Document:

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                       NOMURA ASSET ACCEPTANCE CORPORATION
                                  as Depositor

                                      and

                             [NAME OF OWNER TRUSTEE]

                                as Owner Trustee

                              OWNER TRUST AGREEMENT

                          Dated as of ________________

                          Mortgage-Backed Certificates,
                                 Series ____-__

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                                TABLE OF CONTENTS

                                  Section Page

                                    ARTICLE I

                                   Definitions

Section 1.01 Definitions....................................................
Section 1.02 Other Definitional Provisions..................................

                                   ARTICLE II

                                  Organization

Section 2.01 Name...........................................................
Section 2.02 Office.........................................................
Section 2.03 Purposes and Powers............................................
Section 2.04 Appointment of Owner Trustee...................................
Section 2.05 Initial Capital Contribution of Owner Trust Estate.............
Section 2.06 Declaration of Trust...........................................
Section 2.07 Title to Trust Property........................................
Section 2.08 Situs of Trust.................................................
Section 2.09 Representations and Warranties of the Depositor................

                                   ARTICLE III

                   Conveyance of the Loans; The Certificate

Section 3.01 Conveyance of the Loans........................................
Section 3.02 Initial Ownership..............................................
Section 3.03 The Certificate................................................
Section 3.04 Authentication of Certificate..................................
Section 3.05 Registration  of and  Limitations  on  Transfer  and  Exchange of
             Certificate
Section 3.06 Mutilated, Destroyed, Lost or Stolen Certificates..............
Section 3.07 Persons Deemed Certificateholders..............................
Section 3.08 Access to List of Certificateholders' Names and Addresses......
Section 3.09 Maintenance of Office or Agency................................
Section 3.10 Certificate Paying Agent.......................................

                                   ARTICLE IV

                      Authority and Duties of Owner Trustee

Section 4.01 General Authority..............................................
Section 4.02 General Duties.................................................
Section 4.03 Action upon Instruction........................................
Section 4.04 No Duties  Except as Specified  under  Specified  Documents or in
             Instructions
Section 4.05 Restrictions..................................................
Section 4.06 Prior  Notice to the  Certificateholder  with  Respect to Certain
             Matters
Section 4.07 Action by Certificateholder with Respect to Certain Matters...
Section 4.08 Action by Certificateholders with Respect to Bankruptcy.......
Section 4.09 Restrictions on Certificateholders' Power.....................
Section 4.10 Doing Business in Other Jurisdictions.........................

                                    ARTICLE V

                           Application of Trust Funds

Section 5.01 Distributions.................................................
Section 5.02 Method of Payment.............................................
Section 5.03 Signature on Returns..........................................
Section 5.04 Statements to Certificateholders..............................
Section 5.05 Tax Elections.................................................

                                   ARTICLE VI

                          Concerning the Owner Trustee

Section 6.01 Acceptance of Trusts and Duties...............................
Section 6.02 Furnishing of Documents.......................................
Section 6.03 Representations and Warranties................................
Section 6.04 Reliance; Advice of Counsel...................................
Section 6.05 Not Acting in Individual Capacity.............................
Section 6.06 Owner Trustee Not Liable for Certificates or Related Documents
Section 6.07 Owner Trustee May Own Certificates and Notes..................

                                   ARTICLE VII

                          Compensation of Owner Trustee

Section 7.01 Owner Trustee's Fees and Expenses.............................
Section 7.02 Indemnification...............................................

                                  ARTICLE VIII

                      Termination of Owner Trust Agreement

Section 8.01 Termination of Owner Trust Agreement..........................

                                   ARTICLE IX

            Successor Owner Trustees and Additional Owner Trustees

Section 9.01 Eligibility Requirements for Owner Trustee....................
Section 9.02 Replacement of Owner Trustee..................................
Section 9.03 Successor Owner Trustee.......................................
Section 9.04 Merger or Consolidation of Owner Trustee......................
Section 9.05 Appointment of Co-Trustee or Separate Trustee.................

                                    ARTICLE X

                                  Miscellaneous

Section 10.01  Amendments
Section 10.02  No Legal Title to Owner Trust Estate
Section 10.03  Limitations on Rights of Others
Section 10.04  Notices
Section 10.05  Severability
Section 10.06  Separate Counterparts
Section 10.07  Successors and Assigns
Section 10.08  No Petition
Section 10.09  No Recourse
Section 10.10  Headings
Section 10.11  GOVERNING LAW
Section 10.12  Integration

EXHIBIT
Exhibit A - Form of Certificate.......................................
Exhibit B - Certificate of Trust of Nomura Asset
  Acceptance Corporation, Trust Series ____-__........................
Exhibit C - Form of 144A Investment Representation....................
Exhibit D - Form of Investor Representation Letter....................
Exhibit E - Form of Transferor Representation Letter..................
Exhibit F - Form of ERISA Representation Letter.......................

<PAGE>

         This Owner Trust Agreement, dated as of _________________ (as amended
from time to time, this "Owner Trust Agreement"), between NOMURA ASSET
ACCEPTANCE CORPORATION, as depositor (the "Depositor") and [NAME OF OWNER
TRUSTEE], a national banking association, as owner trustee (the "Owner
Trustee"),

                                WITNESSETH THAT:

         WHEREAS, the Depositor and the Owner Trustee entered into an owner
trust agreement dated as of ________________________, in connection with the
formation of a Delaware statutory trust (the "Original Trust Agreement");

         WHEREAS, the Depositor and the Owner Trustee wish to amend and restate
the Original Trust Agreement;

         NOW, THEREFORE, in consideration of the mutual agreements herein
contained, the Depositor and the Owner Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01 DEFINITIONS. For all purposes of this Owner Trust
Agreement, except as otherwise expressly provided herein or unless the context
otherwise requires, capitalized terms not otherwise defined herein shall have
the meanings assigned to such terms in Appendix A to the Indenture dated
_________________ (the "Indenture"), between Nomura Asset Acceptance Corporation
Trust Series ____-__, as issuer, and [Name of Indenture Trustee], as indenture
trustee. All other capitalized terms used herein shall have the meanings
specified herein.

         Section 1.02   Other Definitional Provisions.

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

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

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

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

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

                                   ARTICLE II

                                  ORGANIZATION

         Section 2.01 NAME. The trust shall be known as "Nomura Asset Acceptance
Corporation Trust Series ____-__" (the "Trust"), in which name the Owner Trustee
may engage in the transactions contemplated hereby, make and execute contracts
and other instruments on behalf of the Trust and sue and be sued.

         Section 2.02   OFFICE. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in Delaware
as the Owner Trustee may designate by written notice to the Certificateholder
and the Depositor.

         Section 2.03   PURPOSES AND POWERS. The purpose of the Trust is to
engage in the following activities:

                  (i) to issue the Notes pursuant to the Indenture and the Owner
         Trust Certificate (hereinafter referred to as the "Certificate" or
         "Certificates") pursuant to this Owner Trust Agreement and to sell the
         Notes and the Certificate;

                  (ii) to assign, grant, transfer, pledge and convey the Loans
         pursuant to the Indenture and to hold, manage and distribute to the
         Certificateholder pursuant to Section 5.01 any portion of the Loans
         released from the Lien of, and remitted to the Trust pursuant to the
         Indenture;

                  (iii) to assign, grant, transfer, own, pledge and convey the
         Loans in connection with any such termination;

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

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

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

The Trust is hereby authorized to engage in the foregoing activities. The Trust
shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Owner Trust Agreement
or the Basic Documents while any Note is outstanding without the consent of the
Certificateholder and the Indenture Trustee.

         Section 2.04   APPOINTMENT OF OWNER TRUSTEE. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein.

         Section 2.05   INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust,
as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges
receipt in trust from the Depositor, as of the date hereof, of the foregoing
contribution, which shall constitute the initial corpus of the Trust and shall
be deposited in the Certificate Distribution Account. The Owner Trustee also
acknowledges on behalf of the Trust, the receipt in trust of the Loans assigned
to the Trust pursuant to Section 3.01, which shall constitute the Owner Trust
Estate.

         Section 2.06   DECLARATION OF TRUST. The Owner Trustee hereby declares
that it shall hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholder,
subject to the obligations of the Owner Trust under the Basic Documents. It is
the intention of the parties hereto that the Owner Trust constitute a statutory
trust under the Statutory Trust Statute and that this Owner Trust Agreement
constitute the governing instrument of such statutory trust. It is the intention
of the parties hereto that, solely for federal, state and local income and
franchise tax purposes, the Owner Trust shall be treated as a domestic eligible
entity with a single owner electing to be disregarded as a separate entity. The
parties agree that, unless otherwise required by appropriate tax authorities,
the Owner Trust will not file or cause to be filed annual or other returns,
reports or other forms. Effective as of the date hereof, the Owner Trustee shall
have all rights, powers and duties set forth herein and in the Statutory Trust
Statute with respect to accomplishing the purposes of the Owner Trust.

         Section 2.07   TITLE TO TRUST PROPERTY. Legal title to the Owner Trust
Estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of
the Owner Trust Estate to be vested in a trustee or trustees, in which case
title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

         Section 2.08   SITUS OF TRUST. The Trust will be located and
administered in the State of Delaware or New York. All bank accounts maintained
by the Owner Trustee on behalf of the Trust shall be located in the State of
Delaware or the State of New York. The Trust shall not have any employees in any
state other than Delaware; provided, however, that nothing herein shall restrict
or prohibit the Owner Trustee from having employees within or without the State
of Delaware or taking actions outside the State of Delaware in order to comply
with Section 2.03. Payments will be received by the Trust only in Delaware or
New York, and payments will be made by the Trust only from Delaware or New York.
The only office of the Trust will be at the Corporate Trust Office in Delaware.

         Section 2.09   REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR. The
Depositor hereby represents and warrants to the Owner Trustee that:

                  (i) The Depositor is duly organized and validly existing as a
         corporation in good standing under the laws of the State of Delaware,
         with power and authority to own its properties and to conduct its
         business as such properties are currently owned and such business is
         presently conducted.

                  (ii) The Depositor is duly qualified to do business as a
         foreign company in good standing and has obtained all necessary
         licenses and approvals in all jurisdictions in which the ownership or
         lease of its property or the conduct of its business shall require such
         qualifications and in which the failure to so qualify would have a
         material adverse effect on the business, properties, assets or
         condition (financial or other) of the Depositor and the ability of the
         Depositor to perform under this Owner Trust Agreement.

                  (iii) The Depositor has the power and authority to execute and
         deliver this Owner Trust Agreement and to carry out its terms; the
         Depositor has full power and authority to sell and assign the property
         to be sold and assigned to and deposited with the Trust as part of the
         Trust and the Depositor has duly authorized such sale and assignment
         and deposit to the Trust by all necessary corporate action; and the
         execution, delivery and performance of this Owner Trust Agreement have
         been duly authorized by the Depositor by all necessary corporate
         action.

                  (iv) The consummation of the transactions contemplated by this
         Owner Trust Agreement and the fulfillment of the terms hereof do not
         conflict with, result in any breach of any of the terms and provisions
         of, or constitute (with or without notice or lapse of time) a default
         under, the certificate of formation or the limited liability company
         agreement of the Depositor, or any indenture, agreement or other
         instrument to which the Depositor is a party or by which it is bound;
         nor result in the creation or imposition of any Lien upon any of its
         properties pursuant to the terms of any such indenture, agreement or
         other instrument (other than pursuant to the Basic Documents); nor
         violate any law or, to the best of the Depositor's knowledge, any
         order, rule or regulation applicable to the Depositor of any court or
         of any federal or state regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over the Depositor or
         its properties.

                                  ARTICLE III

                    CONVEYANCE OF THE LOANS; THE CERTIFICATE

         Section 3.01   CONVEYANCE OF THE LOANS. The Depositor, concurrently
with the execution and delivery hereof, does hereby transfer, convey, sell and
assign to the Trust, on behalf of the Holders of the Notes and the Certificate,
without recourse, all its right, title and interest in and to the Loans.

         The parties hereto intend that the transaction set forth herein be a
sale for all legal purposes (other than income tax laws) by the Depositor to the
Trust of all of its right, title and interest in and to the Loans. In the event
that the transaction set forth herein is not deemed to be a sale for non-tax
purposes, the Depositor hereby grants to the Trust a security interest in all of
its right, title and interest in, to and under the Owner Trust Estate, all
distributions thereon and all proceeds thereof; and this Owner Trust Agreement
shall constitute a security agreement under applicable law.

         For income tax purposes the parties hereto intend that the transaction
set forth herein shall not be a taxable event.

         Section 3.02   INITIAL OWNERSHIP. Upon the formation of the Trust by
the contribution by the Depositor pursuant to Section 2.05 and until the
conveyance of the Loans pursuant to Section 3.01 and the issuance of the
Certificate, the Depositor shall be the sole Certificateholder.

         Section 3.03   THE CERTIFICATE. The Certificate shall be issued in a
single denomination of a 100.00% Certificate Percentage Interest.

         The Certificate shall be executed on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee and
authenticated in the manner provided in Section 3.04. If the Certificate bears
the manual or facsimile signatures of individuals who were, at the time when
such signatures shall have been affixed, authorized to sign on behalf of the
Trust, it shall be validly issued and entitled to the benefit of this Owner
Trust Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of the
Certificate or did not hold such offices at the date of authentication and
delivery of the Certificate. A Person shall become the Certificateholder and
shall be entitled to the rights and subject to the obligations of the
Certificateholder hereunder upon such Person's acceptance of the Certificate
duly registered in such Person's name, pursuant to Section 3.05.

         A transferee of the Certificate shall become the Certificateholder and
shall be entitled to the rights and subject to the obligations of the
Certificateholder hereunder upon such transferee's acceptance of the Certificate
duly registered in such transferee's name pursuant to and upon satisfaction of
the conditions set forth in Section 3.05.

         Section 3.04   AUTHENTICATION OF CERTIFICATE. Concurrently with the
acquisition of the Loans by the Trust, the Owner Trustee or the Certificate
Paying Agent shall cause the Certificate in an aggregate Certificate Percentage
Interest of 100.00% to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor, signed by its chairman
of the board, its president or any vice president, without further corporate
action by the Depositor, in the authorized denomination. The Certificate shall
not entitle its holder to any benefit under this Owner Trust Agreement or be
valid for any purpose unless there shall appear on the Certificate a certificate
of authentication substantially in the form set forth in Exhibit A, executed by
the Owner Trustee or the Certificate Paying Agent, by manual signature; such
authentication shall constitute conclusive evidence that the Certificate shall
have been duly authenticated and delivered hereunder. The Certificate shall be
dated the date of its authentication.

         Section 3.05   REGISTRATION OF AND LIMITATIONS ON TRANSFER AND EXCHANGE
OF CERTIFICATE. The Certificate Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 3.09, a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, the
Certificate Registrar shall provide for the registration of the Certificate and
of transfers and exchanges of the Certificate as herein provided. The Indenture
Trustee shall be the initial Certificate Registrar. If the Certificate Registrar
resigns or is removed, the Owner Trustee shall appoint a successor Certificate
Registrar.

         Upon surrender for registration of transfer of the Certificate at the
office or agency maintained pursuant to Section 3.09, the Owner Trustee shall
execute, authenticate and deliver (or shall cause the Certificate Registrar as
its authenticating agent to authenticate and deliver) in the name of the
designated transferee or transferees, a new Certificate in authorized
denominations of a like aggregate amount dated the date of authentication by the
Owner Trustee or any authenticating agent. At the option of the
Certificateholder, the Certificate may be exchanged for another Certificate of
authorized denominations of a like aggregate amount upon surrender of the
Certificate to be exchanged at the office or agency maintained pursuant to
Section 3.09.

         Every Certificate presented or surrendered for registration of transfer
or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Certificate Registrar duly executed by the Certificateholder
or such Certificateholder's attorney duly authorized in writing. When the
Certificate is surrendered for registration of transfer or exchange it shall be
canceled and subsequently disposed of by the Certificate Registrar in accordance
with its customary practice.

         No service charge shall be made for any registration of transfer or
exchange of any Certificate, but the Owner Trustee or 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 transfer or exchange of any
Certificate.

         Except as described below, no transfer of any Certificate or interest
therein shall be made to any Person that is not a United States Person. Each
Certificateholder shall establish its non-foreign status by submitting to the
Certificate Paying Agent an IRS Form W-9 and the Certificate of Non-Foreign
Status set forth in Exhibit F hereto.

         A Certificate may be transferred to a Certificateholder unable to
establish its non-foreign status as described in the preceding paragraph only if
such Certificateholder provides an Opinion of Counsel, which Opinion of Counsel
shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar or the Depositor, satisfactory to the Depositor, that such transfer
(1) will not affect the tax status of the Owner Trust and (2) will not adversely
affect the interests of any Certificateholder or Noteholder, including, without
limitation, as a result of the imposition of any United States federal
withholding taxes on the Trust (except to the extent that such withholding taxes
would be payable solely from amounts otherwise distributable to the Certificate
of the prospective transferee). If such transfer occurs and such foreign
Certificateholder becomes subject to such United States federal withholding
taxes, any such taxes will be withheld by the Indenture Trustee. Each
Certificateholder unable to establish its non-foreign status shall submit to the
Certificate Paying Agent a copy of its Form W-8BEN and shall resubmit such Form
W-8BEN every three years.

         No transfer, sale, pledge or other disposition of the Certificate shall
be made unless such transfer, sale, pledge or other disposition is exempt from
the registration requirements of the Securities Act and any applicable state
securities laws or is made in accordance with said Act and laws. In the event of
any such transfer, the Certificate Registrar or the Depositor shall prior to
such transfer require the transferee to execute either (i) an investment letter
in substantially the form attached hereto as Exhibit C (or in such form and
substance reasonably satisfactory to the Certificate Registrar and the
Depositor) which investment letters shall not be an expense of the Trust, the
Owner Trustee, the Certificate Registrar, the Servicer or the Depositor and
which investment letter states that, among other things, such transferee (a) is
a "qualified institutional buyer" as defined under Rule 144A, acting for its own
account or the accounts of other "qualified institutional buyers" as defined
under Rule 144A, and (b) is aware that the proposed transferor intends to rely
on the exemption from registration requirements under the Securities Act of
1933, as amended, provided by Rule 144A or (ii) (a) a written Opinion of Counsel
acceptable to and in form and substance satisfactory to the Certificate
Registrar and the Depositor that such transfer may be made pursuant to an
exemption, describing the applicable exemption and the basis therefor, from said
Act and laws or is being made pursuant to said Act and laws, which Opinion of
Counsel shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar, the Servicer or the Depositor and (b) the transferee executes a
representation letter, substantially in the form of Exhibit D hereto, and the
transferor executes a representation letter, substantially in the form of
Exhibit E hereto, each acceptable to and in form and substance satisfactory to
the Certificate Registrar and the Depositor certifying the facts surrounding
such transfer, which representation letters shall not be an expense of the
Trust, the Owner Trustee, the Certificate Registrar, the Servicer or the
Depositor.

         No transfer of the Certificate or any interest therein shall be made to
any employee benefit plan or certain other retirement plans and arrangements,
including individual retirement accounts and annuities, Keogh plans and bank
collective investment funds and insurance company general or separate accounts
in which such plans, accounts or arrangements are invested, that are subject to
ERISA, or Section 4975 of the Code (collectively, "Plan"), any Person acting,
directly or indirectly, on behalf of any such Plan or any Person acquiring the
Certificate with "plan assets" of a Plan within the meaning of the Department of
Labor regulation promulgated at 29 C.F.R. ss.2510.3-101 ("Plan Assets") unless
the Depositor, the Owner Trustee, the Certificate Registrar and the Servicer are
provided with an Opinion of Counsel which establishes to the satisfaction of the
Depositor, the Owner Trustee, the Certificate Registrar and the Servicer that
the purchase of the Certificate is permissible under applicable law, will not
constitute or result in any prohibited transaction under ERISA or Section 4975
of the Code and will not subject the Depositor, the Owner Trustee, the
Certificate Registrar or the Servicer to any obligation or liability (including
obligations or liabilities under ERISA or Section 4975 of the Code) in addition
to those undertaken in this Owner Trust Agreement, which Opinion of Counsel
shall not be an expense of the Depositor, the Owner Trustee, the Certificate
Registrar or the Servicer. In lieu of such Opinion of Counsel, a Plan, any
Person acting, directly or indirectly, on behalf of any such Plan or any Person
acquiring the Certificate with Plan Assets of a Plan may provide a certification
in the form of Exhibit F to this Agreement, which the Depositor, the Owner
Trustee, the Certificate Registrar and the Servicer may rely upon without
further inquiry or investigation. Neither an Opinion of Counsel nor a
certification will be required in connection with the initial transfer of the
Certificate by the Depositor to [Name of Sponsor] shall have deemed to have
represented that such affiliate is not a Plan or a Person investing Plan Assets
of any Plan) and the Owner Trustee shall be entitled to conclusively rely upon a
representation (which, upon the request of the Owner Trustee, shall be a written
representation) from the Depositor of the status of such transferee as an
affiliate of the Depositor.

         In addition, no transfer of the Certificate shall be permitted, and no
such transfer shall be registered by the Certificate Registrar or be effective
hereunder, if such transfer or the registration of such transfer would cause the
Trust to be classified as a publicly traded partnership, taxable as a
corporation for federal income tax purposes by causing the Trust to have more
than 100 Certificateholders at any time during the taxable year of the Trust.

         In addition, no transfer, sale, assignment, pledge or other disposition
of the Certificate (other than the initial transfer by the Depositor to [Name of
Sponsor]) shall be made unless the proposed transferee certifies, in form and
substance reasonably satisfactory to the Certificate Registrar and the Depositor
that (1) the transferee is acquiring the Certificate for its own behalf and is
not acting as agent or custodian for any other person or entity in connection
with such acquisition and (2) the transferee is not a partnership, grantor trust
or S corporation for federal income tax purposes.

         Section 3.06   MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If
(a) any mutilated Certificate shall be surrendered to the Certificate Registrar,
or if the Certificate Registrar shall receive evidence to its satisfaction of
the destruction, loss or theft of any Certificate and (b) there shall be
delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them and the Trust from
harm, then in the absence of notice to the Certificate Registrar or the Owner
Trustee that such Certificate has been acquired by a bona fide purchaser, the
Owner Trustee shall execute on behalf of the Trust and the Owner Trustee or the
Certificate Paying Agent, as the Trust's 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
denomination. In connection with the issuance of any new Certificate under this
Section 3.06, the Owner Trustee or the Certificate Registrar may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith. Any duplicate Certificate issued
pursuant to this Section 3.06 shall constitute conclusive evidence of ownership
in the Trust, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.

         Section 3.07   PERSONS DEEMED CERTIFICATEHOLDERS. Prior to due
presentation of the Certificate for registration of transfer, the Owner Trustee,
the Certificate Registrar or any Certificate Paying Agent may treat the Person
in whose name any Certificate is registered in the Certificate Register as the
owner of such Certificate for the purpose of receiving distributions pursuant to
Section 5.02 and for all other purposes whatsoever, and none of the Trust, the
Owner Trustee, the Certificate Registrar or any Certificate Paying Agent shall
be bound by any notice to the contrary.

         Section 3.08   ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND
ADDRESSES. The Certificate Registrar shall furnish or cause to be furnished to
the Depositor or the Owner Trustee, within 15 days after receipt by the
Certificate Registrar of a written request therefor from the Depositor or the
Owner Trustee, a list, in such form as the Depositor or the Owner Trustee, as
the case may be, may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. Each Holder, by receiving
and holding the Certificate, shall be deemed to have agreed not to hold any of
the Trust, the Depositor, the Certificate Registrar or the Owner Trustee
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived.

         Section 3.09   MAINTENANCE OF OFFICE OR AGENCY. The Owner Trustee on
behalf of the Trust, shall maintain in the City of New York an office or offices
or agency or agencies where the Certificate may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Owner
Trustee in respect of the Certificate and the Basic Documents may be served. The
Owner Trustee initially designates the Corporate Trust Office of the Indenture
Trustee as its office for such purposes. The Owner Trustee shall give prompt
written notice to the Depositor and the Certificateholder of any change in the
location of the Certificate Register or any such office or agency.

         Section 3.10   CERTIFICATE PAYING AGENT. (a) The Certificate Paying
Agent shall make distributions to the Certificateholder from the Certificate
Distribution Account on behalf of the Trust in accordance with the provisions of
the Certificate and Section 5.01 hereof from payments remitted to the
Certificate Paying Agent by the Indenture Trustee pursuant to Section 3.05 of
the Indenture. The Trust hereby appoints the Indenture Trustee as Certificate
Paying Agent and the Indenture Trustee hereby accepts such appointment and
further agrees that it will be bound by the provisions of this Owner Trust
Agreement relating to the Certificate Paying Agent and shall:

                  (i) hold all sums held by it for the payment of amounts due
         with respect to the Certificate in trust for the benefit of the Persons
         entitled thereto until such sums shall be paid to such Persons or
         otherwise disposed of as herein provided;

                  (ii) give the Owner Trustee notice of any default by the Trust
         of which it has actual knowledge in the making of any payment required
         to be made with respect to the Certificate;

                  (iii) at any time during the continuance of any such default,
         upon the written request of the Owner Trustee forthwith pay to the
         Owner Trustee on behalf of the Trust all sums so held in Trust by such
         Certificate Paying Agent;

                  (iv) immediately resign as Certificate Paying Agent and
         forthwith pay to the Owner Trustee on behalf of the Trust all sums held
         by it in trust for the payment of the Certificate if at any time it
         ceases to meet the standards required to be met by the Certificate
         Paying Agent at the time of its appointment;

                  (v) comply with all requirements of the Code with respect to
         the withholding from any payments made by it on the Certificate of any
         applicable withholding taxes imposed thereon and with respect to any
         applicable reporting requirements in connection therewith; and

                  (vi) deliver to the Owner Trustee a copy of the report to
         Certificateholders prepared with respect to each Payment Date by the
         Servicer pursuant to Section 4.01 of the Servicing Agreement.

         (b) The Trust may revoke such power and remove the Certificate Paying
Agent if the Owner Trustee determines in its sole discretion that the
Certificate Paying Agent shall have failed to perform its obligations under this
Owner Trust Agreement in any material respect. The Indenture Trustee shall be
permitted to resign as Certificate Paying Agent upon 30 days written notice to
the Owner Trustee; provided the Indenture Trustee is also resigning as Paying
Agent under the Indenture at such time. In the event that the Indenture Trustee
shall no longer be the Certificate Paying Agent under this Owner Trust Agreement
and Paying Agent under the Indenture, the Owner Trustee shall appoint a
successor to act as Certificate Paying Agent (which shall be a bank or trust
company) and which shall also be the successor Paying Agent under the Indenture.
The Owner Trustee shall cause such successor Certificate Paying Agent or any
additional Certificate Paying Agent appointed by the Owner Trustee to execute
and deliver to the Owner Trustee an instrument to the effect set forth in this
Section 3.10 as it relates to the Certificate Paying Agent. The Certificate
Paying Agent shall return all unclaimed funds to the Trust and upon removal of a
Certificate Paying Agent such Certificate Paying Agent shall also return all
funds in its possession to the Trust. The provisions of Sections 6.01, 6.03,
6.04 and 7.01 shall apply to the Certificate Paying Agent to the extent
applicable. Any reference in this Agreement to the Certificate Paying Agent
shall include any co-paying agent unless the context requires otherwise.

         (c) The Certificate Paying Agent shall establish and maintain with
itself the Certificate Distribution Account in which the Certificate Paying
Agent shall deposit, on the same day as it is received from the Indenture
Trustee, each remittance received by the Certificate Paying Agent with respect
to payments made pursuant to the Indenture. The Certificate Paying Agent shall
make all distributions on the Certificate from moneys on deposit in the
Certificate Distribution Account.

                                   ARTICLE IV

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         Section 4.01   GENERAL AUTHORITY. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be
a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party and any
amendment or other agreement or instrument described herein, in each case, in
such form as the Owner Trustee shall approve, as evidenced conclusively by the
Owner Trustee's execution thereof.

         Section 4.02   GENERAL DUTIES. The Owner Trustee shall be responsible
to administer the Trust pursuant to the terms of this Owner Trust Agreement and
in the interest of the Certificateholders, subject to the Basic Documents and in
accordance with the provisions of this Owner Trust Agreement. Notwithstanding
the foregoing, the Owner Trustee shall be deemed to have discharged its duties
under this Agreement and the other Basic Documents to the extent that the
Sponsor or the Administrator shall have agreed in the Administration Agreement
to perform the duties of the Owner Trustee or the Trust, and the Owner Trustee
shall not be responsible for monitoring the performance of such duties by the
Sponsor or the Administrator nor shall the Owner Trustee be liable for the acts
or omissions of the Sponsor or the Administrator. In no event shall the Owner
Trustee be obligated to assume the duties of the Sponsor or Administrator in the
event of the Sponsor's or Administrator's resignation, removal, insolvency or
other incapacity.

         Section 4.03   ACTION UPON INSTRUCTION. (a) Subject to this Article IV
and in accordance with the terms of the Basic Documents, the Certificateholders
may by written instruction direct the Owner Trustee in the management of the
Trust. Such direction may be exercised at any time by written instruction of the
Certificateholders pursuant to this Article IV.

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

         (c) Whenever the Owner Trustee is required to decide or is unable to
decide between alternative courses of action permitted or required by the terms
of this Owner Trust Agreement or under any Basic Document, or in the event that
the Owner Trustee is unsure as to the application of any provision of this Owner
Trust Agreement or any Basic Document or any such provision is ambiguous as to
its application, or is, or appears to be, in conflict with any other applicable
provision, or in the event that this Owner Trust Agreement permits any
determination by the Owner Trustee or is silent or is incomplete as to the
course of action that the Owner Trustee is required to take with respect to a
particular set of facts, the Owner Trustee shall promptly give notice (in such
form as shall be appropriate under the circumstances) to the Certificateholders
requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written
instructions received from the Holder of the Certificate, the Owner Trustee
shall not be liable on account of such action to any Person. If the Owner
Trustee shall not have received appropriate instruction within 10 days of such
notice (or within such shorter period of time as reasonably may be specified in
such notice or may be necessary under the circumstances) it may, but shall be
under no duty to, take or refrain from taking such action not inconsistent with
this Owner Trust Agreement or the Basic Documents, as it shall deem to be in the
best interests of the Certificateholders, and the Owner Trustee shall have no
liability to any Person for such action or inaction.

         Section 4.04   NO DUTIES EXCEPT AS SPECIFIED UNDER SPECIFIED DOCUMENTS
OR IN INSTRUCTIONS. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly required by this
Owner Trust Agreement and (ii) in accordance with any instruction delivered to
the Owner Trustee pursuant to Section 4.03; and no implied duties or obligations
shall be read into this Owner Trust Agreement or any Basic Document against the
Owner Trustee. The Owner Trustee shall have no responsibility to prepare or file
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 prepare or file any Securities and Exchange
Commission filing for the Trust or to record this Owner Trust Agreement or any
Basic Document. The Owner Trustee nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge any
liens on any part of the Owner Trust Estate that result from actions by, or
claims against, the Owner Trustee in its individual capacity that are not
related to the ownership or the administration of the Owner Trust Estate.

         Section 4.05   RESTRICTIONS. (a) The Owner Trustee shall not take any
action (x) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (y) that, to the actual knowledge of the Owner Trustee, would
result in the Trust becoming taxable as a corporation for federal income tax
purposes. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 4.05.

         (b) The Owner Trustee shall not convey or transfer any of the Trust's
properties or assets, including those included in the Trust Estate, to any
person unless (a) it shall have received an Opinion of Counsel to the effect
that such transaction will not have any material adverse tax consequence to the
Trust or any Certificateholder and (b) such conveyance or transfer shall not
violate the provisions of Section 3.16(b) of the Indenture.

         Section 4.06   PRIOR NOTICE TO THE CERTIFICATEHOLDER WITH RESPECT TO
CERTAIN MATTERS. With respect to the following matters, the Owner Trustee shall
not take action unless at least 30 days before the taking of such action, the
Owner Trustee shall have notified the Certificateholder of the proposed action
and the Holder of the Certificate shall not have notified the Owner Trustee in
writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

         (a) the initiation of any claim or lawsuit by the Trust and the
compromise of any action, claim or lawsuit brought by or against the Trust;

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

         (c) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

         (d) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholders;
and

         (e) the appointment pursuant to the Indenture of a successor Note
Registrar, Paying Agent or Indenture Trustee or pursuant to this Owner Trust
Agreement of a successor Certificate Registrar or Certificate Paying Agent or
the consent to the assignment by the Note Registrar, Paying Agent, Indenture
Trustee, Certificate Registrar or Certificate Paying Agent of its obligations
under the Indenture or this Owner Trust Agreement, as applicable.

         Section 4.07   ACTION BY CERTIFICATEHOLDER WITH RESPECT TO CERTAIN
Matters. The Owner Trustee shall not have the power, except upon the direction
of the Certificateholder, to (a) remove the Servicer under the Servicing
Agreement pursuant to Sections 7.01 and 8.05 thereof or (b) except as expressly
provided in the Basic Documents, sell the Loans after the termination of the
Indenture. The Owner Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Certificateholder.

         Section 4.08   ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO BANKRUPTCY.
The Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the unanimous prior approval of all
Certificateholders and the delivery to the Owner Trustee by each such
Certificateholder of a certificate certifying that such Certificateholder
reasonably believes that the Trust is insolvent.

         Section 4.09   RESTRICTIONS ON CERTIFICATEHOLDERS' POWER. The
Certificateholder shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Owner Trust Agreement or any of the
Basic Documents or would be contrary to Section 2.03, nor shall the Owner
Trustee be obligated to follow any such direction, if given.

         Section 4.10   DOING BUSINESS IN OTHER JURISDICTIONS. Notwithstanding
anything contained herein to the contrary, neither [Name of Owner Trustee] nor
the Owner Trustee shall be required to take any action in any jurisdiction other
than in the State of Delaware if the taking of such action will, even after the
appointment of a co-trustee or separate trustee in accordance with Section 9.05
hereof, (i) require the consent or approval or authorization or order of or the
giving of notice to, or the registration with or the taking of any other action
in respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware; (ii) result in any fee, tax or
other governmental charge under the laws of the State of Delaware becoming
payable by [Name of Owner Trustee], or (iii) subject [Name of Owner Trustee] to
personal jurisdiction in any jurisdiction other than the State of Delaware for
causes of action arising from acts unrelated to the consummation of the
transactions by [Name of Owner Trustee] or the Owner Trustee, as the case may
be, contemplated hereby.

                                   ARTICLE V

                           APPLICATION OF TRUST FUNDS

         Section 5.01   DISTRIBUTIONS. (a) On each Payment Date, the Certificate
Paying Agent shall distribute to the Certificateholder all funds on deposit in
the Certificate Distribution Account and available therefor (as provided in
Section 3.05 of the Indenture), as the Certificate Distribution Amount for such
Payment Date.

         (b) In the event that any withholding tax is imposed on the
distributions (or allocations of income) to the Certificateholder, such tax
shall reduce the amount otherwise distributable to the Certificateholder in
accordance with this Section 5.01. The Certificate Paying Agent is hereby
authorized and directed to retain or cause to be retained from amounts otherwise
distributable to the Certificateholder sufficient funds for the payment of any
tax that is legally owed by the Trust (but such authorization shall not prevent
the Owner Trustee from contesting any such tax in appropriate proceedings, and
withholding payment of such tax, if permitted by law, pending the outcome of
such proceedings). The amount of any withholding tax imposed with respect to the
Certificateholder shall be treated as cash distributed to such Certificateholder
at the time it is withheld by the Certificate Paying Agent. The amount of any
such withholding tax shall be remitted by the Certificate Paying Agent, as
required, to the appropriate taxing authority. If there is a possibility that
withholding tax is payable with respect to a distribution (such as a
distribution to a non-U.S. Certificateholder), the Certificate Paying Agent may
in its sole discretion withhold such amounts in accordance with this paragraph
(b).

         (c) Distributions to any Certificateholders shall be subordinated to
the creditors of the Trust, including the Noteholders.

         (d) Allocations of profits and losses, as determined for federal income
tax purposes, shall be made to the Certificateholders on a pro rata basis based
on the Certificate Percentage Interests thereof.

         Section 5.02   METHOD OF PAYMENT. Subject to Section 8.01(c),
distributions required to be made to the Certificateholder on any Payment Date
as provided in Section 5.01 shall be made to the Certificateholder of record on
the preceding Record Date either by, in the case of any Certificateholder owning
Certificates, having denominations aggregating at least $1,000,000, wire
transfer, in immediately available funds, to the account of such Holder at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided to the Certificate Registrar appropriate
written instructions at least five Business Days prior to such Payment Date or,
if not, by check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register.

         Section 5.03   SIGNATURE ON RETURNS. The Administrator shall sign on
behalf of the Trust the tax returns of the Trust.

         Section 5.04   STATEMENTS TO CERTIFICATEHOLDERS. On each Payment Date,
the Certificate Paying Agent shall send to the Certificateholder the statement
or statements provided to the Owner Trustee and the Certificate Paying Agent by
the Servicer pursuant to Section 4.01 of the Servicing Agreement with respect to
such Payment Date.

         Section 5.05   TAX ELECTIONS. The Certificateholder agrees by its
purchase of the Certificate to treat the Trust as a domestic eligible entity
with a single owner electing to be disregarded as a separate entity for purposes
of federal and state income tax, franchise tax and any other tax measured in
whole or in part by income, with the Notes being debt of the Trust, as further
set forth in Section 2.06.

                                   ARTICLE VI

                          CONCERNING THE OWNER TRUSTEE

         Section 6.01   ACCEPTANCE OF TRUSTS AND DUTIES. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Owner Trust
Agreement. The Owner Trustee and the Certificate Paying Agent also agree to
disburse all moneys actually received by it constituting part of the Owner Trust
Estate upon the terms of the Basic Documents and this Owner Trust Agreement. The
Owner Trustee shall not be answerable or accountable hereunder or under any
Basic Document under any circumstances, except (i) for its own willful
misconduct, gross negligence or bad faith or (ii) in the case of the inaccuracy
of any representation or warranty contained in Section 6.03 expressly made by
the Owner Trustee. In particular, but not by way of limitation (and subject to
the exceptions set forth in the preceding sentence):

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

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

         (c) The Owner Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Owner Trust Agreement or for the due execution
hereof by the Depositor or for the form, character, genuineness, sufficiency,
value or validity of any of the Owner Trust Estate, or for or in respect of the
validity or sufficiency of the Basic Documents, the Notes, the Certificate,
other than the certificate of authentication on the Certificate, if executed by
the Owner Trustee and the Owner Trustee shall in no event assume or incur any
liability, duty, or obligation to any Noteholder or to the Certificateholder,
other than as expressly provided for herein or expressly agreed to in the Basic
Documents;

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

         (e) The Owner Trustee shall not be liable for the default or misconduct
of the Depositor, Indenture Trustee or the Servicer under any of the Basic
Documents or otherwise and the Owner Trustee shall have no obligation or
liability to perform the obligations of the Trust under this Owner Trust
Agreement or the Basic Documents that are required to be performed by the
Indenture Trustee under the Indenture, the Sponsor under the Loan Purchase
Agreement, the Servicer under the Servicing Agreement or the Sponsor or the
Administrator under the Administration Agreement; and

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

         Section 6.02   FURNISHING OF DOCUMENTS. The Owner Trustee shall furnish
to the Securityholders promptly upon receipt of a written reasonable request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Trust under the Basic Documents.

         Section 6.03   REPRESENTATIONS AND WARRANTIES. The Owner Trustee hereby
represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

         (a) It is a national banking association duly organized and validly
existing in good standing under the laws of the United States of America. It has
all requisite corporate power and authority to execute, deliver and perform its
obligations under this Owner Trust Agreement;

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

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

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

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

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

         Section 6.04   RELIANCE; ADVICE OF COUNSEL. (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, or
other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties. The Owner Trustee may accept a certified
copy of a resolution of the board of directors or other governing body of any
corporate party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of determination of which is not specifically
prescribed herein, the Owner Trustee may for all purposes hereof rely on a
certificate, signed by the president or any vice president or by the treasurer
or other authorized officers of the relevant party, as to such fact or matter
and such certificate shall constitute full protection to the Owner Trustee for
any action taken or omitted to be taken by it in good faith in reliance thereon.

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

         Section 6.05   NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided in
this Article VI, in accepting the trusts hereby created [Name of Owner Trustee]
acts solely as Owner Trustee hereunder and not in its individual capacity, and
all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Owner Trust Agreement or any Basic Document
shall look only to the Owner Trust Estate for payment or satisfaction thereof.

         Section 6.06   OWNER TRUSTEE NOT LIABLE FOR CERTIFICATES OR RELATED
DOCUMENTS. The recitals contained herein and in the Certificate (other than the
signatures of the Owner Trustee on the Certificate) shall be taken as the
statements of the Depositor, and the Owner Trustee assumes no responsibility for
the correctness thereof. The Owner Trustee makes no representations as to the
validity or sufficiency of this Owner Trust Agreement, of any Basic Document or
of the Certificate (other than the signatures of the Owner Trustee on the
Certificate) or the Notes, or of any Related Documents. The Owner Trustee shall
at no time have any responsibility or liability with respect to the sufficiency
of the Owner Trust Estate or its ability to generate the payments to be
distributed to the Certificateholder under this Owner Trust Agreement or the
Noteholders under the Indenture, including, the compliance by the Depositor or
the Sponsor with any warranty or representation made under any Basic Document or
in any related document or the accuracy of any such warranty or representation,
or any action of the Certificate Paying Agent, the Certificate Registrar or the
Indenture Trustee taken in the name of the Owner Trustee.

         Section 6.07   OWNER TRUSTEE MAY OWN CERTIFICATES AND NOTES. The Owner
Trustee in its individual or any other capacity may become the owner or pledgee
of Certificates or Notes and may deal with the Depositor, the Sponsor, the
Certificate Paying Agent, the Certificate Registrar and the Indenture Trustee in
transactions with the same rights as it would have if it were not Owner Trustee.

                                  ARTICLE VII

                          COMPENSATION OF OWNER TRUSTEE

         Section 7.01   OWNER TRUSTEE'S FEES AND EXPENSES. The Owner Trustee
shall receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof (the "Owner Trustee Fee") from the
Sponsor, and the Owner Trustee shall be reimbursed for its reasonable expenses
hereunder and under the Basic Documents, including the reasonable compensation,
expenses and disbursements of such agents, representatives, experts and counsel
as the Owner Trustee may reasonably employ in connection with the exercise and
performance of its rights and its duties hereunder and under the Basic Documents
which shall be payable by the Sponsor.

         Section 7.02   INDEMNIFICATION. The Sponsor, the Depositor and the
Trust (on a joint and several basis) shall indemnify, defend and hold harmless
the Owner Trustee, both as Owner Trustee and in its individual capacity, and its
successors, assigns, agents and servants (collectively, the "Indemnified
Parties") from and against, any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, and any and all reasonable costs,
expenses and disbursements (including reasonable legal fees and expenses) of any
kind and nature whatsoever (collectively, "Expenses") which may at any time be
imposed on, incurred by, or asserted against the Owner Trustee or any
Indemnified Party in any way relating to or arising out of this Owner Trust
Agreement, the Basic Documents, the Owner Trust Estate, the administration of
the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder,
provided, that:

                  (i) the Sponsor shall not be liable for or required to
         indemnify an Indemnified Party from and against Expenses arising or
         resulting from the Owner Trustee's willful misconduct, gross negligence
         or bad faith or as a result of any inaccuracy of a representation or
         warranty contained in Section 6.03 expressly made by the Owner Trustee;

                  (ii) with respect to any such claim, the Indemnified Party
         shall have given the Sponsor written notice thereof promptly after the
         Indemnified Party shall have actual knowledge thereof;

                  (iii) while maintaining control over its own defense, the
         Sponsor shall consult with the Indemnified Party in preparing such
         defense; and

                  (iv) notwithstanding anything in this Agreement to the
         contrary, the Sponsor shall not be liable for settlement of any claim
         by an Indemnified Party entered into without the prior consent of the
         Sponsor which consent shall not be unreasonably withheld.

         The indemnities contained in this Section shall survive the resignation
or removal of the Owner Trustee or the termination of this Owner Trust
Agreement. In the event of any claim, action or proceeding for which indemnity
will be sought pursuant to this Section 7.02, the Owner Trustee's choice of
legal counsel, if other than the legal counsel retained by the Owner Trustee in
connection with the execution and delivery of this Owner Trust Agreement, shall
be subject to the approval of the Servicer, which approval shall not be
unreasonably withheld. In addition, upon written notice to the Owner Trustee and
with the consent of the Owner Trustee which consent shall not be unreasonably
withheld, the Servicer has the right to assume the defense of any claim, action
or proceeding against the Owner Trustee.

                                  ARTICLE VIII

                      TERMINATION OF OWNER TRUST AGREEMENT

         Section 8.01   TERMINATION OF OWNER TRUST AGREEMENT. (a) The Trust
shall dissolve upon the earlier of (i) the final distribution of all moneys or
other property or proceeds of the Owner Trust Estate in accordance with the
terms of the Indenture and this Owner Trust Agreement or (ii) the Final Maturity
Date. The bankruptcy, liquidation, dissolution, death or incapacity of the
Certificateholder shall not (x) operate to terminate this Owner Trust Agreement
or the Trust or (y) entitle such Certificateholder's legal representatives or
heirs to claim an accounting or to take any action or proceeding in any court
for a partition or winding up of all or any part of the Trust or the Owner Trust
Estate or (z) otherwise affect the rights, obligations and liabilities of the
parties hereto.

         (b) Except as provided in Section 8.01(a), neither the Depositor nor
the Certificateholder shall be entitled to revoke or terminate the Trust.

         (c) Notice of any dissolution of the Trust, specifying the Payment Date
upon which the Certificateholder shall surrender its Certificate to the
Certificate Paying Agent for payment of the final distribution and cancellation,
shall be given by the Certificate Paying Agent by letter to the
Certificateholder mailed within five Business Days of receipt of notice of such
dissolution from the Owner Trustee, stating (i) the Payment Date upon or with
respect to which final payment of the Certificate shall be made upon
presentation and surrender of the Certificate at the office of the Certificate
Paying Agent therein designated, (ii) the amount of any such final payment and
(iii) that the Record Date otherwise applicable to such Payment Date is not
applicable, payments being made only upon presentation and surrender of the
Certificate at the office of the Certificate Payment Agent therein specified.
The Certificate Paying Agent shall give such notice to the Owner Trustee and the
Certificate Registrar at the time such notice is given to Certificateholders.
Upon presentation and surrender of the Certificate, the Certificate Paying Agent
shall cause to be distributed to the Certificateholder amounts distributable on
such Payment Date pursuant to Section 5.01.

         In the event that the Certificateholder shall not surrender its
Certificate for cancellation within six months after the date specified in the
above mentioned written notice, the Certificate Paying Agent shall give a second
written notice to the Certificateholder to surrender the Certificate for
cancellation and receive the final distribution with respect thereto. Subject to
applicable laws with respect to escheat of funds, if within one year following
the Payment Date on which final payment of the Certificate was to have been made
pursuant to Section 3.10, the Certificate shall not have been surrendered for
cancellation, the Certificate Paying Agent may take appropriate steps, or may
appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets that shall remain
subject to this Owner Trust Agreement. Any funds remaining in the Certificate
Distribution Account after exhaustion of such remedies shall be distributed by
the Certificate Paying Agent to the Servicer.

         (d) Upon the completion of the winding up of the Trust and notification
to the Owner Trustee from the Servicer, who shall be responsible for liquidating
the Trust, as to the satisfaction of the obligations of the Trust, the Owner
Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810(c) of the Statutory Trust Statute, upon which filing
the Trust shall terminate.

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         Section 9.01   ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust
powers; having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authorities; and
having (or having a parent that has) long term debt obligations with a rating of
at least A (or the equivalent) by Standard & Poor's and/or Moody's. If such
corporation shall publish reports of condition at least annually pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then
for the purpose of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. In case at any time the
Owner Trustee shall cease to be eligible in accordance with the provisions of
this Section 9.01, the Owner Trustee shall resign immediately in the manner and
with the effect specified in Section 9.02.

         Section 9.02   REPLACEMENT OF OWNER TRUSTEE. The Owner Trustee may at
any time resign and be discharged from the trusts hereby created by giving 30
days prior written notice thereof to the Depositor and the Indenture Trustee.
Upon receiving such notice of resignation, the Indenture Trustee shall promptly
appoint a successor Owner Trustee, by written instrument, in duplicate, one copy
of which instrument shall be delivered to the resigning Owner Trustee and to the
successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Owner Trustee may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee.

         If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 9.01 and shall fail to resign after
written request therefor by the Indenture Trustee, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Indenture Trustee remove the Owner
Trustee. If the Indenture Trustee shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Indenture Trustee shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee so
removed and one copy to the successor Owner Trustee, and shall pay all fees owed
to the outgoing Owner Trustee.

         Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 9.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee.

         Section 9.03   SUCCESSOR OWNER TRUSTEE. Any successor Owner Trustee
appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the
Indenture Trustee and to its predecessor Owner Trustee an instrument accepting
such appointment under this Owner Trust Agreement, and thereupon the resignation
or removal of the predecessor Owner Trustee shall become effective, and such
successor Owner Trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and obligations of its
predecessor under this Owner Trust Agreement, with like effect as if originally
named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its
fees and expenses deliver to the successor Owner Trustee all documents and
statements and monies held by it under this Owner Trust Agreement; and the
predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and
obligations.

         No successor Owner Trustee shall accept appointment as provided in this
Section 9.03 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

         Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 9.03, the Indenture Trustee shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating
Agencies. If the Indenture Trustee shall fail to mail such notice within 10 days
after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Indenture Trustee.

         Section 9.04   MERGER OR CONSOLIDATION OF OWNER TRUSTEE. Any Person
into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
the execution or filing of any instrument or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such Person shall be eligible pursuant to Section 9.01 and,
provided, further, that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

         Section 9.05   APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Owner Trust Agreement, at any time,
for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Owner Trust Estate may at the time be located, the Owner Trustee
shall have the power and shall execute and deliver all instruments to appoint
one or more Persons to act as co-trustee, jointly with the Owner Trustee, or as
separate trustee or trustees, of all or any part of the Owner Trust Estate, and
to vest in such Person, in such capacity, such title to the Trust or any part
thereof and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Owner Trustee may consider
necessary or desirable. No co-trustee or separate trustee under this Owner Trust
Agreement shall be required to meet the terms of eligibility as a successor
Owner Trustee pursuant to Section 9.01 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 9.03.

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

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

         (b) No trustee under this Owner Trust Agreement shall be personally
liable by reason of any act or omission of any other trustee under this Owner
Trust Agreement; and

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

         Any notice, request or other writing given to the Owner 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 or co-trustee shall refer to this Owner Trust
Agreement and the conditions of this Article. 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 Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Owner Trust Agreement, specifically
including every provision of this Owner Trust Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Owner Trustee.
Each such instrument shall be filed with the Owner Trustee.

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

                                    ARTICLE X

                                  MISCELLANEOUS

         Section 10.01  AMENDMENTS. (a) This Owner Trust Agreement may be
amended from time to time by the parties hereto as specified in this Section
10.01, provided that any amendment, except as provided in subparagraph (e)
below, be accompanied by an Opinion of Counsel, to the Owner Trustee to the
effect that such amendment (i) complies with the provisions of this Section and
(ii) will not cause the Trust to be subject to an entity level tax.

         (b) If the purpose of the amendment (as detailed therein) is to correct
any mistake, eliminate any inconsistency, cure any ambiguity or deal with any
matter not covered (i.e. to give effect to the intent of the parties), it shall
not be necessary to obtain the consent of any Holders, but the Owner Trustee
shall be furnished with (A) a letter from the Rating Agencies that the amendment
will not result in the downgrading or withdrawal of the rating then assigned to
any of the Notes and (B) an Opinion of Counsel to the effect that such action
will not adversely affect in any material respect the interests of any Holders
shall be obtained.

         (c) If the purpose of the amendment is to prevent the imposition of any
federal or state taxes at any time that any Security is outstanding (i.e.
technical in nature), it shall not be necessary to obtain the consent of any
Holder, but the Owner Trustee shall be furnished with an Opinion of Counsel that
such amendment is necessary or helpful to prevent the imposition of such taxes
and is not materially adverse to any Holder shall be obtained.

         (d) If the purpose of the amendment is to add or eliminate or change
any provision of the Owner Trust Agreement other than as contemplated in (b) and
(c) above, the amendment shall require (A) an Opinion of Counsel to the effect
that such action will not adversely affect in any material respect the interests
of the Holder and (B) either (a) a letter from the Rating Agencies that the
amendment will not result in the downgrading or withdrawal of the rating then
assigned to any of the Notes or (b) the consent of the Holder of the Certificate
and the Indenture Trustee; provided, however, that no such amendment shall
reduce in any manner the amount of, or delay the timing of, payments received
that are required to be distributed on the Certificate without the consent of
the Certificateholder.

         (e) If the purpose of the amendment is to provide for the holding of
the Certificate in book-entry form, it shall require the consent of the Holder;
provided, that the Opinion of Counsel specified in subparagraph (a) above shall
not be required.

         (f) If the purpose of the amendment is to provide for the issuance of
additional certificates representing an interest in the Trust, it shall not be
necessary to obtain the consent of any Holder, but the Owner Trustee shall be
furnished with (A) an Opinion of Counsel to the effect that such action will not
adversely affect in any material respect the interests of any Holders and (B) a
letter from the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to of the Notes.

         (g) Promptly after the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such
amendment or consent to the Certificateholder, the Indenture Trustee and each of
the Rating Agencies. It shall not be necessary for the consent of
Certificateholders or the Indenture Trustee pursuant to this Section 10.01 to
approve the particular form of any proposed amendment or consent, but it shall
be sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents (and any other consents of Certificateholders provided
for in this Owner Trust Agreement or in any other Basic Document) and of
evidencing the authorization of the execution thereof by Certificateholders
shall be subject to such reasonable requirements as the Owner Trustee may
prescribe.

         (h) In connection with the execution of any amendment to any agreement
to which the Trust is a party, other than this Owner Trust Agreement, the Owner
Trustee shall be entitled to receive and conclusively rely upon an Opinion of
Counsel to the effect that such amendment is authorized or permitted by the
documents subject to such amendment and that all conditions precedent in the
Basic Documents for the execution and delivery thereof by the Trust or the Owner
Trustee, as the case may be, have been satisfied.

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

         Section 10.02  NO LEGAL TITLE TO OWNER TRUST ESTATE. The
Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders shall be entitled to receive distributions with
respect to their undivided beneficial interest therein only in accordance with
Articles V and VII. No transfer, by operation of law or otherwise, of any right,
title or interest of the Certificateholders to and in their ownership interest
in the Owner Trust Estate shall operate to terminate this Owner Trust Agreement
or the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Owner Trust Estate.

         Section 10.03  LIMITATIONS ON RIGHTS OF OTHERS. The provisions of this
Owner Trust Agreement are solely for the benefit of the Owner Trustee, the
Depositor, the Certificateholders, and, to the extent expressly provided herein,
the Indenture Trustee and the Noteholders, and nothing in this Owner Trust
Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Owner Trust Estate
or under or in respect of this Owner Trust Agreement or any covenants,
conditions or provisions contained herein.

         Section 10.04  NOTICES. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt, if to the Owner Trustee, addressed to [Name of Owner
Trustee], ________________________________, Attention: ___________________; if
to the Depositor, addressed to Nomura Asset Acceptance Corporation,
___________________________________; if to the Rating Agencies, addressed to
Moody's Investors Service, Inc., 99 Church Street, 4th Floor, New York, New York
10001 and to Standard & Poor's, a division of The McGraw-Hill Companies, Inc.,
55 Water Street, New York, NY 10041; or, as to each party, at such other address
as shall be designated by such party in a written notice to each other party.

         (b) Any notice required or permitted to be given to the
Certificateholder 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 Owner Trust Agreement shall be
conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.

         (c) A copy of any notice delivered to the Owner Trustee or the Trust
shall also be delivered to the Depositor.

         Section 10.05  SEVERABILITY. Any provision of this Owner Trust
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

         Section 10.06  SEPARATE COUNTERPARTS. This Owner Trust Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

         Section 10.07  SUCCESSORS AND ASSIGNS. All representations, warranties,
covenants and agreements contained herein shall be binding upon, and inure to
the benefit of, each of the Depositor, the Owner Trustee and its successors and
the Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument or
action by the Certificateholder shall bind the successors and assigns of the
Certificateholder.

         Section 10.08  NO PETITION. The Owner Trustee, by entering into this
Owner Trust Agreement and the Certificateholder, by accepting the Certificate,
hereby covenant and agree that they will not, prior to the day that is one year
and one day after the date this Agreement terminates, institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust of, any bankruptcy proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations to the Certificate,
the Notes, this Owner Trust Agreement or any of the Basic Documents.

         Section 10.09  NO RECOURSE. The Certificateholder by accepting the
Certificate acknowledges that the Certificate represents beneficial interests in
the Trust only and does not represent interests in or obligations of the
Depositor, the Sponsor, the Owner Trustee, the Indenture Trustee or any
Affiliate thereof and no recourse may be had against such parties or their
assets, except as may be expressly set forth or contemplated in this Owner Trust
Agreement, the Certificate or the Basic Documents.

         Section 10.10  HEADINGS. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         Section 10.11  GOVERNING LAW. THIS OWNER TRUST AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

         Section 10.12  INTEGRATION. This Owner Trust Agreement constitutes the
entire agreement among the parties hereto pertaining to the subject matter
hereof and supersedes all prior agreements and understanding pertaining thereto.

<PAGE>

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

                                          NOMURA ASSET ACCEPTANCE CORPORATION

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

                                          [NAME  OF OWNER  TRUSTEE],  as Owner
                                          Trustee,

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

Acknowledged and Agreed:

[Name of Indenture Trustee]
Indenture Trustee, as Certificate
Registrar and Certificate
Paying Agent

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

[Name of Sponsor]
as Sponsor

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

<PAGE>

                                    EXHIBIT A

                               FORM OF CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES AS DESCRIBED
IN THE AGREEMENT (AS DEFINED HEREIN).

THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT UPON SATISFACTION OF THE CONDITIONS
IN SECTION 3.05 OF THE OWNER TRUST AGREEMENT.

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 3.05 OF THE OWNER TRUST AGREEMENT ("THE AGREEMENT").

NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE REGISTRAR
SHALL HAVE RECEIVED EITHER (i) A REPRESENTATION LETTER IN THE FORM OF EXHIBIT F
TO THE AGREEMENT FROM THE TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT SUCH
TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE PROHIBITED TRANSACTION
RESTRICTIONS AND THE FIDUCIARY RESPONSIBILITY REQUIREMENTS OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), ANY PERSON ACTING, DIRECTLY OR
INDIRECTLY, ON BEHALF OF ANY SUCH PLAN OR ANY PERSON USING "PLAN ASSETS," WITHIN
THE MEANING OF THE DEPARTMENT OF LABOR REGULATION AT 29 C.F.R. ss.2510.3-101, TO
ACQUIRE THIS CERTIFICATE (COLLECTIVELY A "PLAN INVESTOR"), OR (ii) IF THIS
CERTIFICATE IS PRESENTED FOR REGISTRATION IN THE NAME OF A PLAN INVESTOR, AN
OPINION OF COUNSEL TO THE EFFECT THAT THE PURCHASE OR HOLDING OF THIS
CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) AND
WILL NOT SUBJECT THE COMPANY, THE OWNER TRUSTEE, THE SERVICER OR THE CERTIFICATE
REGISTRAR TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
AGREEMENT.

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE SPONSOR,
THE COMPANY, THE SERVICER, THE INDENTURE TRUSTEE, OR THE OWNER TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE AGREEMENT OR
THE BASIC DOCUMENTS.

<PAGE>

Certificate No. ___

Cut-off Date:                           Assumed Final Payment Date:
_____________ 1, _____                  ________________

First Payment Date:                     Certificate Percentage Interest this
_____________ 25, _____                 Certificate:  100%

        Nomura Asset Acceptance Corporation Trust Series __________-____
                       SERIES __________-____

evidencing a 100% interest in the Owner Trust Estate, the property of which
consists primarily of the Loans, created by NOMURA ASSET ACCEPTANCE CORPORATION
(hereinafter called the "Depositor" which term includes any successor entity
under the Agreement referred to below).

         This Certificate is payable solely from the assets of the Owner Trust
Estate, and does not represent an obligation of or interest in the Company, the
Sponsor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their
affiliates. Neither this Certificate nor the Loans is guaranteed or insured by
any governmental agency or instrumentality or by the Company, the Sponsor, the
Servicer, the Indenture Trustee, the Owner Trustee or any of their affiliates.
None of the Company, the Sponsor, the Servicer, the Indenture Trustee, the Owner
Trustee, or any of their affiliates will have any obligation with respect to any
certificate or other obligation secured by or payable from payments on the
Certificate.

         This certifies that [name of Holder] is the registered owner of the
Certificate Percentage Interest evidenced by this Certificate (as set forth on
the face hereof) in certain distributions with respect to the Owner Trust
Estate, consisting primarily of the Loans created by the Depositor. The Trust
(as defined herein) was created pursuant to a Owner Trust Agreement dated as
specified above (as amended and supplemented from time to time, the "Agreement")
between the Company and [Name of Owner Trustee], as owner trustee (the "Owner
Trustee," which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

         Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Payment Date"), commencing on the first
Payment Date specified above, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
in an amount equal to the pro rata portion evidenced by this Certificate (based
on the Certificate Percentage Interest stated on the face hereof) of the
Certificate Distribution Amount required to be distributed to Holders of
Certificates on such Payment Date. Distributions on this Certificate will be
made as provided in the Agreement by the Certificate Paying Agent by wire
transfer or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the making
of any notation hereon.

         Except as otherwise provided in the Agreement and notwithstanding the
above, the final distribution on this Certificate will be made after due notice
by the Certificate Paying Agent of the pendency of such distribution and only
upon presentation and surrender of this Certificate at the office or agency
maintained by the Certificate Registrar for that purpose in the City and State
of New York.

         No transfer of this Certificate will be made unless such transfer is
exempt from the registration requirements of the Securities Act of 1933, as
amended, and any applicable state securities laws or is made in accordance with
said Act and laws. In the event that such a transfer is to be made, (i) the
Certificate Registrar or the Company may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Certificate
Registrar and the Company that such transfer is exempt (describing the
applicable exemption and the basis therefor) from or is being made pursuant to
the registration requirements of the Securities Act of 1933, as amended, and of
any applicable statute of any state and (ii) the transferee shall execute an
investment letter in the form described in the Agreement and (iii) the
Certificate Registrar shall require the transferee to execute an investment
letter in the form described by the Agreement, which investment letter shall not
be at the expense of the Trust, the Owner Trustee, the Certificate Registrar or
the Company. The Holder hereof desiring to effect such transfer shall, and does
hereby agree to, indemnify the Trust, the Owner Trustee, the Company, the
Servicer and the Certificate Registrar against any liability that may result if
the transfer is not so exempt or is not made in accordance with such federal and
state laws. In connection with any such transfer, the Certificate Registrar
(unless otherwise directed by the Company) will also require either (i) a
representation letter, in the form of Exhibit F to the Agreement, stating that
the transferee is not an employee benefit or other plan subject to the
prohibited transaction restrictions or the fiduciary responsibility requirements
of ERISA or Section 4975 of the Code ("Plan"), any person acting, directly or
indirectly, on behalf of any such plan or any person using the "plan assets,"
within the meaning of the Department of Labor regulations at 29 C.F.R.
ss.2510.3- 101, to effect such acquisition (collectively, a "Plan Investor") or
(ii) if such transferee is a Plan Investor, an opinion of counsel acceptable to
and in form and substance satisfactory to the Company, the Owner Trustee, the
Servicer and the Certificate Registrar to the effect that the purchase or
holding of the Certificate is permissible under applicable law, will not
constitute or result in a prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code (or comparable provisions of any subsequent enactments)
and will not subject the Company, the Owner Trustee, the Servicer or the
Certificate Registrar to any obligation or liability in addition to those
undertaken in the Agreement.

         This Certificate is one of a duly authorized issue of Certificates
designated as Nomura Asset Aceptance Corporation Trust Mortgage-Backed
Certificates of the Series specified hereon (herein collectively called the
"Certificates"). All terms used in this Certificate which are defined in the
Agreement shall have the meanings assigned to them in the Agreement.

         The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Certificate Distribution
Account that have been released from the Lien of the Indenture for payment
hereunder and that neither the Owner Trustee in its individual capacity nor the
Company is personally liable to the Certificateholders for any amount payable
under this Certificate or the Agreement or, except as expressly provided in the
Agreement, subject to any liability under the Agreement.

         The Holder of this Certificate acknowledges and agrees that its rights
to receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Indenture, dated as of __________,
between Nomura Asset Aceptance Corporation Trust Series ____-__ (the "Trust")
and [Name of Indenture Trustee], as Indenture Trustee (the "Indenture").

         The Certificateholder, by its acceptance of the Certificate, covenants
and agrees that such Certificateholder will not, prior to the day one year and
one day after the date this Agreement terminates, institute against the Company,
or join in any institution against the Company or the Trust of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificate, the Notes, the
Agreement or any of the Basic Documents.

         The Agreement permits the amendment thereof as specified below,
provided that any amendment be accompanied by an Opinion of Counsel to the Owner
Trustee to the effect that such amendment complies with the provisions of the
Agreement and will not cause the Trust to be subject to an entity level tax. If
the purpose of the amendment is to correct any mistake, eliminate any
inconsistency, cure any ambiguity or deal with any matter not covered, it shall
not be necessary to obtain the consent of any Holder, but the Owner Trustee
shall be furnished with a letter from the Rating Agencies that the amendment
will not result in the downgrading or withdrawal of the rating then assigned to
any of the Notes. If the purpose of the amendment is to prevent the imposition
of any federal or state taxes at any time that any Security is outstanding, it
shall not be necessary to obtain the consent of the any Holder, but the Owner
Trustee shall be furnished with an Opinion of Counsel that such amendment is
necessary or helpful to prevent the imposition of such taxes and is not
materially adverse to any Holder. If the purpose of the amendment is to add or
eliminate or change any provision of the Agreement, other than as specified in
the preceding two sentences, the amendment shall require either (a) a letter
from the Rating Agencies that the amendment will not result in the downgrading
or withdrawal of the rating then assigned to any of the Notes or (b) the consent
of Certificateholder and the Indenture Trustee; provided, however, that no such
amendment shall (i) reduce in any manner the amount of, or delay the time of,
payments received that are required to be distributed on any Certificate without
the consent of the related Certificateholder, or (ii) reduce the aforesaid
percentage of Certificates the Holders of which are required to consent to any
such amendment without the consent of the Holders of all such Certificates then
outstanding.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registerable in the Certificate
Register upon surrender of this Certificate for registration of transfer at the
offices or agencies of the Certificate Registrar maintained in the City and
State of New York, accompanied by a written instrument of transfer in form
satisfactory to the Certificate Registrar duly executed by the Holder hereof or
such Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Certificate Percentage Interest will be issued to the designated transferee. The
initial Certificate Registrar appointed under the Agreement is the Owner
Trustee.

         The Certificate is issuable only in minimum denominations of a 100%
Certificate Percentage Interest.

         No service charge will be made for any such registration of transfer or
exchange, but the Owner Trustee or the Certificate Registrar may require payment
of a sum sufficient to cover any tax or governmental charge payable in
connection therewith.

         The Owner Trustee, the Certificate Paying Agent, the Certificate
Registrar and any agent of the Owner Trustee, the Certificate Paying Agent, or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Owner Trustee,
the Certificate Paying Agent, the Certificate Registrar or any such agent shall
be affected by any notice to the contrary.

         This Certificate shall be governed by and construed in accordance with
the laws of the State of Delaware.

         The obligations created by the Agreement in respect of the Certificate
and the Trust created thereby shall terminate upon the earlier of (i) the final
distribution of all moneys or other property or proceeds of the Owner Trust
Estate in accordance with the terms of the Indenture and the Agreement or (ii)
the Final Maturity Date.

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee, or an authenticating
agent by manual signature, this Certificate shall not be entitled to any benefit
under the Agreement or be valid for any purpose.

<PAGE>

         IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not
in its individual capacity, has caused this Certificate to be duly executed.

                                          Nomura Asset Acceptance Corporation
                                          Trust Series ____-__

                                          by    [NAME OF OWNER  TRUSTEE],  not
                                                in  its  individual   capacity
                                                but solely as Owner Trustee

Dated:
       -------------                      ------------------------------------
                                          Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

This is the Certificate referred to in the within mentioned Agreement.

[NAME OF OWNER TRUSTEE],
not in its individual capacity
but solely as Owner Trustee

By:
   -----------------------------------
   Authorized Signatory

or                                     ,
   ------------------------------------
   as Authenticating Agent of the Trust

By:
   -----------------------------------
   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

  FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please  print  or type  name and  address,  including  postal  zip  code,  of
assignee)

--------------------------------------------------------------------------------
the  within  Certificate,  and  all  rights  thereunder,   hereby  irrevocably
constituting and appointing

--------------------------------------------------------------------------------
to transfer said Certificate on the books of the Certificate Registrar, with
full power of substitution in the premises.

Dated:
                                                                         */
                              -------------------------------------------
                                    Signature Guaranteed:

                                                                         */
                              -------------------------------------------

-----------------
*/ NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for the information of the
Certificate Paying Agent:

         Distribution shall be made by wire transfer in immediately available
funds to
        -----------------------------------------------------------------------
                                                                  for the
-----------------------------------------------------------------
account of                                         , account number
           ----------------------------------------
              , or, if mailed by check, to               . Applicable statements
--------------                             --------------
should be mailed to                  .
                   ------------------

                                          --------------------------------------
                                          Signature of assignee or agent
                                          (for authorization of wire
                                          transfer only)

<PAGE>

                                    EXHIBIT B
                          TO THE OWNER TRUST AGREEMENT

                              CERTIFICATE OF TRUST

                                       OF

             NOMURA ASSET ACEPTANCE CORPORATION TRUST SERIES ____-__

         THE UNDERSIGNED, ______________________, as owner trustee (the
"Trustee"), for the purpose of forming a statutory trust does hereby certify as
follows:

         1. The name of the statutory trust is:

            NOMURA ASSET ACEPTANCE CORPORATION TRUST SERIES ____-__

         2. The name and business address of the Trustee of the statutory trust
in the State of Delaware is ______________________, _________________,
__________, Delaware _____.

         3. The statutory trust reserves the right to amend, alter, change, or
repeal any provision contained in this Certificate of Trust in the manner now or
hereafter prescribed by law.

         4. This Certificate of Trust shall be effective upon filing.

         THE UNDERSIGNED, being the Trustee hereinbefore named, for the purpose
of forming a statutory trust pursuant to the provisions of the Delaware
Statutory Trust Act, does make this certificate of trust, hereby declaring and
further certifying that this is its act and deed and that to the best of the
undersigned's knowledge and belief the facts herein stated are true.

                                          [NAME OF OWNER TRUSTEE],

                                                not    in    its    individual
                                                capacity  but  solely as owner
                                                trustee  under a  Owner  Trust
                                                Agreement dated as of

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

<PAGE>

                                    EXHIBIT C

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

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

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

         The undersigned sponsor, as registered holder (the "Sponsor"), intends
to transfer the Rule 144A Securities described above to the undersigned buyer
(the "Buyer").

         1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Sponsor
hereby certifies the following facts: Neither the Sponsor nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Sponsor has not offered the Rule 144A Securities to any person
other than the Buyer or another "qualified institutional buyer" as defined in
Rule 144A under the 1933 Act.

         2. The Buyer warrants and represents to, and covenants with, the Owner
Trustee and the Depositor (as defined in the Owner Trust Agreement (the
"Agreement"), dated as of __________________ between Nomura Asset Acceptance
Corporation, as Depositor and [Name of Owner Trustee], as Owner Trustee pursuant
to Section 3.05 of the Agreement and [Name of Indenture Trustee] as indenture
trustee, as follows:

                  a. The Buyer understands that the Rule 144A Securities have
         not been registered under the 1933 Act or the securities laws of any
         state.

                  b. The Buyer considers itself a substantial, sophisticated
         institutional investor having such knowledge and experience in
         financial and business matters that it is capable of evaluating the
         merits and risks of investment in the Rule 144A Securities.

                  c. The Buyer has been furnished with all information regarding
         the Rule 144A Securities that it has requested from the Sponsor, the
         Indenture Trustee, the Owner Trustee or the Servicer.

                  d. Neither the Buyer nor anyone acting on its behalf has
         offered, transferred, pledged, sold or otherwise disposed of the Rule
         144A Securities, any interest in the Rule 144A Securities or any other
         similar security to, or solicited any offer to buy or accept a
         transfer, pledge or other disposition of the Rule 144A Securities, any
         interest in the Rule 144A Securities or any other similar security
         from, or otherwise approached or negotiated with respect to the Rule
         144A Securities, any interest in the Rule 144A Securities or any other
         similar security with, any person in any manner, or made any general
         solicitation by means of general advertising or in any other manner, or
         taken any other action, that would constitute a distribution of the
         Rule 144A Securities under the 1933 Act or that would render the
         disposition of the Rule 144A Securities a violation of Section 5 of the
         1933 Act or require registration pursuant thereto, nor will it act, nor
         has it authorized or will it authorize any person to act, in such
         manner with respect to the Rule 144A Securities.

                  e. The Buyer is a "qualified institutional buyer" as that term
         is defined in Rule 144A under the 1933 Act and has completed either of
         the forms of certification to that effect attached hereto as Annex 1 or
         Annex 2. The Buyer is aware that the sale to it is being made in
         reliance on Rule 144A. The Buyer is acquiring the Rule 144A Securities
         for its own account or the accounts of other qualified institutional
         buyers, understands that such Rule 144A Securities may be resold,
         pledged or transferred only (i) to a person reasonably believed to be a
         qualified institutional buyer that purchases for its own account or for
         the account of a qualified institutional buyer to whom notice is given
         that the resale, pledge or transfer is being made in reliance on Rule
         144A, or (ii) pursuant to another exemption from registration under the
         1933 Act.

         3. The Buyer represents that:

         (i) either (a) or (b) is satisfied, as marked below:

                  ____ a. The Buyer is not any employee benefit plan subject to
         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"), a Person acting, directly or indirectly, on
         behalf of any such plan or any Person acquiring such Certificates with
         "plan assets" of a Plan within the meaning of the Department of Labor
         regulation promulgated at 29 C.F.R. ss.2510.3-101; or

                  ____ b. The Buyer will provide the Depositor, the Owner
         Trustee, the Certificate Registrar and the Servicer with an opinion of
         counsel, satisfactory to the Depositor, the Owner Trustee, the
         Certificate Registrar and the Servicer, to the effect that the purchase
         and holding of the Certificate by or on behalf of the Buyer is
         permissible under applicable law, will not constitute or result in a
         prohibited transaction under Section 406 of ERISA or Section 4975 of
         the Code (or comparable provisions of any subsequent enactments) and
         will not subject the Depositor, the Owner Trustee, the Certificate
         Registrar or the Servicer to any obligation or liability (including
         liabilities under ERISA or Section 4975 of the Code) in addition to
         those undertaken in the Owner Trust Agreement, which opinion of counsel
         shall not be an expense of the Depositor, the Owner Trustee, the
         Certificate Registrar or the Servicer; and (ii) the Buyer is familiar
         with the prohibited transaction restrictions and fiduciary
         responsibility requirements of Sections 406 and 407 of ERISA and
         Section 4975 of the Code and understands that each of the parties to
         which this certification is made is relying and will continue to rely
         on the statements made in this paragraph 3.

         4. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.

         IN WITNESS WHEREOF, each of the parties has executed this document as
of the date set forth below.

---------------------------------------  ---------------------------------------
Print Name of Sponsor                    Print Name of Sponsor

By:                                      By:
   ------------------------------------     ------------------------------------
   Name:                                    Name:
   Title:                                   Title:
   Taxpayer Identification:                 Taxpayer Identification:

No.                                      No.
     ----------------------------------       ----------------------------------
Date:                                    Date:
     ----------------------------------       ----------------------------------

<PAGE>

                                                            ANNEX 1 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [FOR BUYERS OTHER THAN REGISTERED INVESTMENT COMPANIES]

         The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

         1. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

         2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $______________________(1) in securities (except for the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.

___      Corporation, etc. The Buyer is a corporation (other than a bank,
         savings and loan association or similar institution), Massachusetts or
         similar business trust, partnership, or charitable organization
         described in Section 501(c)(3) of the Internal Revenue Code.

___      Bank. The Buyer (a) is a national bank or banking institution organized
         under the laws of any State, territory or the District of Columbia, the
         business of which is substantially confined to banking and is
         supervised by the State or territorial banking commission or similar
         official or is a foreign bank or equivalent institution, and (b) has an
         audited net worth of at least $25,000,000 as demonstrated in its latest
         annual financial statements, a copy of which is attached hereto.

___      QIB. An entity, all of the equity owners of which are "qualified
         institutional buyers."

___      Savings and Loan. The Buyer (a) is a savings and loan association,
         building and loan association, cooperative bank, homestead association
         or similar institution, which is supervised and examined by a State or
         Federal authority having supervision over any such institutions or is a
         foreign savings and loan association or equivalent institution and (b)
         has an audited net worth of at least $25,000,000 as demonstrated in its
         latest annual financial statements.

___      Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15
         of the Securities Exchange Act of 1934. ___ Insurance Company. The
         Buyer is an insurance company whose primary and predominant business
         activity is the writing of insurance or the reinsuring of risks
         underwritten by insurance companies and which is subject to supervision
         by the insurance commissioner or a similar official or agency of a
         State or territory or the District of Columbia.

___      State or Local Plan. The Buyer is a plan established and maintained by
         a State, its political subdivisions, or any agency or instrumentality
         of the State or its political subdivisions, for the benefit of its
         employees.

___      ERISA Plan. The Buyer is an employee benefit plan within the meaning of
         Title I of the Employee Retirement Income Security Act of 1974.

___      Investment Adviser. The Buyer is an investment adviser registered under
         the Investment Advisers Act of 1940.

___      SBIC. The Buyer is a Small Business Investment Company licensed by the
         U.S. Small Business Administration under Section 301(c) or (d) of the
         Small Business Investment Act of 1958.

___      Business Development Company. The Buyer is a business development
         company as defined in Section 202(a)(22) of the Investment Advisers Act
         of 1940.

___      Trust Fund. The Buyer is a trust fund whose trustee is a bank or trust
         company and whose participants are exclusively (a) plans established
         and maintained by a State, its political subdivisions, or any agency or
         instrumentality of the State or its political subdivisions, for the
         benefit of its employees, or (b) employee benefit plans within the
         meaning of Title I of the Employee Retirement Income Security Act of
         1974, but is not a trust fund that includes as participants individual
         retirement accounts or H.R. 10 plans.

------------------------
(1)      Buyer must own and/or invest on a discretionary basis at least
         $100,000,000 in securities unless 1 Buyer is a dealer, and, in that
         case, Buyer must own and/or invest on a discretionary basis at least
         $10,000,000 in securities.

         3. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer, (ii) securities that are part of
an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

         4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

         5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the sponsor to it and other parties related to the Rule 144A
Securities are relying and will continue to rely on the statements made herein
because one or more sales to the Buyer may be in reliance on Rule 144A.

         ___ ___ Will the Buyer be purchasing the Rule 144A Yes No Securities
only for the Buyer's own account?

         6. If the answer to the foregoing question is "no", the Buyer agrees
that, in connection with any purchase of securities sold to the Buyer for the
account of a third party (including any separate account) in reliance on Rule
144A, the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In
addition, the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current representation letter from
such third party or taken other appropriate steps contemplated by Rule 144A to
conclude that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

         7. The Buyer will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of Rule 144A Securities will
constitute a reaffirmation of this certification as of the date of such
purchase.

                                          Print Name of Buyer

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

                                          Date:
                                               -------------------------------

<PAGE>

                                                            ANNEX 2 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [FOR BUYERS THAT ARE REGISTERED INVESTMENT COMPANIES]

         The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

         1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.

         2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

____     The Buyer owned $___________________ in securities (other than the
         excluded securities referred to below) as of the end of the Buyer's
         most recent fiscal year (such amount being calculated in accordance
         with Rule 144A).

____     The Buyer is part of a Family of Investment Companies which owned in
         the aggregate $______________ in securities (other than the excluded
         securities referred to below) as of the end of the Buyer's most recent
         fiscal year (such amount being calculated in accordance with Rule
         144A).

         3. The term "Family of Investment Companies" as used herein means two
or more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

         4. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer or are part of the Buyer's Family
of Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

         5. The Buyer is familiar with Rule 144A and understands that each of
the parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.

         6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.

                                          Print Name of Buyer

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

                                          IF AN ADVISER:

                                          Print Name of Buyer

                                          Date:
                                               -------------------------------

<PAGE>

                                    EXHIBIT D

                     FORM OF INVESTOR REPRESENTATION LETTER

                            _________________, 20___

Nomura Asset Acceptance Corporation
[_____________________]

[Certificate Registrar]

Attention: Corporate Trust Administration

   Re: Nomura Asset Aceptance Corporation Trust Series _____-__ Series ____-__

Ladies and Gentlemen:

___________________ (the "Purchaser") intends to purchase from _____________
(the "Sponsor") ____% Certificate Percentage Interest of the Nomura Asset
Aceptance Corporation Trust Series ____-__ (the "Certificates"), issued pursuant
to the Owner Trust Agreement (the "Owner Trust Agreement"), dated as of [Name of
Owner Trustee] between Nomura Asset Acceptance Corporation (the "Depositor") and
[Name of Owner Trustee], as owner trustee (the "Owner Trustee"), as acknowledged
and agreed by [Name of Certificate Registrar] as Certificate Registrar. All
terms used herein and not otherwise defined shall have the meanings set forth in
the Owner Trust Agreement. The Purchaser hereby certifies, represents and
warrants to, and covenants with, the Company and the Certificate Registrar that:

                  1. The Purchaser understands that (a) the Certificates have
         not been and will not be registered or qualified under the Securities
         Act of 1933, as amended (the "Act") or any state securities law, (b)
         the Company is not required to so register or qualify the Certificates,
         (c) the Certificates may be resold only if registered and qualified
         pursuant to the provisions of the Act or any state securities law, or
         if an exemption from such registration and qualification is available,
         (d) the Owner Trust Agreement contains restrictions regarding the
         transfer of the Certificates and (e) the Certificates will bear a
         legend to the foregoing effect.

                  2. The Purchaser is acquiring the Certificates for its own
         account for investment only and not with a view to or for sale in
         connection with any distribution thereof in any manner that would
         violate the Act or any applicable state securities laws.

                  3. The Purchaser is (a) a substantial, sophisticated
         institutional investor having such knowledge and experience in
         financial and business matters, and, in particular, in such matters
         related to securities similar to the Certificates, such that it is
         capable of evaluating the merits and risks of investment in the
         Certificates, (b) able to bear the economic risks of such an investment
         and (c) an "accredited investor" within the meaning of Rule 501(a)
         promulgated pursuant to the Act.

                  4. The Purchaser has been furnished with, and has had an
         opportunity to review (a) a copy of the Owner Trust Agreement and (b)
         such other information concerning the Certificates, the Loans and the
         Company as has been requested by the Purchaser from the Company or the
         Sponsor and is relevant to the Purchaser's decision to purchase the
         Certificates. The Purchaser has had any questions arising from such
         review answered by the Company or the Sponsor to the satisfaction of
         the Purchaser.

                  5. The Purchaser has not and will not nor has it authorized or
         will it authorize any person to (a) offer, pledge, sell, dispose of or
         otherwise transfer any Certificate, any interest in any Certificate or
         any other similar security to any person in any manner, (b) solicit any
         offer to buy or to accept a pledge, disposition of other transfer of
         any Certificate, any interest in any Certificate or any other similar
         security from any person in any manner, (c) otherwise approach or
         negotiate with respect to any Certificate, any interest in any
         Certificate or any other similar security with any person in any
         manner, (d) make any general solicitation by means of general
         advertising or in any other manner or (e) take any other action, that
         (as to any of (a) through (e) above) would constitute a distribution of
         any Certificate under the Act, that would render the disposition of any
         Certificate a violation of Section 5 of the Act or any state securities
         law, or that would require registration or qualification pursuant
         thereto. The Purchaser will not sell or otherwise transfer any of the
         Certificates, except in compliance with the provisions of the Owner
         Trust Agreement.

                  6. The Purchaser represents:

         (i) that either (a) or (b) is satisfied, as marked below:

         ____ a. The Purchaser is not any employee benefit plan subject to 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"), a
Person acting, directly or indirectly, on behalf of any such plan or any Person
acquiring such Certificates with "plan assets" of a Plan within the meaning of
the Department of Labor regulation promulgated at 29 C.F.R. ss.2510.3-101; or

         ____ b. The Purchaser will provide the Depositor, the Owner Trustee,
the Certificate Registrar and the Servicer with an opinion of counsel,
satisfactory to the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer, to the effect that the purchase and holding of the Certificate by
or on behalf of the Purchaser is permissible under applicable law, will not
constitute or result in a prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code (or comparable provisions of any subsequent enactments)
and will not subject the Depositor, the Owner Trustee, the Certificate Registrar
or the Servicer to any obligation or liability (including liabilities under
ERISA or Section 4975 of the Code) in addition to those undertaken in the Owner
Trust Agreement, which opinion of counsel shall not be an expense of the
Depositor, the Owner Trustee, the Certificate Registrar or the Servicer; and

         (ii) the Purchaser is familiar with the prohibited transaction
restrictions and fiduciary responsibility requirements of Sections 406 and 407
of ERISA and Section 4975 of the Code and understands that each of the parties
to which this certification is made is relying and will continue to rely on the
statements made in this paragraph 6.

         7. The Purchaser is not a non-United States person.

                                          Very truly yours,

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

<PAGE>

                                    EXHIBIT E

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                            _________________, 20___

Nomura Asset Acceptance Corporation
[____________________]

[Certificate Registrar]

Attention: Corporate Trust Administration

           Re: Nomura Asset Aceptance Corporation Trust Series ____-__
                  Series ____-__

Ladies and Gentlemen:

         ____________________ (the "Purchaser") intends to purchase from
______________ (the "Sponsor") ____% Certificate Percentage Interest of the
Nomura Asset Aceptance Corporation Trust Series ____-__ (the "Certificates"),
issued pursuant to the Owner Trust Agreement (the "Owner Trust Agreement"),
dated as of ________________ between Nomura Asset Acceptance Corporation (the
"Depositor") and [Name of Owner Trustee] as owner trustee (the "Owner Trustee"),
as acknowledged and agreed by [Name of Certificate Registrar] as Certificate
Registrar. All terms used herein and not otherwise defined shall have the
meanings set forth in the Owner Trust Agreement. The Sponsor hereby certifies,
represents and warrants to, and covenants with, the Company and the Certificate
Registrar that:

         Neither the Sponsor nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Certificate, any
interest in any Certificate or any other similar security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any interest in any Certificate or
any other similar security with any person in any manner, (d) has made any
general solicitation by means of general advertising or in any other manner, or
(e) has taken any other action, that (as to any of (a) through (e) above) would
constitute a distribution of the Certificates under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section 5 of the Act or any state securities law, or that would require
registration or qualification pursuant thereto. The Sponsor will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate. The
Sponsor has not and will not sell or otherwise transfer any of the Certificates,
except in compliance with the provisions of the Owner Trust Agreement.

<PAGE>

                                          Very truly yours,

                                          ------------------------------------
                                          (Sponsor)

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

<PAGE>

                                    EXHIBIT F

                       FORM OF ERISA REPRESENTATION LETTER

                            _________________, 20___

Nomura Asset Acceptance Corporation
[______________________]

[Owner Trustee]

[Servicer]

[Certificate Registrar]

         Re:      Nomura Asset Acceptance Corporation Mortgage-Backed
                  Certificate, Series ____-__ Dear Sirs:

         __________________________________ (the "Transferee") intends to
acquire from _____________________ (the "Transferor") $____________ Initial
Certificate Principal Balance of Nomura Asset Aceptance Corporation Trust,
Mortgage-Backed Certificates, Series ____-__ (the "Certificates"), issued
pursuant to a Owner Trust Agreement (the "Owner Trust Agreement") dated
________________ between Nomura Asset Acceptance Corporation as depositor (the
"Depositor") and [Name of Owner Trustee] as trustee (the "Owner Trustee").
Capitalized terms used herein and not otherwise defined shall have the meanings
assigned thereto in the Owner Trust Agreement.

         The Transferee hereby certifies, represents and warrants to, and
covenants with, the Depositor, the Owner Trustee, the Certificate Registrar and
the Servicer that the Certificates (i) are not being acquired by, and will not
be transferred to, any employee benefit plan within the meaning of section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") or
other retirement arrangement, including individual retirement accounts and
annuities, Keogh plans and bank collective investment funds and insurance
company general or separate accounts in which such plans, accounts or
arrangements are invested, that is subject to Section 406 of ERISA or Section
4975 of the Internal Revenue Code of 1986 (the "Code") (any of the foregoing, a
"Plan"), (ii) are not being acquired with "plan assets" of a Plan within the
meaning of the Department of Labor ("DOL") regulation, 29 C.F.R. ss. 2510.3-101,
and (iii) will not be transferred to any entity that is deemed to be investing
in plan assets within the meaning of the DOL regulation, 29 C.F.R. ss.
2510.3-101; and

         (2) The Transferee is familiar with the prohibited transaction
restrictions and fiduciary responsibility requirements of Sections 406 and 407
of ERISA and Section 4975 of the Code and understands that each of the parties
to which this certification is made is relying and will continue to rely on the
statements made herein.

<PAGE>

                                          Very truly yours,

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

                                          By:
                                             ---------------------------------
                                             Name:
                                             Title:[NAME OF SERVICER],
                                   as Servicer

          NOMURA ASSET ACCEPTANCE CORPORATION TRUST SERIES ____-__,
                                as Issuing Entity

                                       and

                           [NAME OF INDENTURE TRUSTEE]
                              as Indenture Trustee

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

                               SERVICING AGREEMENT

                         Dated as of __________ 1, ____

<PAGE>

                                TABLE OF CONTENTS

                                    ARTICLE I

                                   Definitions

Section 1.01  Definitions............................................
Section 1.02  Other Definitional Provisions..........................
Section 1.03  Interest Calculations..................................
Section 2.01  Representations and Warranties Regarding the Servicer..
Section 2.02  Representations and Warranties of the Issuing Entity...
Section 2.03  Enforcement of Representations and Warranties..........

                                   ARTICLE III

                      Administration and Servicing of Loans

Section 3.01  The Servicer.....................................................
Section 3.02  Collection of Certain Loan Payments..............................
Section 3.03  Withdrawals from the Custodial Account...........................
Section 3.04  Maintenance of Hazard Insurance; Property Protection Expenses....
Section 3.05  Modification Agreements..........................................
Section 3.06  Trust Estate; Related Documents..................................
Section 3.07  Realization Upon Defaulted Loans; Loss Mitigation................
Section 3.08  Issuing Entity and Indenture Trustee to Cooperate................
Section 3.09  Servicing Compensation; Payment of Certain Expenses by Servicer..
Section 3.10  Annual Statement as to Compliance................................
Section 3.11  Assessments of Compliance and Attestation Reports................
Section 3.12  Access to Certain Documentation and Information Regarding the
              Loans.............
Section 3.13  Maintenance of Certain Servicing Insurance Policies..............
Section 3.14  Information   Required  by  the  Internal   Revenue  Service  and
              Reports  of
              Foreclosures  and Abandonments of Mortgaged Property.............
Section 3.15  Optional Purchase of Loans by Servicer...........................
Section 3.16  Intention of the Parties and Interpretation......................

                                   ARTICLE IV

                              Servicing Certificate

Section 4.01  Statements to Securityholders....................................
Section 4.02  Tax Reporting....................................................

                                    ARTICLE V

                                 Payment Account

Section 5.01  Payment Account..................................................

                                   ARTICLE VI

                                  The Servicer

Section 6.01  Liability of the Servicer........................................
Section 6.02  Merger or Consolidation of, or Assumption of the Obligations of,
              the Servicer...
Section 6.03  Limitation on Liability of the Servicer and Others................
Section 6.04  Servicer Not to Resign............................................
Section 6.05  Delegation of Duties..............................................

                                   ARTICLE VII

                                     Default

Section 7.01  Servicing Default.................................................
Section 7.02  Indenture Trustee to Act; Appointment of Successor................
Section 7.03  Notification to Securityholders...................................

                                  ARTICLE VIII

                            Miscellaneous Provisions

Section 8.01  Amendment.........................................................
Section 8.02  Governing Law.....................................................
Section 8.03  Notices...........................................................
Section 8.04  Severability of Provisions........................................
Section 8.05  Third-Party Beneficiaries.........................................
Section 8.06  Counterparts......................................................
Section 8.07  Effect of Headings and Table of Contents..........................
Section 8.08  Termination Upon Purchase by the Servicer or Liquidation of All
              Loans; Partial  Redemption....
Section 8.09  Certain Matters Affecting the Indenture Trustee...................
Section 8.10  Owner Trustee Not Liable for Related Documents....................

EXHIBIT A - LOAN SCHEDULE.......................................................
EXHIBIT B - POWER OF ATTORNEY...................................................
EXHIBIT C - FORM OF REQUEST FOR RELEASE.........................................
EXHIBIT D - CERTIFICATE PURSUANT TO SECTION 3.08................................
EXHIBIT E - SERVICING CRITERIA TO BE ADDRESSED IN
ASSESSMENT OF COMPLIANCE........................................................

<PAGE>

         This is a Servicing Agreement, dated as of _________ 1, ____, among
[Name of Servicer] (the "Servicer"), the Nomura Asset Acceptance Corporation
Trust Series ____-__ (the "Issuing Entity") and [Name of Indenture Trustee]
(the"Indenture Trustee").

                        W I T N E S S E T H  T H A T:
                        - - - - - - - - - -  - - - -

         WHEREAS, pursuant to the terms of the Loan Purchase Agreement, [Name of
Sponsor] (in its capacity as Sponsor) will sell to the Depositor the Loans
together with the Related Documents on the Closing Date;

         WHEREAS, the Depositor will sell the Loans and all of its rights under
the Loan Purchase Agreement to the Issuing Entity, together with the Related
Documents on the Closing Date;

         WHEREAS, pursuant to the terms of the Trust Agreement, the Issuing
Entity will issue and transfer to or at the direction of the Depositor, the
Certificates;

         WHEREAS, pursuant to the terms of the Indenture, the Issuing Entity
will issue and transfer to or at the direction of the Depositor, the Notes; and

         WHEREAS, pursuant to the terms of this Servicing Agreement, the
Servicer will service the Loans directly or through one or more Subservicers;

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

                                    ARTICLE I

                                   Definitions

         Section 1.01 DEFINITIONS.   For all purposes of this Servicing
Agreement, except as otherwise expressly provided herein or unless the context
otherwise requires, capitalized terms not otherwise defined herein shall have
the meanings assigned to such terms in the Definitions contained in Appendix A
to the Indenture dated as of _______________ (the "Indenture"), between Nomura
Asset Acceptance Corporation Trust Series ____-__, as Issuing Entity, and [Name
of Indenture Trustee], as indenture trustee, which is incorporated by reference
herein. All other capitalized terms used herein shall have the meanings
specified herein.

         Section 1.02   OTHER DEFINITIONAL PROVISIONS. (a) All terms defined in
this Servicing Agreement shall have the defined meanings when used in any
certificate or other document made or delivered pursuant hereto unless otherwise
defined therein.

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

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

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

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

         Section 1.03   INTEREST CALCULATIONS. All calculations of interest
hereunder that are made in respect of the Stated Principal Balance of a Loan
shall be made in accordance with the Mortgage Note. All calculations of interest
on the Securities (other than the Class A, M-2 and B-1 Notes) shall be made on
the basis of a 30-day month and a year assumed to consist of 360 days.
Calculation of interest on the Class A, M-2 and B-1 Notes shall be made on the
basis of the actual number of days in the Accrual Period and a year assumed to
consist of 360 days. The calculation of the Servicing Fee shall be made on the
basis of a 30-day month and a year assumed to consist of 360 days. All dollar
amounts calculated hereunder shall be rounded to the nearest penny with one-half
of one penny being rounded up.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

         Section 2.01   REPRESENTATIONS AND WARRANTIES REGARDING THE SERVICER.
The Servicer represents and warrants to the Issuing Entity and for the benefit
of the Indenture Trustee, as pledgee of the Loans, as of the Cut-off Date:

                  (i) The Servicer is a limited partnership duly organized,
         validly existing and in good standing under the laws of the State of
         _____________ and has the corporate power to own its assets and to
         transact the business in which it is currently engaged. The Servicer is
         duly qualified to do business as a foreign corporation and is in good
         standing in each jurisdiction in which the character of the business
         transacted by it or properties owned or leased by it requires such
         qualification and in which the failure to so qualify would have a
         material adverse effect on the business, properties, assets, or
         condition (financial or other) of the Servicer;

                  (ii) The Servicer has the power and authority to make,
         execute, deliver and perform this Servicing Agreement and all of the
         transactions contemplated under this Servicing Agreement, and has taken
         all necessary corporate action to authorize the execution, delivery and
         performance of this Servicing Agreement. When executed and delivered,
         this Servicing Agreement will constitute the legal, valid and binding
         obligation of the Servicer enforceable in accordance with its terms,
         except as enforcement of such terms may be limited by bankruptcy,
         insolvency or similar laws affecting the enforcement of creditors'
         rights generally and by the availability of equitable remedies;

                  (iii) The Servicer is not required to obtain the consent of
         any other Person or any consent, license, approval or authorization
         from, or registration or declaration with, any governmental authority,
         bureau or agency in connection with the execution, delivery,
         performance, validity or enforceability of this Servicing Agreement,
         except for such consent, license, approval or authorization, or
         registration or declaration, as shall have been obtained or filed, as
         the case may be;

                  (iv) The execution and delivery of this Servicing Agreement
         and the performance of the transactions contemplated hereby by the
         Servicer will not violate any provision of any existing law or
         regulation or any order or decree of any court applicable to the
         Servicer or any provision of the Certificate of Incorporation of the
         Servicer, or constitute a material breach of any mortgage, indenture,
         contract or other agreement to which the Servicer is a party or by
         which the Servicer may be bound; and

                  (v) No litigation or administrative proceeding of or before
         any court, tribunal or governmental body is currently pending, or to
         the knowledge of the Servicer threatened, against the Servicer or any
         of its properties or with respect to this Servicing Agreement or the
         Securities which in the opinion of the Servicer has a reasonable
         likelihood of resulting in a material adverse effect on the
         transactions contemplated by this Servicing Agreement.

         The foregoing representations and warranties shall survive any
termination of the Servicer hereunder.

         Section 2.02   REPRESENTATIONS AND WARRANTIES OF THE ISSUING ENTITY.
The Issuing Entity hereby represents and warrants to the Servicer and for the
benefit of the Indenture Trustee, as pledgee of the Loans, as of the Cut-off
Date:

                  (i) The Issuing Entity is a statutory trust duly formed and in
         good standing under the laws of the State of Delaware and has full
         power, authority and legal right to execute and deliver this Servicing
         Agreement and to perform its obligations under this Servicing
         Agreement, and has taken all necessary action to authorize the
         execution, delivery and performance by it of this Servicing Agreement;
         and

                  (ii) The execution and delivery by the Issuing Entity of this
         Servicing Agreement and the performance by the Issuing Entity of its
         obligations under this Servicing Agreement will not violate any
         provision of any law or regulation governing the Issuing Entity or any
         order, writ, judgment or decree of any court, arbitrator or
         governmental authority or agency applicable to the Issuing Entity or
         any of its assets. Such execution, delivery, authentication and
         performance will not conflict with, or result in a breach or violation
         of, any mortgage, deed of trust, lease or other agreement or instrument
         to which the Issuing Entity is bound.

         Section 2.03   ENFORCEMENT OF REPRESENTATIONS AND WARRANTIES. The
Servicer, on behalf of and subject to the direction of the Indenture Trustee, as
pledgee of the Loans, or the Issuing Entity, shall enforce the representations
and warranties of the Sponsor pursuant to the Loan Purchase Agreement. Upon the
discovery by the Sponsor, the Depositor, the Servicer, the Indenture Trustee,
the Issuing Entity, or any Custodian of a breach of any of the representations
and warranties made in the Loan Purchase Agreement, in respect of any Loan which
materially and adversely affects the interests of the Securityholders, the party
discovering such breach or existence shall give prompt written notice to the
other parties. The Servicer shall promptly notify the Sponsor of such breach and
request that, pursuant to the terms of the Loan Purchase Agreement, the Sponsor
either (i) cure such breach in all material respects within 90 days from the
date the Sponsor was notified of such breach or (ii) purchase such Loan from the
Issuing Entity at the price and in the manner set forth in Section 4 of the Loan
Purchase Agreement; provided that the Sponsor shall, subject to compliance with
all the conditions set forth in the Loan Purchase Agreement, have the option to
substitute an Eligible Substitute Loan or Loans for such Loan. In the event that
the Sponsor elects to substitute one or more Eligible Substitute Loans pursuant
to Section 4 of the Loan Purchase Agreement, the Sponsor shall deliver to the
Issuing Entity with respect to such Eligible Substitute Loans, the original
Mortgage Note, the Mortgage, and such other documents and agreements as are
required by the Loan Purchase Agreement. Payments due with respect to Eligible
Substitute Loans in the month of substitution shall not be transferred to the
Issuing Entity and will be retained by the Servicer and remitted by the Servicer
to the Sponsor on the next succeeding Payment Date provided a payment at least
equal to the applicable Monthly Payment has been received by the Issuing Entity
for such month in respect of the Loan to be removed. The Servicer shall amend or
cause to be amended the Loan Schedule to reflect the removal of such Loan and
the substitution of the Eligible Substitute Loans and the Servicer shall
promptly deliver the amended Loan Schedule to the Owner Trustee and the
Indenture Trustee.

         It is understood and agreed that the obligation of the Sponsor to cure
such breach or purchase or substitute for such Loan as to which such a breach
has occurred and is continuing shall constitute the sole remedy respecting such
breach available to the Issuing Entity and the Indenture Trustee, as pledgee of
the Loans, against the Sponsor. In connection with the purchase of or
substitution for any such Loan by the Sponsor, the Issuing Entity shall assign
to the Sponsor all of its right, title and interest in respect of the Loan
Purchase Agreement applicable to such Loan. Upon receipt of the Repurchase
Price, or upon completion of such substitution, the Servicer shall notify the
Custodian and then the Custodian shall deliver the Mortgage Files to the
Servicer, together with all relevant endorsements and assignments prepared by
the Servicer which the Indenture Trustee shall execute.

                                  ARTICLE III

                      Administration and Servicing of Loans

         Section 3.01   THE SERVICER. (a) The Servicer shall service and
administer the Loans in accordance with the terms of this Servicing Agreement,
following such procedures as it would employ in its good faith business judgment
and which are normal and usual in its general mortgage servicing activities, and
shall have full power and authority, acting alone or through a subservicer, to
do any and all things in connection with such servicing and administration which
it may deem necessary or desirable, it being understood, however, that the
Servicer shall at all times remain responsible to the Issuing Entity and the
Indenture Trustee for the performance of its duties and obligations hereunder in
accordance with the terms hereof. Without limiting the generality of the
foregoing, the Servicer shall continue, and is hereby authorized and empowered
by the Issuing Entity and the Indenture Trustee, as pledgee of the Loans, to
execute and deliver, on behalf of itself, the Issuing Entity, the Indenture
Trustee or any of them, any and all instruments of satisfaction or cancellation,
or of partial or full release or discharge, or of consent to modification in
connection with a proposed conveyance, or of assignment of any Mortgage and
Mortgage Note in connection with the repurchase of a Loan and all other
comparable instruments with respect to the Loans and with respect to the
Mortgaged Properties, or with respect to the modification or re-recording of a
Mortgage for the purpose of correcting the Mortgage, the subordination of the
lien of the Mortgage in favor of a public utility company or government agency
or unit with powers of eminent domain, the taking of a deed in lieu of
foreclosure, the commencement, prosecution or completion of judicial or
non-judicial foreclosure, the acquisition of any property acquired by
foreclosure or deed in lieu of foreclosure, or the management, marketing and
conveyance of any property acquired by foreclosure or deed in lieu of
foreclosure. The Issuing Entity, the Indenture Trustee and the Custodian, as
applicable, shall furnish the Servicer with any powers of attorney and other
documents necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder. On the Closing Date, the
Indenture Trustee shall deliver to the Servicer a limited power of attorney
substantially in the form of Exhibit B hereto.

         If the Mortgage relating to a Loan did not have a lien senior to the
Loan on the related Mortgaged Property as of the Cut-off Date, then the
Servicer, in such capacity, may not consent to the placing of a lien senior to
that of the Mortgage on the related Mortgaged Property. If the Mortgage relating
to a Loan had a lien senior to the Loan on the related Mortgaged Property as of
the Cut-off Date, then the Servicer, in such capacity, may consent to the
refinancing of the prior senior lien, provided that the following requirements
are met:

                  (i) (A) the Mortgagor's debt-to-income ratio resulting from
         such refinancing is less than the original debt-to-income ratio as set
         forth on the Mortgage Loan Schedule; or

                           (B) the resulting Combined Loan-to-Value Ratio of
                  such Loan is no higher than the Combined Loan-to-Value Ratio
                  prior to such refinancing; provided, however, if such
                  refinanced mortgage loan is a "rate and term" mortgage loan
                  (meaning, the Mortgagor does not receive any cash from the
                  refinancing), the Combined Loan-to-Value Ratio may increase to
                  the extent of the reasonable closing costs of such
                  refinancing;

                  (ii) the interest rate, or, in the case of an adjustable rate
         existing senior lien, the maximum interest rate, for the loan
         evidencing the refinanced senior lien is no more than 2.0% higher than
         the interest rate or the maximum interest rate, as the case may be, on
         the loan evidencing the existing senior lien immediately prior to the
         date of such refinancing; provided, however (a) if the loan evidencing
         the existing senior lien prior to the date of refinancing has an
         adjustable rate and the loan evidencing the refinanced senior lien has
         a fixed rate, then the current interest rate on the loan evidencing the
         refinanced senior lien may be up to 2.0% higher than the then-current
         loan rate of the loan evidencing the existing senior lien and (b) if
         the loan evidencing the existing senior lien prior to the date of
         refinancing has a fixed rate and the loan evidencing the refinanced
         senior lien has an adjustable rate, then the maximum interest rate on
         the loan evidencing the refinanced senior lien shall be less than or
         equal to (x) the interest rate on the loan evidencing the existing
         senior lien prior to the date of refinancing plus (y) 2.0%; and

                  (iii) the loan evidencing the refinanced senior lien is not
         subject to negative amortization.

         The relationship of the Servicer (and of any successor to the Servicer
as servicer under this Servicing Agreement) to the Issuing Entity under this
Servicing Agreement is intended by the parties to be that of an independent
contractor and not that of a joint venturer, partner or agent.

         (b) The Servicer may continue in effect Subservicing Agreements entered
into by the Sponsor and Subservicers prior to the execution and delivery of this
Agreement, and may enter into Subservicing Agreements with Subservicers for the
servicing and administration of certain of the Loans. Each Subservicer of a Loan
shall be entitled to receive and retain, as provided in the related Subservicing
Agreement and in Section 3.02, the related Subservicing Fee from payments of
interest received on such Loan after payment of all amounts required to be
remitted to the Servicer in respect of such Loan. For any Loan not subject to a
Subservicing Agreement, the Servicer shall be entitled to receive and retain an
amount equal to the Subservicing Fee from payments of interest. References in
this Servicing Agreement to actions taken or to be taken by the Servicer in
servicing the Loans include actions taken or to be taken by a Subservicer on
behalf of the Servicer. Each Subservicing Agreement will be upon such terms and
conditions as are not inconsistent with this Servicing Agreement and as the
Servicer and the Subservicer have agreed. With the approval of the Servicer, a
Subservicer may delegate its servicing obligations to third-party servicers, but
such Subservicers will remain obligated under the related Subservicing
Agreements. The Servicer and the Subservicer may enter into amendments to the
related Subservicing Agreements; provided, however, that any such amendments
shall not cause the Loans to be serviced in a manner that would be materially
inconsistent with the standards set forth in this Servicing Agreement. The
Servicer shall be entitled to terminate any Subservicing Agreement in accordance
with the terms and conditions thereof and without any limitation by virtue of
this Servicing Agreement; provided, however, that in the event of termination of
any Subservicing Agreement by the Servicer or the Subservicer, the Servicer
shall either act as servicer of the related Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the
related Subservicing Agreement. The Servicer shall be entitled to enter into any
agreement with a Subservicer for indemnification of the Servicer and nothing
contained in this Servicing Agreement shall be deemed to limit or modify such
indemnification.

         In the event that the rights, duties and obligations of the Servicer
are terminated hereunder, any successor to the Servicer in its sole discretion
may, to the extent permitted by applicable law, terminate the existing
Subservicing Agreement with any Subservicer in accordance with the terms of the
applicable Subservicing Agreement or assume the terminated Servicer's rights and
obligations under such subservicing arrangements which termination or assumption
will not violate the terms of such arrangements.

         As part of its servicing activities hereunder, the Servicer, for the
benefit of the Securityholders, shall use reasonable efforts to enforce the
obligations of each Subservicer under the related Subservicing Agreement, to the
extent that the non-performance of any such obligation would have a material
adverse effect on a Loan. Such enforcement, including, without limitation, the
legal prosecution of claims, termination of Subservicing 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 Servicer would employ in its good faith
business judgment and which are normal and usual in its general mortgage
servicing activities. The Servicer shall pay the costs of such enforcement at
its own expense, and shall be reimbursed therefor only (i) from a general
recovery resulting from such enforcement to the extent, if any, that such
recovery exceeds all amounts due in respect of the related Loan or (ii) from a
specific recovery of costs, expenses or attorneys fees against the party against
whom such enforcement is directed.

         Section 3.02   COLLECTION OF CERTAIN LOAN PAYMENTS. (a) The Servicer
shall make reasonable efforts to collect all payments called for under the terms
and provisions of the Loans, and shall, to the extent such procedures shall be
consistent with this Servicing Agreement and generally consistent with any
related insurance policy, follow such collection procedures as it would employ
in its good faith business judgment and which are normal and usual in its
general mortgage servicing activities. Consistent with the foregoing, and
without limiting the generality of the foregoing, the Servicer may in its
discretion waive any late payment charge, prepayment charge or penalty interest
or other fees which may be collected in the ordinary course of servicing such
Loan. The Servicer may also extend the Due Date for payment due on a Loan,
provided, however, that the Servicer shall first determine that any such waiver
or extension will not impair the coverage of any related insurance policy or
materially adversely affect the lien of the related Mortgage (except as
described below) or the interests of the Securityholders. Consistent with the
terms of this Servicing Agreement, the Servicer may also:

                  (i) waive, modify or vary any term of any Loan;

                  (ii) consent to the postponement of strict compliance with any
         such term or in any manner grant indulgence to any Mortgagor;

                  (iii) arrange with a Mortgagor a schedule for the payment of
         principal and interest due and unpaid;

                  (iv) forgive any portion of the amounts contractually owed
         under the Loan;

                  (v) capitalize past due amounts owed under the Loan by adding
         any amounts in arrearage to the existing principal balance of the Loan
         (a "Capitalization Workout") of which will result in an increased
         Monthly Payment amount, provided that: (A) the amount added to the
         existing principal balance of the Loan (the "Capitalized Amount") shall
         be no greater than five times the Mortgagor's current Monthly Payment
         amount; and (B) the Servicer shall not enter into a Capitalization
         Workout unless the Combined Loan-to-Value Ratio of the Loan prior to
         the Capitalization Workout equals or exceeds 80% and the Mortgagor has
         qualified for the Capitalization Workout under the Servicer's servicing
         guidelines;

                  (vi) reset the Due Date for the Loan, or any combination of
         the foregoing;

if in the Servicer's determination such waiver, modification, postponement or
indulgence, arrangement or other action referred to above is not materially
adverse to the interests of the Securityholders and is generally consistent with
the Servicer's policies with respect to mortgage loans similar to the Loans;
provided, however, that the Servicer may not modify or permit any Subservicer to
modify any Loan (including without limitation any modification that would change
the Loan Rate, forgive the payment of any principal or interest (unless in
connection with the liquidation of the related Loan) or extend the final
maturity date of such Loan) unless such Loan is in default or, in the judgment
of the Servicer, such default is reasonably foreseeable. The general terms of
any waiver, modification, postponement or indulgence with respect to any of the
Loans will be included in the Servicing Certificate, and such Loans will not be
considered "delinquent" for the purposes of the Basic Documents so long as the
Mortgagor complies with the terms of such waiver, modification, postponement or
indulgence.

         (b) The Servicer shall establish a Custodial Account, which shall be an
Eligible Account in which the Servicer shall deposit or cause to be deposited
any amounts representing payments and collections in respect of the Loans
received by it subsequent to the Cut-off Date (other than in respect of the
payments referred to in the following paragraph) within one Business Day
following receipt thereof (or otherwise on or prior to the Closing Date),
including the following payments and collections received or made by it (without
duplication):

                  (i) all payments of principal or interest on the Loans
         received by the Servicer from the respective Subservicer, net of any
         portion of the interest thereof retained by the Subservicer as
         Subservicing Fees;

                  (ii) the aggregate Repurchase Price of the Loans purchased by
         the Servicer pursuant to Section 3.15;

                  (iii) Net Liquidation Proceeds net of any related Foreclosure
         Profit;

                  (iv) all proceeds of any Loans repurchased by the Sponsor
         pursuant to the Loan Purchase Agreement, and all Substitution Amounts
         required to be deposited in connection with the substitution of an
         Eligible Substitute Loan pursuant to the Loan Purchase Agreement;

                  (v) insurance proceeds, other than Net Liquidation Proceeds,
         resulting from any insurance policy maintained on a Mortgaged Property;
         and

                  (vi) amounts required to be paid by the Servicer pursuant to
         Sections 3.04 and 8.08.

provided, however, that with respect to each Collection Period, the Servicer
shall be permitted to retain from payments in respect of interest on the Loans,
the Servicing Fee for such Collection Period. The foregoing requirements
respecting deposits to the Custodial Account are exclusive, it being understood
that, without limiting the generality of the foregoing, the Servicer need not
deposit in the Custodial Account amounts representing Foreclosure Profits,
prepayment penalties, fees (including annual fees) or late charge penalties
payable by Mortgagors (such amounts to be retained as additional servicing
compensation in accordance with Section 3.09 hereof), or amounts received by the
Servicer for the accounts of Mortgagors for application towards the payment of
taxes, insurance premiums, assessments and similar items. In the event any
amount not required to be deposited in the Custodial Account is so deposited,
the Servicer may at any time withdraw such amount from the Custodial Account,
any provision herein to the contrary notwithstanding.

         The Servicer may cause the institution maintaining the Custodial
Account to invest any funds in the Custodial Account in Permitted Investments,
which shall mature not later than the Business Day preceding the next Payment
Date and which shall not be sold or disposed of prior to its maturity. Except as
provided above, all income and gain realized from any such investment shall
inure to the benefit of the Servicer and shall be subject to its withdrawal or
order from time to time. The amount of any losses incurred in respect of the
principal amount of any such investments shall be deposited in the Custodial
Account by the Servicer out of its own funds immediately as realized.

         (c) The Servicer will require each Subservicer to hold all funds
constituting collections on the Loans, pending remittance thereof to the
Servicer, in one or more accounts meeting the requirements of an Eligible
Account, and invested in Permitted Investments.

         Section 3.03   WITHDRAWALS FROM THE CUSTODIAL ACCOUNT. The Servicer
shall, from time to time as provided herein, make withdrawals from the Custodial
Account of amounts on deposit therein pursuant to Section 3.02 that are
attributable to the Loans for the following purposes:

                  (i) (i) to deposit in the Payment Account, seven days prior to
         each Payment Date (or if such day is not a Business Day, the
         immediately preceding Business Day), an amount equal to the Interest
         Remittance Amount (excluding any payments under the Yield Maintenance
         Agreement that were received by the Indenture Trustee) and Principal
         Remittance Amount required to be distributed on such Payment Date;

                  (ii) to the extent deposited to the Custodial Account, to
         reimburse itself or the related Subservicer for previously unreimbursed
         expenses incurred in maintaining individual insurance policies pursuant
         to Section 3.04, or Liquidation Expenses, paid pursuant to Section 3.07
         or otherwise reimbursable pursuant to the terms of this Servicing
         Agreement (to the extent not payable pursuant to Section 3.09), such
         withdrawal right being limited to amounts received on particular Loans
         (other than any Repurchase Price in respect thereof) which represent
         late recoveries of the payments for which such advances were made, or
         from related Liquidation Proceeds or the proceeds of the purchase of
         such Loan;

                  (iii) to pay to itself out of each payment received on account
         of interest on a Loan as contemplated by Section 3.09, an amount equal
         to the related Servicing Fee (to the extent not retained pursuant to
         Section 3.02), and to pay to any Subservicer any Subservicing Fees not
         previously withheld by the Subservicer;

                  (iv) to the extent deposited in the Custodial Account to pay
         to itself as additional servicing compensation any interest or
         investment income earned on funds deposited in the Custodial Account
         and Payment Account that it is entitled to withdraw pursuant to
         Sections 3.02(b) and 5.01;

                  (v) to pay to itself or the Sponsor, with respect to any Loan
         or property acquired in respect thereof that has been purchased or
         otherwise transferred to the Sponsor, the Servicer or other entity, all
         amounts received thereon and not required to be distributed to
         Securityholders as of the date on which the related Purchase Price or
         Repurchase Price is determined; and

                  (vi) to withdraw any other amount deposited in the Custodial
         Account that was not required to be deposited therein pursuant to
         Section 3.02.

Since, in connection with withdrawals pursuant to clauses (ii), (iii), (iv) and
(v), the Servicer's entitlement thereto is limited to collections or other
recoveries on the related Loan, the Servicer shall keep and maintain separate
accounting, on a Loan by Loan basis, for the purpose of justifying any
withdrawal from the Custodial Account pursuant to such clauses. Notwithstanding
any other provision of this Servicing Agreement, the Servicer shall be entitled
to reimburse itself for any previously unreimbursed expenses incurred pursuant
to Section 3.07 or otherwise reimbursable pursuant to the terms of this
Servicing Agreement that the Servicer determines to be otherwise nonrecoverable
(except with respect to any Loan as to which the Repurchase Price has been
paid), by withdrawal from the Custodial Account of amounts on deposit therein
attributable to the Loans on any Business Day prior to the Payment Date
succeeding the date of such determination.

         Section 3.04   MAINTENANCE OF HAZARD INSURANCE; PROPERTY PROTECTION
EXPENSES. The Servicershall cause to be maintained for each Loan hazard
insurance naming the Servicer or related Subservicer as loss payee thereunder
providing extended coverage in an amount which is equal to at least 100% of the
insurable value of the improvements (guaranteed replacement) or the sum of the
unpaid principal balance of the first mortgage loan and the Loan amount. The
Servicer shall also cause to be maintained on property acquired upon
foreclosure, or deed in lieu of foreclosure, of any Loan, fire insurance with
extended coverage in an amount which is at least equal to the amount necessary
to avoid the application of any coinsurance clause contained in the related
hazard insurance policy. Amounts collected by the Servicer under any such
policies (other than amounts to be applied to the restoration or repair of the
related Mortgaged Property or property thus acquired or amounts released to the
Mortgagor in accordance with the Servicer's normal servicing procedures) shall
be deposited in the Custodial Account to the extent called for by Section 3.02.
In cases in which any Mortgaged Property is located at any time during the life
of a Loan in a federally designated flood area, the hazard insurance to be
maintained for the related Loan shall include flood insurance (to the extent
available). All such flood insurance shall be in amounts equal to the lesser of
(i) the amount required to compensate for any loss or damage to the Mortgaged
Property on a replacement cost basis and (ii) the maximum amount of such
insurance available for the related Mortgaged Property under the national flood
insurance program (assuming that the area in which such Mortgaged Property is
located is participating in such program). The Servicer shall be under no
obligation to require that any Mortgagor maintain earthquake or other additional
insurance and shall be under no obligation itself to maintain any such
additional insurance on property acquired in respect of a 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. If the Servicer shall
obtain and maintain a blanket policy consistent with its general mortgage
servicing activities insuring against hazard losses on all of the Loans, it
shall conclusively be deemed to have satisfied its obligations as set forth in
the first sentence of this Section 3.04, it being understood and agreed that
such blanket policy may contain a deductible clause, in which case the Servicer
shall, in the event that there shall not have been maintained on the related
Mortgaged Property a policy complying with the first sentence of this Section
3.04 and there shall have been a loss which would have been covered by such
policy, deposit in the Custodial Account the amount not otherwise payable under
the blanket policy because of such deductible clause. Any such deposit by the
Servicer shall be made on the last Business Day of the Collection Period in the
month in which payments under any such policy would have been deposited in the
Custodial Account. In connection with its activities as servicer of the Loans,
the Servicer agrees to present, on behalf of itself, the Issuing Entity and the
Indenture Trustee, claims under any such blanket policy.

         Section 3.05   MODIFICATION AGREEMENTS. The Servicer or the related
Subservicer, as the case may be, shall be entitled to (A) execute assumption
agreements, modification agreements, substitution agreements, and instruments of
satisfaction or cancellation or of partial or full release or discharge, or any
other document contemplated by this Servicing Agreement and other comparable
instruments with respect to the Loans and with respect to the Mortgaged
Properties subject to the Mortgages (and the Issuing Entity and the Indenture
Trustee each shall promptly execute any such documents on request of the
Servicer) and (B) approve the granting of an easement thereon in favor of
another Person, any alteration or demolition of the related Mortgaged Property
or other similar matters, in each case 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 Loan, that the security for, and the timely and full collectability
of, such Loan would not be adversely affected thereby. A partial release
pursuant to this Section 3.05 shall be permitted only if the Combined
Loan-to-Value Ratio for such Loan after such partial release does not exceed the
Combined Loan-to-Value Ratio for such Loan as of the Cut-off Date. Any fee
collected by the Servicer or the related Subservicer for processing such request
will be retained by the Servicer or such Subservicer as additional servicing
compensation.

         Section 3.06   TRUST ESTATE; RELATED DOCUMENTS. (a) When required by
the provisions of this Servicing Agreement, the Issuing Entity or the Indenture
Trustee shall execute instruments to release property from the terms of the
Trust Agreement, Indenture or Custodial Agreement, as applicable, or convey the
Issuing Entity's or the Indenture Trustee's interest in the same, in a manner
and under circumstances which are not inconsistent with the provisions of this
Servicing Agreement. No party relying upon an instrument executed by the Issuing
Entity or the Indenture Trustee as provided in this Section 3.06 shall be bound
to ascertain the Issuing Entity's or the Indenture Trustee's authority, inquire
into the satisfaction of any conditions precedent or see to the application of
any monies.

         (b) If from time to time the Servicer shall deliver to the Custodian
copies of any written assurance, assumption agreement or substitution agreement
or other similar agreement pursuant to Section 3.05, the Custodian shall check
that each of such documents purports to be an original executed copy (or a copy
of the original executed document if the original executed copy has been
submitted for recording and has not yet been returned) and, if so, shall file
such documents, and upon receipt of the original executed copy from the
applicable recording office or receipt of a copy thereof certified by the
applicable recording office shall file such originals or certified copies with
the Related Documents. If any such documents submitted by the Servicer do not
meet the above qualifications, such documents shall promptly be returned by the
Custodian to the Servicer pursuant to the related Custodial Agreement, with a
direction to the Servicer to forward the correct documentation.

         (c) Upon receipt of a "Request for Release", in the form attached
hereto as Exhibit C, from the Servicer (a "Request for Release"), to the effect
that a Loan has been the subject of a final payment or a prepayment in full and
the related Loan has been terminated or that substantially all Liquidation
Proceeds which have been determined by the Servicer in its reasonable judgment
to be finally recoverable have been recovered, and upon deposit to the Custodial
Account of such final monthly payment, prepayment in full together with accrued
and unpaid interest to the date of such payment with respect to such Loan or, if
applicable, Liquidation Proceeds, the Custodian shall promptly release the
Related Documents to the Servicer pursuant to the related Custodial Agreement,
which the Indenture Trustee shall execute, along with such documents as the
Servicer or the Mortgagor may request to evidence satisfaction and discharge of
such Loan, upon request of the Servicer. If from time to time and as appropriate
for the servicing or foreclosure of any Loan, the Servicer requests the
Custodian to release the Related Documents and delivers to the Custodian a
Request for Release to the Custodian signed by a Responsible Officer of the
Servicer, the Custodian shall release the Related Documents to the Servicer
pursuant to the related Custodial Agreement. The Servicer shall return promptly
to the Custodian the Related Documents when the Servicer's need therefor no
longer exists, unless the related Loan has been liquidated. If such Loans shall
be liquidated and the Custodian receives a Request for Release from the Servicer
as provided above, then, upon request of the Servicer, the Custodian shall
release the Request for Release to the Servicer pursuant to the related
Custodial Agreement.

         Section 3.07   REALIZATION UPON DEFAULTED LOANS; LOSS MITIGATION. With
respect to such of the Loans as come into and continue in default, the Servicer
will decide whether to (i) foreclose upon the Mortgaged Properties securing such
Loans, (ii) write off the unpaid principal balance of the Loans as bad debt,
(iii) take a deed in lieu of foreclosure, (iv) accept a short sale (a payoff of
the 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 permit a short
refinancing (a payoff of the 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), (v) arrange for a
repayment plan, (vi) agree to a modification in accordance with this Servicing
Agreement, or (vii) take an unsecured note, in connection with a negotiated
release of the lien of the Mortgage in order to facilitate a settlement with the
Mortgagor; in each case subject to the rights of any related first lien holder;
provided that in connection with the foregoing if the Servicer has actual
knowledge that any Mortgaged Property is affected by hazardous or toxic wastes
or substances and that the acquisition of such Mortgaged Property would not be
commercially reasonable, then the Servicer will not cause the Issuing Entity or
the Indenture Trustee to acquire title to such Mortgaged Property in a
foreclosure or similar proceeding. In connection with such decision, the
Servicer shall follow such practices (including, in the case of any default on a
related senior mortgage loan, the advancing of funds to correct such default if
deemed to be appropriate by the Servicer) and procedures as it shall deem
necessary or advisable and as shall be normal and usual in its general mortgage
servicing activities; provided that the Servicer shall not be liable in any
respect hereunder if the Servicer is acting in connection with any such
foreclosure or attempted foreclosure which is not completed or other conversion
in a manner that is consistent with the provisions of this Servicing Agreement.
The foregoing is subject to the proviso that the Servicer shall not be required
to expend its own funds in connection with any foreclosure or attempted
foreclosure which is not completed or towards the correction of any default on a
related senior mortgage loan or restoration of any property unless it shall
determine that such expenditure will increase Net Liquidation Proceeds. In the
event of a determination by the Servicer that any such expenditure previously
made pursuant to this Section 3.07 will not be reimbursable from Net Liquidation
Proceeds, the Servicer shall be entitled to reimbursement of its funds so
expended pursuant to Section 3.03.

         Notwithstanding any provision of this Servicing Agreement, a Loan may
be deemed to be finally liquidated if substantially all amounts expected by the
Servicer to be received in connection with the related defaulted Loan have been
received; provided, however, the Servicer shall treat any Loan that is 180 days
or more delinquent as having been finally liquidated. The Servicer may retain a
Subservicer to sell or perform collection activities with respect to a Loan that
is 180 days or more delinquent, and any subsequent collections (less the
applicable subservicing fee) with respect to any such Loan shall be deposited to
the Custodial Account. For purposes of determining the amount of any Liquidation
Proceeds or Insurance Proceeds, or other unscheduled collections, the Servicer
may take into account minimal amounts of additional receipts expected to be
received or any estimated additional Liquidation Expenses expected to be
incurred in connection with the related defaulted Loan.

         In the event that title to any Mortgaged Property is acquired in
foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale
shall be issued to the Indenture Trustee, who shall hold the same on behalf of
the Issuing Entity in accordance with Section 3.13 of the Indenture.
Notwithstanding any such acquisition of title and cancellation of the related
Loan, such Mortgaged Property shall (except as otherwise expressly provided
herein) be considered to be an outstanding Loan held as an asset of the Issuing
Entity until such time as such property shall be sold.

         Any proceeds from the purchase or repurchase of any Loan pursuant to
the terms of this Servicing Agreement (including without limitation Sections
2.03 and 3.15) will be applied in the following order of priority: first, to the
Servicer or the related Subservicer, all Servicing Fees payable therefrom to the
Payment Date on which such amounts are to be deposited in the Payment Account;
second, as part of the Interest Remittance Amount, accrued and unpaid interest
on the related Loan, at the Net Loan Rate to the Payment Date on which such
amounts are to be deposited in the Payment Account; and third, as part of the
Principal Remittance Amount, as a recovery of principal on the Loan.

         Liquidation Proceeds with respect to a Liquidated Loan will be applied
in the following order of priority: first, to reimburse the Servicer or the
related Subservicer in accordance with this Section 3.07 for any Liquidation
Expenses; second, to the Servicer or the related Subservicer, all unpaid
Servicing Fees through the date of receipt of the final Liquidation Proceeds;
third as part of the Interest Remittance Amount, accrued and unpaid interest on
the related Loan at the Net Loan Rate through the date of receipt of the final
Liquidation Proceeds; fourth as part of the Principal Remittance Amount, as a
recovery of principal on the Loan, up to an amount equal to the Loan Balance of
the related Loan immediately prior to the date it became a Liquidated Loan; and
fifth, to Foreclosure Profits.

         Proceeds and other recoveries from a Loan after it becomes a Liquidated
Loan will be applied in the following order of priority: first, to reimburse the
Servicer or the related Subservicer in accordance with this Section 3.07 for any
expenses previously unreimbursed from Liquidation Proceeds or otherwise; second,
to the Servicer or the related Subservicer, all unpaid Servicing Fees payable
thereto through the date of receipt of the proceeds previously unreimbursed from
Liquidation Proceeds or otherwise; third, as part of the Interest Remittance
Amount, up to an amount equal to the sum of (a) the Stated Principal Balance of
the related Loan immediately prior to the date it became a Liquidated Loan, less
any Net Liquidation Proceeds previously received with respect to such Loan and
applied as a recovery of principal, and (b) accrued and unpaid interest on the
related Loan at the Net Loan Rate through the date of receipt of the proceeds;
and fourth, to Foreclosure Profits.

         Section 3.08   ISSUING ENTITY AND INDENTURE TRUSTEE TO COOPERATE. On or
before each Payment Date, the Servicer will notify the Indenture Trustee or the
Custodian, with a copy to the Issuing Entity, of the termination of or the
payment in full and the termination of any Loan during the preceding Collection
Period. Upon receipt of payment in full, the Servicer is authorized to execute,
pursuant to the authorization contained in Section 3.01, if the assignments of
Mortgage have been recorded if required under the Loan Purchase Agreement, an
instrument of satisfaction regarding the related Mortgage, which instrument of
satisfaction shall be recorded by the Servicer if required by applicable law and
be delivered to the Person entitled thereto. It is understood and agreed that
any expenses incurred in connection with such instrument of satisfaction or
transfer shall be reimbursed from amounts deposited in the Custodial Account.
From time to time and as appropriate for the servicing or foreclosure of any
Loan, the Indenture Trustee or the Custodian shall, upon request of the Servicer
and delivery to the Indenture Trustee or Custodian, with a copy to the Issuing
Entity, of a Request for Release, signed by a Servicing Officer, release or
cause to be released the related Mortgage File to the Servicer and the Issuing
Entity or Indenture Trustee shall promptly execute such documents, in the forms
provided by the Servicer, as shall be necessary for the prosecution of any such
proceedings or the taking of other servicing actions. Such trust receipt shall
obligate the Servicer to return the Mortgage File to the Indenture Trustee or
the Custodian (as specified in such receipt) when the need therefor by the
Servicer no longer exists unless the Loan shall be liquidated, in which case,
upon receipt of a certificate of a Servicing Officer similar to that hereinabove
specified, the trust receipt shall be released to the Servicer.

         In order to facilitate the foreclosure of the Mortgage securing any
Loan that is in default following recordation of the assignments of Mortgage in
accordance with the provisions of the Loan Purchase Agreement, the Indenture
Trustee or the Issuing Entity shall, if so requested in writing by the Servicer,
promptly execute an appropriate assignment in the form provided by the Servicer
to assign such Loan for the purpose of collection to the Servicer (any such
assignment shall unambiguously indicate that the assignment is for the purpose
of collection only), and, upon such assignment, such assignee for collection
will thereupon bring all required actions in its own name and otherwise enforce
the terms of the Loan and deposit or credit the Net Liquidation Proceeds,
exclusive of Foreclosure Profits, received with respect thereto in the Custodial
Account. In the event that all delinquent payments due under any such Loan are
paid by the Mortgagor and any other defaults are cured, then the assignee for
collection shall promptly reassign such Loan to the Indenture Trustee and return
all Related Documents to the place where the related Mortgage File was being
maintained.

         In connection with the Issuing Entity's obligation to cooperate as
provided in this Section 3.08 and all other provisions of this Servicing
Agreement requiring the Issuing Entity to authorize or permit any actions to be
taken with respect to the Loans, the Indenture Trustee, as pledgee of the Loans
and as assignee of record of the Loans on behalf of the Issuing Entity pursuant
to Section 3.13 of the Indenture, expressly agrees, on behalf of the Issuing
Entity, to take all such actions on behalf of the Issuing Entity and to promptly
execute and return all instruments reasonably required by the Servicer in
connection therewith; provided that if the Servicer shall request a signature of
the Indenture Trustee, on behalf of the Issuing Entity, the Servicer will
deliver to the Indenture Trustee an Officer's Certificate stating that such
signature is necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties under this Servicing Agreement.

         Section 3.09   SERVICING COMPENSATION; PAYMENT OF CERTAIN EXPENSES BY
SERVICER. The Servicer shall be entitled to receive the Servicing Fee in
accordance with Sections 3.02 and 3.03 as compensation for its services in
connection with servicing the Loans. Moreover, additional servicing compensation
in the form of late payment charges, prepayment charges, investment income on
amounts in the Custodial Account or the Payment Account and other receipts not
required to be deposited in the Custodial Account as specified in Section 3.02
shall be retained by the Servicer. The 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.

         Section 3.10   ANNUAL STATEMENT AS TO COMPLIANCE. (a) The Servicer will
deliver to the Issuing Entity, the Underwriters and the Indenture Trustee on or
before February [__] of each year, beginning February [__], ____, an Officer's
Certificate (an "Annual Statement of Compliance") stating, as to each signatory
thereof, that (i) a review of the activities of the Servicer during the
preceding calendar year and of performance under this Servicing Agreement and
other applicable servicing agreements has been made under such officer's
supervision and (ii) to the best of such officers' knowledge, based on such
review, the Servicer has complied in all respects with its obligations under
this Agreement or other applicable servicing agreements in all material respects
throughout such year, or, if there has been failure to fulfill such obligation
in any material respect, such statement shall include a description of such
noncompliance or specify each such default, as the case may be, known to such
officer and the nature and status or cure provisions thereof. Such Annual
Statement of Compliance shall contain no restrictions or limitations on its use.
In the event that the Servicer has delegated any servicing responsibilities with
respect to the Mortgage Loans to a subservicer, the Servicer shall deliver a
similar Annual Statement of Compliance by that subservicer to the Indenture
Trustee as described above as and when required with respect to the Servicer.

         If the Servicer cannot deliver the related Annual Statement of
Compliance by February 28th of such year, the Indenture Trustee, at its sole
option, may permit a cure period for the Servicer to deliver such Annual
Statement of Compliance, but in no event later than March 10th of such year.

         Failure of the Servicer to timely comply with this Section 3.10 shall
be deemed a Servicing Default, and the Indenture Trustee may, in addition to
whatever rights the Indenture Trustee may have under this Servicing Agreement
and at law or equity or to damages, including injunctive relief and specific
performance, upon notice immediately terminate all the rights and obligations of
the Servicer under this Servicing Agreement and in and to the Mortgage Loans and
the proceeds thereof without compensating the Servicer for the same. This
paragraph shall supercede any other provision in this Servicing Agreement or any
other agreement to the contrary.

         (b) The Servicer shall deliver to the Issuing Entity and the Indenture
Trustee, promptly after having obtained knowledge thereof, but in no event later
than five Business Days thereafter, written notice by means of an Officer's
Certificate of any event which with the giving of notice or the lapse of time or
both, would become a Servicing Default.

         Section 3.11   ASSESSMENTS OF COMPLIANCE AND ATTESTATION REPORTS. On
and after January 1, 2006, the Servicer shall service and administer the Loans
in accordance with all applicable requirements of the Servicing Criteria.
Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1123 of
Regulation AB, the Servicer shall deliver to the Depositor, the Issuing Entity,
the Indenture Trustee, the Depositor, the credit enhancer and each Rating Agency
on or before February [__] of each calendar year beginning in 2007, a report
regarding the Servicer's assessment of compliance (an "Assessment of
Compliance") with the Servicing Criteria during the preceding calendar year. The
Assessment of Compliance must be reasonably satisfactory to the Indenture
Trustee, and as set forth in Regulation AB, the Assessment of Compliance must
contain the following:

         (a) A statement by such officer of its responsibility for assessing
compliance with the Servicing Criteria applicable to the Servicer;

         (b) A statement by such officer that such officer used the Servicing
Criteria attached as Exhibit A hereto, and which will also be attached to the
Assement of Compliance, to assess compliance with the Servicing Criteria
applicable to the Servicer;

         (c) An assessment by such officer of the Servicer's compliance with the
applicable Servicing Criteria for the period consisting of the preceding
calendar year, including disclosure of any material instance of noncompliance
with respect thereto during such period, which assessment shall be based on the
activities it performs with respect to asset-backed securities transactions
taken as a whole involving the Servicer, that are backed by the same asset type
as the Loans;

         (d) A statement that a registered public accounting firm has issued an
attestation report on the Servicer's Assessment of Compliance for the period
consisting of the preceding calendar year; and

         (e) A statement as to which of the Servicing Criteria, if any, are not
applicable to the Servicer, which statement shall be based on the activities it
performs with respect to asset-backed securities transactions taken as a whole
involving the Servicer, that are backed by the same asset type as the Mortgage
Loans.

         Such report at a minimum shall address each of the Servicing Criteria
specified on Exhibit A hereto which are indicated as applicable to the Servicer.

         On or before February [__] of each calendar year beginning in 2007, the
Servicer shall furnish to the Depositor, the Issuing Entity, the Indenture
Trustee, the Depositor, the credit enhancer and each Rating Agency a report (an
"Attestation Report") by a registered public accounting firm that attests to,
and reports on, the Assessment of Compliance made by the Depositor, as required
by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation
AB, which Attestation Report must be made in accordance with standards for
attestation reports issued or adopted by the Public Company Accounting Oversight
Board.

         The Servicer shall cause any subservicer, and each subcontractor
determined by the Servicer to be "participating in the servicing function"
within the meaning of Item 1122 of Regulation AB, to deliver to the Depositor,
the Issuing Entity, the Indenture Trustee, the Depositor, the credit enhancer
and each Rating Agency an Assessment of Compliance and Attestation Report as and
when provided above.

         Such Assessment of Compliance, as to any subservicer, shall at a
minimum address each of the Servicing Criteria specified on Exhibit A hereto
which are indicated as applicable to any "primary servicer." Notwithstanding the
foregoing, as to any subcontractor, an Assessment of Compliance is not required
to be delivered unless it is required as part of a Form 10-K with respect to the
trust fund.

         If the Servicer cannot deliver any Assessment of Compliance or
Attestation Report by February 28th of such year, the Indenture Trustee, at its
sole option, may permit a cure period for the Servicer to deliver such
Assessment of Compliance or Attestation Report, but in no event later than March
10th of such year.

         Failure of the Master Servicer to timely comply with this Section 3.11
shall be deemed a Servicing Default, and the Indenture Trustee may, in addition
to whatever rights the Indenture Trustee may have under this Agreement and at
law or equity or to damages, including injunctive relief and specific
performance, upon notice immediately terminate all the rights and obligations of
the Servicer under this Agreement and in and to the Mortgage Loans and the
proceeds thereof without compensating the Servicer for the same. This paragraph
shall supercede any other provision in this Agreement or any other agreement to
the contrary.

         The Indenture Trustee shall also provide an Assessment of Compliance
and Attestation Report, as and when provided above, which shall at a minimum
address each of the Servicing Criteria specified on Exhibit A hereto which are
indicated as applicable to the "indenture trustee" or "securities
administrator." In addition, the Indenture Trustee shall cause the Custodian to
deliver to the Indenture Trustee and the Depositor an Assessment of Compliance
and Attestation Report, as and when provided above, which shall at a minimum
address each of the Servicing Criteria specified on Exhibit A hereto which are
indicated as applicable to a "custodian." Notwithstanding the foregoing, as to
any Custodian, an Assessment of Compliance is not required to be delivered
unless it is required as part of a Form 10-K with respect to the trust fund.

         Section 3.12   ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
REGARDING THE LOANS. Whenever required by statute or regulation, the Servicer
shall provide to any Securityholder upon reasonable request (or a regulator for
a Securityholder) or the Indenture Trustee, reasonable access to the
documentation regarding the Loans such access being afforded without charge but
only upon reasonable request and during normal business hours at the offices of
the Servicer. Nothing in this Section 3.12 shall derogate from the obligation of
the Servicer to observe any applicable law prohibiting disclosure of information
regarding the Mortgagors and the failure of the Servicer to provide access as
provided in this Section 3.12 as a result of such obligation shall not
constitute a breach of this Section 3.12.

         Section 3.13   MAINTENANCE OF CERTAIN SERVICING INSURANCE POLICIES. The
Servicer shall during the term of its service as servicer maintain in force (i)
a policy or policies of insurance covering errors and omissions in the
performance of its obligations as Servicer hereunder and (ii) a fidelity bond in
respect of its officers, employees or agents. Each such policy or policies and
bond shall be at least equal to the coverage that would be required by FNMA or
FHLMC, whichever is greater, for Persons performing servicing for loans similar
to the Loans purchased by such entity.

         Section 3.14   INFORMATION REQUIRED BY THE INTERNAL REVENUE SERVICE AND
REPORTS OF FORECLOSURES AND ABANDONMENTS OF MORTGAGED PROPERTY. The Servicer
shall prepare and deliver all federal and state information reports when and as
required by all applicable state and federal income tax laws. In particular,
with respect to the requirement under Section 6050J of the Code to the effect
that the Servicer or Subservicer shall make reports of foreclosures and
abandonments of any mortgaged property for each year beginning in ____, the
Servicer or Subservicer shall file reports relating to each instance occurring
during the previous calendar year in which the Servicer (i) on behalf of the
Issuing Entity, acquires an interest in any Mortgaged Property through
foreclosure or other comparable conversion in full or partial satisfaction of a
Loan, or (ii) knows or has reason to know that any Mortgaged Property has been
abandoned. The reports from the Servicer or Subservicer shall be in form and
substance sufficient to meet the reporting requirements imposed by Section 6050J
and Section 6050H (reports relating to mortgage interest received) of the Code.

         Section 3.15   OPTIONAL PURCHASE OF LOANS BY SERVICER. The Servicer
may, at its option, repurchase a Loan which becomes 60 or more days delinquent.
The Servicer shall not use any procedure in selecting Loans to be repurchased
which is materially adverse to the interests of the Securityholders. The
Servicer shall purchase such delinquent Loan at a price equal to the Repurchase
Price. Any such repurchase of a Loan pursuant to this Section 3.15 shall be
accomplished by delivery to the Indenture Trustee for deposit in the Payment
Account of the amount of the Repurchase Price. The Indenture Trustee shall
immediately effectuate the conveyance of such delinquent Loan to the Servicer to
the extent necessary, including the prompt delivery of all documentation to the
Servicer.

         Section 3.16   INTENTION OF THE PARTIES AND INTERPRETATION. Each of the
parties acknowledges and agrees that the purpose of Sections 3.10 and 3.11 of
this Servicing Agreement is to facilitate compliance with the provisions of
Regulation AB promulgated by the SEC under the 1934 Act (17 C.F.R. ss.ss.
229.1100 - 229.1123), as such may be amended from time to time and subject to
clarification and interpretive advice as may be issued by the staff of the SEC
from time to time. Therefore, each of the parties agrees that (a) the
obligations of the parties hereunder shall be interpreted in such a manner as to
accomplish that purpose, (b) the parties' obligations hereunder will be
supplemented and modified as necessary to be consistent with any such
amendments, interpretive advice or guidance, convention or consensus among
active participants in the asset-backed securities markets, advice of counsel,
or otherwise in respect of the requirements of Regulation AB, (c) the parties
shall comply with requests made by the Indenture Trustee or the Depositor for
delivery of additional or different information as the Indenture Trustee or the
Depositor may determine in good faith is necessary to comply with the provisions
of Regulation AB, and (d) no amendment of this Servicing Agreement shall be
required to effect any such changes in the parties' obligations as are necessary
to accommodate evolving interpretations of the provisions of Regulation AB.

                                   ARTICLE IV

                              Servicing Certificate

         Section 4.01   Statements to Securityholders. (a) With respect to each
Payment Date, on the Business Day following the related Determination Date, the
Servicer shall forward to the Indenture Trustee the Loan information reasonably
available to the Servicer with respect to the Loans as the Indenture Trustee may
reasonably request in order for the Indenture Trustee to perform the
calculations necessary to prepare the statements contemplated by this Section
4.01 (the "Servicing Certificate"). The Indenture Trustee pursuant to Section
3.23 of the Indenture shall forward or cause to be forwarded by mail to each
Certificateholder, Noteholder, the Depositor, the Owner Trustee, the Certificate
Paying Agent and each Rating Agency, a statement setting forth the following
information as to the Notes and Certificates, to the extent applicable:

                  (i) the aggregate amount of (a) Interest Remittance Amount,
         (b) Principal Remittance Amount and (c) Substitution Amounts;

                  (ii) the amount of such distribution as principal to the
         Noteholders;

                  (iii) the amount of such distribution as interest to the
         Noteholders, separately stating the portion thereof in respect of
         overdue accrued interest;

                  (iv) the number and Aggregate Loan Balance of the Loans as of
         the end of the related Collection Period;

                  (v) the weighted average Net Loan Rate for the related
         Collection Period and the weighted average Net Loan Rate for the
         aggregate of the stated Principal Balance of (A) all of the Loans and
         (B) the adjustable rate Loans, for the following Collection Period;

                  (vi) the weighted average Loan Rate for the related Collection
         Period;

                  (vii) the Class Principal Balance after giving effect to the
         distribution of principal on such Payment Date;

                  (viii) the Certificate Distribution Amount immediately
         following such Payment Date;

                  (ix) the aggregate Servicing Fees for the related Collection
         Period;

                  (x) the Overcollateralization Amount and the Targeted
         Overcollateralization Amount immediately following such Payment Date;

                  (xi) the number and principal amount of Capitalization
         Workouts pursuant to Section 3.02(a)(v) entered into since the Closing
         Date;

                  (xii) the aggregate amount recovered during the related
         Collection Period consisting of all subsequent recoveries on any Loan
         that was 180 days or more delinquent;

                  (xiii) the related Basis Risk Shortfall for the Class A, Class
         M-1 and Class B-1 Notes and the Available Funds Shortfall for the Class
         B-2 Notes on each Payment Date;

                  (xiv) the applicable record dates, accrual periods,
         determination dates for calculating distributions and general
         distribution dates;

                  (xv) the total cash flows received and the general sources
         thereof;

                  (xvi) the related amount of the Servicing Fees paid to or
         retained by the Servicer for the related Due Period;

                  (xvii) the amount of any net swap payment payable to the
         derivative administrator, any net swap payment payable to the Swap
         Provider, any swap termination payment payable to the derivative
         administrator and any swap termination payment payable to the Swap
         Provider;

                  (xviii) the interest carry forward amount and any Basis Risk
         Shortfall Carry Forward Amount for each Class of Notes;

                  (xix) the Note Principal Balance or Note Notional Amount, as
         applicable, of each Class after giving effect (i) to all distributions
         allocable to principal on such Distribution Date and (ii) the
         allocation of any Applied Loss Amounts for such Distribution Date;

                  (xx) the number and Stated Principal Balance of the Loans in
         each loan group in respect of which (A) one Scheduled Payment is
         Delinquent, (B) two Scheduled Payments are delinquent, (C) three or
         more Scheduled Payments are delinquent and (D) foreclosure proceedings
         have been commenced, in each case as of the close of business on the
         last day of the calendar month preceding such Distribution Date and
         separately identifying such information for the (1) first lien Mortgage
         Loans, (2) second lien Mortgage Loans, and (3) adjustable rate Loans,
         in each such loan group; provided, however, that such information will
         not be provided on the statements relating to the first Payment Date;

                  (xxi) the amount of advances included in the distribution on
         such Distribution Date (including the general purpose of such
         advances), the aggregate amount of unreimbursed advances at the close
         of business on the Distribution Date, and the general source of funds
         for reimbursements;

                  (xxii) the cumulative amount of Applied Loss Amounts to date;

                  (xxiii) if applicable, material modifications, extensions or
         waivers to Loan terms, fees, penalties or payments during the preceding
         calendar month or that have become material over time;

                  (xxiv) with respect to any Loan that was liquidated during the
         preceding calendar month, the loan number and Stated Principal Balance
         of, and Realized Loss on, such Loan as of the close of business on the
         Determination Date preceding such Distribution Date;

                  (xxv) the total number and principal balance of any real
         estate owned or REO properties as of the close of business on the
         Determination Date preceding such Distribution Date;

                  (xxvi) the three month rolling average of the percent
         equivalent of a fraction, the numerator of which is the aggregate
         Stated Principal Balance of the Mortgage Loans that are 60 days or more
         delinquent or are in bankruptcy or foreclosure or are REO properties,
         and the denominator of which is the aggregate Stated Principal Balance
         of all of the Loans in each case as of the close of business on the
         last day of the calendar month preceding such Distribution Date and
         separately identifying such information for the (1) first lien Loans,
         and (2) adjustable rate Loans;

                  (xxvii) the Realized Losses during the related Prepayment
         Period and the cumulative Realized Losses through the end of the
         preceding month;

                  (xxviii) whether a trigger event exists;

                  (xxix) updated pool composition data including the following
         with respect to each loan group: average loan balance, weighted average
         mortgage rate, weighted average loan-to-value ratio at origination,
         weighted average FICO at origination weighted average remaining term;
         [NOTE - Item 1121(a)(8) requires updated pool composition information,
         the foregoing is a suggestion of what to provide]

                  (xxx) information about any additions of, substitutions for or
         removal of any Loans from the trust fund, and any changes in the
         underwriting, acquisition or selection criteria as to any Mortgage
         Loans added to the trust fund;

                  (xxxi) the amount, if any of fees or expenses accrued and
         paid, with an identification of the payee and the general purpose of
         such fees;

                  (xxxii) the amount of, if any, of excess cash flow or excess
         spread and the application of such excess cash flow;

                  (xxxiii) interest rates, as applicable, to the pool assets and
         securities;

                  (xxxiv) the beginning and ending balance of the reserve fund
         or similar account, if any together with any material activity;

                  (xxxv) if applicable, material modifications, extensions or
         waivers to pool asset terms, fees penalties or payments during the
         distribution period or that have become material overtime;

                  (xxxvi) material breaches of pool asset representation or
         warranties or transaction covenants;

                  (xxxvii) Information regarding any new issuance of securities
         backed by the same asset pool, any pool asset changes, such as
         additions or removals in connection with a prefunding and pool asset
         substitutions and repurchases, and cash flows available for future
         purchases, such as the balances of any prefunding, if applicable;

                  (xxxviii) The Special Hazard Amount, Fraud Loss Amount and
         Bankruptcy Amount, if applicable, as of the close of business on the
         applicable distribution date and a description of any change in the
         calculation of these amount; and

                  (xxxix) With respect to any series of securities as to which
         the trust fund includes mortgage securities, additional information as
         required under this Agreement and specified in the related prospectus
         supplement.

         In the case of information furnished pursuant to clauses (ii) and (iii)
above, the amounts shall be expressed as an aggregate dollar amount per Note or
Certificate, as applicable, with a $1,000 denomination.

         (b) In addition, with respect to each Payment Date, on the Business Day
following the related Determination Date, the Servicer shall forward to the
Rating Agencies the following information for each Capitalization Workout
entered into during the related Collection Period:

                  (i) the original Loan amount;

                  (ii) the Loan amount after the Capitalization Workout;

                  (iii) the original Monthly Payment amount;

                  (iv) the Monthly Payment amount after the Capitalization
         Workout;

                  (v) the Capitalized Amount as defined in Section 3.02(a)(v)
         herein;

                  (vi) the Combined Loan-to-Value Ratio prior to the
         Capitalization Workout;

                  (vii) the Combined Loan-to-Value Ratio after the
         Capitalization Workout; and

                  (viii) if an appraisal was used in determining the Combined
         Loan-to-Value Ratio referred to in (vii) above, the type and date of
         appraisal.

         The Servicer shall also forward to the Indenture Trustee any other
information reasonably requested by the Indenture Trustee necessary to make
distributions pursuant to Section 3.05 of the Indenture. Prior to the close of
business on the Business Day next succeeding each Determination Date, the
Servicer shall furnish a written statement to the Certificate Paying Agent and
the Indenture Trustee setting forth the aggregate amounts required to be
withdrawn from the Custodial Account and deposited into the Payment Account on
the Business Day preceding the related Payment Date pursuant to Section 3.03.
The determination by the Servicer of such amounts shall, in the absence of
obvious error, be presumptively deemed to be correct for all purposes hereunder
and the Owner Trustee and Indenture Trustee shall be protected in relying upon
the same without any independent check or verification. In addition, upon the
Issuing Entity's written request, the Servicer shall promptly furnish
information reasonably requested by the Issuing Entity that is reasonably
available to the Servicer to enable the Issuing Entity to perform its federal
and state income tax reporting obligations.

         Section 4.02   TAX REPORTING. So long as 100% of the Certificates are
owned by the same person, then no separate federal and state income tax returns
and information returns or reports will be filed with respect to the Issuing
Entity, and the Issuing Entity will be treated as an entity disregarded from the
100% Certificateholder.

                                   ARTICLE V

                                 Payment Account

         Section 5.01   PAYMENT ACCOUNT. The Indenture Trustee shall establish
and maintain a Payment Account titled "[Name of Indenture Trustee], as Indenture
Trustee, for the benefit of the Securityholders and the Certificate Paying Agent
pursuant to the Indenture, dated as of __________________, between Nomura Asset
Acceptance Corporation Trust Series ____-__ and [Name of Indenture Trustee]".
The Payment Account shall be an Eligible Account. On each Payment Date, amounts
on deposit in the Payment Account will be distributed by the Indenture Trustee
in accordance with Section 3.05 of the Indenture. The Indenture Trustee may
invest or cause the institution maintaining the Payment Account to invest the
funds in the Payment Account in Permitted Investments designated in the name of
the Indenture Trustee, which shall mature not later than the Business Day next
preceding the Payment Date next following the date of such investment. All
income and gain realized from any such investment shall be for the benefit of
the Indenture Trustee and shall be subject to its withdrawal or order from time
to time. The amount of any losses incurred in respect of any such investments
shall be deposited in the Payment Account by the Indenture Trustee out of its
own funds immediately as realized.

                                   ARTICLE VI

                                  The Servicer

         Section 6.01   LIABILITY OF THE SERVICER. The Servicer shall be liable
in accordance herewith only to the extent of the obligations specifically
imposed upon and undertaken by the Servicer herein.

         Section 6.02   MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, THE SERVICER. Any corporation into which the Servicer may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Servicer
shall be a party, or any corporation succeeding to the business of the Servicer,
shall be the successor of the 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.

         The Servicer may assign its rights and delegate its duties and
obligations under this Servicing Agreement; provided that the Person accepting
such assignment or delegation shall be a Person which is qualified to service
mortgage loans similar to those in the Trust Estate, is reasonably satisfactory
to the Indenture Trustee (as pledgee of the Loans) and the Issuing Entity, is
willing to service the Loans and executes and delivers to the Indenture Trustee
and the Issuing Entity an agreement, in form and substance reasonably
satisfactory to the Indenture Trustee and the Issuing Entity, which contains an
assumption by such Person of the due and punctual performance and observance of
each covenant and condition to be performed or observed by the Servicer under
this Servicing Agreement; provided further that each Rating Agency's rating of
the Securities in effect immediately prior to such assignment and delegation
will not be qualified, reduced, or withdrawn as a result of such assignment and
delegation (as evidenced by a letter to such effect from each Rating Agency);
and provided further that the Owner Trustee receives an Opinion of Counsel to
the effect that such assignment or delegation shall not cause the Owner Trust to
be treated as a corporation for federal or state income tax purposes.

         Section 6.03   LIMITATION ON LIABILITY OF THE SERVICER AND OTHERS.
Neither the Servicer nor any of the directors or officers or employees or agents
of the Servicer shall be under any liability to the Issuing Entity, the Owner
Trustee, the Indenture Trustee or the Securityholders for any action taken or
for refraining from the taking of any action in good faith pursuant to this
Servicing Agreement, provided, however, that this provision shall not protect
the Servicer or any such Person against any liability which would otherwise be
imposed by reason of its willful misfeasance, bad faith or gross negligence in
the performance of its duties hereunder or by reason of its reckless disregard
of its obligations and duties hereunder. The Servicer and any director or
officer or employee or agent of the 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 Servicer and any director or
officer or employee or agent of the Servicer shall be indemnified by the Issuing
Entity and held harmless against any loss, liability or expense incurred in
connection with any legal action relating to this Servicing Agreement or the
Securities, other than any loss, liability or expense incurred by reason of its
willful misfeasance, bad faith or gross negligence in the performance of its
duties hereunder or by reason of its reckless disregard of its obligations and
duties hereunder. The Servicer shall not be under any obligation to appear in,
prosecute or defend any legal action which is not incidental to its duties to
service the Loans in accordance with this Servicing Agreement, and which in its
opinion may involve it in any expense or liability; provided, however, that the
Servicer may in its sole discretion undertake any such action which it may deem
necessary or desirable in respect of this Servicing Agreement, and the rights
and duties of the parties hereto and the interests of the Securityholders. In
such event, the reasonable legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Issuing Entity, and the Servicer shall be entitled to be reimbursed therefor.
The Servicer's right to indemnity or reimbursement pursuant to this Section 6.03
shall survive any resignation or termination of the Servicer pursuant to Section
6.04 or 7.01 with respect to any losses, expenses, costs or liabilities arising
prior to such resignation or termination (or arising from events that occurred
prior to such resignation or termination).

         Section 6.04   SERVICER NOT TO RESIGN. Subject to the provisions of
Section 6.02, the Servicer shall not resign from the obligations and duties
hereby imposed on it except (i) upon determination that the performance of its
obligations or 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 or its subsidiaries or Affiliates, the other
activities of the Servicer so causing such a conflict being of a type and nature
carried on by the Servicer or its subsidiaries or Affiliates at the date of this
Servicing Agreement or (ii) upon satisfaction of the following conditions: (a)
the Servicer has proposed a successor servicer to the Issuing Entity and the
Indenture Trustee in writing and such proposed successor servicer is reasonably
acceptable to the Issuing Entity and the Indenture Trustee; and (b) each Rating
Agency shall have delivered a letter to the Issuing Entity and the Indenture
Trustee prior to the appointment of the successor servicer stating that the
proposed appointment of such successor servicer as Servicer hereunder will not
result in the reduction or withdrawal of the then current rating of the
Securities; provided, however, that no such resignation by the Servicer shall
become effective until such successor servicer or, in the case of (i) above, the
Indenture Trustee, as pledgee of the Loans, shall have assumed the Servicer's
responsibilities and obligations hereunder or the Indenture Trustee, as pledgee
of the Loans, shall have designated a successor servicer in accordance with
Section 7.02. Any such resignation shall not relieve the Servicer of
responsibility for any of the obligations specified in Sections 7.01 and 7.02 as
obligations that survive the resignation or termination of the Servicer. Any
such determination permitting the resignation of the Servicer shall be evidenced
by an Opinion of Counsel to such effect delivered to the Indenture Trustee.

         Section 6.05   DELEGATION OF DUTIES. In the ordinary course of
business, the Servicer at any time may delegate any of its duties hereunder to
any Person, including any of its Affiliates, who agrees to conduct such duties
in accordance with standards comparable to those with which the Servicer
complies pursuant to Section 3.01. Such delegation shall not relieve the
Servicer of its liabilities and responsibilities with respect to such duties and
shall not constitute a resignation within the meaning of Section 6.04.

                                   ARTICLE VII

                                     Default

         Section 7.01   SERVICING DEFAULT. If any one of the following events

("Servicing Default") shall occur and be continuing:

                  (i) Any failure by the Servicer to deposit in the Custodial
         Account or Payment Account any deposit required to be made under the
         terms of this Servicing Agreement which continues unremedied for a
         period of three Business Days after the date upon which written notice
         of such failure shall have been given to the Servicer by the Issuing
         Entity or the Indenture Trustee; or

                  (ii) Failure on the part of the Servicer duly to observe or
         perform in any material respect any other covenants or agreements of
         the Servicer set forth in the Securities or in this Servicing
         Agreement, which failure, in each case, materially and adversely
         affects the interests of Securityholders and which continues unremedied
         for a period of 45 days after the date on which written notice of such
         failure, requiring the same to be remedied, and stating that such
         notice is a "Notice of Default" hereunder, shall have been given to the
         Servicer by the Issuing Entity or the Indenture Trustee; or

                  (iii) The entry against the Servicer of a decree or order by a
         court or agency or supervisory authority having jurisdiction in the
         premises for the appointment of a trustee, conservator, receiver or
         liquidator in any insolvency, conservatorship, receivership,
         readjustment of debt, marshalling of assets and liabilities or similar
         proceedings, or for the winding up or liquidation of its affairs, and
         the continuance of any such decree or order undischarged or unstayed
         and in effect for a period of 60 consecutive days; or

                  (iv) The Servicer shall voluntarily go into liquidation,
         consent to the appointment of a conservator, receiver, liquidator or
         similar person in any insolvency, readjustment of debt, marshalling of
         assets and liabilities or similar proceedings of or relating to the
         Servicer or of or relating to all or substantially all of its property,
         or a decree or order of a court, agency or supervisory authority having
         jurisdiction in the premises for the appointment of a conservator,
         receiver, liquidator or similar person 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 Servicer and such decree or order shall have
         remained in force undischarged, unbonded or unstayed for a period of 60
         days; or the 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.

Then, and in every such case, so long as a Servicing Default shall not have been
remedied by the Servicer, either the Issuing Entity or the Indenture Trustee, by
notice then given in writing to the Servicer shall terminate all of the rights
and obligations of the Servicer as servicer under this Servicing Agreement other
than its right to receive servicing compensation and expenses for servicing the
Loans hereunder during any period prior to the date of such termination and the
Issuing Entity or the Indenture Trustee, may exercise any and all other remedies
available at law or equity. Any such notice to the Servicer shall also be given
to each Rating Agency and the Issuing Entity. On or after the receipt by the
Servicer of such written notice, all authority and power of the Servicer under
this Servicing Agreement, whether with respect to the Securities or the Loans or
otherwise, shall, subject to Section 7.02 of this Agreement, pass to and be
vested in the Indenture Trustee, pursuant to and under this Section 7.01; and,
without limitation, the Indenture Trustee is hereby authorized and empowered to
execute and deliver, on behalf of the 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 of each
Loan and related documents, or otherwise. The Servicer agrees to cooperate with
the Indenture Trustee in effecting the termination of the responsibilities and
rights of the Servicer hereunder, including, without limitation, the transfer to
the Indenture Trustee for the administration by it of all cash amounts relating
to the Loans that shall at the time be held by the Servicer and to be deposited
by it in the Custodial Account, or that have been deposited by the Servicer in
the Custodial Account or thereafter received by the Servicer with respect to the
Loans. All reasonable costs and expenses (including, but not limited to,
attorneys' fees) incurred in connection with amending this Servicing Agreement
to reflect such succession as Servicer pursuant to this Section 7.01 shall be
paid by the predecessor Servicer (or if the predecessor Servicer is the
Indenture Trustee, the initial Servicer) upon presentation of reasonable
documentation of such costs and expenses.

         Notwithstanding any termination of the activities of the Servicer
hereunder, the Servicer shall be entitled to receive, out of any late collection
of a payment on a Loan which was due prior to the notice terminating the
Servicer's rights and obligations hereunder and received after such notice, that
portion to which the Servicer would have been entitled pursuant to Sections 3.03
and 3.09 as well as its Servicing Fee in respect thereof, and any other amounts
payable to the Servicer hereunder the entitlement to which arose prior to the
termination of its activities hereunder.

         Notwithstanding the foregoing, a delay in or failure of performance
under Section 7.01(i) or under Section 7.01(ii) after the applicable grace
periods specified in such Sections, shall not constitute a Servicing Default if
such delay or failure could not be prevented by the exercise of reasonable
diligence by the Servicer and such delay or failure was caused by an act of God
or the public enemy, acts of declared or undeclared war, public disorder,
rebellion or sabotage, epidemics, landslides, lightning, fire, hurricanes,
earthquakes, floods or similar causes. The preceding sentence shall not relieve
the Servicer from using reasonable efforts to perform its respective obligations
in a timely manner in accordance with the terms of this Servicing Agreement and
the Servicer shall provide the Indenture Trustee and the Securityholders with
notice of such failure or delay by it, together with a description of its
efforts to so perform its obligations. The Servicer shall immediately notify the
Indenture Trustee and the Owner Trustee in writing of any Servicing Default.

         Section 7.02   INDENTURE TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR. (a)
On and after the time the Servicer receives a notice of termination pursuant to
Section 7.01 or sends a notice pursuant to Section 6.04, the Indenture Trustee
shall be the successor in all respects to the Servicer in its capacity as
servicer under this Servicing Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions
hereof. Nothing in this Servicing Agreement or in the Trust Agreement shall be
construed to permit or require the Indenture Trustee to (i) succeed to the
responsibilities, duties and liabilities of the initial Servicer in its capacity
as Sponsor under the Loan Purchase Agreement, (ii) be responsible or accountable
for any act or omission of the Servicer prior to the issuance of a notice of
termination hereunder, (iii) require or obligate the Indenture Trustee, in its
capacity as successor Servicer, to purchase, repurchase or substitute any Loan,
(iv) fund any losses on any Permitted Investment directed by any other Servicer
or (v) be responsible for the representations and warranties of the Servicer. As
compensation therefor, the Indenture Trustee shall be entitled to such
compensation as the Servicer would have been entitled to hereunder if no such
notice of termination had been given. Notwithstanding the above, (i) if the
Indenture Trustee is unwilling to act as successor Servicer, or (ii) if the
Indenture Trustee is legally unable so to act, the Indenture Trustee may (in the
situation described in clause (i)) or shall (in the situation described in
clause (ii)) appoint or petition a court of competent jurisdiction to appoint
any established housing and home finance institution, bank or other mortgage
loan or home equity loan servicer having a net worth of not less than
$10,000,000 as the successor to the Servicer hereunder in the assumption of all
or any part of the responsibilities, duties or liabilities of the Servicer
hereunder; provided that the appointment of any such successor Servicer will not
result in the qualification, reduction or withdrawal of the ratings assigned to
the Securities by the Rating Agencies. Pending appointment of a successor to the
Servicer hereunder, unless the Indenture Trustee is prohibited by law from so
acting, the Indenture Trustee shall act in such capacity as hereinabove
provided. In connection with such appointment and assumption, the successor
shall be entitled to receive compensation out of payments on Loans in an amount
equal to the compensation which the Servicer would otherwise have received
pursuant to Section 3.09 (or such lesser compensation as the Indenture Trustee
and such successor shall agree). The appointment of a successor Servicer shall
not affect any liability of the predecessor Servicer which may have arisen under
this Servicing Agreement prior to its termination as Servicer (including,
without limitation, the obligation to purchase Loans pursuant to Section 3.01 or
to pay any deductible under an insurance policy pursuant to Section 3.04), nor
shall any successor Servicer be liable for any acts or omissions of the
predecessor Servicer or for any breach by such Servicer of any of its
representations or warranties contained herein or in any related document or
agreement. The Indenture Trustee and such successor shall take such action,
consistent with this Servicing Agreement, as shall be necessary to effectuate
any such succession.

         (b) Any successor, including the Indenture Trustee, to the Servicer as
servicer shall during the term of its service as servicer (i) continue to
service and administer the Loans for the benefit of the Securityholders and (ii)
maintain in force a policy or policies of insurance covering errors and
omissions in the performance of its obligations as Servicer hereunder and a
fidelity bond in respect of its officers, employees and agents to the same
extent as the Servicer is so required pursuant to Section 3.13.

         (c) Any successor Servicer, including the Indenture Trustee, shall not
be deemed in default or to have breached its duties hereunder if the predecessor
Servicer shall fail to deliver any required deposit to the Custodial Account or
otherwise cooperate with any required servicing transfer or succession
hereunder.

         Section 7.03   NOTIFICATION TO SECURITYHOLDERS. Upon any termination of
or appointment of a successor to the Servicer pursuant to this Article VII or
Section 6.04, the Indenture Trustee shall give prompt written notice thereof to
the Securityholders, the Issuing Entity and each Rating Agency.

                                  ARTICLE VIII

                            Miscellaneous Provisions

         Section 8.01   AMENDMENT. This Servicing Agreement may be amended from
time to time by the parties hereto, provided that any amendment be accompanied
by a letter from the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to the Securities, and the
consent of the Indenture Trustee. Promptly after the execution by the Servicer,
the Issuing Entity and the Indenture Trustee of any amendment of this Servicing
Agreement pursuant to this Section 8.01, the Indenture Trustee shall provide the
Custodian with written copies thereof. Any failure of the Indenture Trustee to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such amendment.

         Section 8.02   GOVERNING LAW. THIS SERVICING 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.

         Section 8.03 NOTICES. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if personally
delivered at or mailed by certified mail, return receipt requested, to (a) in
the case of the Servicer, [Name of Servicer],
________________________________________________, Attention: ___________, (b) in
the case of Moody's, Home Mortgage Loan Monitoring Group, 99 Church Street, 4th
Floor, New York, New York 10007, (c) in the case of Standard & Poor's, 55 Water
Street - 41 Floor, New York, New York 10041, Attention: Residential Mortgage
Surveillance Group, (d) in the case of the Owner Trustee, [Name of Owner
Trustee], ____________________________________, Attention: Nomura Asset
Acceptance Corporation Trust Series ____-__, (e) in the case of the Issuing
Entity, to Nomura Asset Aceptance Corporation Trust Series ____-__, c/o Owner
Trustee, [Name of Owner Trustee], ______________________________________,
Attention: Nomura Asset Acceptance Corporation Trust Series ____- __, (f) in the
case of the Indenture Trustee, [Name of Indenture Trustee],
___________________________, Attention: _______________ and (g) in the case of
the Underwriter, at [Name of Underwriter],
_____________________________________, Attention: ________________; or, as to
each party, at such other address as shall be designated by such party in a
written notice to each other party. Any notice required or permitted to be
mailed to a Securityholder shall be given by first class mail, postage prepaid,
at the address of such Securityholder as shown in the Register. Any notice so
mailed within the time prescribed in this Servicing Agreement shall be
conclusively presumed to have been duly given, whether or not the Securityholder
receives such notice. Any notice or other document required to be delivered or
mailed by the Indenture Trustee to any Rating Agency shall be given on a
reasonable efforts basis and only as a matter of courtesy and accommodation and
the Indenture Trustee shall have no liability for failure to delivery such
notice or document to any Rating Agency.

         Section 8.04   SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Servicing 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 Servicing Agreement and shall in no way
affect the validity or enforceability of the other provisions of this Servicing
Agreement or of the Securities or the rights of the Securityholders thereof.

         Section 8.05   THIRD-PARTY BENEFICIARIES. This Servicing Agreement will
inure to the benefit of and be binding upon the parties hereto, the
Securityholders, the Owner Trustee and their respective successors and permitted
assigns. Except as otherwise provided in this Servicing Agreement, no other
Person will have any right or obligation hereunder.

         Section 8.06   COUNTERPARTS. This instrument may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

         Section 8.07   EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

         Section 8.08   TERMINATION UPON PURCHASE BY THE SERVICER OR LIQUIDATION
OF ALL LOANS; PARTIAL REDEMPTION. (a) The respective obligations and
responsibilities of the Servicer, the Issuing Entity and the Indenture Trustee
created hereby shall terminate upon the last action required to be taken by the
Issuing Entity pursuant to the Trust Agreement and by the Indenture Trustee
pursuant to the Indenture following the earlier of:

                  (i) the date on or before which the Indenture or Trust
         Agreement is terminated, or

                  (ii) the purchase by the Servicer from the Issuing Entity of
         all Loans and all property acquired in respect of any Loan at a price
         equal to the Termination Price.

                  (iii) The right of the Servicer to purchase the assets of the
         Issuing Entity pursuant to clause (ii) above on any Payment Date is
         conditioned upon the Aggregate Loan Balance (after applying payments
         received in the related Collection Period) as of such Payment Date
         being less than ten percent of the Aggregate Loan Balance as of the
         Cut-off Date. If such right is exercised by the Servicer, the Servicer
         shall deposit the Termination Price calculated pursuant to clause (ii)
         above with the Indenture Trustee pursuant to Section 4.10 of the
         Indenture and, upon the receipt of such deposit, the Indenture Trustee
         or Custodian shall release to the Servicer, the files pertaining to the
         Loans being purchased.

         (b) The Servicer, at its expense, shall prepare and deliver to the
Indenture Trustee for execution, at the time the Loans are to be released to the
Servicer, appropriate documents assigning each such Loan from the Indenture
Trustee or the Issuing Entity to the Servicer or the appropriate party.

         (c) The Servicer shall give the Indenture Trustee not less than seven
Business Days' prior written notice of the Payment Date on which the Servicer
anticipates that the final distribution will be made to Noteholders. Notice of
any termination, specifying the anticipated Final Scheduled Payment Date or
other Payment Date (which shall be a date that would otherwise be a Payment
Date) upon which the Noteholders may surrender their Notes to the Indenture
Trustee (if so required by the terms hereof) for payment of the final
distribution and cancellation, shall be given promptly by the Servicer to the
Indenture Trustee specifying:

                  (i) the anticipated Final Scheduled Payment Date or other
         Payment Date upon which final payment of the Notes is anticipated to be
         made upon presentation and surrender of Notes at the office or agency
         of the Indenture Trustee therein designated; and

                  (ii) the amount of any such final payment, if known.

         Section 8.09   CERTAIN MATTERS AFFECTING THE INDENTURE TRUSTEE. For all
purposes of this Servicing Agreement, in the performance of any of its duties or
in the exercise of any of its powers hereunder, the Indenture Trustee shall be
subject to and entitled to the benefits of Article VI of the Indenture.

         Section 8.10   OWNER TRUSTEE NOT LIABLE FOR RELATED DOCUMENTS. The
recitals contained herein shall be taken as the statements of the Depositor, and
the Owner Trustee assumes no responsibility for the correctness thereof. The
Owner Trustee makes no representations as to the validity or sufficiency of this
Servicing Agreement, of any Basic Document or of the Certificates (other than
the signatures of the Owner Trustee on the Certificates) or the Notes, or of any
Related Documents. The Owner Trustee shall at no time have any responsibility or
liability with respect to the sufficiency of the Owner Trust Estate or its
ability to generate the payments to be distributed to Certificateholders under
the Trust Agreement or the Noteholders under the Indenture, including, the
compliance by the Depositor or the Sponsor with any warranty or representation
made under any Basic Document or in any related document or the accuracy of any
such warranty or representation, or any action of the Certificate Paying Agent,
the Certificate Registrar or the Indenture Trustee taken in the name of the
Owner Trustee.

         It is expressly understood and agreed by the parties hereto that with
respect to the execution of this Agreement by [Name of Owner Trustee] (the
"Trust Company") for the Issuing Entity (a) this Agreement is executed and
delivered by the Trust Company, not individually or personally, but solely as
Owner Trustee, in the exercise of the powers and authority conferred and vested
in it, pursuant to the Owner Trust Agreement, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuing Entity is
made and intended not as personal representations, undertakings and agreements
by the Trust Company but is made and intended for the purpose for binding only
the Issuing Entity, (c) nothing herein contained shall be construed as creating
any liability on the Trust Company, individually or personally, to perform any
covenant either expressed or implied contained herein, all such liability, if
any, being expressly waived by the parties hereto and by any person claiming by,
through or under the parties hereto, and (d) under no circumstances shall the
Trust Company be personally liable for the payment of any indebtedness or
expenses of the Issuing Entity or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the
Issuing Entity under this Agreement or any other related documents.

<PAGE>

         IN WITNESS WHEREOF, the Servicer, the Indenture Trustee and the Issuing
Entity have caused this Servicing Agreement to be duly executed by their
respective officers or representatives all as of the day and year first above
written.

                                    [NAME OF SERVICER],
                                    as Servicer

                                    By:_____________________________
                                       Name:
                                       Title:

                                    NOMURA ASSET ACCEPTANCE CORPORATION TRUST
                                    SERIES ____-__

                                    By: [NAME OF OWNER TRUSTEE],  not in
                                    its  individual  capacity but solely
                                    as Owner Trustee

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

                                    [NAME  OF  INDENTURE  TRUSTEE],   as
                                    Indenture Trustee

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

<PAGE>

                                    EXHIBIT A

                                  LOAN SCHEDULE

                           TO BE PROVIDED UPON REQUEST

<PAGE>

                                    EXHIBIT B
                            LIMITED POWER OF ATTORNEY

KNOW ALL MEN BY THESE PREMISES:

That [Name of Indenture Trustee], as Indenture Trustee (the "Trustee"), under
the Indenture (the "Indenture") among ________________________________________
and the Indenture Trustee, a national banking association organized and existing
under the laws of the State of ________, and having its principal office located
at_____________________________________________, hath made, constituted and
appointed, and does by these presents make, constitute and appoint
________________________, a corporation organized and existing under the laws of
the State of ______________, its true and lawful Attorney-in-Fact, with full
power and authority to sign, execute, acknowledge, deliver, file for record, and
record any instrument on its behalf and to perform such other act or acts as may
be customarily and reasonably necessary and appropriate to effectuate the
following enumerated transactions in respect of any of the mortgages or deeds of
trust (the "Mortgages" and the "Deeds of Trust", respectively) creating a trust,
second lien, third lien or an estate in fee simple interest in real property
securing a Loan and promissory notes secured thereby (the "Mortgage Notes") for
which the undersigned is acting as Indenture Trustee for various Securityholders
(whether the undersigned is named therein as mortgagee or beneficiary or has
become mortgagee by virtue of Endorsement of the Mortgage Note secured by any
such Mortgage or Deed of Trust) and for which [Name of Servicer] is acting as
Servicer pursuant to a Servicing Agreement, dated as of ____________ 1, ____
(the "Servicing Agreement").

This appointment shall apply only to transactions which the Trustee is
authorized to enter into under the Indenture, but in no event shall apply to any
transactions other than the following enumerated transactions only:

         (1) The modification or re-recording of a Mortgage or Deed of Trust,
where said modification or rerecording is for the purpose of correcting the
Mortgage or Deed of Trust to conform same to the original intent of the parties
thereto or to correct title errors discovered after such title insurance was
issued and said modification or re-recording, in either instance, does not
adversely affect the lien of the Mortgage or Deed of Trust as insured.

         (2) The subordination of the lien of a Mortgage or Deed of Trust to an
easement in favor of a public utility company or a government agency or unit
with powers of eminent domain; this section shall include, without limitation,
the execution of partial satisfactions/releases, partial reconveyances or the
execution of requests to trustees to accomplish same.

         (3) With respect to a Mortgage or Deed of Trust, the foreclosure, the
taking of a deed in lieu of foreclosure, or the completion of judicial or
non-judicial foreclosure or termination, cancellation or rescission of any such
foreclosure, including, without limitation, any and all of the following acts:

         a)       The substitution of trustee(s) serving under a Deed of Trust,
                  in accordance with state law and the Deed of Trust;

         b)       Statements of breach or non-performance;

         c)       Notices of default;

         d)       Cancellations/rescissions of notices of default and/or notices
                  of sale;

         e)       The taking of a deed in lieu of foreclosure; and

         f)       Such other documents and actions as may be necessary under the
                  terms of the Mortgage, Deed of Trust or state law to
                  expeditiously complete said transactions.

         (4) The conveyance of the properties to the mortgage insurer, or the
closing of the title to the property to be acquired as real estate owned, or
conveyance of title to real estate owned.

         (5) The completion of loan assumption agreements.

         (6) The full satisfaction/release of a Mortgage or Deed of Trust or
full reconveyance upon payment and discharge of all sums secured thereby,
including, without limitation, cancellation of the related Mortgage Note.

         (7) The assignment of any Mortgage or Deed of Trust and the related
Mortgage Note, in connection with the repurchase of the Loan secured and
evidenced thereby.

         (8) The full assignment of a Mortgage or Deed of Trust upon payment and
discharge of all sums secured thereby in conjunction with the refinancing
thereof, including, without limitation, the endorsement of the related Mortgage
Note.

         (9) The modification or re-recording of a Mortgage or Deed of Trust,
where said modification or rerecording is for the purpose of any modification
pursuant to Section 3.01 of the Servicing Agreement.

         (10) The subordination of the lien of a Mortgage or Deed of Trust,
where said subordination is in connection with any modification pursuant to
Section 3.01 of the Servicing Agreement, and the execution of partial
satisfactions/releases in connection with such same Section 3.01.

The undersigned gives said Attorney-in-Fact full power and authority to execute
such instruments and to do and perform all and every act and thing necessary and
proper to carry into effect the power or powers granted by or under this Limited
Power of Attorney as fully as the undersigned might or could do, and hereby does
ratify and confirm to all that said Attorney-in-Fact shall lawfully do or cause
to be done by authority hereof.

Third parties without actual notice may rely upon the exercise of the power
granted under this Limited Power of Attorney; and may be satisfied that this
Limited Power of Attorney shall continue in full force and effect has not been
revoked unless an instrument of revocation has been made in writing by the
undersigned.

                                        [NAME OF INDENTURE TRUSTEE], not in its
                                        individual capacity, but solely as
                                        Indenture Trustee under the Agreements
                                        and the Indentures.

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

<PAGE>

STATE OF          )
                   SS.
COUNTY OF         )

         On this __ day of ____________, ____, before me the undersigned, Notary
Public of said State, personally appeared _______________________________ and
_____________________ personally known to me to be duly authorized officers of
[Name of Indenture Trustee] that executed the within instrument and personally
known to me to be the persons who executed the within instrument on behalf of
[Name of Indenture Trustee] therein named, and acknowledged to me such [Name of
Indenture Trustee] executed the within instrument pursuant to its by-laws.

                                          WITNESS my hand and official seal.

                                          Notary Public in and for the
                                          State of
                                                   ---------------

After recording, please mail to:

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

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

Attn:
      ------------------------

<PAGE>

                                    EXHIBIT C
                           FORM OF REQUEST FOR RELEASE

To: [Custodian]

         Re:      Servicing Agreement, dated as of ____________ 1, ____, among
                  [Name of Indenture Trustee], as Indenture Trustee, Nomura
                  Asset Acceptance Corporation Trust Series ____-__, as Issuing
                  Entity, and [Name of Servicer], as Servicer

         In connection with the administration of the Loans held by you as the
Custodian on behalf of the Indenture Trustee under the Custodial Agreement,
dated as of _________ 1, ____, among the Indenture Trustee, and [Name of
Custodian], we request the release, and acknowledge receipt, of the (Custodial
File/[specify documents]) for the Loan described below, for the reason
indicated.

MORTGAGOR'S NAME ADDRESS & ZIP CODE:

LOAN NUMBER:

REASON FOR REQUESTING DOCUMENTS (check one)

___      1. Loan Paid in Full (The undersigned hereby certifies that all amounts
         received in connection therewith have been credited to the account of
         the Indenture Trustee.)

___      2. Loan Liquidated by ____________________ (The undersigned hereby
         certifies that all proceeds of foreclosure, insurance, condemnation or
         other liquidation have been finally received and credited to the
         Custodial Account.)

___      3. Loan in Foreclosure

___      4. Other (explain)

         If box 1 or 2 above is checked, and if all or part of the Custodial
File was previously released to us, please release to us our previous request
and receipt on file with you, as well as any additioal documents in your
possession relating to the specified Loan.

         If box 3 or 4 above is checked, upon our return of all of the above
documents to you as the Custodian, please acknowledge your receipt by signing in
the space indicated below, and returning this form.

<PAGE>

                                          [NAME OF SERVICER], as Servicer

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

                                          Date:
                                               -------------------------------

Acknowledgment of Documents returned to the Custodian:

                                          [NAME OF CUSTODIAN], as Custodian

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

                                          Date:
                                               -------------------------------

<PAGE>

                                    EXHIBIT D
                      CERTIFICATE PURSUANT TO SECTION 3.08

                             (Provided Upon Request)

<PAGE>

                                    EXHIBIT E
                       SERVICING CRITERIA TO BE ADDRESSED
                           IN ASSESSMENT OF COMPLIANCE

DEFINITIONS
Primary Servicer - transaction party having borrower contact
Master Servicer - aggregator of pool assets
Securities Administrator - waterfall calculator (may be the Trustee, or may be
the Master Servicer)
Back-up Servicer - named in the transaction (in the event a Back up Servicer
becomes the Primary Servicer, follow Primary Servicer obligations)
Custodian - safe keeper of pool assets
Paying Agent - distributor of funds to ultimate investor
Trustee - fiduciary of the transaction

Note: The definitions above describe the essential function that the party
performs, rather than the party's title. So, for example, in a particular
transaction, the trustee may perform the "paying agent" and "securities
administrator" functions, while in another transaction, the securities
administrator may perform these functions.

Where there are multiple checks for criteria the attesting party will identify
in their management assertion that they are attesting only to the portion of the
distribution chain they are responsible for in the related transaction
agreements.

<TABLE>
<CAPTION>
REG AB REFERENCE  SERVICING CRITERIA                      PRIMARY      MASTER     SECURITIES    CUSTODIAN    PAYING     TRUSTEE
                                                          SERVICER    SERVICER      ADMIN                    AGENT

                  GENERAL SERVICING CONSIDERATIONS
<S>               <C>                                     <C>         <C>         <C>           <C>         <C>       <C>
                  Policies    and    procedures    are       X            X           X                                    X
                  instituted     to    monitor     any                                                                (Sec. 9.01)
                  performance  or other  triggers  and
                  events  of  default  in   accordance
1122(d)(1)(i)     with the transaction agreements.
                  If    any     material     servicing       X            X           X
                  activities  are  outsourced to third
                  parties,   policies  and  procedures
                  are  instituted to monitor the third
                  party's  performance  and compliance
1122(d)(1)(ii)    with such servicing activities.
                  Any requirements in the transaction
                  agreements to maintain a back-up
                  servicer for the Pool Assets are
1122(d)(1)(iii)   maintained.
                  A  fidelity   bond  and  errors  and       X            X
                  omissions  policy  is in  effect  on
                  the  party   participating   in  the
                  servicing  function  throughout  the
                  reporting  period  in the  amount of
                  coverage  required by and  otherwise
                  in accordance  with the terms of the
1122(d)(1)(iv)    transaction agreements.

CASH COLLECTION AND ADMINISTRATION
                  Payments    on   pool   assets   are       X            X           X                        X
                  deposited   into   the   appropriate
                  custodial  bank accounts and related
                  bank clearing  accounts no more than
                  two    business    days    following
                  receipt,  or such  other  number  of
                  days  specified  in the  transaction
1122(d)(2)(i)     agreements.
                  Disbursements    made    via    wire       X            X           X                        X           X
                  transfer  on behalf of an obligor or
                  to an  investor  are  made  only  by
1122(d)(2)(ii)    authorized personnel.
                  advances  of  funds  or   guarantees       X            X           X                        X           X
                  regarding  collections,  cash  flows                                                                (Sec. 8.01)
                  or  distributions,  and any interest
                  or  other  fees   charged  for  such
                  advances,  are  made,  reviewed  and
                  approved   as   specified   in   the
1122(d)(2)(iii)   transaction agreements.
                  The   related   accounts   for   the                   [X]                                               X
                  transaction,  such as  cash  reserve
                  accounts or accounts  established as
                  a form  of  over  collateralization,
                  are  separately   maintained  (e.g.,
                  with  respect  to   commingling   of
                  cash)   as   set    forth   in   the
1122(d)(2)(iv)    transaction agreements.
                  Each     custodial     account    is       X            X           X                                    X
                  maintained  at a  federally  insured
                  depository  institution as set forth
                  in the transaction  agreements.  For
                  purposes    of    this    criterion,
                  "federally     insured    depository
                  institution"   with   respect  to  a
                  foreign financial  institution means
                  a  foreign   financial   institution
                  that meets the  requirements of Rule
                  13k-1(b)(1)    of   the   Securities
1122(d)(2)(v)     Exchange Act.
                  Unissued checks are safeguarded so         X
1122(d)(2)(vi)    as to prevent unauthorized access.
                  Reconciliations are prepared on a          X            X           X                        X           X
                  monthly basis for all asset-backed
                  securities related bank accounts,
                  including custodial accounts and
                  related bank clearing accounts.
                  These reconciliations are (A)
                  mathematically accurate; (B)
                  prepared within 30 calendar days
                  after the bank statement cutoff
                  date, or such other number of days
                  specified in the transaction
                  agreements; (C) reviewed and
                  approved by someone other than the
1122(d)(2)(vii)   person who prepared the
                  reconciliation; and (D) contain
                  explanations for reconciling items.
                  These reconciling items are
                  resolved within 90 calendar days of
                  their original identification, or
                  such other number of days specified
                  in the transaction agreements.

                  INVESTOR REMITTANCES AND REPORTING
                  Reports  to   investors,   including       X            X           X                                    X
                  those   to   be   filed   with   the
                  Commission,    are   maintained   in
                  accordance   with  the   transaction
                  agreements       and      applicable
                  Commission requirements.
                  Specifically, such reports (A) are
                  prepared in accordance with
                  timeframes and other terms set
                  forth in the transaction
                  agreements; (B) provide information
                  calculated in accordance with the
                  terms specified in the transaction
                  agreements; (C) are filed with the
                  Commission as required by its rules
                  and regulations; and (D) agree with
                  investors' or the trustee's records
                  as to the total unpaid principal
                  balance and number of Pool Assets
1122(d)(3)(i)     serviced by the Servicer.
                  Amounts   due   to   investors   are       X            X           X                        X           X
                  allocated     and     remitted    in
                  accordance     with      timeframes,
                  distribution   priority   and  other
                  terms set  forth in the  transaction
1122(d)(3)(ii)    agreements.
                  Disbursements  made  to an  investor       X            X           X                        X           X
                  are posted  within two business days
                  to the Servicer's  investor records,
                  or  such   other   number   of  days
                  specified    in   the    transaction
1122(d)(3)(iii)   agreements.
                  Amounts  remitted to  investors  per       X            X           X                        X           X
                  the  investor   reports  agree  with
                  cancelled  checks,  or other form of
                  payment,     or    custodial    bank
1122(d)(3)(iv)   statements.
                  POOL ASSET ADMINISTRATION
                  Collateral   or   security  on  pool       X            X
                  assets is  maintained as required by
                  the   transaction    agreements   or
1122(d)(4)(i)     related pool asset documents.
                  Pool  assets and  related  documents       X            X
                  are  safeguarded  as required by the
1122(d)(4)(ii)    transaction agreements
                  Any    additions,     removals    or       X            X                                                X
                  substitutions  to the asset pool are
                  made,   reviewed   and  approved  in
                  accordance  with any  conditions  or
                  requirements   in  the   transaction
1122(d)(4)(iii)   agreements.
                  Payments on pool  assets,  including       X
                  any  payoffs,   made  in  accordance
                  with   the   related    pool   asset
                  documents    are   posted   to   the
                  Servicer's      obligor      records
                  maintained    no   more   than   two
                  business  days  after  receipt,   or
                  such other number of days  specified
                  in the transaction  agreements,  and
                  allocated to principal,  interest or
                  other   items   (e.g.,   escrow)  in
                  accordance  with  the  related  pool
1122(d)(4)(iv)    asset documents.
                  The Servicer's records regarding           X
                  the pool assets agree with the
                  Servicer's records with respect to
                  an obligor's unpaid principal
1122(d)(4)(v)     balance.
                  Changes  with  respect  to the terms       X            X
                  or  status  of  an  obligor's   pool
                  assets (e.g., loan  modifications or
                  re-agings)  are made,  reviewed  and
                  approved by authorized  personnel in
                  accordance   with  the   transaction
                  agreements  and  related  pool asset
1122(d)(4)(vi)    documents.
                  Loss mitigation or recovery  actions       X            X
                  (e.g.,       forbearance      plans,
                  modifications  and  deeds in lieu of
                  foreclosure,     foreclosures    and
                  repossessions,  as  applicable)  are
                  initiated,  conducted  and concluded
                  in  accordance  with the  timeframes
                  or  other  requirements  established
1122(d)(4)(vii)   by the transaction agreements.
                  Records    documenting    collection       X
                  efforts  are  maintained  during the
                  period a pool  asset  is  delinquent
                  in accordance  with the  transaction
                  agreements.    Such    records   are
                  maintained  on at  least  a  monthly
                  basis,    or   such   other   period
                  specified    in   the    transaction
                  agreements,    and    describe   the
                  entity's  activities  in  monitoring
                  delinquent  pool  assets  including,
                  for example,  phone  calls,  letters
                  and  payment  rescheduling  plans in
                  cases  where  delinquency  is deemed
                  temporary    (e.g.,    illness    or
1122(d)(4)(viii)  unemployment).
                  Adjustments  to  interest  rates  or       X            X
                  rates  of  return  for  pool  assets
                  with  variable  rates  are  computed
                  based  on  the  related  pool  asset
1122(d)(4)(ix)    documents.
                  Regarding  any  funds  held in trust       X
                  for  an  obligor   (such  as  escrow
                  accounts):   (A)  such   funds   are
                  analyzed,  in  accordance  with  the
                  obligor's pool asset  documents,  on
                  at least an  annual  basis,  or such
                  other   period   specified   in  the
                  transaction     agreements;      (B)
                  interest  on such funds is paid,  or
                  credited,  to obligors in accordance
                  with     applicable    pool    asset
                  documents  and state  laws;  and (C)
                  such  funds  are   returned  to  the
                  obligor  within 30 calendar  days of
                  full  repayment  of the related pool
                  assets,  or  such  other  number  of
                  days  specified  in the  transaction
1122(d)(4)(x)     agreements.
                  Payments   made  on   behalf  of  an       X
                  obligor  (such  as tax or  insurance
                  payments)  are made on or before the
                  related    penalty   or   expiration
                  dates,    as    indicated   on   the
                  appropriate  bills  or  notices  for
                  such  payments,  provided  that such
                  support  has  been  received  by the
                  servicer at least 30  calendar  days
                  prior to these dates,  or such other
                  number  of  days  specified  in  the
1122(d)(4)(xi)    transaction agreements.
                  Any late payment penalties in              X
                  connection with any payment to be
                  made on behalf of an obligor are
                  paid from the Servicer's funds and
                  not charged to the obligor, unless
                  the late payment was due to the
1122(d)(4)(xii)   obligor's error or omission.
                  Disbursements  made on  behalf of an       X
                  obligor   are   posted   within  two
                  business   days  to  the   obligor's
                  records  maintained by the servicer,
                  or  such   other   number   of  days
                  specified    in   the    transaction
1122(d)(4)(xiii)  agreements.
                  Delinquencies,    charge-offs    and                    X           X                                    X
                  uncollectible      accounts      are
                  recognized     and    recorded    in
                  accordance   with  the   transaction
1122(d)(4)(xiv)   agreements.
                  Any  external  enhancement  or other                                X                                    X
                  support,    identified    in    Item
                  1114(a)(1)  through (3) or Item 1115
                  of  Regulation  AB, is maintained as
                  set   forth   in   the   transaction
1122(d)(4)(xv)    agreements.
</TABLE>

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