<PAGE>
                                                                  EXECUTION COPY

                    STRUCTURED ASSET SECURITIES CORPORATION,

                                  as Depositor,

                           AURORA LOAN SERVICES INC.,

                               as Master Servicer

                                       and

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                                   as Trustee

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

                                 TRUST AGREEMENT

                            Dated as of April 1, 2004

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



                 STRUCTURED ADJUSTABLE RATE MORTGAGE LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 2004-5







<PAGE>
                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
                                                                                                               PAGE
<S>                <C>                                                                                         <C>
Article I          DEFINITIONS..................................................................................13

         Section 1.01.         Definitions......................................................................13

         Section 1.02.         Calculations Respecting Mortgage Loans...........................................48

Article II          DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES..............................................48

         Section 2.01.         Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans.............48

         Section 2.02.         Acceptance of Trust Fund by Trustee: Review of Documentation for Trust
                               Fund.............................................................................52

         Section 2.03.         Representations and Warranties of the Depositor..................................53

         Section 2.04.         Discovery of Breach..............................................................55

         Section 2.05.         Repurchase, Purchase or Substitution of Mortgage Loans...........................56

         Section 2.06.         Grant Clause.....................................................................57

Article III        THE CERTIFICATES.............................................................................57

         Section 3.01.         The Certificates.................................................................57

         Section 3.02.         Registration.....................................................................58

         Section 3.03.         Transfer and Exchange of Certificates............................................59

         Section 3.04.         Cancellation of Certificates.....................................................65

         Section 3.05.         Replacement of Certificates......................................................65

         Section 3.06.         Persons Deemed Owners............................................................65

         Section 3.07.         Temporary Certificates...........................................................65

         Section 3.08.         Appointment of Paying Agent......................................................66

         Section 3.09.         Book-Entry Certificates..........................................................66

Article IV         ADMINISTRATION OF THE TRUST FUND.............................................................67

         Section 4.01.         Collection Account...............................................................67

         Section 4.02.         Application of Funds in the Collection Account...................................69

         Section 4.03.         Reports to Certificateholders....................................................72

         Section 4.04.         Certificate Account..............................................................75

Article V         DISTRIBUTIONS TO HOLDERS OF CERTIFICATES......................................................76

         Section 5.01.         Distributions Generally..........................................................76

         Section 5.02.         Distributions from the Certificate Account.......................................76

         Section 5.03.         Allocation of Realized Losses....................................................82

         Section 5.04.         Advances by the Master Servicer and the Trustee..................................84

         Section 5.05.         Compensating Interest Payments...................................................85

         Section 5.06.         [Reserved].......................................................................85
</TABLE>
                                       i
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
<S>              <C>                                                                                           <C>
Article VI        CONCERNING THE TRUSTEE; EVENTS OF DEFAULT.....................................................85

         Section 6.01.         Duties of Trustee................................................................85

         Section 6.02.         Certain Matters Affecting the Trustee............................................88

         Section 6.03.         Trustee Not Liable for Certificates..............................................89

         Section 6.04.         Trustee May Own Certificates.....................................................89

         Section 6.05.         Eligibility Requirements for Trustee.............................................90

         Section 6.06.         Resignation and Removal of Trustee...............................................90

         Section 6.07.         Successor Trustee................................................................91

         Section 6.08.         Merger or Consolidation of Trustee...............................................92

         Section 6.09.         Appointment of Co-Trustee, Separate Trustee or Custodian.........................92

         Section 6.10.         Authenticating Agents............................................................94

         Section 6.11.         Indemnification of Trustee.......................................................94

         Section 6.12.         Fees and Expenses of Trustee and Custodian.......................................95

         Section 6.13.         Collection of Monies.............................................................95

         Section 6.14.         Events of Default; Trustee To Act; Appointment of Successor......................96

         Section 6.15.         Additional Remedies of Trustee Upon Event of Default............................100

         Section 6.16.         Waiver of Defaults..............................................................100

         Section 6.17.         Notification to Holders.........................................................101

         Section 6.18.         Directions by Certificateholders and Duties of Trustee During Event of
                               Default.........................................................................101

         Section 6.19.         Action Upon Certain Failures of the Master Servicer and Upon Event of
                               Default.........................................................................101

         Section 6.20.         Preparation of Tax Returns and Other Reports....................................102

Article VII        PURCHASE AND TERMINATION OF THE TRUST FUND..................................................103

         Section 7.01.         Termination of Trust Fund Upon Repurchase or Liquidation of All Mortgage
                               Loans...........................................................................103

         Section 7.02.         Procedure Upon Termination of Trust Fund........................................104

         Section 7.03.         Additional Requirements under the REMIC Provisions..............................105
</TABLE>
                                       ii
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
<S>              <C>                                                                                           <C>
Article VIII       RIGHTS OF CERTIFICATEHOLDERS................................................................105

         Section 8.01.         Limitation on Rights of Holders.................................................105

         Section 8.02.         Access to List of Holders.......................................................106

         Section 8.03.         Acts of Holders of Certificates.................................................107

Article IX         ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER.......................107

         Section 9.01.         Duties of the Master Servicer...................................................107

         Section 9.02.         Master Servicer Fidelity Bond and Master Servicer Errors and Omissions
                               Insurance Policy................................................................108

         Section 9.03.         Master Servicer's Financial Statements and Related Information..................108

         Section 9.04.         Power to Act; Procedures........................................................109

         Section 9.05.         Servicing Agreements Between the Master Servicer and Servicers;
                               Enforcement of Servicers' Obligations...........................................111

         Section 9.06.         Collection of Taxes, Assessments and Similar Items..............................111

         Section 9.07.         Termination of Servicing Agreements; Successor Servicers........................112

         Section 9.08.         Master Servicer Liable for Enforcement..........................................112

         Section 9.09.         No Contractual Relationship Between Servicers and Trustee or Depositor..........113

         Section 9.10.         Assumption of Servicing Agreement by Trustee....................................113

         Section 9.11.         "Due-on-Sale" Clauses; Assumption Agreements....................................114

         Section 9.12.         Release of Mortgage Files.......................................................114

         Section 9.13.         Documents, Records and Funds in Possession of Master Servicer To Be Held
                               for Trustee.....................................................................115

         Section 9.14.         Representations and Warranties of the Master Servicer...........................116

         Section 9.15.         Closing Certificate and Opinion.................................................119

         Section 9.16.         Standard Hazard and Flood Insurance Policies....................................119

         Section 9.17.         Presentment of Claims and Collection of Proceeds................................119

         Section 9.18.         Maintenance of the Primary Mortgage Insurance Policies..........................120

         Section 9.19.         Trustee To Retain Possession of Certain Insurance Policies and Documents........120

         Section 9.20.         Realization Upon Defaulted Mortgage Loans.......................................120
</TABLE>
                                       iii
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
<S>              <C>                                                                                           <C>
         Section 9.21.         Compensation to the Master Servicer.............................................121

         Section 9.22.         REO Property....................................................................122

         Section 9.23.         [Reserved]......................................................................122

         Section 9.24.         Reports to the Trustee..........................................................122

         Section 9.25.         Annual Officer's Certificate as to Compliance...................................123

         Section 9.26.         Annual Independent Accountants' Servicing Report................................124

         Section 9.27.         Merger or Consolidation.........................................................124

         Section 9.28.         Resignation of Master Servicer..................................................125

         Section 9.29.         Assignment or Delegation of Duties by the Master Servicer.......................125

         Section 9.30.         Limitation on Liability of the Master Servicer and Others.......................125

         Section 9.31.         Indemnification; Third-Party Claims.............................................126

Article X          REMIC ADMINISTRATION........................................................................127

         Section 10.01.        REMIC and Grantor Trust Administration..........................................127

         Section 10.02.        Prohibited Transactions and Activities..........................................131

         Section 10.03.        Indemnification with Respect to Certain Taxes and Loss of REMIC Status..........131

         Section 10.04.        REO Property....................................................................132

Article XI         MISCELLANEOUS PROVISIONS....................................................................133

         Section 11.01.        Binding Nature of Agreement; Assignment.........................................133

         Section 11.02.        Entire Agreement................................................................133

         Section 11.03.        Amendment.......................................................................133

         Section 11.04.        Voting Rights...................................................................134

         Section 11.05.        Provision of Information........................................................135

         Section 11.06.        Governing Law...................................................................135

         Section 11.07.        Notices.........................................................................135

         Section 11.08.        Severability of Provisions......................................................136

         Section 11.09.        Indulgences; No Waivers.........................................................136

         Section 11.10.        Headings Not To Affect Interpretation...........................................136

         Section 11.11.        Benefits of Agreement...........................................................136

         Section 11.12.        Special Notices to the Rating Agencies..........................................136

         Section 11.13.        Counterparts....................................................................137

         Section 11.14.        Transfer of Servicing...........................................................137
</TABLE>
                                       iv
<PAGE>
                                   ATTACHMENTS

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


Schedule A        Mortgage Loan Schedule
Schedule B        Employee Mortgage Loan Schedule
Schedule C        Pool 3 AX Mortgage Loans
Schedule D        Pool 3 PAX Mortgage Loans


<PAGE>
         This TRUST AGREEMENT, dated as of April 1, 2004 (the "Agreement"), is
by and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as
depositor (the "Depositor"), AURORA LOAN SERVICES INC., as master servicer (the
"Master Servicer") and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national
banking corporation, as trustee (the "Trustee").

                              PRELIMINARY STATEMENT

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

         As provided herein, the Trustee shall elect that the Trust Fund (other
than the rights to Prepayment Penalty Amounts) be treated for federal income tax
purposes as comprising five real estate mortgage investment conduits (each a
"REMIC" or, in the alternative, REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5,
(REMIC 5 also being referred to herein as the "Upper Tier REMIC")). As is
described in Section 10.01 hereof, the Trust Fund will also be treated for
federal income tax purposes as including four grantor trusts. Each Certificate,
other than the Class P-I, Class P-II and Class R Certificates, represents
ownership of a regular interest in the Upper Tier REMIC for purposes of the
REMIC Provisions. The Class R Certificate represents ownership of the sole class
of residual interest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4, and REMIC 5
for purposes of the REMIC Provisions. The Upper Tier REMIC shall hold as assets
the several classes of uncertificated REMIC 4 Regular Interests, the Class
LT2-3AXIO Interest and the Class LT2-3PAXIO Interest. Each REMIC 4 Regular
Interest is hereby designated as a regular interest in REMIC 4. REMIC 4 shall
hold as assets the several classes of uncertificated REMIC 3 Regular Interests.
Each REMIC 3 Regular Interest is hereby designated as a regular interest in
REMIC 3. REMIC 3 shall hold as assets the several classes of uncertificated
REMIC 2 Regular Interests, other than the Class LT2-3AXIO Interest and the Class
LT2-3PAXIO Interest. Each REMIC 2 Regular Interest is hereby designated as a
regular interest in REMIC 2. REMIC 2 shall hold as assets the several classes of
uncertificated REMIC 1 Regular Interests. Each REMIC 1 Regular Interest is
hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as assets
all property of the Trust Fund other than the REMIC 2 Regular Interests, the
REMIC 3 Regular Interests, the REMIC 4 Regular Interests, the REMIC 5 Regular
Interests and the rights to Prepayment Penalty Amounts.

                                       1
<PAGE>

REMIC 1

         The following table specifies the class designation, interest rate,
principal amount and related Mortgage Pool for each class of REMIC 1 Interests.
<TABLE>
<CAPTION>
REMIC 1 Class                              Initial Class or Principal        Related Pool or
 Designation           Interest Rate                 Amount                      Pools
-------------          -------------       --------------------------        ---------------
<S>                    <C>                  <C>                              <C>
Class LT1-1                 (1)                  $230,027,744.32                 Pool 1
Class LT1-2                 (2)                  $143,558,077.45                 Pool 2
Class LT1-3AX               (3)                  $388,042,491.08                 Pool 3
Class LT1-3PAX              (4)                  $219,164,156.06                 Pool 3
Class LT1-4                 (5)                  $106,931,371.58                 Pool 4
Class LT1-5                 (6)                  $118,695,623.15                 Pool 5
Class LT1-R                 (7)                              (7)                 N/A
</TABLE>

----------------
(1) For any Distribution Date, the interest rate for the Class LT1-1 Interest
    shall be a per annum rate equal to the weighted average of the Net Mortgage
    Rates of the Pool 1 Mortgage Loans at the beginning of the related Due
    Period, weighted on the basis of their respective Scheduled Principal
    Balances as of the preceding Distribution Date (or, in the case of the first
    Distribution Date, the Cut-off Date).

(2) For any Distribution Date, the interest rate for the Class LT1-2 Interest
    shall be a per annum rate equal to the weighted average of the Net Mortgage
    Rates of the Pool 2 Mortgage Loans at the beginning of the related Due
    Period, weighted on the basis of their respective Scheduled Principal
    Balances as of the preceding Distribution Date (or, in the case of the first
    Distribution Date, the Cut-off Date).

(3) For any Distribution Date on or prior to the Distribution Date in March
    2009, the interest rate for the Class LT1-3AX Interest shall be a per annum
    rate equal to the weighted average of the Net Mortgage Rates of the Pool 3
    AX Mortgage Loans at the beginning of the related Due Period, weighted on
    the basis of their respective Scheduled Principal Balances as of the
    preceding Distribution Date (or, in the case of the first Distribution Date,
    the Cut-off Date). For each Distribution Date starting with the Distribution
    Date in April 2009, the interest rate for the Class LT1-3AX Interest shall
    be a per annum rate equal to the weighted average of the Net Mortgage Rates
    of the Pool 3 Mortgage Loans at the beginning of the related Due Period,
    weighted on the basis of their respective Scheduled Principal Balances as of
    the preceding Distribution Date (or, in the case of the first Distribution
    Date, the Cut-off Date).

(4) For any Distribution Date on or prior to the Distribution Date in March
    2009, the interest rate for the Class LT1-3PAX Interest shall be a per annum
    rate equal to the weighted average of the Net Mortgage Rates of the Pool 3
    PAX Mortgage Loans at the beginning of the related Due Period, weighted on
    the basis of their respective Scheduled Principal Balances as of the
    preceding Distribution Date (or, in the case of the first Distribution Date,
    the Cut-off Date). For each Distribution Date starting with the Distribution
    Date in April 2009, the interest rate for the Class LT1-3PAX Interest shall
    be a per annum rate equal to the weighted average of the Net Mortgage Rates
    of the Pool 3 Mortgage Loans at the beginning of the related Due Period,
    weighted on the basis of their respective Scheduled Principal Balances as of
    the preceding Distribution Date (or, in the case of the first Distribution
    Date, the Cut-off Date).

                                       2
<PAGE>

(5) For any Distribution Date, the interest rate for the Class LT1-4 Interest
    shall be a per annum rate equal to the weighted average of the Net Mortgage
    Rates of the Pool 4 Mortgage Loans at the beginning of the related Due
    Period, weighted on the basis of their respective Scheduled Principal
    Balances as of the preceding Distribution Date (or, in the case of the first
    Distribution Date, the Cut-off Date).

(6) For any Distribution Date, the interest rate for the Class LT1-5 Interest
    shall be a per annum rate equal to the weighted average of the Net Mortgage
    Rates of the Pool 5 Mortgage Loans at the beginning of the related Due
    Period, weighted on the basis of their respective Scheduled Principal
    Balances as of the preceding Distribution Date (or, in the case of the first
    Distribution Date, the Cut-off Date).

(7) The Class LT1-R Interest shall represent the sole class of residual interest
    in REMIC 1. The Class LT1-R Interest will not have a principal amount or an
    interest rate. The Class LT1-R Interest shall be represented by the Class R
    Certificate.

         All Realized Losses and shortfalls from the Pool 1 Mortgage Loans shall
be allocated to the Class LT1-1 Interest and all payments of principal and
interest received with respect to the Pool 1 Mortgage Loans shall be paid on the
Class LT1-1 Interest in payment of accrued interest and principal until the
principal balance of such Class is reduced to zero and any losses allocated to
such Class have been reimbursed.

         All Realized Losses and shortfalls from the Pool 2 Mortgage Loans shall
be allocated to the Class LT1-2 Interest and all payments of principal and
interest received with respect to the Pool 2 Mortgage Loans shall be paid on the
Class LT1-2 Interest in payment of accrued interest and principal until the
principal balance of such Class is reduced to zero and any losses allocated to
such Class have been reimbursed.

         All Realized Losses and shortfalls from the Pool 3 AX Mortgage Loans
shall be allocated to the Class LT1-3AX Interest and all payments of principal
and, for Distribution Dates prior to the Distribution Date in April 2009,
interest received with respect to the Pool 3 AX Mortgage Loans shall be paid on
the Class LT1-3AX Interest in payment of accrued interest and principal until
the principal balance of such Class is reduced to zero and any losses allocated
to such Class have been reimbursed.

         All Realized Losses and shortfalls from the Pool 3 PAX Mortgage Loans
shall be allocated to the Class LT1-3PAX Interest and all payments of principal
and, for Distribution Dates prior to the Distribution Date in April 2009,
interest received with respect to the Pool 3 PAX Mortgage Loans shall be paid on
the Class LT1-3PAX Interest in payment of accrued interest and principal until
the principal balance of such Class is reduced to zero and any losses allocated
to such Class have been reimbursed.

         For each Distribution Date starting with the Distribution Date in April
2009, interest received on the Pool 3 Mortgage Loans will be distributed in
respect of the Class LT1-3AX Interest and the Class LT1-3PAX Interest in
proportion to the relative outstanding unpaid interest amounts for those
Interests.

         All Realized Losses and shortfalls from the Pool 4 Mortgage Loans shall
be allocated to the Class LT1-4 Interest and all payments of principal and
interest received with respect to the Pool 4 Mortgage Loans shall be paid on the
Class LT1-4 Interest in payment of accrued interest and principal until the
principal balance of such Class is reduced to zero and any losses allocated to
such Class have been reimbursed.

                                       3
<PAGE>

         All Realized Losses and shortfalls from the Pool 5 Mortgage Loans shall
be allocated to the Class LT1-5 Interest and all payments of principal and
interest received with respect to the Pool 5 Mortgage Loans shall be paid on the
Class LT1-5 Interest in payment of accrued interest and principal until the
principal balance of such Class is reduced to zero and any losses allocated to
such Class have been reimbursed.

         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Class of Certificates as a result of the proviso in the
definition of Certificate Principal Amount, then there shall be a corresponding
increase in the principal amount of the REMIC 1 Interests, with the increase
allocated among such REMIC 1 Interests in a manner that reflects the Mortgage
Pool with respect to which the Subsequent Recovery was made (and, in the case of
Subsequent Recoveries with respect to Pool 3, whether the Subsequent Recovery
was in respect of a Pool 3 AX Mortgage Loan or a Pool 3 PAX Mortgage Loan).

REMIC 2

         The following table specifies the class designation, interest rate,
principal amount and related Mortgage Pool for each class of REMIC 2 Interests.
<TABLE>
<CAPTION>
REMIC 2 Class                              Initial Class or Principal        Related Pool or
 Designation           Interest Rate                 Amount                      Pools
-------------          -------------       --------------------------        ---------------
<S>                    <C>                  <C>                              <C>
Class LT2-1                 (1)                  $230,027,744.32                 Pool 1
Class LT2-2                 (2)                  $143,558,077.45                 Pool 2
Class LT2-3AX               (3)                  $388,042,491.08                 Pool 3
Class LT2-3AXIO             (4)                             (10)                 Pool 3
Class LT2-3PAX              (5)                  $219,164,156.06                 Pool 3
Class LT2-3PAXIO            (6)                             (11)                 Pool 3
Class LT2-4                 (7)                  $106,931,371.58                 Pool 4
Class LT2-5                 (8)                  $118,695,623.15                 Pool 5
Class LT2-R                 (9)                              (9)                 N/A
</TABLE>

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

(1) For any Distribution Date, the interest rate for the Class LT2-1 Interest
    shall be the interest rate on the Class LT1-1 Interest.

(2) For any Distribution Date, the interest rate for the Class LT2-2 Interest
    shall be the interest rate on the Class LT1-2 Interest.

(3) For any Distribution Date prior to the Distribution Date in April 2009, the
    interest rate for the Class LT2-3AX Interest shall be the lesser of (i) the
    initial weighted average of the annual interest rates on the Class 3-A1,
    Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5 and Class 3-A6 Certificates,
    weighted on the basis of their initial Class Principal Balances or (ii) the
    interest rate on the Class LT1-3AX Interest. For each Distribution Date
    starting with the Distribution Date in April 2009, the interest rate for the
    Class LT2-3AX Interest shall be the interest rate on the Class LT1-3AX
    Interest.

                                       4
<PAGE>

 (4) For any Distribution Date prior to the Distribution Date in April 2009, the
     interest rate for the Class LT2-3AXIO Interest shall be equal to the
     excess, if any, of (i) the interest rate on the Class LT1-3AX Interest over
     (ii) the initial weighted average of the annual interest rates on the Class
     3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5 and Class 3-A6
     Certificates, weighted on the basis of their initial Class Principal
     Balances. The Class LT2-3AXIO Interest shall not be entitled to any
     distributions in respect of Accrual Periods after the Accrual Period in
     February 2009.

 (5) For any Distribution Date prior to the Distribution Date in April 2009, the
     interest rate for the Class LT2-3PAX Interest shall be the lesser of (i)
     the initial weighted average of the annual interest rates on the Class
     3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5 and Class 3-A6
     Certificates, weighted on the basis of their initial Class Principal
     Balances or (ii) the interest rate on the Class LT1-3PAX Interest. For each
     Distribution Date starting with the Distribution Date in April 2009, the
     interest rate for the Class LT2-3PAX Interest shall be the interest rate on
     the Class LT1-3PAX Interest.

 (6) For any Distribution Date prior to the Distribution Date in April 2009, the
     interest rate for the Class LT2-3PAXIO Interest shall be equal to the
     excess, if any, of (i) the interest rate on the Class LT1-3PAX Interest
     over (ii) the initial weighted average of the annual interest rates on the
     Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5 and Class 3-A6
     Certificates, weighted on the basis of their initial Class Principal
     Balances. The Class LT2-3PAXIO Interest shall not be entitled to any
     distributions in respect of Accrual Periods after the Accrual Period in
     February 2009.

 (7) For any Distribution Date, the interest rate for the Class LT2-4 Interest
     shall be the interest rate on the Class LT1-4 Interest.

 (8) For any Distribution Date, the interest rate for the Class LT2-5 Interest
     shall be the interest rate on the Class LT1-5 Interest.

 (9) The Class LT2-R Interest shall represent the sole class of residual
     interest in REMIC 2. The Class LT2-R Interest will not have a principal
     amount or an interest rate. The Class LT2-R Interest shall be represented
     by the Class R Certificate.

(10) For any Distribution Date prior to the Distribution Date in April 2009,
     the Class LT2-3AXIO Interest shall bear interest on a notional amount equal
     to the aggregate Scheduled Principal Balance of the Pool 3 AX Mortgage
     Loans as of the preceding Distribution Date.

(11) For any Distribution Date prior to the Distribution Date in April 2009,
     the Class LT2-3PAXIO Interest shall bear interest on a notional amount
     equal to the aggregate Scheduled Principal Balance of the Pool 3 PAX
     Mortgage Loans as of the preceding Distribution Date.

         All Realized Losses and shortfalls allocated to the Class LT1-1
Interest shall be allocated to the Class LT2-1 Interest. All distributions in
respect of principal, interest and reimbursements of previously allocated
Realized Losses on the Class LT1-1 Interest shall be made to the Class LT2-1
Interest.

         All Realized Losses and shortfalls allocated to the Class LT1-2
Interest shall be allocated to the Class LT2-2 Interest. All distributions in
respect of principal, interest and reimbursements of previously allocated
Realized Losses on the Class LT1-2 Interest shall be made to the Class LT2-2
Interest.

         An amount of Realized Losses and shortfalls equal to the amount of
Realized Losses and shortfalls allocated to the Class 3-AX Certificates shall be
allocated to the Class LT2-3AXIO Interest. An amount equal to the amount of all
distributions made, or deemed made under Section 5.02(h) hereof, to the Class
3-AX Certificates shall be distributed to the Class LT2-3AXIO Interest.

                                       5
<PAGE>

         All Realized Losses and shortfalls on the Pool 3 AX Mortgage Loans not
allocated to the Class 3-AX Certificates will be allocated to the Class LT2-3AX
Interest. All distributions in respect of principal, interest and reimbursements
of previously allocated Realized Losses on the Class LT1-3AX Interest in excess
of such amounts distributed or treated as distributed to the Class LT2-3AXIO
Interest shall be treated as made in respect of the Class LT2-3AX Interest.

         An amount of Realized Losses and shortfalls equal to the amount of
Realized Losses and shortfalls allocated to the Class 3-PAX Certificates shall
be allocated to the Class LT2-3PAXIO Interest. An amount equal to the amount of
all distributions made, or deemed made under Section 5.02(h) hereof, to the
Class 3-PAX Certificates shall be distributed to the Class LT2-3PAXIO Interest.

         All Realized Losses and shortfalls on the Pool 3 PAX Mortgage Loans not
allocated to the Class 3-PAX Certificates will be allocated to the Class
LT2-3PAX Interest. All distributions in respect of principal, interest and
reimbursements of previously allocated Realized Losses on the Class LT1-3PAX
Interest in excess of such amounts distributed or treated as distributed to the
Class LT2-3PAXIO Interest shall be treated as made in respect of the Class
LT2-3PAX Interest.

         All Realized Losses and shortfalls allocated to the Class LT1-4
Interest shall be allocated to the Class LT2-4 Interest. All distributions in
respect of principal, interest and reimbursements of previously allocated
Realized Losses on the Class LT1-4 Interest shall be made to the Class LT2-4
Interest.

         All Realized Losses and shortfalls allocated to the Class LT1-5
Interest shall be allocated to the Class LT2-5 Interest. All distributions in
respect of principal, interest and reimbursements of previously allocated
Realized Losses on the Class LT1-5 Interest shall be made to the Class LT2-5
Interest.

         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Class of Certificates as a result of the proviso in the
definition of Certificate Principal Amount, then there shall be a corresponding
increase in the principal amount of the REMIC 2 Interests (other than the Class
LT2-3AXIO Interest and the Class LT2-3PAXIO Interest), with the increase
allocated among such REMIC 2 Interests in a manner that reflects the Mortgage
Pool with respect to which the Subsequent Recovery was made (and, in the case of
Subsequent Recoveries with respect to Pool 3, whether the Subsequent Recovery
was in respect of a Pool 3 AX Mortgage Loan or a Pool 3 PAX Mortgage Loan).

REMIC 3

         The following table specifies the class designation, interest rate,
principal amount and related Mortgage Pool for each class of REMIC 3 Interests.

                                       6
<PAGE>
<TABLE>
<CAPTION>
REMIC 3 Class                              Initial Class or Principal        Related Pool or
 Designation           Interest Rate                 Amount                      Pools
-------------          -------------       --------------------------        ---------------
<S>                    <C>                  <C>                              <C>
Class LT3-1A               (1)                    $ 149,526.4432                 Pool 1
Class LT3-1B               (2)                   $2,300,277.4432                 Pool 1
Class LT3-2A               (1)                     $ 93,320.7745                 Pool 2
Class LT3-2B               (3)                   $1,435,580.7745                 Pool 2
Class LT3-3A               (1)                    $ 394,686.4714                 Pool 3
Class LT3-3B               (4)                   $6,072,066.4714                 Pool 3
Class LT3-4A               (1)                     $ 69,513.7158                 Pool 4
Class LT3-4B               (5)                  $ 1,069,313.7158                 Pool 4
Class LT3-5A               (1)                     $ 77,156.2315                 Pool 5
Class LT3-5B               (6)                  $ 1,186,956.2315                 Pool 5
Class LT3-Z                (1)               $1,193,571,065.3672                 N/A
Class LT3-R                (7)                               (7)                 N/A
</TABLE>
-------------
(1) For any Distribution Date, the interest rate for the Class LT3-1A, Class
    LT3-2A, Class LT3-3A, Class LT3-4A, Class LT3-5A and Class LT3-Z Interest
    shall be the weighted average of the interest rates on the Class LT2-1,
    Class LT2-2, Class LT2-3AX, Class LT2-3PAX, Class LT2-4 and LT2-5 Interests.

(2) For any Distribution Date, the interest rate for the Class LT3-1B Interest
    shall be the interest rate on the Class LT2-1 Interest for such Distribution
    Date.

(3) For any Distribution Date, the interest rate for the Class LT3-2B Interest
    shall be a per annum rate equal to the interest rate on the Class LT2-2
    Interest for such Distribution Date.

(4) For any Distribution Date, the interest rate for the Class LT3-3B Interest
    shall be a per annum rate equal to the weighted average of the interest
    rates on the Class LT2-3AX and LT2-3PAX Interests for such Distribution
    Date.

(5) For any Distribution Date, the interest rate for the Class LT3-4B Interest
    shall be a per annum rate equal to the interest rate on the Class LT2-4
    Interest for such Distribution Date.

(6) For any Distribution Date, the interest rate for the Class LT3-5B Interest
    shall be a per annum rate equal to the interest rate on the Class LT2-5
    Interest for such Distribution Date.

(7) The Class LT3-R Interest shall represent the sole class of residual interest
    in REMIC 3. The Class LT3-R Interest will not have a principal amount or an
    interest rate. The Class LT3-R Interest shall be represented by the Class R
    Certificate.

         Distributions shall be deemed to be made to the REMIC 3 Regular
Interests first, so as to keep the Uncertificated Principal Balance of each
REMIC 3 Regular Interest ending with the designation "B" equal to 1% of the
aggregate Scheduled Principal Balance of the Mortgage Loans in the related
Mortgage Pool; second, to each REMIC 3 Regular Interest ending with the
designation "A" so that the Uncertificated Principal Balance of each such REMIC
3 Regular Interest is equal to 1% of the excess of (x) the aggregate Scheduled
Principal Balance of the Mortgage Loans in the related Mortgage Pool over (y)
the aggregate Class Principal Amounts of the Certificate Group related to such
Mortgage Pool (except that if 1% of any such excess is greater than the
principal amount of the corresponding REMIC 3 Regular Interest ending with the
designation "A", the least amount of principal shall be distributed to such
REMIC 3 Regular Interests such that the REMIC 3 Subordinated Balance Ratio is
maintained); and finally, any remaining principal to the Class LT3-Z Interest.
Realized Losses shall be applied after all distributions have been made on each
Distribution Date first, so as to keep the Uncertificated Principal Balance of
each REMIC 3 Regular Interest ending with the designation "B" equal to 1% of the
aggregate Scheduled Principal Balance of the Mortgage Loans in the related
Mortgage Pool; second, to each REMIC 3 Regular Interest ending with the
designation "A" so that the Uncertificated Principal Balance of each such REMIC
3 Regular Interest is equal to 1% of the excess of (x) the aggregate Scheduled
Principal Balance of the Mortgage Loans in the related Mortgage Pool over (y)
the aggregate Class Principal Amounts of the Certificate Group related to such
Mortgage Pool (except that if 1% of any such excess is greater than the
principal amount of the corresponding REMIC 3 Regular Interest ending with the
designation "A", the least amount of Realized Losses shall be allocated to such
REMIC 3 Regular Interests such that the REMIC 3 Subordinated Balance Ratio is
maintained); and third, the remaining Realized Losses shall be allocated to the
Class LT3-Z Interest. All computations with respect to any REMIC 3 Interest
shall be taken out to eight decimal places.

                                       7
<PAGE>

         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Class of Certificates as a result of the proviso in the
definition of Certificate Principal Amount, then, prior to distributions of
principal and allocations of losses on such Distribution Date with respect to
REMIC 3, there shall be a corresponding increase in the principal amount of the
REMIC 3 Regular Interests, with such increase allocated among the REMIC 3
Regular Interests as follows: (i) first, to each REMIC 1 Regular Interest ending
with the designation "B" so as to keep the Uncertificated Principal Balance of
such REMIC 3 Regular Interest equal to 1% of the aggregate Scheduled Principal
Balance of the Mortgage Loans in the related Mortgage Pool, (ii) second, to each
REMIC 3 Regular Interest ending with the designation "A", so that the
Uncertificated Principal Balance of each such REMIC 3 Regular Interest is as
close as possible to (but does not exceed) 1% of the excess of (x) the aggregate
Scheduled Principal balance of the Mortgage Loans in the related Mortgage Pool
over (y) the aggregate Class Principal Amounts of the Senior Certificates of the
Certificate Group related to such Mortgage Pool; provided, however, that (a) the
REMIC 3 Subordinated Balance Ratio is maintained and (b) amounts allocated to
any REMIC 3 Regular Interest pursuant to this clause (ii) shall not exceed the
amount of any previous realized losses allocated to such REMIC 3 Regular
Interest not previously offset by distributions or increases in the principal
amount of such REMIC 3 Regular Interest and (iii) finally, all remaining
increases are allocated to the Class LT3-Z Interest.



                                       8
<PAGE>
REMIC 4

         The following table specifies the class designation, interest rate,
principal amount and Classes of Corresponding Certificates for each class of
REMIC 4 Interests:
<TABLE>
<CAPTION>
    REMIC 4                                      Pass-Through           Corresponding
REMIC Interest        Interest Rate                  Rate               Certificates
--------------        -------------              ------------           -------------
<S>                    <C>                  <C>                              <C>
LT4-1A              $215,075,000.00                  (1)                       1-A
LT4-1R                      $100.00                  (1)                         R
LT4-2A              $134,226,000.00                  (2)                       2-A
LT4-3A1             $300,000,000.00                  (3)                      3-A1
LT4-3A2             $125,000,000.00                  (3)                      3-A2
LT4-3A3              $10,000,000.00                  (3)                      3-A3
LT4-3A4              $25,000,000.00                  (3)                      3-A4
LT4-3A5             $100,238,000.00                  (3)                      3-A5
LT4-3A6               $7,500,000.00                  (3)                      3-A6
LT4-4A               $99,980,000.00                  (4)                 4-A, 4-AX
LT4-5A              $110,980,000.00                  (5)                 5-A, 5-AX
LT4-B1               $48,255,000.00                  (6)                        B1
LT4-B2               $10,856,000.00                  (6)                        B2
LT4-B3                $6,030,000.00                  (6)                        B3
LT4-B4                $6,030,000.00                  (6)                        B4
LT4-B5                $4,221,000.00                  (6)                        B5
LT4-B6                $3,028,363.64                  (6)                        B6
LT4-R                            (7)                 (7)                         R
</TABLE>

----------------
(1) For any Distribution Date, the interest rate for each of the Class LT4-1A
    Interest and the Class LT4-1R Interest shall be a per annum rate equal to
    the Net WAC for Pool 1 for such Distribution Date.

(2) For any Distribution Date, the interest rate for the Class LT4-2A Interest
    shall be a per annum rate equal to the Net WAC for Pool 2 for such
    Distribution Date.

(3) For any Distribution Date, the interest rate for each of the Class LT4-3A1
    Interest, the Class LT4-3A2 Interest, the Class LT4-3A3 Interest, the Class
    LT4-3A4 Interest, the Class LT4-3A5 Interest and the Class LT4-3A6 Interest
    shall be a per annum rate equal to the interest rate on the Class LT3-3B
    Interest for such Distribution Date.

(4) For any Distribution Date, the interest rate for the Class LT4-4A Interest
    shall be a per annum rate equal to the Net WAC for Pool 4 for such
    Distribution Date.

(5) For any Distribution Date, the interest rate for the Class LT4-5A Interest
    shall be a per annum rate equal to the Net WAC for Pool 5 for such
    Distribution Date.

(6) For any Distribution Date, the Class LT4-B1 Interest, Class LT4-B2 Interest,
    Class LT4-B3 Interest, Class LT4-B4 Interest, Class LT4-B5 Interest and
    Class LT4-B6 Interest will bear interest at a per annum rate equal to the
    weighted average of the pass-through rates on the REMIC 3 Regular Interests
    ending with the designation "A", weighted on the basis of the Uncertificated
    Principal Balance of each such REMIC 3 Regular Interest immediately
    preceding the Distribution Date; provided that for purposes of such weighted
    average, the pass-through rate of each such REMIC 3 Regular Interest shall
    be subject to a cap and floor equal to the pass-through rate of the REMIC 3
    Regular Interest that ends with the designation "B" and is related to the
    same Mortgage Pool.

                                       9
<PAGE>

(7) The Class LT4-R Interest shall represent the sole class of residual interest
    in REMIC 4. The Class LT4-R Interest will not have a principal amount or an
    interest rate. The Class LT4-R Interest shall be represented by the Class R
    Certificate.

         Principal and interest shall be payable to, and shortfalls, losses and
prepayments are allocable to, the REMIC 4 Regular Interests as such amounts are
payable and allocable to the Corresponding Certificates. Notwithstanding the
preceding sentence, (i) the first $0.64 of losses with respect to principal on
the Mortgage Loans shall be allocated to the Class LT4-B6 Interest and (ii)
immediately preceding any payment to the Class R Certificate pursuant to Section
5.02(f) attributable to principal received with respect to any Mortgage Loan, a
payment shall be treated as made to the Class LT4-B6 Interest in reduction of
the principal balance thereof, if any, to zero.

         If on any Distribution Date there is an increase in the Certificate
Principal Amount of any Class of Certificates as a result of the proviso in the
definition of Certificate Principal Amount, then there shall be a corresponding
increase in the principal amount of the corresponding REMIC 4 Regular Interest.

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 P-I, Class P-II and Class R Certificates,
represents ownership of a regular interest in the Upper Tier REMIC for purposes
of the REMIC provisions.

                                       10
<PAGE>
<TABLE>
<CAPTION>
                                               Initial Class Principal
                                                        Amount
                             Certificate               or Class                    Minimum
Class Designation           Interest Rate          Notional Amount              Denomination
-----------------           -------------          ---------------              ------------
<S>                         <C>                  <C>                           <C>
Class 1-A                       (1)                  $215,075,000                  $25,000
Class 2-A                       (2)                  $134,226,000                  $25,000
Class 3-A1                   4.380%(3)               $300,000,000                  $25,000
Class 3-A2                   4.900%(4)               $125,000,000                  $25,000
Class 3-A3                   3.930%(5)                $10,000,000                  $25,000
Class 3-A4                   4.200%(6)                $25,000,000                  $25,000
Class 3-A5                   4.377%(7)               $100,238,000                  $25,000
Class 3-A6                   4.380%(8)                 $7,500,000                  $25,000
Class 3-AX                   4.480%(9)             $44,578,000(9)               $1,000,000
Class 3-PAX                  4.480%(10)           $25,818,943(10)               $1,000,000
Class 4-A                    4.626%(11)               $99,980,000                  $25,000
Class 4-AX                   4.626%(12)            $8,431,594(12)               $1,000,000
Class 5-A                    5.000%(13)              $110,980,000                  $25,000
Class 5-AX                   5.000%(14)            $4,463,969(14)               $1,000,000
Class B1                        (15)                  $48,255,000                 $100,000
Class B2                        (15)                  $10,856,000                 $100,000
Class B3                        (15)                   $6,030,000                 $100,000
Class B4                        (15)                   $6,030,000                 $250,000
Class B5                        (15)                   $4,221,000                 $250,000
Class B6                        (15)                   $3,028,363                 $250,000
Class R                         (1)                          $100                     $100
Class P-I                       (16)                         (16)                      25%
Class P-II                      (16)                         (16)                      25%
</TABLE>

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

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

(2) For any Distribution Date, the Certificate Interest Rate on the Class 2-A
    Certificates shall be a per annum rate equal to the Net WAC for Pool 2 for
    such Distribution Date.

(3) For any Distribution Date on or before the Distribution Date in March 2009,
    the Certificate Interest Rate for the Class 3-A1 Certificates shall be a per
    annum rate equal to 4.380%, subject, for any Distribution Date with respect
    to which the Pool 3 Adjusted Net WAC is less than 4.47810737699%, to a
    maximum rate equal to the Pool 3 Adjusted Net WAC for such Distribution Date
    minus 0.09810737699%. Beginning with the Distribution Date in April 2009,
    the Certificate Interest Rate for the Class 3-A1 Certificates shall be a per
    annum rate equal to the Net WAC for Pool 3 for such Distribution Date.

(4) For any Distribution Date on or before the Distribution Date in March 2009,
    the Certificate Interest Rate for the Class 3-A2 Certificates shall be a per
    annum rate equal to 4.900%, subject, for any Distribution Date with respect
    to which the Pool 3 Adjusted Net WAC is less than 4.47810737699%, to a
    maximum rate equal to the Pool 3 Adjusted Net WAC for such Distribution Date
    plus 0.42189262301%. Beginning with the Distribution Date in April 2009, the
    Certificate Interest Rate for the Class 3-A2 Certificates shall be a per
    annum rate equal to the Net WAC for Pool 3 for such Distribution Date.

(5) For any Distribution Date on or before the Distribution Date in March 2009,
    the Certificate Interest Rate for the Class 3-A3 Certificates shall be a per
    annum rate equal to 3.930%, subject, for any Distribution Date with respect
    to which the Pool 3 Adjusted Net WAC is less than 4.47810737699%, to a
    maximum rate equal to the Pool 3 Adjusted Net WAC for such Distribution Date
    minus 0.54810737699%. Beginning with the Distribution Date in April 2009,
    the Certificate Interest Rate for the Class 3-A3 Certificates shall be a per
    annum rate equal to the Net WAC for Pool 3 for such Distribution Date.

                                       11
<PAGE>

 (6) For any Distribution Date on or before the Distribution Date in March 2009,
     the Certificate Interest Rate for the Class 3-A4 Certificates shall be a
     per annum rate equal to 4.200%, subject, for any Distribution Date with
     respect to which the Pool 3 Adjusted Net WAC is less than 4.47810737699%,
     to a maximum rate equal to the Pool 3 Adjusted Net WAC for such
     Distribution Date minus 0.27810737699%. Beginning with the Distribution
     Date in April 2009, the Certificate Interest Rate for the Class 3-A4
     Certificates shall be a per annum rate equal to the Net WAC for Pool 3 for
     such Distribution Date.

 (7) For any Distribution Date on or before the Distribution Date in March 2009,
     the Certificate Interest Rate for the Class 3-A5 Certificates shall be a
     per annum rate equal to 4.377%, subject, for any Distribution Date with
     respect to which the Pool 3 Adjusted Net WAC is less than 4.47810737699%,
     to a maximum rate equal to the Pool 3 Adjusted Net WAC for such
     Distribution Date minus 0.10110737699%. Beginning with the Distribution
     Date in April 2009, the Certificate Interest Rate for the Class 3-A5
     Certificates shall be a per annum rate equal to the Net WAC for Pool 3 for
     such Distribution Date.

 (8) For any Distribution Date on or before the Distribution Date in March 2009,
     the Certificate Interest Rate for the Class 3-A6 Certificates shall be a
     per annum rate equal to 4.380%, subject, for any Distribution Date with
     respect to which the Pool 3 Adjusted Net WAC is less than 4.47810737699%,
     to a maximum rate equal to the Pool 3 Adjusted Net WAC for such
     Distribution Date minus 0.09810737699%. Beginning with the Distribution
     Date in April 2009, the Certificate Interest Rate for the Class 3-A6
     Certificates shall be a per annum rate equal to the Net WAC for Pool 3 for
     such Distribution Date.

 (9) The Class 3-AX Certificates are Notional Certificates. For any Distribution
     Date on or prior to the Distribution Date in March 2009, the Certificate
     Interest Rate on the Class 3-AX Certificates shall be a per annum rate
     equal to 4.480%. For any Distribution Date prior to the Distribution Date
     in April 2009, the Class Notional Amount of the Class 3-AX Certificates
     will be equal to the product of (i) a fraction, the numerator of which is
     the weighted average of the Net Mortgage Rates of the Pool 3 AX Mortgage
     Loans at the beginning of the related Due Period based on their Scheduled
     Principal Balances as of the preceding Distribution Date (or, in the case
     of the first Distribution Date, as of the Cut-off Date) minus
     4.47810737699% and the denominator of which is 4.480% and (ii) the
     aggregate Scheduled Principal Balance of the Pool 3 AX Mortgage Loans as of
     the preceding Distribution Date (or, in the case of the first Distribution
     Date, as of the Cut-off Date). Beginning with the Distribution Date in
     April 2009, the Class 3-AX Certificates shall have a Class Notional Amount
     of zero.

(10) The Class 3-PAX Certificates are Notional Certificates. For any
     Distribution Date on or prior to the Distribution Date in March 2009, the
     Certificate Interest Rate on the Class 3-PAX Certificates shall be a per
     annum rate equal to 4.480%. For any Distribution Date prior to the
     Distribution Date in April 2009, the Class Notional Amount of the Class
     3-PAX Certificates will be equal to the product of (i) a fraction, the
     numerator of which is the weighted average of the Net Mortgage Rates of the
     Pool 3 PAX Mortgage Loans at the beginning of the related Due Period based
     on their Scheduled Principal Balances as of the preceding Distribution Date
     (or, in the case of the first Distribution Date, as of the Cut-off Date)
     minus 4.47810737699% and the denominator of which is 4.480% and (ii) the
     aggregate Scheduled Principal Balance of the Pool 3 PAX Mortgage Loans as
     of the preceding Distribution Date (or, in the case of the first
     Distribution Date, as of the Cut-off Date). Beginning with the Distribution
     Date in April 2009, the Class 3-PAX Certificates shall have a Class
     Notional Amount of zero.

(11) For any Distribution Date on or prior to the Distribution Date in March
     2011, the Certificate Interest Rate for the Class 4-A Certificates shall be
     a per annum rate equal to 4.626%, subject to a maximum rate equal to the
     Net WAC for Pool 4 for such Distribution Date. Beginning with the
     Distribution Date in April 2011, the Certificate Interest Rate for the
     Class 4-A Certificates shall be a per annum rate equal to the Net WAC for
     Pool 4 for such Distribution Date.

(12) The Class 4-AX Certificates are Notional Certificates. For any Distribution
     Date on or prior to the Distribution Date in March 2011, the Class Notional
     Amount of the Class 4-AX Certificates will be equal to the product of (i) a
     fraction, the numerator of which is the excess, if any, of (1) the Net WAC
     for Pool 4 for the related Distribution Date over (2) 4.626% and the
     denominator of which is 4.626% and (ii) the Class Principal Amount of the
     Class 4-A Certificates immediately prior to such Distribution Date.
     Beginning with the Distribution Date in April 2011, the Class 4-AX
     Certificates shall have a Class Notional Amount of zero.

                                       12
<PAGE>

(13) For any Distribution Date on or prior to the Distribution Date in March
     2014, the Certificate Interest Rate for the Class 5-A Certificates shall be
     a per annum rate equal to 5.000%, subject to a maximum rate equal to the
     Net WAC for Pool 5 for such Distribution Date. Beginning with the
     Distribution Date in April 2014, the Certificate Interest Rate for the
     Class 5-A Certificates shall be a per annum rate equal to the Net WAC for
     Pool 5 for such Distribution Date.

(14) The Class 5-AX Certificates are Notional Certificates. For any Distribution
     Date on or prior to the Distribution Date in March 2014, the Class Notional
     Amount of the Class 5-AX Certificates will be equal to the product of (i) a
     fraction, the numerator of which is the excess, if any, of (1) the Net WAC
     for Pool 5 for the related Distribution Date over (2) 5.000% and the
     denominator of which is 5.000% and (ii) the Class Principal Amount of the
     Class 5-A Certificates immediately prior to such Distribution Date.
     Beginning with the Distribution Date in April 2014, the Class 5-AX
     Certificates shall have a Class Notional Amount of zero.

(15) For any Distribution Date, the Class B1, Class B2, Class B3, Class B4,
     Class B5 and Class B6 Certificates shall bear interest at a per annum rate
     equal to the weighted average of the Underlying Subordinate Rate applicable
     to each of the Mortgage Pools, weighted on the basis of the Group
     Subordinate Amount for each Mortgage Pool.

(16) The Class P-I Certificates will be entitled to receive Prepayment Penalty
     Amounts paid by borrowers upon voluntary full or partial prepayment of the
     Mortgage Loans in Pool 1, Pool 2, Pool 4 and Pool 5. The Class P-II
     Certificates will be entitled to receive Prepayment Penalty Amounts paid by
     borrowers upon voluntary full or partial prepayment of the Mortgage Loans
     in Pool 3.

         As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance $1,206,419,463.64.

         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 master servicing practices of
prudent mortgage servicing institutions that 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
(as successor Master Servicer) 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.

                                       13
<PAGE>

         Accretion Directed Certificate: Not applicable.

         Accretion Termination Date: Not applicable.

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

         Accrual Certificate: None.

         Accrual Component: None.

         Accrual Period: With respect to any Distribution Date and any Class of
Certificates, REMIC 1 Interests, REMIC 2 Interests, REMIC 3 Interests or REMIC 4
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 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 at the Underlying Subordinate
Rate for the related Mortgage Pool on their respective Apportioned Principal
Balances. All calculations of interest on each Class of Certificates 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.

         Additional Collateral Servicing Agreement: 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 Retained Interest Rate, 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 solely in its
capacity as successor Master Servicer in accordance with Section 6.14) pursuant
to Section 5.04.

                                       14
<PAGE>

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

         Aggregate Master Servicing Compensation: Not applicable.

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

         Aggregate Subordinate Percentage: 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
of the 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.

         Associated Mortgage Loan: Not applicable.

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

                                       15
<PAGE>

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

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

         Authorized Officer: Not applicable.

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

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

                           (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;

                           (F) any Retained Interest;



                                       16
<PAGE>

                           (G) any increase since the Cut-off Date in the amount
                  of interest to be paid on an Employee Mortgage Loan based upon
                  the loss of benefits of an Employee/Director Interest Rate
                  Reduction Agreement;

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

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

         Balloon Mortgage Loan: Not applicable.

         Balloon Payment: None.

         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, $344,042.00, 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.

         Basis Risk Shortfall: For any Distribution Date on or prior to the
Distribution Date in March 2009, (i) in the case of the Class 3-A1, Class 3-A2,
Class 3-A3, Class 3-A4, Class 3-A5 and Class 3-A6 Certificates, the excess of
what the Accrued Certificate Interest on such Class would have been if the
Interest Rate on such Class had not been limited by reference to the Pool 3
Adjusted Net WAC and (ii) in the case of any Class of Subordinate Certificates,
the excess of what the Accrued Certificate Interest on such Class would have
been had the Underlying Subordinate Rate for Pool 3 been 4.47810737699% over
what the Accrued Certificate Interest was on such Class for such Distribution
Date.

         Blanket Mortgage: Not applicable.

                                       17
<PAGE>

         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 and Class P Certificates, will
constitute Book-Entry Certificates.

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

         Certificate: Any one of the certificates signed by the Trustee 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, the Group 2 Certificates,
the Group 3 Certificates, the Group 4 Certificates or the Group 5 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; provided, however, that on any Distribution Date
on which a Subsequent Recovery is distributed, the Certificate Principal Amount
of any Class of Certificates then outstanding for which any Realized Loss or any
Subordinate Certificate Writedown Amount has been applied will be increased, in
order of seniority, by an amount equal to the lesser of (i) the amount the Class
of Certificates has been reduced by any Realized Losses or any Subordinate
Certificate Writedown Amount which have not been previously offset by any
Subsequent Recovery pursuant to this proviso and (ii) the total amount of any
Subsequent Recovery distributed on such date to Certificateholders (as reduced
(x) by increases in the Certificate Principal Amount of more senior Classes of
Certificates on such Distribution Date and (y) to reflect a proportionate amount
of what would (but for this clause (y) have been the increases in the
Certificate Principal Amount of Classes of Certificates of equal seniority on
such Distribution Date). 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.

                                       18
<PAGE>

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

         Class: All Certificates bearing the same class designation, and, in the
case of REMIC 1, REMIC 2, REMIC 3, REMIC 4 or REMIC 5, all Interests bearing the
same designation.

         Class AP Certificate: None.

         Class P Certificates: The Class P-I and Class P-II Certificates,
referred to collectively.

         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 LT1-R Interest: The sole residual interest in REMIC 1.

         Class LT2-R Interest: The sole residual interest in REMIC 2.

         Class LT3-R Interest: The sole residual interest in REMIC 3.

         Class LT4-R Interest: The sole residual interest in REMIC 4.

         Class Notional Amount: With respect to each Class of Notional
Certificates 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.

                                       19
<PAGE>

         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: April 30, 2004.

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

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

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

         Component: Not applicable.

         Component Certificate: Not applicable.

         Component Interest Rate: Not applicable.

         Component 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: Not applicable.

         Convertible Mortgage Loan: Not applicable.

         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.

                                       20
<PAGE>

         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).

         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 its corporate trust business shall be administered is P.O. Box
98, Columbia Maryland 21046 (or for overnight deliveries, 9062 Old Annapolis
Road, Columbia, Maryland 21045), Attention: Corporate Trust Services, SARM
2004-5 and for purposes of presentment of Certificates for registration of
transfer, exchange or final payment, Wells Fargo Bank, National Association,
Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: SARM
2004-5.

         Corresponding Certificates: With respect to any class of REMIC 4
Interests, the Class or Classes of Certificates so designated in the Preliminary
Statement hereto.

         Corresponding Class: With respect to any Class of Certificates, the
class or classes of REMIC 4 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.

                                       21
<PAGE>

         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. The initial Custodians are
LaSalle Bank National Association and U.S. Bank National Association.

         Cut-off Date: April 1, 2004.

         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: None.

         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: None.

                                       22
<PAGE>

         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.

         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 May 2004.

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

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

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

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

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

                                       23
<PAGE>

                  (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;

                  (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 (if rated by such Rating Agency) or (B) that would not adversely
         affect the then current rating by either Rating Agency of any of the
         Certificates. Such investments in this subsection (viii) may include
         money market mutual funds for which the Trustee or an affiliate thereof
         serves as an investment advisor, administrator, shareholder servicing
         agent, and/or custodian or subcustodian, notwithstanding that (i) any
         such Person or an Affiliate thereof charges and collects fees and
         expenses from such funds for services rendered, (ii) any such Person 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 any such Person or an
         Affiliate thereof to charge and collect from the Trust Fund such fees
         as are collected from all investors in such funds for services rendered
         to such funds (but not to exceed investment earnings thereon);

                                       24
<PAGE>

provided, however, that (x) 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 and (y) each such investment must
be a "permitted investment" within the meaning of Section 860G(a)(5) of the
Code.

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

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

         ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that meets the requirements of 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: Euroclear S.A./N.V., 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.

                                       25
<PAGE>

         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: For the certificates (other than the
Class 3-AX, Class 3-PAX, Class 4-AX and Class 5-AX) is the Distribution Date in
May 2034; for the Class 3-AX and Class 3-PAX Certificates is the Distribution
Date in March 2009; for the Class 4-AX Certificates is the Distribution Date in
March 2011; and for the Class 5-AX Certificates is the Distribution Date in
March 2014.

         Financial Intermediary: Not applicable.

         Fitch: Not applicable.

         Floating Rate Certificate Shortfall: Not applicable.

         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.

         Form 10-K Certification: As defined in Section 6.20(a) hereof.

         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, $24,128,390.00 less the aggregate of
Fraud Losses since the Cut-off Date, from the first to the fifth anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Limit
as of the most recent anniversary of the Cut-off Date and (b) 1% of the
aggregate principal balance of all the Mortgage Loans as of the most recent
anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses since the
most recent anniversary of the Cut-off Date. On or after the fifth anniversary
of the Cut-off Date, the Fraud Loss Limit shall be zero.

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

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

         Grantor Trust: Any of Grantor Trust I, Grantor Trust II or any grantor
trust described in Section 10.01(n) hereof.

         Grantor Trust I: That certain "grantor trust" (within the meaning of
the Grantor Trust Provisions) consisting of the Grantor Trust I Assets.

         Grantor Trust I Assets: Any Prepayment Penalty Amounts collected with
respect to Pool 1, Pool 2, Pool 4 and Pool 5.

                                       26
<PAGE>

         Grantor Trust II: That certain "grantor trust" (within the meaning of
the Grantor Trust Provisions) consisting of the Grantor Trust II Assets.

         Grantor Trust II Assets: Any Prepayment Penalty Amounts collected with
respect to Pool 3.

         Grantor Trust Provisions: Subpart E of Subchapter J of the Code,
including Treasury regulation section 301.7701-4(c)(2).

         Group 1: All of the Group 1 Certificates.

         Group 1 Certificate: Any Class 1-A or Class R Certificate.

         Group 2: All of the Group 2 Certificates.

         Group 2 Certificate: Any Class 2-A Certificate.

         Group 3: All of the Group 3 Certificates.

         Group 3 Certificate: Any Class 3-A1, Class 3-A2, Class 3-A3, Class
3-A4, Class 3-A5, Class 3-A6, Class 3-AX or Class 3-PAX Certificate.

         Group 4: All of the Group 4 Certificates.

         Group 4 Certificate: Any Class 4-A or Class 4-AX Certificate.

         Group 5: All of the Group 5 Certificates.

         Group 5 Certificate: Any Class 5-A or Class 5-AX Certificate.

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

                                       27
<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.

         Initial Senior Enhancement Percentage: 6.50%.

         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.

         Interest Distribution Amount: Not applicable.

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

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

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

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

         LIBOR: Not applicable.

         LIBOR Certificate: Not applicable.

         LIBOR Component: Not applicable.

                                       28
<PAGE>

         LIBOR Determination Date: Not applicable.

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

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

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

         Loan-to-Value Ratio: With respect to any Mortgage Loan, the ratio of
the principal balance of such Mortgage Loan at origination, or such other date
as is specified, to the Original Value thereof.
         London Business Day:  Not applicable.

         Maintenance: Not applicable.

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

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

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

         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.

                                       29
<PAGE>

         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 100(SM) Loan: Not applicable.

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

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

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

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

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

         Mortgage Pool: Any of Pool 1, Pool 2, Pool 3, Pool 4 or Pool 5.

         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.

                                       30
<PAGE>

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

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

         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 as of the preceding Distribution Date (or,
in the case of the first Distribution Date, as of the Cut-off Date).

         Non-AP Percentage: Not applicable.

         Non-AP Senior Certificate: Not applicable.

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

         Non-Discount Mortgage Loan: None.

         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.

                                       31
<PAGE>

         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 3-AX, Class 3-PAX, Class 4-AX and Class
5-AX Certificate.

         Notional Component: None.

         Offering Document: Either of the private placement memorandum dated
April 28, 2004 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 ERISA, or the taxation, or the federal income tax
status, of each REMIC. For purpose of Section 2.01(c)(i), the Opinion of Counsel
referred to therein may take the form of a memorandum of law or other acceptable
assurance.

         Original Credit Support Percentage: With respect to any Class of
Subordinate Certificates (other than the Class B6 Certificates), the Credit
Support Percentage with respect to such Class 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.

         Parent Power(SM) Loan: Not applicable.

         Participation Agreement: None.

         Participation: None.

         Participation Schedule: None.

         Participation Master Servicer: Not applicable.

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

                                       32
<PAGE>

         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 and any Class P 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: Not applicable.

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

         Pledged Asset Mortgage Loan: None.

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

         Pool 1-5 Underlying Subordinate Rate: The weighted average of the
Underlying Subordinate Rate for Pool 1, Pool 2, Pool 3, Pool 4 and Pool 5,
weighted by the corresponding Group Subordinate Amounts.

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

         Pool 3: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 3.

         Pool 3 Adjusted Net WAC: For each Distribution Date will be the
weighted average, based on their respective principal balances, of the interest
rates on (i) an obligation having a principal balance equal to the aggregate
principal balance of the Pool 3 PAX Mortgage Loans as of the preceding
Distribution Date (or, in the case of the first Distribution Date, as of the
Cut-off Date) and bearing interest at a rate equal to the lesser of (x)
4.47810737699% or (y) the weighted average of the Net Mortgage Rates of the Pool
3 PAX Mortgage Loans at the beginning of the related Due Period based on their
Scheduled Principal Balances as of the preceding Distribution Date (or, in the
case of the first Distribution Date, as of the Cut-off Date) and (ii) an
obligation having a principal balance equal to the aggregate principal balance
of Pool 3 AX Mortgage Loans as of the preceding Distribution Date (or, in the
case of the first Distribution Date, as of the Cut-off Date) and bearing
interest at a rate equal to the lesser of (x) 4.47810737699% or (y) the weighted
average of the Net Mortgage Rates of the Pool 3 AX Mortgage Loans at the
beginning of the related Due Period based on their Scheduled Principal Balances
as of the preceding Distribution Date (or, in the case of the first Distribution
Date, as of the Cut-off Date).

                                       33
<PAGE>

         Pool 3 AX Mortgage Loans: The Pool 3 Mortgage Loans other than the Pool
3 PAX Mortgage Loans and are listed on Schedule C hereto.

         Pool 3 PAX Mortgage Loans: The Pool 3 Mortgage Loans that have
Prepayment Penalty Amounts for which the Seller owns the servicing rights and
are listed on Schedule D hereto.

         Pool 4: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 4.

         Pool 5: The aggregate of the Mortgage Loans identified on the Mortgage
Loan Schedule as being included in Pool 5.

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

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

         Prepayment Interest Shortfall: With respect to any Distribution Date
and (x) any Principal Prepayment in part and, with respect to those Mortgage
Loans serviced by Servicers other than Aurora, any Principal Prepayment in full
and (y) any Principal Prepayment in full with respect to those Mortgage Loans
serviced by Aurora if received on or after the seventeenth day of the month
immediately preceding the month of such Distribution Date but on or before the
last day of the month immediately preceding the month of such Distribution Date,
the difference between (i) one full month's interest at the applicable Mortgage
Rate (after giving effect to any applicable Relief Act Reduction), as reduced by
the applicable Servicing Fee Rate, the Master Servicing Fee Rate and the
applicable Retained Interest Rate, if any, 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 related Mortgage Notes due to
Principal Prepayments collected by the applicable Servicer during the
immediately preceding Prepayment Period, if any.

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

                                       34
<PAGE>

         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: Not applicable.

         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: Not applicable.

         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 April 28, 2004, together
with the accompanying prospectus dated March 25, 2004, relating to the Senior
Certificates and the Class B1, Class B2 and Class B3 Certificates.

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

         (b) 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;

                                       35
<PAGE>

         (c) 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;

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

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

         (f) 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.

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


                                       36
<PAGE>

Loans set forth herein, as of the date as of which such substitution occurs;
(vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a
Cooperative Loan; (vii) if applicable, has the same index as and a margin not
less than that of the related Deleted Mortgage Loan; (viii) has not been
delinquent for a period of more than 30 days more than once in the twelve months
immediately preceding such date of substitution; (ix) is covered by a Primary
Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered,
and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; (x) has a
Credit Score not greater than 20 points lower than the Credit Score of the
related Deleted Mortgage Loan, provided, however, that if the Deleted Mortgage
Loan does not have a Credit Score, then such substitute Mortgage Loan shall have
a Credit Score equal to or greater than 700; (xi) has its initial adjustment
date after the related Reset Date; and (xii) has a gross margin no less than the
related Deleted Mortgage Loan. In the event that either one mortgage loan is
substituted for more than one Deleted Mortgage Loan or more than one mortgage
loan is substituted for one or more Deleted Mortgage Loans, then (a) the
Scheduled Principal Balance referred to in clause (i) above shall be determined
such that the aggregate Scheduled Principal Balance of all such substitute
Mortgage Loans shall not exceed the aggregate Scheduled Principal Balance of all
Deleted Mortgage Loans and (b) each of (1) the rate referred to in clause (ii)
above, (2) the remaining term to stated maturity referred to in clause (iii)
above, (3) the Loan-to-Value Ratio referred to in clause (iv) above and (4) the
Credit Score referred to in clause (x) above shall be determined on a weighted
average basis, provided that the final scheduled maturity date of any Qualifying
Substitute Mortgage Loan shall not exceed the Final Scheduled Distribution Date
of any Class of Certificates. Whenever a Qualifying Substitute Mortgage Loan is
substituted for a Deleted Mortgage Loan pursuant to this Agreement, the party
effecting such substitution shall certify such qualification in writing to the
Trustee and the Master Servicer.

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

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

                                       37
<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).

         Relief Act Reduction: With respect to any Mortgage Loan as to which
there has been a reduction in the amount of interest collectible thereon as a
result of application of the Servicemembers Civil Relief Act or any similar
state law, 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 REMIC 1, REMIC 2, REMIC 3, REMIC 4 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 860G of Subchapter M of Chapter 1 of the Code, and related provisions,
and regulations, including proposed regulations and rulings, and administrative
pronouncements promulgated thereunder, as the foregoing may be in effect from
time to time.

         REMIC 1: REMIC 1 as described in the Preliminary Statement hereto.

         REMIC 1 Interest: Any one of the classes of REMIC 1 Interests described
in the Preliminary Statement hereto.

         REMIC 1 Regular Interest: Any of the Class LT1-1 Interest, Class LT1-2
Interest, Class LT1-3AX Interest, Class LT1-3PAX Interest, Class LT1-4 Interest
and Class LT1-5 Interest.

         REMIC 2: REMIC 2 as described in the Preliminary Statement hereto.

         REMIC 2 Interest: Any one of the classes of REMIC 2 Interests described
in the Preliminary Statement hereto.

                                       38
<PAGE>

         REMIC 2 Regular Interest: Any of the Class LT2-1 Interest, Class LT2-2
Interest, Class LT2-3AX Interest, Class LT2-3AXIO Interest, Class LT2-3PAX
Interest, Class LT2-3PAXIO Interest, Class LT2-4 Interest and Class LT2-5
Interest.

         REMIC 3: REMIC 3 as described in the Preliminary Statement hereto.

         REMIC 3 Interest: Any one of the classes of REMIC 3 Interests described
in the Preliminary Statement hereto.

         REMIC 3 Regular Interest: Any of the Class LT3-1A Interest, Class
LT3-1B Interest, the Class LT3-2A Interest, Class LT3-2B Interest, Class LT3-3A
Interest, Class LT3-3B Interest, Class LT3-4A Interest, Class LT3-4B Interest,
Class LT3-5A Interest, Class LT3-5B Interest and Class LT3-Z Interest.

         REMIC 3 Subordinated Balance Ratio: As of any Distribution Date, the
ratio among the Uncertificated Principal Balances of each of the REMIC 3 Regular
Interests ending with the designation "A" that is equal to the ratio among, with
respect to each such REMIC 3 Regular Interest, the excess of (x) the aggregate
Scheduled Principal Balance of the Mortgage Loans in the related Mortgage Pool
over (y) the aggregate Class Principal Amounts of the Senior Certificates of the
Certificate Group related to such Mortgage Pool (after giving effect to
distributions on such Distribution Date).

         REMIC 4: REMIC 4 as described in the Preliminary Statement hereto.

         REMIC 4 Interest: Any one of the classes of REMIC 4 Interests described
in the Preliminary Statement hereto.

         REMIC 4 Regular Interest: Any of the Class LT4-1A Interest, Class
LT4-1R Interest, Class LT4-2A Interest, Class LT4-3A1 Interest, Class LT4-3A2
Interest, Class LT4-3A3 Interest, Class LT4-3A4 Interest, Class LT4-3A5
Interest, Class LT4-3A6 Interest, Class LT4-4A Interest, Class LT4-5A Interest,
Class LT4-B1 Interest, Class LT4-B2 Interest, Class LT4-B3 Interest, Class
LT4-B4 Interest, Class LT4-B5 Interest and Class LT4-B6 Interest.

         REMIC 5: REMIC 5 as described in the Preliminary Statement hereto.

         REMIC 5 Regular Interests: Any of (i) the Class 1-A, the Class 2-A, the
Class 4-A, the Class 4-AX, the Class 5-A and the Class 5-AX Certificates and
(ii) the uncertificated REMIC regular interests represented by (x) the rights
associated with the Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5,
Class 3-A6, Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6
Certificates other than the rights to receive payments in respect of Basis Risk
Shortfalls and (y) the rights associated with the Class 3-AX and Class 3-PAX
Certificates as determined without regard to the obligation to make payments in
respect of Basis Risk Shortfalls.

         REMIC 5 Residual Interest: The sole class of residual interest in the
Upper-Tier REMIC, representing the rights to receive all distributions on the
Class R Certificate other than distributions in respect of the Class LT1-R,
Class LT2-R, Class LT3-R and Class LT4-R Interests.

                                       39
<PAGE>

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

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

         Repurchase Price: As defined in Section 7.01 hereof.

         Reserve Interest Rate: Not applicable.

         Reset Date: With respect to Pool 3, March 2009; with respect to Pool 4,
March 2011; and with respect to Pool 5, March 2014.

         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: Interest in respect of each Employee Mortgage Loan,
retained in each case by the Retained Interest Holder at the Retained Interest
Rate.

         Retained Interest Holder: Lehman Brothers Holdings or any successor in
interest by assignment or otherwise.

         Retained Interest Rate: For each Due Period, 0.00% per annum; provided,
however, if the Mortgagor of the Employee Mortgage Loan ceases to be an employee
of Lehman Brothers Inc. or its Affiliates, 0.25% per annum.

         Rounding Account: Not applicable.

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

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

                                       40
<PAGE>

         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 or the Participation Schedule, as the
case may be.

         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 Brothers Holdings or any successor in interest.

         Senior Certificate: Any Class 1-A, Class 2-A, Class 3-A1, Class 3-A2,
Class 3-A3, Class 3-A4, Class 3-A5, Class 3-A6, Class 3-AX, Class 3-PAX, Class
4-A, Class 4-AX, Class 5-A, Class 5-AX or Class R Certificate.

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

         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-A and
Class R Certificates, in the case of Pool 1, the Class 2-A Certificates, in the
case of Pool 2, the Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5,
Class 3-A6 Certificates, in the case of Pool 3, the Class 4-A Certificates, in
the case of Pool 4 and the Class 5-A Certificates, in the case of Pool 5, in
each case immediately prior to such Distribution Date and the denominator of
which is the related Pool Balance for the immediately preceding Distribution
Date.

                                       41
<PAGE>

         Senior Prepayment Percentage: With respect to each Mortgage Pool and
any Distribution Date occurring during the seven years beginning on the first
Distribution Date, 100%, except as described herein below. With respect to each
Mortgage Pool and for any Distribution Date occurring on or after the seventh
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 Enhancement Percentage is less than the Initial Senior Enhancement
Percentage, the Senior Prepayment Percentage for each Mortgage Pool on such
Distribution Date shall once again equal 100%, (ii) unless the condition
described in (i) has occurred, if on any Distribution Date before the
Distribution Date in May 2007, prior to giving effect to any distributions on
such Distribution Date, the Senior Enhancement Percentage for such Distribution
Date is greater than or equal to twice the Initial Senior Enhancement
Percentage, then the Senior Prepayment Percentage for each Mortgage Pool for
such Distribution Date will equal the related Senior Percentage plus 50% of the
related Subordinate Percentage for such Mortgage Pool and (iii) unless the
condition described in (i) has occurred, if on any Distribution Date on or after
the Distribution Date in May 2007, prior to giving effect to any distributions
on such Distribution Date, the Senior Enhancement Percentage for such
Distribution Date is greater than or equal to twice the Initial Senior
Enhancement Percentage, then the Senior Prepayment Percentage for each Mortgage
Pool on such Distribution Date will equal the related Senior Percentage.

         Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage for any Mortgage Pool below the respective levels in effect for the
most recent prior period set forth in the paragraph above shall be effective on
any Distribution Date if, as of the first Distribution Date as to which any such
decrease applies, (i) the average outstanding principal balance on such
Distribution Date and for the preceding five Distribution Dates of all Mortgage
Loans in the related 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 the
related Mortgage Pool exceed (a) with respect to the Distribution Date prior to
the third anniversary of the first Distribution Date, 20% of the related
Original Group Subordinate Amount, (b) with respect to the Distribution Date on
or after the third anniversary and prior to the sixth anniversary of the first
Distribution Date, 30% of the related Original Group Subordinate Amount, (c)
with respect to the Distribution Date on or after the sixth anniversary and
prior to the seventh anniversary of the first Distribution Date, 35% of the
related Original Group Subordinate Amount, (d) with respect to the Distribution
Date on or after the seventh anniversary and prior to the eighth anniversary of
the first Distribution Date, 40% of the related Original Group Subordinate
Amount, (e) with respect to the Distribution Date on or after the eighth
anniversary and prior to the ninth anniversary of the first Distribution Date,
45% of the related Original Group Subordinate Amount, and (f) with respect to
the Distribution Date on or after 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%.

                                       42
<PAGE>

         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 any Subsequent Recovery, 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 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 Aurora and Colonial Savings, F.A.

         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 April 1, 2004, attached hereto in Exhibit E, and any
other servicing agreement entered into between a successor servicer and the
Seller or the Trustee pursuant to the terms hereof.

                                       43
<PAGE>

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

         Servicing Fee Rate: With respect to a Servicer, the rate 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.

         Special Hazard Loss Limit: As of the Cut-off Date, $12,064,195.00,
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.

         Strike Rate: Not applicable.

         Subordinate Certificate: Any Class B Certificate.

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

                                       44
<PAGE>

         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 Mortgage Pool and
any Distribution Date, the sum of the following:

                  (v) 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;

                  (vi) 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;

                  (vii) 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

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

                                       45
<PAGE>

         Subsequent Recovery: The amount, if any, recovered by the related
Servicer or the Master Servicer with respect to a Liquidated Mortgage Loan with
respect to which a Realized Loss has been incurred after liquidation and
disposition of such Mortgage Loan.

         Surety: Not applicable.

         Surety Bond: Not applicable.

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

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

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

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

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

         Trust Rate: Not applicable.

         Trust REMIC: Any of REMIC 1, REMIC 2, REMIC 3, REMIC 4 or REMIC 5.

         Trustee: Wells Fargo Bank, National Association, not in its individual
capacity but solely as trustee, or any successor in interest, or if any
successor trustee shall be appointed as herein provided, then such successor
trustee.

         Trustee Fee: As to any Distribution Date and each Mortgage Loan, an
amount equal to the product of the Trustee Fee Rate and the Scheduled Principal
Balance of such Mortgage Loan as of the first day of the related Due Period.

         Trustee Fee Rate: 0.0050% per annum.

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

         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.

                                       46
<PAGE>

         Underlying Subordinate Rate: For Mortgage Pool 1 for each Distribution
Date, will be the Pool 1 Net WAC; for Mortgage Pool 2 for each Distribution
Date, will be the Pool 2 Net WAC; for Mortgage Pool 3 (A) for each Distribution
Date on or prior to the Distribution Date in March 2009, will be the lesser of
(x) 4.47810737699% and (y) the Pool 3 Adjusted Net WAC and (B) for each
Distribution Date after the Distribution Date in March 2009, will be the Pool 3
Net WAC; for Mortgage Pool 4 for each Distribution Date, will be the Pool 4 Net
WAC; and for Mortgage Pool 5 for each Distribution Date, will be the Pool 5 Net
WAC.

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

         Unpaid Basis Risk Shortfall: With respect any Distribution Date and any
of the Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5 and Class 3-A6
Certificates or any Class of Subordinate Certificates, the sum of all Basis Risk
Shortfalls for such Class for prior Distribution Dates in respect of which no
payment of amounts that would otherwise have been distributed to the Class 3-AX
or Class 3-PAX Certificates has been made.

         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, 93% of all Voting Interests shall be allocated to the
Certificates other than the Notional Certificates and the Class P Certificates,
and 5% of all Voting Interests shall be allocated to the Notional Certificates,
1% shall be allocated to the Class P-I Certificates and 1% shall be allocated to
the Class P-II Certificates. After the Class Notional Amount of each Class of
Notional Certificates has been reduced to zero, 98% of all Voting Interests
shall be allocated to the remaining Classes of Certificates other than the Class
P 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 Class P Certificates in
proportion to their Percentage Interest. 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).

         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 distributions to be made
to the Certificateholders 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.

                                       47
<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 (including the Participations). Such conveyance includes,
without limitation, the right to all distributions of principal and interest
received on or with respect to the Mortgage Loans on and after the Cut-off Date
(other than payments of principal and interest due on or before such date), and
all such payments due after such date but received prior to such date and
intended by the related Mortgagors to be applied after such date, together with
all of the Depositor's right, title and interest in and to the Collection
Account and all amounts from time to time credited to and the proceeds of the
Collection Account, the Certificate Account and all amounts from time to time
credited to and the proceeds of the Certificate Account, any Escrow Account
established pursuant to Section 9.06 hereof and all amounts from time to time
credited to and the proceeds of any such Escrow Account, any REO Property and
the proceeds thereof, the Depositor's rights under any Insurance Policies
related to the Mortgage Loans, and the Depositor's security interest in any
collateral pledged to secure the Mortgage Loans, including the Mortgaged
Properties and any Additional Collateral, and any proceeds of the foregoing, to
have and to hold, in trust; and the Trustee declares that, subject to the review
provided for in Section 2.02, it (or a Custodian on its behalf) has received and
shall hold the Trust Fund, as trustee, in trust, for the benefit and use of the
Holders of the Certificates and for the purposes and subject to the terms and
conditions set forth in this Agreement, and, concurrently with such receipt, has
caused to be executed, authenticated and delivered to or upon the order of the
Depositor, in exchange for the Trust Fund, Certificates in the authorized
denominations evidencing the entire ownership of the Trust Fund.

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

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

                                       48
<PAGE>

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

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

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

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

                                       49
<PAGE>

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

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

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

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

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

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

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

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

         (c) (i) Assignments of Mortgage with respect to each Non-MERS Mortgage
         Loan other than a Cooperative Loan shall be recorded; provided,
         however, that such Assignments need not be recorded if, in the Opinion
         of Counsel (which must be from Independent counsel) acceptable to the
         Trustee and the Rating Agencies, recording in such states is not
         required to protect the Trustee's interest in the related Non-MERS
         Mortgage Loans. Subject to the preceding sentence, as soon as
         practicable after the Closing Date (but in no event more than 3 months
         thereafter except to the extent delays are caused by the applicable
         recording office), the Trustee (or its Custodian), 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 (or its Custodian), 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.

                                       50
<PAGE>

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

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

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

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

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

                                       51
<PAGE>

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

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

                                       52
<PAGE>

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

         (f) Each of the parties hereto acknowledges that the applicable
Custodian shall perform the applicable review of the Mortgage Loans and deliver
the 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 and the Master Servicer, as of the Closing
Date or such other date as is specified, that:

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

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

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

                                       53
<PAGE>

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

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

                                       54
<PAGE>

         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 Brothers Holdings set forth in the
Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
hereunder and (iii) of each Transferor, assigned by Lehman Brothers Holdings to
the Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the
Trustee by the Depositor hereunder shall each survive delivery of the Mortgage
Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and
shall continue throughout the term of this Agreement. Upon discovery by either
the Depositor, the Master Servicer or the Trustee of a breach of any of such
representations and warranties that adversely and materially affects the value
of the related Mortgage Loan, the party discovering such breach shall give
prompt written notice to the other parties. Within 90 days of the discovery of a
breach of any representation or warranty given to the Trustee by the Depositor,
any Transferor, or Lehman Brothers Holdings and assigned to the Trustee, the
Depositor, such Transferor, or Lehman Brothers Holdings, 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 Brothers Holdings will, in
exchange for such substitute Mortgage Loan, (i) provide the applicable Purchase
Price for the affected Mortgage Loan or (ii) within two years of the Closing
Date, substitute such affected Mortgage Loan with a Qualifying Substitute
Mortgage Loan.

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

         (a) With respect to any Mortgage Loan repurchased by the Depositor
pursuant to this Agreement, by Lehman Brothers Holdings pursuant to the
applicable Mortgage Loan Sale Agreement or by any Transferor pursuant to the
applicable Transfer Agreement, the principal portion of the funds received by
the Master Servicer in respect of such repurchase of a Mortgage Loan will be
considered a Principal Prepayment and shall be deposited in the Collection
Account pursuant to Section 4.01. The Trustee, upon receipt of the full amount
of the Purchase Price for a Deleted 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 to the Depositor, Lehman Brothers Holdings or the
applicable Transferor, as applicable, the related Mortgage File for the Deleted
Mortgage Loan and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, representation or warranty, as shall
be necessary to vest in such party or its designee or assignee title to any
Deleted Mortgage Loan released pursuant hereto, free and clear of all security
interests, liens and other encumbrances created by this Agreement, which
instruments shall be prepared by the Trustee (or its custodian), and the Trustee
shall have no further responsibility with respect to the Mortgage File relating
to such Deleted Mortgage Loan.

                                       55
<PAGE>

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

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

         Section 2.06. Grant Clause.

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

                                       56
<PAGE>

                                  ARTICLE III

                                THE CERTIFICATES

         Section 3.01. The Certificates.

         (a) The Certificates shall be issuable in registered form only and
shall be securities governed by Article 8 of the New York Uniform Commercial
Code. The Book-Entry Certificates will be evidenced by one or more certificates,
beneficial ownership of which will be held in the dollar denominations in
Certificate Principal Amount or Notional Principal Amount, as applicable, or in
the Percentage Interests, specified herein. Each Class of Book-Entry
Certificates shall be issued in the minimum denominations in Certificate
Principal Amount (or Notional Amount) or Percentage Interest specified in the
Preliminary Statement hereto and in integral multiples of $1 or 5% (in the case
of Certificates issued in Percentage Interests) in excess thereof. Each Class of
Non-Book Entry Certificates other than the Residual Certificate shall be issued
in definitive, fully registered form in the minimum denominations in Certificate
Principal Amount (or Notional Amount) specified in the Preliminary Statement
hereto and in integral multiples of $1 in excess thereof. The Residual
Certificate shall be issued as a single Certificate and maintained in
definitive, fully registered form in a minimum denomination equal to $100. The
Class P Certificates shall be maintained in definitive, fully registered form in
a minimum denomination equal to 25% of the Percentage Interest of such Class of
Certificates. The Certificates may be issued in the form of typewritten
certificates. One Certificate of each Class of Certificates other than any Class
of Residual Certificates may be issued in any denomination in excess of the
minimum denomination.

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

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

         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.

                                       57
<PAGE>

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

         Section 3.02. Registration.

         The Trustee is hereby appointed, and hereby accepts its appointment as,
the initial 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.

                                       58
<PAGE>

         (c) By acceptance of a Restricted Certificate or a Regulation S Global
Security, whether upon original issuance or subsequent transfer, each Holder of
such a Certificate acknowledges the restrictions on the transfer of such
Certificate set forth thereon and agrees that it will transfer such a
Certificate only as provided herein. In addition, each Holder of a Regulation S
Global Security shall be deemed to have represented and warranted to the
Trustee, the Certificate Registrar and any of their respective successors that:
(i) such Person is not a U.S. person within the meaning of Regulation S and was,
at the time the buy order was originated, outside the United States and (ii)
such Person understands that such Certificates have not been registered under
the Securities Act of 1933, as amended (the "Act"), and that (x) until the
expiration of the 40-day distribution compliance period (within the meaning of
Regulation S), no offer, sale, pledge or other transfer of such Certificates or
any interest therein shall be made in the United States or to or for the account
or benefit of a U.S. person (each as defined in Regulation S), (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.

                                       59
<PAGE>

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

         Neither the Trustee nor the Certificate Registrar shall have any
obligations to monitor transfers of Book-Entry Certificates that are
ERISA-Restricted Certificates or Restricted Global Securities or any liability
for transfers of such Certificates in violation of the transfer restrictions.

         Notwithstanding anything to the contrary herein, any purported transfer
of an ERISA-Restricted Certificate in the form of a Definitive Certificate to or
on behalf of an employee benefit plan subject to Title I of ERISA, a plan
subject to Section 4975 of the Code or a plan subject to Similar Law without the
delivery to the Trustee and the Certificate Registrar of a certificate
substantially in the form of Exhibit H (or Exhibit D-1 in the case of the Class
R Certificate) or an Opinion of Counsel satisfactory to the Trustee as described
above shall be void and of no effect. Neither the Trustee nor the Certificate
Registrar shall have any liability to any Person for any registration of
transfer of any ERISA-Restricted Certificate that is in fact not permitted by
this Section 3.03(d) or for making any payments due on such Certificate to the
Holder thereof or taking any other action with respect to such Holder under the
provisions of this Agreement so long as the transfer was registered in
accordance with the foregoing requirements. The Trustee and the Certificate
Registrar shall be entitled, but not obligated, to recover from any Holder of
any ERISA-Restricted Certificate that was in fact an employee benefit plan
subject to Title I of ERISA, a plan subject to Section 4975 of the Code or a
plan subject to Similar Law, or a Person acting on behalf of any such plan at
the time it became a Holder or, at such subsequent time as it became such a plan
or Person acting on behalf of such a plan, all payments made on such
ERISA-Restricted Certificate at and after either such time. Any such payments so
recovered by the Trustee or the Certificate Registrar shall be paid and
delivered by the Trustee or the Certificate Registrar to the last preceding
Holder of such Certificate that is not such a plan or Person acting on behalf of
a plan.

                                       60
<PAGE>

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

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

         Prior to and as a condition of the registration of any transfer, sale
or other disposition of a Residual Certificate, the proposed transferee shall
deliver to the Trustee or the Certificate Registrar 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 or the Certificate Registrar 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, the Trustee and the Certificate Registrar 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. Neither the Trustee nor the Certificate Registrar shall be
under any liability to any person for any registration or transfer of a Residual
Certificate to a Disqualified Organization, agent or nominee thereof, or
Non-permitted Foreign Holder or for the maturity of any payments due on such
Residual Certificate to the Holder thereof or for taking any other action with
respect to such Holder under the provisions of the Agreement, so long as the
transfer was effected in accordance with this Section 3.03(f), unless the
Trustee or the Certificate Registrar 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 or the Certificate Registrar 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 or the Certificate Registrar shall be paid and delivered to the last
preceding Holder of such Residual Certificate.

                                       61
<PAGE>

         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 or the Certificate Registrar
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. Neither the Trustee nor
the Certificate Registrar shall be under any liability to any Person for any
registration of transfer of a Residual Certificate that is in fact not permitted
by this Section 3.03(f), for making any payment due on such Certificate to the
registered Holder thereof or for taking any other action with respect to such
Holder under the provisions of this Agreement so long as the transfer was
registered upon receipt of the affidavit described in the preceding paragraph of
this Section 3.03(f).

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

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

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

                           (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 Certificate
                  Registrar, of (I) instructions from DTC directing the
                  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 A
                  hereto given by the holder of such beneficial interest stating
                  that the exchange or transfer of such interest has been made


                                       62
<PAGE>

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

                                       63
<PAGE>

                           (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 Certificate Registrar.

                           (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
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.

                                       64
<PAGE>

         Section 3.07. Temporary Certificates.

         (a) Pending the preparation of Definitive Certificates, upon the order
of the Depositor, the Trustee shall execute and the Authenticating Agent 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 Certificate Registrar without charge
to the Holder. Upon surrender for cancellation of any one or more temporary
Certificates, the Trustee shall execute and the Authenticating Agent shall
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
is hereby appointed, and hereby accepts its appointment as Paying Agent in
respect of the Certificates. The Trustee shall cause such Paying Agent (if other
than the Trustee) to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee that such Paying Agent will hold
all sums held by it for the payment to Certificateholders in an Eligible Account
in trust for the benefit of the Certificateholders entitled thereto until such
sums shall be paid to the Certificateholders. All funds remitted by the Trustee
to any such Paying Agent for the purpose of making distributions shall be paid
to Certificateholders on each Distribution Date and any amounts not so paid
shall be returned on such Distribution Date to the Trustee. If the Paying Agent
is not the Trustee, the Trustee shall cause to be remitted to the Paying Agent
on or before the Business Day prior to each Distribution Date, by wire transfer
in immediately available funds, the funds to be distributed on such Distribution
Date. Any Paying Agent shall be either a bank or trust company or otherwise
authorized under law to exercise corporate trust powers.

         Section 3.09. Book-Entry Certificates.

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

                                       65
<PAGE>

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

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

                  (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 Certificate Registrar in
writing that the Clearing Agency is no longer willing or able to discharge
properly its responsibilities with respect to the Book-Entry Certificates, and
(B) the Trustee or the Depositor is unable to locate a qualified successor, (ii)
the Depositor, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of an Event of Default, Certificate Owners representing beneficial
interests aggregating not less than 50% of the Class Principal Amount of a Class
of Book-Entry Certificates identified as such to the Trustee by an Officer's
Certificate from the Clearing Agency advise the Trustee and the Clearing Agency
through the Clearing Agency Participants in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests
of the Certificate Owners of a Class of Book-Entry Certificates, the Trustee
shall notify or cause the Certificate Registrar to notify the Clearing Agency to
effect notification to all Certificate Owners, through the Clearing Agency, of
the occurrence of any such event and of the availability of Definitive
Certificates to Certificate Owners requesting the same. Upon surrender to the
Trustee of the Book-Entry Certificates by the Clearing Agency, accompanied by
registration instructions from the Clearing Agency for registration, the Trustee
shall issue the Definitive Certificates. Neither the Transferor nor the Trustee
shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Certificates all references herein to
obligations imposed upon or to be performed by the Clearing Agency shall be
deemed to be imposed upon and performed by the Trustee, to the extent
applicable, with respect to such Definitive Certificates and the Trustee shall
recognize the holders of the Definitive Certificates as Certificateholders
hereunder.

                                       66
<PAGE>
                                   ARTICLE IV

                        ADMINISTRATION OF THE TRUST FUND

         Section 4.01. Collection Account.

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

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

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

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

                                       67
<PAGE>

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

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

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

                  (iv) all Insurance Proceeds;

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

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

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

                                       68
<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 Advances or
         Servicing Advances made by it or by such Servicer that it or such
         Servicer determines in good faith will not be recoverable from amounts
         representing late recoveries of payments of principal or interest
         respecting the particular Mortgage Loan as to which such Advance or
         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;

                                       69
<PAGE>

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

                  (v) to reimburse itself or any Servicer for expenses incurred
         by and recoverable by or reimbursable to it or such Servicer pursuant
         to Section 9.04, 9.06, 9.16 or 9.22(a) or pursuant to the applicable
         Servicing Agreement, 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 and to reimburse the Custodian
         pursuant to the Custodial Agreement, but only to the extent that the
         items reimbursed constitute "unanticipated expenses" within the meaning
         of Treasury Regulation Section 1.860G-1(b)(3)(ii);

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

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

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

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

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

                                       70
<PAGE>

         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).

         In the event that the Master Servicer fails on any Deposit Date to
remit to the Trustee any amounts required to be so remitted to the Trustee
pursuant to subclause (viii) by such date, the Master Servicer shall pay the
Trustee, for the account of the Trustee, interest calculated at the "prime rate"
(as published in the "Money Rates" section of The Wall Street Journal) on such
amounts not timely remitted for the period from and including that Deposit Date
to but not including the related Distribution Date.

         Section 4.03. Reports to Certificateholders.

         (a) On each Distribution Date, the Trustee shall have prepared (based
solely on information provided by the Master Servicer) and shall make available
to the Trustee and each Certificateholder 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 and the
Master Servicer):

                  (i) the aggregate amount of the distribution to be made on
         such Distribution Date to the Holders of each Class of Certificates,
         other than any Class of Notional Certificates, to the extent
         applicable, allocable to principal on the Mortgage Loans, including any
         Subsequent Recovery, 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, if
         applicable, the Trustee, solely in its capacity as successor Master
         Servicer) 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;

                                       71
<PAGE>

                  (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;

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

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

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

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

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

                                       72
<PAGE>

                  (xv) the amount of any payments made to each Class of
         Certificates under Section 5.02(h) hereof that would otherwise have
         been made to the Class 3-AX Certificates;

                  (xvi) the amount of any payments made to each Class of
         Certificates under Section 5.02(h) hereof that would otherwise have
         been made to the Class 3-PAX Certificates;

                  (xvii) the amount of any payments made to each Class of
         Certificates that are treated as payment received in respect of a REMIC
         5 Regular Interest and the amount of any payments to each Class of
         Certificates that are not treated as payments in respect of a REMIC 5
         Regular Interest; and

                  (xviii) the amount of Basic Risk Shortfalls outstanding with
         respect to the Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class
         3-A5, Class 3-A6, Class B1, Class B2, Class B3, Class B4, Class B5 and
         Class B6 Certificates.

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

         The Trustee shall make such report and additional loan level
information (and, at its option, any additional files containing the same
information in an alternative format) available each month to the
Certificateholders and the Rating Agencies via the Trustee's internet website.
The Trustee's internet website shall initially be located at www.ctslink.com.
Assistance in using the website can be obtained by calling the Trustee's
customer service desk at (301) 815-6600. All parties that are unable to use the
website are entitled to have a paper copy mailed to them via first class mail by
calling the customer service desk and indicating such. The Trustee shall have
the right to change the way such statements are distributed in order to make
such distribution more convenient and/or more accessible to the above parties
and the Trustee shall provide timely and adequate notification to all above
parties regarding any such changes.

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

         On each Distribution Date, the Trustee shall also provide or make
available to the Depositor a copy of the above described written report, to the
following address: Lehman Brothers Inc., 745 Seventh Avenue, 7th Floor, New
York, New York 10019, Attention: Michael Hitzmann, or to such other address as
the Depositor may designate.

                                       73
<PAGE>

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

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

         Section 4.04. Certificate Account.

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

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

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

                                       74
<PAGE>

                  (ii) to pay itself the Trustee Fee and 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 itself pursuant
         to any provision of this Agreement;

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

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

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

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

                                   ARTICLE V

                    DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

         Section 5.01. Distributions Generally.

         (a) Subject to Section 7.01 with respect to the final distribution on
the Certificates, on each Distribution Date the Trustee or the Paying Agent
shall make distributions in accordance with this Article V. Such distributions
shall be made by check mailed to each Certificateholder's address as it appears
on the Certificate Register of the Certificate Registrar (which shall initially
be the Trustee) or, upon written request made to the Trustee at least five
Business Days prior to the related Distribution Date to any Certificateholder,
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 may 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. 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.

                                       75
<PAGE>

         (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 any Paying Agent on
behalf of the Trustee) shall withdraw from the Certificate Account, to the
extent of funds available therefor, the Available Distribution Amount (excluding
all Prepayment Penalty Amounts) with respect to each Mortgage Pool, and shall
distribute such amount in the following order of priority based on the report of
the Trustee:

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

                  (ii) from the remaining 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; provided, further, however, that payments that
         would otherwise be made to the Class 3-AX or Class 3-PAX Certificates
         hereunder shall be made to the Class 3-A1, Class 3-A2, Class 3-A3,
         Class 3-A4, Class 3-A5 and Class 3-A6 Certificates or the Subordinate
         Certificates to the extent required by Section 5.02(h).

                  (iii) from the remaining 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
         each Mortgage Pool 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;

                  (iv) 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) in reduction of
         the Class Principal Amounts thereof, concurrently, as follows:

                           (A) sequentially to the Class R and Class 1-A
                  Certificates from the Available Distribution Amount for Pool 1
                  for such Distribution Date in an amount up to the Senior
                  Principal Distribution Amount for such Mortgage Pool for such
                  Distribution Date, in reduction of their Class Principal
                  Amounts until their Class Principal Amounts have been reduced
                  to zero;

                           (B) to the Class 2-A Certificates from the Available
                  Distribution Amount for Pool 2 for such Distribution Date, the
                  Senior Principal Distribution Amount for such Mortgage Pool
                  for such Distribution Date, in reduction of their Class
                  Principal Amounts until the Class Principal Amount thereof has
                  been reduced to zero;

                                       76
<PAGE>

                           (C) pro rata, to the Class 3-A1, Class 3-A2, Class
                  3-A3, Class 3-A4, Class 3-A5 and Class 3-A6 Certificates from
                  the Available Distribution Amount for Pool 3 for such
                  Distribution Date in an amount up to the Senior Principal
                  Distribution Amount for such Mortgage Pool for such
                  Distribution Date, in reduction of their Class Principal
                  Amounts until their Class Principal Amounts have been reduced
                  to zero;

                           (D) to the Class 4-A Certificates from the Available
                  Distribution Amount for Pool 4 for such Distribution Date in
                  an amount up to the Senior Principal Distribution Amount for
                  such Mortgage Pool for such Distribution Date, in reduction of
                  their Class Principal Amount until the Class Principal Amount
                  thereof has been reduced to zero;

                           (E) to the Class 5-A Certificates from the Available
                  Distribution Amount for Pool 5 for such Distribution Date in
                  an amount up to the Senior Principal Distribution Amount for
                  such Mortgage Pool for such Distribution Date, in reduction of
                  their Class Principal Amount until the Class Principal Amount
                  thereof has been reduced to zero; and

                  (v) from the remaining Available Distribution Amount for each
         Mortgage Pool, subject to the prior distribution of amounts pursuant to
         Section 5.02(g) 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;

                           (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;



                                       77
<PAGE>

                           (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;

                           (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;

                                       78
<PAGE>

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

                                       79
<PAGE>

         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) [Reserved].

         (e) On each Distribution Date, the Paying Agent shall distribute to
Holders of the Class P-I Certificates any Prepayment Penalty Amounts related to
Pool 1, Pool 2, Pool 4 and Pool 5 and to Holders of the Class P-II Certificates
any Prepayment Penalty Amounts related to Pool 3, for such Distribution Date.

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

         (g) (i) (A) On each Distribution Date prior to the Credit Support
Depletion Date but on or 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)(v), 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 Senior 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)(iv), 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 Pool 1 (if the aggregate Certificate
Principal Amount of the Senior Certificates of Group 2, Group 3, Group 4 or
Group 5 has been reduced to zero), Pool 2 (if the aggregate Certificate
Principal Amount of the Senior Certificates of Group 1, Group 3, Group 4 or
Group 5 has been reduced to zero), Pool 3 (if the aggregate Certificate
Principal Amount of the Senior Certificates of Group 1, Group 2, Group 4 or
Group 5 has been reduced to zero), Pool 4 (if the aggregate Certificate
Principal Amount of the Senior Certificates of Group 1, Group 2, Group 3 or
Group 5 has been reduced to zero) or Pool 5 (if the aggregate Certificate
Principal Amount of the Senior Certificates of Group 1, Group 2, Group 3 or
Group 4 has been reduced to zero) 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%.

                           (B) On each Distribution Date on which the Senior
                  Certificates of two or more Certificate Groups remain
                  outstanding, any amounts distributable pursuant to this
                  Section 5.02(g)(i) will be distributed in proportion to the
                  aggregate Certificate Principal Amounts of such Certificates
                  of each such Certificate Group.

                                       80
<PAGE>

                  (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(a)(iv), 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 excess of
         the Available Distribution Amount for the other such Mortgage Pools not
         related to an Undercollateralized Group remaining after all required
         amounts have been distributed to the Senior Certificates of the other
         Certificate Groups. 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 two or more
                  Certificate Groups are Undercollateralized Groups and one or
                  more Certificate Group is not an Undercollateralized Group,
                  the distributions described in paragraph (ii)(A) above will be
                  made in proportion to the amount by which the aggregate
                  Certificate Principal Amount of the Senior Certificates, after
                  giving effect to distributions pursuant to Sections 5.02(a)
                  and (b) on such Distribution Date, of each Undercollateralized
                  Group exceeds the Pool Balance of the related Mortgage Pool
                  for such Distribution Date.

         (h) On each Distribution Date on or prior to March 2009, amounts
otherwise payable to the Class 3-AX or Class 3-PAX Certificates pursuant to
Section 5.02(a)(ii), if any, will be distributed to the Class 3-A1, Class 3-A2,
Class 3-A3, Class 3-A4, Class 3-A5 and Class 3-A6 Certificates and Subordinate
Certificates in respect of any Unpaid Basis Risk Shortfalls for such
Distribution Date or any prior Distribution Date. Such amounts will be
distributed (i) first, pro rata, to the Class 3-A1, Class 3-A2, Class 3-A3,
Class 3-A4, Class 3-A5 and Class 3-A6 Certificates and (ii) second,
sequentially, to the Class B1, Class B2, Class B3, Class B4, Class B5 and Class
B6 Certificates. The Class 3-AX and Class 3-PAX Certificates will contribute
amounts hereunder pro rata based on the amount of interest each such Class would
otherwise be entitled to receive on such Distribution Date. The amounts
distributed hereunder to the Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4,
Class 3-A5 and Class 3-A6 Certificates and Subordinate Certificates with respect
to any Basis Risk Shortfalls shall be deemed for federal income tax purposes as
having been distributed to the Class 3-AX and Class 3-PAX Certificates, as
applicable. The Class 3-AX and Class 3-PAX Certificates shall have no right to
reimbursement for such amounts distributed pursuant to this section.

                                       81
<PAGE>

         Section 5.03. Allocation of Realized Losses.

         (a) (i) 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;

                           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); provided,
                  however, that any Realized Losses otherwise allocable to the
                  Class 3-A1 Certificates pursuant to this Section 5.03 shall be
                  allocated to the Class 3-A6 Certificates until the Class
                  Principal Amount of such Class has been reduced to zero.

Notwithstanding the foregoing, the first $0.64 of principal portion of Realized
Losses shall not be allocated to any Class of Certificates.

         (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 Senior Certificates of the related Certificate Group 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).

                                       82
<PAGE>

         (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.

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

         (a) Advances shall be made in respect of each Deposit Date as provided
herein. If, on any Determination Date, the Master Servicer determines that any
Scheduled Payments due during the related Due Period (other than Balloon
Payments) have not been received, the Master Servicer shall, or shall cause the
applicable Servicer to, advance such amount, less an amount, if any, to be set
forth in an Officer's Certificate to be delivered to the Trustee on such
Determination Date, which if advanced the Master Servicer or such Servicer has
determined would not be recoverable from amounts received with respect to such
Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds
or otherwise. The Trustee shall be able to rely conclusively on any
non-recoverability determination made by the Master Servicer. 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
Trustee shall be entitled to conclusively rely upon any determination by the
Master Servicer that an Advance, if made, would constitute a non-recoverable
advance. 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.

                                       83
<PAGE>

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

         Section 5.05. Compensating Interest Payments.

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

         Section 5.06. [Reserved].

                                   ARTICLE VI

                    CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

         Section 6.01. Duties of Trustee.

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

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

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

                                       84
<PAGE>

                  (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 6.18 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;

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

                  (iv) With respect to amounts that would be treated as
         "unanticipated expenses" within the meaning of Treasury Regulations
         Section 1.860G-1(b)(3)(ii) if paid or reimbursed by the REMICs
         hereunder, no provision of this Agreement shall require the Trustee to
         expend or risk its own funds or otherwise incur any financial liability
         in the performance of any of its duties hereunder, or in the exercise
         of any of its rights or powers, if it shall have reasonable grounds for
         believing that repayment of such funds or adequate indemnity against
         such risk or liability is not reasonably assured to it, and none of the
         provisions contained in this Agreement shall in any event require the
         Trustee to perform, or be responsible for the manner of performance of,
         any of the obligations of the Master Servicer under this Agreement
         except, with respect to the Trustee, during such time, if any, as the
         Trustee shall be the successor to, and be vested with the rights,
         duties, powers and privileges of, the Master Servicer in accordance
         with the terms of this Agreement.

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

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

                                       85
<PAGE>

         (f) The Trustee shall be held liable by reason of any insufficiency in
any account (including without limitation the Collection Account and the
Certificate Account) held by or on behalf of the Trustee resulting from any
investment loss on any Eligible Investment included therein (except to the
extent that the Trustee is the obligor and has defaulted thereon).

         (g) Except as otherwise provided herein, neither 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.

         (j) The Trustee shall not be responsible for the acts or omissions of
the other or any Servicer, Custodian or the Master Servicer, it being understood
that this Agreement shall not be construed to render any of them agents of one
another.

         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;

                                       86
<PAGE>

                  (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 not be under any obligation to exercise
         any of the trusts or powers vested in it by this Agreement or to
         institute, conduct or defend any litigation hereunder or in relation
         hereto, in each case at the request, order or direction of any of the
         Certificateholders pursuant to the provisions of this Agreement, unless
         such Certificateholders shall have offered to the Trustee reasonable
         security or indemnity against the costs, expenses and liabilities which
         may be incurred therein or thereby;

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

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

                                       87
<PAGE>

         Section 6.03. Trustee Not Liable for Certificates.

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

         Section 6.06. Resignation and Removal of Trustee.

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

                                       88
<PAGE>

         (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 either of their property or
affairs for the purpose of rehabilitation, conservation or liquidation, (iii) a
tax is imposed or threatened with respect to the Trust Fund by any state in
which the Trustee or the Trust Fund held by the Trustee is located, or (iv) the
continued use of the Trustee would result in a downgrading of the rating by the
Rating Agencies of any Class of Certificates with a rating, then the Depositor
shall remove the Trustee and appoint a successor trustee by written instrument,
one copy of which instrument shall be delivered to the Trustee so removed, one
copy to the successor trustee and one copy to the Master Servicer.

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

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

         Section 6.07. Successor Trustee.

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

                                       89
<PAGE>

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

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

         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.

         (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;

                                       90
<PAGE>

                  (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.

         (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 Trust Fund 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).

                                       91
<PAGE>

         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 to the extent provided in Section
6.12.

         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 or incurred without
negligence or willful misconduct on their part, arising out of, or in connection
with, the acceptance or administration of the trusts created hereunder or in
connection with the performance of their duties hereunder or under the
Certificates, any Custodial Agreement or any Servicing Agreement, including any
applicable fees and expenses payable pursuant to Section 6.12 and the costs and
expenses of defending themselves against any claim in connection with the
exercise or performance of any of their powers or duties hereunder, provided
that:

                                       92
<PAGE>

                  (i) with respect to any such claim, the Trustee shall have
         given the Depositor, the Master Servicer and the Holders written notice
         thereof promptly after the Trustee shall have knowledge thereof;
         provided that failure to so notify shall not relieve the Trust Fund of
         the obligation to indemnify the Trustee;

                  (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; and

                  (iv) any such loss, liability or expense indemnified by the
         Trust Fund must constitute an "unanticipated expense" within the
         meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii).

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

         Section 6.12. Fees and Expenses of Trustee and Custodian.

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

         Section 6.13. Collection of Monies.

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

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

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

                                       93
<PAGE>

                  (i) Any failure by the Master Servicer to furnish the Trustee
         the Mortgage Loan data sufficient to prepare the reports described in
         Section 4.03(a) which continues unremedied for a period of two (2)
         Business Days after the date upon which written notice of such failure
         shall have been given to such Master Servicer by the Trustee or to such
         Master Servicer 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

                  (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

                                       94
<PAGE>

                  (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; or

                  (ix) The Master Servicer has notice or actual knowledge that
         any Servicer at any time is not either an FNMA- or FHLMC-approved
         Seller/Servicer, and the Master Servicer has not terminated the rights
         and obligations of such Servicer under the applicable Servicing
         Agreement and replaced such Servicer with an FNMA- or FHLMC-approved
         servicer within 60 days of the date the Master Servicer receives such
         notice or actual knowledge; 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, which such failure continues unremedied
         after 1:00 p.m. Eastern Standard Time one Business Day after the date
         upon which notice of such failure shall have been given to the Master
         Servicer by the Trustee.

         If an Event of Default described in clauses (i) through (ix) of this
Section 6.14 shall occur, then, in each and every case, subject to applicable
law, so long as any such Event of Default shall not have been remedied within
any period of time prescribed by this Section 6.14, the Trustee, by notice in
writing to the Master Servicer may, and shall, if so directed by
Certificateholders evidencing more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates, terminate all of the
rights and obligations of the Master Servicer hereunder and in and to the
Mortgage Loans and the proceeds thereof. If an Event of Default described in
clause (x) of this Section 6.14 shall occur, then, in each and every case,
subject to applicable law, so long as such Event of Default shall not have been
remedied within the time period prescribed by clause (x) of this Section 6.14,
the Trustee, by notice in writing to the Master Servicer, shall promptly
terminate all of the rights and obligations of the Master Servicer hereunder and
in and to the Mortgage Loans and the proceeds thereof. On or after the receipt
by the Master Servicer of such written notice, all authority and power of the
Master Servicer, and only in its capacity as Master Servicer under this
Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass
to and be vested in the Trustee pursuant to and under the terms of this
Agreement; and the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the defaulting Master Servicer as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement or
assignment of the Mortgage Loans and related documents or otherwise. The
defaulting Master Servicer agrees to cooperate with the Trustee in effecting the
termination of the defaulting Master Servicer's responsibilities and rights
hereunder as Master Servicer including, without limitation, notifying Servicers
of the assignment of the master servicing function and providing the Trustee or
its designee all documents and records in electronic or other form reasonably


                                       95
<PAGE>

requested by it to enable the Trustee or its designee to assume the defaulting
Master Servicer's functions hereunder and the transfer to the Trustee for
administration by it of all amounts which shall at the time be or should have
been deposited by the defaulting Master Servicer in the Collection Account
maintained by such defaulting Master Servicer and any other account or fund
maintained with respect to the Certificates or thereafter received with respect
to the Mortgage Loans. The Master Servicer being terminated shall bear all costs
of a master servicing transfer, including but not limited to those of the
Trustee reasonably allocable to specific employees and overhead, legal fees and
expenses, accounting and financial consulting fees and expenses, and costs of
amending the Agreement, if necessary. The Trustee shall be entitled to be
reimbursed from the Master Servicer (or by the Trust, if the Master Servicer is
unable to fulfill its obligations hereunder) for all costs associated with the
transfer of servicing from the predecessor Master Servicer, including, without
limitation, any costs or expenses associated with the complete transfer of all
servicing data and the completion, correction or manipulation of such servicing
data as may be required by the Trustee to correct any errors or insufficiencies
in the servicing data or otherwise to enable the Trustee to master service the
Mortgage Loans properly and effectively. If the terminated Master Servicer does
not pay such reimbursement within thirty (30) days of its receipt of an invoice
therefor, such reimbursement shall be an expense of the Trust Fund and the
Trustee shall be entitled to withdraw such reimbursement from amounts on deposit
in the Certificate Account pursuant to Section 4.04; provided that the
terminated Master Servicer shall reimburse the Trust Fund for any such expense
incurred by the Trust; and provided, further, that the Trustee shall decide
whether and to what extent it is in the best interest of the Certificateholders
to pursue any remedy against any party obligated to make such reimbursement.

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

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

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

                                       96
<PAGE>

         (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, or appoint on its own
behalf 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.

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

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

                                       97
<PAGE>

         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 at
their respective addresses appearing on the Certificate Register. The Trustee
shall also, within 45 days after the occurrence of any Event of Default known to
a Responsible Officer of the Trustee, give written notice thereof to the
Certificateholders, unless such Event of Default shall have been cured or waived
prior to the issuance of such notice and within such 45-day period.

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

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

                                       98
<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 Depositor shall prepare or cause to be prepared the initial
current report on Form 8-K. Thereafter, within 15 days after each Distribution
Date, the Trustee shall, in accordance with industry standards, file with the
Securities and Exchange Commission (the "Commission") via the Electronic Data
Gathering and Retrieval System (EDGAR), a Form 8-K with a copy of the statement
to the Certificateholders for such Distribution Date as an exhibit thereto.
Prior to January 31, 2005, the Trustee shall, in accordance with industry
standards, file a Form 15 Suspension Notification with respect to the Trust
Fund, if applicable. Prior to March 31, 2005, the Trustee shall file (but will
not execute) a Form 10-K, in substance conforming to industry standards, with
respect to the Trust Fund. The Form 10-K shall include the certification
required pursuant to Rule 13a-14 under the Securities and Exchange Act of 1934,
as amended (the "Form 10-K Certification") signed by an appropriate party or
parties (which Form 10-K Certification the Trustee shall not be required to
sign). The Depositor hereby grants to the Trustee a limited power of attorney to
execute and file each such document on behalf of the Depositor. Such power of
attorney shall continue until either the earlier of (i) receipt by the Trustee
from the Depositor of written termination of such power of attorney and (ii) the
termination of the Trust Fund. The Depositor agrees to promptly furnish to the
Trustee, from time to time upon request, such further information, reports, and
financial statements within its control related to this Agreement and the
Mortgage Loans as the Trustee reasonably deems appropriate to prepare and file
all necessary reports with the Commission. The Trustee shall have no
responsibility to file any items other than those specified in this section.

         (b) If so requested, the Trustee shall sign a certification (in the
form attached hereto as Exhibit M) for the benefit of the Person(s) signing the
Form 10-K Certification regarding certain aspects of such Form 10-K
Certification (provided, however, that the Trustee shall not be required to
undertake an analysis of the accountant's report attached as an exhibit to the
Form 10-K), which certification shall be delivered to such Person(s) not later
than five Business Days prior to the date on which the Form 10-K is required to
be filed with the Commission.

                                       99
<PAGE>

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

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

                                  ARTICLE VII

                            PURCHASE AND TERMINATION
                                OF THE TRUST FUND

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

         (a) The respective obligations and responsibilities of the Trustee and
the Master Servicer created hereby (other than the obligation of the Trustee to
make payments to Certificateholders as set forth in Section 7.02, the obligation
of the Master Servicer to make a final remittance to the Trustee for deposit
into the Certificate Account pursuant to Section 4.01 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 in the Trust Fund is
less than 10% of the Principal Balance of the Mortgage Loans in the Trust Fund
(determined in the aggregate rather than by pool) as of the Cut-off Date, the
Master Servicer, with the consent of the Seller (which consent will not be
unreasonably withheld), may, upon written direction to the Trustee, cause the
Trustee to sell (or arrange for the sale of) the assets of the Trust Fund. Upon
the repurchase of the Mortgage Loans in the Trust Fund, the Master Servicer
shall, upon written direction to the Trustee, cause each REMIC included in the
Trust Fund to adopt a plan of complete liquidation pursuant to Section 7.03
hereof to sell all of its property. The property of the Trust Fund shall be sold
at a price (the "Repurchase Price") equal to: (i) 100% of the unpaid principal
balance of each Mortgage Loan on the day of such purchase plus interest accrued
thereon at the applicable Mortgage Rate with respect to any Mortgage Loan to the
Due Date in the Due Period immediately preceding such Distribution Date, (ii)
the fair market value of any REO Property and any other property held by the
Trust Fund, such fair market value to be determined by an appraiser or
appraisers appointed by the Master Servicer with the consent of the Trustee and
(iii) any unreimbursed Servicing Advances with respect to each Mortgage Loan in
the Trust Fund. The Master Servicer, each Servicer (or the Trustee, if
applicable) shall be reimbursed from the Repurchase Price for any Mortgage Loan
or related REO Property for any Advances or Servicing Advances made with respect
to the Mortgage Loans that are reimbursable to the Master Servicer under this
Agreement or the related Servicing Agreement (or to the Trustee hereunder),
together with any accrued and unpaid compensation and any other amounts due to
the Master Servicer and the Trustee hereunder or the Servicers thereunder. The
Trustee shall distribute the assets of the Trust Fund on the Distribution Date
on which the repurchase occurred. Upon the repurchase of the Mortgage Loans, the
Trust Fund shall terminate in accordance with the terms of this Agreement.

                                      100
<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 Master Servicer, the Depositor and the
Certificate Registrar at the time such notice is given to Holders of the
Certificates. Upon any such termination, the duties of the Certificate Registrar
with respect to the Certificates shall terminate and the Trustee shall
terminate, or request the Master Servicer to terminate, the Collection Account
it maintains, the Certificate Account and any other account or fund maintained
with respect to the Certificates, subject to the Trustee's obligation hereunder
to hold all amounts payable to Certificateholders in trust without interest
pending such payment.

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

                                      101
<PAGE>

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

         Section 7.03. Additional Requirements under the REMIC Provisions.

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

                  (i) The Trustee shall sell all of the assets of the Trust Fund
         for cash and, within 90 days of such sale, shall distribute the
         proceeds of such sale to the Certificateholders in complete liquidation
         of the Trust Fund, REMIC 1, REMIC 2, REMIC 3, REMIC 4 and the Upper
         Tier REMIC; and

                  (ii) The Trustee shall attach a statement to the final Federal
         income tax return for each of REMIC 1, REMIC 2, REMIC 3, REMIC 4 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.

                                      102
<PAGE>

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

         Section 8.02. Access to List of Holders.

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

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

                                      103
<PAGE>

         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 others of receipt of any such instrument by it, and shall
promptly forward a copy of such instrument to the others.

         (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 and the
Depositor shall not be affected by any notice to the contrary.

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

                                      104
<PAGE>

                                   ARTICLE IX

                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                             BY THE MASTER SERVICER

         Section 9.01. Duties of the Master Servicer.

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

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

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

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

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

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

                                      105
<PAGE>

         Section 9.04. Power to Act; Procedures.

         (a) The Master Servicer shall master service the Mortgage Loans and
shall have full power and authority, subject to the REMIC Provisions and the
provisions of Article X hereof, and each Servicer shall have full power and
authority (to the extent provided in the applicable Servicing Agreement) to do
any and all things that it may deem necessary or desirable in connection with
the servicing and administration of the Mortgage Loans, including but not
limited to the power and authority (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents, (ii) to consent to transfers of any Mortgaged
Property and assumptions of the Mortgage Notes and related Mortgages, (iii) to
collect any Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan, in each case, in accordance with the provisions of
this Agreement and the applicable Servicing Agreement, as applicable; provided
that the Master Servicer shall not take, or knowingly permit any Servicer to
take, any action that is inconsistent with or prejudices the interests of the
Trust Fund or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor, the Trustee and the Certificateholders under this
Agreement. The Master Servicer further is authorized and empowered by the
Trustee, on behalf of the Certificateholders and the Trustee, in its own name or
in the name of any Servicer, when the Master Servicer or a Servicer, as the case
may be, believes it is appropriate in its best judgment to register any Mortgage
Loan with MERS, or cause the removal from the registration of any Mortgage Loan
on the MERS system, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording of
a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns. The Master Servicer shall represent and protect the
interests of the Trust Fund in the same manner as it protects its own interests
in mortgage loans in its own portfolio in any claim, proceeding or litigation
regarding a Mortgage Loan and shall not make or knowingly permit any Servicer to
make any modification, waiver or amendment of any term of any Mortgage Loan that
would cause any REMIC included in the Trust Fund to fail to qualify as a REMIC
or result in the imposition of any tax under Section 860F(a) or Section 860G(d)
of the Code. Without limiting the generality of the foregoing, the Master
Servicer in its own name or in the name of a Servicer, and each Servicer, to the
extent such authority is delegated to such Servicer by the Master Servicer under
the applicable Servicing Agreement, is hereby authorized and empowered by the
Trustee when the Master Servicer or a Servicer, as the case may be, believes it
appropriate in its best judgment and in accordance with Accepted Servicing
Practices and the applicable Servicing Agreement, to execute and deliver, on
behalf of itself and the Certificateholders, the Trustee or any of them, any and
all instruments of satisfaction or cancellation, or of partial or full release
or discharge and all other comparable instruments, with respect to the Mortgage
Loans and with respect to the Mortgaged Properties. The Trustee shall furnish
the Master Servicer or a Servicer, upon request, with any powers of attorney
prepared by the Master Servicer or such Servicer empowering the Master Servicer
or such Servicer to execute and deliver instruments of satisfaction or
cancellation, or of partial or full release or discharge, and to foreclose upon
or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend in
any court action relating to the Mortgage Loans or the Mortgaged Property, in
accordance with the applicable Servicing Agreement and this Agreement, and the
Trustee shall execute and deliver such other documents, as the Master Servicer


                                      106
<PAGE>

may request, necessary or appropriate to enable the Master Servicer to master
service the Mortgage Loans and carry out its duties hereunder and to allow each
Servicer to service the Mortgage Loans, in each case in accordance with Accepted
Servicing Practices (and the Trustee shall have no liability for misuse of any
such powers of attorney by the Master Servicer or the applicable Servicer). If
the Master Servicer or the Trustee has been advised that it is likely that the
laws of the state in which action is to be taken prohibit such action if taken
in the name of the Trustee or that the Trustee would be adversely affected under
the "doing business" or tax laws of such state if such action is taken in its
name, then upon request of the Trustee, the Master Servicer shall join with the
Trustee in the appointment of a co-trustee pursuant to Section 6.09 hereof. In
the performance of its duties hereunder, the Master Servicer shall be an
independent contractor and shall not, except in those instances where it is
taking action in the name of the Trustee, be deemed to be the agent of the
Trustee.

         (b) In master servicing and administering the Mortgage Loans, the
Master Servicer shall employ procedures and exercise the same care that it
customarily employs and exercises in master servicing and administering loans
for its own account, giving due consideration to Accepted Servicing Practices
where such practices do not conflict with this Agreement. Consistent with the
foregoing, the Master Servicer may, and may permit any Servicer to, in its
discretion (i) waive any late payment charge or any prepayment charge or penalty
interest in connection with the prepayment of a Mortgage Loan and (ii) extend
the due dates for payments due on a Mortgage Note for a period not greater than
120 days; provided, however, that the maturity of any Mortgage Loan shall not be
extended past the date on which the final payment is due on the latest maturing
Mortgage Loan as of the Cut-off Date. In the event of any extension described in
clause (ii) above, the Master Servicer shall make or cause to be made Advances
on the related Mortgage Loan in accordance with the provisions of Section 5.04
on the basis of the amortization schedule of such Mortgage Loan without
modification thereof by reason of such extension. Notwithstanding anything to
the contrary in this Agreement, the Master Servicer shall not make or knowingly
permit any modification, waiver or amendment of any material term of any
Mortgage Loan unless: (1) such Mortgage Loan is in default or default by the
related Mortgagor is, in the reasonable judgment of the Master Servicer or the
applicable Servicer, reasonably foreseeable, (2) in the case of a waiver of a
Prepayment Premium if (a) such Mortgage Loan is in default or default by the
related Mortgagor is reasonably foreseeable, and such waiver would maximize
recovery of total proceeds taking into account the value of such Prepayment
Premium and the related Mortgage Loan or (b) if the prepayment is not the result
of a refinance by the Servicer or any of its affiliates and (i) such Mortgage
Loan is in default or default by the related Mortgagor is, in the reasonable
judgment of the Master Servicer or the applicable Servicer, reasonably
foreseeable, and such waiver would maximize recovery of total proceeds taking
into account the value of such Prepayment Premium and the related Mortgage Loan
or (ii) the collection of the Prepayment Premium would be in violation of
applicable laws or (iii) the collection of such Prepayment Premium would be
considered "predatory" pursuant to written guidance published or issued by any
applicable federal, state or local regulatory authority acting in its official
capacity and having jurisdiction over such matters, and (3) the Master Service
shall have provided or caused to be provided to the Trustee an Opinion of
Counsel (which opinion shall, if provided by the Master Servicer, be an expense
reimbursed from the Collection Account pursuant to Section 4.02(v)) in writing
to the effect that such modification, waiver or amendment would not cause an
Adverse REMIC Event; provided, in no event shall an Opinion of Counsel be
required for the waiver of a Prepayment Premium under clause (2) above.

                                      107
<PAGE>

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

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

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

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

                                      108
<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 expenses within the meaning of Treasury
Regulations Section 1.860G-1(b)(3)(ii) shall be recoverable by the Master
Servicer pursuant to Section 4.02(v).

         Section 9.07. Termination of Servicing Agreements; Successor Servicers.

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

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

                                      109
<PAGE>

         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), after a period not to exceed ninety days after the issuance of any
notice of termination pursuant to Section 6.14 or Section 9.28, as applicable,
the Trustee, or a successor master servicer appointed by it in accordance with
Section 6.14, shall thereupon assume all of the rights and obligations of such
Master Servicer hereunder and enforce the rights 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.

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

                                      110
<PAGE>

         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 applicable 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.

                                      111
<PAGE>

         (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 including notifying
the Trustee in the event that any Mortgagor of any Employee Mortgage Loan ceases
to be an employee of Lehman Brothers Inc. or its Affiliates. 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 a Subsequent
Recovery, 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.

                                      112
<PAGE>

         (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 a
Subsequent Recovery, Liquidation Proceeds or Insurance Proceeds, shall be held
by the Master Servicer, or by such Servicer, for and on behalf of the Trustee
and the Certificateholders and shall be and remain the sole and exclusive
property of the Trustee; provided, however, that the Master Servicer and each
Servicer shall be entitled to setoff against, and deduct from, any such funds
any amounts that are properly due and payable to the Master Servicer or such
Servicer under this Agreement or the applicable Servicing Agreement and shall be
authorized to remit such funds to the Trustee in accordance with this Agreement.

         (c) The Master Servicer hereby acknowledges that concurrently with the
execution of this Agreement, the Trustee shall own or, to the extent that a
court of competent jurisdiction shall deem the conveyance of the Mortgage Loans
from the Seller to the Depositor not to constitute a sale, the Trustee shall
have a security interest in the Mortgage Loans and in all Mortgage Files
representing such Mortgage Loans and in all funds now or hereafter held by, or
under the control of, a Servicer or the Master Servicer that are collected by
such Servicer or the Master Servicer in connection with the Mortgage Loans,
whether as scheduled installments of principal and interest or as full or
partial prepayments of principal or interest or as a Subsequent Recovery,
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.

                                      113
<PAGE>

         Section 9.14. Representations and Warranties of the Master Servicer.

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

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

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

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

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

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

                  (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;

                                      114
<PAGE>

                  (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, 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 any of the Depositor, the Master
Servicer or the Trustee or notice thereof by any one of such parties to the
other parties.

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

                                      115
<PAGE>

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

         Section 9.15. Closing Certificate and Opinion.

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

         Section 9.16. Standard Hazard and Flood Insurance Policies.

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

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

         Section 9.17. Presentment of Claims and Collection of Proceeds.

         The Master Servicer shall, or shall cause each Servicer (to the extent
provided in the applicable Servicing Agreement) to, prepare and present on
behalf of the Trustee and the Certificateholders all claims under the Insurance
Policies with respect to the Mortgage Loans, 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).

                                      116
<PAGE>

         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.

                                      117
<PAGE>

         Section 9.20. Realization Upon Defaulted Mortgage Loans.

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

         Section 9.21. Compensation to the Master Servicer.

         The Master Servicer shall (i) be entitled, at its election, either (a)
to pay itself the Master Servicing Fee, in respect of the Mortgage Loans out of
any Mortgagor payment on account of interest prior to the deposit of such
payment in the Collection Account it maintains or (b) to withdraw from the
Collection Account the Master Servicing Fee to the extent permitted by Section
4.02(iv). The Master Servicer shall also be entitled, at its election, either
(a) to pay itself the Master Servicing Fee in respect of each delinquent
Mortgage Loan master serviced by it out of Liquidation Proceeds in respect of
such Mortgage Loan or other recoveries with respect thereto to the extent
permitted in Section 4.02 or (b) to withdraw from the Collection Account it
maintains the Master Servicing Fee in respect of each Liquidated Mortgage Loan
to the extent of such Liquidation Proceeds or other recoveries, to the extent
permitted by Section 4.02. Servicing compensation in the form of assumption
fees, if any, late payment charges, as collected, if any, or otherwise shall be
retained by the Master Servicer (or the applicable Servicer) and shall not be
deposited in the Collection Account. If the Master Servicer does not retain or
withdraw the Master Servicing Fee from the Collection Account as provided
herein, the Master Servicer shall be entitled to direct the Trustee to pay the
Master Servicing Fee to such Master Servicer by withdrawal from the Certificate
Account to the extent that payments have been received with 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).

                                      118
<PAGE>

         Section 9.22. REO Property.

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

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

         (c) The Master Servicer and the applicable Servicer, upon the final
disposition of any REO Property, shall be entitled to reimbursement for any
related unreimbursed Advances as well as any unpaid Master Servicing Fees or
Servicing Fees from Liquidation Proceeds received in connection with the final
disposition of such REO Property; provided, that (without limitation of any
other right of reimbursement that the Master Servicer or any Servicer shall have
hereunder) any such unreimbursed Advances as well as any unpaid Master Servicing
Fees or Servicing Fees may be reimbursed or paid, as the case may be, prior to
final disposition, out of any net rental income or other net amounts derived
from such REO Property.

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

         Section 9.23. [Reserved].

         Section 9.24. Reports to the Trustee.

         (a) Not later than 30 days after each Distribution Date, the Master
Servicer shall forward to the Trustee and 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)).

                                      119
<PAGE>

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

         (c) All information, reports and statements prepared by the Master
Servicer under this Agreement shall be based on information supplied to the
Master Servicer by the Servicers without independent verification thereof and
the Master Servicer shall be entitled to rely on such information.

         (d) The Master Servicer shall provide the Trustee with such information
as the Trustee may reasonably request in connection with its responsibilities
under Section 10.01 hereof provided that such information is in the possession
of the Master Servicer.

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

         (a) The Master Servicer shall deliver to the Trustee and the Rating
Agencies five Business Days after March 15 of each year commencing in March
2005, an Officer's Certificate, certifying that with respect to the period
ending on the immediately preceding December 31; (i) such Servicing Officer has
reviewed the activities of such Master Servicer during the preceding calendar
year or portion thereof and its performance under this Agreement; (ii) to the
best of such Servicing Officer's knowledge, based on such review, such Master
Servicer has performed and fulfilled its duties, responsibilities and
obligations under this Agreement in all material respects throughout such year,
or, if there has been a default in the fulfillment of any such duties,
responsibilities or obligations, specifying each such default known to such
Servicing Officer and the nature and status thereof, (iii) nothing has come to
the attention of such Servicing Officer to lead such Servicing Officer to
believe that any Servicer has failed to perform any of its duties,
responsibilities and obligations under its Servicing Agreement in all material
respects throughout such year, or, if there has been a material default in the
performance or fulfillment of any such duties, responsibilities or obligations,
specifying each such default known to such Servicing Officer and the nature and
status thereof, and (iv) the Master Servicer has received from each Servicer
such Servicer's annual certificate of compliance and a copy of such Servicer's
annual audit report, in each case to the extent required under the applicable
Servicing Agreement, or, if any such certificate or report has not been received
by the Master Servicer, the Master Servicer is using its best reasonable efforts
to obtain such certificate or report.

         (b) Copies of such statements shall be provided to any
Certificateholder upon request, by the Master Servicer or by the Trustee at the
Master Servicer's expense if the Master Servicer 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).

                                      120
<PAGE>

         Section 9.26. Annual Independent Accountants' Servicing Report.

         If the Master Servicer has, during the course of any fiscal year,
directly serviced any of the Mortgage Loans, then the Master Servicer at its
expense shall cause a nationally recognized firm of independent certified public
accountants to furnish a statement to the Trustee, the Rating Agencies and the
Depositor on or before the last day of February of each year commencing on
February 28, 2005, to the effect that, with respect to the most recently ended
fiscal year, such firm has examined certain records and documents relating to
the Master Servicer's performance of its servicing obligations under this
Agreement and pooling and servicing and trust agreements in material respects
similar to this Agreement and to each other and that, on the basis of such
examination conducted substantially in compliance with the audit program for
mortgages serviced for FHLMC or the Uniform Single Attestation Program for
Mortgage Bankers, such firm is of the opinion that the Master Servicer's
activities have been conducted in compliance with this Agreement, or that such
examination has disclosed no material items of noncompliance except for (i) such
exceptions as such firm believes to be immaterial, (ii) such other exceptions as
are set forth in such statement and (iii) such exceptions that the Uniform
Single Attestation Program for Mortgage Bankers or the Audit Program for
Mortgages Serviced by FHLMC requires it to report. Copies of such statements
shall be provided to any Certificateholder upon request by the Master Servicer,
or by the Trustee at the expense of the Master Servicer if the Master Servicer
shall fail to provide such copies. If such report discloses exceptions that are
material, the Master Servicer shall advise the Trustee whether such exceptions
have been or are susceptible of cure, and will take prompt action to do so.

         To the extent that the Master Servicer receives an Annual Independent
Accountants' Servicing Report from any Servicer, the Master Servicer shall
forward a copy of such report to the Trustee. If the report is not received from
the Servicer, the Trustee may request that the Master Servicer contact the
applicable Servicer to obtain such report. The Master Servicer will not be
liable for the failure of a Servicer to provide such report.

         Section 9.27. Merger or Consolidation.

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

         Section 9.28. Resignation of Master Servicer.

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

                                      121
<PAGE>

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

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

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

         (a) The Master Servicer undertakes to perform such duties and only such
duties as are specifically set forth in this Agreement.

         (b) No provision of this Agreement shall be construed to relieve the
Master Servicer from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct; provided, however, that the duties
and obligations of the Master Servicer shall be determined solely by the express
provisions of this Agreement, the Master Servicer shall not be liable except for
the performance of such duties and obligations as are specifically set forth in
this Agreement; no implied covenants or obligations shall be read into this
Agreement against the Master Servicer and, in absence of bad faith on the part
of the Master Servicer, the Master Servicer may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon any certificates or opinions furnished to the Master Servicer and
conforming to the requirements of this Agreement.

                                      122
<PAGE>

         (c) Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Trustee or the Certificateholders for any action taken or for refraining from
the taking of any action in good faith pursuant to this Agreement, or for errors
in judgment; provided, however, that this provision shall not protect the Master
Servicer or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in its
performance of its duties or by reason of reckless disregard for its obligations
and duties under this Agreement. The Master Servicer and any director, officer,
employee or agent of the Master Servicer shall be entitled to indemnification by
the Trust Fund and will be held harmless against any loss, liability or expense
incurred in connection with any legal action relating to this Agreement or the
Certificates other than any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or negligence in the performance of his or its
duties hereunder or by reason of reckless disregard of his or its obligations
and duties hereunder. The Master Servicer and any director, officer, employee or
agent of the Master Servicer may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Master Servicer shall be under no obligation to appear
in, prosecute or defend any legal action that is not incidental to its duties to
master service the Mortgage Loans in accordance with this Agreement and that in
its opinion may involve it in any expenses or liability; provided, however, that
the Master Servicer may in its sole discretion undertake any such action that it
may deem necessary or desirable in respect to this Agreement and the rights and
duties of the parties hereto and the interests of the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
out of the Collection Account it maintains as provided by Section 4.02.
Notwithstanding anything herein to the contrary, neither the Master Servicer nor
the Trustee shall have any liability for the servicing of the Additional
Collateral, including, without limitation, the perfection, continuation, partial
release, release, termination, realization upon, substitution, foreclosure,
sale, or any other matter with respect to the Additional Collateral, or the
enforcement of the Additional Collateral Servicing Agreement.

         Section 9.31. Indemnification; Third-Party Claims.

         The Master Servicer agrees to indemnify the Depositor, 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.

                                      123
<PAGE>

                                   ARTICLE X

                              REMIC ADMINISTRATION

         Section 10.01. REMIC and Grantor Trust 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 REMIC 1, REMIC 2, REMIC 3, REMIC 4 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 REMIC 1 Regular Interests is hereby designated as a regular interest
in REMIC 1. Each of the REMIC 2 Regular Interests is hereby designated as a
regular interest in REMIC 2. Each of the REMIC 3 Regular Interests is hereby
designated as a regular interest in REMIC 3. Each REMIC 4 Regular Interest is
hereby designated as a regular interest in REMIC 4. Each REMIC 5 Regular
Interest is hereby designated as a regular interest in the Upper Tier REMIC. The
Class LT1-R Interest is hereby designated as the sole residual interest in REMIC
1. The Class LT2-R Interest is hereby designated as the sole residual interest
in REMIC 2. The Class LT3-R Interest is hereby designated as the sole residual
interest in REMIC 3. The Class LT4-R Interest is hereby designated as the sole
residual interest in REMIC 4. The REMIC 5 Residual Interest is hereby designated
as the sole residual interest in the Upper Tier REMIC. The Class R Certificate
evidences ownership of the Class LT1-R Interest, the Class LT2-R Interest, the
Class LT3-R Interest, the Class LT4-R Interest and the REMIC 5 Residual
Interest. It is the intention of the parties hereto that the segregated pool of
assets consisting of any collections of Prepayment Penalty Amounts with respect
to Pool 1, Pool 2, Pool 4 and Pool 5 constitute a grantor trust for federal
income tax purposes. The Trustee, by its execution and delivery hereof,
acknowledges the assignment to it of the Grantor Trust I Assets and declares
that it holds and will hold such assets in trust for the exclusive use and
benefit of all present and future Holders of the Class P-I Certificates. It is
the intention of the parties hereto that the segregated pool of assets
consisting of any collections of Prepayment Penalty Amounts with respect to Pool
3 constitute a grantor trust for federal income tax purposes. The Trustee, by
its execution and delivery hereof, acknowledges the assignment to it of the
Grantor Trust II Assets and declares that it holds and will hold such assets in
trust for the exclusive use and benefit of all present and future Holders of the
Class P-II Certificates. The rights of Holders of the Class P-I and Class P-II
Certificates to receive distributions from the proceeds of the Grantor Trust I
Assets and Grantor Trust II Assets, respectively, and all ownership interests of
such Holders in and to such distributions, shall be as set forth in this
Agreement.

         (b) The Closing Date is hereby designated as the "Startup Day" of each
REMIC within the meaning of section 860G(a)(9) of the Code. The latest possible
maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) is the "Latest
Possible Maturity Date".

         (c) The Trustee shall pay any and all tax related expenses (not
including taxes) of each REMIC and the Grantor Trusts, including but not limited
to any professional fees or expenses related to audits or any administrative or
judicial proceedings with respect to such REMIC or such Grantor Trust 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 from the Certificate Account of
the expenses to the extent (x) provided in clause (i) above and (y) in the case
of expenses relating to a REMIC provided for hereunder, such expenses are
"unanticipated expenses" within the meaning of Treasury Regulations Section
1.860G-1(b)(3)(ii).

                                      124
<PAGE>

         (d) The Trustee shall prepare or cause to be prepared, file or cause to
be filed, and sign all of each REMIC's federal and state tax and information
returns as such REMIC's direct representative. The Trustee shall prepare, sign
and file all of the tax returns in respect of the Grantor Trusts. The Trustee
shall comply with such requirement by filing Form 1041. 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 and the Trustee will be
reimbursed by the Trust for all expenses incurred therewith solely from amounts
received for the provision of such information from persons specified in
Sections 860E(e)(3) and (6) of the Code.

         (e) The Trustee or its designee shall perform on behalf of each REMIC
and the Grantor Trusts all reporting and other tax compliance duties that are
the responsibility of such REMIC or the Grantor Trusts 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 any REMIC hereunder 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. None of the Trustee, the Master Servicer or the Holder of any Residual
Certificate shall take any action, cause any REMIC to take any action or fail to
take (or fail to cause to be taken) any action that, under the REMIC Provisions,
if taken or not taken, as the case may be, could (i) endanger the status of any
such REMIC as a REMIC or (ii) result in the imposition of a tax upon any 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 any such REMIC or the assets therein, or causing any 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.

                                      125
<PAGE>

         (g) The Trustee shall prepare or cause to be prepared, file or cause to
be filed, and sign on behalf of the Trust Fund, based upon information
calculated in accordance with this Agreement pursuant to instructions given by
the Depositor, federal tax returns and appropriate state income tax returns and
such other returns as may be required by applicable law relating to the Trust
Fund, and shall file any other documents to the extent required by applicable
state tax law (to the extent such documents are in the Trustee's possession).
The Trustee shall forward copies to the Depositor of all such returns and Form
1099 supplemental tax information and such other information within the control
of the Trustee as the Depositor may reasonably request in writing. The Trustee
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 furnish to each
Certificateholder 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.

         (h) The Trustee shall prepare, sign (to the extent required by
applicable law) and file with the Internal Revenue Service ("IRS"), on behalf of
each of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and the Upper Tier REMIC, an
application on IRS Form SS-4 and Form 8811. The Trustee, upon receipt from the
IRS of the Notice of Taxpayer Identification Number Assigned for each REMIC,
shall promptly forward copies of such notices to the Master Servicer and the
Depositor.

         (i) 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.

         (j) 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.

         (k) 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.

         (l) 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.

         (m) 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.

                                      126
<PAGE>

         (n) It is intended that the rights of the Class 3-A1, Class 3-A2, Class
3-A3, Class 3-A4, Class 3-A5, Class 3-A6, Class B1, Class B2, Class B3, Class
B4, Class B5 and Class B6 Certificates to receive payments in respect of Basis
Risk Shortfalls shall be treated as rights in respect of interest rate cap
contracts written by the Class 3-AX and Class 3-PAX Certificateholders in favor
of the holders of the Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class
3-A5, Class 3-A6, Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6
Certificates and shall be accounted for as property separate and apart from the
REMIC 5 Regular Interests represented by the Class 3-A1, Class 3-A2, Class 3-A3,
Class 3-A4, Class 3-A5, Class 3-A6, Class B1, Class B2, Class B3, Class B4,
Class B5 and Class B6 Certificates. This provision is intended to comply with
the requirements of Treasury Regulations Section 1.860G-2(i) for the treatment
of property rights coupled with regular interests to be separately respected and
shall be interpreted consistently with such regulation. The Holders of the Class
3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5, Class 3-A6, Class B1,
Class B2, Class B3, Class B4, Class B5, Class B6 Certificates agree, by their
acceptance of such Certificates, that they will take tax reporting positions
that allocate no more than a nominal value to the right to receive payments in
respect of Basis Risk Shortfalls. The Holders of the Class 3-AX Certificates and
the Class 3-PAX Certificates agree, by their acceptance of such Certificates, to
take tax reporting positions consistent with allocations by the Holders of the
Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5, Class 3-A6, Class
B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates of no more
than a nominal value to the right to receive payments in respect of Basis Risk
Shortfalls. For information reporting purposes, it will be assumed that such
rights have no value. Each payment made to the Class 3-A1, Class 3-A2, Class
3-A3, Class 3-A4, Class 3-A5, Class 3-A6, Class B1, Class B2, Class B3, Class
B4, Class B5 or Class B6 Certificates in respect of Basis Risk Shortfalls shall
be treated for federal income tax purposes as having been distributed to the
Class 3-AX Certificates or the Class 3-PAX Certificates, as the case may be, and
then paid by the holders of the Class 3-AX Certificates or the Class 3-PAX
Certificates, as the case may be, to the holders of the relevant Class 3-A1,
Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5, Class 3-A6, Class B1, Class B2,
Class B3, Class B4, Class B5 or Class B6 Certificates. Each holder or beneficial
owner of a Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5, Class
3-A6, Class 3-AX, Class 3-PAX, Class B1, Class B2, Class B3, Class B4, Class B5
or Class B6 Certificate, by virtue of its acquisition of such Certificate or a
beneficial interest in such Certificate, agrees to adopt tax reporting positions
consistent with the characterization of payments made to the Class 3-A1, Class
3-A2, Class 3-A3, Class 3-A4, Class 3-A5, Class 3-A6, Class B1, Class B2, Class
B3, Class B4, Class B5 and Class B6 Certificates in respect of Basis Risk
Shortfalls as payments in respect of interest rate cap agreements written by the
holders of the Class 3-AX Certificates and Class 3-PAX Certificates. The parties
hereto intend that the REMIC 5 Regular Interests represented by each of the
Class 3-AX Certificates and Class 3-PAX Certificates, together with the related
obligations to make payments to the Class 3-A1, Class 3-A2, Class 3-A3, Class
3-A4, Class 3-A5, Class 3-A6, Class B1, Class B2, Class B3, Class B4, Class B5
and Class B6 Certificates shall be treated as two separate grantor trusts under
the Code and the provisions hereof shall be interpreted consistently with this
intention. In furtherance of such intention, the Trustee shall (i) furnish to
the holders of the Class 3-AX Certificates and Class 3-PAX Certificates
information regarding their share of the items of income, gain, loss and
deduction of such grantor trusts and (ii) file or cause to be filed with the
Internal Revenue Service Forms 1041 (together with any necessary attachments) or
such other forms as may be applicable and (iii) comply with such information
reporting obligations with respect to payments from such grantor trusts as may
be applicable under the Code or other applicable tax laws.

                                      127
<PAGE>

         (o) [Reserved].

         Section 10.02. Prohibited Transactions and Activities.

         Neither the Depositor, the Master Servicer nor the Trustee shall sell,
dispose of, or substitute for any of the Mortgage Loans, except in a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of each REMIC pursuant to Article VII of this
Agreement, (iv) a substitution pursuant to Article II of this Agreement, or (v)
a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor
acquire any assets for any REMIC, nor sell or dispose of any investments in the
Certificate Account for gain, nor accept any contributions to any REMIC after
the Closing Date, unless it has received an Opinion of Counsel (at the expense
of the party causing such sale, disposition, or substitution) that such
disposition, acquisition, substitution, or acceptance will not (a) affect
adversely the status of such REMIC as a REMIC or of the Certificates 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).

         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 any REMIC as a REMIC and
any income generated for such REMIC by the REO Property would not result in the
imposition of a tax upon such REMIC.

                                      128
<PAGE>

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

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

         Section 11.01. Binding Nature of Agreement; Assignment.

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

         Section 11.02. Entire Agreement.

         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.

                                      129
<PAGE>

         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. Prior to entering into any amendment without the
consent of Holders pursuant to this paragraph, the Trustee may require an
Opinion of Counsel (at the expense of the party requesting such amendment) to
the effect that such amendment is permitted under this paragraph. Any such
amendment shall be deemed not to adversely affect in any material respect any
Holder, if the Trustee receives written confirmation from each Rating Agency
that such amendment will not cause such Rating Agency to reduce, qualify or
withdraw the then current rating assigned to the Certificates (and any Opinion
of Counsel requested by the Trustee in connection with any such amendment may
rely expressly on such confirmation as the basis therefor).

         (b) This Agreement may also be amended from time to time by the
Depositor, the Master Servicer and the Trustee with the consent of the Holders
of not less than 66 2/3% of the Class Principal Amount (or Percentage Interest)
of each Class of Certificates affected thereby for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Holders;
provided, however, that no such amendment shall be made unless the Trustee
receives an Opinion of Counsel, at the expense of the party requesting the
change, that such change will not adversely affect the status of any REMIC as a
REMIC or cause a tax to be imposed on 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.

                                      130
<PAGE>

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

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

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

         Section 11.04. Voting Rights.

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

         Section 11.05. Provision of Information.

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

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

         (c) On each Distribution Date, the Trustee shall make available to the
Depositor a copy of the report delivered to Certificateholders pursuant to
Section 4.03.

                                      131
<PAGE>

         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 (OTHER THAN SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW).

         Section 11.07. Notices.

         All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given when delivered to such party at the
relevant address, facsimile number or electronic mail address set forth below
(or at such other address, facsimile number or electronic mail address as such
party may designate from time to time by written notice in accordance with this
Section 11.07): received by (a) in the case of the Depositor, Structured Asset
Securities Corporation, 745 Seventh Avenue, 7th Floor, New York, New York 10019,
Attention: Mark Zusy, (b) in the case of the Trustee, Wells Fargo Bank, National
Association, P.O. Box 98, Columbia, Maryland 21046 (or, for overnight
deliveries, 9062 Old Annapolis Road, Columbia, Maryland 21045) (SARM 2004-5) or
for purposes of presentment of Certificates for transfer, exchange and/or
payment, the Trustee's Corporate Trust Office, (c) in the case of the
Certificate Registrar, the Corporate Trust Office and (d) in the case of the
Master Servicer, Aurora Loan Services Inc., 2530 South Parker Road, Suite 601,
Aurora, Colorado 80014; Attention: Master Servicing or as to each party such
other address as may hereafter be furnished by such party to the other parties
in writing. Any notice required or permitted to be mailed to a Holder shall be
given by first class mail, postage prepaid, at the address of such Holder as
shown in the Certificate Register. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice.

         Section 11.08. Severability of Provisions.

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

         Section 11.09. Indulgences; No Waivers.

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

         Section 11.10. Headings Not To Affect Interpretation.

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

                                      132
<PAGE>

         Section 11.11. Benefits of Agreement.

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

         Section 11.12. Special Notices to the Rating Agencies.

         (a) The Depositor shall give prompt notice to the Rating Agencies of
the occurrence of any of the following events of which it has notice:

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

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

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

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

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

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

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

         If to Moody's, to:

         Moody's Investors Service, Inc.
         99 Church Street
         New York, New York 10007


         If to S&P, to:

         Standard & Poor's
         55 Water Street
         New York, New York  10041

         (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.

                                      133
<PAGE>

         Section 11.13. Counterparts.

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

         Section 11.14. Transfer of Servicing.

         The Seller agrees that it shall provide written notice to the Trustee
and the Master Servicer thirty days prior to any transfer or assignment by the
Seller of its rights under any Servicing Agreement or of the servicing
thereunder or delegation of its rights or duties thereunder or any portion
thereof to any Person other than the initial Servicer under such Servicing
Agreement; provided that 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;

                  (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;

                  (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


                                      134
<PAGE>

         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.





                                      135
<PAGE>

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

                                  STRUCTURED ASSET SECURITIES
                                    CORPORATION, as Depositor


                                  By:
                                      ------------------------------------------
                                      Name: Michael C. Hitzmann
                                      Title: Vice President

                                  WELLS FARGO BANK, NATIONAL
                                    ASSOCIATION, not in its individual capacity,
                                    but solely as Trustee


                                  By:
                                     -------------------------------------------
                                     Name: Sandra Whalen
                                     Title: Vice President


                                  AURORA LOAN SERVICES INC.,
                                       as Master Servicer


                                  By:
                                      ------------------------------------------
                                      Name: E. Todd Whittemore
                                      Title: Executive Vice President

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

LEHMAN BROTHERS HOLDINGS INC.

By:
   ------------------------------
   Name: Stanley P. Labanowski
   Title: Senior Vice President


<PAGE>


                                    EXHIBIT A

                              FORMS OF CERTIFICATES


                             [INTENTIONALLY OMITTED]



<PAGE>


                                   EXHIBIT B-1

                          FORM OF INITIAL CERTIFICATION

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

Structured Asset Securities Corporation
745 Seventh Avenue, 7th Floor
New York, New York 10019

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

    Re:  Trust Agreement (the "Trust Agreement"), dated as of April 1, 2004
         among Structured Asset Securities Corporation, as Depositor, Aurora
         Loan Services Inc., as Master Servicer and Wells Fargo Bank, National
         Association, as Trustee, with respect to Structured Adjustable Rate
         Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-5
         ---------------------------------------------------------------------

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
                                       Wells Fargo Bank, National Association,
                                       as Trustee


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


<PAGE>
                                   EXHIBIT B-2

                          FORM OF INTERIM CERTIFICATION

                                                                ----------
                                                                   Date

Structured Asset Securities Corporation
745 Seventh Avenue, 7th Floor
New York, New York 10019

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

    Re:  Trust Agreement (the "Trust Agreement"), dated as of April 1, 2004
         among Structured Asset Securities Corporation, as Depositor, Aurora
         Loan Services Inc., as Master Servicer and Wells Fargo Bank, National
         Association, as Trustee, with respect to Structured Adjustable Rate
         Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-5
         ---------------------------------------------------------------------

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
                                        Wells Fargo Bank, National Association,
                                        as Trustee


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


<PAGE>
                                   EXHIBIT B-3

                           FORM OF FINAL CERTIFICATION


                                                                ----------
                                                                   Date


Structured Asset Securities Corporation
745 Seventh Avenue, 7th Floor
New York, New York 10019

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

   Re:   Trust Agreement (the "Trust Agreement"), dated as of April 1, 2004
         among Structured Asset Securities Corporation, as Depositor, Aurora
         Loan Services Inc., as Master Servicer and Wells Fargo Bank, National
         Association, as Trustee, with respect to Structured Adjustable Rate
         Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-5
         ---------------------------------------------------------------------

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
                                        Wells Fargo Bank, National Association,
                                        as Trustee


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


<PAGE>
                                   EXHIBIT B-4

                               FORM OF ENDORSEMENT

         Pay to the order of Wells Fargo Bank, National Association, as trustee
(the "Trustee") under the Trust Agreement dated as of April 1, 2004, among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer and the Trustee relating to Structured Adjustable Rate
Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-5, 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,
Wells Fargo Bank, National Association, as trustee (the "Trustee") under a
certain Trust Agreement dated as of April 1, 2004 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.)

5.       Other. (Describe)


<PAGE>

         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:

That he [she] is [title of officer] ________________________ of [name of
Purchaser] _________________________________________ (the "Purchaser"), a
_______________________ [description of type of entity] duly organized and
existing under the laws of the [State of __________] [United States], on behalf
of which he [she] makes this affidavit.

1.       That the Purchaser's Taxpayer Identification Number is ______________.

2.       That the Purchaser is not a "disqualified organization" within the
         meaning of Section 860E(e)(5) of the Internal Revenue Code of 1986, as
         amended (the "Code") and will not be a "disqualified organization" as
         of __________________ [date of transfer], and that the Purchaser is not
         acquiring a Residual Certificate (as defined in the Agreement) for the
         account of, or as agent (including a broker, nominee, or other
         middleman) for, any person or entity from which it has not received an
         affidavit substantially in the form of this affidavit. For these
         purposes, a "disqualified organization" means the United States, any
         state or political subdivision thereof, any foreign government, any
         international organization, any agency or instrumentality of any of the
         foregoing (other than an instrumentality if all of its activities are
         subject to tax and a majority of its board of directors is not selected
         by such governmental entity), any cooperative organization furnishing
         electric energy or providing telephone service to persons in rural
         areas as described in Code Section 1381(a)(2)(C), any "electing large
         partnership" within the meaning of Section 775 of the Code, or any
         organization (other than a farmers' cooperative described in Code
         Section 521) that is exempt from federal income tax unless such
         organization is subject to the tax on unrelated business income imposed
         by Code Section 511.

3.       That the Purchaser is not, and on __________________ [date of transfer]
         will not be, an employee benefit plan subject to Title I of the
         Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
         Section 4975 of the Code or substantially similar rules under state,
         local or federal law ("Similar Law"), the trustee of any such plan or a
         person acting on behalf of any such plan or investing the assets of any
         such plan to acquire a Residual Certificate.


<PAGE>

4.       That the Purchaser hereby acknowledges that under the terms of the
         Trust Agreement (the "Agreement") among Structured Asset Securities
         Corporation, Wells Fargo Bank, National Association, as Trustee and
         Aurora Loan Services Inc., as Master Servicer, dated as of April 1,
         2004, no transfer of a Residual Certificate shall be permitted to be
         made to any person unless the Depositor and the Trustee have received a
         certificate from such transferee containing the representations in
         paragraphs 2, 3 and 4 hereof.

5.       That the Purchaser does not hold REMIC residual securities as nominee
         to facilitate the clearance and settlement of such securities through
         electronic book-entry changes in accounts of participating
         organizations (such entity, a "Book-Entry Nominee").

6.       That the Purchaser does not have the intention to impede the assessment
         or collection of any federal, state or local taxes legally required to
         be paid with respect to such Residual Certificate, and that the
         Purchaser has provided financial statements or other financial
         information requested by the transferor in connection with the transfer
         of the Residual Certificate in order to permit the transferor to assess
         the financial capability of the Purchaser to pay such taxes.

7.       That the Purchaser will not transfer a Residual Certificate to any
         person or entity (i) as to which the Purchaser has actual knowledge
         that the requirements set forth in paragraph 2, paragraph 5 or
         paragraph 9 hereof are not satisfied or that the Purchaser has reason
         to believe does not satisfy the requirements set forth in paragraph 6
         hereof, and (ii) without obtaining from the prospective Purchaser an
         affidavit substantially in this form and providing to the Trustee a
         written statement substantially in the form of Exhibit D-2 to the
         Agreement.

8.       That the Purchaser understands that, as the holder of a Residual
         Certificate, the Purchaser may incur tax liabilities in excess of any
         cash flows generated by the interest and that it intends to pay taxes
         associated with holding such Residual Certificate as they become due.

9.       That the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person
         that holds a Residual Certificate in connection with the conduct of a
         trade or business within the United States and has furnished the
         transferor and the Trustee with an effective Internal Revenue Service
         Form W-8 ECI (Certificate of Foreign Person's Claim for Exemption From
         Withholding on Income Effectively Connected with the Conduct of a Trade
         or Business in the United States) or successor form at the time and in
         the manner required by the Code. "Non-U.S. Person" means any person
         other than (i) a citizen or resident of the United States; (ii) a
         corporation (or entity treated as a corporation for tax purposes)
         created or organized in the United States or under the laws of the
         United States or of any state thereof, including, for this purpose, the
         District of Columbia; (iii) a partnership (or entity treated as a
         partnership for tax purposes) organized in the United States or under
         the laws of the United States or of any state thereof, including, for
         this purpose, the District of Columbia (unless provided otherwise by
         future Treasury regulations); (iv) an estate whose income is includible
         in gross income for United States income tax purposes regardless of its
         source; (v) a trust, if a court within the United States is able to
         exercise primary supervision over the administration of the trust and
         one or more U.S. Persons have authority to control all substantial
         decisions of the trust or; (vi) 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>

10.      That the Purchaser agrees to such amendments of the Trust Agreement as
         may be required to further effectuate the restrictions on transfer of
         any Residual Certificate to such a "disqualified organization," an
         agent thereof, a Book-Entry Nominee, or a person that does not satisfy
         the requirements of paragraph 6 and paragraph 9 hereof.

11.      That the Purchaser consents to the designation of the Trustee as its
         agent to act as "tax matters person" of the Trust Fund pursuant to the
         Trust Agreement.

         Terms used in this transfer affidavit which are not otherwise defined
herein have the respective meanings assigned thereto in the Trust Agreement.


                                      D-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 Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
          Certificates, Series 2004-5
          --------------------------------------------------------------------

         _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true and has no reason to believe that the
information contained in paragraph 6 thereof is not true, and has no reason to
believe that the Transferee has the intention to impede the assessment or
collection of any federal, state or local taxes legally required to be paid with
respect to a Residual Certificate. In addition, the Transferor has conducted a
reasonable investigation at the time of the transfer and found that the
Transferee had historically paid its debts as they came due and found no
significant evidence to indicate that the Transferee will not continue to pay
its debts as they become due.


                                               Very truly yours,



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

<PAGE>
                                    EXHIBIT E

                              SERVICING AGREEMENTS

                           See Exhibits 99.2 and 99.3

<PAGE>
                                    EXHIBIT F

                     FORM OF RULE 144A TRANSFER CERTIFICATE


     Re:  Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
          Certificates, Series 2004-5
          --------------------------------------------------------------------

         Reference is hereby made to the Trust Agreement (the "Trust
Agreement"), dated as of April 1, 2004 among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer and
Wells Fargo Bank, National Association, 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 the
benefit of the Trustee, 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 Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
Certificates, Series 2004-5 (the "Privately Offered Certificates") of Structured
Asset Securities Corporation (the "Depositor") which are held in the form of
Definitive Certificates, we confirm that:

1.       We understand that the Privately Offered Certificates have not been,
         and will not be, registered under the Securities Act of 1933, as
         amended (the "Securities Act"), and may not be sold except as permitted
         in the following sentence. We agree, on our own behalf and on behalf of
         any accounts for which we are acting as hereinafter stated, that if we
         should sell any Privately Offered Certificates within two years of the
         later of the date of original issuance of the Privately Offered
         Certificates or the last day on which such Privately Offered
         Certificates are owned by the Depositor or any affiliate of the
         Depositor (which includes the Placement Agent) we will do so only (A)
         to the Depositor, (B) to "qualified institutional buyers" (within the
         meaning of Rule 144A under the Securities Act) in accordance with Rule
         144A under the Securities Act ("QIBs"), (C) pursuant to the exemption
         from registration provided by Rule 144 under the Securities Act, or (D)
         to an institutional "accredited investor" within the meaning of Rule
         501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act
         that is not a QIB (an "Institutional Accredited Investor") which, prior
         to such transfer, delivers to the Trustee under the Trust Agreement
         (the "Trust Agreement"), dated as of April 1, 2004 among Structured
         Asset Securities Corporation, as Depositor, Aurora Loan Services Inc.,
         as Master Servicer and Wells Fargo Bank, National Association, as
         Trustee, a signed letter in the form of this letter; and we further
         agree, in the capacities stated above, to provide to any person
         purchasing any of the Privately Offered Certificates from us a notice
         advising such purchaser that resales of the Privately Offered
         Certificates are restricted as stated herein.

2.       We understand that, in connection with any proposed resale of any
         Privately Offered Certificates to an Institutional Accredited Investor,
         we will be required to furnish to the Trustee, the Certificate
         Registrar 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, Similar Law and the Underwriter's
         Exemption, no Plan and no person acting on behalf of such a Plan may
         acquire such Certificate except in accordance with Section 3.03(d) of
         the Trust Agreement.

         Terms used in this letter which are not otherwise defined herein have
the respective meanings assigned thereto in the Trust Agreement.

         You and the Depositor and the Trustee 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-2
<PAGE>
                                    EXHIBIT H

                       [FORM OF ERISA TRANSFER AFFIDAVIT]

STATE OF NEW YORK  )
                   )  ss.:
COUNTY OF NEW YORK )

         The undersigned, being first duly sworn, deposes and says as follows:

1.       The undersigned is the ______________________ of (the "Investor"), a
         [corporation duly organized] and existing under the laws of __________,
         on behalf of which he makes this affidavit.

2.       The Investor either (x) is not, and on ___________ [date of transfer]
         will not be, an employee benefit plan subject to Title I of the
         Employee Retirement Income Security Act of 1974, as amended, Section
         4975 of the Internal Revenue Code of 1986, as amended or substantially
         similar rules under state, local or other federal law, the trustee of
         any such plan or a person acting on behalf of any such plan or
         investing the assets of any such plan; or (y) if the Certificate has
         been the subject of an ERISA-Qualifying Underwriting, is an insurance
         company that is purchasing the Certificate with funds contained in an
         "insurance company general account" as defined in Section V(e) of
         Prohibited Transaction Class Exemption ("PTCE") 95-60 and the purchase
         and holding of the Certificate are covered under Sections I and III of
         PTCE 95-60.

3.       The Investor hereby acknowledges that under the terms of the Trust
         Agreement (the "Agreement") among Structured Asset Securities
         Corporation, as Depositor, Aurora Loan Services Inc., as Master
         Servicer and Wells Fargo Bank, National Association, as Trustee, dated
         as of April 1, 2004, no transfer of the ERISA-Restricted Certificates
         (other than the Class R Certificate) shall be permitted to be made to
         any person unless the Depositor, the Certificate Registrar and Trustee
         have received an affidavit from such transferee in the form hereof or
         an opinion of counsel as provided herein.

4.       Capitalized terms used but not defined herein shall have the meanings
         given to such terms in the Trust Agreement.


<PAGE>


         IN WITNESS WHEREOF, the Investor has caused this instrument to be
executed on its behalf, pursuant to proper authority, by its duly authorized
officer, duly attested, this ____ day of _______________, 20__.


                                         -------------------------------------
                                              [Investor]


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

ATTEST:


___________________________

STATE OF               )
                       )  ss.:
COUNTY OF              )

         Personally appeared before me the above-named ___________________,
known or proved to me to be the same person who executed the foregoing
instrument and to be the _________________ of the Investor, and acknowledged
that he executed the same as his free act and deed and the free act and deed of
the Investor.

         Subscribed and sworn before me this _____ day of ___________ 20___.


                                            ----------------------------------
                                            NOTARY PUBLIC

                                            My commission expires the
                                            ____ day of __________, 20__.


                                      H-2
<PAGE>
                                    EXHIBIT I

                            MONTHLY REMITTANCE ADVICE


                             [INTENTIONALLY OMITTED]



<PAGE>
                                    EXHIBIT J

                      MONTHLY ELECTRONIC DATA TRANSMISSION
                             [INTENTIONALLY OMITTED]

<PAGE>
                                    EXHIBIT K

                              CUSTODIAL AGREEMENTS


                             [INTENTIONALLY OMITTED]





<PAGE>

                                   EXHIBIT L-1

                          FORM OF TRANSFER CERTIFICATE
                  FOR TRANSFER FROM RESTRICTED GLOBAL SECURITY
                         TO REGULATION S GLOBAL SECURITY
                      (Transfers pursuant to ss. 3.03(h)(B)
                               of the Agreement)
                  --------------------------------------------

         Re: Structured Adjustable Rate Mortgage Loan Trust Mortgage Loan Trust
             Mortgage Pass-Through Certificates, Series 2004-5

         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 Wells Fargo Bank, National Association, as Trustee,
dated as of April 1, 2004. Capitalized terms used but not defined herein shall
have the meanings given to them in the Agreement.

         This letter relates to U.S. $_________ aggregate principal amount of
Securities which are held in the form of a Restricted Global Security with DTC
in the name of [name of transferor] ____________ (the "Transferor") to effect
the transfer of the Securities in exchange for an equivalent beneficial interest
in a Regulation S Global Security.

         In connection with such request, the Transferor does hereby certify
that such transfer has been effected in accordance with the transfer
restrictions set forth in the Agreement and the Securities and in accordance
with Rule 904 of Regulation S, and that:

                  a. the offer of the Securities was not made to a person in the
                  United States;

                  b. at the time the buy order was originated, the transferee
                  was outside the United States or the Transferor and any person
                  acting on its behalf reasonably believed that the transferee
                  was outside the United States;

                  c. no directed selling efforts have been made in contravention
                  of the requirements of Rule 903 or 904 of Regulation S, as
                  applicable;

                  d. the transaction is not part of a plan or scheme to evade
                  the registration requirements of the United States Securities
                  Act of 1933, as amended; and

                  e. the transferee is not a U.S. person (as defined in
                  Regulation S).


                                     L-1-1
<PAGE>

         The Depositor and the Trustee are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Terms used in this certificate have
the meanings set forth in Regulation S.




                                       -------------------------------
                                       [Name of Transferor]


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


Date: _________________ , _______



                                     L-1-2
<PAGE>
                                   EXHIBIT L-2


                    FORM OF TRANSFER CERTIFICATE FOR TRANSFER
                        FROM REGULATION S GLOBAL SECURITY
                          TO RESTRICTED GLOBAL SECURITY
                      (Transfers pursuant to ss. 3.03(h)(C)
                               of the Agreement)
                    ------------------------------------------

        Re: Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
            Certificates, Series 2004-5

         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 Wells Fargo Bank, National Association, as Trustee,
dated as of April 1, 2004. Capitalized terms used but not defined herein shall
have the meanings given to them in the Agreement.

         This letter relates to U.S. $____________ aggregate principal amount of
Securities which are held in the form of a Regulations S Global Security in the
name of [name of transferor] _____________ (the "Transferor") to effect the
transfer of the Securities in exchange for an equivalent beneficial interest in
a Restricted Global Security.

         In connection with such request, and in respect of such Securities, the
Transferor does hereby certify that such Securities are being transferred in
accordance with (i) the transfer restrictions set forth in the Agreement and the
Securities and (ii) Rule 144A under the United States Securities Act of 1933, as
amended, to a transferee that the Transferor reasonably believes is purchasing
the Securities for its own account or an account with respect to which the
transferee exercises sole investment discretion, the transferee and any such
account is a qualified institutional buyer within the meaning of Rule 144A, in a
transaction meeting the requirements of Rule 144A and in accordance with any
applicable securities laws of any state of the United States or any other
jurisdiction.

                                        -------------------------------
                                        [Name of Transferor]

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

Date: _________________ , _______




                                     L-2-1

<PAGE>

                                    EXHIBIT M
                     FORM OF CERTIFICATION TO BE PROVIDED TO
              THE DEPOSITOR AND THE MASTER SERVICER BY THE TRUSTEE

Structured Asset Securities Corporation
745 7th Avenue, 7th Floor
New York, New York 10019

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

Re:      Structured Adjustable Rate Mortgage Loan Trust,
         Mortgage Pass-Through Certificates, Series 2004-5

I, [[Identify the certifying individual]], a [[title]] of Wells Fargo Bank,
National Association, as Trustee, hereby certify to Aurora Loan Services, Inc.,
as master servicer (the "Master Servicer"), and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this
certification, that:

(i)      I have reviewed the annual report on Form 10-K for the fiscal year [[
         ]], and all reports on Form 8-K containing distribution reports filed
         in respect of periods included in the year covered by that annual
         report, relating to the above referenced trust;

(ii)     Based on my knowledge, the information in these distribution reports
         prepared by the Trustee, taken as a whole, does not contain any untrue
         statement of a material fact or omit to state material fact necessary
         to make the statements made, in light of the circumstances under which
         such statements were made, not misleading as of the last day of the
         period covered by that annual report; and

(iii)    Based on my knowledge, the distribution information required to be
         provided by Trustee under the Trust Agreement is included in these
         reports.

Date:

                                 Wells Fargo Bank, National Association,
                                 as Trustee

                                 By:      ____________________________
                                 Name:    ____________________________
                                 Title:   ____________________________


                                      M-1
<PAGE>


                                    EXHIBIT N

                              FORM OF CAP AGREEMENT


                             [INTENTIONALLY OMITTED]



                                      N-1
<PAGE>


                                   SCHEDULE A


                             MORTGAGE LOAN SCHEDULE


                             [INTENTIONALLY OMITTED]


<PAGE>



                                   SCHEDULE B


                         EMPLOYEE MORTGAGE LOAN SCHEDULE




                             [INTENTIONALLY OMITTED]





<PAGE>



                                   SCHEDULE C


                        POOL 3 AX MORTGAGE LOAN SCHEDULE





                             [INTENTIONALLY OMITTED]



<PAGE>

                                   SCHEDULE D


                        POOL 3 PAX MORTGAGE LOAN SCHEDULE




                             [INTENTIONALLY OMITTED]