Certificate Account.

      (a)   The Trustee shall establish and maintain in its name, as trustee, a
trust account (the "Certificate Account"), to be held in trust for the benefit
of the Certificateholders and the Class 1-A1 Certificate Insurer until disbursed
pursuant to the terms of this Agreement. The Certificate Account shall be an
Eligible Account. If the existing Certificate Account ceases to be an Eligible
Account, the Trustee shall establish a new Certificate Account that is an
Eligible Account within 20 Business Days and transfer all funds on deposit in
such existing Certificate Account into such new Certificate Account. The
Certificate Account shall relate solely to the Certificates issued hereunder and
funds in the Certificate Account shall be held separate and apart from and shall
not be commingled with any other monies including, without limitation, other
monies of the Trustee held under this Agreement.


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<PAGE>

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

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

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

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

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

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

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

      Section 4.05. [Reserved].

      Section 4.06. [Reserved].


                                   ARTICLE V

                    DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

      Section 5.01. Distributions Generally.

      (a)   Subject to Section 7.01 with respect to the final distribution on
the Certificates, on each Distribution Date the Trustee or the Paying Agent
shall make distributions in accordance with this Article V. Such distributions
shall be made by check mailed to each Certificateholder's address as it appears


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<PAGE>

on the Certificate Register of the Certificate Registrar (which shall initially
be the Trustee) or, upon written request made to the Trustee at least three
Business Days prior to the related Distribution Date to any Certificateholder
owning an aggregate initial Certificate Principal Amount of at least $2,500,000,
or, in the case of the Notional Certificates, a Percentage Interest of 25%, by
wire transfer in immediately available funds to an account specified in the
request and at the expense of such Certificateholder; provided, however, that
the final distribution in respect of any Certificate shall be made only upon
presentation and surrender of such Certificate at the Corporate Trust Office.
Wire transfers will be made at the expense of the Holder requesting such wire
transfer by deducting a wire transfer fee from the related distribution.
Notwithstanding such final payment of principal of any of the Certificates, each
Residual Certificate will remain outstanding until the termination of each REMIC
and the payment in full of all other amounts due with respect to the Residual
Certificate and at such time such final payment in retirement of the Residual
Certificate will be made only upon presentation and surrender of such
Certificate at the Corporate Trust Office of the Trustee or at the office of its
designated presenting agent in New York City. If any payment required to be made
on the Certificates is to be made on a day that is not a Business Day, then such
payment will be made on the next succeeding Business Day. Payments to the Class
1-A1 Certificate Insurer shall in all cases be made by wire transfer of
immediately available funds.

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

      Section 5.02. Distributions from the Certificate Account.

      (a)   On each Distribution Date, the Trustee (or the Paying Agent on
behalf of the Trustee) shall withdraw from the Certificate Account the Available
Distribution Amount with respect to each Mortgage Pool, and shall distribute
such amount to itself (in the case of clause (i)), the Class 1-A1 Certificate
Insurer, and to the Holders of record of each Class of Certificates, in the
following order of priority:

            (i) from the Available Distribution Amount for each Mortgage Pool,
      to the Trustee, the Trustee Fee allocable to such Mortgage Pool for such
      Distribution Date;

            (ii) from the Available Distribution Amount for Pool 1, the
      Aggregate Class 1-A1 Certificate Insurance Premium;

            (iii) from the Available Distribution Amount for each Mortgage Pool,
      to each Class of Senior Certificates in the related Certificate Group, the
      Accrued Certificate Interest thereon for such Distribution Date, as
      reduced by such Class's allocable share of any Net Prepayment Interest
      Shortfalls for the related Mortgage Pool for such Distribution Date;
      provided, however, that any shortfall in available amounts for a Mortgage
      Pool shall be allocated among the Classes of the related Certificate Group
      in proportion to the amount of Accrued Certificate Interest (as so
      reduced) that would otherwise be distributable thereon;


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<PAGE>

            (iv) from the Available Distribution Amount for each Mortgage Pool,
      to each Class of Senior Certificates in the related Certificate Group, any
      related Interest Shortfall for such Distribution Date; provided, however,
      that any shortfall in available amounts for both Mortgage Pools shall be
      allocated among the Classes of the related Certificate Group in proportion
      to the Interest Shortfall for each such Class on such Distribution Date;

            (v) from the remaining Available Distribution Amount for each
      Mortgage Pool, to the Senior Certificates of the related Certificate Group
      (other than any Class of Notional Certificates), as follows.

                  (A) to the Class 1-A1, Class 1-A2 and Class R Certificates,
            from the Available Distribution Amount for Pool 1 for such
            Distribution Date in an amount up to the Senior Principal
            Distribution Amount for Pool 1 for such Distribution Date, in
            reduction of their respective Class Principal Amounts, in the
            following order of priority:

                        (1) to the Class R Certificate, until the Class
                  Principal Amount thereof has been reduced to zero; and

                        (2) concurrently, to the Class 1-A1 and Class 1-A2
                  Certificates, in proportion to their respective Class
                  Principal Amounts, until the Class Principal Amounts thereof
                  have been reduced to zero;

                  (B) concurrently, to the Class 2-A1 and Class 2-A2
            Certificates, from the Available Distribution Amount for Pool 2 for
            such Distribution Date, the Senior Principal Distribution Amount for
            Pool 2 for such Distribution Date, in proportion to their respective
            Class Principal Amounts, until the Class Principal Amounts thereof
            have been reduced to zero; and

            (vi) from the Available Distribution Amount for each Mortgage Pool,
      to the Class 1-A1 Certificate Insurer, any unreimbursed Reimbursement
      Amounts; and

            (vii) from the remaining Available Distribution Amount for both
      Mortgage Pools, subject to the prior distribution of amounts pursuant to
      Section 5.02(e) in the case of clauses (C), (F), (I), (L), (O) and (R)
      below, to the Subordinated Certificates, in the following order of
      priority:

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


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<PAGE>

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

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

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

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

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

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

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

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

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

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


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<PAGE>

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

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

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

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

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

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

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

      (b)   Net Prepayment Interest Shortfalls for each Mortgage Pool shall be
allocated among the Certificates of the related Certificate Group pro rata based
on (i) in the case of the related Senior Certificates, the Accrued Certificate
Interest otherwise distributable thereon, and (ii) in the case of the
Subordinate Certificates, interest accrued on the related Apportioned Principal
Balances.

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


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<PAGE>

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

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

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

      (e)   (i) On each Distribution Date prior to the Credit Support Depletion
Date but after the date on which the aggregate Certificate Principal Amount of
the Senior Certificates of any Certificate Group has been reduced to zero,
amounts otherwise distributable as principal on each Class of Subordinate
Certificates in accordance with the priorities set forth in Section
5.02(a)(vii), in reverse order of priority, in respect of such Class's
Subordinate Class Percentage of the Subordinate Principal Distribution Amount
for the Mortgage Pool relating to such retired Certificates, shall be
distributed as principal to the Senior Certificates (other than any Notional
Certificates) remaining outstanding in accordance with the priorities set forth
in Section 5.02(a)(v), until the Class Principal Amounts thereof have been
reduced to zero, provided that on such Distribution Date (a) the Aggregate
Subordinate Percentage for such Distribution Date is less than 200% of the
Aggregate Subordinate Percentage as of the Cut-off Date or (b) the average
outstanding principal balance of the Mortgage Loans in any Mortgage Pool that
are delinquent 60 days or more for the last six months as a percentage of the
related Group Subordinate Amount is greater than or equal to 50%. On each
Distribution Date on which the aggregate Certificate Principal Amount of the
Senior Certificates of both Certificate Groups has been reduced to zero, any
amounts distributable pursuant to this Section 5.02(e)(i) will be allocated, as


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<PAGE>

to each applicable Class of Subordinate Certificates, in proportion to such
Class's Subordinate Class Percentage of the Subordinate Principal Distribution
Amount for the Mortgage Pool relating to each such retired Certificate Group.

            (ii) (A) On any Distribution Date on which any Certificate Group
      constitutes an Undercollateralized Group, all amounts otherwise
      distributable as principal on the Subordinate Certificates, in reverse
      order of priority (other than amounts necessary to pay unpaid Interest
      Shortfalls) (or, following the Credit Support Depletion Date, such other
      amounts described in the immediately following sentence), will be
      distributed as principal to the Senior Certificates (other than any
      Notional Certificates) of such Undercollateralized Group in accordance
      with the priorities set forth in Section 5.02(v), until the aggregate
      Certificate Principal Amount of such Senior Certificates equals the Pool
      Balance of the related Mortgage Pool (such distribution, an
      "Undercollateralization Distribution"). In the event that any Certificate
      Group constitutes an Undercollateralized Group on any Distribution Date
      following the Credit Support Depletion Date, Undercollateralization
      Distributions will be made from the Available Distribution Amount for the
      Mortgage Pool not related to an Undercollateralized Group remaining after
      all required amounts have been distributed to the Senior Certificates of
      such other Certificate Group. In addition, the amount of any unpaid
      Interest Shortfalls with respect to an Undercollateralized Group on any
      Distribution Date (including any Interest Shortfalls for such Distribution
      Date) will be distributed to the Senior Certificates of such
      Undercollateralized Group prior to the payment of any
      Undercollateralization Distributions from amounts otherwise distributable
      as principal on the Subordinate Certificates, in reverse order of priority
      (or, following the Credit Support Depletion Date, as provided in the
      preceding sentence).

                 (B) If on any Distribution Date both Certificate Groups are
      Undercollateralized Groups, the distribution described above will be made
      in proportion to the amount by which the aggregate Certificate Principal
      Amount of the Senior Certificates of the Components of each such
      Certificate Group, after giving effect to distributions pursuant to
      Sections 5.02(a) and 5.02(b) on such Distribution Date, exceeds the Pool
      Balance of the related Mortgage Pool for such Distribution Date.

      Section 5.03. Allocation of Realized Losses.

      (a)   On any Distribution Date, the principal portion of each Realized
Loss (other than any Excess Loss) in respect of a Mortgage Loan shall be
allocated in the following order of priority:

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

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

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


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<PAGE>

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

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

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

                  seventh, to the Classes of Senior Certificates of the related
            Certificated Group, pro rata, in accordance with their Class
            Principal Amounts; provided, that any such loss allocated to any
            Class of Accrual Certificates shall be allocated (subject to Section
            5.03(c)) on the basis of the lesser of (x) the Class Principal
            Amount thereof immediately prior to the applicable Distribution Date
            and (y) the Class Principal Amount thereof on the Closing Date (as
            reduced by any Realized Losses previously allocated thereto).

      (b)   With respect to any Distribution Date, the principal portion of any
Excess Loss in respect of a Mortgage Loan shall be allocated, pro rata, to the
Subordinate Certificates (without regard to which Mortgage Pool experienced the
loss) and the Group 1 Certificates and Group 2 Certificates (without regard to
whether the Realized Loss was realized by Pool 1 or Pool 2) and on the basis of
the Apportioned Principal Balances of the Classes of Subordinate Certificates
and Class Principal Amounts of the Senior Certificates; provided, that any such
loss allocated to any Class of Accrual Certificates (and any Accrual Component)
shall be allocated (subject to Section 5.03(c)) on the basis of the lesser of
(x) the Class Principal Amount thereof immediately prior to the applicable
Distribution Date and (y) the Class Principal Amount thereof on the Closing Date
(as reduced by any Realized Losses previously allocated thereto).

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

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

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

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


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<PAGE>

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

      Section 5.04. Advances by Master Servicer and Trustee.

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

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


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Proceeds, or otherwise. The Trustee shall be entitled to be reimbursed from the
Certificate Account for Advances made by it pursuant to this Section 5.04 as if
it were the Master Servicer.

      Section 5.05. Compensating Interest Payments.

      The amount of the Aggregate Master Servicing Compensation payable to the
Master Servicer in respect of any Distribution Date shall be reduced by the
amount of any Compensating Interest Payment for such Distribution Date, but only
to the extent such Compensating Interest Payment is not actually made by the
applicable Servicer on the applicable Remittance Date. Such amount shall not be
treated as an Advance and shall not be reimbursable to the Master Servicer.

      Section 5.06. [Reserved].

      Section 5.07. The Class 1-A1 Certificate Insurance Policy.

      (a)   If, on the second Business Day before any Distribution Date, the
Trustee determines that an Insured Payment is required to be made by the Class
1-A1 Certificate Insurer on such Distribution Date, the Trustee shall determine
the amount of any such Insured Payment and shall give written notice to the
Class 1-A1 Certificate Insurer by completing a Notice of Nonpayment and
submitting such Notice of Nonpayment by 12:00 noon, New York City time on such
second Business Day as a claim for an Insured Payment. The Trustee's
responsibility for delivering a Notice of Nonpayment to the Class 1-A1
Certificate Insurer, as provided in the preceding sentence, is limited to the
availability, timeliness and accuracy of the information provided by the Master
Servicer.

      (b)   In the event the Trustee receives a certified copy of an order of
the appropriate court that any scheduled payment of principal or interest on a
Class 1-A1 Certificate has been voided in whole or in part as a preference
payment under applicable bankruptcy law, the Trustee shall promptly notify the
Class 1-A1 Certificate Insurer and the Trustee shall comply with the provisions
of the Class 1-A1 Certificate Insurance Policy to obtain payment by the Class
1-A1 Certificate Insurer of such voided scheduled payment. In addition, the
Trustee shall mail notice to all Holders of the Class 1-A1 Certificates so
affected that, in the event that any such Holder's scheduled payment is so
recovered, such Holder will be entitled to payment pursuant to the terms of the
Class 1-A1 Certificate Insurance Policy, a copy of which shall be made available
to such Holders by the Trustee. If requested in writing, the Trustee shall
furnish to the Class 1-A1 Certificate Insurer its records listing the payments
on the affected Class 1-A1 Certificates, if any, that have been made by the
Trustee and subsequently recovered from the affected Holders, and the dates on
which such payments were made by the Trustee.

      (c)   At the time of the execution hereof, and for the purposes hereof,
the Trustee shall establish a separate special purpose trust account in the name
of the Trustee for the benefit of Holders of the Class 1-A1 Certificates (the
"Class 1-A1 Policy Payments Account") over which the Trustee shall have
exclusive control and sole right of withdrawal. The Class 1-A1 Policy Payments
Account shall be an Eligible Account. The Trustee shall deposit any amount paid
under the Class 1-A1 Certificate Insurance Policy into the Class 1-A1 Policy
Payments Account and distribute such amount only for the purposes of making
payments to Holders of the Class 1-A1 Certificates in respect of the Class 1-A1


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<PAGE>

Guaranteed Distributions (or other amounts payable pursuant to paragraph (b)
above on the Class 1-A1 Certificates by the Class 1-A1 Certificate Insurer
pursuant to the Class 1-A1 Certificate Insurance Policy) for which the related
claim was made under the Class 1-A1 Policy. Such amounts shall be allocated by
the Trustee to Holders of Class 1-A1 Certificates affected by such shortfalls in
the same manner as principal and interest distributions are to be allocated with
respect to such Certificates pursuant to Section 5.02. It shall not be necessary
for such payments to be made by checks or wire transfers separate from the
checks or wire transfers used to make regular payments hereunder with funds
withdrawn from the Certificate Account. However, any payments made on the Class
1-A1 Certificates from funds in the Class 1-A1 Policy Payments Account shall be
noted as provided in subsection (e) below. Funds held in the Class 1-A1 Policy
Payments Account shall not be invested by the Trustee.

      (d)   Any funds received from the Class 1-A1 Certificate Insurer for
deposit into the Class 1-A1 Policy Payments Account pursuant to the Class 1-A1
Certificate Insurance Policy in respect of a Distribution Date or otherwise as a
result of any claim under such Class 1-A1 Certificate Insurance Policy shall be
applied by the Trustee directly to the payment in full (i) of the Insured
Payments due on such Distribution Date on the Class 1-A1 Certificates, or (ii)
of other amounts to which payments under the Class 1-A1 Certificate Insurance
Policy are to be applied. Funds received by the Trustee as a result of any claim
under the Class 1-A1 Certificate Insurance Policy shall be used solely for
payment to the Holders of the Class 1-A1 Certificates and may not be applied for
any other purpose, including, without limitation, satisfaction of any costs,
expenses or liabilities of the Trustee or the Trust Fund. Any funds remaining in
the Class 1-A1 Policy Payments Account on the first Business Day after each
Distribution Date shall be remitted promptly to the Class 1-A1 Certificate
Insurer pursuant to the written instruction of the Class 1-A1 Certificate
Insurer.

      (e)   The Trustee shall keep complete and accurate records in respect of
(i) all funds remitted to the Trustee by the Class 1-A1 Certificate Insurer and
deposited into the Class 1-A1 Policy Payments Account and (ii) the allocation of
such funds to (A) payments of interest on and principal in respect of any Class
1-A1 Certificates, (B) Realized Losses allocated to the Class 1-A1 Certificates,
and (C) payments in respect of Preference Amounts. The Class 1-A1 Certificate
Insurer shall have the right to inspect such records at reasonable times during
normal business hours upon three Business Days' prior notice to the Trustee. Any
Insured Payments disbursed by the Trustee from proceeds of the Class 1-A1
Certificate Insurance Policy shall be considered payment by the Class 1-A1
Certificate Insurer and not by the Trust Fund with respect to the Class 1-A1
Certificates and the Class 1-A1 Certificates Insurer will be entitled to receive
the related Reimbursement Amount pursuant to Section 5.02(a)(vi).

      (f)   The Trustee acknowledges, and each Holder of a Class 1-A1
Certificate by its acceptance of such Class 1-A1 Certificate agrees, that,
without the need for any further action on the part of the Class 1-A1
Certificate Insurer or the Trustee, to the extent the Class 1-A1 Certificate
Insurer makes Insured Payments, directly or indirectly, on account of principal
of or interest on any Class 1-A1 Certificates, the Class 1-A1 Certificate
Insurer will be fully subrogated to the rights of the Holders of such Class 1-A1
Certificates to receive the related Reimbursement Amount pursuant to Section
5.02(a)(vi). The Class 1-A1 Certificateholders, by acceptance of the Class 1-A1
Certificates, assign their rights as Holders of the Class 1-A1 Certificates to


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the extent of the Class 1-A1 Certificate Insurer's interest with respect to
amounts paid under the Class 1-A1 Certificate Insurance Policy. Each of the
Depositor and Trustee agrees to such subrogation and, further agrees to execute
such instruments prepared by the Class 1-A1 Certificate Insurer and to take such
actions as directed in writing by the Class 1-A1 Certificate Insurer, in the
sole judgment of the Class 1-A1 Certificate Insurer are necessary to evidence
such subrogation and, subject to the priority of payment provisions of this
Agreement, to perfect the rights of the Class 1-A1 Certificate Insurer to
receive any moneys paid or payable in respect of the Class 1-A1 Certificates
under this Agreement or otherwise. Anything herein to the contrary
notwithstanding, solely for purposes of determining the Class 1-A1 Certificate
Insurer's rights as subrogee for payments distributable pursuant to Section
5.02, any payment with respect to distributions to the Class 1-A1 Certificates
that is made with funds received pursuant to the terms of the Class 1-A1
Certificate Insurance Policy shall not be considered payment of the Class 1-A1
Certificates from the Trust Fund and shall not result in the distribution or the
provision for the distribution in reduction of the Class Principal Amount of the
Class 1-A1 Certificates or Accrued Certificate Interest thereon, within the
meaning of Article V.

      (g)   Upon actual knowledge of the occurrence of an Event of Default, the
Trustee shall promptly notify the Class 1-A1 Certificate Insurer of such Event
of Default.

      (h)   The Trustee shall promptly notify the Class 1-A1 Certificate Insurer
of either of the following as to which it has actual knowledge: (A) the
commencement of any proceeding by or against the Depositor commenced under the
United States bankruptcy code or any other applicable bankruptcy, insolvency,
receivership, rehabilitation or similar law (an "Insolvency Proceeding") and (B)
the making of any claim in connection with any Insolvency Proceeding seeking the
avoidance as a preferential transfer (a "Preference Claim") of any distribution
made with respect to the Class 1-A1 Certificates. Each Holder of a Class 1-A1
Certificate, by its purchase of Class 1-A1 Certificates, and the Trustee hereby
agree that the Class 1-A1 Certificate Insurer (so long as no the Class 1-A1
Certificate Insurer Default exists) may at any time during the continuation of
any proceeding relating to a Preference Claim direct all matters relating to
such Preference Claim, including, without limitation, (i) the direction of any
appeal of any order relating to any Preference Claim and (ii) the posting of any
surety, supersedeas or performance bond pending any such appeal. In addition and
without limitation of the foregoing, the Class 1-A1 Certificate Insurer shall be
subrogated to the rights of the Trustee and each Holder of a Class 1-A1
Certificate in the conduct of any Preference Claim, including, without
limitation, all rights of any party to an adversary proceeding action with
respect to any court order issued in connection with any such Preference Claim.

      (i)   The Trustee shall surrender the Class 1-A1 Certificate Insurance
Policy to the Class 1-A1 Certificate Insurer for cancellation upon the
termination of the Trust Fund pursuant to Section 7.01 hereof.

      (j)   The Master Servicer shall designate a Class 1-A1 Certificate Insurer
Contact Person who shall be available to the Class 1-A1 Certificate Insurer to
provide reasonable access to information regarding the Mortgage Loans. The
initial Class 1-A1 Certificate Insurer Contact Person is appointed in Section
11.16.


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<PAGE>

                                   ARTICLE VI

                    CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

      Section 6.01. Duties of Trustee.

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

      (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any such resolution,
certificate, statement, opinion, report, document, order or other instrument
furnished by the Master Servicer, to the Trustee pursuant to this Agreement, and
shall not be required to recalculate or verify any numerical information
furnished to the Trustee pursuant to this Agreement.

      (c) The Trustee shall not have any liability arising out of or in
connection with this Agreement, except for its negligence or willful misconduct.
No provision of this Agreement shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act or its
own willful misconduct; provided, however, that:

            (i) The Trustee shall not be personally liable with respect to any
      action taken, suffered or omitted to be taken by it in good faith in
      accordance with the consent or direction of Holders of Certificates as
      provided in Section 6.19 hereof;

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

            (iii) No provision of this Agreement shall require the Trustee to
      expend or risk its own funds or otherwise incur any financial liability in
      the performance of any of its duties hereunder, or in the exercise of any
      of its rights or powers, if it shall have reasonable grounds for believing
      that repayment of such funds or adequate indemnity against such risk or
      liability is not reasonably assured to it, and none of the provisions
      contained in this Agreement shall in any event require the Trustee to
      perform, or be responsible for the manner of performance of, any of the
      obligations of the Master Servicer under this Agreement except during such
      time, if any, as the Trustee shall be the successor to, and be vested with
      the rights, duties, powers and privileges of, the Master Servicer in
      accordance with the terms of this Agreement.


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<PAGE>

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

      (e) The Trustee shall not be personally liable with respect to any action
taken, suffered or omitted to be taken by it in good faith in accordance with
the direction of Certificateholders of any Class holding Certificates which
evidence, as to such Class, Percentage Interests aggregating not less than 25%
as to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Agreement.

      (f) Subject to Section 4.04, the Trustee shall not be held liable by
reason of any insufficiency in any account (including without limitation the
Collection Account) held by or on behalf of the Trustee resulting from any
investment loss on any Eligible Investment included therein (except to the
extent that the Trustee is the obligor and has defaulted thereon).

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

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

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


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<PAGE>

      Section 6.02. Certain Matters Affecting the Trustee.

      Except as otherwise provided in Section 6.01:

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

            (ii) The Trustee may consult with counsel and any advice of its
      counsel or Opinion of Counsel shall be full and complete authorization and
      protection in respect of any action taken or suffered or omitted by it
      hereunder in good faith and in accordance with such advice or Opinion of
      Counsel;

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

            (iv) Unless an Event of Default shall have occurred and be
      continuing, the Trustee shall not be bound to make any investigation into
      the facts or matters stated in any resolution, certificate, statement,
      instrument, opinion, report, notice, request, consent, order, approval,
      bond or other paper or document (provided the same appears regular on its
      face), unless requested in writing to do so by Holders of at least a
      majority in Class Principal Amount (or Class Notional Amount) of each
      Class of Certificates; provided, however, that, if the payment within a
      reasonable time to the Trustee of the costs, expenses or liabilities
      likely to be incurred by it in the making of such investigation is, in the
      opinion of the Trustee, not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may
      require reasonable indemnity against such expense or liability or payment
      of such estimated expenses as a condition to proceeding. The reasonable
      expense thereof shall be paid by the Holders requesting such
      investigation;

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

            (vi) The Trustee shall be under no obligation to exercise any of the
      trusts or powers vested in it by this Agreement or to institute, conduct
      or defend any litigation hereunder or in relation hereto, in each case at
      the request, order or direction of any of the Certificateholders pursuant
      to the provisions of this Agreement, unless such Certificateholders shall
      have offered to the Trustee reasonable security or indemnity against the
      costs, expenses and liabilities which may be incurred therein or thereby;


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<PAGE>

            (vii) The right of the Trustee to perform any discretionary act
      enumerated in this Agreement shall not be construed as a duty, and the
      Trustee shall not be answerable for other than its negligence or willful
      misconduct in the performance of such act; and

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

      Section 6.03. Trustee Not Liable for Certificates.

      The Trustee makes no representations as to the validity or sufficiency of
this Agreement, the Class 1-A1 Certificate Insurance Policy or of the
Certificates (other than the certificate of authentication on the Certificates)
or of any Mortgage Loan, or related document save that the Trustee represents
that, assuming due execution and delivery by the other parties hereto, this
Agreement has been duly authorized, executed and delivered by it and constitutes
its valid and binding obligation, enforceable against it in accordance with its
terms except that such enforceability may be subject to (A) applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally, and (B) general principles of equity
regardless of whether such enforcement is considered in a proceeding in equity
or at law. The Trustee shall not be accountable for the use or application by
the Depositor of funds paid to the Depositor in consideration of the assignment
of the Mortgage Loans to the Trust Fund by the Depositor or for the use or
application of any funds deposited into the Collection Account, the Certificate
Account, any Escrow Account or any other fund or account maintained with respect
to the Certificates. The Trustee shall not be responsible for the legality or
validity of this Agreement or the validity, priority, perfection or sufficiency
of the security for the Certificates issued or intended to be issued hereunder.
Except as otherwise provided herein, the Trustee shall have no responsibility
for filing any financing or continuation statement in any public office at any
time or to otherwise perfect or maintain the perfection of any security interest
or lien granted to it hereunder or to record this Agreement.

      Section 6.04. Trustee May Own Certificates.

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

      Section 6.05. Eligibility Requirements for Trustee.

      The Trustee hereunder shall at all times be (i) an institution insured by
the FDIC and (ii) a corporation or national banking association, organized and
doing business under the laws of any State or the United States of America,
authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of not less than $50,000,000 and subject to supervision or
examination by federal or state authority. If such corporation or national
banking association publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining
authority, then, for the purposes of this Section, the combined capital and
surplus of such corporation or national banking association shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 6.06.


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<PAGE>

      Section 6.06. Resignation and Removal of Trustee.

      (a) The Trustee may at any time resign and be discharged from the trust
hereby created by giving written notice thereof to the Depositor and the Master
Servicer. Upon receiving such notice of resignation, the Depositor will promptly
appoint a successor trustee by written instrument, one copy of which instrument
shall be delivered to the resigning Trustee, one copy to the successor trustee
and one copy to the Master Servicer and one copy to the Class 1-A1 Certificate
Insurer. If no successor trustee shall have been so appointed and shall have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

      (b) If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 6.05 and shall fail to resign after
written request therefor by the Depositor, (ii) the Trustee shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, (iii) a tax is
imposed or threatened with respect to the Trust Fund by any state in which the
Trustee or the Trust Fund held by the Trustee is located, or (iv) the continued
use of the Trustee would result in a downgrading of the rating by the Rating
Agencies of any Class of Certificates with a rating in a downgrading of the
rating by the Rating Agencies of any Class of Certificates with a rating (in the
case of the Class 1-A1 Certificates, determined without regard to the Class 1-A1
Certificate Insurance Policy), then the Depositor shall remove the Trustee and
appoint a successor trustee by written instrument, one copy of which instrument
shall be delivered to the Trustee so removed, one copy to the successor trustee,
one copy to the Class 1-A1 Certificate Insurer and one copy to the Master
Servicer.

      (c) The Holders of more than 50% of the Class Principal Amount (or Class
Notional Amount) of each Class of Certificates may at any time upon 30 days'
written notice to the Trustee, the Depositor and the Class 1-A1 Certificate
Insurer remove the Trustee by such written instrument, signed by such Holders or
their attorney-in-fact duly authorized, one copy of which instrument shall be
delivered to the Depositor, one copy to the Trustee so removed and one copy to
the Master Servicer; the Depositor shall thereupon use its best efforts to
appoint a mutually acceptable successor trustee in accordance with this Section.

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


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<PAGE>

      Section 6.07. Successor Trustee

      (a) Any successor trustee appointed as provided in Section 6.06 shall
execute, acknowledge and deliver to the Depositor, the Master Servicer and to
its predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee shall become
effective and such successor trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally
named as trustee herein. The predecessor trustee shall deliver to the successor
trustee all Mortgage Files and documents and statements related to each Mortgage
Files held by it hereunder, and shall duly assign, transfer, deliver and pay
over to the successor trustee the entire Trust Fund, together with all necessary
instruments of transfer and assignment or other documents properly executed
necessary to effect such transfer and such of the record or copies thereof
maintained by the predecessor trustee in the administration hereof as may be
requested by the successor trustee and shall thereupon be discharged from all
duties and responsibilities under this Agreement. In addition, the Master
Servicer and the predecessor trustee shall execute and deliver such other
instruments and do such other things as may reasonably be required to more fully
and certainly vest and confirm in the successor trustee all such rights, powers,
duties and obligations.

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

      (c) Upon acceptance of appointment by a successor trustee as provided in
this Section, the Master Servicer shall mail notice of the succession of such
trustee hereunder to the Class 1-A1 Certificate Insurer and to all Holders of
Certificates at their addresses as shown in the Certificate Register and to the
Rating Agencies. The expenses of such mailing shall be borne by the Master
Servicer.

      Section 6.08. Merger or Consolidation of Trustee.

      Any Person into which the Trustee may be merged or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Persons succeeding
to the business of the Trustee, shall be the successor to the Trustee hereunder,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding,
provided that such Person shall be eligible under the provisions of Section
6.05.

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

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


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<PAGE>

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

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

            (ii) all other rights, powers, duties and obligations conferred or
      imposed upon the Trustee shall be conferred or imposed upon and exercised
      or performed by the Trustee and such separate trustee, co-trustee, or
      custodian jointly, except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed the
      Trustee shall be incompetent or unqualified to perform such act or acts,
      in which event such rights, powers, duties and obligations, including the
      holding of title to the Trust Fund or any portion thereof in any such
      jurisdiction, shall be exercised and performed by such separate trustee,
      co-trustee, or custodian;

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

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

      (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee, co-trustee or custodian shall refer to this Agreement and the
conditions of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or
separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to
the conduct of, affecting the liability of, or affording protection to, the
Trustee. Every such instrument shall be filed with the Trustee.


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<PAGE>

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

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

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

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

      Section 6.10. Authenticating Agents.

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

      (b) Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which any Authenticating Agent shall be a
party, or any Person succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

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


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      Section 6.11. Indemnification of Trustee.

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

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

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

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

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

      Section 6.12. Fees and Expenses of Trustee.

      The Trustee shall be entitled to the Trustee Fee (which shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust), to the extent provided herein, and in addition, the Trustee
shall be entitled to receive, and is authorized to pay to itself the amount of
income or gain earned from the investment of funds in the Certificate Account.


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      Section 6.13. Collection of Monies.

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

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

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

            (i) Any failure by the Master Servicer to furnish the Trustee the
      Mortgage Loan data sufficient to prepare the reports described in Section
      4.03(a) which continues unremedied for a period of one Business Day after
      the date upon which written notice of such failure shall have been given
      to such Master Servicer by the Trustee or to such Master Servicer and the
      Trustee by the Holders of not less than 25% of the Class Principal Amount
      (or Class Notional Amount) of each Class of Certificates affected thereby;
      or

            (ii) Any failure on the part of the Master Servicer duly to observe
      or perform in any material respect any other of the covenants or
      agreements on the part of such Master Servicer contained in this Agreement
      which continues unremedied for a period of 30 days (or 15 days, in the
      case of a failure to maintain any Insurance Policy required to be
      maintained pursuant to this Agreement) after the date on which written
      notice of such failure, requiring the same to be remedied, shall have been
      given to such Master Servicer by the Trustee, or to such Master Servicer
      and the Trustee by the Holders of not less than 25% of the Class Principal
      Amount (or Class Notional Amount) of each Class of Certificates affected
      thereby; or

            (iii) A decree or order of a court or agency or supervisory
      authority having jurisdiction for the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt,
      marshalling of assets and liabilities or similar proceedings, or for the
      winding-up or liquidation of its affairs, shall have been entered against
      the Master Servicer, and such decree or order shall have remained in force
      undischarged or unstayed for a period of 60 days or any Rating Agency
      reduces or withdraws or threatens to reduce or withdraw the rating of the
      Certificates because of the financial condition or loan servicing
      capability of such Master Servicer; or

            (iv) The Master Servicer shall consent to the appointment of a
      conservator or receiver or liquidator in any insolvency, readjustment of
      debt, marshalling of assets and liabilities, voluntary liquidation or
      similar proceedings of or relating to such Master Servicer or of or
      relating to all or substantially all of its property; or


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<PAGE>

            (v) The Master Servicer shall admit in writing its inability to pay
      its debts generally as they become due, file a petition to take advantage
      of any applicable insolvency or reorganization statute, make an assignment
      for the benefit of its creditors or voluntarily suspend payment of its
      obligations; or

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

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

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

            (ix) Any Servicer at any time is not either an FNMA- or FHLMC-
      approved Seller/Servicer, and the Master Servicer has not terminated the
      rights and obligations of such Servicer under the applicable Servicing
      Agreement and replaced such Servicer with an FNMA- or FHLMC-approved
      servicer within 30 days of the absence of such approval; or

            (x) Any failure of the Master Servicer to remit to the Trustee any
      payment required to be made to the Trustee for the benefit of
      Certificateholders under the terms of this Agreement, including any
      Advance, on any Deposit Date.


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<PAGE>

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

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

      If any Event of Default shall occur of which a Responsible Officer of the
Trustee has actual knowledge, the Trustee shall promptly notify the Class 1-A1
Certificate Insurer and the Rating Agencies of the nature and extent of such
Event of Default. The Trustee shall immediately give written notice to the
Master Servicer upon such Master Servicer's failure to remit funds on the
Deposit Date.


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<PAGE>

      (b) On and after the time the Master Servicer receives a notice of
termination from the Trustee pursuant to Section 6.14(a) or the Trustee receives
the resignation of the Master Servicer evidenced by an Opinion of Counsel
pursuant to Section 9.29, the Trustee, unless another master servicer shall have
been appointed, shall be the successor in all respects to the Master Servicer in
its capacity as such under this Agreement and the transactions set forth or
provided for herein and shall have all the rights and powers and be subject to
all the responsibilities, duties and liabilities relating thereto and arising
thereafter placed on the Master Servicer hereunder, including the obligation to
make Advances; provided, however, that any failure to perform such duties or
responsibilities caused by the Master Servicer's failure to provide information
required by this Agreement shall not be considered a default by the Trustee
hereunder. In addition, the Trustee shall have no responsibility for any act or
omission of the Master Servicer prior to the issuance of any notice of
termination and shall have no liability relating to the representations and
warranties of the Master Servicer set forth in Section 9.14. In the Trustee's
capacity as such successor, the Trustee shall have the same limitations on
liability herein granted to the Master Servicer. As compensation therefor, the
Trustee shall be entitled to receive all compensation payable to the Master
Servicer under this Agreement, including the Master Servicing Fee.

      (c) Notwithstanding the above, the Trustee may, if it shall be unwilling
to continue to so act, or shall, if it is unable to so act, appoint, or petition
a court of competent jurisdiction to appoint, any established housing and home
finance institution servicer, master servicer, servicing or mortgage servicing
institution having a net worth of not less than $15,000,000 and meeting such
other standards for a successor master servicer as are set forth in this
Agreement, as the successor to such Master Servicer in the assumption of all of
the responsibilities, duties or liabilities of a master servicer, like the
Master Servicer. Any entity designated by the Trustee as a successor master
servicer may be an Affiliate of the Trustee; provided, however, that, unless
such Affiliate meets the net worth requirements and other standards set forth
herein for a successor master servicer, the Trustee, in its individual capacity
shall agree, at the time of such designation, to be and remain liable to the
Trust Fund for such Affiliate's actions and omissions in performing its duties
hereunder. In connection with such appointment and assumption, the Trustee may
make such arrangements for the compensation of such successor out of payments on
Mortgage Loans as it and such successor shall agree; provided, however, that no
such compensation shall be in excess of that permitted to the Master Servicer
hereunder. The Trustee and such successor shall take such actions, consistent
with this Agreement, as shall be necessary to effectuate any such succession and
may make other arrangements with respect to the servicing to be conducted
hereunder which are not inconsistent herewith. The Master Servicer shall
cooperate with the Trustee and any successor master servicer in effecting the
termination of the Master Servicer's responsibilities and rights hereunder
including, without limitation, notifying Mortgagors of the assignment of the
master servicing functions and providing the Trustee and successor master
servicer, as applicable, all documents and records in electronic or other form
reasonably requested by it to enable it to assume the Master Servicer's
functions hereunder and the transfer to the Trustee or such successor master
servicer, as applicable, all amounts which shall at the time be or should have
been deposited by the Master Servicer in the Collection Account and any other
account or fund maintained with respect to the Certificates or thereafter be
received with respect to the Mortgage Loans. Neither the Trustee nor any other
successor master servicer shall be deemed to be in default hereunder by reason
of any failure to make, or any delay in making, any distribution hereunder or
any portion thereof caused by (i) the failure of the Master Servicer to deliver,
or any delay in delivering, cash, documents or records to it, (ii) the failure
of the Master Servicer to cooperate as required by this Agreement, (iii) the
failure of the Master Servicer to deliver the Mortgage Loan data to the Trustee
as required by this Agreement or (iv) restrictions imposed by any regulatory
authority having jurisdiction over the Master Servicer.


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<PAGE>

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

      During the continuance of any Event of Default, so long as such Event of
Default shall not have been remedied, the Trustee, in addition to the rights
specified in Section 6.14, shall have the right, in its own name and as trustee
of an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the
interests, and enforce the rights and remedies, of the Certificateholders and
the Class 1-A1 Certificate Insurer (including the institution and prosecution of
all judicial, administrative and other proceedings and the filings of proofs of
claim and debt in connection therewith). Except as otherwise expressly provided
in this Agreement, no remedy provided for by this Agreement shall be exclusive
of any other remedy, and each and every remedy shall be cumulative and in
addition to any other remedy, and no delay or omission to exercise any right or
remedy shall impair any such right or remedy or shall be deemed to be a waiver
of any Event of Default.

      Section 6.16. Waiver of Defaults.

      35% or more of the Aggregate Voting Interests of Certificateholders may
waive any default or Event of Default by the Master Servicer in the performance
of its obligations hereunder, except that a default in the making of any
required deposit to the Certificate Account that would result in a failure of
the Trustee to make any required payment of principal of or interest on the
Certificates may only be waived with the consent of 100% of the affected
Certificateholders. Upon any such waiver of a past default, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to
have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent thereon
except to the extent expressly so waived.

      Section 6.17. Notification to Holders.

      Upon termination of the Master Servicer or appointment of a successor to
the Master Servicer, in each case as provided herein, the Trustee shall promptly
mail notice thereof by first class mail to the Certificateholders and the Class
1-A1 Certificate Insurer at their respective addresses appearing on the
Certificate Register. The Trustee shall also, within 45 days after the
occurrence of any Event of Default known to the Trustee, give written notice
thereof to Certificateholders, unless such Event of Default shall have been
cured or waived prior to the issuance of such notice and within such 45-day
period.

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

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


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<PAGE>

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

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

      Section 6.20. Preparation of Tax Returns and Other Reports.

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

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

      (c) The Depositor shall prepare or cause to be prepared the initial
current report on Form 8-K and thereafter the Trustee will prepare or cause to
be prepared Form 10-Ks and Form 10-Qs (if necessary), or monthly current reports
on Form 8-K, on behalf of the Trust Fund, as may be required by applicable law,
for filing with the Securities and Exchange Commission (the "SEC"), and the
Trustee will sign each such report on behalf of the Trust. The Trustee will
forward a copy of each such report to the Depositor promptly after such report
has been filed with the SEC. The Trustee agrees to use its best commercial
efforts to seek to terminate such filing obligation after the period during
which such filings are required under the Securities Exchange Act of 1934.
Promptly after filing a Form 15 or other applicable form with the SEC in
connection with such termination, the Trustee shall deliver to the Depositor a
copy of such form together with copies of confirmations of receipt by the SEC of
each report filed therewith on behalf of the Trust Fund.


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<PAGE>

                                   ARTICLE VII

                            PURCHASE AND TERMINATION
                                OF THE TRUST FUND

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

      (a) The respective obligations and responsibilities of the Trustee and the
Master Servicer created hereby (other than the obligation of the Trustee to make
payments to Certificateholders as set forth in Section 7.02, the obligation of
the Master Servicer to make a final remittance to the Trustee for deposit into
the Certificate Account pursuant to Section 4.01 and the obligations of the
Master Servicer to the Trustee pursuant to Sections 9.10 and 9.14), shall
terminate on the earlier of (i) the final payment or other liquidation of the
last Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the sale of all remaining property held by the Trust Fund in
accordance with Section 7.01(b); provided, however, that in no event shall the
Trust Fund created hereby continue beyond the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James's, living on the date
hereof. Any termination of the Trust Fund shall be carried out in such a manner
so that the termination of each REMIC included therein shall qualify as a
"qualified liquidation" under the REMIC Provisions.

      (b) On any Distribution Date occurring after the date on which the
aggregate Scheduled Principal Balance of the Mortgage Loans is less than 5% of
the Cut-off Date Aggregate Principal Balance, the Master Servicer may, upon
written direction to the Trustee, cause (i) the Trustee to sell (or arrange for
the sale of) the assets of the Trust Fund and (ii) the Trust Fund to adopt a
plan of complete liquidation pursuant to Section 7.03 hereof to sell all of its
property. The property of the Trust Fund shall be sold at a price (the
"Termination Price") equal to: (i) 100% of the unpaid principal balance of each
Mortgage Loan on the day of such purchase plus interest accrued thereon at the
applicable Mortgage Rate with respect to any Mortgage Loan to the Due Date in
the Due Period immediately preceding the related Distribution Date to the date
of such repurchase, (ii) the fair market value of any REO Property and any other
property held by the Trust Fund, such fair market value to be determined by an
appraiser or appraisers appointed by the Master Servicer with the consent of the
Trustee, (iii) any unreimbursed Servicing Advances with respect to each Mortgage
Loan and (iv) any amounts owing to the Class A-1 Certificate Insurer under the
Commitment Letter.


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<PAGE>

      Section 7.02. Procedure Upon Termination of Trust Fund.

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

      (b) In the event that all of the Holders do not surrender their
Certificates for cancellation within three months after the time specified in
the above-mentioned written notice, the Trustee shall give a second written
notice to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
one year after the second notice any Certificates shall not have been
surrendered for cancellation, the Trustee may take appropriate steps to contact
the remaining Certificateholders concerning surrender of such Certificates, and
the cost thereof shall be paid out of the amounts distributable to such Holders.
If within two years after the second notice any Certificates shall not have been
surrendered for cancellation, the Trustee shall, subject to applicable state law
relating to escheatment, hold all amounts distributable to such Holders for the
benefit of such Holders. No interest shall accrue on any amount held by the
Trustee and not distributed to a Certificateholder due to such
Certificateholder's failure to surrender its Certificate(s) for payment of the
final distribution thereon in accordance with this Section.

      (c) Any reasonable expenses incurred by the Trustee in connection with any
termination or liquidation of the Trust Fund shall be paid from proceeds
received from the liquidation of the Trust Fund.

      Section 7.03. Additional Requirements under the REMIC Provisions.

      (a) Any termination of the Trust Fund shall be effected in accordance with
the following additional requirements, unless the Trustee seeks (at the request
of the Master Servicer), and subsequently receives, an Opinion of Counsel (at
the expense of the Master Servicer), addressed to the Trustee and the Class A-1
Certificate Insurer to the effect that the failure of the Trust Fund to comply
with the requirements of this Section 7.03 will not (i) result in the imposition
of taxes on any REMIC under the REMIC Provisions or (ii) cause any REMIC
established hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding:


                                       90
<PAGE>

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

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

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

                                  ARTICLE VIII

                          RIGHTS OF CERTIFICATEHOLDERS

      Section 8.01. Limitation on Rights of Holders.

      (a) The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or this Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
take any action or proceeding in any court for a partition or winding up of this
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them. Except as otherwise expressly provided herein, no
Certificateholder, solely by virtue of its status as a Certificateholder, shall
have any right to vote or in any manner otherwise control the Master Servicer or
the operation and management of the Trust Fund, or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms
of the Certificates, be construed so as to constitute the Certificateholders
from time to time as partners or members of an association, nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken by the parties to this Agreement pursuant to any provision hereof.

      (b) No Certificateholder, solely by virtue of its status as
Certificateholder, shall have any right by virtue or by availing of any
provision of this Agreement to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of an Event
of Default and of the continuance thereof, as hereinbefore provided, and unless
also the Holders of Certificates evidencing not less than 25% of the Class
Principal Amount (or Class Notional Amount) of Certificates of each Class shall
have made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the cost, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for sixty
days after its receipt of such notice, request and offer of indemnity, shall
have neglected or refused to institute any such action, suit or proceeding and
no direction inconsistent with such written request has been given such Trustee
during such sixty-day period by such Certificateholders; it being understood and
intended, and being expressly covenanted by each Certificateholder with every
other Certificateholder and the Trustee, that no one or more Holders of
Certificates shall have any right in any manner whatever by virtue or by
availing of any provision of this Agreement to affect, disturb or prejudice the
rights of the Holders of any other of such Certificates, or to obtain or seek to
obtain priority over or preference to any other such Holder, or to enforce any
right under this Agreement, except in the manner herein provided and for the
benefit of all Certificateholders. For the protection and enforcement of the
provisions of this Section, each and every Certificateholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.


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      Section 8.02. Access to List of Holders.

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

      (b) If three or more Holders or Certificate Owners (hereinafter referred
to as "Applicants") apply in writing to the Trustee, and such application states
that the Applicants desire to communicate with other Holders with respect to
their rights under this Agreement or under the Certificates and is accompanied
by a copy of the communication which such Applicants propose to transmit, then
the Trustee shall, within five Business Days after the receipt of such
application, afford such Applicants reasonable access during the normal business
hours of the Trustee to the most recent list of Certificateholders held by the
Trustee or shall, as an alternative, send, at the Applicants' expense, the
written communication proffered by the Applicants to all Certificateholders at
their addresses as they appear in the Certificate Register.

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

      Section 8.03. Acts of Holders of Certificates.

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


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<PAGE>

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

      (c) The ownership of Certificates (whether or not such Certificates shall
be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee) shall be proved by the
Certificate Register, and neither the Trustee, the Master Servicer, nor the
Depositor shall be affected by any notice to the contrary.

      (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Certificate shall bind every future Holder
of the same Certificate and the Holder of every Certificate issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof, in
respect of anything done, omitted or suffered to be done by the Trustee or the
Master Servicer in reliance thereon, whether or not notation of such action is
made upon such Certificate.

                                   ARTICLE IX

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                             BY THE MASTER SERVICER

      Section 9.01. Duties of the Master Servicer.

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

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

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


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<PAGE>

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

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

      For each year this Agreement is in effect, the Master Servicer shall
submit to the Trustee, each Rating Agency and the Depositor a copy of its annual
unaudited financial statements on or prior to August 31 of each year. Such
financial statements shall include a balance sheet, income statement, statement
of retained earnings, statement of additional paid-in capital, statement of
changes in financial position and all related notes and schedules and shall be
in comparative form, certified by a nationally recognized firm of Independent
Accountants to the effect that such statements were examined and prepared in
accordance with generally accepted accounting principles applied on a basis
consistent with that of the preceding year.


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      Section 9.04. Power to Act; Procedures.

      (a) The Master Servicer shall master service the Mortgage Loans and shall
have full power and authority, subject to the REMIC Provisions and the
provisions of Article X hereof, and each Servicer shall have full power and
authority (to the extent provided in the applicable Servicing Agreement) to do
any and all things that it may deem necessary or desirable in connection with
the servicing and administration of the Mortgage Loans, including but not
limited to the power and authority (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages, (iii) to
collect any Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan, in each case, in accordance with the provisions of
this Agreement and the applicable Servicing Agreement, as applicable; provided
that the Master Servicer shall not take, or knowingly permit any Servicer to
take, any action that is inconsistent with or prejudices the interests of the
Trust Fund or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor, the Trustee and the Certificateholders under this
Agreement. The Master Servicer further is authorized and empowered by the
Trustee, on behalf of the Certificateholders and the Trustee, in its own name or
in the name of any Servicer, when the Master Servicer or a Servicer, as the case
may be, believes it is appropriate in its best judgment to register any Mortgage
Loan with MERS, or cause the removal from the registration of any Mortgage Loan
on the MERS system, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording of
a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns. The Master Servicer shall represent and protect the
interests of the Trust Fund in the same manner as it protects its own interests
in mortgage loans in its own portfolio in any claim, proceeding or litigation
regarding a Mortgage Loan and shall not make or knowingly permit any Servicer to
make any modification, waiver or amendment of any term of any Mortgage Loan that
would cause the Trust Fund to fail to qualify as a REMIC or result in the
imposition of any tax under Section 860F(a) or Section 860G(d) of the Code.
Without limiting the generality of the foregoing, the Master Servicer in its own
name or in the name of a Servicer, and each Servicer, to the extent such
authority is delegated to such Servicer by the Master Servicer under the
applicable Servicing Agreement, is hereby authorized and empowered by the
Trustee when the Master Servicer or a Servicer, as the case may be, believes it
appropriate in its best judgment and in accordance with Accepted Servicing
Practices and the applicable Servicing Agreement, to execute and deliver, on
behalf of itself and the Certificateholders, the Trustee or any of them, any and
all instruments of satisfaction or cancellation, or of partial or full release
or discharge and all other comparable instruments, with respect to the Mortgage
Loans and with respect to the Mortgaged Properties. The Trustee shall furnish
the Master Servicer, upon request, with any powers of attorney empowering the
Master Servicer or any Servicer to execute and deliver instruments of
satisfaction or cancellation, or of partial or full release or discharge, and to
foreclose upon or otherwise liquidate Mortgaged Property, and to appeal,
prosecute or defend in any court action relating to the Mortgage Loans or the
Mortgaged Property, in accordance with the applicable Servicing Agreement and
this Agreement, and the Trustee shall execute and deliver such other documents,
as the Master Servicer may request, necessary or appropriate to enable the
Master Servicer to master service and administer the Mortgage Loans and carry
out its duties hereunder, in each case in accordance with Accepted Servicing
Practices (and the Trustee shall have no liability for misuse of any such powers
of attorney by the Master Servicer or the applicable Servicer). If the Master
Servicer or the Trustee has been advised that it is likely that the laws of the
state in which action is to be taken prohibit such action if taken in the name
of the Trustee or that the Trustee would be adversely affected under the "doing
business" or tax laws of such state if such action is taken in its name, then
upon request of the Trustee, the Master Servicer shall join with the Trustee in
the appointment of a co-trustee pursuant to Section 6.09 hereof. In the
performance of its duties hereunder, the Master Servicer shall be an independent
contractor and shall not, except in those instances where it is taking action in
the name of the Trustee, be deemed to be the agent of the Trustee.


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<PAGE>

      (b) In master servicing and administering the Mortgage Loans, the Master
Servicer shall employ procedures, and shall cause each Servicer to employ
procedures (including, but not limited to, collection procedures), consistent
with the applicable Servicing Agreement. Consistent with the foregoing, the
Master Servicer may, and may permit any Servicer to, in its discretion (i) waive
any late payment charge or any prepayment charge or penalty interest in
connection with the prepayment of a Mortgage Loan and (ii) extend the due dates
for payments due on a Mortgage Note for a period not greater than 120 days;
provided, however, that the maturity of any Mortgage Loan shall not be extended
past the date on which the final payment is due on the latest maturing Mortgage
Loan as of the Cut-off Date. In the event of any extension described in clause
(ii) above, the Master Servicer shall make or cause to be made Advances on the
related Mortgage Loan in accordance with the provisions of Section 5.04 on the
basis of the amortization schedule of such Mortgage Loan without modification
thereof by reason of such extension. Notwithstanding anything to the contrary in
this Agreement, the Master Servicer shall not, unless default by the related
Mortgagor is, in the reasonable judgment of the Master Servicer or the related
Servicer, imminent, make or knowingly permit such Servicer to make any
modification, waiver or amendment of any material term of any Mortgage Loan
(including but not limited to the interest rate, the principal balance, the
amortization schedule, or any other term affecting the amount or timing of
payments on the Mortgage Loan or the collateral therefor) unless the Master
Servicer or the related Servicer shall have provided or caused to be provided to
the Trustee an Opinion of Counsel (at the expense of the party seeking the
modification) in writing to the effect that such modification, waiver or
amendment would not be treated as giving rise to a new debt instrument for
federal income tax purposes and would not adversely affect the status of the
REMIC.

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

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

      (b) The Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall enforce the obligations of each Servicer under the
related Servicing Agreement, and shall use its reasonable best efforts to
enforce the obligations of each Servicer under the related Servicing Agreement
and shall, upon its obtaining actual knowledge of the failure of a Servicer to
perform its obligations in accordance with the related Servicing Agreement, to
the extent that the non-performance of any such obligations would have a
material adverse effect on a Mortgage Loan, the Trust Fund or Certificateholders
(determined in the case of the Class 1-A1 Certificates without regard to the
Class 1-A1 Certificate Insurance Policy), terminate the rights and obligations
of such Servicer thereunder to the extent and in the manner permitted by the
related Servicing Agreement and either act as servicer of the related Mortgage
Loans or enter into a Servicing Agreement with a successor Servicer. Such
enforcement, including, without limitation, the legal prosecution of claims,
termination of Servicing Agreements and the pursuit of other appropriate
remedies, shall be in such form and carried out to such an extent and at such
time as the Master Servicer, in its good faith business judgment, would require
were it the owner of the related Mortgage Loans. The Master Servicer shall pay
the costs of such enforcement at its own expense, and shall be reimbursed
therefor initially only (i) from a general recovery resulting from such
enforcement only to the extent, if any, that such recovery exceeds all amounts
due in respect of the related Mortgage Loans or (ii) from a specific recovery of
costs, expenses or attorneys' fees against the party against whom such
enforcement is directed, and then, to the extent that such amounts are
insufficient to reimburse the Master Servicer for the costs of such enforcement,
(iii) from the Collection Account.


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<PAGE>

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

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

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

      Section 9.07. Termination of Servicing Agreements; Successor Servicers.

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


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      (b) If the Master Servicer acts as Servicer, it will not assume liability
for the representations and warranties of the Servicer, if any, that it
replaces. The Master Servicer shall use reasonable efforts to have the successor
Servicer assume liability for the representations and warranties made by the
terminated Servicer in respect of the related Mortgage Loans, and in the event
of any such assumption by the successor Servicer, the Trustee or the Master
Servicer, as applicable, may, in the exercise of its business judgment, release
the terminated Servicer from liability for such representations and warranties.

      Section 9.08. Master Servicer Liable for Enforcement.

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

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

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

      Section 9.10. Assumption of Servicing Agreement by Trustee.

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


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

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

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

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

      Section 9.12. Release of Mortgage Files.

      (a) Upon (i) becoming aware of the payment in full of any Mortgage Loan,
(ii) the receipt by the Master Servicer of a notification that payment in full
has been or will be escrowed in a manner customary for such purposes, or (iii)
in the case of a Mortgage Loan as to which the related Mortgaged Property is
located in California, receipt by the Master Servicer of notification from the
Servicer that the Servicer reasonably expects that payment in full will be
received promptly, the Master Servicer will, or will cause the applicable
Servicer to, promptly notify the Trustee (or the applicable Custodian) by a
certification (which certification shall include a statement to the effect that
all amounts received or to be received in connection with such payment that are
required to be deposited in the Collection Account maintained by the Master
Servicer pursuant to Section 4.01 have been or will be so deposited) of a
Servicing Officer and shall request the Trustee or the applicable Custodian, to
deliver to the applicable Servicer the related Mortgage File. In lieu of sending
a hard copy certification of a Servicing Officer, the Master Servicer may, or
may cause the Servicer to, deliver the request for release in a mutually
agreeable electronic format. To the extent that such a request, on its face,
originates from a Servicing Officer, no signature shall be required. Upon
receipt of such certification and request, the Trustee or the applicable
Custodian, shall promptly release the related Mortgage File to the applicable
Servicer and neither the Trustee nor the Custodian shall have any further
responsibility with regard to such Mortgage File. The Master Servicer is
authorized, and each Servicer, to the extent such authority is delegated to such
Servicer by the Master Servicer under the applicable Servicing Agreement, is
authorized, to give, as agent for the Trustee, as the mortgagee under the
Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
assignment of mortgage without recourse) regarding the Mortgaged Property
subject to the Mortgage, which instrument of satisfaction or assignment, as the
case may be, shall be delivered to the Person or Persons entitled thereto
against receipt therefor of such payment, it being understood and agreed that no
expenses incurred in connection with such instrument of satisfaction or
assignment, as the case may be, shall be chargeable to the Collection Account.


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

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

      (a) The Master Servicer shall transmit, or cause the applicable Servicer
to transmit, to the Trustee such documents and instruments coming into the
possession of the Master Servicer or such Servicer from time to time as are
required by the terms hereof to be delivered to the Trustee. Any funds received
by the Master Servicer or by a Servicer in respect of any Mortgage Loan or which
otherwise are collected by the Master Servicer or by a Servicer as Liquidation
Proceeds or Insurance Proceeds in respect of any Mortgage Loan shall be held for
the benefit of the Trustee and the Certificateholders subject to the Master
Servicer's right to retain or withdraw from the Collection Account the Master
Servicing Fee and other amounts provided in this Agreement, and to the right of
each Servicer to retain its Servicing Fee and other amounts as provided in the
applicable Servicing Agreement. The Master Servicer shall, and shall (to the
extent provided in the applicable Servicing Agreement) cause each Servicer to,
provide access to information and documentation regarding the Mortgage Loans to
the Trustee, its agents and accountants at any time upon reasonable request and
during normal business hours, and to Certificateholders that are savings and
loan associations, banks or insurance companies, the Office of Thrift
Supervision, the FDIC and the supervisory agents and examiners of such Office
and Corporation or examiners of any other federal or state banking or insurance
regulatory authority if so required by applicable regulations of the Office of
Thrift Supervision or other regulatory authority, such access to be afforded
without charge but only upon reasonable request in writing and during normal
business hours at the offices of the Master Servicer designated by it. In
fulfilling such a request the Master Servicer shall not be responsible for
determining the sufficiency of such information.


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

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

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


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      Section 9.14. Representations and Warranties of the Master Servicer.

      (a) The Master Servicer hereby represents and warrants to the Depositor
and the Trustee, for the benefit of the Certificateholders and the Class 1-A1
Certificate Insurer, as of the Closing Date that:

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

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

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

            (iv) the Master Servicer is not in default with respect to any order
      or decree of any court or any order or regulation of any federal, state,
      municipal or governmental agency to the extent that any such default would
      materially and adversely affect its performance hereunder;

            (v) the Master Servicer is not a party to or bound by any agreement
      or instrument or subject to any charter provision, bylaw or any other
      corporate restriction or any judgment, order, writ, injunction, decree,
      law or regulation that may materially and adversely affect its ability as
      Master Servicer to perform its obligations under this Agreement or that
      requires the consent of any third person to the execution of this
      Agreement or the performance by the Master Servicer of its obligations
      under this Agreement;


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            (vi) no litigation is pending or, to the best of the Master
      Servicer's knowledge, threatened against the Master Servicer which would
      prohibit its entering into this Agreement or performing its obligations
      under this Agreement;

            (vii) the Master Servicer, or an affiliate thereof the primary
      business of which is the servicing of conventional residential mortgage
      loans, is an FNMA- and FHLMC- approved seller/servicer;

            (viii) no consent, approval, authorization or order of any court or
      governmental agency or body is required for the execution, delivery and
      performance by the Master Servicer of or compliance by the Master Servicer
      with this Agreement or the consummation of the transactions contemplated
      by this Agreement, except for such consents, approvals, authorizations and
      orders (if any) as have been obtained;

            (ix) the consummation of the transactions contemplated by this
      Agreement are in the ordinary course of business of the Master Servicer;
      and

            (x) the Master Servicer has obtained an Errors and Omissions
      Insurance Policy and a Fidelity Bond in accordance with Section 9.02, each
      of which is in full force and effect, and each of which provides at least
      such coverage as is required hereunder.

      (b) It is understood and agreed that the representations and warranties
set forth in this Section 9.14 shall survive the execution and delivery of this
Agreement. The Master Servicer shall indemnify the Depositor and the Trustee and
hold them harmless against any loss, damages, penalties, fines, forfeitures,
legal fees and related costs, judgments, and other costs and expenses resulting
from any claim, demand, defense or assertion based on or grounded upon, or
resulting from, a breach of the Master Servicer's representations and warranties
contained in Section 9.14(a). Notwithstanding anything in this Agreement to the
contrary, the Master Servicer shall not be liable for special, indirect or
consequential losses or damages of any kind whatsoever (including, but not
limited to, lost profits). It is understood and agreed that the enforcement of
the obligation of the Master Servicer set forth in this Section to indemnify the
Depositor and the Trustee as provided in this Section constitutes the sole
remedy (other than as set forth in Section 6.14) of the Depositor and the
Trustee, respecting a breach of the foregoing representations and warranties.
Such indemnification shall survive any termination of the Master Servicer as
Master Servicer hereunder, and any termination of this Agreement.

      Any cause of action against the Master Servicer relating to or arising out
of the breach of any representations and warranties made in this Section shall
accrue upon discovery of such breach by either the Depositor, the Master
Servicer, the Trustee or the Class 1-A1 Certificate Insurer notice thereof by
any one of such parties to the other parties.

      (c) It is understood and agreed that the representations and warranties of
the Depositor set forth in Sections 2.03(a) through (f) shall survive the
execution and delivery of this Agreement. The Depositor shall indemnify the
Master Servicer and hold it harmless against any loss, damages, penalties,
fines, forfeitures, legal fees and related costs, judgments, and other costs and
expenses resulting from any claim, demand, defense or assertion based on or
grounded upon, or resulting from, a breach of the Depositor's representations
and warranties contained in Sections 2.03(a) through (f) hereof. It is
understood and agreed that the enforcement of the obligation of the Depositor
set forth in this Section to indemnify the Master Servicer as provided in this
Section constitutes the sole remedy of the Master Servicer respecting a breach
by the Depositor of the representations and warranties in Sections 2.03(a)
through (f) hereof.


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      Any cause of action against the Depositor relating to or arising out of
the breach of the representations and warranties made in Sections 2.03(a)
through (f) hereof shall accrue upon discovery of such breach by either the
Depositor or the Master Servicer or notice thereof by any one of such parties to
the other parties.

      Section 9.15. Closing Certificate and Opinion.

      On or before the Closing Date, the Master Servicer shall cause to be
delivered to the Depositor and Lehman Brothers Inc. an Opinion of Counsel, dated
the Closing Date, in form and substance reasonably satisfactory to the Depositor
and Lehman Brothers Inc., as to the due authorization, execution and delivery of
this Agreement by the Master Servicer and the enforceability thereof.

      Section 9.16. Standard Hazard and Flood Insurance Policies.

      For each Mortgage Loan (other than a Cooperative Loan), the Master
Servicer shall maintain, or cause to be maintained by each Servicer, standard
fire and casualty insurance and, where applicable, flood insurance, all in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. It is understood and agreed that such insurance shall
be with insurers meeting the eligibility requirements set forth in the
applicable Servicing Agreement and that no earthquake or other additional
insurance is to be required of any Mortgagor or to be maintained on property
acquired in respect of a defaulted loan, other than pursuant to such applicable
laws and regulations as shall at any time be in force and as shall require such
additional insurance.

      Pursuant to Section 4.01, any amounts collected by the Master Servicer, or
by any Servicer, under any insurance policies maintained pursuant to this
Section 9.16 (other than amounts to be applied to the restoration or repair of
the property subject to the related Mortgage or released to the Mortgagor in
accordance with the Master Servicer's or the Servicer's normal servicing
procedures and Accepted Servicing Practices) shall be deposited into the
Collection Account, subject to withdrawal pursuant to Section 4.02. Any cost
incurred by the Master Servicer or any Servicer in maintaining any such
insurance if the Mortgagor defaults in its obligation to do so shall be added to
the amount owing under the Mortgage Loan where the terms of the Mortgage Loan so
permit; provided, however, that the addition of any such cost shall not be taken
into account for purposes of calculating the distributions to be made to
Certificateholders and shall be recoverable by the Master Servicer or such
Servicer pursuant to Section 4.02(v).


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      Section 9.17. Presentment of Claims and Collection of Proceeds.

      The Master Servicer shall, or shall cause each Servicer (to the extent
provided in the applicable Servicing Agreement) to, prepare and present on
behalf of the Trustee and the Certificateholders all claims under the Insurance
Policies with respect to the Mortgage Loans, and take such actions (including
the negotiation, settlement, compromise or enforcement of the insured's claim)
as shall be necessary to realize recovery under such policies. Any proceeds
disbursed to the Master Servicer (or disbursed to a Servicer and remitted to the
Master Servicer) in respect of such policies or bonds shall be promptly
deposited in the Collection Account upon receipt, except that any amounts
realized that are to be applied to the repair or restoration of the related
Mortgaged Property or release to the Mortgagor in accordance with the Master
Servicer's or the Servicer's normal servicing procedures need not be so
deposited (or remitted).

      Section 9.18. Maintenance of the Primary Mortgage Insurance Policies.

      (a) The Master Servicer shall not take, or knowingly permit any Servicer
(consistent with the applicable Servicing Agreement) to take, any action that
would result in non-coverage under any applicable Primary Mortgage Insurance
Policy of any loss which, but for the actions of such Master Servicer or
Servicer, would have been covered thereunder. To the extent that coverage is
available, the Master Servicer shall use its best reasonable efforts to keep in
force and effect, or to cause each Servicer to keep in force and effect (to the
extent that the Mortgage Loan requires the Mortgagor to maintain such
insurance), primary mortgage insurance applicable to each Mortgage Loan in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. The Master Servicer shall not, and shall not permit
any Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
Policy that is in effect at the date of the initial issuance of the Certificates
and is required to be kept in force hereunder except as required by a applicable
law or in accordance with the provisions of this Agreement and the related
Servicing Agreement, as applicable.

      (b) The Master Servicer agrees to present, or to cause each Servicer to
present, on behalf of the Trustee and the Certificateholders, claims to the
insurer under any Primary Mortgage Insurance Policies and, in this regard, to
take such reasonable action as shall be necessary to permit recovery under any
Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
Pursuant to Section 4.01, any amounts collected by the Master Servicer or any
Servicer under any Primary Mortgage Insurance Policies shall be deposited in the
Collection Account, subject to withdrawal pursuant to Section 4.02.

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

      The Trustee (or its custodian, if any, as directed by the Trustee), shall
retain possession and custody of the originals of the Primary Mortgage Insurance
Policies or certificate of insurance if applicable and any certificates of
renewal as to the foregoing as may be issued from time to time as contemplated
by this Agreement. Until all amounts distributable in respect of the
Certificates have been distributed in full and the Master Servicer otherwise has
fulfilled its obligations under this Agreement, the Trustee (or its custodian,
if any, as directed by the Trustee) shall also retain possession and custody of
each Mortgage File in accordance with and subject to the terms and conditions of
this Agreement. The Master Servicer shall promptly deliver or cause to be
delivered to the Trustee (or its custodian, if any, as directed by the Trustee),
upon the execution or receipt thereof the originals of the Primary Mortgage
Insurance Policies and any certificates of renewal thereof, and such other
documents or instruments that constitute portions of the Mortgage File that come
into the possession of the Master Servicer from time to time.


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      Section 9.20. Realization Upon Defaulted Mortgage Loans.

      The Master Servicer shall use its reasonable best efforts to, or to cause
each Servicer to, foreclose upon, repossess or otherwise comparably convert the
ownership of Mortgaged Properties securing such of the Mortgage Loans as come
into and continue in default and as to which no satisfactory arrangements can be
made for collection of delinquent payments, all in accordance with the
applicable Servicing Agreement. Alternatively, the Master Servicer may take, or
authorize any Servicer to take, other actions in respect of a defaulted Mortgage
Loan, which may include (i) accepting a short sale (a payoff of the Mortgage
Loan for an amount less than the total amount contractually owed in order to
facilitate a sale of the Mortgaged Property by the Mortgagor) or permitting a
short refinancing (a payoff of the Mortgage Loan for an amount less than the
total amount contractually owed in order to facilitate refinancing transactions
by the Mortgagor not involving a sale of the Mortgaged Property), (ii) arranging
for a repayment plan or (iii) agreeing to a modification in accordance with
Section 9.04. In connection with such foreclosure or other conversion or action,
the Master Servicer shall, consistent with Section 9.18, follow such practices
and procedures as it shall reasonably determine to be in the best interests of
the Trust Fund and the Certificateholders and which shall be consistent with its
customary practices in performing its general mortgage servicing activities;
provided that the Master Servicer shall not be liable in any respect hereunder
if the Master Servicer is acting in connection with any such foreclosure or
other conversion or action in a manner that is consistent with the provisions of
this Agreement. Neither the Master Servicer, nor any Servicer, shall be required
to expend its own funds or incur other reimbursable charges in connection with
any foreclosure, or attempted foreclosure which is not completed, or toward the
correction of any default on a related senior mortgage loan, or towards the
restoration of any property unless it shall determine (i) that such restoration
and/or foreclosure will increase the proceeds of liquidation of the Mortgage
Loan to the Certificateholders after reimbursement to itself for such expenses
or charges and (ii) that such expenses and charges will be recoverable to it
through Liquidation Proceeds or Insurance Proceeds (as provided in
Section 4.02).

      Section 9.21. Compensation to the Master Servicer.

      The Master Servicer shall (i) be entitled, at its election, either (a) to
pay itself the Master Servicing Fee, as reduced pursuant to Section 5.05, in
respect of the Mortgage Loans out of any Mortgagor payment on account of
interest prior to the deposit of such payment in the Collection Account it
maintains or (b) to withdraw from the Collection Account, subject to Section
5.05, the Master Servicing Fee to the extent permitted by Section 4.02(iv). The
Master Servicer shall also be entitled, at its election, either (a) to pay
itself the Master Servicing Fee in respect of each delinquent Mortgage Loan
master serviced by it out of Liquidation Proceeds in respect of such Mortgage
Loan or other recoveries with respect thereto to the extent permitted in Section
4.02 or (b) to withdraw from the Collection Account it maintains the Master
Servicing Fee in respect of each Liquidated Mortgage Loan to the extent of such
Liquidation Proceeds or other recoveries, to the extent permitted by Section
4.02. Servicing compensation in the form of assumption fees, if any, late
payment charges, as collected, if any, or otherwise (including any Prepayment
Penalty Amount) shall be retained by the Master Servicer (or the applicable
Servicer) and shall not be deposited in the Collection Account. If the Master
Servicer does not retain or withdraw the Master Servicing Fee from the
Collection Account as provided herein, the Master Servicer shall be entitled to
direct the Trustee to pay the Master Servicing Fee to such Master Servicer by
withdrawal from the Certificate Account to the extent that payments have been
received with respect to the applicable Mortgage Loan. The Master Servicer shall
be required to pay all expenses incurred by it in connection with its activities
hereunder and shall not be entitled to reimbursement therefor except as provided
in this Agreement. Pursuant to Section 4.01(e), all income and gain realized
from any investment of funds in the Collection Account shall be for the benefit
of the Master Servicer as additional compensation. The provisions of this
Section 9.21 are subject to the provisions of Section 6.14(b).


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      Section 9.22. REO Property.

      (a) In the event the Trust Fund acquires ownership of any REO Property in
respect of any Mortgage Loan, the deed or certificate of sale shall be issued to
the Trustee, or to its nominee, on behalf of the Certificateholders. The Master
Servicer shall use its reasonable best efforts to sell, or, to the extent
provided in the applicable Servicing Agreement, cause the applicable Servicer to
sell, any REO Property as expeditiously as possible and in accordance with the
provisions of this Agreement and the related Servicing Agreement, as applicable,
but in all events within the time period, and subject to the conditions set
forth in Article X hereof. Pursuant to its efforts to sell such REO Property,
the Master Servicer shall protect and conserve, or cause the applicable Servicer
to protect and conserve, such REO Property in the manner and to such extent
required by the applicable Servicing Agreement, subject to Article X hereof.

      (b) The Master Servicer shall deposit or cause to be deposited all funds
collected and received by it, or recovered from any Servicer, in connection with
the operation of any REO Property in the Collection Account.

      (c) The Master Servicer and the applicable Servicer, upon the final
disposition of any REO Property, shall be entitled to reimbursement for any
related unreimbursed Advances as well as any unpaid Master Servicing Fees or
Servicing Fees from Liquidation Proceeds received in connection with the final
disposition of such REO Property; provided, that any such unreimbursed Advances
as well as any unpaid Master Servicing Fees or Servicing Fees may be reimbursed
or paid, as the case may be, prior to final disposition, out of any net rental
income or other net amounts derived from such REO Property.

      (d) The Liquidation Proceeds from the final disposition of the REO
Property, net of any payment to the Master Servicer and the applicable Servicer
as provided above, shall be deposited in the Collection Account on or prior to
the Determination Date in the month following receipt thereof (and the Master
Servicer shall provide prompt written notice to the Trustee upon such deposit)
and be remitted by wire transfer in immediately available funds to the Trustee
for deposit into the Certificate Account on the next succeeding Deposit Date.

      Section 9.23. [Reserved].


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      Section 9.24. Reports to the Trustee.

      (a) Not later than 30 days after each Distribution Date, the Master
Servicer shall forward to the Trustee a statement, deemed to have been certified
by a Servicing Officer, setting forth the status of the Collection Account
maintained by the Master Servicer as of the close of business on the related
Distribution Date, indicating that all distributions required by this Agreement
to be made by the Master Servicer have been made (or if any required
distribution has not been made by the Master Servicer, specifying the nature and
status thereof) and showing, for the period covered by such statement, the
aggregate of deposits into and withdrawals from the Collection Account
maintained by the Master Servicer. Copies of such statement shall be provided by
the Master Servicer to the Depositor, Attention: Contract Finance, and, upon
request, any Certificateholders (or by the Trustee at the Master Servicer's
expense if the Master Servicer shall fail to provide such copies (unless (i) the
Master Servicer shall have failed to provide the Trustee with such statement or
(ii) the Trustee shall be unaware of the Master Servicer's failure to provide
such statement)).

      (b) Not later than two Business Days following each Distribution Date, the
Master Servicer shall deliver to the Person designated by the Depositor, in a
format consistent with other electronic loan level reporting supplied by the
Master Servicer in connection with similar transactions, "loan level"
information with respect to the Mortgage Loans as of the related Determination
Date, to the extent that such information has been provided to the Master
Servicer by the Servicers or by the Depositor.

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

      (a) The Master Servicer shall deliver to the Trustee, the Rating Agencies
and the Class 1-A1 Certificate Insurer on or before August 31 of each year,
commencing on August 31, 2002, an Officer's Certificate, certifying that with
respect to the period ending on the immediately preceding December 31; (i) such
Servicing Officer has reviewed the activities of such Master Servicer during the
preceding calendar year or portion thereof and its performance under this
Agreement; (ii) to the best of such Servicing Officer's knowledge, based on such
review, such Master Servicer has performed and fulfilled its duties,
responsibilities and obligations under this Agreement in all material respects
throughout such year, or, if there has been a default in the fulfillment of any
such duties, responsibilities or obligations, specifying each such default known
to such Servicing Officer and the nature and status thereof, (iii) nothing has
come to the attention of such Servicing Officer to lead such Servicing Officer
to believe that any Servicer has failed to perform any of its duties,
responsibilities and obligations under its Servicing Agreement in all material
respects throughout such year, or, if there has been a material default in the
performance or fulfillment of any such duties, responsibilities or obligations,
specifying each such default known to such Servicing Officer and the nature and
status thereof, and (iv) the Master Servicer has received from each Servicer
such Servicer's annual certificate of compliance and a copy of such Servicer's
annual audit report, in each case to the extent required under the applicable
Servicing Agreement, or, if any such certificate or report has not been received
by the Master Servicer, the Master Servicer is using its best reasonable efforts
to obtain such certificate or report.

      (b) Copies of such statements shall be provided to any Certificateholder
upon request, by the Master Servicer or by the Trustee at the Master Servicer's
expense if the Master Servicer failed to provide such copies (unless (i) the
Master Servicer shall have failed to provide the Trustee with such statement or
(ii) the Trustee shall be unaware of the Master Servicer's failure to provide
such statement).


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      Section 9.26. Annual Independent Accountants' Servicing Report.

      If the Master Servicer has, during the course of any fiscal year, directly
serviced any of the Mortgage Loans, then the Master Servicer at its expense
shall cause a nationally recognized firm of independent certified public
accountants to furnish a statement to the Trustee, the Class 1-A1 Certificate
Insurer, the Rating Agencies and the Depositor on or before August 31 of each
year, commencing on August 31, 2002, to the effect that, with respect to the
most recently ended fiscal year, such firm has examined certain records and
documents relating to the Master Servicer's performance of its servicing
obligations under this Agreement and pooling and servicing and trust agreements
in material respects similar to this Agreement and to each other and that, on
the basis of such examination conducted substantially in compliance with the
audit program for mortgages serviced for FHLMC or the Uniform Single Attestation
Program for Mortgage Bankers, such firm is of the opinion that the Master
Servicer's activities have been conducted in compliance with this Agreement, or
that such examination has disclosed no material items of noncompliance except
for (i) such exceptions as such firm believes to be immaterial, (ii) such other
exceptions as are set forth in such statement and (iii) such exceptions that the
Uniform Single Attestation Program for Mortgage Bankers or the Audit Program for
Mortgages Serviced by FHLMC requires it to report. Copies of such statements
shall be provided to any Certificateholder upon request by the Master Servicer,
or by the Trustee at the expense of the Master Servicer if the Master Servicer
shall fail to provide such copies. If such report discloses exceptions that are
material, the Master Servicer shall advise the Trustee whether such exceptions
have been or are susceptible of cure, and will take prompt action to do so.

      Section 9.27. Merger or Consolidation.

      Any Person into which the Master Servicer may be merged or consolidated,
or any Person resulting from any merger, conversion, other change in form or
consolidation to which the Master Servicer shall be a party, or any Person
succeeding to the business of the Master Servicer, shall be the successor to the
Master Servicer hereunder, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding; provided, however, that the successor or resulting
Person to the Master Servicer shall be a Person that shall be qualified and
approved to service mortgage loans for FNMA or FHLMC and shall have a net worth
of not less than $15,000,000.

      Section 9.28. Resignation of Master Servicer.

      Except as otherwise provided in Sections 9.27 and 9.29 hereof, the Master
Servicer shall not resign from the obligations and duties hereby imposed on it
unless it or the Trustee determines that the Master Servicer's duties hereunder
are no longer permissible under applicable law or are in material conflict by
reason of applicable law with any other activities carried on by it and cannot
be cured. Any such determination permitting the resignation of the Master
Servicer shall be evidenced by an Opinion of Counsel that shall be Independent
to such effect delivered to the Trustee. No such resignation shall become
effective until the Trustee shall have assumed, or a successor master servicer
shall have been appointed by the Trustee and until such successor shall have
assumed, the Master Servicer's responsibilities and obligations under this
Agreement. Notice of such resignation shall be given promptly by the Master
Servicer to the Depositor.


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

      Except as expressly provided herein, the Master Servicer shall not assign
or transfer any of its rights, benefits or privileges hereunder to any other
Person, or delegate to or subcontract with, or authorize or appoint any other
Person to perform any of the duties, covenants or obligations to be performed by
the Master Servicer hereunder; provided, however, that the Master Servicer shall
have the right without the prior written consent of the Trustee, the Depositor
or the Rating Agencies to delegate or assign to or subcontract with or authorize
or appoint an Affiliate of the Master Servicer to perform and carry out any
duties, covenants or obligations to be performed and carried out by the Master
Servicer hereunder. In no case, however, shall any such delegation,
subcontracting or assignment to an Affiliate of the Master Servicer relieve the
Master Servicer of any liability hereunder. Notice of such permitted assignment
shall be given promptly by the Master Servicer to the Depositor and the Trustee.
If, pursuant to any provision hereof, the duties of the Master Servicer are
transferred to a successor master servicer, the entire amount of the Master
Servicing Fees and other compensation payable to the Master Servicer pursuant
hereto, including amounts payable to or permitted to be retained or withdrawn by
the Master Servicer pursuant to Section 9.21 hereof, shall thereafter be payable
to such successor master servicer.

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

      Neither the Master Servicer nor any of the directors, officers, employees
or agents of the Master Servicer shall be under any liability to the Trustee or
the Certificateholders for any action taken or for refraining from the taking of
any action in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that this provision shall not protect the Master Servicer or
any such person against any liability that would otherwise be imposed by reason
of willful misfeasance, bad faith or negligence in its performance of its duties
or by reason of reckless disregard for its obligations and duties under this
Agreement. The Master Servicer and any director, officer, employee or agent of
the Master Servicer shall be entitled to indemnification by the Trust Fund and
will be held harmless against any loss, liability or expense incurred in
connection with any legal action relating to this Agreement or the Certificates
other than any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of his or its duties
hereunder or by reason of reckless disregard of his or its obligations and
duties hereunder. The Master Servicer and any director, officer, employee or
agent of the Master Servicer may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Master Servicer shall be under no obligation to appear
in, prosecute or defend any legal action that is not incidental to its duties to
master service the Mortgage Loans in accordance with this Agreement and that in
its opinion may involve it in any expenses or liability; provided, however, that
the Master Servicer may in its sole discretion undertake any such action that it
may deem necessary or desirable in respect to this Agreement and the rights and
duties of the parties hereto and the interests of the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
out of the Collection Account it maintains as provided by Section 4.02.


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      Section 9.31. Indemnification; Third-Party Claims.

      The Master Servicer agrees to indemnify the Depositor and the Trustee, and
hold them harmless against any and all claims, losses, penalties, fines,
forfeitures, legal fees and related costs, judgments, and any other costs,
liability, fees and expenses that the Depositor and the Trustee may sustain as a
result of the failure of the Master Servicer to perform its duties and master
service the Mortgage Loans in compliance with the terms of this Agreement. The
Depositor and the Trustee shall immediately notify the Master Servicer if a
claim is made by a third party with respect to this Agreement or the Mortgage
Loans entitling the Depositor or the Trustee to indemnification hereunder,
whereupon the Master Servicer shall assume the defense of any such claim and pay
all expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it or
them in respect of such claim.

                                    ARTICLE X

                              REMIC ADMINISTRATION

      Section 10.01. REMIC Administration.

      (a) As set forth in the Preliminary Statement hereto, the Trustee shall
elect REMIC status in accordance with the REMIC Provisions with respect to each
of the Lower Tier REMIC and the Upper Tier REMIC. The Trustee shall make such
elections on Forms 1066 or other appropriate federal tax or information return
for the taxable year ending on the last day of the calendar year in which the
Certificates are issued. For the purposes of such elections, each of the Lower
Tier Interests, other than the Class LT-R Interest is hereby designated as a
regular interest in the Lower Tier REMIC to which such Lower Tier Interest
relates, and each Certificate, other than the Class R Certificate, is hereby
designated as a regular interest in the Upper Tier REMIC. The Class LT-R
Interest is hereby designated as the sole residual interest in the Lower Tier
REMIC. The Class R Certificate evidences ownership of the Class LT-R Interest
and is also hereby designated as the sole residual interest in the Upper Tier
REMIC.

      (b) The Closing Date is hereby designated as the "Startup Day" of each
REMIC within the meaning of section 86OG(a)(9) of the Code. The latest possible
maturity date for purposes of Treasury Regulation 1.860G-1(a)(4), the "Latest
Possible Maturity Date".

      (c) The Trustee shall pay any and all tax related expenses (not including
taxes) of each REMIC, including but not limited to any professional fees or
expenses related to audits or any administrative or judicial proceedings with
respect to such REMIC that involve the Internal Revenue Service or state tax
authorities, but only to the extent that (i) such expenses are ordinary or
routine expenses, including expenses of a routine audit but not expenses of
litigation (except as described in (ii)); or (ii) such expenses or liabilities
(including taxes and penalties) are attributable to the negligence or willful
misconduct of the Trustee in fulfilling its duties hereunder (including its
duties as tax return preparer). The Trustee shall be entitled to reimbursement
of the expenses to the extent provided in clause (i) above from the Certificate
Account.


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      (d) The Trustee shall prepare, sign and file, all of each REMIC's federal
and state tax and information returns as such REMIC's direct representative. The
expenses of preparing and filing such returns shall be borne by the Trustee. If
any Disqualified Organization acquires any Ownership Interest in a Residual
Certificate, then the Trustee will upon request provide to the Internal Revenue
Service, and to the persons specified in Sections 860E(e)(3) and (6) of the
Code, such information as required in Section 860D(a)(6)(B) of the code needed
to compute the tax imposed under Section 860E(e) of the Code on transfers of
residual interests to disqualified organizations.

      (e) The Trustee or its designee shall perform on behalf of each REMIC all
reporting and other tax compliance duties that are the responsibility of such
REMIC under the Code, the REMIC Provisions, or other compliance guidance issued
by the Internal Revenue Service or any state or local taxing authority. Among
its other duties, if required by the Code, the REMIC Provisions, or other such
guidance, the Trustee shall provide (i) to the Treasury or other governmental
authority such information as is necessary for the application of any tax
relating to the transfer of a Residual Certificate to any disqualified person or
organization and (ii) to the Certificateholders such information or reports as
are required by the Code or REMIC Provisions.

      (f) The Trustee, the Master Servicer and the Holders of Certificates shall
take any action or cause the REMIC to take any action necessary to create or
maintain the status of such REMIC as a REMIC under the REMIC Provisions and
shall assist each other as necessary to create or maintain such status. Neither
the Trustee, the Master Servicer nor the Holder of any Residual Certificate
shall take any action, cause the REMIC to take any action or fail to take (or
fail to cause to be taken) any action that, under the REMIC Provisions, if taken
or not taken, as the case may be, could (i) endanger the status of such REMIC as
a REMIC or (ii) result in the imposition of a tax upon such REMIC (including but
not limited to the tax on prohibited transactions as defined in Code Section
860F(a)(2) and the tax on prohibited contributions set forth on Section 860G(d)
of the Code) (either such event, an "Adverse REMIC Event") unless the Trustee
and the Master Servicer have received an Opinion of Counsel (at the expense of
the party seeking to take such action) to the effect that the contemplated
action will not endanger such status or result in the imposition of such a tax.
In addition, prior to taking any action with respect to the REMIC or the assets
therein, or causing such REMIC to take any action, which is not expressly
permitted under the terms of this Agreement, any Holder of a Residual
Certificate will consult with the Trustee and the Master Servicer, or their
respective designees, in writing, with respect to whether such action could
cause an Adverse REMIC Event to occur with respect to such REMIC, and no such
Person shall take any such action or cause such REMIC to take any such action as
to which the Trustee or the Master Servicer has advised it in writing that an
Adverse REMIC Event could occur.


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      (g) Each Holder of a Residual Certificate shall pay when due any and all
taxes imposed on the related REMIC by federal or state governmental authorities.
To the extent that such Trust taxes are not paid by a Residual
Certificateholder, the Trustee shall pay any remaining REMIC taxes out of
current or future amounts otherwise distributable to the Holder of the Residual
Certificate in such REMIC or, if no such amounts are available, out of other
amounts held in the Collection Account, and shall reduce amounts otherwise
payable to holders of regular interests in such REMIC, as the case may be.

      (h) The Trustee shall, for federal income tax purposes, maintain books and
records with respect to each REMIC on a calendar year and on an accrual basis.

      (i) No additional contributions of assets shall be made to any REMIC,
except as expressly provided in this Agreement with respect to Qualified
Substitute Mortgage Loans.

      (j) Neither the Trustee nor the Master Servicer shall enter into any
arrangement by which any REMIC will receive a fee or other compensation for
services.

      (k) Upon the request of any Rating Agency, the Trustee shall deliver to
such Rating Agency an Officer's Certificate stating the Trustee's compliance
with the provisions of this Section 10.01.

      Section 10.02. Prohibited Transactions and Activities.

      Neither the Depositor, the Master Servicer nor the Trustee shall sell,
dispose of, or substitute for any of the Mortgage Loans, except in a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of each REMIC pursuant to Article VII of this
Agreement, (iv) a substitution pursuant to Article II of this Agreement, or (v)
a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor
acquire any assets for any REMIC, nor sell or dispose of any investments in the
Certificate Account for gain, nor accept any contributions to the REMIC after
the Closing Date, unless it has received an Opinion of Counsel (at the expense
of the party causing such sale, disposition, or substitution) that such
disposition, acquisition, substitution, or acceptance will not (a) affect
adversely the status of such REMIC as a REMIC or of the Certificates other than
the Residual Certificates as the regular interests therein, (b) affect the
distribution of interest or principal on the Certificates, (c) result in the
encumbrance of the assets transferred or assigned to the Trust Fund (except
pursuant to the provisions of this Agreement) or (d) cause such REMIC to be
subject to a tax on prohibited transactions or prohibited contributions pursuant
to the REMIC Provisions.

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

      In the event that a REMIC fails to qualify as a REMIC, loses its status as
a REMIC, or incurs federal, state or local taxes as a result of a prohibited
transaction or prohibited contribution under the REMIC Provisions due to the
negligent performance by the Trustee of its duties and obligations set forth
herein, the Trustee shall indemnify the Holder of the Residual Certificate
against any and all losses, claims, damages, liabilities or expenses ("Losses")
resulting from such negligence; provided, however, that the Trustee shall not be
liable for any such Losses attributable to the action or inaction of the Master
Servicer, the Depositor, or the Holder of such Residual Certificate, as
applicable, nor for any such Losses resulting from misinformation provided by
the Holder of such Residual Certificate on which the Trustee has relied. The
foregoing shall not be deemed to limit or restrict the rights and remedies of
the Holder of such Residual Certificate now or hereafter existing at law or in
equity. Notwithstanding the foregoing, however, in no event shall the Trustee
have any liability (1) for any action or omission that is taken in accordance
with and in compliance with the express terms of, or which is expressly
permitted by the terms of, this Agreement, (2) for any Losses other than arising
out of a negligent performance by the Trustee of its duties and obligations set
forth herein, and (3) for any special or consequential damages to
Certificateholders (in addition to payment of principal and interest on the
Certificates).


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      Section 10.04. REO Property.

      (a) Notwithstanding any other provision of this Agreement, the Master
Servicer, acting on behalf of the Trustee hereunder, shall not (except to the
extent provided in the applicable Servicing Agreement), permit any Servicer to,
rent, lease, or otherwise earn income on behalf of any REMIC with respect to any
REO Property which might cause such REO Property to fail to qualify as
"foreclosure" property within the meaning of section 860G(a)(8) of the Code or
result in the receipt by any REMIC of any "income from non-permitted assets"
within the meaning of section 860F(a)(2) of the Code or any "net income from
foreclosure property" which is subject to tax under the REMIC Provisions unless
the Master Servicer has advised, or has caused the applicable Servicer to
advise, the Trustee in writing to the effect that, under the REMIC Provisions,
such action would not adversely affect the status of the REMIC as a REMIC and
any income generated for such REMIC by the REO Property would not result in the
imposition of a tax upon such REMIC.

      (b) The Master Servicer shall make, or shall cause the applicable Servicer
to make, reasonable efforts to sell any REO Property for its fair market value.
In any event, however, the Master Servicer shall, or shall cause the applicable
Servicer to, dispose of any REO Property within three years from the end of the
calendar year of its acquisition by the Trust Fund unless the Trustee has
received a grant of extension from the Internal Revenue Service to the effect
that, under the REMIC Provisions and any relevant proposed legislation and under
applicable state law, the REMIC may hold REO Property for a longer period
without adversely affecting the REMIC status of such REMIC or causing the
imposition of a Federal or state tax upon such REMIC. If the Trustee has
received such an extension, then (a) the Trustee shall provide a copy of such
extension to the Master Servicer and (b) the Trustee, or the Master Servicer,
acting on its behalf hereunder, shall, or shall cause the applicable Servicer
to, continue to attempt to sell the REO Property for its fair market value for
such period longer than three years as such extension permits (the "Extended
Period"). If the Trustee has not received such an extension and the Trustee, or
the Master Servicer acting on behalf of the Trustee hereunder, or the applicable
Servicer is unable to sell the REO Property within 33 months after its
acquisition by the Trust Fund or if the Trustee has received such an extension,
and the Trustee, or the Master Servicer acting on behalf of the Trustee
hereunder, is unable to sell the REO Property within the period ending three
months before the close of the Extended Period, the Master Servicer shall, or
shall cause the applicable Servicer to, before the end of the three year period
or the Extended Period, as applicable, (i) purchase such REO Property at a price
equal to the REO Property's fair market value or (ii) auction the REO Property
to the highest bidder (which may be the Master Servicer) in an auction
reasonably designed to produce a fair price prior to the expiration of the
three-year period or the Extended Period, as the case may be.


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                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

      Section 11.01. Binding Nature of Agreement; Assignment.

      This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

      Section 11.02. Entire Agreement.

      This Agreement contains the entire agreement and understanding among the
parties hereto with respect to the subject matter hereof, and supersedes all
prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter hereof. The express terms hereof control and
supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof.

      Section 11.03. Amendment.

      (a) This Agreement may be amended from time to time by the Depositor, the
Master Servicer and the Trustee, without notice to or the consent of any of the
Holders, (i) to cure any ambiguity, (ii) to cause the provisions herein to
conform to or be consistent with or in furtherance of the statements made with
respect to the Certificates, the Trust Fund or this Agreement in any Offering
Document; or to correct or supplement any provision herein which may be
inconsistent with any other provisions herein, (iii) to make any other
provisions with respect to matters or questions arising under this Agreement or
(iv) to add, delete, or amend any provisions to the extent necessary or
desirable to comply with any requirements imposed by the Code and the REMIC
Provisions. No such amendment effected pursuant to the preceding sentence shall,
as evidenced by an Opinion of Counsel, adversely affect the status of any REMIC
created pursuant to this Agreement, nor shall such amendment effected pursuant
to clause (iii) of such sentence adversely affect in any material respect the
interests of any Holder (without regard to the Class 1-A1 Certificate Insurance
Policy). Prior to entering into any amendment without the consent of Holders
pursuant to this paragraph, the Trustee may require an Opinion of Counsel (at
the expense of the party requesting such amendment) to the effect that such
amendment is permitted under this paragraph. Any such amendment shall be deemed
not to adversely affect in any material respect any Holder, if the Trustee
receives written confirmation from each Rating Agency that such amendment will
not cause such Rating Agency to reduce, qualify or withdraw the then current
rating assigned to the Certificates (in the case of the Class 1-A1 Certificates,
determined without regard to the Class 1-A1 Certificate Insurance Policy) (and
any Opinion of Counsel requested by the Trustee in connection with any such
amendment may rely expressly on such confirmation as the basis therefor).


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      (b) This Agreement may also be amended from time to time by the Depositor,
the Master Servicer and the Trustee with the consent of the Holders of not less
than 66 2/3% of the Class Principal Amount (or Percentage Interest) of each
Class of Certificates affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Holders; provided,
however, that no such amendment shall be made unless the Trustee receives an
Opinion of Counsel, at the expense of the party requesting the change, that such
change will not adversely affect the status of the REMIC as a REMIC or cause a
tax to be imposed on such REMIC; and provided further, that no such amendment
may (i) reduce in any manner the amount of, or delay the timing of, payments
received on Mortgage Loans which are required to be distributed on any
Certificate, without the consent of the Holder of such Certificate or (ii)
reduce the aforesaid percentages of Class Principal Amount (or Percentage
Interest) of Certificates of each Class, the Holders of which are required to
consent to any such amendment without the consent of the Holders of 100% of the
Class Principal Amount (or Class Notional Amount) of each Class of Certificates
affected thereby. For purposes of this paragraph, references to "Holder" or
"Holders" shall be deemed to include, in the case of any Class of Book-Entry
Certificates, the related Certificate Owners.

      (c) Promptly after the execution of any such amendment, the Trustee shall
furnish written notification of the substance of such amendment to each Holder,
the Depositor and to the Rating Agencies.

      (d) It shall not be necessary for the consent of Holders under this
Section 11.03 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Holders shall be subject to such reasonable regulations as
the Trustee may prescribe.

      (e) Notwithstanding anything to the contrary in any Servicing Agreement,
the Trustee shall not consent to any amendment of any Servicing Agreement except
pursuant to the standards provided in this Section with respect to amendment of
this Agreement.

      Section 11.04. Voting Rights.

      Except to the extent that the consent of all affected Certificateholders
is required pursuant to this Agreement, with respect to any provision of this
Agreement requiring the consent of Certificateholders representing specified
percentages of aggregate outstanding Certificate Principal Amount (or Notional
Amount), Certificates owned by the Depositor, the Master Servicer, the Trustee
or any Servicer or Affiliates thereof are not to be counted so long as such
Certificates are owned by the Depositor, the Master Servicer, the Trustee or any
Servicer or Affiliates thereof.


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<PAGE>

      Section 11.05. Provision of Information.

      (a) For so long as any of the Certificates of any Series or Class are
"restricted securities" within the meaning of Rule 144(a)(3) under the Act, each
of the Depositor and the Trustee agree to cooperate with each other to provide
to any Certificateholders and to any prospective purchaser of Certificates
designated by such Certificateholder, upon the request of such Certificateholder
or prospective purchaser, any information required to be provided to such holder
or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
under the Act. Any reasonable, out-of-pocket expenses incurred by the Trustee in
providing such information shall be reimbursed by the Depositor.

      (b) The Trustee will make available to any person to whom a Prospectus was
delivered, upon the request of such person specifying the document or documents
requested, (i) a copy (excluding exhibits) of any report on Form 8-K or Form
10-K filed with the Securities and Exchange Commission pursuant to Section
6.20(c) and (ii) a copy of any other document incorporated by reference in the
Prospectus. Any reasonable out-of-pocket expenses incurred by the Trustee in
providing copies of such documents shall be reimbursed by the Depositor.

      (c) On each Distribution Date, the Trustee shall deliver or cause to be
delivered by first class mail to the Depositor, Attention: Contract Finance, a
copy of the report delivered to Certificateholders pursuant to Section 4.03.

      Section 11.06. Governing Law.

      THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES APPLIED IN NEW YORK.

      Section 11.07. Notices.

      All demands, notices and communications hereunder shall be in writing and
shall be deemed to have been duly given when delivered to such party at the
relevant address, facsimile number or electronic mail address set forth below
(or at such other address, facsimile number or electronic mail address as such
party may designate from time to time by written notice in accordance with this
Section 11.07): received by (a) in the case of the Depositor, Structured Asset
Securities Corporation, 200 Vesey Street, 12th Floor, New York, New York 10285,
Attention: Mark Zusy, (b) in the case of the Trustee, The Chase Manhattan Bank,
450 West 33rd Street, 14th Floor, New York, New York 10001-2697, Attention:
Institutional Trust Services/SASCO 2001-14A, and (c) in the case of the Master
Servicer, Aurora Loan Services Inc., 2530 South Parker Road, Suite 601, Aurora,
Colorado 80014; Attention: Master Servicing or as to each party such other
address as may hereafter be furnished by such party to the other parties in
writing. Any notice required or permitted to be mailed to a Holder shall be
given by first class mail, postage prepaid, at the address of such Holder as
shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice.

      Section 11.08. Severability of Provisions.

      If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.


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      Section 11.09. Indulgences; No Waivers.

      Neither the failure nor any delay on the part of a party to exercise any
right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or
privilege preclude any other or further exercise of the same or of any other
right, remedy, power or privilege, nor shall any waiver of any right, remedy,
power or privilege with respect to any occurrence be construed as a waiver of
such right, remedy, power or privilege with respect to any other occurrence. No
waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

      Section 11.10. Headings Not To Affect Interpretation.

      The headings contained in this Agreement are for convenience of reference
only, and they shall not be used in the interpretation hereof.

      Section 11.11. Benefits of Agreement.

      Nothing in this Agreement or in the Certificates, express or implied,
shall give to any Person, other than the parties to this Agreement and their
successors hereunder and the Holders of the Certificates, any benefit or any
legal or equitable right, power, remedy or claim under this Agreement, except to
the extent specified in Sections 11.14 and 11.15.

      Section 11.12. Special Notices to the Rating Agencies and Class 1-A1
Certificate Insurer.

      (a) The Depositor shall give prompt notice to the Rating Agencies and the
Class 1-A1 Certificate Insurer of the occurrence of any of the following events
of which it has notice:

            (i) any amendment to this Agreement pursuant to Section 11.03;

            (ii) any Assignment by the Master Servicer of its rights hereunder
      or delegation of its duties hereunder;

            (iii) the occurrence of any Event of Default described in Section
      6.14;

            (iv) any notice of termination given to the Master Servicer pursuant
      to Section 6.14 and any resignation of the Master Servicer hereunder;

            (v) the appointment of any successor to any Master Servicer pursuant
      to Section 6.14; and

            (vi) the making of a final payment pursuant to Section 7.02.


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      (b) All notices to the Rating Agencies provided for this Section shall be
in writing and sent by first class mail, telecopy or overnight courier, as
follows:

      If to Fitch, to:

      Fitch, Inc.
      One State Street Plaza
      New York New York 10004
      Attention:  Residential Mortgage Surveillance

      If to S&P, to:

      Moody's Investors Service, Inc.
      99 Church Street
      New York, New York  10007
      Attention: Residential Mortgage Surveillance

      (c) The Trustee shall provide or make available to the Rating Agencies
reports prepared pursuant to Section 4.03. In addition, the Trustee shall, at
the expense of the Trust Fund, make available to each Rating Agency such
information as such Rating Agency may reasonably request regarding the
Certificates or the Trust Fund, to the extent that such information is
reasonably available to the Trustee.

      Section 11.13. Counterparts.

      This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, and all of which together shall constitute
one and the same instrument.

      Section 11.14. Transfer of Servicing.

      The Seller agrees that it shall provide written notice to the Trustee, the
Class 1-A1 Certificate Insurer and the Master Servicer thirty days prior to any
transfer or assignment by the Seller of its rights under any Servicing Agreement
or of the servicing thereunder or delegation of its rights or duties thereunder
or any portion thereof to any Person other than the initial Servicer under such
Servicing Agreement; provided that the Seller shall not be required to provide
prior notice of any transfer of servicing that occurs within three months
following the Closing Date to an entity that is a Servicer on the Closing Date.
In addition, the ability of the Seller to transfer or assign its rights and
delegate its duties under a Servicing Agreement or to transfer the servicing
thereunder to a successor servicer shall be subject to the following conditions:

            (i) Such successor servicer must be qualified to service loans for
      FNMA or FHLMC;

            (ii) Such successor servicer must satisfy the seller/servicer
      eligibility standards in the applicable Servicing Agreement, exclusive of
      any experience in mortgage loan origination, and must be reasonably
      acceptable to the Master Servicer, whose approval shall not be
      unreasonably withheld;


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            (iii) Such successor servicer must execute and deliver to the
      Trustee and the Master Servicer an agreement, in form and substance
      reasonably satisfactory to the Trustee and the Master Servicer, that
      contains an assumption by such successor servicer of the due and punctual
      performance and observance of each covenant and condition to be performed
      and observed by the applicable Servicer under the applicable Servicing
      Agreement or, in the case of a transfer of servicing to a party that is
      already a Servicer pursuant to this Agreement, an agreement to add the
      related Mortgage Loans to the Servicing Agreement already in effect with
      such Servicer;

            (iv) If the successor servicer is not a Servicer of Mortgage Loans
      at the time of such transfer, there must be delivered to the Trustee a
      letter from each Rating Agency to the effect that such transfer of
      servicing will not result in a qualification, withdrawal or downgrade of
      the then-current rating of any of the Certificates (determined without
      regard to the Class 1-A1 Certificate Insurance Policy, in the case of the
      Class 1-A1 Certificates);

            (v) The Seller shall, at its cost and expense, take such steps, or
      cause the terminated Servicer to take such steps, as may be necessary or
      appropriate to effectuate and evidence the transfer of the servicing of
      the Mortgage Loans to such successor servicer, including, but not limited
      to, the following: (A) to the extent required by the terms of the Mortgage
      Loans and by applicable federal and state laws and regulations, the Seller
      shall cause the prior Servicer to timely mail to each obligor under a
      Mortgage Loan any required notices or disclosures describing the transfer
      of servicing of the Mortgage Loans to the successor servicer; (B) prior to
      the effective date of such transfer of servicing, the Seller shall cause
      the prior Servicer to transmit to any related insurer notification of such
      transfer of servicing; (C) on or prior to the effective date of such
      transfer of servicing, the Seller shall cause the prior Servicer to
      deliver to the successor servicer all Mortgage Loan Documents and any
      related records or materials; (D) on or prior to the effective date of
      such transfer of servicing, the Seller shall cause the prior Servicer to
      transfer to the successor servicer, or, if such transfer occurs after a
      Remittance Date but before the next succeeding Deposit Date, to the Master
      Servicer, all funds held by the applicable Servicer in respect of the
      Mortgage Loans; (E) on or prior to the effective date of such transfer of
      servicing, the Seller shall cause the prior Servicer to, after the
      effective date of the transfer of servicing to the successor servicer,
      continue to forward to such successor servicer, within one Business Day of
      receipt, the amount of any payments or other recoveries received by the
      prior Servicer, and to notify the successor servicer of the source and
      proper application of each such payment or recovery; and (F) the Seller
      shall cause the prior Servicer to, after the effective date of transfer of
      servicing to the successor servicer, continue to cooperate with the
      successor servicer to facilitate such transfer in such manner and to such
      extent as the successor servicer may reasonably request.

            Section 11.15. Matters Relating to the Class 1-A1 Certificate
Insurance Policy.

      (a) All notices, statements, reports, certificates or opinions required by
this Agreement to be sent to any other party hereto or to the Class 1-A1
Certificateholders shall also be sent, and any report or statement sent by the
Master Servicer to the Trustee shall be sent by the Trustee, as applicable, to
the Class 1-A1 Certificate Insurer at the following address:


                                      120
<PAGE>

      Ambac Assurance Corporation
      One State Street Plaza, 19th Floor
      New York, New York 10004
      Attention:  Risk Management, Consumer Asset-Backed Securities
      Re:  Structured Asset Securities Corporation Mortgage Pass-Through
           Certificates, Series 2001-14A, Class 1-A1 Certificates

or such other address as the Class 1-A1 Certificate Insurer may hereafter
furnish to the Depositor and the Trustee.

      (b) Notwithstanding any provision to the contrary, the parties to this
Agreement agree that it is appropriate, in furtherance of the interest of such
parties as set forth herein, the Class 1-A1 Certificate Insurer receive the
benefit of Sections 4.03, 5.02, 5.07 and 11.15 as an intended third party
beneficiary of this Agreement to the extent of such provisions.

      (c) No purchase of the property of the Trust Fund pursuant to
Section 7.01(b) shall occur if such purchase would result in a draw on the
Class 1-A1 Certificate Insurance Policy, unless the Class 1-A1 Certificate
Insurer has consented to such purchase.

      (d) All references herein to the rating of the Certificates shall be
without regard to the Class 1-A1 Certificate Insurance Policy.

      Section 11.16. Class 1-A1 Certificate Insurer Contact Person.

      The initial Class 1-A1 Certificate Insurer Contact Person is Jerald W.
Dreyer.


                                      121
<PAGE>

      IN WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer
have caused their names to be signed hereto by their respective officers
hereunto duly authorized as of the day and year first above written.

                                     STRUCTURED ASSET SECURITIES
                                       CORPORATION, as Depositor


                                     By: /s/ Ellen V. Kiernan
                                         ---------------------------------------
                                         Name: Ellen V. Kiernan
                                         Title:   Vice President


                                     THE CHASE MANHATTAN BANK,
                                       as Trustee


                                     By: /s/ Karen Schluter
                                        ----------------------------------------
                                         Name: Karen Schluter
                                         Title:   Assistant Vice President


                                     AURORA LOAN SERVICES INC.,
                                       as Master Servicer


                                     By: /s/ E. Todd Whittemore
                                         ---------------------------------------
                                         Name: E. Todd Whittemore
                                         Title:   Exec. Vice President

Solely for purposes of Section 11.14,
accepted and agreed to by:

LEHMAN CAPITAL, A DIVISION OF
  LEHMAN BROTHERS HOLDINGS INC.


By: /s/ Stanley Labanowski
    --------------------------------
    Name: Stanley Labanowski
    Title:   Authorized Signatory


<PAGE>

                                    EXHIBIT A

                              FORMS OF CERTIFICATES








<PAGE>

                                   EXHIBIT B-1

                          FORM OF INITIAL CERTIFICATION


                                                           -------------
                                                                Date


The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, New York 10001-2697

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

      Re:   Trust Agreement (the "Trust Agreement"), dated as of August 1, 2001
            among Structured Asset Securities Corporation, as Depositor, The
            Chase Manhattan Bank, as Trustee, and Aurora Loan Services Inc., as
            Master Servicer, with respect to Structured Asset Securities
            Corporation Mortgage Pass-Through Certificates, Series 2001-14A

Ladies and Gentlemen:

      In accordance with Section 2.02(a) of the Trust Agreement, subject to
review of the contents thereof, the undersigned, as Custodian on behalf of the
Trustee, hereby certifies that it (or its custodian) has received the documents
listed in Section 2.01(b) of the Trust Agreement for each Mortgage File
pertaining to each Mortgage Loan listed on Schedule A, to the Trust Agreement,
subject to any exceptions noted on Schedule I hereto.

      Capitalized words and phrases used herein and not otherwise defined herein
shall have the respective meanings assigned to them in the Trust Agreement. This
Certificate is subject in all respects to the terms of Section 2.02 of the Trust
Agreement and the Trust Agreement sections cross-referenced therein.

                                          [Custodian], on behalf of
                                          THE CHASE MANHATTAN BANK,
                                          as Trustee


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


<PAGE>

                                   EXHIBIT B-2

                          FORM OF INTERIM CERTIFICATION


                                                           -------------
                                                                Date


The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, New York 10001-2697

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

      Re:   Trust Agreement (the "Trust Agreement"), dated as of August 1, 2001
            among Structured Asset Securities Corporation, as Depositor, The
            Chase Manhattan Bank, as Trustee, and Aurora Loan Services Inc., as
            Master Servicer, with respect to Structured Asset Securities
            Corporation Mortgage Pass-Through Certificates, Series 2001-14A

Ladies and Gentlemen:

      In accordance with Section 2.02(b) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
received the applicable documents listed in Section 2.01(b) of the Trust
Agreement.

      The undersigned hereby certifies that as to each Mortgage Loan identified
on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
hereto, it has reviewed the documents identified above and has determined that
each such document appears regular on its face and appears to relate to the
Mortgage Loan identified in such document.

      Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement including, but not limited
to, Section 2.02(b).

                                          [Custodian], on behalf of
                                          THE CHASE MANHATTAN BANK,
                                          as Trustee


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

<PAGE>

                                   EXHIBIT B-3

                           FORM OF FINAL CERTIFICATION


                                                           -------------
                                                                Date


The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, New York 10001-2697

Structured Asset Securities Corporation
200 Vesey Street
New York, New York 10285

Aurora Loan Services Inc.
2530 South Parker Road, Suite 601
Aurora, Colorado 80014

      Re:   Trust Agreement (the "Trust Agreement"), dated as of August 1, 2001
            among Structured Asset Securities Corporation, as Depositor, The
            Chase Manhattan Bank, as Trustee, and Aurora Loan Services Inc., as
            Master Servicer, with respect to Structured Asset Securities
            Corporation Mortgage Pass-Through Certificates, Series 2001-14A

Ladies and Gentlemen:

      In accordance with Section 2.02(d) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as to
each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
Loan paid in full or listed on Schedule I hereto) it (or its custodian) has
received the applicable documents listed in Section 2.01(b) of the Trust
Agreement.

      The undersigned hereby certifies that as to each Mortgage Loan identified
on the Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
hereto, it has reviewed the documents listed above and has determined that each
such document appears to be complete and, based on an examination of such
documents, the information set forth in the Mortgage Loan Schedule is correct.

      Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is qualified
in all respects by the terms of said Trust Agreement.

                                          [Custodian], on behalf of
                                          THE CHASE MANHATTAN BANK,
                                          as Trustee


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


<PAGE>

                                   EXHIBIT B-4

                               FORM OF ENDORSEMENT

      Pay to the order of The Chase Manhattan Bank, as trustee (the "Trustee")
under the Trust Agreement dated as of August 1, 2001, among Structured Asset
Securities Corporation, as Depositor, the Trustee and the Master Servicer
relating to Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2001-14A, without recourse.




                                          --------------------------------------
                                                [current signatory on note]


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

<PAGE>

                                    EXHIBIT C

                  REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT


                                                           -------------
                                                                Date


[Addressed to Trustee
or, if applicable, custodian]


      In connection with the administration of the mortgages held by you as
Trustee under a certain Trust Agreement dated as of August 1, 2001 among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer, and you, as Trustee (the "Trust Agreement"), the
undersigned Master Servicer hereby requests a release of the Mortgage File held
by you as Trustee with respect to the following described Mortgage Loan for the
reason indicated below.

      Mortgagor's Name:

      Address:

      Loan No.:

      Reason for requesting file:

      1. Mortgage Loan paid in full. (The Master Servicer hereby certifies that
all amounts received in connection with the loan have been or will be credited
to the Collection Account or the Certificate Account (whichever is applicable)
pursuant to the Trust Agreement.)

      2. The Mortgage Loan is being foreclosed.

      3. Mortgage Loan substituted. (The Master Servicer hereby certifies that a
Qualifying Substitute Mortgage Loan has been assigned and delivered to you along
with the related Mortgage File pursuant to the Trust Agreement.)

      4. Mortgage Loan repurchased. (The Master Servicer hereby certifies that
the Purchase Price has been credited to the Collection Account or the
Certificate Account (whichever is applicable) pursuant to the Trust Agreement.)


                                      C-1
<PAGE>

      5. Other. (Describe)

      The undersigned acknowledges that the above Mortgage File will be held by
the undersigned in accordance with the provisions of the Trust Agreement and
will be returned to you within ten (10) days of our receipt of the Mortgage
File, except if the Mortgage Loan has been paid in full, or repurchased or
substituted for a Qualifying Substitute Mortgage Loan (in which case the
Mortgage File will be retained by us permanently) and except if the Mortgage
Loan is being foreclosed (in which case the Mortgage File will be returned when
no longer required by us for such purpose).

      Capitalized terms used herein shall have the meanings ascribed to them in
the Trust Agreement.


                                          ------------------------------------
                                               [Name of Master Servicer]


                                          By:
                                             ----------------------------------
                                               Name:
                                               Title: Servicing Officer


                                      C-2
<PAGE>

                                   EXHIBIT D-1

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)


STATE OF              )
                      )  ss.:
COUNTY OF             )


      [NAME OF OFFICER], _________________ being first duly sworn, deposes and
says:

      1. That he [she] is [title of officer] ________________________ of [name
of Purchaser] _________________________________________ (the "Purchaser"), a
_______________________ [description of type of entity] duly organized and
existing under the laws of the [State of __________] [United States], on behalf
of which he [she] makes this affidavit.

      2. That the Purchaser's Taxpayer Identification Number is ______________.

      3. That the Purchaser is not a "disqualified organization" within the
meaning of Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
(the "Code") and will not be a "disqualified organization" as of
__________________ [date of transfer], and that the Purchaser is not acquiring a
Residual Certificate (as defined in the Agreement) for the account of, or as
agent (including a broker, nominee, or other middleman) for, any person or
entity from which it has not received an affidavit substantially in the form of
this affidavit. For these purposes, a "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (other than an instrumentality if all of its activities are
subject to tax and a majority of its board of directors is not selected by such
governmental entity), any cooperative organization furnishing electric energy or
providing telephone service to persons in rural areas as described in Code
Section 1381(a)(2)(C), any "electing large partnership" within the meaning of
Section 775 of the Code, or any organization (other than a farmers' cooperative
described in Code Section 521) that is exempt from federal income tax unless
such organization is subject to the tax on unrelated business income imposed by
Code Section 511.

      4. That the Purchaser either (x) is not, and on __________________ [date
of transfer] will not be, an employee benefit plan subject to Section 406 or
Section 407 of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Code, the trustee of any such plan or a person
acting on behalf of any such plan or investing the assets of any such plan to
acquire a Residual Certificate; (y) is an insurance company that is purchasing
the Certificate with funds contained in an "insurance company general account"
as defined in Section V(e) of Prohibited Transaction Class Exemption ("PTCE")
95-60 and the purchase and holding of the Certificate are covered under Section
I and III of PTCE 95-60; or (z) herewith delivers to the Trustee and shall
deliver to the Depositor an opinion of counsel (a "Benefit Plan Opinion")
satisfactory to the Trustee and the Depositor, and upon which the Trustee and
the Depositor shall be entitled to rely, to the effect that the purchase or
holding of such Residual Certificate by the Investor will not result in the
assets of the Trust Fund being deemed to be plan assets and subject to the
prohibited transaction provisions of ERISA or the Code and will not subject the
Trustee or the Depositor to any obligation in addition to those undertaken by
such entities in the Trust Agreement, which opinion of counsel shall not be an
expense of the Trustee or the Depositor.


                                       D-1

<PAGE>

      5. That the Purchaser hereby acknowledges that under the terms of the
Trust Agreement (the "Agreement") among Structured Asset Securities Corporation,
The Chase Manhattan Bank, as Trustee and Aurora Loan Services Inc., as Master
Servicer, dated as of August 1, 2001, no transfer of a Residual Certificate
shall be permitted to be made to any person unless the Depositor and the Trustee
have received a certificate from such transferee containing the representations
in paragraphs 3, 4 and 5 hereof.

      6. That the Purchaser does not hold REMIC residual securities as nominee
to facilitate the clearance and settlement of such securities through electronic
book-entry changes in accounts of participating organizations (such entity, a
"Book-Entry Nominee").

      7. That the Purchaser does not have the intention to impede the assessment
or collection of any federal, state or local taxes legally required to be paid
with respect to such Residual Certificate, and that the Purchaser has provided
financial statements or other financial information requested by the transferor
in connection with the transfer of the Residual Certificate in order to permit
the transferor to assess the financial capability of the Purchaser to pay such
taxes.

      8. That the Purchaser will not transfer a Residual Certificate to any
person or entity (i) as to which the Purchaser has actual knowledge that the
requirements set forth in paragraph 3, paragraph 6 or paragraph 10 hereof are
not satisfied or that the Purchaser has reason to believe does not satisfy the
requirements set forth in paragraph 7 hereof, and (ii) without obtaining from
the prospective Purchaser an affidavit substantially in this form and providing
to the Trustee a written statement substantially in the form of Exhibit G to the
Agreement.

      9. That the Purchaser understands that, as the holder of a Residual
Certificate, the Purchaser may incur tax liabilities in excess of any cash flows
generated by the interest and that it intends to pay taxes associated with
holding such Residual Certificate as they become due.

      10. That the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person
that holds a Residual Certificate in connection with the conduct of a trade or
business within the United States and has furnished the transferor and the
Trustee with an effective Internal Revenue Service Form W-8 ECI (Certificate of
Foreign Person's Claim for Exemption From Withholding on Income Effectively
Connected with the Conduct of a Trade or Business in the United States) or
successor form at the time and in the manner required by the Code. "Non-U.S.
Person" means any person other than (i) a citizen or resident of the United
States; (ii) a corporation (or entity treated as a corporation for tax purposes)
created or organized in the United States or under the laws of the United States
or of any state thereof, including, for this purpose, the District of Columbia;
(iii) a partnership (or entity treated as a partnership for tax purposes)
organized in the United States or under the laws of the United States or of any
state thereof, including, for this purpose, the District of Columbia (unless
provided otherwise by future Treasury regulations); (iv) an estate whose income
is includible in gross income for United States income tax purposes regardless
of its source; (v) a trust, if a court within the United States is able to
exercise primary supervision over the administration of the trust and one or
more U.S. Persons have authority to control all substantial decisions of the
trust or; (vi) and, to the extent provided in Treasury regulations, certain
trusts in existence prior to August 20, 1996 that are treated as United States
persons prior to such date and elect to continue to be treated as United States
persons.


                                       D-2
<PAGE>

      11. That the Purchaser agrees to such amendments of the Trust Agreement as
may be required to further effectuate the restrictions on transfer of any
Residual Certificate to such a "disqualified organization," an agent thereof, a
Book-Entry Nominee, or a person that does not satisfy the requirements of
paragraph 7 and paragraph 10 hereof.

      12. That the Purchaser consents to the designation of the Trustee as its
agent to act as "tax matters person" of the Trust Fund pursuant to the Trust
Agreement.


                                       D-3
<PAGE>

      IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[title of officer] this _____ day of __________, 20__.


                               --------------------------------------
                               [name of Purchaser]


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

      Personally appeared before me the above-named [name of officer]
________________, known or proved to me to be the same person who executed the
foregoing instrument and to be the [title of officer] _________________ of the
Purchaser, and acknowledged to me that he [she] executed the same as his [her]
free act and deed and the free act and deed of the Purchaser.

      Subscribed and sworn before me this _____ day of __________, 20__.

NOTARY PUBLIC


______________________________


COUNTY OF_____________________

STATE OF______________________

My commission expires the _____ day of __________, 20__.


                                      D-4
<PAGE>

                                   EXHIBIT D-2

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)


                                                           -------------
                                                                Date


      Re:   Structured Asset Securities Corporation Mortgage Pass-Through
            Certificates, Series 2001-14A


            _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true and has no reason to believe that the
information contained in paragraph 7 thereof is not true, and has no reason to
believe that the Transferee has the intention to impede the assessment or
collection of any federal, state or local taxes legally required to be paid with
respect to a Residual Certificate. In addition, the Transferor has conducted a
reasonable investigation at the time of the transfer and found that the
Transferee had historically paid its debts as they came due and found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due.


                                                Very truly yours,



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

<PAGE>

                                    EXHIBIT E

                              SERVICING AGREEMENTS


<PAGE>

                                    EXHIBIT F

                     FORM OF RULE 144A TRANSFER CERTIFICATE


      Re:   Structured Asset Securities Corporation Mortgage Pass-Through
            Certificates, Series 2001-14A

      Reference is hereby made to the Trust Agreement dated as of August 1, 2001
(the "Trust Agreement") among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services Inc., as Master Servicer and The Chase Manhattan
Bank, as Trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Trust Agreement.

      This letter relates to $_________ initial Certificate Principal Amount of
Class Certificates which are held in the form of Definitive Certificates
registered in the name of (the "Transferor"). The Transferor has requested a
transfer of such Definitive Certificates for Definitive Certificates of such
Class registered in the name of [insert name of transferee].

      In connection with such request, and in respect of such Certificates, the
Transferor hereby certifies that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Trust Agreement
and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
that the Transferor reasonably believes is a "qualified institutional buyer"
within the meaning of Rule 144A purchasing for its own account or for the
account of a "qualified institutional buyer", which purchaser is aware that the
sale to it is being made in reliance upon Rule 144A, in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United States or any other applicable jurisdiction.

      This certificate and the statements contained herein are made for your
benefit and the benefit of the Placement Agent and the Depositor.

                                        ----------------------------------------
                                             [Name of Transferor]


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


Dated: __________________, ________

<PAGE>

                                    EXHIBIT G

                         FORM OF PURCHASER'S LETTER FOR
                        INSTITUTIONAL ACCREDITED INVESTOR


                                                           -------------
                                                                Date


Dear Sirs:


      In connection with our proposed purchase of $______________ principal
amount of Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2001-14A (the "Privately Offered Certificates") of
Structured Asset Securities Corporation (the "Depositor") which are held in the
form of Definitive Certificates, we confirm that:

(1)   We understand that the Privately Offered Certificates have not been, and
      will not be, registered under the Securities Act of 1933, as amended (the
      "Securities Act"), and may not be sold except as permitted in the
      following sentence. We agree, on our own behalf and on behalf of any
      accounts for which we are acting as hereinafter stated, that if we should
      sell any Privately Offered Certificates within two years of the later of
      the date of original issuance of the Privately Offered Certificates or the
      last day on which such Privately Offered Certificates are owned by the
      Depositor or any affiliate of the Depositor (which includes the Placement
      Agent) we will do so only (A) to the Depositor, (B) to "qualified
      institutional buyers" (within the meaning of Rule 144A under the
      Securities Act) in accordance with Rule 144A under the Securities Act
      ("QIBs"), (C) pursuant to the exemption from registration provided by Rule
      144 under the Securities Act, or (D) to an institutional "accredited
      investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) of
      Regulation D under the Securities Act that is not a QIB (an "Institutional
      Accredited Investor") which, prior to such transfer, delivers to the
      Trustee under the Trust Agreement dated as of August 1, 2001 among the
      Depositor, Aurora Loan Services Inc., as Master Servicer and The Chase
      Manhattan Bank, as Trustee (the "Trustee"), a signed letter in the form of
      this letter; and we further agree, in the capacities stated above, to
      provide to any person purchasing any of the Privately Offered Certificates
      from us a notice advising such purchaser that resales of the Privately
      Offered Certificates are restricted as stated herein.

(2)   We understand that, in connection with any proposed resale of any
      Privately Offered Certificates to an Institutional Accredited Investor, we
      will be required to furnish to the Trustee and the Depositor a
      certification from such transferee in the form hereof to confirm that the
      proposed sale is being made pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the
      Securities Act. We further understand that the Privately Offered
      Certificates purchased by us will bear a legend to the foregoing effect.

<PAGE>

(3)   We are acquiring the Privately Offered Certificates for investment
      purposes and not with a view to, or for offer or sale in connection with,
      any distribution in violation of the Securities Act. We have such
      knowledge and experience in financial and business matters as to be
      capable of evaluating the merits and risks of our investment in the
      Privately Offered Certificates, and we and any account for which we are
      acting are each able to bear the economic risk of such investment.

(4)   We are an Institutional Accredited Investor and we are acquiring the
      Privately Offered Certificates purchased by us for our own account or for
      one or more accounts (each of which is an Institutional Accredited
      Investor) as to each of which we exercise sole investment discretion.

(5)   We have received such information as we deem necessary in order to make
      our investment decision.

(6)   If we are acquiring ERISA-Restricted Certificates, we understand that in
      accordance with ERISA, the Code and the Exemption, no Plan and no person
      acting on behalf of such a Plan may acquire such Certificate except in
      accordance with Section 3.03(d) of the Trust Agreement.

      Terms used in this letter which are not otherwise defined herein have the
respective meanings assigned thereto in the Trust Agreement.


                                      G-2
<PAGE>

      You and the Depositor are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect
to the matters covered hereby.

                                       Very truly yours,


                                       ----------------------------------
                                       [Purchaser]


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


                                      G-3
<PAGE>

                                    EXHIBIT H

                       [FORM OF ERISA TRANSFER AFFIDAVIT]

STATE OF NEW YORK     )
                      )  ss.:
COUNTY OF NEW YORK    )

      The undersigned, being first duly sworn, deposes and says as follows:

      1. The undersigned is the ______________________ of (the "Investor"), a
[corporation duly organized] and existing under the laws of __________, on
behalf of which he makes this affidavit.

      2. The Investor either (x) is not, and on ___________ [date of transfer]
will not be, an employee benefit plan subject to Section 406 or Section 407 of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"), the
trustee of any such plan or a person acting on behalf of any such plan or
investing the assets of any such plan; (y) if the Certificate has been the
subject of an ERISA-Qualifying Underwriting, is an insurance company that is
purchasing the Certificate with funds contained in an "insurance company general
account" as defined in Section V(e) of Prohibited Transaction Class Exemption
("PTCE") 95-60 and the purchase and holding of the Certificate are covered under
Section I and III of PTCE 95-60; or (z) herewith delivers to the Trustee and
shall deliver to the Depositor an opinion of counsel (a "Benefit Plan Opinion")
satisfactory to the Trustee and the Depositor, and upon which the Trustee and
the Depositor shall be entitled to rely, to the effect that the purchase or
holding of such Certificate by the Investor will not result in the assets of the
Trust Fund being deemed to be plan assets and subject to the prohibited
transaction provisions of ERISA or the Code and will not subject the Trustee or
the Depositor to any obligation in addition to those undertaken by such entities
in the Trust Agreement, which opinion of counsel shall not be an expense of the
Trustee or the Depositor.

      3. The Investor hereby acknowledges that under the terms of the Trust
Agreement (the "Agreement") among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services Inc., as Master Servicer, and The Chase
Manhattan Bank, as Trustee, dated as of August 1, 2001, no transfer of the
ERISA-Restricted Certificates shall be permitted to be made to any person unless
the Depositor and Trustee have received a certificate from such transferee in
the form hereof.

<PAGE>

      IN WITNESS WHEREOF, the Investor has caused this instrument to be executed
on its behalf, pursuant to proper authority, by its duly authorized officer,
duly attested, this ____ day of _______________, 20__.


                                        ----------------------------------------
                                             [Investor]


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

ATTEST:


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

STATE OF              )
                      )  ss.:
COUNTY OF             )

      Personally appeared before me the above-named ___________________, known
or proved to me to be the same person who executed the foregoing instrument and
to be the _________________ of the Investor, and acknowledged that he executed
the same as his free act and deed and the free act and deed of the Investor.

      Subscribed and sworn before me this _____ day of ___________ 20___.


                                        ----------------------------------
                                        NOTARY PUBLIC

                                        My commission expires the
                                        ____ day of __________, 20__.


                                      H-2
<PAGE>

                                    EXHIBIT I

                            MONTHLY REMITTANCE ADVICE

<PAGE>

                                    EXHIBIT J

                      MONTHLY ELECTRONIC DATA TRANSMISSION

<PAGE>

                                    EXHIBIT K

                               CUSTODIAL AGREEMENT



<PAGE>

                                    EXHIBIT L

                                COMMITMENT LETTER



<PAGE>

                                    EXHIBIT M

                     CLASS 1-A1 CERTIFICATE INSURANCE POLICY



<PAGE>

                                    EXHIBIT N

                          FORM OF TRANSFER CERTIFICATE
                  FOR TRANSFER FROM RESTRICTED GLOBAL SECURITY
                         TO REGULATION S GLOBAL SECURITY
                       (Transfers pursuant toss.3.03(h)(B)
                                of the Agreement)


      Re:   Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
            Pass-Through Certificates, Series 2001-14A

      Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer and The Chase Manhattan Bank, as Trustee, dated as of
August 1, 2001. Capitalized terms used but not defined herein shall have the
meanings given to them in the Agreement.

      This letter relates to U.S. $ aggregate principal amount of Securities
which are held in the form of a Restricted Global Security with DTC in the name
of [name of transferor] (the "Transferor") to effect the transfer of the
Securities in exchange for an equivalent beneficial interest in a Regulation S
Global Security.

      In connection with such request, the Transferor does hereby certify that
such transfer has been effected in accordance with the transfer restrictions set
forth in the Agreement and the Securities and in accordance with Rule 904 of
Regulation S, and that:

            a. the offer of the Securities was not made to a person in the
            United States;

            b. at the time the buy order was originated, the transferee was
            outside the United States or the Transferor and any person acting on
            its behalf reasonably believed that the transferee was outside the
            United States;

            c. no directed selling efforts have been made in contravention of
            the requirements of Rule 903 or 904 of Regulation S, as applicable;

            d. the transaction is not part of a plan or scheme to evade the
            registration requirements of the United States Securities Act of
            1933, as amended; and

            e. the transferee is not a U.S. person (as defined in Regulation S).


                                     N-1-1
<PAGE>

      You are entitled to rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the
matters covered hereby. Terms used in this certificate have the meanings set
forth in Regulation S.


                                        ----------------------------------------
                                        [Name of Transferor]


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


Date:                                   ,
     -----------------------------------  ------


                                      N-1-2
<PAGE>

                                   EXHIBIT N-2

                    FORM OF TRANSFER CERTIFICATE FOR TRANSFER
                        FROM REGULATION S GLOBAL SECURITY
                          TO RESTRICTED GLOBAL SECURITY
                       (Transfers pursuant toss.3.03(h)(C)
                                of the Agreement)


      Re:   Structured Asset Securities Corporation Mortgage Pass-Through
            Certificates, Series 2001-14A

      Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer, and The Chase Manhattan Bank, as Trustee, dated as of
August 1, 2001. Capitalized terms used but not defined herein shall have the
meanings given to them in the Agreement.

      This letter relates to U.S. $ aggregate principal amount of Securities
which are held in the form of a Regulations S Global Security in the name of
[name of transferor] (the "Transferor") to effect the transfer of the Securities
in exchange for an equivalent beneficial interest in a Restricted Global
Security.

      In connection with such request, and in respect of such Securities, the
Transferor does hereby certify that such Securities are being transferred in
accordance with (i) the transfer restrictions set forth in the Agreement and the
Securities and (ii) Rule 144A under the United States Securities Act of 1933, as
amended, to a transferee that the Transferor reasonably believes is purchasing
the Securities for its own account or an account with respect to which the
transferee exercises sole investment discretion, the transferee and any such
account is a qualified institutional buyer within the meaning of Rule 144A, in a
transaction meeting the requirements of Rule 144A and in accordance with any
applicable securities laws of any state of the United States or any other
jurisdiction.


                                        ----------------------------------------
                                        [Name of Transferor]

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


Date:                                   ,
     -----------------------------------  ------


                                     N-2-1
<PAGE>

                                   SCHEDULE A


                             MORTGAGE LOAN SCHEDULE

                 (retained in a separate closing binder entitled
                     "SASCO 2001-14A Mortgage Loan Schedule"
                              at McKee Nelson LLP)