Document:

Exhibit 4.1

                                                                     EXECUTION

            STRUCTURED ASSET SECURITIES CORPORATION, as Depositor,

                AURORA LOAN SERVICES INC., as Master Servicer,

                                      and

                     THE CHASE MANHATTAN BANK, as Trustee

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

                                TRUST AGREEMENT

                           Dated as of March 1, 2001
                          ---------------------------

                    STRUCTURED ASSET SECURITIES CORPORATION
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 2001-4A

<TABLE>
<CAPTION>

                               Table of Contents
                                                                                                               Page

                                   Article I
                                  DEFINITIONS

<S>                   <C>                                                                                      <C>
Section 1.01.         Definitions.................................................................................6
Section 1.02.         Calculations Respecting Mortgage Loans. ...................................................35

                                  Article II
                DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

Section 2.01.         Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans. .....................35
Section 2.02.         Acceptance of Trust Fund by Trustee: Review of Documentation for Trust Fund. ..............38
Section 2.03.         Representations and Warranties of the Depositor. ..........................................40
Section 2.04.         Discovery of Breach. ......................................................................41
Section 2.05.         Repurchase, Purchase or Substitution of Mortgage Loans. ...................................42
Section 2.06.         Grant Clause. .............................................................................43

                                  Article III
                               THE CERTIFICATES

Section 3.01.         The Certificates. .........................................................................43
Section 3.02.         Registration. .............................................................................44
Section 3.03.         Transfer and Exchange of Certificates. ....................................................45
Section 3.04.         Cancellation of Certificates. .............................................................50
Section 3.05.         Replacement of Certificates. ..............................................................50
Section 3.06.         Persons Deemed Owners. ....................................................................50
Section 3.07.         Temporary Certificates. ...................................................................50
Section 3.08.         Appointment of Paying Agent. ..............................................................51
Section 3.09.         Book-Entry Certificates. ..................................................................51

                                  Article IV
                       ADMINISTRATION OF THE TRUST FUND

Section 4.01.         Collection Account. .......................................................................53
Section 4.02.         Application of Funds in the Collection Account. ...........................................55
Section 4.03.         Reports to Certificateholders. ............................................................57
Section 4.04.         Certificate Account. ......................................................................59

                                   Article V
                   DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

Section 5.01.         Distributions Generally. ..................................................................61
Section 5.02.         Distributions from the Certificate Account. ...............................................61
Section 5.03.         Allocation of Realized Losses. ............................................................65
Section 5.04.         Advances by Master Servicer and Trustee. ..................................................67
Section 5.05.         Compensating Interest Payments. ...........................................................67
Section 5.06.         Mandatory Certificate Purchase Agreement. .................................................68

                                  Article VI
                   CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

Section 6.01.         Duties of Trustee. ........................................................................68
Section 6.02.         Certain Matters Affecting the Trustee. ....................................................70
Section 6.03.         Trustee Not Liable for Certificates. ......................................................71
Section 6.04.         Trustee May Own Certificates. .............................................................72
Section 6.05.         Eligibility Requirements for Trustee.......................................................72
Section 6.06.         Resignation and Removal of Trustee.........................................................72
Section 6.07.         Successor Trustee..........................................................................73
Section 6.08.         Merger or Consolidation of Trustee.........................................................73
Section 6.09.         Appointment of Co-Trustee, Separate Trustee or Custodian...................................73
Section 6.10.         Authenticating Agents......................................................................75
Section 6.11.         Indemnification of Trustee.................................................................76
Section 6.12.         Fees and Expenses of Trustee...............................................................76
Section 6.13.         Collection of Monies.......................................................................76
Section 6.14.         Events of Default; Trustee To Act; Appointment of Successor................................77
Section 6.15.         Additional Remedies of Trustee Upon Event of Default.......................................80
Section 6.16.         Waiver of Defaults.........................................................................80
Section 6.17.         Notification to Holders....................................................................81
Section 6.18.         Directions by Certificateholders and Duties of Trustee During Event of Default.............81
Section 6.19.         Action Upon Certain Failures of the Master Servicer and Upon Event of Default..............81
Section 6.20.         Preparation of Tax Returns and Other Reports...............................................81

                                  Article VII
                  PURCHASE AND TERMINATION OF THE TRUST FUND
                          AND EXERCISE OF CALL OPTION

Section 7.01.         Termination of Trust Fund Upon Repurchase or Liquidation of All Mortgage Loans.............82
Section 7.02.         Procedure Upon Termination of Trust Fund...................................................83
Section 7.03.         Additional Requirements under the REMIC Provisions.........................................84

                                 Article VIII
                         RIGHTS OF CERTIFICATEHOLDERS

Section 8.01.         Limitation on Rights of Holders............................................................85
Section 8.02.         Access to List of Holders..................................................................85
Section 8.03.         Acts of Holders of Certificates............................................................86

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

Section 9.01.         Duties of the Master Servicer..............................................................87
Section 9.02.         Master Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
                      Policy.....................................................................................87
Section 9.03.         Master Servicer's Financial Statements and Related Information.............................88
Section 9.04.         Power to Act; Procedures...................................................................88
Section 9.05.         Servicing Agreements Between the Master Servicer and Servicers; Enforcement of
                      Servicers' Obligations.....................................................................90
Section 9.06.         Collection of Taxes, Assessments and Similar Items.........................................90
Section 9.07.         Termination of Servicing Agreements; Successor Servicers...................................91
Section 9.08.         Master Servicer Liable for Enforcement.....................................................91
Section 9.09.         No Contractual Relationship Between Servicers and Trustee or Depositor.....................91
Section 9.10.         Assumption of Servicing Agreement by Trustee...............................................92
Section 9.11.         "Due-on-Sale" Clauses; Assumption Agreements...............................................92
Section 9.12.         Release of Mortgage Files..................................................................93
Section 9.13.         Documents, Records and Funds in Possession of Master Servicer To Be Held for
                      Trustee....................................................................................94
Section 9.14.         Representations and Warranties of the Master Servicer......................................95
Section 9.15.         Closing Certificate and Opinion............................................................97
Section 9.16.         Standard Hazard and Flood Insurance Policies...............................................97
Section 9.17.         Presentment of Claims and Collection of Proceeds...........................................98
Section 9.18.         Maintenance of the Primary Mortgage Insurance Policies.....................................98
Section 9.19.         Trustee To Retain Possession of Certain Insurance Policies and Documents...................98
Section 9.20.         Realization Upon Defaulted Mortgage Loans..................................................99
Section 9.21.         Compensation to the Master Servicer........................................................99
Section 9.22.         REO Property..............................................................................100
Section 9.23.         [Omitted].................................................................................100
Section 9.24.         Reports to the Trustee....................................................................100
Section 9.25.         Annual Officer's Certificate as to Compliance.............................................101
Section 9.26.         Annual Independent Accountants' Servicing Report..........................................101
Section 9.27.         Merger or Consolidation...................................................................102
Section 9.28.         Resignation of Master Servicer............................................................102
Section 9.29.         Assignment or Delegation of Duties by the Master Servicer.................................102
Section 9.30.         Limitation on Liability of the Master Servicer and Others.................................103
Section 9.31.         Indemnification; Third-Party Claims.......................................................103

                                   Article X
                             REMIC ADMINISTRATION

Section 10.01.        REMIC Administration......................................................................104
Section 10.02.        Prohibited Transactions and Activities....................................................106
Section 10.03.        Indemnification with Respect to Certain Taxes and Loss of REMIC Status....................106
Section 10.04.        REO Property..............................................................................106

                                  Article XI
                           MISCELLANEOUS PROVISIONS

Section 11.01.        Binding Nature of Agreement; Assignment...................................................107
Section 11.02.        Entire Agreement..........................................................................107
Section 11.03.        Amendment.................................................................................107
Section 11.04.        Voting Rights.............................................................................109
Section 11.05.        Provision of Information..................................................................109
Section 11.06.        Governing Law.............................................................................109
Section 11.07.        Notices...................................................................................109
Section 11.08.        Severability of Provisions................................................................110
Section 11.09.        Indulgences; No Waivers...................................................................110
Section 11.10.        Headings Not To Affect Interpretation.....................................................110
Section 11.11.        Benefits of Agreement.....................................................................110
Section 11.12.        Special Notices to the Rating Agencies....................................................110
Section 11.13.        Counterparts..............................................................................111
Section 11.14.        Transfer of Servicing.....................................................................111
Section 11.15.        Limitations on Actions; No Proceedings....................................................112

                                  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 Agreement
Exhibit F         Form of Rule 144A Transfer Certificate
Exhibit G         Form of Purchaser's Letter for Institutional Accredited Investors
Exhibit H-1       Form of ERISA Transfer Affidavit (Class B4, B5 and B6)
Exhibit H-2       Form of ERISA Transfer Affidavit (Class A1,A2, A3 and A5)
Exhibit I         Monthly Remittance Advice
Exhibit J         Monthly Electronic Data Transmission
Exhibit K         Custodial Agreement
Exhibit L-1       Form of Transfer Certificate for Transfer from Restricted Global Security to Regulatory S
                  Global Security
Exhibit L-2       Form of Transfer Certificate for Transfer from Regulatory S Global Security to Restricted
                  Global Security
Exhibit M         Mandatory Certificate Purchase Agreement

Schedule A        Mortgage Loan Schedule
</TABLE>

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

                             PRELIMINARY STATEMENT

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

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

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

<TABLE>
<CAPTION>

         Lower Tier                 Lower Tier              Initial Class            Corresponding Class of
     Class Designation             Interest Rate          Principal Amount                Certificates
     -----------------             -------------          ----------------           ----------------------

<S>                                <C>                    <C>                        <C>
Class LT-A1                              (1)               $ 40,000,000                     Class A1
            (2)                                                                             Class A6
Class LT-A2                              (1)               $248,910,000                     Class A2
            (3)                                                                             Class A6
Class LT-A3                              (1)               $200,000,000                     Class A3
Class LT-A4                              (1)               $  1,000,000                     Class A4
Class LT-A5                              (4)               $    489,732                     Class A5
Class LT-A7                              (5)                        (6)                     Class A7
Class LT-Q                               (1)               $        100                     Class R
Class LT-B                               (1)               $ 21,767,524                     Classes B1-B6
Class LT-R                               (7)                                                Class R
</TABLE>

         ---------------------
(1)      For any Distribution Date (and the related Accrual Period) on or
         before the Distribution Date in April 2005, the interest rate for the
         Class LT-A1, Class LT-A2, Class LT-A3, Class LT-A4, LT-Q, and Class
         LT-B Interests shall be a fixed rate per annum of 6.25%. For any
         Distribution Date (and the related Accrual Period) after the
         Distribution Date in April 2005, the interest rate for the Class
         LT-A1, Class LT-A2, Class LT-A3, Class LT-A4, Class LT-Q, and Class
         LT-B Interests shall be a per annum rate equal to the Net WAC for
         such Distribution Date.

(2)      The Class A6 Certificates are entitled to receive on each
         Distribution Date up to and including the Distribution Date in April
         2005 a specified portion of the interest payable on the Class LT-A1
         Interest for such Distribution Date. Specifically, for each Accrual
         Period the Class A6 Certificates are entitled to interest accruals on
         the Class LT-A1 Interests at a rate of 0.50%. The Class A6
         Certificates are not entitled to any distributions after the
         Distribution Date in April 2005.

(3)      The Class A6 Certificates are entitled to receive on each
         Distribution Date up to and including the Distribution Date in April
         2005 a specified portion of the interest payable on the Class LT-A2
         Interest for such Distribution Date. Specifically, for each Accrual
         Period the Class A6 Certificates are entitled to interest accruals on
         the Class LT-A2 Interest at a rate of 0.75%. The Class A6
         Certificates are not entitled to any distributions after the
         Distribution Date in April 2005.

(4)      For any Distribution Date (and the related Accrual Period) on or
         before the Distribution Date in April 2005, the interest rate for the
         Class LT-A5 Interest shall be a fixed rate per annum of 0.00%. For
         any Distribution Date (and the related Accrual Period) after the
         Distribution Date in April 2005, the interest rate for the Class
         LT-A5 Interest shall be a per annum rate equal to the Net WAC for
         such Distribution Date.

(5)      For any Distribution Date (and the related Accrual Period) on or
         before the Distribution Date in April 2005, the interest rate for the
         Class LT-A7 Interest shall be a per annum rate equal to the (i) the
         weighted average of the Net Mortgage Rates for the Non-Discount
         Mortgage Loans for such Distribution Date minus (ii) 6.25%. For any
         Distribution Date (and the related Accrual Period) after the
         Distribution Date in April 2005, the Class LT-A7 Interest shall not
         accrue interest and shall not be entitled to any distributions.

(6)      The Class LT-A7 Interest does not have a principal balance. For any
         Distribution Date (and the related Accrual Period) on or before the
         Distribution Date in April 2005, the Class LT-A7 Interest shall have
         a Class Notional Amount equal to the total Scheduled Principal
         Balances of the Non-Discount Mortgage Loans as of the first day of
         the related Accrual Period. For any Distribution Date (and the
         related Accrual Period) after the Distribution Date in April 2005,
         the Class LT-A7 Interest shall have a Class Notional Amount of zero.

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

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

     (1)  On each Distribution Date, interest is to be distributed on each
          Lower Tier Regular Interest at the rate described above to the same
          extent that interest is distributed on the Corresponding Class or
          Classes of Certificates;

     (2)  For each Class of Lower Tier Interest for which there is a
          Corresponding Class of Senior Certificates, principal is to be
          distributed on such Class of Lower Tier Interest on each
          Distribution Date in the same manner and in the same amount as
          principal is distributed on such Corresponding Class of Senior
          Certificates; and

     (3)  On each Distribution Date, the excess, if any, of the Available
          Distribution Amount over the amounts distributed pursuant to clauses
          (1) and (2) above is to be distributed as principal on the Class
          LT-B Interest.

         On each Distribution Date, Realized Losses shall be allocated among
the Lower Tier Interests in the following manner:

     (4)  Realized Losses (other than the applicable AP Percentage of such
          Realized Losses) attributable to the Mortgage Loans for any
          Distribution Date shall be allocated first to the Class LT-B
          Interest until its principal balance is reduced to zero;

     (5)  Realized Losses (other than the applicable AP Percentages of such
          Realized Losses) in excess of the allocations made pursuant to
          clause (4) above are to be allocated among the remaining classes of
          Lower Tier Interests in the same manner that such Realized Losses
          are allocated among the Corresponding Classes of Certificates; and

     (6)  The AP Percentage of Realized Losses shall be allocated to the Class
          LT-A5 Interest.

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

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

<TABLE>
<CAPTION>

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

<S>                                   <C>                       <C>                               <C>
Class A1                                 (1)                     $ 40,000,000.00                   $    25,000
Class A2                                 (2)                     $248,910,000.00                   $    25,000
Class A3                                 (3)                     $200,000,000.00                   $    25,000
Class A4                                 (3)                     $  1,000,000.00                   $ 1,000,000
Class A5                                 (4)                     $    489,732.00                   $   150,000
Class A6                                 (5)                                 (6)                   $ 2,500,000
Class A7                                 (5)                                 (7)                   $ 1,500,000
Class B1                                 (3)                      $ 7,682,000.00                   $   100,000
Class B2                                 (3)                      $ 4,353,000.00                   $   100,000
Class B3                                 (3)                      $ 2,560,000.00                   $   100,000
Class B4                                 (3)                      $ 3,585,000.00                   $   100,000
Class B5                                 (3)                      $ 1,792,000.00                   $   100,000
Class B6                                 (3)                      $ 1,795,524.00                   $   100,000
Class R                                  (3)                      $       100.00                   $       100
</TABLE>

---------------------------
(1)      For any Distribution Date (and the related Accrual Period) on or
         before the Distribution Date in April 2005, the Certificate Interest
         Rate for the Class A1 Certificates shall be a per annum rate equal to
         5.75%. For any Distribution Date (and the related Accrual Period)
         after the Distribution Date in April 2005, the Certificate Interest
         Rate for the Class A1 Certificates shall be a per annum rate equal to
         the Net WAC for such Distribution Date.

(2)      For any Distribution Date (and the related Accrual Period) on or
         before the Distribution Date in April 2005, the Certificate Interest
         Rate for the Class A2 Certificates shall be a per annum rate equal to
         5.50%. For any Distribution Date (and the related Accrual Period)
         after the Distribution Date in April 2005, the Certificate Interest
         Rate for the Class A2 Certificates shall be a per annum rate equal to
         the Net WAC for such Distribution Date.

(3)      For any Distribution Date (and the related Accrual Period) on or
         before the Distribution Date in April 2005, the Certificate Interest
         Rate for the Class A3, Class A4, Class R, Class B1, Class B2, Class
         B3, Class B4, Class B5 and Class B6 Certificates shall be a per annum
         rate equal to 6.25%. For any Distribution Date (and the related
         Accrual Period) after the Distribution Date in April 2005, the
         Certificate Interest Rate for the Class A3, Class A4, Class R, Class
         B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates
         shall be on per annum rate equal to the Net WAC for such
         Distribution.

(4)      For any Distribution Date (and the related Accrual Period) on or
         before the Distribution Date in April 2005, the Class A5 Certificates
         shall not be entitled to any payments of interest. For any
         Distribution Date (and the related Accrual Period) after the
         Distribution Date in April 2005, the Certificate Interest Rate for
         the Class A5 Certificates shall be a per annum rate equal to the Net
         WAC for such Distribution Date.

(5)      For any Distribution Date (and the related Accrual Period) on or
         before the Distribution Date in April 2005, the Certificate Interest
         Rate for the Class A6 and Class A7 Certificates shall be a per annum
         rate equal to 6.25%. For any Distribution Date (and the related
         Accrual Period) after the Distribution Date in April 2005, the
         Certificate Interest Rate for the Class A6 and Class A7 Certificates
         shall equal zero and the Class A6 and Class A7 Certificates shall not
         accrue interest and shall not be entitled to any distributions.

(6)      The Class A6 Certificates are Notional Certificates. For any
         Distribution Date (and the related Accrual Period) on or before the
         Distribution Date in April 2005, the Class A6 Certificates shall have
         a Class Notional Amount equal to the sum of (1) the product of (a)
         8.00% and (b) the Class Principal Amount of the Class A1 Certificates
         immediately before that Distribution Date and (2) the product of (a)
         12.00% and (b) the Class Principal Amount of the Class A2
         Certificates immediately before that Distribution Date. For any
         Distribution Date (and the related Accrual Period) after the
         Distribution Date in April 2005, the Class A6 Certificates shall have
         a Class Notional Amount of zero.

(7)      The Class A7 Certificates are Notional Certificates. For any
         Distribution Date (and the related Accrual Period) on or before the
         Distribution Date in April 2005, the Class A7 Certificates shall have
         a Class Notional Amount equal to the product of (1) a fraction, the
         numerator of which is the weighted average of the Net Mortgage Rates
         of the Non-Discount Mortgage Loans minus 6.25%, and the denominator
         of which is 6.25% and (2) the total Scheduled Principal Balances of
         the Non-Discount Mortgage Loans as of the first day of the related
         Accrual Period. For any Distribution Date (and the related Accrual
         Period) after the Distribution Date in April 2005, the Class A7
         Certificates shall have a Class Notional Amount of zero.

         As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $512,167,356.81.

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

                                   Article I

                                  DEFINITIONS

     Section 1.01. Definitions. The following words and phrases, unless the
context otherwise requires, shall have the following meanings:

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

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

     Accretion Directed Certificate: None.

     Accretion Termination Date: None.

     Accrual Amount: As to any Class of Accrual Certificates and each
Distribution Date through the Credit Support Depletion Date, the sum of (x)
any amount of Accrued Certificate Interest allocable to such Class pursuant to
Section 5.02(a)(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 or any Class of Lower Tier Interests, the one-month period
beginning immediately following the end of the preceding Accrual Period (or
from the Cut-off Date, in the case of the first Accrual Period) and ending on
the last day of the month immediately preceding the month in which such
Distribution Date occurs.

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

     Act: As defined in Section 3.03(c).

     Additional Collateral: None.

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

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

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

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

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

     Aggregate Subordinate Percentage: Not applicable.

     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.

     Anchor: Anchor National Life Insurance Company, an Arizona corporation.

     AP Percentage: As to any Discount Mortgage Loan, the percentage
equivalent of a fraction, the numerator of which is 6.25% minus the Initial
Net Mortgage Rate of such Discount Mortgage Loan and the denominator of which
is 6.25%. As to any Non-Discount Mortgage Loan, 0%.

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

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

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

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

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

     Apportioned Principal Balance: Not applicable.

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

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

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

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

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

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

               (i) the total amount of all cash received by the Master
          Servicer through the Remittance Date and deposited by the Master
          Servicer by the Deposit Date for such Distribution Date on the
          Mortgage Loans (including proceeds of any Insurance Policy and any
          other credit support relating to the Mortgage Loans), plus all
          Advances made by the Master Servicer or any Servicer (or the
          Trustee, in its capacity as successor Master Servicer) for such
          Distribution Date, any Compensating Interest Payment for such date
          and any amounts paid by any Servicer in respect of Prepayment
          Interest Shortfalls in respect of the 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 Servicers 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 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 Custodian or a Servicer pursuant to the terms of
               this Agreement or the applicable Servicing Agreement; and

                    (F) any Prepayment Penalty Amounts.

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

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

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

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

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

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

     Bankruptcy Losses: Any Realized Losses (as reported by a Servicer to the
Master Servicer) arising from a proceeding under the United States Bankruptcy
Code or any other similar state law or other proceeding with respect to the
Mortgagor of or Mortgaged Property under a Mortgage Loan, including, without
limitation, any such loss arising from (a) the difference between (i) the
principal amount that would have been due under the original scheduled
payments of principal and interest due on the related Mortgage Loan and (ii)
the value established in the relevant court with respect to such Mortgaged
Property, including without limitation a Deficient Valuation, or (b) a Debt
Service Reduction.

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

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

     Book-Entry Certificates: Beneficial interests in Certificates designated
as "Book-Entry Certificates" in this Agreement, ownership and transfers of
which shall be evidenced or made through book entries by a Clearing Agency as
described in Section 3.09; provided, that after the occurrence of a condition
whereupon book-entry registration and transfer are no longer permitted and
Definitive Certificates are to be issued to Certificate Owners, such
Book-Entry Certificates shall no longer be "Book-Entry Certificates." As of
the Closing Date, all of the Certificates (other than the Class A4 and Class R
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 New York, New York or, if other than New
York, the city in which the Corporate Trust Office of the Trustee is located,
or the State of Colorado, or (iii) with respect to any Remittance Date or any
Servicer reporting date, the States specified in the definition of "Business
Day" in the applicable Servicing Agreement, are authorized or obligated by law
or executive order to be closed.

     Call Certificate: The Class A4 Certificates.

     Call Date: As defined in Section 7.01 hereof.

     Call Option: As defined in Section 7.01 hereof.

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

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

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

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

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

     Certificate Purchase Date: The Distribution Date occurring in March 2005.

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

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

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

     Class AP Certificate: Any Class A5 Certificate.

     Class AP Deferred Amount: As to any Distribution Date on or prior to the
Credit Support Depletion Date and, with respect to the Class AP Certificates,
(i) the aggregate of the applicable AP Percentage of the principal portion of
each Realized Loss (other than any Excess Loss) for such Distribution Date on
a Discount Mortgage Loan; and (ii) all such amounts previously allocated
thereto and not distributed to such Class as a Class AP Deferred Amount.

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

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

     Class Notional Amount: With respect to each Class of Notional
Certificates, and with respect to the Class LT-A7 Interest, the class notional
amount calculated as provided in the Preliminary Statement hereto.

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

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

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

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

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

     Closing Date: March 30, 2001.

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

     Component: Not applicable.

     Component Certificate: None.

     Component Interest Rate: None.

     Component Notional Amount: Not applicable.

     Component Principal Amount: Not applicable.

     Component Writedown Amount: Not applicable.

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

     Converted Mortgage Loan: None.

     Convertible Mortgage Loan: None.

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

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

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

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

     Cooperative Shares: Shares issued by a Cooperative Corporation.

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

     Corporate Trust Office: The principal corporate trust office of the
Trustee at which, at any particular time, its corporate trust business shall
be administered, which office at the date hereof is located at 450 West 33rd
Street, 14th Floor, New York, New York 10001, Attention: Institutional Trust
Services/SASCO 2001-4A.

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

     Corresponding Component: None.

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

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

     Credit Support Percentage: As to any Class of Subordinate Certificates
and any Distribution Date, the sum of the Class Percentages of all Classes of
Certificates having the same parenthetical designation 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.

     Cut-off Date: March 1, 2001.

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

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

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

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

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

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

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

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

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

     Discount Mortgage Loan: Any Mortgage Loan with an Initial Net Mortgage
Rate less than 6.25% per annum.

     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 April 2001.

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

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

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

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

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

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

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

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

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

                  (vi)     a Qualified GIC;

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

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

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

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

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

     ERISA-Restricted Certificate: Any Class B4, Class B5, Class B6 or Class R
Certificate, any Certificate with a rating below the lowest applicable rating
permitted under the Underwriter's Exemption and; on or prior to the Mandatory
Call Date, any Class A1, Class A2, Class A3 or Class A5 Certificate.

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

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

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

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

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

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

     Final Scheduled Distribution Date: April 25, 2031.

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

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

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

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

     Fraud Loss Limit: With respect to any Distribution Date (x) prior to the
first anniversary of the Cut-off Date, $10,243,347.14, less the aggregate of
Fraud Losses with respect to Mortgage Loans since the Cut-off Date, and (y)
from the first to the fourth anniversary of the Cut-off Date, an amount equal
to (1) the lesser of (a) the Fraud Loss Limit as of the most recent
anniversary of the Cut-off Date and (b) 1% of the aggregate principal balance
of all 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.

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

     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: As to any Mortgage Loan, the Net Mortgage Rate
as of the Cut-off Date.

     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 (other than
a Principal Only Certificate on or prior to the Distribution Date in April
2005) 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 April 2034.

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

     LIBOR: Not applicable.

     LIBOR Certificate: Not applicable.

     LIBOR Component: None.

     LIBOR Determination Date: Not applicable.

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

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

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

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

     London Business Day: Not applicable.

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

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

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

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

     Mandatory Call Date: The Distribution Date in March 2005.

     Mandatory Certificate Purchase Agreement: The Mandatory Certificate
Purchase Agreement, dated as of March 1, 2001, between Anchor and the Trustee.

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

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

     Master Servicing Fee Rate: 0.01% per annum.

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

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

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

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

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

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

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

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

     Mortgage Loan Schedule: The schedule attached hereto as Schedule A, which
shall identify each Mortgage Loan, as such schedule may be amended from time
to time pursuant to Section 2.02.

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

     Mortgage Pool: The pool of Mortgage Loans conveyed to the Trust Fund
hereunder.

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

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

     Mortgagor: The obligor on a Mortgage Note.

     Negative Amortization Certificate: None.

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

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

     Net Prepayment Interest Shortfall: With respect to any Distribution Date,
the excess, if any, of any Prepayment Interest Shortfalls with respect to the
Mortgage Loans 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 any Distribution Date, the weighted average of
Net Mortgage Rates of the Mortgage Loans at the beginning of the related
Accrual Period, weighted on the basis of their Scheduled Principal Balances.

     Non-AP Percentage: As to any Discount Mortgage Loan, the percentage
equivalent of the fraction, the numerator of which is the Initial Net Mortgage
Rate of such Discount Mortgage Loan and the denominator of which is 6.25%. As
to any Non-Discount Mortgage Loan, 100%.

     Non-AP Pool Balance: As to any Distribution Date and any Mortgage Loan,
the sum of the applicable Non-AP Percentage of the Scheduled Principal Balance
of such Mortgage Loan for such Distribution Date.

     Non-AP Senior Certificate: Any Class A1, Class A2, Class A3, Class A4,
Class A6, Class A7 or Class R Certificate.

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

     Non-Discount Mortgage Loan: Any Mortgage Loan with an Initial Net
Mortgage Rate equal to or greater than 6.25% per annum.

     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.

     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 A6 or Class A7 Certificate.

     Notional Component: None.

     Offering Document: The private placement memorandum dated March 27, 2001
relating to the Class B4, Class B5 and Class B6 Certificates, the private
placement memorandum dated March 27, 2001 relating to the Class A4
Certificates, and the Prospectus.

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

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

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

     Original Subordinate Amount: The Subordinate Amount 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.

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

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

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

     Placement Agent: Lehman Brothers Inc.

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

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

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

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

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

     Principal Amount Schedules: Not applicable.

     Principal Only Certificate: Any Class A5 Certificate.

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

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

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

     Prospectus: The prospectus supplement dated March 27, 2001, together with
the accompanying prospectus dated January 26, 2001, relating to the Senior
Certificates (other than the Class A4 Certificates) and the Class B1, Class B2
and Class B3 Certificates.

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

     QIB: As defined in Section 3.03(c).

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

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

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

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

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

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

     Qualified Insurer: 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 Master
Servicing Fee and the applicable Servicing Fee from the date as to which
interest was last paid through the end of the Due Period in which such
substitution occurs, shall be paid by the party effecting such substitution to
the Trustee for deposit into the Certificate Account, and shall be treated as
a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not lower than
the Net Mortgage Rate of the related Deleted Mortgage Loan and will be a
Discount Mortgage Loan if the Deleted Mortgage Loan was a Discount Mortgage
Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan was a
Non-Discount Mortgage Loan; (iii) has a remaining stated term to maturity not
longer than, and not more than one year shorter than, the remaining term to
stated maturity of the related Deleted Mortgage Loan; (iv) (A) has a
Loan-to-Value Ratio as of the date of such substitution of not greater than
80%, provided, however, that if the related Deleted Mortgage Loan has a
Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value Ratio of such
substitute Mortgage Loan may be greater than 80% but shall not be greater than
the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the
addition of such substitute Mortgage Loan does not increase the weighted
average Loan-to-Value Ratio of the Mortgage Pool by more than 5%; (v) will
comply with all of the representations and warranties relating to Mortgage
Loans set forth herein, as of the date as of which such substitution occurs;
(vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a
Cooperative Loan; (vii) if applicable, has the same index as and a margin not
less than that of the related Deleted Mortgage Loan; (viii) has not been
delinquent for a period of more than 30 days more than once in the twelve
months immediately preceding such date of substitution; (ix) is covered by a
Primary Mortgage Insurance Policy if the related Deleted Mortgage Loan is so
covered, and the Loan-to-Value Ratio of such Mortgage Loan is greater than
80%; (x) has a Credit Score not greater than 20 points lower than the Credit
Score of the related Deleted Mortgage Loan, provided, however, that if the
Deleted Mortgage Loan does not have a Credit Score, then such substitute
Mortgage Loan shall have a Credit Score equal to or greater than 700; (xi) is
an Adjustable Rate Mortgage Loan with an index equal to the weekly average
yield on actively traded U.S. Treasury securities adjusted to a constant
maturity of one year as reported in the Federal Reserve Board release
H.15(519); (xii) has its initial adjustment date after March 31, 2005; and
(xiii) has a gross margin no less than the related Deleted Mortgage Loan. In
the event that either one mortgage loan is substituted for more than one
Deleted Mortgage Loan or more than one mortgage loan is substituted for one or
more Deleted Mortgage Loans, then (a) the Scheduled Principal Balance referred
to in clause (i) above shall be determined such that the aggregate Scheduled
Principal Balance of all such substitute Mortgage Loans shall not exceed the
aggregate Scheduled Principal Balance of all Deleted Mortgage Loans and (b)
each of (1) the rate referred to in clause (ii) above, (2) the remaining term
to stated maturity referred to in clause (iii) above, (3) the Loan-to-Value
Ratio referred to in clause (iv) above and (4) the Credit Score referred to in
clause (x) above shall be determined on a weighted average basis, provided
that the final scheduled maturity date of any Qualifying Substitute Mortgage
Loan shall not exceed the Final Scheduled Distribution Date of any Class of
Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted
for a Deleted Mortgage Loan pursuant to this Agreement, the party effecting
such substitution shall certify such qualification in writing to the Trustee.

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

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

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

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

     Redemption Certificate: None.

     Reference Banks: Not applicable.

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

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

     Reimbursement Amount: Not applicable.

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

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

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

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

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

     Reserve Interest Rate: Not applicable.

     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 A4 Class B4, Class B5 or Class B6
Certificate but excluding any Regulation S Global Security.

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

     Retained Interest: None.

     Retained Interest Holder: None.

     Retained Interest Rate: Not applicable.

     Rounding Account: Not applicable.

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

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

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

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

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

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

     Senior Certificate: Any Class A1, Class A2, Class A3, Class A4, Class A5,
Class A6, Class A7 or Class R Certificate.

     Senior Percentage: With respect to any Distribution Date, the percentage
equivalent of the fraction, the numerator of which is the aggregate of the
Certificate Principal Amounts of the Class A1, Class A2, Class A3, Class A4
and Class R Certificates, immediately prior to such Distribution Date and the
denominator of which is the aggregate Non-AP Pool Balances for the immediately
preceding Distribution Date.

     Senior Prepayment Percentage: With respect to any Distribution Date
occurring during the five years beginning on the first Distribution Date,
100%. With respect to any Distribution Date occurring on or after the fifth
anniversary of the first Distribution Date, the Senior Percentage plus the
following percentage of the 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, that if on any of the foregoing Distribution Dates the
Senior Percentage exceeds the initial Senior Percentage, the Senior Prepayment
Percentage on such Distribution Date shall once again equal 100% for such
Distribution Date.

     Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage below the level 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 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 Subordinate Amount immediately prior to
such Distribution Date or (ii) cumulative Realized Losses with respect to the
Mortgage Loans exceed (a) with respect to the Distribution Date on the fifth
anniversary of the first Distribution Date, 30% of the Original Subordinate
Amount, (b) with respect to the Distribution Date on the sixth anniversary of
the first Distribution Date, 35% of the Original Subordinate Amount, (c) with
respect to the Distribution Date on the seventh anniversary of the first
Distribution Date, 40% of the Original Subordinate Amount, (d) with respect to
the Distribution Date on the eighth anniversary of the first Distribution
Date, 45% of the related Original Subordinate Amount, and (e) with respect to
the Distribution Date on the ninth anniversary of the first Distribution Date
or thereafter, 50% of the related Original Subordinate Amount. After the Class
Principal Amount of each Class of Senior Certificates has been reduced to
zero, the Senior Prepayment Percentage shall be 0%.

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

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

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

                  (iii) with respect to unscheduled recoveries allocable to
         principal of any Mortgage Loan that was finally liquidated during the
         related Prepayment Period, the lesser of (a) the related net
         Liquidation Proceeds allocable to principal (multiplied by the
         applicable Non-AP Percentage) and (b) the product of the Senior
         Prepayment Percentage for such date and the Scheduled Principal
         Balance (multiplied by the applicable Non-AP Percentage) of such
         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 (other than any Class AP Certificates) has been reduced to zero,
the Senior Principal Distribution Amount for such date (following such
reduction) and each subsequent Distribution Date shall be zero.

     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 Loan Services Inc., Wells Fargo Home
Mortgage, Inc., Bank of America, N. A. and Washington Mutual Bank, FA.

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

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

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

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

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

     Special Hazard Loss Limit: As of the Cut-off Date, $7,801,061, which
amount shall be reduced from time to time to an amount equal on any
Distribution Date to the lesser of (a) the greatest of (i) 1% of the aggregate
of the Scheduled Principal Balances of the Mortgage Loans; (ii) twice the
Scheduled Principal Balance of the Mortgage Loan having the highest Scheduled
Principal Balance, and (iii) the aggregate Scheduled Principal Balances of the
Mortgage Loans secured by Mortgaged Properties located in the single
California postal zip code area having the highest aggregate Scheduled
Principal Balance of Mortgage Loans of any such postal zip code area and (b)
the Special Hazard Loss Limit as of the Closing Date less the amount, if any,
of Special Hazard Losses incurred with respect to Mortgage Loans since the
Closing Date.

     Specified Rating: Not applicable.

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

     Subordinate Amount: With respect to any Distribution Date, the amount, if
any, by which the aggregate Non-AP Pool Balances for the immediately preceding
Distribution Date exceeds the sum of the aggregate of the Certificate
Principal Amounts of the Non-AP Senior Certificates immediately prior to the
related Distribution Date.

     Subordinate Certificate: Any Class B Certificate.

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

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

     Subordinate Component Percentage: Not applicable.

     Subordinate Percentage: With respect to any Distribution Date, the excess
of 100% over the Senior Percentage for such Distribution Date.

     Subordinate Prepayment Percentage: With respect to any Distribution Date,
the excess of 100% over the Senior Prepayment Percentage for such Distribution
Date.

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

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

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

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

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

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

     Termination Price: As defined in Section 7.01 hereof.

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

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

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

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

     Trust Rate: Not applicable.

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

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

     Trustee Fee Rate: 0.005% per annum.

     Undercollateralization Distribution: Not applicable.

     Undercollateralized Group: Not applicable.

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

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

     Voting Interests: The portion of the voting rights of all the
Certificates that is allocated to any Certificate for purposes of the voting
provisions of this Agreement. At all times during the term of this Agreement
until the Class Notional Amount of each Class of Notional Certificates has
been reduced to zero, 95% of all Voting Interests shall be allocated to the
Certificates other than the Notional Certificates and 5% of all Voting
Interests shall be allocated to the Notional Certificates. After the Class
Notional Amount of each Class of Notional Certificates has been reduced to
zero, 100% of all Voting Interests shall be allocated to the remaining Classes
of Certificates. Voting Interests allocated to the Notional Certificates shall
be allocated among the Classes of such Certificates (and among the
Certificates of each such Class) in proportion to their Class Notional Amounts
(or Notional Amounts). Voting Interests shall be allocated among the other
Classes of Certificates (and among the Certificates of each such Class) in
proportion to their Class Principal Amounts (or Certificate Principal
Amounts).

     Section 1.02. Calculations Respecting Mortgage Loans. Calculations
required to be made pursuant to this Agreement with respect to any Mortgage
Loan in the Trust Fund shall be made based upon current information as to the
terms of the Mortgage Loans and reports of payments received from the
Mortgagor on such Mortgage Loans and payments to be made to the Trustee as
supplied to the Trustee by the Master Servicer. The Trustee shall not be
required to recompute, verify or recalculate the information supplied to it by
the Master Servicer.

                                  Article II

                             DECLARATION OF TRUST;
                           ISSUANCE OF CERTIFICATES

     Section 2.01. Creation and Declaration of Trust Fund; Conveyance of
Mortgage Loans. (a) Concurrently with the execution and delivery of this
Agreement, the Depositor does hereby transfer, assign, set over, deposit with
and otherwise convey to the Trustee, without recourse, subject to Sections
2.02, 2.04, 2.05 and 2.06, in trust, all the right, title and interest of the
Depositor in and to the Mortgage Loans. Such conveyance includes, without
limitation, the right to all distributions of principal and interest received
on or with respect to the Mortgage Loans on and after the Cut-off Date other
than payments of principal and interest due on or before such date, and all
such payments due after such date but received prior to such date and intended
by the related Mortgagors to be applied after such date, together with all of
the Depositor's right, title and interest in and to the Collection Account and
all amounts from time to time credited to and the proceeds of the Collection
Account, the Certificate Account and all amounts from time to time credited to
and the proceeds of the Certificate Account, any Escrow Account established
pursuant to Section 9.06 hereof and all amounts from time to time credited to
and the proceeds of any such Escrow Account, any REO Property and the proceeds
thereof, the Depositor's rights under any Insurance Policies related to the
Mortgage Loans, and the Depositor's security interest in any collateral
pledged to secure the Mortgage Loans, including the Mortgaged Properties and
any Additional Collateral, and any proceeds of the foregoing, to have and to
hold, in trust; and the Trustee declares that, subject to the review provided
for in Section 2.02, it has received and shall hold the Trust Fund, as
trustee, in trust, for the benefit and use of the Holders of the Certificates
and 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 and obligations
of the Seller under the applicable Servicing Agreement to the extent assigned
under the Mortgage Loan Sale Agreement. The Trustee hereby accepts such
assignment, and shall be entitled to exercise all rights of the Depositor
under the Mortgage Loan Sale Agreement as if, for such purpose, it were the
Depositor. The foregoing sale, transfer, assignment, set-over, deposit and
conveyance does not and is not intended to result in creation or assumption by
the Trustee of any obligation of the Depositor, the Seller, or any other
Person in connection with the Mortgage Loans or any other agreement or
instrument relating thereto except as specifically set forth herein.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     Section 2.03. Representations and Warranties of the Depositor. (a) The
Depositor hereby represents and warrants to the Trustee, for the benefit of
Certificateholders and to the Master Servicer, as of the Closing Date or such
other date as is specified, that:

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

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

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

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

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

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

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

     Section 2.04. Discovery of Breach. It is understood and agreed that the
representations and warranties (i) set forth in Section 2.03, (ii) of Lehman
Capital set forth in the Mortgage Loan Sale Agreement and assigned to the
Trustee by the Depositor hereunder and (iii) of each Transferor, assigned by
Lehman Capital to the Depositor pursuant to the Mortgage Loan Sale Agreement
and assigned to the Trustee by the Depositor hereunder shall each survive
delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage
Loan to the Trustee and shall continue throughout the term of this Agreement.
Upon discovery by either the Depositor, the Master Servicer 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 Capital and
assigned to the Trustee, the Depositor, such Transferor or Lehman Capital, as
applicable, shall either (a) cure such breach in all material respects, (b)
repurchase such Mortgage Loan or any property acquired in respect thereof from
the Trustee at the Purchase Price or (c) within the two year period following
the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the
affected Mortgage Loan. In the event of discovery of a breach of any
representation and warranty of any Transferor assigned to the Trustee, the
Trustee shall enforce its rights under the applicable Transfer Agreement and
the Mortgage Loan Sale Agreement for the benefit of Certificateholders. As
provided in the Mortgage Loan Sale Agreement, if any Transferor substitutes
for a Mortgage Loan for which there is a breach of any representations and
warranties in the related Transfer Agreement which adversely and materially
affects the value of such Mortgage Loan and such substitute mortgage loan is
not a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage
Loan Sale Agreement, Lehman Capital will, in exchange for such Substitute
Mortgage Loan, (i) provide the applicable Purchase Price for the affected
Mortgage Loan or (ii) within two years of the Closing Date, substitute such
affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.

     Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans. (a)
With respect to any Mortgage Loan repurchased by the Depositor pursuant to
this Agreement, by Lehman Capital pursuant to the Mortgage Loan Sale Agreement
or by any Transferor pursuant to the applicable Transfer Agreement, the
principal portion of the funds received by the Trustee in respect of such
repurchase of a Mortgage Loan will be considered a Principal Prepayment and
shall be deposited in the Collection Account. The Trustee, upon receipt of the
full amount of the Purchase Price for a Deleted Mortgage Loan, or upon receipt
of the Mortgage File for a Qualifying Substitute Mortgage Loan substituted for
a Deleted Mortgage Loan (and any applicable Substitution Amount), shall
release or cause to be released and reassign to the Depositor, Lehman Capital
or the applicable Transferor, as applicable, the related Mortgage File for the
Deleted Mortgage Loan and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, representation or
warranty, as shall be necessary to vest in such party or its designee or
assignee title to any Deleted Mortgage Loan released pursuant hereto, free and
clear of all security interests, liens and other encumbrances created by this
Agreement, which instruments shall be prepared by the Trustee (or its
custodian), and the Trustee shall have no further responsibility with respect
to the Mortgage File relating to such Deleted Mortgage Loan.

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

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

     Section 2.06. Grant Clause. It is intended that the conveyance of the
Depositor's right, title and interest in and to property constituting the
Trust Fund pursuant to this Agreement shall constitute, and shall be construed
as, a sale of such property and not a grant of a security interest to secure a
loan. However, if such conveyance is deemed to be in respect of a loan, it is
intended that: (i) the rights and obligations of the parties shall be
established pursuant to the terms of this Agreement; (ii) the Depositor hereby
grants to the Trustee for the benefit of the Holders of the Certificates a
first priority security interest in all of the Depositor's right, title and
interest in, to and under, whether now owned or hereafter acquired, the Trust
Fund and all proceeds of any and all property constituting the Trust Fund to
secure payment of the Certificates; and (iii) this Agreement shall constitute
a security agreement under applicable law. If such conveyance is deemed to be
in respect of a loan and the Trust created by this Agreement terminates prior
to the satisfaction of the claims of any Person holding any Certificate, the
security interest created hereby shall continue in full force and effect and
the Trustee shall be deemed to be the collateral agent for the benefit of such
Person, and all proceeds shall be distributed as herein provided.

                                 Article III

                               THE CERTIFICATES

     Section 3.01. The Certificates. (a) The Certificates shall be issuable in
registered form only and shall be securities governed by Article 8 of the New
York Uniform Commercial Code. The Book-Entry Certificates will be evidenced by
one or more certificates, beneficial ownership of which will be held in the
dollar denominations in Certificate Principal Amount or Notional Principal
Amount, as applicable, or in the Percentage Interests, specified herein. Each
Class of Book-Entry Certificates shall be issued in the minimum denominations
in Certificate Principal Amount (or Notional Amount) or Percentage Interest
specified in the Preliminary Statement hereto and in integral multiples of $1
or 5% (in the case of Certificates issued in Percentage Interests) in excess
thereof. Each Class of Non-Book Entry Certificates other than the Residual
Certificate shall be issued in definitive, fully registered form in the
minimum denominations in Certificate Principal Amount (or Notional Amount)
specified in the Preliminary Statement hereto and in integral multiples of $1
in excess thereof. The Residual Certificate shall be issued as a single
Certificate and maintained in definitive, fully registered form in a minimum
denomination equal to 100% of the Percentage Interest of such Class. The
Certificates may be issued in the form of typewritten certificates. One
Certificate of each Class of Certificates other than any Class of Residual
Certificates may be issued in any denomination in excess of the minimum
denomination.

     (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.

     Section 3.02. Registration. The Trustee is hereby appointed, and hereby
accepts its appointment as, Certificate Registrar in respect of the
Certificates and shall maintain books for the registration and for the
transfer of Certificates (the "Certificate Register"). The Trustee may appoint
a bank or trust company to act as Certificate Registrar. A registration book
shall be maintained for the Certificates collectively. The Certificate
Registrar may resign or be discharged or removed and a new successor may be
appointed in accordance with the procedures and requirements set forth in
Sections 6.06 and 6.07 hereof with respect to the resignation, discharge or
removal of the Trustee and the appointment of a successor Trustee. The
Certificate Registrar may appoint, by a written instrument delivered to the
Holders and the Master Servicer, any bank or trust company to act as
co-registrar under such conditions as the Certificate Registrar may prescribe;
provided, however, that the Certificate Registrar shall not be relieved of any
of its duties or responsibilities hereunder by reason of such appointment.

     Section 3.03. Transfer and Exchange of Certificates. (a) A Certificate
(other than Book-Entry Certificates which shall be subject to Section 3.09
hereof) may be transferred by the Holder thereof only upon presentation and
surrender of such Certificate at the office of the Certificate Registrar duly
endorsed or accompanied by an assignment duly executed by such Holder or his
duly authorized attorney in such form as shall be satisfactory to the
Certificate Registrar. Upon the transfer of any Certificate in accordance with
the preceding sentence, the Trustee shall execute, and the Trustee or any
Authenticating Agent shall authenticate and deliver to the transferee, one or
more new Certificates of the same Class and evidencing, in the aggregate, the
same aggregate Certificate Principal Amount as the Certificate being
transferred. No service charge shall be made to a Certificateholder for any
registration of transfer of Certificates, but the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
that may be imposed in connection with any registration of transfer of
Certificates.

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

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

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

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

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

     (d) (i) No transfer of an ERISA-Restricted Certificate in the form of a
Definitive Certificate shall be made to any Person unless the Trustee has
received (A) a certificate substantially in the form of Exhibit H-1 hereto
from such transferee in the case of any Class B4, Class B5, Class B6
Certificate or any Certificate which a Responsible Officer of the Trustee has
actual knowledge that such Certificate has become an ERISA-Restricted
Certificate because it no longer has a rating permitted under the
Underwriter's Exemption, (ii) in the case of a transfer on or prior to the
Mandatory Call Date (other than the transfer to Anchor on the Mandatory Call
Date), a certificate substantially in the form of Exhibit H-2 hereto from such
transferee in the case of any Class A1, Class A2, Class A3 and Class A5
Certificate and (iii) a certificate substantially in the form of 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 is permissible under
applicable law, will not result in the assets of the Trust Fund being deemed
to be "plan assets" subject to the prohibited transactions provisions of ERISA
or Section 4975 of the Code and will not subject the Trustee, the Master
Servicer or the Depositor to any obligation in addition to those undertaken in
the Agreement; provided, however, that the Trustee will not require such
certificate or opinion in the event that, as a result of a change of law or
otherwise, counsel satisfactory to the Trustee has rendered an opinion to the
effect that the purchase and holding of an ERISA-Restricted Certificate by a
Plan or a Person that is purchasing or holding such a Certificate on behalf of
or with the assets of a Plan will not constitute or result in a prohibited
transaction under ERISA or Section 4975 of the Code. A Certificate in the form
of Exhibit H-2 or an Opinion of Counsel described in the preceding sentence
shall only be required for any transfer of a Class A1, Class A2, Class A3 or
Class A5 Certificate on or before the Mandatory Call Date. 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-1 or Exhibit
H-2, as applicable. 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 if such Certificates are Book-Entry Certificates.

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

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

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

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

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

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

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

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

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

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

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

     Section 3.04. Cancellation of Certificates. Any Certificate surrendered
for registration of transfer or exchange shall be cancelled and retained in
accordance with normal retention policies with respect to cancelled
certificates maintained by the Trustee or the Certificate Registrar.

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

     Section 3.06. Persons Deemed Owners. Subject to the provisions of Section
3.09 with respect to Book-Entry Certificates, the Depositor, the Master
Servicer, the Trustee, the Certificate Registrar and any agent of any of them
may treat the Person in whose name any Certificate is registered upon the
books of the Certificate Registrar as the owner of such Certificate for the
purpose of receiving distributions pursuant to Sections 5.01 and 5.02 and for
all other purposes whatsoever, and neither the Depositor, the Master Servicer,
the Trustee, the Certificate Registrar nor any agent of any of them shall be
affected by notice to the contrary.

     Section 3.07. Temporary Certificates. (a) Pending the preparation of
definitive Certificates, upon the order of the Depositor, the Trustee shall
execute and shall authenticate and deliver temporary Certificates that are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive
Certificates in lieu of which they are issued and with such variations as the
authorized officers executing such Certificates may determine, as evidenced by
their execution of such Certificates.

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

     Section 3.08. Appointment of Paying Agent. The Trustee may appoint a
Paying Agent (which may be the Trustee) for the purpose of making
distributions to Certificateholders hereunder. The Trustee shall cause such
Paying Agent to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee that such Paying Agent will hold all
sums held by it for the payment to Certificateholders in an Eligible Account
in trust for the benefit of the Certificateholders entitled thereto until such
sums shall be paid to the Certificateholders. All funds remitted by the
Trustee to any such Paying Agent for the purpose of making distributions shall
be paid to Certificateholders on each Distribution Date and any amounts not so
paid shall be returned on such Distribution Date to the Trustee. If the Paying
Agent is not the Trustee, the Trustee shall cause to be remitted to the Paying
Agent on or before the Business Day prior to each Distribution Date, by wire
transfer in immediately available funds, the funds to be distributed on such
Distribution Date. Any Paying Agent shall be either a bank or trust company or
otherwise authorized under law to exercise corporate trust powers.

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

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

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

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

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

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

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

     (d) If the Class A1, Class A2, Class A3 or Class A5 Certificates are
issued as Definitive Certificates on any date on or prior to the Mandatory
Call Date, each Holder (other than Anchor or its designee) of any such
Certificate (i) acknowledges and irrevocably appoints and authorizes the
Trustee to act as its custodian and hold any such Definitive Certificate until
the Mandatory Call Date and (ii) acknowledges and irrevocably appoints and
authorizes the Trustee to act as attorney in fact for purposes of endorsing or
assigning any such Definitive Certificate for transfer pursuant to the
provisions of the Mandatory Certificate Purchase Agreement. Promptly after the
transfer under the Mandatory Certificate Purchase Agreement on the Mandatory
Call Date, the Trustee will deliver such Definitive Certificates to the
Transferee (as defined in the Mandatory Certificate Purchase Agreement)
pursuant to the terms of the Mandatory Certificate Purchase Agreement and will
no longer act as custodian therefor. If the transfer under the Mandatory
Certificate Purchase Agreement does not occur on the Mandatory Call Date due
to a default by Anchor under the Mandatory Certificate Purchase Agreement, the
Trustee will promptly deliver Definitive Certificates to the existing Holders
and will no longer act as custodian therefor.

                                  Article IV

                       ADMINISTRATION OF THE TRUST FUND

     Section 4.01. Collection Account. (a) On the Closing Date, the Master
Servicer shall open and shall thereafter maintain a segregated account held in
trust (the "Collection Account"), entitled "Aurora Loan Services Inc., as
Master Servicer, in trust for the benefit of the Holders of Structured Asset
Securities Corporation Mortgage Pass-Through Certificates, Series 2001-4A."
The Collection Account shall relate solely to the Certificates issued by the
Trust Fund hereunder, and funds in such Collection Account shall not be
commingled with any other monies.

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

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

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

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

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

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

          (iv) all Insurance Proceeds;

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

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

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

     Section 4.02. Application of Funds in the Collection Account. The Master
Servicer may, from time to time, make, or cause to be made, withdrawals from
the Collection Account for the following purposes:

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

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

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

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

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

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

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

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

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

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

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

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

     Section 4.03. Reports to Certificateholders. (a) On each Distribution
Date, the Trustee shall deliver or cause to be delivered by first class mail
to each Certificateholder a written report setting forth the following
information (on the basis of Mortgage Loan level information obtained from the
applicable Servicer):

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

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

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

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

          (v) the Aggregate Principal Balance of the Mortgage Loans and the
     aggregate Non-AP Pool Balances 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 principal balance of each REO Property as of the
     close of business on the last Business Day of the calendar month
     immediately preceding the month in which such Distribution Date occurs;

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

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

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

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

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

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

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

     The foregoing information and reports shall be prepared and determined by
the Trustee based solely on Mortgage Loan data provided to the Trustee by the
Master Servicer no later than four Business Days prior to the Distribution
Date. In preparing or furnishing the Mortgage Loan data to the Trustee, the
Master Servicer shall be entitled to rely conclusively on the accuracy of the
information or data regarding the Mortgage Loans and the related REO Property
that has been provided to the Master Servicer by each Servicer, and the Master
Servicer shall not be obligated to verify, recompute, reconcile or recalculate
any such information or data. The Trustee shall be entitled to conclusively
rely on the Mortgage Loan data provided by the Master Servicer and shall have
no liability for any errors in such Mortgage Loan data.

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

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

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

     (d) Notwithstanding the foregoing, upon receipt of written notice from
the Depositor that the Call Certificate or each Class of Subordinate
Certificates has been sold to an unaffiliated third party, the Trustee shall
make the reports required by this Section 4.03 available to such Holders of
the Call Certificate and/or Subordinate Certificates, as applicable.

     Section 4.04. Certificate Account. (a) The Trustee shall establish and
maintain in its name, as trustee, a trust account (the "Certificate Account"),
to be held in trust for the benefit of the Certificateholders until disbursed
pursuant to the terms of this Agreement. The Certificate Account shall be an
Eligible Account. If the existing Certificate Account ceases to be an Eligible
Account, the Trustee shall establish a new Certificate Account that is an
Eligible Account within 20 Business Days and transfer all funds on deposit in
such existing Certificate Account into such new Certificate Account. The
Certificate Account shall relate solely to the Certificates issued hereunder
and funds in the Certificate Account shall be held separate and apart from and
shall not be commingled with any other monies including, without limitation,
other monies of the Trustee held under this Agreement.

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

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

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

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

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

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

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

                                  Article V

                   DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

     Section 5.01. Distributions Generally. (a) Subject to Section 7.01 with
respect to the final distribution on the Certificates, on each Distribution
Date the Trustee or the Paying Agent shall make distributions in accordance
with this Article V. Such distributions shall be made by check mailed to each
Certificateholder's address as it appears on the Certificate Register of the
Certificate Registrar (which shall initially be the Trustee) or, upon written
request made to the Trustee at least three Business Days prior to the related
Distribution Date to any Certificateholder owning an aggregate initial
Certificate Principal Amount of at least $2,500,000, or, in the case of the
Notional Certificates and Principal Only Certificates, a Percentage Interest
of 100%, by wire transfer in immediately available funds to an account
specified in the request and at the expense of such Certificateholder;
provided, however, that the final distribution in respect of any Certificate
shall be made only upon presentation and surrender of such Certificate at the
Corporate Trust Office. Wire transfers will be made at the expense of the
Holder requesting such wire transfer by deducting a wire transfer fee from the
related distribution. Notwithstanding such final payment of principal of any
of the Certificates, each Residual Certificate will remain outstanding until
the termination of each REMIC and the payment in full of all other amounts due
with respect to the Residual Certificate and at such time such final payment
in retirement of the Residual Certificate will be made only upon presentation
and surrender of such Certificate at the Corporate Trust Office of the Trustee
or at the office of its designated presenting agent in New York City. If any
payment required to be made on the Certificates is to be made on a day that is
not a Business Day, then such payment will be made on the next succeeding
Business Day.

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

     Section 5.02. Distributions from the Certificate Account. (a) On each
Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee)
shall withdraw from the Certificate Account the Available Distribution Amount
(less any amounts deducted pursuant to Section 4.04(b)(ii)), and shall
distribute such amount to itself (in the case of clause (i)) and to the
Holders of record of each Class of Certificates, in the following order of
priority:

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

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

          (iii) to each Class of Senior Certificates, any related Interest
     Shortfall for such Distribution Date; provided, however, that any
     shortfall in available amounts shall be allocated among the Classes of
     Certificates in proportion to the Interest Shortfall for each such Class
     on such Distribution Date;

          (iv) from the remaining Available Distribution Amount, to the Senior
     Certificates (other than any Class of Notional Certificates),
     concurrently, as follows:

               (A) to the Class A1, Class A2, Class A3, Class A4 and Class R
          Certificates, in reduction of their respective Class Principal
          Amounts, the Senior Principal Distribution Amount, in the following
          order of priority:

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

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

                    (3) concurrently, to the Class A3 and Class A4
               Certificates, in proportion to their respective Class Principal
               Amounts, until the respective Class Principal Amounts thereof
               have been reduced to zero; and

               (B) to the Class A5 Certificates, the AP Principal Distribution
          Amount for such Distribution Date, until the Class Principal Amount
          thereof has been reduced to zero;

          (v) to the Class A5 Certificates, to the extent of the remaining
     Available Distribution Amount, the Class AP Deferred Amount for such
     Class and Distribution Date, until the Class Principal Amount thereof has
     been reduced to zero; provided, however, that (A) distributions pursuant
     to this priority shall not exceed the aggregate Subordinate Principal
     Distribution Amount for such date; and (B) such amounts will not reduce
     the Class Principal Amounts of such Class;

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

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

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

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

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

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

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

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

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

               (R) to the Class B6 Certificates, in reduction of the
          Certificate Principal Amount thereof, such Class's Subordinate Class
          Percentage of the 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.

     (c) Net Prepayment Interest Shortfalls shall be allocated among the
Certificates (other than any related Principal Only Certificates on or prior
to the Distribution Date in April 2005) pro rata based on the Accrued
Certificate Interest otherwise distributable thereon.

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

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

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

     Section 5.03. Allocation of Realized Losses. (a) On any Distribution
Date, (x) the applicable AP Percentage of the principal portion of each
Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan will
be allocated to the related Class of Principal Only Certificates until the
Class Principal Amount thereof has been reduced to zero; and (y) the
applicable Non-AP Percentage of 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, pro rata,
               in accordance with their Class Principal Amounts; provided,
               that any such loss allocated to any Class of Accrual
               Certificates shall be allocated (subject to Section 5.03(c)) on
               the basis of the lesser of (x) the Class Principal Amount
               thereof immediately prior to the applicable Distribution Date
               and (y) the Class Principal Amount thereof on the Closing Date
               (as reduced by any Realized Losses previously allocated
               thereto).

     (b) With respect to any Distribution Date, the applicable Non-AP
Percentage of the principal portion of any Excess Loss in respect of a
Mortgage Loan shall be allocated, pro rata, to the Certificates (other than
the Principal Only Certificates) based on their respective Class Principal
Amounts; provided, that any such loss allocated to any Class of Accrual
Certificates (and any Accrual Component) shall be allocated (subject to
Section 5.03(c)) on the basis of the lesser of (x) the Class Principal Amount
thereof immediately prior to the applicable Distribution Date and (y) the
Class Principal Amount thereof on the Closing Date (as reduced by any Realized
Losses previously allocated thereto). The applicable AP Percentage of the
principal portion of an Excess Loss shall be applied to the Class of Principal
Only Certificates until the Class Principal Amount thereof has been reduced to
zero.

     (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,
except that the aggregate amount of Realized Losses to be allocated to the
Principal Only Certificates on such Distribution Date will be taken into
account in determining distributions in respect of any related Class AP
Deferred Amount for such date.

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

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

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

     (b) In the event that the Master Servicer fails for any reason to make an
Advance required to be made pursuant to Section 5.04 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 amount of the Aggregate
Master Servicing Compensation payable to the Master Servicer in respect of any
Distribution Date shall be reduced by the amount of any Compensating Interest
Payment for such Distribution Date, but only to the extent such Compensating
Interest Payment is not actually made by a Servicer on the applicable
Remittance Date. Such amount shall not be treated as an Advance and shall not
be reimbursable to the Master Servicer.

     Section 5.06. Mandatory Certificate Purchase Agreement. (a) Concurrently
with the execution and delivery of this Agreement, at the direction of the
Depositor, the Trustee shall execute and deliver a Mandatory Certificate
Purchase Agreement substantially in the form of Exhibit M hereto. The Trustee
shall have no duty to review or otherwise determine the adequacy of the
Mandatory Certificate Purchase Agreement.

     (b) Each Holder of a Class A1, Class A2, Class A3 or Class A5 Certificate
is deemed, by acceptance of such Certificate, to acknowledge and accept and
agree (i) to be bound by the provisions of the Mandatory Certificate Purchase
Agreement and (ii) that the Trustee is entering into the Mandatory Certificate
Purchase Agreement solely in its capacity as Trustee for the Structured Asset
Securities Corporation Mortgage Pass-Through Certificates, Series 2001-4A, and
not in its individual capacity.

                                  Article VI

                   CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

     Section 6.01. Duties of Trustee. (a) The Trustee, except during the
continuance of an Event of Default (of which a Responsible Officer of the
Trustee shall have actual knowledge), undertakes to perform such duties and
only such duties as are specifically set forth in this Agreement. Any
permissive right of the Trustee provided for in this Agreement shall not be
construed as a duty of the Trustee. If an Event of Default (of which a
Responsible Officer of the Trustee shall have actual knowledge) has occurred
and has not otherwise been cured or waived, the Trustee shall exercise such of
the rights and powers vested in it by this Agreement and use the same degree
of care and skill in their exercise as a prudent Person would exercise or use
under the circumstances in the conduct of such Person's own affairs unless the
Trustee is acting as Master Servicer, in which case it shall use the same
degree of care and skill as the Master Servicer hereunder.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     (b) If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 6.05 and shall fail to resign after
written request therefor by the Depositor, (ii) the Trustee shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, (iii)
a tax is imposed or threatened with respect to the Trust Fund by any state in
which the Trustee or the Trust Fund held by the Trustee is located, or (iv)
the continued use of the Trustee would result in a downgrading of the rating
by the Rating Agencies of any Class of Certificates with a rating, 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 to 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 shall deliver to the successor trustee all Mortgage Files and
documents and statements related to each Mortgage Files held by it hereunder,
and shall duly assign, transfer, deliver and pay over to the successor trustee
the entire Trust Fund, together with all necessary instruments of transfer and
assignment or other documents properly executed necessary to effect such
transfer and such of the record or copies thereof maintained by the
predecessor trustee in the administration hereof as may be requested by the
successor trustee and shall thereupon be discharged from all duties and
responsibilities under this Agreement. In addition, the Master Servicer and
the predecessor trustee shall execute and deliver such other instruments and
do such other things as may reasonably be required to more fully and certainly
vest and confirm in the successor trustee all such rights, powers, duties and
obligations.

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

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

     Section 6.08. Merger or Consolidation of Trustee. Any Person into which
the Trustee may be merged or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any Persons succeeding to the business of the Trustee,
shall be the successor to the Trustee hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding, provided that such
Person shall be eligible under the provisions of Section 6.05.

     Section 6.09. Appointment of Co-Trustee, Separate Trustee or Custodian.
(a) Notwithstanding any other provisions hereof, at any time, the Trustee, the
Depositor or the Certificateholders evidencing more than 50% of the Class
Principal Amount (or Class Notional Amount) of each Class of Certificates
shall each have the power from time to time to appoint one or more Persons to
act either as co-trustees jointly with the Trustee, or as separate trustees,
or as custodians, for the purpose of holding title to, foreclosing or
otherwise taking action with respect to any Mortgage Loan outside the state
where the Trustee has its principal place of business where such separate
trustee or co-trustee is necessary or advisable (or the Trustee has been
advised by the Master Servicer that such separate trustee or co-trustee is
necessary or advisable) under the laws of any state in which a property
securing a Mortgage Loan is located or for the purpose of otherwise conforming
to any legal requirement, restriction or condition in any state in which a
property securing a Mortgage Loan is located or in any state in which any
portion of the Trust Fund is located. The separate Trustees, co-trustees, or
custodians so appointed shall be trustees or custodians for the benefit of all
the Certificateholders and shall have such powers, rights and remedies as
shall be specified in the instrument of appointment; provided, however, that
no such appointment shall, or shall be deemed to, constitute the appointee an
agent of the Trustee. The obligation of the Trustee to make Advances pursuant
to Section 5.04 and 6.14 hereof shall not be affected or assigned by the
appointment of a co-trustee.

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

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

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

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

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

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

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

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

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

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

     Section 6.10. Authenticating Agents. (a) The Trustee may appoint one or
more Authenticating Agents which shall be authorized to act on behalf of the
Trustee in authenticating Certificates. Wherever reference is made in this
Agreement to the authentication of Certificates by the Trustee or the
Trustee's certificate of authentication, such reference shall be deemed to
include authentication on behalf of the Trustee by an Authenticating Agent and
a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent must be a corporation
organized and doing business under the laws of the United States of America or
of any state, having a combined capital and surplus of at least $15,000,000,
authorized under such laws to do a trust business and subject to supervision
or examination by federal or state authorities.

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

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

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

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

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

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

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

     Section 6.12. Fees and Expenses of Trustee. The Trustee shall be entitled
to the Trustee Fee (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust), to the extent
provided herein, and in addition, the Trustee shall be entitled to receive,
and is authorized to pay to itself the amount of income or gain earned from
the investment of funds in the Certificate Account.

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

     Section 6.14. Events of Default; Trustee To Act; Appointment of
Successor. (a) The occurrence of any one or more of the following events shall
constitute an "Event of Default":

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

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

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

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

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

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

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

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

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

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

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

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

     If any Event of Default shall occur of which a Responsible Officer of the
Trustee has actual knowledge, the Trustee shall promptly notify the 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 Section 9.29, the Trustee, unless another master servicer
shall have been appointed, shall be the successor in all respects to the
Master Servicer in its capacity as such under this Agreement and the
transactions set forth or provided for herein and shall have all the rights
and powers and be subject to all the responsibilities, duties and liabilities
relating thereto and arising thereafter placed on the Master Servicer
hereunder, including the obligation to make Advances; provided, however, that
any failure to perform such duties or responsibilities caused by the Master
Servicer's failure to provide information required by this Agreement shall not
be considered a default by the Trustee hereunder. In addition, the Trustee
shall have no responsibility for any act or omission of the Master Servicer
prior to the issuance of any notice of termination and shall have no liability
relating to the representations and warranties of the Master Servicer set
forth in Section 9.14. In the Trustee's capacity as such successor, the
Trustee shall have the same limitations on liability herein granted to the
Master Servicer. As compensation therefor, the Trustee shall be entitled to
receive all compensation payable to the Master Servicer under this Agreement,
including the Master Servicing Fee.

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

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

     Section 6.16. Waiver of Defaults. 35% or more of the Aggregate Voting
Interests of Certificateholders may waive any default or Event of Default by
the Master Servicer in the performance of its obligations hereunder, except
that a default in the making of any required deposit to the Certificate
Account that would result in a failure of the Trustee to make any required
payment of principal of or interest on the Certificates may only be waived
with the consent of 100% of the affected Certificateholders. Upon any such
waiver of a past default, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have 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 the Trustee, give written notice
thereof to Certificateholders, unless such Event of Default shall have been
cured or waived prior to the issuance of such notice and within such 45-day
period.

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

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

     Section 6.20. Preparation of Tax Returns and Other Reports. (a) The
Trustee shall prepare or cause to be prepared on behalf of the Trust Fund,
based upon information calculated in accordance with this Agreement pursuant
to instructions given by the Depositor, and the Trustee shall file, federal
tax returns and appropriate state income tax returns and such other returns as
may be required by applicable law relating to the Trust Fund, and the Trustee
shall forward copies to the Depositor of all such returns and Form 1099
information and such other information within the control of the Trustee as
the Depositor may reasonably request in writing, and shall forward to each
Certificateholder such forms and furnish such information within the control
of the Trustee as are required by the Code and the REMIC Provisions to be
furnished to them, and will prepare and file annual reports required by
applicable state authorities, will file copies of this Agreement with the
appropriate state authorities as may be required by applicable law, and will
prepare and disseminate to Certificateholders Form 1099 (or otherwise furnish
information within the control of the Trustee) to the extent required by
applicable law. The Master Servicer will indemnify the Trustee for any
liability of or assessment against the Trustee resulting from any error in any
of such tax or information returns directly resulting from errors in the
information provided by such Master Servicer (other than information that is
derived solely from information provided by any Servicer).

     (b) The Trustee shall prepare and file with the Internal Revenue Service
("IRS"), on behalf of the Trust Fund, an application on IRS Form SS-4. The
Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification
Number Assigned, shall promptly forward a copy of such notice to the Master
Servicer and the Depositor.

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

                                 Article VII

                           PURCHASE AND TERMINATION
                 OF THE TRUST FUND AND EXERCISE OF CALL OPTION

     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) or Section
7.01(c); 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 the Distribution Date occurring in May 2005 (the "Call Date"), the
Holder of the Class A4 Certificates may, upon thirty (30) calendar days prior
written notice to the Trustee, purchase the Mortgage Loans, REO Property and
any other property remaining in Trust Fund (the "Call Option"). The property
of the Trust Fund shall be sold at a price (the "Termination Price") equal to:
(i) 100% of the unpaid principal balance of each Mortgage Loan on the day of
such purchase plus interest accrued thereon at the applicable Mortgage Rate
with respect to any Mortgage Loan to the Due Date in the Due Period
immediately preceding the related Distribution Date to the date of such
repurchase, (ii) the fair market value of any REO Property and any other
property held by the Trust Fund, such fair market value to be determined by an
appraiser or appraisers appointed by the Master Servicer with the consent of
the Trustee, (iii) any unreimbursed Servicing Advances with respect to each
Mortgage Loan and (iv) any amounts owed to the Trustee pursuant to Sections
6.11 and 6.12. The Trust Fund shall be terminated upon the later to occur of
(i) the Class A4 Certificateholder's exercise of the Call Option or (ii) the
Master Servicer's exercise of its option to sell the assets of the Trust Fund
pursuant to Section 7.01(c).

     (c) On any Distribution Date occurring (i) after the Call Date and (ii)
after the date on which the aggregate Scheduled Principal Balance of the
Mortgage Loans is less than 10% of the Cut-off Date Aggregate Principal
Balance, the Master Servicer may, upon written direction to the Trustee, cause
(i) the Trustee to sell (or arrange for the sale of) the assets of the Trust
Fund and (ii) the Trust Fund to adopt a plan of complete liquidation pursuant
to Section 7.03 hereof to sell all of its property. The property of the Trust
Fund shall be sold at a price (the "Termination Price") equal to: (i) 100% of
the unpaid principal balance of each Mortgage Loan on the day of such purchase
plus interest accrued thereon at the applicable Mortgage Rate with respect to
any Mortgage Loan to the Due Date in the Due Period immediately preceding the
related Distribution Date to the date of such repurchase, (ii) the fair market
value of any REO Property and any other property held by the Trust Fund, such
fair market value to be determined by an appraiser or appraisers appointed by
the Master Servicer with the consent of the Trustee, (iii) any unreimbursed
Servicing Advances with respect to each Mortgage Loan and (iv) any amounts
owed to the Trustee pursuant to Section 6.11 and 6.12.

     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 of
the latest to occur of (i) the Holder of the Class A4 Certificates
notifying the Trustee of its intent to exercise its Call Option or (ii) the
Master Servicer notifying the Trustee of its intent to exercise its right to
cause the termination of the Trust Fund pursuant to Section 7.01(c) or (y)
upon the final payment or other liquidation of the last Mortgage Loan or REO
Property in the Trust Fund. Such notice shall specify (A) the Distribution
Date upon which final distribution on the Certificates of all amounts required
to be distributed to Certificateholders pursuant to Section 5.02 will be made
upon presentation and surrender of the Certificates at the Corporate Trust
Office, and (B) that the Record Date otherwise applicable to such Distribution
Date is not applicable, distribution being made only upon presentation and
surrender of the Certificates at the office or agency of the Trustee therein
specified. The Trustee shall give such notice to the Depositor and the
Certificate Registrar at the time such notice is given to Holders of the
Certificates. Upon any such termination, the duties of the Certificate
Registrar with respect to the Certificates shall terminate and the Trustee
shall terminate, or request the Master Servicer to terminate, the Collection
Account it maintains, the Certificate Account and any other account or fund
maintained with respect to the Certificates, subject to the Trustee's
obligation hereunder to hold all amounts payable to Certificateholders in
trust without interest pending such payment.

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

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

     Section 7.03. Additional Requirements under the REMIC Provisions. (a) Any
termination of the Trust Fund shall be effected in accordance with the
following additional requirements, unless the Trustee seeks (at the request of
the Master Servicer), and subsequently receives, an Opinion of Counsel (at the
expense of the Master Servicer), addressed to the Trustee 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, the Lower Tier REMIC and the Upper Tier REMIC; and

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

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

                                 Article VIII

                         RIGHTS OF CERTIFICATEHOLDERS

     Section 8.01. Limitation on Rights of Holders. (a) The death or
incapacity of any Certificateholder shall not operate to terminate this
Agreement or this Trust Fund, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or take any action or
proceeding in any court for a partition or winding up of this Trust Fund, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them. Except as otherwise expressly provided herein, no
Certificateholder, solely by virtue of its status as a Certificateholder,
shall have any right to vote or in any manner otherwise control the Master
Servicer or the operation and management of the Trust Fund, or the obligations
of the parties hereto, nor shall anything herein set forth, or contained in
the terms of the Certificates, be construed so as to constitute the
Certificateholders from time to time as partners or members of an association,
nor shall any Certificateholder be under any liability to any third person by
reason of any action taken by the parties to this Agreement pursuant to any
provision hereof.

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

     Section 8.02. Access to List of Holders. (a) If the Trustee is not acting
as Certificate Registrar, the Certificate Registrar will furnish or cause to
be furnished to the Trustee, within fifteen days after receipt by the
Certificate Registrar of a request by the Trustee in writing, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the
Certificateholders of each Class as of the most recent Record Date.

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

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

     Section 8.03. Acts of Holders of Certificates. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Agreement to be given or taken by Holders or Certificate Owner, if the
Holder is a Clearing Agency, may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where expressly required herein,
to the Master Servicer. Such instrument or instruments (as the action embodies
therein and evidenced thereby) are herein sometimes referred to as an "Act" of
the Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agents shall be sufficient
for any purpose of this Agreement and conclusive in favor of the Trustee and
Master Servicer, if made in the manner provided in this Section. Each of the
Trustee and Master Servicer shall promptly notify the other of receipt of any
such instrument by it, and shall promptly forward a copy of such instrument to
the other.

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

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

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

                                  Article IX

                ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
                            BY THE MASTER SERVICER

     Section 9.01. Duties of the Master Servicer. The Certificateholders, by
their purchase and acceptance of the Certificates, appoint Aurora Loan
Services Inc., as Master Servicer. For and on behalf of the Depositor, the
Trustee and the Certificateholders, the Master Servicer shall master service
the Mortgage Loans in accordance with the provisions of this Agreement and the
provisions of the applicable Servicing Agreement.

     Section 9.02. Master Servicer Fidelity Bond and Master Servicer Errors
and Omissions Insurance Policy. (a) The Master Servicer, at its expense, shall
maintain in effect a Fidelity Bond and an Errors and Omissions Insurance
Policy, affording coverage with respect to all directors, officers, employees
and other Persons acting on such Master Servicer's behalf, and covering errors
and omissions in the performance of the Master Servicer's obligations
hereunder. The Errors and Omissions Insurance Policy and the Fidelity Bond
shall be in such form and amount that would meet the requirements of FNMA or
FHLMC if it were the purchaser of the Mortgage Loans. The Master Servicer
shall (i) require each Servicer to maintain an Errors and Omissions Insurance
Policy and a Fidelity Bond in accordance with the provisions of the applicable
Servicing Agreement, (ii) cause each Servicer to provide to the Master
Servicer certificates evidencing that such policy and bond is in effect and to
furnish to the Master Servicer any notice of cancellation, non-renewal or
modification of the policy or bond received by it, as and to the extent
provided in the applicable Servicing Agreement, and (iii) furnish copies of
the certificates and notices referred to in clause (ii) to the Trustee upon
its request. The Fidelity Bond and Errors and Omissions Insurance Policy may
be obtained and maintained in blanket form.

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

     Section 9.03. Master Servicer's Financial Statements and Related
Information. For each year this Agreement is in effect, the Master Servicer
shall submit to the Trustee, each Rating Agency and the Depositor a copy of
its annual unaudited financial statements on or prior to August 31 of each
year. Such financial statements shall include a balance sheet, income
statement, statement of retained earnings, statement of additional paid-in
capital, statement of changes in financial position and all related notes and
schedules and shall be in comparative form, certified by a nationally
recognized firm of Independent Accountants to the effect that such statements
were examined and prepared in accordance with generally accepted accounting
principles applied on a basis consistent with that of the preceding year.

     Section 9.04. Power to Act; Procedures. (a) The Master Servicer shall
master service the Mortgage Loans and shall have full power and authority,
subject to the REMIC Provisions and the provisions of Article X hereof, and
each Servicer shall have full power and authority (to the extent provided in
the applicable Servicing Agreement) to do any and all things that it may deem
necessary or desirable in connection with the servicing and administration of
the Mortgage Loans, including but not limited to the power and authority (i)
to execute and deliver, on behalf of the Certificateholders and the Trustee,
customary consents or waivers and other instruments and documents, (ii) to
consent to transfers of any Mortgaged Property and assumptions of the Mortgage
Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
case, in accordance with the provisions of this Agreement and the applicable
Servicing Agreement, as applicable; provided that the Master Servicer shall
not take, or knowingly permit any Servicer to take, any action that is
inconsistent with or prejudices the interests of the Trust Fund or the
Certificateholders in any Mortgage Loan or the rights and interests of the
Depositor, the Trustee and the Certificateholders under this Agreement. The
Master Servicer further is authorized and empowered by the Trustee, on behalf
of the Certificateholders and the Trustee, in its own name or in the name of
any Servicer, when the Master Servicer or a Servicer, as the case may be,
believes it is appropriate in its best judgment to register any Mortgage Loan
with MERS, or cause the removal from the registration of any Mortgage Loan on
the MERS system, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording
of a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns. The Master Servicer shall represent and protect the
interests of the Trust Fund in the same manner as it protects its own
interests in mortgage loans in its own portfolio in any claim, proceeding or
litigation regarding a Mortgage Loan and shall not make or knowingly permit
any Servicer to make any modification, waiver or amendment of any term of any
Mortgage Loan that would cause the Trust Fund to fail to qualify as a REMIC or
result in the imposition of any tax under Section 860F(a) or Section 860G(d)
of the Code. Without limiting the generality of the foregoing, the Master
Servicer in its own name or in the name of a Servicer, and each Servicer, to
the extent such authority is delegated to such Servicer by the Master Servicer
under the applicable Servicing Agreement, is hereby authorized and empowered
by the Trustee when the Master Servicer or a Servicer, as the case may be,
believes it appropriate in its best judgment and in accordance with Accepted
Servicing Practices and the applicable Servicing Agreement, to execute and
deliver, on behalf of itself and the Certificateholders, the Trustee or any of
them, any and all instruments of satisfaction or cancellation, or of partial
or full release or discharge and all other comparable instruments, with
respect to the Mortgage Loans and with respect to the Mortgaged Properties.
The Trustee shall furnish the Master Servicer, upon request, with any powers
of attorney empowering the Master Servicer or any Servicer to execute and
deliver instruments of satisfaction or cancellation, or of partial or full
release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
Property, and to appeal, prosecute or defend in any court action relating to
the Mortgage Loans or the Mortgaged Property, in accordance with the
applicable Servicing Agreement and this Agreement, and the Trustee shall
execute and deliver such other documents, as the Master Servicer may request,
necessary or appropriate to enable the Master Servicer to master service and
administer the Mortgage Loans and carry out its duties hereunder, in each case
in accordance with Accepted Servicing Practices (and the Trustee shall have no
liability for misuse of any such powers of attorney by the Master Servicer or
the applicable Servicer). If the Master Servicer or the Trustee has been
advised that it is likely that the laws of the state in which action is to be
taken prohibit such action if taken in the name of the Trustee or that the
Trustee would be adversely affected under the "doing business" or tax laws of
such state if such action is taken in its name, then upon request of the
Trustee, the Master Servicer shall join with the Trustee in the appointment of
a co-trustee pursuant to Section 6.09 hereof. In the performance of its duties
hereunder, the Master Servicer shall be an independent contractor and shall
not, except in those instances where it is taking action in the name of the
Trustee, be deemed to be the agent of the Trustee.

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

     Section 9.05. Servicing Agreements Between the Master Servicer and
Servicers; Enforcement of Servicers' Obligations. (a) Each Servicing Agreement
requires the applicable Servicer to service the Mortgage Loans in accordance
with the provisions thereof. References in this Agreement to actions taken or
to be taken by the Master Servicer include such actions taken or to be taken
by a Servicer pursuant to a Servicing Agreement. Any fees, costs and expenses
and other amounts payable to such Servicers shall be deducted from amounts
remitted to the Master Servicer by the applicable Servicer and shall not be an
obligation of the Trust, the Trustee or the Master Servicer.

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

     Section 9.06. Collection of Taxes, Assessments and Similar Items. (a) To
the extent provided in the applicable Servicing Agreement, the Master Servicer
shall cause each Servicer to establish and maintain one or more custodial
accounts at a depository institution (which may be a depository institution
with which the Master Servicer or any Servicer establishes accounts in the
ordinary course of its servicing activities), the accounts of which are
insured to the maximum extent permitted by the FDIC (each, an "Escrow
Account") and shall deposit therein any collections of amounts received with
respect to amounts due for taxes, assessments, water rates, Standard Hazard
Insurance Policy premiums or any comparable items for the account of the
Mortgagors. Withdrawals from any Escrow Account may be made (to the extent
amounts have been escrowed for such purpose) only in accordance with the
applicable Servicing Agreement. Each Servicer shall be entitled to all
investment income not required to be paid to Mortgagors on any Escrow Account
maintained by such Servicer. The Master Servicer shall make (or cause to be
made) to the extent provided in the applicable Servicing Agreement advances to
the extent necessary in order to effect timely payment of taxes, water rates,
assessments, Standard Hazard Insurance Policy premiums or comparable items in
connection with the related Mortgage Loan (to the extent that the Mortgagor is
required, but fails, to pay such items), provided that it has determined that
the funds so advanced are recoverable from escrow payments, reimbursement
pursuant to Section 4.02(v) or otherwise.

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

     Section 9.07. Termination of Servicing Agreements; Successor Servicers.
(a) The Master Servicer shall be entitled to terminate the rights and
obligations of any Servicer under the applicable Servicing Agreement in
accordance with the terms and conditions of such Servicing Agreement and
without any limitation by virtue of this Agreement; provided, however, that in
the event of termination of any Servicing Agreement by the Master Servicer or
the related Servicer, the Master Servicer shall either act as Servicer of the
related Mortgage Loans, or enter into a Servicing Agreement with a successor
Servicer.

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

     Section 9.08. Master Servicer Liable for Enforcement. Notwithstanding any
Servicing Agreement, the Master Servicer shall remain obligated and liable to
the Trustee and the Certificateholders in accordance with the provisions of
this Agreement, to the extent of its obligations hereunder, without diminution
of such obligation or liability by virtue of such Servicing Agreements or
arrangements. The Master Servicer shall use commercially reasonable efforts to
ensure that the Mortgage Loans are serviced in accordance with the provisions
of this Agreement and shall use commercially reasonable efforts to enforce the
provisions of each Servicing Agreement for the benefit of the
Certificateholders. The Master Servicer shall be entitled to enter into any
agreement with the Servicers for indemnification of the Master Servicer and
nothing contained in this Agreement shall be deemed to limit or modify such
indemnification. Except as expressly set forth herein, the Master Servicer
shall have no liability for the acts or omissions of any Servicer in the
performance by such Servicer of its obligations under the related Servicing
Agreement.

     Section 9.09. No Contractual Relationship Between Servicers and Trustee
or Depositor. Any Servicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Servicer
in its capacity as such and not as an originator shall be deemed to be between
such Servicer, the Seller and the Master Servicer, and the Trustee and the
Depositor shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to such Servicer
except as set forth in Section 9.10 hereof.

     Section 9.10. Assumption of Servicing Agreement by Trustee. (a) In the
event the Master Servicer shall for any reason no longer be the Master
Servicer (including by reason of any Event of Default under this Agreement),
the Trustee shall thereupon assume all of the rights and obligations of such
Master Servicer hereunder and under each Servicing Agreement entered into with
respect to the Mortgage Loans. The Trustee, its designee or any successor
master servicer appointed by the Trustee shall be deemed to have assumed all
of the Master Servicer's interest herein and therein to the same extent as if
such Servicing Agreement had been assigned to the assuming party, except that
the Master Servicer shall not thereby be relieved of any liability or
obligations of the Master Servicer under such Servicing Agreement accruing
prior to its replacement as Master Servicer, and shall be liable to the
Trustee, and hereby agrees to indemnify and hold harmless the Trustee from and
against all costs, damages, expenses and liabilities (including reasonable
attorneys' fees) incurred by the Trustee as a result of such liability or
obligations of the Master Servicer and in connection with the Trustee's
assumption (but not its performance, except to the extent that costs or
liability of the Trustee are created or increased as a result of negligent or
wrongful acts or omissions of the Master Servicer prior to its replacement as
Master Servicer) of the Master Servicer's obligations, duties or
responsibilities thereunder; provided that the Master Servicer shall not
indemnify or hold harmless the Trustee against negligent or willful misconduct
of the Trustee.

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

     Section 9.11. "Due-on-Sale" Clauses; Assumption Agreements. (a) To the
extent provided in the applicable Servicing Agreement, to the extent Mortgage
Loans contain enforceable due-on-sale clauses, and to the extent that the
Master Servicer has knowledge of the conveyance of a Mortgaged Property, the
Master Servicer shall use its reasonable best efforts to cause the Servicers
to enforce such clauses in accordance with the applicable Servicing Agreement.
If applicable law prohibits the enforcement of a due-on-sale clause or such
clause is otherwise not enforced in accordance with the applicable Servicing
Agreement, and, as a consequence, a Mortgage Loan is assumed, the original
Mortgagor may be released from liability in accordance with the applicable
Servicing Agreement.

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

     Section 9.12. Release of Mortgage Files. (a) Upon (i) becoming aware of
the payment in full of any Mortgage Loan, (ii) the receipt by the Master
Servicer of a notification that payment in full has been or will be escrowed
in a manner customary for such purposes, or (iii) in the case of a Mortgage
Loan as to which the related Mortgaged Property is located in California,
receipt by the Master Servicer of notification from the Servicer that the
Servicer reasonably expects that payment in full will be received promptly,
the Master Servicer will, or will cause the applicable Servicer to, promptly
notify the Trustee (or the applicable Custodian) by a certification (which
certification shall include a statement to the effect that all amounts
received or to be received in connection with such payment that are required
to be deposited in the Collection Account maintained by the Master Servicer
pursuant to Section 4.01 have been or will be so deposited) of a Servicing
Officer and shall request the Trustee or the applicable Custodian, to deliver
to the applicable Servicer the related Mortgage File. In lieu of sending a
hard copy certification of a Servicing Officer, the Master Servicer may, or
may cause the Servicer to, deliver the request for release in a mutually
agreeable electronic format. To the extent that such a request, on its face,
originates from a Servicing Officer, no signature shall be required. Upon
receipt of such certification and request, the Trustee or the applicable
Custodian, shall promptly release the related Mortgage File to the applicable
Servicer and neither the Trustee nor the Custodian shall have any further
responsibility with regard to such Mortgage File. The Master Servicer is
authorized, and each Servicer, to the extent such authority is delegated to
such Servicer by the Master Servicer under the applicable Servicing Agreement,
is authorized, to give, as agent for the Trustee, as the mortgagee under the
Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
assignment of mortgage without recourse) regarding the Mortgaged Property
subject to the Mortgage, which instrument of satisfaction or assignment, as
the case may be, shall be delivered to the Person or Persons entitled thereto
against receipt therefor of such payment, it being understood and agreed that
no expenses incurred in connection with such instrument of satisfaction or
assignment, as the case may be, shall be chargeable to the Collection Account.

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

     Section 9.13. Documents, Records and Funds in Possession of Master
Servicer To Be Held for Trustee. (a) The Master Servicer shall transmit, or
cause the applicable Servicer to transmit, to the Trustee such documents and
instruments coming into the possession of the Master Servicer or such Servicer
from time to time as are required by the terms hereof to be delivered to the
Trustee. Any funds received by the Master Servicer or by a Servicer in respect
of any Mortgage Loan or which otherwise are collected by the Master Servicer
or by a Servicer as Liquidation Proceeds or Insurance Proceeds in respect of
any Mortgage Loan shall be held for the benefit of the Trustee and the
Certificateholders subject to the Master Servicer's right to retain or
withdraw from the Collection Account the Master Servicing Fee and other
amounts provided in this Agreement, and to the right of each Servicer to
retain its Servicing Fee and other amounts as provided in the applicable
Servicing Agreement. The Master Servicer shall, and shall (to the extent
provided in the applicable Servicing Agreement) cause each Servicer to,
provide access to information and documentation regarding the Mortgage Loans
to the Trustee, its agents and accountants at any time upon reasonable request
and during normal business hours, and to Certificateholders that are savings
and loan associations, banks or insurance companies, the Office of Thrift
Supervision, the FDIC and the supervisory agents and examiners of such Office
and Corporation or examiners of any other federal or state banking or
insurance regulatory authority if so required by applicable regulations of the
Office of Thrift Supervision or other regulatory authority, such access to be
afforded without charge but only upon reasonable request in writing and during
normal business hours at the offices of the Master Servicer designated by it.
In fulfilling such a request the Master Servicer shall not be responsible for
determining the sufficiency of such information.

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

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

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

     Section 9.14. Representations and Warranties of the Master Servicer. (a)
The Master Servicer hereby represents and warrants to the Depositor and the
Trustee, for the benefit of the Certificateholders, 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;

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

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

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

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

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

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

     (c) It is understood and agreed that the representations and warranties
of the Depositor set forth in Sections 2.03(a)(i) through (a)(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 (a)(vi) hereof. It is understood and agreed that the enforcement of
the obligation of the Depositor set forth in this Section to indemnify the
Master Servicer as provided in this Section constitutes the sole remedy of the
Master Servicer respecting a breach by the Depositor of the representations
and warranties in Sections 2.03(a) through (f) hereof.

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

     Section 9.15. Closing Certificate and Opinion. On or before the Closing
Date, the Master Servicer shall cause to be delivered to the Depositor and
Lehman Brothers Inc. an Opinion of Counsel, dated the Closing Date, in form
and substance reasonably satisfactory to the Depositor and Lehman Brothers
Inc., as to the due authorization, execution and delivery of this Agreement by
the Master Servicer and the enforceability thereof.

     Section 9.16. Standard Hazard and Flood Insurance Policies. For each
Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
maintain, or cause to be maintained by each Servicer, standard fire and
casualty insurance and, where applicable, flood insurance, all in accordance
with the provisions of this Agreement and the related Servicing Agreement, as
applicable. It is understood and agreed that such insurance shall be with
insurers meeting the eligibility requirements set forth in the applicable
Servicing Agreement and that no earthquake or other additional insurance is to
be required of any Mortgagor or to be maintained on property acquired in
respect of a defaulted loan, other than pursuant to such applicable laws and
regulations as shall at any time be in force and as shall require such
additional insurance.

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

     Section 9.17. Presentment of Claims and Collection of Proceeds. The
Master Servicer shall, or shall cause each Servicer (to the extent provided in
the applicable Servicing Agreement) to, prepare and present on behalf of the
Trustee and the Certificateholders all claims under the Insurance Policies
with respect to the Mortgage Loans, and take such actions (including the
negotiation, settlement, compromise or enforcement of the insured's claim) as
shall be necessary to realize recovery under such policies. Any proceeds
disbursed to the Master Servicer (or disbursed to a Servicer and remitted to
the Master Servicer) in respect of such policies or bonds shall be promptly
deposited in the Collection Account upon receipt, except that any amounts
realized that are to be applied to the repair or restoration of the related
Mortgaged Property or release to the Mortgagor in accordance with the Master
Servicer's or the Servicer's normal servicing procedures need not be so
deposited (or remitted).

     Section 9.18. Maintenance of the Primary Mortgage Insurance Policies. (a)
The Master Servicer shall not take, or knowingly permit any Servicer
(consistent with the applicable Servicing Agreement) to take, any action that
would result in non-coverage under any applicable Primary Mortgage Insurance
Policy of any loss which, but for the actions of such Master Servicer or
Servicer, would have been covered thereunder. To the extent that coverage is
available, the Master Servicer shall use its best reasonable efforts to keep
in force and effect, or to cause each Servicer to keep in force and effect (to
the extent that the Mortgage Loan requires the Mortgagor to maintain such
insurance), primary mortgage insurance applicable to each Mortgage Loan in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. The Master Servicer shall not, and shall not permit
any Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
Policy that is in effect at the date of the initial issuance of the
Certificates and is required to be kept in force hereunder except as required
by a applicable law or in accordance with the provisions of this Agreement and
the related Servicing Agreement, as applicable.

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

     Section 9.19. Trustee To Retain Possession of Certain Insurance Policies
and Documents. The Trustee (or its custodian, if any, as directed by the
Trustee), shall retain possession and custody of the originals of the Primary
Mortgage Insurance Policies or certificate of insurance if applicable and any
certificates of renewal as to the foregoing as may be issued from time to time
as contemplated by this Agreement. Until all amounts distributable in respect
of the Certificates have been distributed in full and the Master Servicer
otherwise has fulfilled its obligations under this Agreement, the Trustee (or
its custodian, if any, as directed by the Trustee) shall also retain
possession and custody of each Mortgage File in accordance with and subject to
the terms and conditions of this Agreement. The Master Servicer shall promptly
deliver or cause to be delivered to the Trustee (or its custodian, if any, as
directed by the Trustee), upon the execution or receipt thereof the originals
of the Primary Mortgage Insurance Policies and any certificates of renewal
thereof, and such other documents or instruments that constitute portions of
the Mortgage File that come into the possession of the Master Servicer from
time to time.

     Section 9.20. Realization Upon Defaulted Mortgage Loans. The Master
Servicer shall use its reasonable best efforts to, or to cause each Servicer
to, foreclose upon, repossess or otherwise comparably convert the ownership of
Mortgaged Properties securing such of the Mortgage Loans as come into and
continue in default and as to which no satisfactory arrangements can be made
for collection of delinquent payments, all in accordance with the applicable
Servicing Agreement. Alternatively, the Master Servicer may take, or authorize
any Servicer to take, other actions in respect of a defaulted Mortgage Loan,
which may include (i) accepting a short sale (a payoff of the Mortgage Loan
for an amount less than the total amount contractually owed in order to
facilitate a sale of the Mortgaged Property by the Mortgagor) or permitting a
short refinancing (a payoff of the Mortgage Loan for an amount less than the
total amount contractually owed in order to facilitate refinancing
transactions by the Mortgagor not involving a sale of the Mortgaged Property),
(ii) arranging for a repayment plan or (iii) agreeing to a modification in
accordance with Section 9.04. In connection with such foreclosure or other
conversion or action, the Master Servicer shall, consistent with Section 9.18,
follow such practices and procedures as it shall reasonably determine to be in
the best interests of the Trust Fund and the Certificateholders and which
shall be consistent with its customary practices in performing its general
mortgage servicing activities; provided that the Master Servicer shall not be
liable in any respect hereunder if the Master Servicer is acting in connection
with any such foreclosure or other conversion or action in a manner that is
consistent with the provisions of this Agreement. Neither the Master Servicer,
nor any Servicer, shall be required to expend its own funds or incur other
reimbursable charges in connection with any foreclosure, or attempted
foreclosure which is not completed, or toward the correction of any default on
a related senior mortgage loan, or towards the restoration of any property
unless it shall determine (i) that such restoration and/or foreclosure will
increase the proceeds of liquidation of the Mortgage Loan to the
Certificateholders after reimbursement to itself for such expenses or charges
and (ii) that such expenses and charges will be recoverable to it through
Liquidation Proceeds or Insurance Proceeds (as provided in Section 4.02).

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

     Section 9.22. REO Property. (a) In the event the Trust Fund acquires
ownership of any REO Property in respect of any Mortgage Loan, the deed or
certificate of sale shall be issued to the Trustee, or to its nominee, on
behalf of the Certificateholders. The Master Servicer shall use its reasonable
best efforts to sell, or, to the extent provided in the applicable Servicing
Agreement, cause the applicable Servicer to sell, any REO Property as
expeditiously as possible and in accordance with the provisions of this
Agreement and the related Servicing Agreement, as applicable, but in all
events within the time period, and subject to the conditions set forth in
Article X hereof. Pursuant to its efforts to sell such REO Property, the
Master Servicer shall protect and conserve, or cause the applicable Servicer
to protect and conserve, such REO Property in the manner and to such extent
required by the applicable Servicing Agreement, subject to Article X hereof.

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

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

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

     Section 9.23. [Omitted]

     Section 9.24. Reports to the Trustee. (a) Not later than 30 days after
each Distribution Date, the Master Servicer shall forward to the Trustee a
statement, deemed to have been certified by a Servicing Officer, setting forth
the status of the Collection Account maintained by the Master Servicer as of
the close of business on the related Distribution Date, indicating that all
distributions required by this Agreement to be made by the Master Servicer
have been made (or if any required distribution has not been made by the
Master Servicer, specifying the nature and status thereof) and showing, for
the period covered by such statement, the aggregate of deposits into and
withdrawals from the Collection Account maintained by the Master Servicer.
Copies of such statement shall be provided by the Master Servicer to the
Depositor, Attention: Contract Finance, and, upon request, any
Certificateholders (or by the Trustee at the Master Servicer's expense if the
Master Servicer shall fail to provide such copies (unless (i) the Master
Servicer shall have failed to provide the Trustee with such statement or (ii)
the Trustee shall be unaware of the Master Servicer's failure to provide such
statement)).

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

     Section 9.25. Annual Officer's Certificate as to Compliance. (a) The
Master Servicer shall deliver to the Trustee and the Rating Agencies on or
before August 31 of each year, commencing on August 31, 2002, an Officer's
Certificate, certifying that with respect to the period ending on the
immediately preceding December 31; (i) such Servicing Officer has reviewed the
activities of such Master Servicer during the preceding calendar year or
portion thereof and its performance under this Agreement; (ii) to the best of
such Servicing Officer's knowledge, based on such review, such Master Servicer
has performed and fulfilled its duties, responsibilities and obligations under
this Agreement in all material respects throughout such year, or, if there has
been a default in the fulfillment of any such duties, responsibilities or
obligations, specifying each such default known to such Servicing Officer and
the nature and status thereof, (iii) nothing has come to the attention of such
Servicing Officer to lead such Servicing Officer to believe that any Servicer
has failed to perform any of its duties, responsibilities and obligations
under its Servicing Agreement in all material respects throughout such year,
or, if there has been a material default in the performance or fulfillment of
any such duties, responsibilities or obligations, specifying each such default
known to such Servicing Officer and the nature and status thereof, and (iv)
the Master Servicer has received from each Servicer such Servicer's annual
certificate of compliance and a copy of such Servicer's annual audit report,
in each case to the extent required under the applicable Servicing Agreement,
or, if any such certificate or report has not been received by the Master
Servicer, the Master Servicer is using its best reasonable efforts to obtain
such certificate or report.

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

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

     Section 9.27. Merger or Consolidation. Any Person into which the Master
Servicer may be merged or consolidated, or any Person resulting from any
merger, conversion, other change in form or consolidation to which the Master
Servicer shall be a party, or any Person succeeding to the business of the
Master Servicer, shall be the successor to the Master Servicer hereunder,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the successor or resulting Person to the Master
Servicer shall be a Person that shall be qualified and approved to service
mortgage loans for FNMA or FHLMC and shall have a net worth of not less than
$15,000,000.

     Section 9.28. Resignation of Master Servicer. Except as otherwise
provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall not
resign from the obligations and duties hereby imposed on it unless it or the
Trustee determines that the Master Servicer's duties hereunder are no longer
permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it and cannot be cured.
Any such determination permitting the resignation of the Master Servicer shall
be evidenced by an Opinion of Counsel that shall be Independent to such effect
delivered to the Trustee. No such resignation shall become effective until the
Trustee shall have assumed, or a successor master servicer shall have been
appointed by the Trustee and until such successor shall have assumed, the
Master Servicer's responsibilities and obligations under this Agreement.
Notice of such resignation shall be given promptly by the Master Servicer to
the Depositor.

     Section 9.29. Assignment or Delegation of Duties by the Master Servicer.
Except as expressly provided herein, the Master Servicer shall not assign or
transfer any of its rights, benefits or privileges hereunder to any other
Person, or delegate to or subcontract with, or authorize or appoint any other
Person to perform any of the duties, covenants or obligations to be performed
by the Master Servicer hereunder; provided, however, that the Master Servicer
shall have the right without the prior written consent of the Trustee, the
Depositor or the Rating Agencies to delegate or assign to or subcontract with
or authorize or appoint an Affiliate of the Master Servicer to perform and
carry out any duties, covenants or obligations to be performed and carried out
by the Master Servicer hereunder. In no case, however, shall any such
delegation, subcontracting or assignment to an Affiliate of the Master
Servicer relieve the Master Servicer of any liability hereunder. Notice of
such permitted assignment shall be given promptly by the Master Servicer to
the Depositor and the Trustee. If, pursuant to any provision hereof, the
duties of the Master Servicer are transferred to a successor master servicer,
the entire amount of the Master Servicing Fees and other compensation payable
to the Master Servicer pursuant hereto, including amounts payable to or
permitted to be retained or withdrawn by the Master Servicer pursuant to
Section 9.21 hereof, shall thereafter be payable to such successor master
servicer.

     Section 9.30. Limitation on Liability of the Master Servicer and Others.
Neither the Master Servicer nor any of the directors, officers, employees or
agents of the Master Servicer shall be under any liability to the Trustee or
the Certificateholders for any action taken or for refraining from the taking
of any action in good faith pursuant to this Agreement, or for errors in
judgment; provided, however, that this provision shall not protect the Master
Servicer or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in its
performance of its duties or by reason of reckless disregard for its
obligations and duties under this Agreement. The Master Servicer and any
director, officer, employee or agent of the Master Servicer shall be entitled
to indemnification by the Trust Fund and will be held harmless against any
loss, liability or expense incurred in connection with any legal action
relating to this Agreement or the Certificates other than any loss, liability
or expense incurred by reason of willful misfeasance, bad faith or negligence
in the performance of his or its duties hereunder or by reason of reckless
disregard of his or its obligations and duties hereunder. The Master Servicer
and any director, officer, employee or agent of the Master Servicer may rely
in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. The Master
Servicer shall be under no obligation to appear in, prosecute or defend any
legal action that is not incidental to its duties to master service the
Mortgage Loans in accordance with this Agreement and that in its opinion may
involve it in any expenses or liability; provided, however, that the Master
Servicer may in its sole discretion undertake any such action that it may deem
necessary or desirable in respect to this Agreement and the rights and duties
of the parties hereto and the interests of the Certificateholders hereunder.
In such event, the legal expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust Fund
and the Master Servicer shall be entitled to be reimbursed therefor out of the
Collection Account it maintains as provided by Section 4.02.

     Section 9.31. Indemnification; Third-Party Claims. The Master Servicer
agrees to indemnify the Depositor and the Trustee, and hold them harmless
against any and all claims, losses, penalties, fines, forfeitures, legal fees
and related costs, judgments, and any other costs, liability, fees and
expenses that the Depositor and the Trustee may sustain as a result of the
failure of the Master Servicer to perform its duties and master service the
Mortgage Loans in compliance with the terms of this Agreement. The Depositor
and the Trustee shall immediately notify the Master Servicer if a claim is
made by a third party with respect to this Agreement or the Mortgage Loans
entitling the Depositor or the Trustee to indemnification hereunder, whereupon
the Master Servicer shall assume the defense of any such claim and pay all
expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it
or them in respect of such claim.

                                  Article X

                             REMIC ADMINISTRATION

     Section 10.01. REMIC Administration. (a) As set forth in the Preliminary
Statement hereto, the Trustee shall elect REMIC status in accordance with the
REMIC Provisions with respect to each of the Lower Tier REMIC and the Upper
Tier REMIC. The Trustee shall make such elections on Forms 1066 or other
appropriate federal tax or information return for the taxable year ending on
the last day of the calendar year in which the Certificates are issued. For
the purposes of such elections, each Lower Tier Interest, other than the Class
LT-R Interest is hereby designated as a regular interest in the Lower Tier
REMIC to which such Lower Tier Interest relates, and each Certificate, other
than the Class R Certificate, is hereby designated as a regular interest in
the Upper Tier REMIC. The Class LT-R Interest is hereby designated as the sole
residual interest in the Lower Tier REMIC. The Class R Certificate evidences
ownership of the Class LT-R Interest and is also hereby designated as the sole
residual interest in the Upper Tier REMIC.

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

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

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

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

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

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

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

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

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

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

     Section 10.02. Prohibited Transactions and Activities. Neither the
Depositor, the Master Servicer nor the Trustee shall sell, dispose of, or
substitute for any of the Mortgage Loans, except in a disposition pursuant to
(i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
(iii) the termination of each REMIC pursuant to Article VII of this Agreement,
(iv) a substitution pursuant to Article II of this Agreement, or (v) a
repurchase of Mortgage Loans pursuant to Article II of this Agreement or (vi)
the exercise of the Call Option, nor acquire any assets for any REMIC, nor
sell or dispose of any investments in the Certificate Account for gain, nor
accept any contributions to the REMIC after the Closing Date, unless it has
received an Opinion of Counsel (at the expense of the party causing such sale,
disposition, or substitution) that such disposition, acquisition,
substitution, or acceptance will not (a) affect adversely the status of such
REMIC as a REMIC or of the Certificates other than the Residual Certificates
as the regular interests therein, (b) affect the distribution of interest or
principal on the Certificates, (c) result in the encumbrance of the assets
transferred or assigned to the Trust Fund (except pursuant to the provisions
of this Agreement) or (d) cause such REMIC to be subject to a tax on
prohibited transactions or prohibited contributions pursuant to the REMIC
Provisions.

     Section 10.03. Indemnification with Respect to Certain Taxes and Loss of
REMIC Status. In the event that a REMIC fails to qualify as a REMIC, loses its
status as a REMIC, or incurs federal, state or local taxes as a result of a
prohibited transaction or prohibited contribution under the REMIC Provisions
due to the negligent performance by the Trustee of its duties and obligations
set forth herein, the Trustee shall indemnify the Holder of the Residual
Certificate against any and all losses, claims, damages, liabilities or
expenses ("Losses") resulting from such negligence; provided, however, that
the Trustee shall not be liable for any such Losses attributable to the action
or inaction of the Master Servicer, the Depositor, or the Holder of such
Residual Certificate, as applicable, nor for any such Losses resulting from
misinformation provided by the Holder of such Residual Certificate on which
the Trustee has relied. The foregoing shall not be deemed to limit or restrict
the rights and remedies of the Holder of such Residual Certificate now or
hereafter existing at law or in equity. Notwithstanding the foregoing,
however, in no event shall the Trustee have any liability (1) for any action
or omission that is taken in accordance with and in compliance with the
express terms of, or which is expressly permitted by the terms of, this
Agreement, (2) for any Losses other than arising out of a negligent
performance by the Trustee of its duties and obligations set forth herein, and
(3) for any special or consequential damages to Certificateholders (in
addition to payment of principal and interest on the Certificates).

     Section 10.04. REO Property. (a) Notwithstanding any other provision of
this Agreement, the Master Servicer, acting on behalf of the Trustee
hereunder, shall not (except to the extent provided in the applicable
Servicing Agreement), permit any Servicer to, rent, lease, or otherwise earn
income on behalf of any REMIC with respect to any REO Property which might
cause such REO Property to fail to qualify as "foreclosure" property within
the meaning of section 860G(a)(8) of the Code or result in the receipt by any
REMIC of any "income from non-permitted assets" within the meaning of section
860F(a)(2) of the Code or any "net income from foreclosure property" which is
subject to tax under the REMIC Provisions unless the Master Servicer has
advised, or has caused the applicable Servicer to advise, the Trustee in
writing to the effect that, under the REMIC Provisions, such action would not
adversely affect the status of the REMIC as a REMIC and any income generated
for such REMIC by the REO Property would not result in the imposition of a tax
upon such REMIC.

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

                                  Article XI

                           MISCELLANEOUS PROVISIONS

     Section 11.01. Binding Nature of Agreement; Assignment. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns.

     Section 11.02. Entire Agreement. This Agreement contains the entire
agreement and understanding among the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous
agreements, understandings, inducements and conditions, express or implied,
oral or written, of any nature whatsoever with respect to the subject matter
hereof. The express terms hereof control and supersede any course of
performance and/or usage of the trade inconsistent with any of the terms
hereof.

     Section 11.03. Amendment. (a) This Agreement may be amended from time to
time by the Depositor, the Master Servicer and the Trustee, without notice to
or the consent of any of the Holders, (i) to cure any ambiguity, (ii) to cause
the provisions herein to conform to or be consistent with or in furtherance of
the statements made with respect to the Certificates, the Trust Fund or this
Agreement in any Offering Document; or to correct or supplement any provision
herein which may be inconsistent with any other provisions herein, (iii) to
make any other provisions with respect to matters or questions arising under
this Agreement or (iv) to add, delete, or amend any provisions to the extent
necessary or desirable to comply with any requirements imposed by the Code and
the REMIC Provisions. No such amendment effected pursuant to the preceding
sentence shall, as evidenced by an Opinion of Counsel, adversely affect the
status of any REMIC created pursuant to this Agreement, nor shall such
amendment effected pursuant to clause (iii) of such sentence adversely affect
in any material respect the interests of any Holder. 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 the REMIC
as a REMIC or cause a tax to be imposed on such REMIC; and provided further,
that no such amendment may (i) reduce in any manner the amount of, or delay
the timing of, payments received on Mortgage Loans which are required to be
distributed on any Certificate, without the consent of the Holder of such
Certificate or (ii) reduce the aforesaid percentages of Class Principal Amount
(or Percentage Interest) of Certificates of each Class, the Holders of which
are required to consent to any such amendment without the consent of the
Holders of 100% of the Class Principal Amount (or Class Notional Amount) of
each Class of Certificates affected thereby. For purposes of this paragraph,
references to "Holder" or "Holders" shall be deemed to include, in the case of
any Class of Book-Entry Certificates, the related Certificate Owners.

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

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

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

     Section 11.04. Voting Rights. Except to the extent that the consent of
all affected Certificateholders is required pursuant to this Agreement, with
respect to any provision of this Agreement requiring the consent of
Certificateholders representing specified percentages of aggregate outstanding
Certificate Principal Amount (or Notional Amount), Certificates owned by the
Depositor, the Master Servicer, the Trustee or any Servicer or Affiliates
thereof are not to be counted so long as such Certificates are owned by the
Depositor, the Master Servicer, the Trustee or any Servicer or Affiliates
thereof.

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

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

     Section 11.06. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

     Section 11.07. Notices. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given when delivered
to such party at the relevant address, facsimile number or electronic mail
address set forth below (or at such other address, facsimile number or
electronic mail address as such party may designate from time to time by
written notice in accordance with this Section 11.07): received by (a) in the
case of the Depositor, Structured Asset Securities Corporation, 200 Vesey
Street, 12th Floor, New York, New York 10285, Attention: Mark Zusy, (b) in the
case of the Trustee, The Chase Manhattan Bank, 450 West 33rd Street, 14th
Floor, New York, New York 10001-2697, Attention: Institutional Trust
Services/SASCO 2001-4A, and (c) in the case of the Master Servicer, Aurora
Loan Services Inc., 2530 South Parker Road, Suite 601, Aurora, Colorado 80014;
Attention: Master Servicing or as to each party such other address as may
hereafter be furnished by such party to the other parties in writing. Any
notice required or permitted to be mailed to a Holder shall be given by first
class mail, postage prepaid, at the address of such Holder as shown in the
Certificate Register. Any notice so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or
not the Holder receives such notice.

     Section 11.08. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.

     Section 11.09. Indulgences; No Waivers. Neither the failure nor any delay
on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other
or further exercise of the same or of any other right, remedy, power or
privilege, nor shall any waiver of any right, remedy, power or privilege with
respect to any occurrence be construed as a waiver of such right, remedy,
power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have
granted such waiver.

     Section 11.10. Headings Not To Affect Interpretation. The headings
contained in this Agreement are for convenience of reference only, and they
shall not be used in the interpretation hereof.

     Section 11.11. Benefits of Agreement. Nothing in this Agreement or in the
Certificates, express or implied, shall give to any Person, other than the
parties to this Agreement and their successors hereunder and the Holders of
the Certificates, any benefit or any legal or equitable right, power, remedy
or claim under this Agreement, except to the extent specified in Section
11.14.

     Section 11.12. Special Notices to the Rating Agencies. (a) The Depositor
shall give prompt notice to the Rating Agencies of the occurrence of any of
the following events of which it has notice:

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

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

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

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

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

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

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

     If to Fitch, to:

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

     If to Moody's, to:

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

     If to S&P, to:

     Standard & Poor's Ratings Services
     55 Water Street, 41st Floor
     New York, New York 10041
     Attention: Residential Mortgage Surveillance

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

     Section 11.13. Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original, and all of
which together shall constitute one and the same instrument.

     Section 11.14. Transfer of Servicing. The Seller agrees that it shall
provide written notice to the Trustee and the Master Servicer thirty days
prior to any transfer or assignment by the Seller of its rights under any
Servicing Agreement or of the servicing thereunder or delegation of its rights
or duties thereunder or any portion thereof to any Person other than the
initial Servicer under such Servicing Agreement; provided that 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 or materials; (D) on or prior to the
     effective date of such transfer of servicing, the Seller shall cause the
     prior Servicer to transfer to the successor servicer, or, if such
     transfer occurs after a Remittance Date but before the next succeeding
     Deposit Date, to the Master Servicer, all funds held by the applicable
     Servicer in respect of the Mortgage Loans; (E) on or prior to the
     effective date of such transfer of servicing, the Seller shall cause the
     prior Servicer to, after the effective date of the transfer of servicing
     to the successor servicer, continue to forward to such successor
     servicer, within one Business Day of receipt, the amount of any payments
     or other recoveries received by the prior Servicer, and to notify the
     successor servicer of the source and proper application of each such
     payment or recovery; and (F) the Seller shall cause the prior Servicer
     to, after the effective date of transfer of servicing to the successor
     servicer, continue to cooperate with the successor servicer to facilitate
     such transfer in such manner and to such extent as the successor servicer
     may reasonably request.

     Section 11.15. Limitations on Actions; No Proceedings. (a) Other than
pursuant to this Agreement, or in connection with or incidental to the
provisions or purposes of this Agreement, the trust created hereunder shall
not (i) issue debt or otherwise borrow money, (ii) merge or consolidate with
any other entity or transfer all or substantially all of its assets to any
other entity, or (iii) otherwise engage in any activity or exercise any power
not provided for in this Agreement.

     (b) Notwithstanding any prior termination of this Agreement, the Trustee,
the Master Servicer and the Depositor shall not, prior to the date which is
one year and one day after the termination of this Agreement, acquiesce,
petition or otherwise invoke or cause any Person to invoke the process of any
court or government authority for the purpose of commencing or sustaining a
case against the Depositor or the Trust Fund under any federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Depositor or the Trust Fund or any substantial part of their respective
property, or ordering the winding up or liquidation of the affairs of the
Depositor or the Trust Fund.

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

                                         STRUCTURED ASSET SECURITIES
                                          CORPORATION, as Depositor

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

                                         THE CHASE MANHATTAN BANK,
                                          as Trustee

                                         By: /s/ Karen Schluter
                                             -------------------------------
                                             Name:   Karen Schluter
                                             Title:  Corporate Trust Officer

                                         AURORA LOAN SERVICES INC.,
                                          as Master Servicer

                                         By: /s/ Rick W. Skogg
                                             -------------------------------
                                             Name:   Rick W. Skogg
                                             Title:  President

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

LEHMAN CAPITAL, A DIVISION OF
  LEHMAN BROTHERS HOLDINGS INC.

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

                                   EXHIBIT A

                             FORMS OF CERTIFICATES

                                  EXHIBIT B-1

                         FORM OF INITIAL CERTIFICATION

                                                          ______________
                                                              Date

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

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

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

     Re:  Trust Agreement (the "Trust Agreement"), dated as of March 1, 2001
          among Structured Asset Securities Corporation, as Depositor, The
          Chase Manhattan Bank, as Trustee, and Aurora Loan Services Inc., as
          Master Servicer, with respect to Structured Asset Securities
          Corporation Mortgage Pass-Through Certificates, Series 2001-4A
          -------------------------------------------------------------------

Ladies and Gentlemen:

         In accordance with Section 2.02(a) of the Trust Agreement, subject to
review of the contents thereof, the undersigned, as Custodian on behalf of the
Trustee, hereby certifies that it (or its custodian) has received the
documents listed in Section 2.01(b) of the Trust Agreement for each Mortgage
File pertaining to each Mortgage Loan listed on Schedule A, to the Trust
Agreement, subject to any exceptions noted on Schedule I hereto.

         Capitalized words and phrases used herein and not otherwise defined
herein shall have the respective meanings assigned to them in the Trust
Agreement. This Certificate is subject in all respects to the terms of Section
2.02 of the Trust Agreement and the Trust Agreement sections cross-referenced
therein.

                                            [Custodian], on behalf of
                                            THE CHASE MANHATTAN BANK,
                                            as Trustee

                                            By:____________________________
                                               Name:
                                               Title:

                                  EXHIBIT B-2

                         FORM OF INTERIM CERTIFICATION

                                                          ______________
                                                              Date

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

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

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

     Re:  Trust Agreement (the "Trust Agreement"), dated as of March 1, 2001
          among Structured Asset Securities Corporation, as Depositor, The
          Chase Manhattan Bank, as Trustee, and Aurora Loan Services Inc., as
          Master Servicer, with respect to Structured Asset Securities
          Corporation Mortgage Pass-Through Certificates, Series 2001-4A
          -------------------------------------------------------------------

Ladies and Gentlemen:

         In accordance with Section 2.02(b) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as
to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or listed on Schedule I hereto) it (or its
custodian) has received the applicable documents listed in Section 2.01(b) of
the Trust Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed
on Schedule I hereto, it has reviewed the documents identified above and has
determined that each such document appears regular on its face and appears to
relate to the Mortgage Loan identified in such document.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is
qualified in all respects by the terms of said Trust Agreement including, but
not limited to, Section 2.02(b).

                                            [Custodian], on behalf of
                                            THE CHASE MANHATTAN BANK,
                                            as Trustee

                                            By:____________________________
                                               Name:
                                               Title:

                                  EXHIBIT B-3

                          FORM OF FINAL CERTIFICATION

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

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

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

     Re:  Trust Agreement (the "Trust Agreement"), dated as of March 1, 2001
          among Structured Asset Securities Corporation, as Depositor, The
          Chase Manhattan Bank, as Trustee, and Aurora Loan Services Inc., as
          Master Servicer, with respect to Structured Asset Securities
          Corporation Mortgage Pass-Through Certificates, Series 2001-4A
          -------------------------------------------------------------------

Ladies and Gentlemen:

         In accordance with Section 2.02(d) of the Trust Agreement, the
undersigned, as Custodian on behalf of the Trustee, hereby certifies that as
to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or listed on Schedule I hereto) it (or its
custodian) has received the applicable documents listed in Section 2.01(b) of
the Trust Agreement.

         The undersigned hereby certifies that as to each Mortgage Loan
identified on the Mortgage Loan Schedule, other than any Mortgage Loan listed
on Schedule I hereto, it has reviewed the documents listed above and has
determined that each such document appears to be complete and, based on an
examination of such documents, the information set forth in the Mortgage Loan
Schedule is correct.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Trust Agreement. This Certificate is
qualified in all respects by the terms of said Trust Agreement.

                                            [Custodian], on behalf of
                                            THE CHASE MANHATTAN BANK,
                                            as Trustee

                                            By:____________________________
                                               Name:
                                               Title:

                                  EXHIBIT B-4

                              FORM OF ENDORSEMENT

         Pay to the order of The Chase Manhattan Bank, as trustee (the
"Trustee") under the Trust Agreement dated as of March 1, 2001, among
Structured Asset Securities Corporation, as Depositor, the Trustee and the
Master Servicer relating to Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2001-4A, without recourse.

                                            _______________________________
                                               [current signatory on note]

                                            By:____________________________
                                               Name:
                                               Title:

                                   EXHIBIT C

                 REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT

                                                          ______________
                                                              Date

[Addressed to Trustee
or, if applicable, custodian]

         In connection with the administration of the mortgages held by you as
Trustee under a certain Trust Agreement dated as of March 1, 2001 among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer, and you, as Trustee (the "Trust Agreement"), the
undersigned Master Servicer hereby requests a release of the Mortgage File
held by you as Trustee with respect to the following described Mortgage Loan
for the reason indicated below.

         Mortgagor's Name:

         Address:

         Loan No.:

         Reason for requesting file:

         1. Mortgage Loan paid in full. (The Master Servicer hereby certifies
that all amounts received in connection with the loan have been or will be
credited to the Collection Account or the Certificate Account (whichever is
applicable) pursuant to the Trust Agreement.)

         2. The Mortgage Loan is being foreclosed.

         3. Mortgage Loan substituted. (The Master Servicer hereby certifies
that a Qualifying Substitute Mortgage Loan has been assigned and delivered to
you along with the related Mortgage File pursuant to the Trust Agreement.)

         4. Mortgage Loan repurchased. (The Master Servicer hereby certifies
that the Purchase Price has been credited to the Collection Account or the
Certificate Account (whichever is applicable) pursuant to the Trust
Agreement.)

         5. Other. (Describe)

         The undersigned acknowledges that the above Mortgage File will be
held by the undersigned in accordance with the provisions of the Trust
Agreement and will be returned to you within ten (10) days of our receipt of
the Mortgage File, except if the Mortgage Loan has been paid in full, or
repurchased or substituted for a Qualifying Substitute Mortgage Loan (in which
case the Mortgage File will be retained by us permanently) and except if the
Mortgage Loan is being foreclosed (in which case the Mortgage File will be
returned when no longer required by us for such purpose).

         Capitalized terms used herein shall have the meanings ascribed to
them in the Trust Agreement.

                                            _______________________________
                                               [Name of Master Servicer]

                                            By:____________________________
                                               Name:
                                               Title: Servicing Officer

                                  EXHIBIT D-1

         FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

STATE OF                            )
                                    )  ss.:
COUNTY OF                           )

                  [NAME OF OFFICER], _________________ being first duly sworn,
deposes and says:

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

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

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

     4. That the Purchaser either (x) is not, and on __________________ [date
of transfer] will not be, an employee benefit or other plan subject to Section
406 or Section 407 of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or Section 4975 of the Code, the trustee of any such plan
or a person acting on behalf of any such plan or investing the assets of any
such plan to acquire a Residual Certificate; (y) is an insurance company that
is purchasing the Certificate with funds contained in an "insurance company
general account" as defined in Section V(e) of Prohibited Transaction Class
Exemption ("PTCE") 95-60 and the purchase and holding of the Certificate are
covered under Section I and III of PTCE 95-60; or (z) herewith delivers to the
Trustee and shall deliver to the Depositor an opinion of counsel (a "Benefit
Plan Opinion") satisfactory to the Trustee and the Depositor, and upon which
the Trustee and the Depositor shall be entitled to rely, to the effect that
the purchase or holding of such Residual Certificate by the Investor will not
result in the assets of the Trust Fund being deemed to be plan assets and
subject to the prohibited transaction provisions of ERISA or the Code and will
not subject the Trustee or the Depositor to any obligation in addition to
those undertaken by such entities in the Trust Agreement, which opinion of
counsel shall not be an expense of the Trustee or the Depositor.

     5. That the Purchaser hereby acknowledges that under the terms of the
Trust Agreement (the "Agreement") among Structured Asset Securities
Corporation, The Chase Manhattan Bank, as Trustee and Aurora Loan Services
Inc., as Master Servicer, dated as of March 1, 2001, no transfer of a Residual
Certificate shall be permitted to be made to any person unless the Depositor
and the Trustee have received a certificate from such transferee containing
the representations in paragraphs 3, 4 and 5 hereof.

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

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

     8. That the Purchaser will not transfer a Residual Certificate to any
person or entity (i) as to which the Purchaser has actual knowledge that the
requirements set forth in paragraph 3, paragraph 6 or paragraph 10 hereof are
not satisfied or that the Purchaser has reason to believe does not satisfy the
requirements set forth in paragraph 7 hereof, and (ii) without obtaining from
the prospective Purchaser an affidavit substantially in this form and
providing to the Trustee a written statement substantially in the form of
Exhibit G to the Agreement.

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

     10. That the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person
that holds a Residual Certificate in connection with the conduct of a trade or
business within the United States and has furnished the transferor and the
Trustee with an effective Internal Revenue Service Form W8 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.

     11. That the Purchaser agrees to such amendments of the Trust Agreement
as may be required to further effectuate the restrictions on transfer of any
Residual Certificate to such a "disqualified organization," an agent thereof,
a Book-Entry Nominee, or a person that does not satisfy the requirements of
paragraph 7 and paragraph 10 hereof.

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

     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__.

                                  EXHIBIT D-2

         FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

                                                          ______________
                                                              Date

     Re:  Structured Asset Securities Corporation Mortgage Pass-Through
          Certificates, Series 2001-4A
          -------------------------------------------------------------

                  _______________________ (the "Transferor") has reviewed the
attached affidavit of _____________________________ (the "Transferee"), and
has no actual knowledge that such affidavit is not true and has no reason to
believe that the information contained in paragraph 7 thereof is not true, and
has no reason to believe that the Transferee has the intention to impede the
assessment or collection of any federal, state or local taxes legally required
to be paid with respect to a Residual Certificate. In addition, the Transferor
has conducted a reasonable investigation at the time of the transfer and found
that the Transferee had historically paid its debts as they came due and found
no significant evidence to indicate that the Transferee will not continue to
pay its debts as they become due.

                                            Very truly yours,

                                            _______________________________
                                            Name:
                                            Title:

                                   EXHIBIT E

                             SERVICING AGREEMENTS

                                   EXHIBIT F

                    FORM OF RULE 144A TRANSFER CERTIFICATE

     Re:  Structured Asset Securities Corporation Mortgage Pass-Through
          Certificates, Series 2001-4A
          -------------------------------------------------------------

                  Reference is hereby made to the Trust Agreement dated as of
March 1, 2001 (the "Trust Agreement") among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer and
The Chase Manhattan Bank, as Trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Trust Agreement.

                  This letter relates to $_________ initial Certificate
Principal Amount of Class Certificates which are held in the form of
Definitive Certificates registered in the name of (the "Transferor"). The
Transferor has requested a transfer of such Definitive Certificates for
Definitive Certificates of such Class registered in the name of [insert name
of transferee].

                  In connection with such request, and in respect of such
Certificates, the Transferor hereby certifies that such Certificates are being
transferred in accordance with (i) the transfer restrictions set forth in the
Trust Agreement and the Certificates and (ii) Rule 144A under the Securities
Act to a purchaser that the Transferor reasonably believes is a "qualified
institutional buyer" within the meaning of Rule 144A purchasing for its own
account or for the account of a "qualified institutional buyer", which
purchaser is aware that the sale to it is being made in reliance upon Rule
144A, in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or any
other applicable jurisdiction.

                  This certificate and the statements contained herein are
made for your benefit and the benefit of the Placement Agent and the
Depositor.

                                            ________________________________
                                            [Name of Transferor]

                                            By:_____________________________
                                               Name:
                                               Title:

Dated: __________________, ________

                                   EXHIBIT G

                        FORM OF PURCHASER'S LETTER FOR
                       INSTITUTIONAL ACCREDITED INVESTOR

                                                          ______________
                                                              Date

Dear Sirs:

         In connection with our proposed purchase of $______________ principal
amount of Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2001-4A (the "Privately Offered Certificates") of
Structured Asset Securities Corporation (the "Depositor"), we confirm that:

(1)      We understand that the Privately Offered Certificates have not been,
         and will not be, registered under the Securities Act of 1933, as
         amended (the "Securities Act"), and may not be sold except as
         permitted in the following sentence. We agree, on our own behalf and
         on behalf of any accounts for which we are acting as hereinafter
         stated, that if we should sell any Privately Offered Certificates
         within two years of the later of the date of original issuance of the
         Privately Offered Certificates or the last day on which such
         Privately Offered Certificates are owned by the Depositor or any
         affiliate of the Depositor (which includes the Placement Agent) we
         will do so only (A) to the Depositor, (B) to "qualified institutional
         buyers" (within the meaning of Rule 144A under the Securities Act) in
         accordance with Rule 144A under the Securities Act ("QIBs"), (C)
         pursuant to the exemption from registration provided by Rule 144
         under the Securities Act, or (D) to an institutional "accredited
         investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) of
         Regulation D under the Securities Act that is not a QIB (an
         "Institutional Accredited Investor") which, prior to such transfer,
         delivers to the Trustee under the Trust Agreement dated as of March
         1, 2001 among the Depositor, Aurora Loan Services Inc., as Master
         Servicer and The Chase Manhattan Bank, as Trustee (the "Trustee"), a
         signed letter in the form of this letter; and we further agree, in
         the capacities stated above, to provide to any person purchasing any
         of the Privately Offered Certificates from us a notice advising such
         purchaser that resales of the Privately Offered Certificates are
         restricted as stated herein.

(2)      We understand that, in connection with any proposed resale of any
         Privately Offered Certificates to an Institutional Accredited
         Investor, we will be required to furnish to the Trustee and the
         Depositor a certification from such transferee in the form hereof to
         confirm that the proposed sale is being made pursuant to an exemption
         from, or in a transaction not subject to, the registration
         requirements of the Securities Act. We further understand that the
         Privately Offered Certificates purchased by us will bear a legend to
         the foregoing effect.

(3)      We are acquiring the Privately Offered Certificates for investment
         purposes and not with a view to, or for offer or sale in connection
         with, any distribution in violation of the Securities Act. We have
         such knowledge and experience in financial and business matters as to
         be capable of evaluating the merits and risks of our investment in
         the Privately Offered Certificates, and we and any account for which
         we are acting are each able to bear the economic risk of such
         investment.

(4)      We are an Institutional Accredited Investor and we are acquiring the
         Privately Offered Certificates purchased by us for our own account or
         for one or more accounts (each of which is an Institutional
         Accredited Investor) as to each of which we exercise sole investment
         discretion.

(5)      We have received such information as we deem necessary in order to
         make our investment decision.

(6)      If we are acquiring ERISA-Restricted Certificates, we understand that
         in accordance with ERISA, the Code and the Exemption, no Plan and no
         person acting on behalf of such a Plan may acquire such Certificate
         except in accordance with Section 3.03(d) of the Trust Agreement.

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

         You and the Depositor are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.

                                            Very truly yours,

                                            _______________________________
                                               [Purchaser]

                                            By________________________________
                                              Name:
                                              Title:

                                  EXHIBIT H-1

           [FORM OF ERISA TRANSFER AFFIDAVIT (CLASS B4, B5 AND B6)]

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 or other plan subject to Section 406 or
Section 407 of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as amended
(the "Code"), the trustee of any such plan or a person acting on behalf of any
such plan or investing the assets of any such plan; (y) if the Certificate has
been the subject of an ERISA-Qualifying Underwriting, is an insurance company
that is purchasing the Certificate with funds contained in an "insurance
company general account" as defined in Section V(e) of Prohibited Transaction
Class Exemption ("PTCE") 95-60 and the purchase and holding of the Certificate
are covered under Sections I and III of PTCE 95-60; or (z) herewith delivers
to the Trustee and shall deliver to the Depositor an opinion of counsel (a
"Benefit Plan Opinion") satisfactory to the Trustee and the Depositor, and
upon which the Trustee and the Depositor shall be entitled to rely, to the
effect that the purchase or holding of such Certificate by the Investor will
not result in the assets of the Trust Fund being deemed to be plan assets and
subject to the prohibited transaction provisions of ERISA or the Code and will
not subject the Trustee or the Depositor to any obligation in addition to
those undertaken by such entities in the Trust Agreement, which opinion of
counsel shall not be an expense of the Trustee or the Depositor.

     3. The Investor hereby acknowledges that under the terms of the Trust
Agreement (the "Agreement") among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services Inc., as Master Servicer, and The Chase
Manhattan Bank, as Trustee, dated as of March 1, 2001, no transfer of the
ERISA-Restricted Certificates shall be permitted to be made to any person
unless the Depositor and Trustee have received a certificate from such
transferee in the form hereof.

                  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__.

                                  EXHIBIT H-2

         [FORM OF ERISA TRANSFER AFFIDAVIT (CLASS A1, A2, A3 AND A5)]

STATE OF               )
                       )  ss.:
COUNTY OF              )

                  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. Either the Investor (x) is not, and on ___________ [date of transfer]
will not be, an employee benefit or other plan subject to Section 406 or
Section 407 of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as amended
(the "Code"), the trustee of any such plan or a person acting on behalf of any
such plan or investing the assets of any such plan; (y) the acquisition and
holding of the Certificate is eligible for exemption relief available under
Department of Labor Prohibited Transaction Class Exemption ("PTCE") 84-14,
91-38, 90-1, 95-60 or 96-23; or (z) the Investor herewith delivers to the
Trustee and shall deliver to the Depositor an opinion of counsel (a "Benefit
Plan Opinion") satisfactory to the Trustee and the Depositor, and upon which
the Trustee and the Depositor shall be entitled to rely, to the effect that
the purchase or holding of such Certificate by the Investor will not result in
the assets of the Trust Fund being deemed to be plan assets and subject to the
prohibited transaction provisions of ERISA or the Code and will not subject
the Trustee or the Depositor to any obligation in addition to those undertaken
by such entities in the Trust Agreement, which opinion of counsel shall not be
an expense of the Trustee or the Depositor.

     3. The Investor hereby acknowledges that under the terms of the Trust
Agreement (the "Agreement") among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services Inc., as Master Servicer, and The Chase
Manhattan Bank, as Trustee, dated as of March 1, 2001, no transfer of the
ERISA-Restricted Certificates shall be permitted to be made to any person
unless the Depositor and Trustee have received a certificate from such
transferee in the form hereof.

                  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__.

                                   EXHIBIT I

                           MONTHLY REMITTANCE ADVICE

                                   EXHIBIT J

                     MONTHLY ELECTRONIC DATA TRANSMISSION

                                   EXHIBIT K

                              CUSTODIAL AGREEMENT

                                  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 Asset Securities Corporation Mortgage Loan
                    Trust Mortgage Pass-Through Certificates, Series 2001-4A

         Reference is hereby made to the Trust Agreement (the "Agreement")
among Structured Asset Securities Corporation, as Depositor, Aurora Loan
Services Inc., as Master Servicer and The Chase Manhattan Bank, as Trustee,
dated as of March 1, 2001. Capitalized terms used but not defined herein shall
have the meanings given to them in the Agreement.

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

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

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

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

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

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

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

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

                                            [Name of Transferor]

                                            By:____________________________
                                               Name:
                                               Title:

Date:______________________, ________

                                  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 Asset Securities Corporation Mortgage
                    Pass-Through Certificates, Series 2001-4A

         Reference is hereby made to the Trust Agreement (the "Agreement")
among Structured Asset Securities Corporation, as Depositor, Aurora Loan
Services Inc., as Master Servicer, and The Chase Manhattan Bank, as Trustee,
dated as of March 1, 2001. Capitalized terms used but not defined herein shall
have the meanings given to them in the Agreement.

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

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

                                            _______________________________
                                            [Name of Transferor]

                                            By:____________________________
                                               Name:
                                               Title:

Date:______________________, ________

                                   EXHIBIT M

                   MANDATORY CERTIFICATE PURCHASE AGREEMENT

                                  SCHEDULE A

                            MORTGAGE LOAN SCHEDULEAMENDMENT NUMBER 3 TO
                               SECURITY AGREEMENT

         AMENDMENT NUMBER 3 TO SECURITY AGREEMENT (this  "Amendment"),  dated as
of February  27,  2001 by and among UNION  ACCEPTANCE  FUNDING  CORPORATION,  an
Indiana  corporation,  as  Seller  (in  such  capacity,  the  "Seller"),  UAFC-1
CORPORATION, a Delaware corporation, as debtor (in such capacity, the "Debtor"),
UNION ACCEPTANCE CORPORATION,  an Indiana corporation ("UAC"),  individually and
in its capacity as collection agent (in such capacity,  the "Collection Agent"),
ENTERPRISE FUNDING CORPORATION,  a Delaware corporation (the "Company") and BANK
OF  AMERICA,   N.A.,  a  national  banking   association  ("Bank  of  America"),
individually  and as collateral agent for the Company and the Bank Investors (in
such capacity,  the "Collateral Agent") amending that certain Security Agreement
dated as of May 25, 2000 (the "Security Agreement").

         WHEREAS,  the parties hereto mutually desire to make certain amendments
to the Security Agreement as hereinafter set forth.

         NOW, THEREFORE, the parties hereby agree as follows:

         SECTION 1.  Defined  Terms.  As used in this  Amendment,  and except as
otherwise  provided  in this  Section 1,  capitalized  terms shall have the same
meanings assigned thereto in the Security Agreement.

         (a) Section 1.1 of the Security Agreement is hereby amended by deleting
the definition of  "Acceptable  Hedging  Arrangement"  and replacing it with the
following (solely for convenience changed language is italicized):

         ""Acceptable  Hedging  Arrangement" means a hedging arrangement entered
into by the  Collection  Agent or the  Debtor,  between  the  Debtor  and a swap
counterparty  whose  long-term debt  obligations are rated  investment  grade by
Moody's and S&P, in  compliance  with Section 5.3 hereof,  that locks in a fixed
spread of at least 600 basis points lower than the weighted  average APR for the
Receivables  based upon an amortization  schedule  determined  using a 1.60% ABS
prepayment  assumption  or such other  prepayment  assumption as approved by the
Collateral  Agent it being  understood  that funds on  deposit  in a  prefunding
account  established in connection  with a  securitization  established by or on
behalf  of the  Debtor  or an  affiliate  and  certified  by the  Debtor  to the
Collateral  Agent as funds  which will be applied  to funding  Receivables  will
qualify as an Acceptable  Hedging  Arrangement  so long as the weighted  average
coupon of the securities  issued in connection  with such  securitization  is at
least 600 basis points lower than the weighted average APR for the Receivables."

         (b) Section 1.1 of the Security Agreement is hereby amended by deleting
the  definition  of  "Commitment  Termination  Date" and  replacing  it with the
following (solely for convenience changed language is italicized):

                  ""Commitment  Termination  Date" shall mean February 26, 2002,
         or such  later  date to which the  Commitment  Termination  Date may be
         extended by the Debtor, the Agent and the Bank Investors not later than
         45 days prior to the then current Commitment Termination Date."

         (c) Section 1.1 of the Security Agreement is hereby amended by deleting
the definition of "Termination Date" and replacing it with the following (solely
for convenience changed language is italicized):

                  ""Termination  Date"  shall  mean  the  earliest  of (i)  that
         Business Day  designated by the Debtor to the Agent as the  Termination
         Date at any time following 60 days' written  notice to the Agent,  (ii)
         the date of  termination  of the liquidity  commitment of the Liquidity
         Provider  under the  Liquidity  Provider  Agreement,  (iii) the date of
         termination of the commitment of the Credit Support  Provider under the
         Credit  Support  Agreement,  (iv) the day on which a Termination  Event
         occurs  pursuant to Section  7.1,  (v) two  business  days prior to the
         Commitment Termination Date, or (vi) February 26, 2002, unless extended
         prior to such date by an agreement  between the Company,  the Agent and
         the Bank Investors."

         SECTION  2.  Limited   Scope.   This   amendment  is  specific  to  the
circumstances  described above and does not imply any future amendment or waiver
of rights  allocated  to the  Debtor,  the  Collection  Agent,  the  Agent,  the
Administrative Agent or the Collateral Agent under the Security Agreement.

         SECTION 3.  Governing  Law.  THIS  AMENDMENT  SHALL BE  GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         SECTION 4. Severability;  Counterparts.  This Amendment may be executed
in any  number of  counterparts  and by  different  parties  hereto in  separate
counterparts,  each of which when so executed  shall be deemed to be an original
and all of  which  when  taken  together  shall  constitute  one  and  the  same
instrument.   Any  provisions  of  this   Amendment   which  are  prohibited  or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability  without  invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render  unenforceable such provision in any
other jurisdiction.

         SECTION 5. Ratification. Except as expressly affected by the provisions
hereof,  the Security Agreement as amended shall remain in full force and effect
in accordance  with its terms and ratified and confirmed by the parties  hereto.
On and after the date hereof,  each reference in the Security Agreement to "this
Agreement",  "hereunder",  "herein" or words of like import  shall mean and be a
reference to the Security Agreement as amended by this Amendment.

         SECTION 6.  Effectiveness.  This amendment shall become effective as of
the date first written above when (i)  counterparts of this Amendment shall have
been executed by each of the Seller,  Debtor,  UAC, the  Collection  Agent,  the
Company,  Bank of America and the Collateral Agent and (ii) the Collateral Agent
shall have received a fully executed copy of this Amendment.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment Number 3 as of the date first written above.

                                          ENTERPRISE FUNDING CORPORATION,
                                            as Company

                                          By: /s/ Tony Wong
                                              ----------------------------------
                                              Name:  Tony Wong
                                              Title: Vice President

                                          UAFC-1 CORPORATION,
                                            as Debtor

                                          By: /s/ Leeanne W. Graziani
                                              ----------------------------------
                                              Name:  Leeanne W. Graziani
                                              Title: President

                                          UNION ACCEPTANCE FUNDING
                                           CORPORATION, as Seller

                                          By: /s/ John Stainbrook
                                              ----------------------------------
                                              Name:  John Stainbrook
                                              Title: President

<PAGE>

                                          UNION ACCEPTANCE CORPORATION,
                                            individually and as Collection Agent

                                          By: /s/ Melanie S. Otto
                                              ----------------------------------
                                              Name:  Melanie S. Otto
                                              Title: Vice President

                                          BANK OF AMERICA, N.A.,
                                            individually and as Collateral Agent
                                           and Bank Investor

                                          By: /s/ Christopher Young
                                              ----------------------------------
                                              Name:  Christopher Young
                                              Title:

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