Document:

Mortgage Loan Purchase Agreement
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                  Mortgage Loan Purchase Agreement (the "AGREEMENT"), dated as
of August 28, 2003 between ABN AMRO Mortgage Group, Inc. (the "SELLER") and ABN
AMRO Mortgage Corporation (the "PURCHASER").

                  Subject to the terms and conditions of this Agreement, the
Seller agrees to sell and the Purchaser agrees to purchase certain mortgage
loans (the "MORTGAGE LOANS") as described herein and as identified on the
Mortgage Loan Schedule defined in SECTION 2 hereof. The Mortgage Loans will be
purchased on a servicing retained basis.

                  Now, therefore, in consideration of the premises and the
mutual agreements set forth herein, the parties agree as follows:

SECTION 1. PURCHASE AND SALE OF THE MORTGAGE LOANS.

         (a) Pursuant to the terms hereof and upon satisfaction of the
conditions set forth herein, the Seller agrees to sell and the Purchaser agrees
to purchase, Mortgage Loans having the general characteristics set forth in this
Agreement and specifically identified on the Mortgage Loan Schedule, for the
Purchase Price set forth below in SECTION 3(A) hereof and having an aggregate
principal balance on and as of the date of such Mortgage Loan Schedule (the
"CUT-OFF DATE") of approximately $201,468,001 after deduction of principal
payments due on or before the Cut-Off Date (which amount may vary plus or minus
5% thereof), or such other aggregate principal balance as agreed by the
Purchaser and the Seller as evidenced by the actual aggregate principal balance
of the Mortgage Loans accepted by the Purchaser on the Closing Date (as defined
below).

         (b) Subject to mutual agreement between the Purchaser and the Seller,
the closing for the purchase and sale of the Mortgage Loans shall take place on
August 28, 2003 (the "CLOSING DATE") at the office of Purchaser's counsel in New
York, New York or such other place as the parties shall agree.

SECTION 2. MORTGAGE LOAN SCHEDULE.

                  Attached to this Agreement as Schedule 1 is a listing of the
Mortgage Loans evidenced by promissory notes, mortgage notes or other evidence
of indebtedness (the "MORTGAGE NOTES") evidencing the indebtedness of an obligor
(the "MORTGAGOR") under the mortgages, deeds of trust or other instruments
securing a Mortgage Loan (the "MORTGAGES") to be purchased by and delivered to
the Purchaser on the Closing Date (as such may be amended prior to the Closing
Date by mutual agreement of the parties) (the "MORTGAGE LOAN SCHEDULE"). The
"Mortgage Loan Schedule" as of the Closing Date shall refer to the Mortgage Loan
Schedule as delivered on the Cut- Off Date related to such Mortgage Loans to be
purchased by or on behalf of the Purchaser pursuant to the terms of this
Agreement. The Mortgage Loan Schedule shall contain as to each Mortgage Loan
listed thereon, at a minimum, the Mortgage Loan information indicated on
SCHEDULE 2 hereto.

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SECTION 3. PURCHASE PRICE.

         (a) In exchange for the Mortgage Loans, on the Closing Date, the
Purchaser shall transfer to the Seller by wire transfer in immediately available
funds the purchase price (the "Purchase Price") which is equal to * % multiplied
by the principal balance thereof as of the Cut-Off Date plus any accrued and
unpaid interest thereon from the Cut-Off Date to the Closing Date.

* Provided upon request by ABN AMRO Mortgage Corporation.

         (b) The Purchaser shall be entitled to all scheduled payments of
principal and interest due with respect to the Mortgage Loans after the Cut-Off
Date, and all other recoveries of principal and interest collected after the
Cut-Off Date (other than in respect of principal and interest on the Mortgage
Loans due on or before the Cut-Off Date). The Seller shall be entitled to all
scheduled payments of principal and interest due with respect to the Mortgage
Loans on or before the Cut-Off Date, and all other recoveries of principal and
interest collected on or before the Cut-Off Date (other than in respect of
principal and interest on the Mortgage Loans due after the Cut-Off Date). The
principal balance of each Mortgage Loan as of the Cut-Off Date is determined
after deduction of payments of principal due on or before the Cut-Off Date
whether or not collected. Therefore, payments of scheduled principal and
interest prepaid for a date due following the Cut-Off Date shall not be deducted
from the principal balance as of the Cut-Off Date but such prepaid amounts shall
belong to and be promptly remitted to the Purchaser.

SECTION 4. EXAMINATION OF MORTGAGE FILES.

         Prior to the Closing Date, the Seller will have made files for each
Mortgage Loan, that consist at least of the documents listed on SCHEDULE 3
attached hereto (with respect to each Mortgage Loan, a "Mortgage File", and
collectively, the "MORTGAGE FILES"), available to the Purchaser or its agents,
for examination at the Seller's offices or such other location as shall
otherwise be agreed upon by the Purchaser and the Seller. The Purchaser may
purchase all or part of the Mortgage Loans with or without conducting any
partial or complete examination. The fact that the Purchaser or its agents have
conducted or have failed to conduct any partial or complete examination of the
Mortgage Files shall not affect the Purchaser's rights under this Agreement,
including, but not limited to, the rights to demand repurchase, substitution or
other relief as provided in this Agreement.

SECTION 5. TRANSFER OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES.

         (a) On the Closing Date, subject to the satisfaction of the terms and
conditions hereof, the Seller shall sell, transfer, assign, set over and
otherwise convey to the Purchaser, without recourse, but subject to the terms of
this Agreement, all right, title and interest of the Seller in and to the
Mortgage Loans and all proceeds thereof, wherever located, including without
limitation, all amounts in respect of principal and interest received or
receivable with respect to Mortgage Loan payments due after the Cut-Off Date
(and including scheduled payments of principal and interest due after the
Cut-Off Date but received by the Seller on or before the Cut-Off Date, but not
including

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payments of principal and interest due on the Mortgage Loans on or before the
Cut-Off Date), together with the proceeds of any related mortgage insurance
policies. Such transfer shall be made directly to the Purchaser in accordance
with the letter delivered to the Seller by the Purchaser attached hereto as
EXHIBIT A (the "INSTRUCTION LETTER"). The Seller's records will accurately
reflect the sale of each Mortgage Loan to the Purchaser.

         (b) The ownership of each Mortgage Loan and the related Mortgage Note,
the Mortgage and the contents of the related Mortgage File shall be, upon
satisfaction of SUBSECTION 5(A) hereof, vested in the Purchaser and the
ownership of all records and documents with respect to such Mortgage Loan
prepared by or which come into the possession of the Seller shall immediately
vest in the Purchaser and shall be retained and maintained by the Seller at the
will and for the benefit of the Purchaser in a custodial capacity only. The
Seller shall deliver to the Purchaser or its agent in accordance with the
instructions set forth in EXHIBIT A, simultaneously with the execution and
delivery of this Agreement or prior to the Closing Date, all of the documents
pertaining to each Mortgage Loan.

         (c) The transfer of the Mortgage Loans as described herein shall be
absolute and is intended by the parties to be a sale. In the event that a court
deems the conveyance set forth herein not to constitute a sale, the Seller shall
have granted to the Purchaser and the Trustee (as defined in the Pooling and
Servicing Agreement, dated as of August 1, 2003 (the "POOLING AND SERVICING
AGREEMENT"), among the Purchaser, as depositor, ABN AMRO Mortgage Group, Inc.,
as servicer, and JPMorgan Chase Bank, as trustee) a first priority security
interest in the Mortgage Loans and in the proceeds thereof of any kind or nature
whatsoever, and in the proceeds of any related insurance policies, subject to
the satisfaction or waiver of the conditions set forth in SECTION 11 hereof, and
shall take, or shall cause to have been taken, all steps necessary prior to the
Closing Date to perfect such security interest in the Purchaser.

SECTION 6. BOOKS AND RECORDS.

         On the Closing Date, following the sale of the Mortgage Loans to the
Purchaser, title to each Mortgage and the related Mortgage Note shall be
transferred to the Purchaser or its assignee in accordance with this Agreement.
All rights arising out of the Mortgage Loans after the Cut-Off Date including,
but not limited to, any and all funds received on or in connection with a
Mortgage Loan and due after the Cut-Off Date shall be received and held by the
Seller in a custodial capacity for the benefit of the Purchaser or its assignee
as the owner of the Mortgage Loans in accordance herewith and shall be delivered
or caused to be delivered by the Seller to the Purchaser or its assignee on or
immediately following the Closing Date. Any funds received by the Seller, the
Purchaser or the Servicer (as defined in the Pooling and Servicing Agreement)
after the Cut-Off Date but due prior to the Cut-Off Date shall remain the
property of the Seller and shall be promptly remitted to the Seller.

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SECTION 7. FURTHER ACTIONS; FINANCING STATEMENTS.

         (a) In furtherance of the provisions of SECTION 5(C) hereof, the Seller
agrees to take or cause to be taken such further actions to execute, deliver and
file or cause to be executed, delivered and filed, such further documents and
instruments (including, without limitation, any UCC financing statements) as may
be necessary, or as the Purchaser may reasonably request, in order to perfect
and maintain the security interest created pursuant to said section and to
otherwise fully effectuate the purposes, terms and conditions of this Agreement,
and the Purchaser shall cooperate in any such action.

         (b) The Seller shall: (i) promptly execute, deliver, and file any
financing statements, amendments, continuation statements, assignments,
certificates and other documents with respect to such security interest as may
be necessary to enable the Purchaser to perfect or to maintain the perfection of
such security interest, each in form and substance satisfactory to the
Purchaser; and the Seller hereby grants to the Purchaser, subject to the
satisfaction or waiver of the conditions set forth in SECTION 11 hereof, the
right, at the Purchaser's option, to file any or all such financing statements,
amendments, continuation statements, assignments, certificates and other
documents pursuant to the UCC and otherwise without its signature and hereby
irrevocably appoints the Purchaser, subject to the satisfaction or waiver of the
conditions set forth in SECTION 11 hereof, as its attorney-in-fact to execute,
deliver and file any such financing statements, amendments, continuation
statements, assignments, certificates and other documents in the Seller's name
and to perform all other acts which the Purchaser deems appropriate to perfect
or to maintain the perfection of the security interest; and (ii) notify the
Purchaser within five (5) days after the occurrence of any of the following: (A)
any change in the Seller's corporate name or any trade name; (B) any change in
the Seller's location of its chief executive office or principal place of
business; and (C) any merger or consolidation or other change in Seller's
identity or material change in its corporate structure.

SECTION 8. REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF SELLER.

         The Seller hereby represents and warrants to the Purchaser as of the
Closing Date (or such other date as is specified in the related representation
or warranty) as follows:

         (a) The Seller has been duly created and is validly existing as a
corporation under the laws of the State of Delaware;

         (b) The execution and delivery of this Agreement by the Seller and its
performance of and compliance with the terms of this Agreement will not violate
the Seller's charter or by-laws or will not conflict with or result in a breach
of any of the terms or provisions of, or constitute a default under, any
indenture, mortgage, deed of trust, loan agreement or other material agreement
or instrument to which the Seller is a party or by which the Seller or to which
any of the property or assets of the Seller is subject;

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         (c) This Agreement, assuming due authorization, execution and delivery
by the Purchaser, constitutes a valid and legally binding obligation of the
Seller, enforceable against the Seller in accordance with its terms, subject, as
to enforcement, to bankruptcy, insolvency, reorganization and other similar laws
of general applicability relating to or affecting creditors' rights and to
general equity principles, regardless of whether such enforcement is considered
in a proceeding in equity or at law;

         (d) The Seller 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
Seller or its properties or might have consequences that would affect its
performance hereunder;

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

         (f) The Seller is an approved conventional seller/servicer for FNMA or
FHLMC in good standing;

         (g) The consummation of the transactions contemplated by this Agreement
are in the ordinary course of business of the Seller, and the transfer,
assignment and conveyance of the Mortgage Notes and the Mortgages by the Seller
pursuant to this Agreement is not subject to the bulk transfer or any similar
statutory provisions in effect in the State of Michigan;

         (h) With respect to each Mortgage Loan:

                  (i) that the information set forth in the Mortgage Loan
         Schedule appearing as an exhibit to this Agreement is true and correct
         in all material respects at the date or dates respecting which such
         information is furnished as specified therein;

                  (ii) the Seller is the sole owner and holder of each Mortgage
         Loan free and clear of all liens, pledges, charges or security
         interests of any nature and has full right and authority, subject to no
         interest or participation of, or agreement with, any other party, to
         sell and assign the same;

                  (iii) no payment of principal of or interest on or in respect
         of any Mortgage Loan is 30 days or more past due from the Due Date of
         such payment;

                  (iv) to the best of the Seller's knowledge, as of the date of
         the transfer of the Mortgage Loans to the Purchaser, there is no valid
         offset, defense or counterclaim to any Mortgage Note or Mortgage;

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                  (v) there is no proceeding pending, or to the best of the
         Seller's knowledge, threatened for the total or partial condemnation of
         any of the real property, together with any improvements thereto,
         securing the indebtedness of the Mortgagor under the related Mortgage
         Loan (the "MORTGAGED PROPERTY") and the Mortgaged Property is free of
         material damage and is in good repair and neither the Mortgaged
         Property nor any improvement located on or being part of the Mortgaged
         Property is in violation of any applicable zoning law or regulation;

                  (vi) that each Mortgage Loan complies in all material respects
         with applicable state or federal laws, regulations and other
         requirements, pertaining to usury, equal credit opportunity, disclosure
         laws and all applicable anti-predatory laws, and each Mortgage Loan was
         not usurious at the time of origination;

                  (vii) to the best of the Seller's knowledge, all insurance
         premiums previously due and owing with respect to each Mortgaged
         Property have been paid and all taxes and governmental assessments
         previously due and owing, and which may become a lien against the
         Mortgaged Property, with respect to the Mortgaged Property have been
         paid;

                  (viii) that each Mortgage Note and the related Mortgage are
         genuine and each is the legal, valid and binding obligation of the
         maker thereof, enforceable in accordance with its terms except as such
         enforcement may be limited by bankruptcy, insolvency, reorganization or
         other similar laws affecting the enforcement of creditors' rights
         generally and by general equity principles (regardless of whether such
         enforcement is considered in a proceeding in equity or at law); all
         parties to the Mortgage Note and the Mortgage had legal capacity to
         execute the Mortgage Note and the Mortgage; and each Mortgage Note and
         Mortgage have been duly and properly executed by the Mortgagor;

                  (ix) that each Mortgage is a valid and enforceable first lien
         on the property securing the related Mortgage Note, and that each
         Mortgage Loan is covered by an ALTA mortgagee title insurance policy or
         other form of policy or insurance generally acceptable to FNMA or
         FHLMC, issued by, and is a valid and binding obligation of, a title
         insurer acceptable to FNMA or FHLMC insuring the originator, its
         successor and assigns, as to the lien of the Mortgage in the original
         principal amount of the Mortgage Loan subject only to (a) the lien of
         current real property taxes and assessments not yet due and payable,
         (b) covenants, conditions and restrictions, rights of way, easements
         and other matters of public record as of the date of recording of such
         Mortgage acceptable to mortgage lending institutions in the area in
         which the Mortgaged Property is located or specifically referred to in
         the appraisal performed in connection with the origination of the
         related Mortgage Loan and (c) such other matters to which like
         properties are commonly subject which do not individually, or in the
         aggregate, materially interfere with the benefits of the security
         intended to be provided by the Mortgage;

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                  (x) neither the Seller nor any prior holder of any Mortgage
         has, except as the Mortgage File may reflect, modified the Mortgage in
         any material respect; satisfied, cancelled or subordinated such
         Mortgage in whole or in part; released such Mortgaged Property in whole
         or in part from the lien of the Mortgage; or executed any instrument of
         release, cancellation, modification or satisfaction;

                  (xi) that each Mortgaged Property consists of a fee simple
         estate or condominium form of ownership in real property;

                  (xii) the condominium projects that include the condominiums
         that are the subject of any condominium loan are generally acceptable
         to FNMA or FHLMC;

                  (xiii) no foreclosure action is threatened or has been
         commenced (except for the filing of any notice of default) with respect
         to the Mortgage Loan; and except for payment delinquencies not in
         excess of 30 days, to the best of the Seller's knowledge, there is no
         default, breach, violation or event of acceleration existing under the
         Mortgage or the related Mortgage Note and no event which, with the
         passage of time or with notice and the expiration of any grace or cure
         period, would constitute a default, breach, violation or event of
         acceleration; and the Seller has not waived any default, breach,
         violation or event of acceleration;

                  (xiv) that each Mortgage Loan was originated on FNMA or FHLMC
         uniform instruments for the state in which the Mortgaged Property is
         located;

                  (xv) that based upon a representation by each Mortgagor at the
         time of origination or assumption of the applicable Mortgage Loan,
         approximately 94.97% of the Mortgage Loans measured by principal
         balance were to be secured by owner-occupied residences and
         approximately 5.03% of the Mortgage Loans measured by principal balance
         were secured by owner-occupied second home residences;

                  (xvi) that an appraisal of each Mortgaged Property was
         conducted at the time of origination of the related Mortgage Loan, and
         that each such appraisal was conducted in accordance with FNMA or FHLMC
         criteria, on FNMA or FHLMC forms and comparables on at least three
         properties were obtained;

                  (xvii) that no Mortgage Loan had a Loan-to-Value Ratio at
         origination in excess of 95%;

                  (xviii) the Mortgage Loans were not selected in a manner to
         adversely affect the interests of the Purchaser and the Seller knows of
         no conditions which reasonably would cause it to expect any Mortgage
         Loan to become delinquent or otherwise lose value;

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<PAGE>

                  (xix) each Mortgage Loan was either (A) originated directly by
         or closed in the name of either: (i) a savings and loan association,
         savings bank, commercial bank, credit union, insurance company, or
         similar institution which is supervised and examined by a federal or
         state authority or (ii) a mortgagee approved by the Secretary of
         Housing and Urban Development pursuant to Sections 203 and 211 of the
         National Housing Act or (B) originated or underwritten by an entity
         employing underwriting standards consistent with the underwriting
         standards of an institution as described in subclause (A)(i) or (A)(ii)
         above;

                  (xx) each Mortgage Loan is a "qualified mortgage" within the
         meaning of Section 860G of the Internal Revenue Code of 1986, without
         regard to Section 1.860 G-2(f) of the REMIC provisions or any similar
         rule;

                  (xxi) each Mortgage Loan that has a Loan-to-Value Ratio at
         origination in excess of 80% is covered by a primary mortgage insurance
         policy; and

                  (xxii) no Loan is a "high-cost home loan" as defined in the
         Georgia Fair Lending Act, as amended, or in the New York Predatory
         Lending Law, codified as N.Y. Banking Law Section 6-l, N.Y. Gen. Bus.
         Law Section 771-a, and N.Y. Real Prop. Acts Law Section 1302; the
         Arkansas Home Loan Protection Act, as amended; or the Kentucky Revised
         Statutes Section 360.100, as amended.

         It is understood and agreed that the representations and warranties set
forth in this SECTION 8 shall survive the sale of the Mortgage Loans to the
Purchaser and shall inure to the benefit of the Purchaser, notwithstanding any
restrictive or qualified endorsement on any Mortgage Note (or lost note
affidavit and indemnity) or assignment of Mortgage or the examination of any
Mortgage File.

         Upon discovery by either the Seller, the Purchaser or its designees of
a breach of any of the foregoing representations or warranties of the Seller
which materially and adversely affects (1) the value of any of the Mortgage
Loans actually delivered or (2) the interests of the Purchaser therein, the
party discovering such breach shall give prompt written notice to the other.
Within 90 (ninety) days of its discovery or its receipt of notice of any such
breach of a representation or warranty, the Seller shall, with respect to the
Mortgage Loan(s) to which such breach relates, either (i) cure such breach in
all material respects (except for a breach of that portion of the representation
and warranty relating to any casualty from the presence of hazardous waste or
hazardous substances), (ii) repurchase such Mortgage Loan or Mortgage Loans (or
any property acquired in respect thereof) from the Purchaser at the Purchase
Price, as adjusted for the then current principal balance or (iii) within the 90
(ninety)-day period following the Closing Date substitute another mortgage loan
for such Mortgage Loan. Such substitute mortgage loan shall on the date of
substitution, (a) have a principal balance not in excess of the principal
balance of the defective Mortgage Loan, (b) be accruing interest at a rate of
interest at least equal to that of the defective Mortgage Loan, (c) have a
remaining term to stated maturity not greater than, and not more than two years
less than, that of the Mortgage Loan so substituted, (d) have an original
loan-to-value ratio not higher than that of the Mortgage Loan so substituted and
a current loan-to-value ratio not higher than that of the Mortgage

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Loan so substituted, and (e) comply with all the representations and warranties
relating to Mortgage Loans set forth herein, as of the date of substitution
(such mortgage loan being referred to herein as a "QUALIFYING SUBSTITUTE
MORTGAGE LOAN"). If the breach of representation and warranty that gave rise to
the obligation to repurchase or substitute a Loan pursuant to this Section 8 was
the representation set forth in clause (vi) of this SECTION 8, then the Seller
shall pay to the Trust Fund, concurrently with and in addition to the remedies
provided in the preceding sentence, an amount equal to any liability, penalty or
reasonable expense that was actually incurred and paid out of or on behalf of
the Trust Fund, and that directly resulted from such breach, or if incurred and
paid by the Trust Fund thereafter, concurrently with such payment. Except as set
forth in SECTION 12 hereof, it is understood and agreed that the obligations of
the Seller set forth in this SECTION 8 to cure, substitute for or repurchase a
defective Mortgage Loan constitute the sole remedies of the Purchaser respecting
a breach of the foregoing representations and warranties.

         The Purchaser, upon receipt by it of the full amount of the Purchase
Price as adjusted for the then current principal balance for a Mortgage Loan
that is repurchased, or upon receipt of the Mortgage File for a Qualifying
Substitute Mortgage Loan for a Mortgage Loan that is substituted or repurchased,
shall release or cause to be released and reassign to the Seller the related
Mortgage File for the Mortgage Loan that is substituted and shall execute and
deliver such instruments of transfer or assignment, in each case without
recourse, representation, or warranty, as shall be necessary to vest in the
Seller or its designee or assignee title to any such substituted Mortgage Loan
released pursuant hereto, free and clear of all security interests, liens and
other encumbrances created by this Agreement, which instruments shall be
prepared by the Seller at its expense and shall be reasonably acceptable to the
Purchaser, and the Purchaser shall have no further responsibility with respect
to the Mortgage File relating to such Mortgage Loan that is substituted.

         Any cause of action against the Seller or relating to or arising out of
the breach of any representations and warranties made in this SECTION 8 shall
accrue as to any Mortgage Loan upon (i) discovery of such breach by the
Purchaser or notice thereof by the Seller to the Purchaser, (ii) failure by the
Seller to cure such breach, repurchase such Mortgage Loan or substitute a
Qualifying Substitute Mortgage Loan as specified above, and (iii) demand upon
the Seller by the Purchaser for all amounts payable in respect of such Mortgage
Loan.

SECTION 9. REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF PURCHASER.

         The Purchaser hereby represents and warrants to the Seller, as of the
date hereof (or such other date as is specified in the related representation or
warranty) as follows:

         (a) The Purchaser is a corporation duly formed and validly existing
under the laws of the State of Delaware;

         (b) The execution and delivery of this Agreement by the Purchaser and
its performance of and compliance with the terms of this Agreement will not
violate the Purchaser's corporate charter or by-laws or will not conflict with
or result in a breach of any of the terms or provisions of, or

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constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other material agreement or instrument to which the Purchaser is a
party or by which the Purchaser or to which any property or assets of the
Purchaser is subject;

         (c) This Agreement, assuming due authorization, execution and delivery
by the Seller, constitutes a valid and legally binding obligation of the
Purchaser, enforceable against the Purchaser in accordance with its terms,
subject, as to enforcement, to bankruptcy, insolvency, reorganization and other
similar laws of general applicability relating to or affecting creditors' rights
and to general equity principles, regardless of whether such enforcement is
considered in a proceeding in equity or at law;

         (d) The Purchaser 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 the Purchaser default might have consequences that
would materially and adversely affect the condition (financial or other) or
operations of the Purchaser or its properties or might have consequences that
would affect its performance hereunder; and

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

SECTION 10. PURCHASER'S CONDITIONS TO CLOSING.

         The obligations of the Purchaser under this Agreement shall be subject
to the satisfaction, on or prior to the Closing Date, of the following
conditions:

         (a) The obligations of the Seller required to be performed by it on or
prior to the Closing Date pursuant to the terms of this Agreement shall have
been duly performed and complied with and all of the representations and
warranties of the Seller under this Agreement shall be true and correct as of
the date hereof and as of the Closing Date, and no event shall have occurred
which, with notice or the passage of time, or both, would constitute a default
under this Agreement, and the Purchaser shall have received a certificate to
that effect signed by an Authorized Officer (as defined below) of the Seller.

         (b) The Purchaser or the Purchaser's document custodian shall have
received, or the Purchaser's attorney shall have received in escrow, all of the
following closing documents, in such forms as are agreed upon and acceptable to
the Purchaser, duly executed by all signatories other than the Purchaser, as
required pursuant to the respective terms thereof:

                  (i) An assignment or assignments of the Mortgage Loans to the
         Purchaser substantially in the form attached hereto as EXHIBIT B with
         such changes as are required to adapt the assignment to the proper form
         in the jurisdiction where the related Mortgage Property is located, and
         each original Mortgage Note (or lost note affidavit and indemnity),

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         duly endorsed originally or by facsimile, without recourse, to the
         Purchaser, in each case in accordance with the instructions set forth
         in EXHIBIT A attached hereto, which assignment or assignments and
         Mortgage Note (or lost note affidavit and indemnity) shall be delivered
         to and held by the Purchaser or its agent on behalf of the Purchaser;

                  (ii) The Mortgage Loan Schedule prepared by Seller dated as of
         the related Closing Date and attached hereto;

                  (iii) A certificate signed by an officer, which officer may be
         either a senior vice president, a vice president, an assistant vice
         president or assistant secretary (an "AUTHORIZED OFFICER"), dated as of
         the Closing Date, substantially in the form attached hereto as EXHIBIT
         C, to the parties hereto, and attached thereto copies of the charter
         and by-laws and a Good Standing Certificate or a memorandum setting
         forth the verbal assurances from the appropriate regulatory authorities
         with respect to the Seller will be immediately forthcoming; and

                  (iv) An opinion of Seller's counsel in substantially the form
         attached hereto as EXHIBIT D.

                  (v) A security release certification, in a form acceptable to
         the Purchaser, executed by the appropriate mortgagee or secured party,
         if any of the Mortgage Loans have at any time been subject to any
         security interest, pledge or hypothecation for the benefit of such
         person.

         (c) The Seller will furnish to the Purchaser such other certificates of
its officers or others and such other documents to evidence fulfillment of the
conditions set forth in this Agreement as the Purchaser and its attorney may
reasonably request.

SECTION 11. SELLER'S CONDITIONS TO CLOSING.

         The obligations of the Seller under this Agreement shall be subject to
the satisfaction, on or prior to the Closing Date, of the following conditions:

         (a) The obligations of the Purchaser required to be performed by it on
or prior to the Closing Date pursuant to the terms of this Agreement shall have
been duly performed and complied with and all of the representations and
warranties of the Purchaser under this Agreement shall be true and correct as of
the date hereof and as of the Closing Date, and no event shall have occurred
which, with notice or the passage of time, or both, would constitute a default
under this Agreement, and the Seller shall have received a certificate to that
effect signed by an Authorized Officer of the Purchaser;

         (b) The Seller shall have received, or the Seller's attorney shall have
received in escrow, a certificate signed by an Authorized Officer of the
Purchaser dated as of the Closing Date, in the

                                      -11-

<PAGE>

form acceptable to the parties hereto, and attached thereto the resolutions of
the Purchaser authorizing the transactions contemplated by this Agreement,
together with copies of the Articles of Association and by-laws as of a recent
date with respect to the Purchaser; and

         (c) The Purchaser will furnish to the Seller such other certificates of
its officers or others and such other documents to evidence fulfillment of the
conditions set forth in this Agreement as the Seller and its attorney may
reasonably request.

SECTION 12. INDEMNIFICATION.

         (a) The Seller agrees to indemnify and hold harmless the Purchaser
against any and all losses, claims, expenses, damages or liabilities to which
Purchaser may become subject, insofar as such losses, claims, expenses, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any representation or warranty made by the Seller in SECTION 8(A) THROUGH
SECTION 8(H) hereof on which Purchaser has relied, being, or alleged to be,
materially untrue or incorrect. This indemnity will be in addition to any
liability which the Seller may otherwise have.

         (b) The Purchaser agrees to indemnify and hold harmless the Seller
solely in its capacity as seller of the Mortgage Loans against any and all
losses, claims, expenses, damages or liabilities to which the Seller may become
subject, insofar as such losses, claims, expenses, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any representation or
warranty made by the Purchaser in SECTION 9 hereof on which the Seller has
relied, being, or alleged to be, materially untrue or incorrect (notwithstanding
the Purchaser's lack of knowledge with respect to the substance of any
representation or warranty to which SECTION 9 applies which is made to the best
of the Purchaser's knowledge). This indemnity will be in addition to any
liability which the Purchaser may otherwise have.

         (c) Promptly after receipt by either the Purchasers or the Seller of
notice of the commencement of any action or proceeding in any way relating to or
arising from this Agreement, such party will notify the other party of the
commencement thereof; but the omission so to notify the party from whom
indemnification is sought (the "Indemnifying Party") will not relieve the
Indemnifying Party from any liability which it may have to the party seeking
indemnification (the "Indemnified Party") except to the extent that the
Indemnifying Party is adversely affected by the lack of notice. In case any such
action is brought against the Indemnified Party, and it notifies the
Indemnifying Party of the commencement thereof, the Indemnifying Party will be
entitled to participate in the defense (with the consent of the Indemnified
Party which shall not be unreasonably withheld) of such action at the
Indemnifying Party's expense.

SECTION 13. NOTICES.

         All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given if mailed, by registered or
certified mail, return receipt requested, or, if by other means, when received
by the other party. Notices to the Seller shall be directed to InterFirst,

                                      -12-

<PAGE>

777 East Eisenhower Parkway, Ann Arbor, Michigan 48108, Attention: Steve Kapp -
Vice President with a copy to ABN AMRO Mortgage Group, Inc., 2600 West Big
Beaver Road, Troy, Michigan 48084, Attention: Thomas E. Reiss - Assistant
Secretary; and notices to the Purchaser shall be directed to ABN AMRO Mortgage
Corporation, 135 South LaSalle Street, Suite 925, Chicago, Illinois 60603,
Attention: Maria Fregosi - First Vice President - ABN AMRO Mortgage Operations,
with a copy to ABN AMRO North America, Inc. 135 South LaSalle Street, Chicago,
Illinois 60603, Attention: Marlene Ellis - Associate General Counsel; or such
other addresses as may hereafter be furnished to the other party by like notice.

SECTION 14. TERMINATION.

         This Agreement may be terminated (a) by the mutual consent of the
parties hereto, or (b) by the Purchaser if the conditions to the Purchaser's
obligations to closing set forth under SECTION 10 hereof are not fulfilled as
and when required to be fulfilled or (c) by the Seller if the Purchaser's
obligations under SECTION 11 hereof are not fulfilled as and when required. In
the event of a termination pursuant to SECTION 14(B), the Seller agrees that it
will pay the out-of-pocket fees and expenses of the Purchaser in connection with
the transactions contemplated by this Agreement and in the event of a
termination pursuant to SECTION 14(C), the Purchaser agrees that it will pay the
out- of-pocket fees and expenses of the Seller in connection with the
transactions contemplated by this Agreement.

SECTION 15. REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY.

         All representations, warranties and agreements contained in this
Agreement, or in certificates of officers of the Seller and the Purchaser
submitted pursuant hereto, shall remain operative and in full force and effect
and shall survive transfer and sale of the Mortgage Loans to the Purchaser.

SECTION 16. SEVERABILITY.

         If any provision of this Agreement shall be prohibited or invalid under
applicable law, the Agreement shall be ineffective only to such extent, without
invalidating the remainder of this Agreement.

SECTION 17. COUNTERPARTS.

         This Agreement may be executed in any number of counterparts, each of
which shall be an original, but both of which together shall constitute one and
the same agreement.

SECTION 18. GOVERNING LAW.

         This Agreement shall be deemed to have been made in the State of New
York and shall be interpreted in accordance with the laws of such state without
regard to the principles of conflicts of law of such state.

                                      -13-

<PAGE>

SECTION 19. FURTHER ASSURANCES.

         The Seller and the Purchaser agree to execute and deliver such
instruments and take such actions as the other party may, from time to time,
reasonably request in order to effectuate the purpose and to carry out the terms
of this Agreement.

SECTION 20. SUCCESSORS AND ASSIGNS.

         This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the Seller and the Purchaser and their permitted successors and
assigns. The Seller acknowledges and agrees that the Purchaser may assign its
rights under this Agreement. Any person into which the Seller may be merged or
consolidated (or any person resulting from any merger or consolidation involving
the Seller), or any person succeeding to the business of the Seller shall be
considered the "successor" of the Seller hereunder. Except as provided in the
two preceding sentences, this Agreement cannot be assigned, pledged or
hypothecated by any party hereto without the written consent of the other party
to this Agreement. Notwithstanding anything to the contrary in this SECTION 20,
the parties hereto agree that the Purchaser has the right to assign its rights
and interest in, to and under SECTION 8 hereof.

SECTION 21. AMENDMENTS.

         No term or provision of this Agreement may be waived or modified unless
such waiver or modification is in writing and signed by a duly authorized
officer of the party against whom such waiver or modification is sought to be
enforced.

                                      -14-

<PAGE>

         IN WITNESS WHEREOF, the Seller and the Purchaser have caused their
names to be signed hereto by their respective duly authorized officers as of the
date first above written.

                                            ABN AMRO Mortgage Group, Inc.,
                                            as Seller

                                            By:  /s/ Joseph E. Krul
                                                 ----------------------------
                                            Name:    Joseph E. Krul
                                            Title:   Executive Vice President

                                          AAMGI MORTGAGE LOAN PURCHASE AGREEMENT

<PAGE>

                                            ABN AMRO Mortgage Corporation,
                                            as Purchaser

                                            By:  /s/ Daniel J. Fischer
                                                 -------------------------
                                            Name:    Daniel J. Fischer
                                            Title:   Vice President

                                          AAMGI MORTGAGE LOAN PURCHASE AGREEMENT

<PAGE>

                                   SCHEDULE 1

                             MORTGAGE LOAN SCHEDULE
                             ----------------------
                             (Provided upon request)

<PAGE>

                                   SCHEDULE 2

                       MORTGAGE LOAN SCHEDULE INFORMATION
                       ----------------------------------

         Each Mortgage Loan shall be identified by at least the following
details, among others, relating to each Mortgage Loan:

             (i)           the loan number of the Mortgage Loan and name of the
                           related Mortgagor;

             (ii)          the street address of the Mortgaged Property
                           including city, state and zip code;

             (iii)         the mortgage interest rate as of the Cut-Off Date;

             (iv)          the original term and maturity date of the related
                           Mortgage Note;

             (v)           the original principal balance;

             (vi)          the first payment date;

             (vii)         the monthly payment in effect as of the Cut-Off Date;

             (viii)        the date of the last paid installment of interest;

             (ix)          the unpaid principal balance as of the close of
                           business on the Cut-Off Date;

             (x)           the loan-to-value ratio at origination;

             (xi)          the type of property;

             (xii)         whether a primary mortgage insurance policy is in
                           effect as of the Cut-Off Date;

             (xiii)        the nature of occupancy at origination;

             (xiv)         the servicing fee;

             (xv)          the county in which the Mortgaged Property is
                           located, if available; and

             (xvi)         the closing date.

<PAGE>

                                   SCHEDULE 3

                            MORTGAGE FILE INFORMATION
                            -------------------------

         Each Mortgage File shall include at least the following documents,
among others, with respect to each Mortgage Loan transferred and assigned from
the Seller to the Purchaser, or its agent:

         (i)       the original Mortgage Note (or, if the original Mortgage Note
                   has been lost or destroyed, a lost note affidavit and
                   indemnity) bearing all intervening endorsements endorsed,
                   "Pay to the order of JPMorgan Chase Bank for the benefit of
                   the Certificateholders of ABN AMRO Mortgage Corporation
                   Series 2003-10 Attn: Corporate Trust Department, 600 Travis
                   Street, Houston, TX 77002, without recourse" and signed in
                   the name of the mortgagee at the request of the Seller by an
                   Authorized Officer showing an unbroken chain of title from
                   the originator thereof to the person endorsing;

         (ii)      (a) the original Mortgage with evidence of recording thereon,
                   and if the Mortgage was executed pursuant to a power of
                   attorney, a certified true copy of the power of attorney
                   certified by the recorder's office, with evidence of
                   recording thereon, or certified by a title insurance company
                   or escrow company to be a true copy thereof; PROVIDED, that
                   if such original Mortgage or power of attorney cannot be
                   delivered with evidence of recording thereon on or prior to
                   the Closing Date because of a delay caused by the public
                   recording office where such original Mortgage has been
                   delivered for recordation or because such original Mortgage
                   has been lost, the Seller shall deliver or cause to be
                   delivered to the Purchaser (with a copy to the Trustee (as
                   defined in the Pooling and Servicing Agreement)) a true and
                   correct copy of such Mortgage, together with (1) in the case
                   of a delay caused by the public recording office, a
                   certificate signed by an Authorized Officer of the Seller
                   stating that such original Mortgage has been dispatched to
                   the appropriate public recording official for recordation or
                   (2) in the case of an original Mortgage that has been lost, a
                   certificate by the appropriate county recording office where
                   such Mortgage is recorded or from a title insurance company
                   or escrow company indicating that such original was lost and
                   the copy of the original mortgage is a true and correct copy;

                   (b) the original assignment to "JPMorgan Chase Bank, as
                   Trustee," which assignment shall be in form and substance
                   acceptable for recording, or a copy certified by the Seller
                   as a true and correct copy of the original assignment which
                   has been sent for recordation. Subject to the foregoing, such
                   assignments may, if permitted by law, be by blanket
                   assignments for Mortgage Loans covering Mortgaged Properties
                   situated within the same county. If the assignment is in
                   blanket form, a copy of the assignment shall be included in
                   the related individual Mortgage File;

<PAGE>

         (iii)     the originals of any and all instruments that modify the
                   terms and conditions of the Mortgage Note, including but not
                   limited to modification, consolidation, extension and
                   assumption agreements including any adjustable rate mortgage
                   (ARM) rider, if any;

         (iv)      the originals of all required intervening assignments, if
                   any, with evidence of recording thereon, and if such
                   assignment was executed pursuant to a power of attorney, a
                   certified true copy of the power of attorney certified by the
                   recorder's office, with evidence of recording thereon, or
                   certified by a title insurance company or escrow company to
                   be a true copy thereof; PROVIDED, that if such original
                   assignment or power of attorney cannot be delivered with
                   evidence of recording thereon on or prior to the Closing Date
                   because of a delay caused by the public recording office
                   where such original assignment has been delivered for
                   recordation or because such original assignment has been
                   lost, the Seller shall deliver or cause to be delivered to
                   the Purchaser (with a copy to the Trustee (as defined in the
                   Pooling and Servicing Agreement)) a true and correct copy of
                   such assignment, together with (a) in the case of a delay
                   caused by the public recording office, a certificate signed
                   by an Authorized Officer of the Seller stating that such
                   original assignment has been dispatched to the appropriate
                   public recording official for recordation or (b) in the case
                   of an original assignment that has been lost, a certificate
                   by the appropriate county recording office where such
                   assignment is recorded or from a title insurance company or
                   escrow company indicating that such original was lost and the
                   copy of the original assignment is a true and correct copy;

         (v)       the original mortgagee policy of title insurance (including,
                   if applicable, the endorsement relating to the negative
                   amortization of the Mortgage Loans) or in the event such
                   original title policy is unavailable, any one of an original
                   title binder, an original preliminary title report or an
                   original title commitment or a copy thereof certified by the
                   title company with the original policy of title insurance to
                   follow within 180 days of the Closing Date;

                                       -2-

<PAGE>

                                    EXHIBIT A
                                    ---------

                               INSTRUCTION LETTER

                          ABN AMRO Mortgage Corporation
                       135 South LaSalle Street, Suite 925
                             Chicago, Illinois 60603

                                                        ________ __, 2003

ABN AMRO Mortgage Group, Inc.
2600 West Big Beaver Road
Troy, Michigan 48084

Dear Ladies and Gentlemen:

         Pursuant to the Mortgage Loan Purchase Agreement dated as of August 28,
2003 (the "PURCHASE AGREEMENT") between you and us, we have agreed to purchase
from you certain Mortgage Loans. All capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Purchase Agreement.

         In order to facilitate these transactions, and for the purpose of
convenience only, we hereby authorize and direct you to:

Action                                                 Due Date

1.       Endorse mortgage notes (or lost note          one week prior to funding
         affidavits and indemnities) to:
         "Pay to the order of
          JPMorgan Chase Bank
          for the benefit of the Certificateholders
          of ABN AMRO Mortgage Corporation
          Series 2003-10, Attn: Corporate Trust
          Department, 600 Travis Street,
          Houston, TX 77002,
          without recourse"

2.       Assign mortgages to be recorded to            one week prior to funding
         JPMorgan Chase Bank for the benefit
         of the Certificateholders of ABN
         AMRO Mortgage Corporation Series
         2003-10:

<PAGE>

3.       Deliver to the Purchaser or its agent         two business days after
         all Mortgage Loan documents pertaining to     funding
         each loan

4.       Deliver to the Purchaser's servicer all       one week prior to
         Mortgage Loan servicing documents             Servicing transfer date
         pertaining to each loan

5.       Provide lost mortgage note affidavits,        one week prior to funding
         certified copies of all missing
         mortgages, and certified recorded
         copies of missing intervening
         assignments

6.       Mortgage Loan Schedule generated by           one day prior to funding
         Purchaser and agreed to by Seller

                                                Sincerely,

                                                ABN AMRO Mortgage Corporation

                                                By:__________________________
                                                Name:________________________
                                                Title:_______________________

                                       -2-

<PAGE>

                                    EXHIBIT B
                                    ---------

                               FORM OF ASSIGNMENT
                               ------------------

         ABN AMRO Mortgage Group, Inc., a Delaware corporation (the "SELLER"),
in exchange for $_______________ in hand paid and other good and valuable
consideration, hereby grants, bargains, sells, assigns, transfers, conveys, and
sets over to ABN AMRO Mortgage Corporation, a Delaware corporation (the
"PURCHASER"), all of the Seller's right, title, and interest in, to, and under
the mortgage loans listed on SCHEDULE 1 attached hereto, the mortgage notes
evidencing or relating to such mortgage loans, all mortgages, trust deeds, title
insurance policies, property insurance policies, chattel paper, loan guaranties,
loan accounts, surveys, instruments, certificates, and other documents
whatsoever evidencing or relating to such mortgage notes and mortgage loans, and
all books, ledgers, books of account, records, writings, data bases,
information, and computer software (and all documentation therefor or relating
thereto, and all licenses relating to or covering such computer software and/or
documentation), and all other property, rights, title, and interests whatsoever
relating to, used, or useful in connection with, or evidencing, embodying,
incorporating, or referring to, any of the foregoing (the "MORTGAGES"). The
Seller warrants to the Purchaser that the Seller is the owner of the Mortgages,
subject to no liens, claims, or encumbrances.

<PAGE>

Dated:  _____________, 2003                 ABN AMRO Mortgage Group, Inc.

                                            By:________________________________
                                               Name:
                                               Title:

                                       -2-

<PAGE>

ACKNOWLEDGED ON __________ __, 2003

ABN AMRO Mortgage Corporation

By:______________________________
   Name:_________________________
   Title:________________________

                                       -3-

<PAGE>

STATE OF     ____________          )
                                   )
COUNTY OF    ____________          )

         I, ______________, a Notary Public in and for the said County and
State, do hereby certify that ____________, personally known to me to be the
same person whose name is subscribed to the foregoing instrument as
_______________ of __________________, appeared before me this day in person
and, being first sworn, acknowledged that he signed and delivered the said
instrument as his own free and voluntary act, and as the free and voluntary act
of said corporation as the ___________ of ____________, a ____________, for the
uses and purposes therein set forth and that he was duly authorized to execute
the said instrument by the __________________ of said _________________.

         Given under my hand and seal, this ____ day of ____________, 2003.

                                            __________________________________
                                            Notary Public

                                            My commission expires:______________

                                       -4-

<PAGE>

                                    EXHIBIT C
                                    ---------

                          FORM OF OFFICER'S CERTIFICATE
                          -----------------------------

                          ABN AMRO Mortgage Group, Inc.

         I, _________________, do hereby certify pursuant to SECTION 10(A) and
(B)(III) of the Purchase Agreement (as hereinafter defined) that I am the duly
elected Executive Vice President of ABN AMRO Mortgage Group, Inc. ("AAMGI" ), a
Delaware corporation, and further certify as follows:

         1. Attached hereto as EXHIBIT "A" is a true and correct copy of the
articles of incorporation of AAMGI. There has been no amendment or other
document filed affecting the charter as of the date of this certification of
AAMGI, and no such amendment has been authorized.

         2. Attached hereto as EXHIBIT "B" is a true and correct copy of the
by-laws of AAMGI as in full force and effect as of the date of this
certification.

         3. No proceedings looking toward merger, consolidation, liquidation, or
dissolution of AAMGI are pending or contemplated.

         4. Each person who, as an officer or representative of AAMGI, signed,
or will sign (a) the Purchase Agreement, and (b) any other document delivered
pursuant thereto or on the date hereof in connection with the Mortgage Loan
Purchase Agreement, dated as of August 28, 2003 between AAMGI, as seller, and
ABN AMRO Mortgage Corporation, as Purchaser (the "PURCHASE AGREEMENT") was, at
the respective times of such signing and delivery, and is as of the date hereof
duly elected or appointed, qualified and acting as such officer or
representative, and the signatures of such persons appearing on such documents
are their genuine signatures.

         5. Attached hereto as EXHIBIT "C" is a true, complete and correct copy
of the Resolutions of AAMGI's Board of Directors, which were duly adopted as of
_____ __, ____, and such Resolutions have not been amended, altered or repealed,
and remain in full force and effect without modification on the date hereof.

         6. Attached hereto as EXHIBIT "D" is a Good Standing Certificate issued
by the Office of the Secretary of State of Delaware as of __________, ____. A
current Good Standing Certificate has been requested from the Office of the
Secretary of State of _________ and will be supplied when it is received.

         7. AAMGI has performed all obligations and satisfied all conditions on
its part to be performed or satisfied under the Purchase Agreement on or prior
to the Closing Date and all of the representations and warranties of the Seller
under the Purchase Agreement are true and correct as of the date hereof and as
of the Closing Date, and no event has occurred which, with notice or passage of
time, or both, would constitute a default under the Purchase Agreement.

<PAGE>

All capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Purchase Agreement.

IN WITNESS WHEREOF, I have hereunto signed my name.

Date:    __________ __, ____

                                               ABN AMRO Mortgage Group, Inc.

                                               By:__________________________
                                               Name:________________________
                                               Title:_______________________

                                       -2-

<PAGE>

         I, __________________, Assistant Secretary of ABN AMRO Mortgage Group,
Inc., a Delaware corporation, hereby certify that ____________________ is the
duly elected, qualified and acting Executive Vice President of ABN AMRO Mortgage
Group, Inc. and that the signature appearing on the preceding page is his/her
genuine signature.

         IN WITNESS WHEREOF, I have hereunto signed my name.

Date:    __________ __, ____

                                               ABN AMRO Mortgage Group, Inc.

                                               By:__________________________
                                               Name:________________________
                                               Title:_______________________

                                       -3-

<PAGE>

                    [OPINION TO BE REVISED IN ACCORDANCE WITH
                    GENERAL COUNSEL'S FORM OF OPINION LETTER]

                                    EXHIBIT D

                      [OPINION OF SELLER'S IN-HOUSE COUNSEL
                         PURSUANT TO SECTION 10(B)(IV)]

                               __________ __, 2003

ABN AMRO Mortgage Corporation
135 South LaSalle Street, Suite 925
Chicago, Illinois 60603

        Re: ABN AMRO Mortgage Corporation Purchase of Mortgage Loans
            --------------------------------------------------------

Ladies and Gentlemen:

         As _______________ to ABN AMRO Mortgage Group, Inc., a Delaware
Corporation ("SELLER"), I and attorneys working under my supervision have acted
as counsel to Seller in connection with the sale of Mortgage Loans by Seller to
ABN AMRO Mortgage Corporation (the "PURCHASER") pursuant to a Mortgage Loan
Purchase Agreement, dated as of August 28, 2003 (the "PURCHASE AGREEMENT"),
between the Purchaser and Seller. This opinion is being delivered to the
Purchaser pursuant to SECTION 10(B)(IV) of the Purchase Agreement. All
capitalized terms not otherwise defined herein have the meanings given them in
the Purchase Agreement.

         In rendering the opinions set forth below, we have examined and relied
upon originals or copies, certified or otherwise identified to our satisfaction,
of the charter and by-laws of Seller, the Purchase Agreement and such corporate
records, agreements or other instruments of Seller, and such certificates,
records and other documents, agreements and instruments, including, among other
things, certain documents delivered on the Closing Date, as we have deemed
necessary and proper as the basis for our opinions. In connection with such
examination, we have assumed the genuineness of all signatures, the authenticity
of all documents, agreements and instruments submitted to us as originals, the
conformity to original documents, agreements and instruments of all documents,
agreements and instruments submitted to us as copies or specimens, the
authenticity of the originals of such documents, agreements and instruments
submitted to us as copies or specimens, the conformity to executed original
documents of all documents submitted to us in draft and the accuracy of the
matters set forth in the documents we reviewed. We have also assumed that all
documents, agreements and instruments have been duly authorized, executed and
delivered by all parties thereto. As to any facts material to such opinions that
we did not independently establish or verify, we have relied upon statements and
representations of officers and other representatives

<PAGE>

ABN AMRO Mortgage Corporation
__________ __, 200_
Page 2

of Seller as we have deemed necessary and proper as the basis for our opinions,
including, among other things, the representations and warranties of Seller in
the Purchase Agreement.

Based upon the foregoing, I am of the opinion that:

         1. Seller is a ______________, duly organized, validly existing and in
good standing under the laws of _____________ and either is not required to be
qualified to do business under the laws of any states where such qualification
is necessary to transact the business contemplated by the Purchase Agreement, or
is qualified to do business under the laws of any states where such
qualification is necessary to transact the business contemplated by the Purchase
Agreement, and Seller is duly authorized and has full corporate power and
authority to transact the business contemplated by the Purchase Agreement.

         2. The Purchase Agreement has been duly authorized, executed and
delivered by Seller and is a legal, valid and binding obligation of and is
enforceable against Seller in accordance with its terms, except that the
enforceability thereof may be subject to (A) bankruptcy, insolvency,
receivership, conservatorship, reorganization, moratorium or other laws, now or
hereafter in effect, relating to creditors' rights generally, (B) general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law) and (C) limitations of public policy under
applicable securities laws as to rights of indemnity and contribution under the
Purchase Agreement.

         3. No consent, approval, authorization or order of any court or
supervisory, regulatory, administrative or governmental agency or body is
required for the execution, delivery and performance by Seller of or compliance
by Seller with the Purchase Agreement, the sale of the Mortgage Loans or the
consummation of the transactions contemplated by the Purchase Agreement.

         4. Neither the execution and delivery by Seller of the Purchase
Agreement, nor the consummation by Seller of the transactions contemplated
therein, nor the compliance by Seller with the provisions thereof, will conflict
with or result in a breach of any of the terms, conditions or provisions of
Seller's charter or by-laws or board or shareholder's resolutions, or any
agreement or instrument to which Seller is now a party or by which it is bound,
or constitute a default or result in an acceleration under any of the foregoing,
or result in the violation of any law, rule, regulation, order, judgment or
decree to which Seller or its property is subject, which, in any of the above
cases, would materially and adversely affect Seller's ability to perform its
obligations under the Purchase Agreement.

         5. There is no action, suit, proceeding or investigation pending, or,
to the best of my knowledge, threatened against Seller which, either in any one
instance or in the aggregate, would draw into question the validity of the
Purchase Agreement or the Mortgage Loans or of any action taken or to be taken
in connection with the obligations of Seller contemplated therein, or which

<PAGE>

ABN AMRO Mortgage Corporation
__________ __, 200_
Page 3

would be likely to materially impair the ability of Seller to perform under the
terms of the Purchase Agreement.

         The Opinions expressed herein are limited to matters of federal and
Michigan law and do not purport to cover any matters as to which laws of any
other jurisdiction are applicable. Except as expressly provided herein, this
opinion is being furnished to you solely for your benefit in connection with the
purchase of the Mortgage Loans, and it is not to be used, circulated, quoted or
otherwise referred to for any purpose without my express written consent.

                                      Sincerely,

                                      ABN AMRO Mortgage Group, Inc.

                                      By:__________________________
                                      Title:<PAGE>
                                                                     Exhibit 4.3

                               REALNETWORKS, INC.

           ZERO COUPON CONVERTIBLE SUBORDINATED NOTES DUE JULY 1, 2010

                          REGISTRATION RIGHTS AGREEMENT

                                                         June 17, 2003

Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004

Ladies and Gentlemen:

         RealNetworks, Inc., a Washington corporation (the "Company"), proposes
to issue and sell to the Purchasers (as defined herein) upon the terms set forth
in the Purchase Agreement (as defined herein) its Zero Coupon Convertible
Subordinated Notes due July 1, 2010 (the "Securities"). As an inducement to the
Purchasers to enter into the Purchase Agreement and in satisfaction of a
condition to the obligations of the Purchasers thereunder, the Company agrees
with the Purchasers for the benefit of Holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows:

         1.  Definitions.

         (a) Capitalized terms used herein without definition shall have the
respective meanings ascribed to them in the Purchase Agreement. As used in this
Agreement, the following defined terms shall have the following meanings:

         "Act" or "Securities Act" means the U.S. Securities Act of 1933, as
amended.

         "Affiliate" of any specified person means any other person that,
directly or indirectly, is in control of, is controlled by, or is under common
control with such specified person. For purposes of this definition, control of
a person means the power, direct or indirect, to direct or cause the direction
of the management and policies of such person whether by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

         "Closing Date" means the First Time of Delivery as defined in the
Purchase Agreement.

         "Commission" means the U.S. Securities and Exchange Commission, or any
other federal agency at the time administering the Exchange Act or the
Securities Act, whichever is the relevant statute for the particular purpose.

         "Common Stock" means the Company's common stock, par value $0.001 per
share, together with any associated preferred stock purchase rights.

         "DTC" means The Depository Trust Company.

<PAGE>

         "Effectiveness Period" has the meaning assigned thereto in Section
2(b)(i) hereof.

         "Effective Time" means the date on which the Commission declares the
Shelf Registration Statement effective or on which the Shelf Registration
Statement otherwise becomes effective.

         "Electing Holder" has the meaning assigned thereto in Section 3(a)(iii)
hereof.

         "Exchange Act" means the U.S. Securities Exchange Act of 1934, as
amended.

         "Holder" means, any person that is the record owner of Registrable
Securities (and includes any person that has a beneficial interest in any
Registrable Security in book-entry form).

         "Indenture" means the Indenture, dated as of June 17, 2003, between the
Company and U.S. Bank National Association, as amended and supplemented from
time to time in accordance with its terms.

         "Managing Underwriters" means the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering,
if any, conducted pursuant to Section 6 hereof.

         "NASD Rules" means the Rules of the National Association of Securities
Dealers, Inc., as amended from time to time.

         "Notice and Questionnaire" means a Notice of Registration Statement and
Selling Securityholder Questionnaire substantially in the form of Appendix A
hereto.

         The term "person" means an individual, partnership, corporation, trust
or unincorporated organization, or a government or agency or political
subdivision thereof.

         "Prospectus" means the prospectus (including, without limitation, any
preliminary prospectus, any final prospectus and any prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act) included in the
Shelf Registration Statement, as amended or supplemented by any prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by the Shelf Registration Statement and by all
other amendments and supplements to such prospectus, including all material
incorporated by reference in such prospectus and all documents filed after the
date of such prospectus by the Company under the Exchange Act and incorporated
by reference therein.

         "Purchase Agreement" means the purchase agreement, dated as of June 11,
2003, between the Purchasers and the Company relating to the Securities.

         "Purchasers" means the Purchasers named in Schedule I to the Purchase
Agreement.

         "Registrable Securities" means all or any portion of the Securities
issued from time to time under the Indenture in registered form and the shares
of Common Stock issuable upon conversion or repurchase of such Securities;
provided, however, that a security ceases to be a Registrable Security when it
is no longer a Restricted Security.

                                       2
<PAGE>

         "Restricted Security" means any Security or share of Common Stock
issuable upon conversion thereof except any such Security or share of Common
Stock that (i) has been effectively registered under the Securities Act and sold
in a manner contemplated by the Shelf Registration Statement, (ii) has been
transferred in compliance with Rule 144 under the Securities Act (or any
successor provision thereto) or is transferable pursuant to paragraph (k) of
such Rule 144 (or any successor provision thereto), or (iii) has otherwise been
transferred and a new Security or share of Common Stock not subject to transfer
restrictions under the Securities Act has been delivered by or on behalf of the
Company in accordance with Section 3.5 of the Indenture.

         "Rules and Regulations" means the published rules and regulations of
the Commission promulgated under the Securities Act or the Exchange Act, as in
effect at any relevant time.

         "Shelf Registration" means a registration effected pursuant to Section
2 hereof.

         "Shelf Registration Statement" means a "shelf" registration statement
filed under the Securities Act providing for the registration of, and the sale
on a continuous or delayed basis by the Holders of, all of the Registrable
Securities pursuant to Rule 415 under the Securities Act and/or any similar rule
that may be adopted by the Commission, filed by the Company pursuant to the
provisions of Section 2 of this Agreement, including the Prospectus contained
therein, any amendments and supplements to such registration statement,
including post-effective amendments, and all exhibits and all material
incorporated by reference in such registration statement.

         "Trust Indenture Act" means the U.S. Trust Indenture Act of 1939, or
any successor thereto, and the rules, regulations and forms promulgated
thereunder, as the same shall be amended from time to time.

         "Underwriter" means any underwriter of Registrable Securities in
connection with an offering thereof under a Shelf Registration Statement.

         (b) Wherever there is a reference in this Agreement to a percentage of
the "principal amount" of Registrable Securities or to a percentage of
Registrable Securities, Common Stock shall be treated as representing the
principal amount of Securities that was surrendered for conversion or exchange
in order to receive such number of shares of Common Stock.

         2. Shelf Registration.

         (a) The Company shall no later than 90 calendar days following the
Closing Date, file with the Commission a Shelf Registration Statement relating
to the offer and sale of the Registrable Securities by the Holders from time to
time in accordance with the methods of distribution elected by such Holders and
set forth in such Shelf Registration Statement and, thereafter, shall use its
best efforts to cause such Shelf Registration Statement to be declared effective
under the Act no later than 180 calendar days following the Closing Date;
provided, however, that the Company may, upon written notice to all Holders,
postpone having the Shelf Registration Statement declared effective for a
reasonable period of time not to exceed 90 days if the Company possesses
material non-public information the disclosure of which would be reasonably
likely to have a material adverse effect on the Company and its subsidiaries
taken as a whole; provided, further, that no Holder shall be entitled to be
named as a selling securityholder in the Shelf Registration Statement or to use
the Prospectus forming a part thereof for resales of Registrable Securities
unless such Holder is an Electing Holder.

                                       3
<PAGE>

         (b) The Company shall use its reasonable efforts:

                  (i) To keep the Shelf Registration Statement continuously
effective in order to permit the Prospectus forming a part thereof to be usable
by Holders, subject to Section 3(d)(v), until the earliest of (1) the sale of
all Registrable Securities registered under the Shelf Registration Statement;
(2) the expiration of the period referred to in Rule 144(k) of the Act with
respect to all Registrable Securities held by Persons that are not Affiliates of
the Company; and (3) two years from the date (the "Effective Date") such Shelf
Registration Statement is declared effective (such period being referred to
herein as the "Effectiveness Period");

                  (ii) After the Effective Time of the Shelf Registration
Statement, reasonably promptly upon the request of any Holder of Registrable
Securities that is not then an Electing Holder, to take any action reasonably
necessary to enable such Holder to use the Prospectus forming a part thereof for
resales of Registrable Securities, including, without limitation, any action
necessary to identify such Holder as a selling securityholder in the Shelf
Registration Statement; provided, however, that nothing in this subparagraph
shall relieve such Holder of the obligation to return a completed and signed
Notice and Questionnaire to the Company in accordance with Section 3(a) hereof;
and, provided further that the Company shall not be obligated to take the
actions described in this Section 2(b)(ii) during (A) any period during which
use of the Prospectus is suspended pursuant to Section 2(c) or (B) any period of
suspension described in Section 3(d)(iii) or 3(d)(iv); and

                  (iii) If at any time the Securities, pursuant to Article XII
of the Indenture, are convertible into securities other than Common Stock, the
Company shall use reasonable efforts, or shall cause any successor under the
Indenture to use reasonable efforts, to cause such securities to be included in
the Shelf Registration Statement no later than the date on which the Securities
may then be convertible into such securities.

         The Company shall be deemed not to have used its reasonable efforts to
keep the Shelf Registration Statement effective during the requisite period if
the Company voluntarily takes any action that would result in the Shelf
Registration Statement being unavailable to Holders of Registrable Securities
covered thereby for the offer and sale of any of such Registrable Securities
thereunder during that period, unless such action is (A) in the good faith
judgment of the Company required by applicable law and the Company thereafter
promptly complies with the requirements of paragraph 3(i) below or (B) permitted
pursuant to Section 2(c) below.

         (c) The Company may suspend the use of the Prospectus for one or more
periods not to exceed 30 days in any 90-day period or an aggregate of 90 days in
any 365-day period if the Board of Directors of the Company shall have
determined in good faith that because of valid business reasons (not including
avoidance of the Company's obligations hereunder), including without limitation
the acquisition or divestiture of assets, pending corporate developments and
similar events, it is in the best interests of the Company to suspend such use,
and prior to suspending such use the Company provides the Electing Holders with
written notice of such suspension, which notice need not specify the nature of
the event giving rise to such suspension.

         3. Registration Procedures. In connection with the Shelf Registration
Statement, the following provisions shall apply:

         (a) (i) Not less than 30 calendar days prior to the time the Company
intends in good faith to have the Shelf Registration Statement declared
effective, the Company shall mail the Notice and Questionnaire to the Holders of
Registrable Securities. No Holder shall be entitled

                                       4
<PAGE>

to be named as a selling securityholder in the Shelf Registration Statement as
of the Effective Time, and no Holder shall be entitled to use the Prospectus
forming a part thereof for resales of Registrable Securities at any time, unless
such Holder has returned a completed and signed Notice and Questionnaire to the
Company by the deadline for response set forth therein; provided, however,
Holders of Registrable Securities shall have at least 28 calendar days from the
date on which the Notice and Questionnaire is first mailed to such Holders to
return a completed and signed Notice and Questionnaire to the Company.

                  (ii) After the Effective Time of the Shelf Registration
Statement, the Company shall, upon the request of any Holder of Registrable
Securities that is not then an Electing Holder, promptly send a Notice and
Questionnaire to such Holder. The Company shall not be required to take any
action to name such Holder as a selling securityholder in the Shelf Registration
Statement or to enable such Holder to use the Prospectus forming a part thereof
for resales of Registrable Securities until such Holder has returned a completed
and signed Notice and Questionnaire to the Company.

                  (iii) The term "Electing Holder" shall mean any Holder of
Registrable Securities that has returned a completed and signed Notice and
Questionnaire to the Company in accordance with Section 3(a)(i) or 3(a)(ii)
hereof.

         (b) The Company shall (i) promptly furnish to each Electing Holder,
prior to the Effective Time, a copy of the Shelf Registration Statement
initially filed with the Commission, and shall furnish to such Electing Holders,
prior to the filing thereof with the Commission, copies of each amendment
thereto and each amendment or supplement, if any, to the Prospectus included
therein, and shall use its reasonable efforts to reflect in each such document,
at the Effective Time or when so filed with the Commission, as the case may be,
such comments as such Electing Holders and their respective counsel reasonably
may propose in writing as being legally necessary.

         (c) The Company shall promptly take such action as may be necessary so
that (i) each of the Shelf Registration Statement and any amendment thereto and
the Prospectus forming a part thereof and any amendment or supplement thereto
(together with each report or other document incorporated therein by reference
in each case) complies in all material respects with the Securities Act and the
Exchange Act and the respective rules and regulations thereunder, (ii) each of
the Shelf Registration Statement and any amendment thereto does not, when it
becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading, and the Prospectus forming a part thereof
does not, when the registration statement of which it forms a part becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances in which they were made, not
misleading, and (iii) each of the Prospectus forming a part of the Shelf
Registration Statement, and any amendment or supplement to such Prospectus, does
not during the Effectiveness Period include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

         (d) The Company shall promptly advise each Electing Holder, and shall
confirm such advice in writing if so requested by any such Holder:

                  (i) when a Shelf Registration Statement and any amendment
thereto has been filed with the Commission and when a Shelf Registration
Statement or any post-effective

                                       5
<PAGE>

amendment thereto has become effective, in each case making a public
announcement thereof by release made to Reuters Economic Services and Bloomberg
Business News;

                  (ii) of any request by the Commission after the Effective Time
for amendments or supplements to the Shelf Registration Statement or the
Prospectus included therein or for additional information;

                  (iii) of the issuance by the Commission of any stop order
suspending the effectiveness of the Shelf Registration Statement or the
initiation of any proceedings for such purpose;

                  (iv) of the receipt by the Company of any notification with
respect to the suspension of the qualification of the securities included in the
Shelf Registration Statement for sale in any jurisdiction or the initiation of
any proceeding for such purpose; and

                  (v) of the occurrence of any event or the existence of any
state of facts that requires the making of any changes in the Shelf Registration
Statement or the Prospectus included therein so that, as of such date, such
Shelf Registration Statement and Prospectus do not contain an untrue statement
of a material fact and do not omit to state a material fact required to be
stated therein or necessary to make the statements therein (in the case of the
Prospectus, in light of the circumstances under which they were made) not
misleading (which advice shall be accompanied by an instruction to such Holders
to suspend the use of the Prospectus until the requisite changes have been
made); provided that the Company shall not be required to disclose the substance
of such event or facts.

         (e) The Company shall use its best efforts to prevent the issuance, and
if issued to obtain the withdrawal, of any order suspending the effectiveness of
the Shelf Registration Statement at the earliest practicable time. Upon the
receipt of the notice contemplated in Section 3(d)(iii), (iv) or (v), the
Electing Holders shall cease the use of the Prospectus until such suspension of
effectiveness of the Shelf Registration Statement or suspension of the
qualification of the securities included therein, as applicable, has been
withdrawn.

         (f) The Company shall, during the Effectiveness Period, deliver to each
Electing Holder, without charge, as many copies of the Prospectus (including
each preliminary Prospectus) included in the Shelf Registration Statement and
any amendment or supplement thereto as such Electing Holder may reasonably
request in writing; and the Company consents (except during a suspension period
pursuant to Section 2(c) hereof or during the continuance of any event or the
existence of any state of facts described in Section 3(d)(v) above) to the use
of the Prospectus and any amendment or supplement thereto by each of the
Electing Holders in connection with the offering and sale of the Registrable
Securities covered by the Prospectus and any amendment or supplement thereto
during the Effectiveness Period.

         (g) Prior to any offering of Registrable Securities pursuant to the
Shelf Registration Statement, the Company shall (i) register or qualify or
cooperate with the Electing Holders and their respective counsel in connection
with the registration or qualification of such Registrable Securities for offer
and sale under the securities or "blue sky" laws of such jurisdictions within
the United States as any Electing Holder may reasonably request, (ii) keep such
registrations or qualifications in effect and comply with such laws so as to
permit the continuance of offers and sales in such jurisdictions for so long as
may be necessary to enable any Electing Holder or underwriter, if any, to
complete its distribution of Registrable Securities pursuant to the Shelf
Registration Statement, and (iii) take any and all other actions necessary or
advisable to enable the disposition in such jurisdictions of such Registrable
Securities; provided, however, that in no

                                       6
<PAGE>

event shall the Company be obligated to (A) qualify as a foreign corporation or
as a dealer in securities in any jurisdiction where it would not otherwise be
required to so qualify but for this Section 3(g) or (B) file any general consent
to service of process in any jurisdiction where it is not as of the date hereof
so subject.

         (h) Unless any Registrable Securities shall be in book-entry only form,
the Company shall cooperate with the Electing Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold pursuant to the Shelf Registration Statement, which certificates, if so
required by any securities exchange upon which any Registrable Securities are
listed, shall be penned, lithographed or engraved, or produced by any
combination of such methods, on steel engraved borders, and which certificates
shall be free of any restrictive legends and in such permitted denominations and
registered in such names as Electing Holders may request in connection with the
sale of Registrable Securities pursuant to the Shelf Registration Statement.

         (i) Upon the occurrence of any event or the existence of any state of
facts contemplated by paragraph 3(d)(v) above, the Company shall promptly
prepare a post-effective amendment to any Shelf Registration Statement or an
amendment or supplement to the related Prospectus or file any other required
document so that, as thereafter delivered to purchasers of the Registrable
Securities included therein, the Prospectus will not include an untrue statement
of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading. If the Company notifies the Electing Holders of the
occurrence of any event or the existence of any state of facts contemplated by
paragraph 3(d)(v) above, the Electing Holders shall suspend the use of the
Prospectus until the requisite changes to the Prospectus have been made.

         (j) Not later than the Effective Time of the Shelf Registration
Statement, the Company shall provide a CUSIP number for the Registrable
Securities that are debt securities.

         (k) The Company shall use its reasonable efforts to comply with all
applicable Rules and Regulations, and to make generally available to its
securityholders as soon as practicable, but in any event not later than eighteen
months after (i) the effective date (as defined in Rule 158(c) under the
Securities Act) of the Shelf Registration Statement, (ii) the effective date of
each post-effective amendment to the Shelf Registration Statement, and (iii) the
date of each filing by the Company with the Commission of an Annual Report on
Form 10-K that is incorporated by reference in the Shelf Registration Statement,
an earnings statement of the Company and its subsidiaries complying with Section
11(a) of the Securities Act and the rules and regulations of the Commission
thereunder (including, at the option of the Company, Rule 158).

         (l) Not later than the Effective Time of the Shelf Registration
Statement, the Company shall cause the Indenture to be qualified under the Trust
Indenture Act; in connection with such qualification, the Company shall
cooperate with the Trustee under the Indenture and the Holders (as defined in
the Indenture) to effect such changes to the Indenture as may be required for
such Indenture to be so qualified in accordance with the terms of the Trust
Indenture Act; and the Company shall execute, and shall use all reasonable
efforts to cause the Trustee to execute, all documents that may be required to
effect such changes and all other forms and documents required to be filed with
the Commission to enable such Indenture to be so qualified in a timely manner.
In the event that any such amendment or modification referred to in this Section
3(j) involves the appointment of a new trustee under the Indenture, the Company
shall appoint a new trustee thereunder pursuant to the applicable provisions of
the Indenture.

                                       7
<PAGE>

         (m) In the event of an underwritten offering conducted pursuant to
Section 6 hereof, the Company shall, if requested, promptly include or
incorporate in a Prospectus supplement or post-effective amendment to the Shelf
Registration Statement such information as the Managing Underwriters reasonably
agree should be included therein and to which the Company does not reasonably
object and shall make all required filings of such Prospectus supplement or
post-effective amendment as soon as practicable after it is notified of the
matters to be included or incorporated in such Prospectus supplement or
post-effective amendment.

         (n) The Company shall enter into such customary agreements (including
an underwriting agreement in customary form in the event of an underwritten
offering conducted pursuant to Section 6 hereof) and take all other required
action in order to facilitate the registration and disposition of the
Registrable Securities, and in connection therewith, if an underwriting
agreement is entered into, cause the same to contain indemnification provisions
and procedures substantially identical to those set forth in Section 5 hereof
with respect to all parties to be indemnified pursuant to Section 5 hereof;
provided that the Company shall not be required to agree to any negative
covenants.

         (o) The Company shall:

                  (i) (A) make reasonably available for inspection during
ordinary business hours by the Electing Holders, any underwriter participating
in any disposition under the Shelf Registration Statement pursuant to an
underwritten offering conducted pursuant to Section 6, and any attorney,
accountant or other agent retained by such Electing Holders or any such
underwriter all relevant financial and other records, pertinent corporate
documents and properties of the Company and its subsidiaries, and (B) cause the
Company's officers, directors and employees to supply all information reasonably
requested by such Electing Holders or any such underwriter, attorney, accountant
or agent in connection with the Shelf Registration Statement, in each case, as
is customary for similar due diligence examinations; provided, however, that all
records, information and documents that are disclosed pursuant to this paragraph
shall be kept confidential by such Electing Holders and any such underwriter,
attorney, accountant or agent, unless such disclosure is made in connection with
a court proceeding or required by law, or such records, information or documents
become available to the public generally or through a third party without an
accompanying obligation of confidentiality, and, provided further that, if the
foregoing inspection and information gathering would otherwise disrupt the
Company's conduct of its business, such inspection and information gathering
shall, to the greatest extent possible, be coordinated on behalf of the Electing
Holders and the other parties entitled thereto by one counsel for the
underwriters, if any, and one counsel designated by and on behalf of the
Electing Holders and other parties; in the event that any Holder, attorney,
accountant or agent is required to disclose confidential information of the
Company by law or in a court proceeding, such Holder, attorney, accountant or
agent will provide the Company with notice of such disclosure requirement and
copies of the information to be disclosed, if possible, and will cooperate with
the Company, to the extent reasonably practicable, to limit such disclosure;

                  (ii) in connection with any underwritten offering conducted
pursuant to Section 6 hereof, make such representations and warranties to the
Electing Holders participating in such underwritten offering and to the Managing
Underwriters as they may reasonably request, in form, substance and scope as are
customarily made by companies similarly situated to the Company to underwriters
in primary underwritten offerings of equity and convertible debt securities and
covering matters including, but not limited to, those set forth in the Purchase
Agreement;

                                       8
<PAGE>

                  (iii) in connection with any underwritten offering conducted
pursuant to Section 6 hereof, obtain opinions of counsel to the Company (which
opinions (in form, scope and substance) shall be reasonably satisfactory to the
Managing Underwriters) addressed to each Electing Holder participating in such
underwritten offering and the underwriters, covering such matters as are
customarily covered in opinions requested in primary underwritten offerings of
equity and convertible debt securities by companies similarly situated to the
Company and such other matters as may be reasonably requested by such Electing
Holders and underwriters (it being agreed that the matters to be covered by such
opinions shall include, without limitation, as of the date of the opinion and as
of the Effective Time of the Shelf Registration Statement or most recent
post-effective amendment thereto, as the case may be, (i) the absence from the
Shelf Registration Statement of an untrue statement of a material fact or the
omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading and (ii) the absence from the Prospectus,
including the documents incorporated by reference therein, of an untrue
statement of a material fact or the omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading in the
light of the circumstances under which they were made);

                  (iv) in connection with any underwritten offering conducted
pursuant to Section 6 hereof, obtain "cold comfort" letters and updates thereof
from the independent public accountants of the Company (and, if necessary, from
the independent public accountants of any subsidiary of the Company or of any
business acquired by the Company for which financial statements and financial
data are, or are required to be, included in the Shelf Registration Statement),
addressed to each Electing Holder participating in such underwritten offering
(if such Electing Holder has provided such letter, representations or
documentation, if any, required for such cold comfort letter to be so addressed)
and the underwriters, in customary form and covering matters of the type
customarily covered in "cold comfort" letters in connection with primary
underwritten offerings;

                  (v) in connection with any underwritten offering conducted
pursuant to Section 6 hereof, deliver such documents and certificates as may be
reasonably requested by any Electing Holders participating in such underwritten
offering and the Managing Underwriters, if any, including, without limitation,
certificates to evidence compliance with Section 3(i) hereof and with any
conditions contained in the underwriting agreement or other agreements entered
into by the Company.

         (p) The Company will use its reasonable efforts to cause the Common
Stock issuable upon conversion of the Securities to be listed for quotation on
the Nasdaq National Market or other stock exchange or trading system on which
the Common Stock primarily trades on or prior to the Effective Time of the Shelf
Registration Statement hereunder.

         (q) In the event that any broker-dealer registered under the Exchange
Act shall be an "affiliate" (as defined in Rule 2720(b)(1) of the NASD Rules (or
any successor provision thereto)) of the Company or has a "conflict of interest"
(as defined in Rule 2720(b)(7) of the NASD Rules (or any successor provision
thereto)) and such broker-dealer shall underwrite, participate as a member of an
underwriting syndicate or selling group or assist in the distribution of any
Registrable Securities covered by the Shelf Registration Statement, whether as a
Holder of such Registrable Securities or as an underwriter, a placement or sales
agent or a broker or dealer in respect thereof, or otherwise, the Company shall
provide to such broker-dealer, upon written request by such broker-dealer at
such broker-dealer's sole expense, such information as may be required in order
for such broker-dealer to comply with the requirements of the NASD Rules.

                                       9
<PAGE>

         (r) The Company shall use its reasonable efforts to take all other
steps necessary to effect the registration, offering and sale of the Registrable
Securities covered by the Shelf Registration Statement contemplated hereby.

         4. Registration Expenses. Except as otherwise provided in Section 3,
the Company shall bear all fees and expenses incurred in connection with the
performance of its obligations under Sections 2 and 3 and 6 hereof and shall
bear or reimburse the Electing Holders for the reasonable fees and disbursements
of a single counsel, if any, selected by Electing Holders who own at least a
majority in aggregate principal amount of the Registrable Securities covered by
the Shelf Registration Statement to act as counsel therefore in connection
therewith. Each Electing Holder shall pay all commissions and transfer taxes and
other fees and expenses incurred by such Holder (other than those expenses
specifically provided for above in this Section 4), if any, relating to the sale
or disposition of such Electing Holder's Registrable Securities pursuant to the
Shelf Registration Statement.

         5. Indemnification and Contribution.

         (a) Indemnification by the Company. Upon the registration of the
Registrable Securities pursuant to Section 2 hereof, the Company shall indemnify
and hold harmless each Electing Holder, and each underwriter, selling agent or
other securities professional, if any, which facilitates the disposition of
Registrable Securities, and each of their respective officers and directors and
each person who controls such Electing Holder, underwriter, selling agent or
other securities professional within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (each such person being sometimes referred
to as an "Indemnified Person") against any losses, claims, damages or
liabilities, joint or several, to which such Indemnified Person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact
contained in any Shelf Registration Statement under which such Registrable
Securities are to be registered under the Securities Act, or any Prospectus
contained therein or furnished by the Company to any Indemnified Person, or any
amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading (in the case
of the Prospectus, in light of the circumstances under which they were made),
and the Company hereby agrees to reimburse such Indemnified Person for any legal
or other expenses reasonably incurred by them in connection with investigating
or defending any such action or claim as such expenses are incurred; provided,
however, that the Company shall not be liable to any such Indemnified Person in
any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such Shelf Registration Statement or
Prospectus, or amendment or supplement, in reliance upon and in conformity with
written information furnished to the Company by such Indemnified Person
expressly for use therein; provided further that the Company shall not be liable
to any such Indemnified Person in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon such Indemnified
Person's use of such Prospectus (1) following notice of the occurrence of any
event contemplated by paragraph 3(d)(v) above and before the earlier to occur of
(a) such time as the requisite changes to the Prospectus have been made in
accordance with the provisions of paragraph 3(h) above or (b) the expiration of
the time periods set forth in paragraph 2(c), or (2) following notice of the
occurrence of any event contemplated by paragraphs 3(d)(iii) or (iv) above and
before the withdrawal of the suspension contemplated by such notice.

                                       10
<PAGE>

         (b) Indemnification by the Electing Holders and any Agents and
Underwriters. Each Electing Holder agrees, as a consequence of the inclusion of
any of such Electing Holder's Registrable Securities in such Shelf Registration
Statement, and each underwriter, selling agent or other securities professional,
if any, which facilitates the disposition of Registrable Securities shall agree,
as a consequence of facilitating such disposition of Registrable Securities,
severally and not jointly, to (i) indemnify and hold harmless the Company, its
directors, officers and each person, if any, who controls the Company within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act, against any losses, claims, damages or liabilities to which the Company or
such other persons may become subject, under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue
statement of a material fact contained in such Shelf Registration Statement or
Prospectus, or any amendment or supplement, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading (in
the case of the Prospectus, in light of the circumstances under which they were
made), in each case to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the
Company by such Electing Holder, underwriter, selling agent or other securities
professional expressly for use therein, and (ii) reimburse the Company for any
legal or other expenses reasonably incurred by the Company in connection with
investigating or defending any such action or claim as such expenses are
incurred.

         (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
party under subsection (a) or (b) above of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be
made against an indemnifying party under this Section 5, notify such
indemnifying party in writing of the commencement thereof; but the omission so
to notify the indemnifying party shall not relieve it from any liability which
it may have to any indemnified party otherwise than under this Section 5, except
to the extent that the indemnifying party has been materially prejudiced by such
failure to promptly notify. In case any such action shall be brought against any
indemnified party and it shall notify an indemnifying party of the commencement
thereof, such indemnifying party shall be entitled to participate therein and,
to the extent that it shall wish, jointly with any other indemnifying party
similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent
of the indemnified party, be counsel to the indemnifying party), and, after
notice from the indemnifying party to such indemnified party of its election so
to assume the defense thereof, such indemnifying party shall not be liable to
such indemnified party under this Section 5 for any legal expenses of other
counsel or any other expenses, in each case subsequently incurred by such
indemnified party, in connection with the defense thereof other than reasonable
costs of investigation. No indemnifying party shall, without the written consent
of the indemnified party, effect the settlement or compromise of, or consent to
the entry of any judgment with respect to, any pending or threatened action or
claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i)
includes an unconditional release of the indemnified party from all liability
arising out of such action or claim and (ii) does not include a statement as to,
or an admission of, fault, culpability or a failure to act, by or on behalf of
any indemnified party. In no event will any indemnifying party be liable for
fees and disbursements of more than one counsel, plus the fees and disbursements
of any local counsel, for all indemnified parties in connection with any one
action or separate but similar or related actions in the same jurisdiction
arising out of the same general obligations or circumstances, unless an
indemnified party

                                       11
<PAGE>

reasonably determines that representation of such indemnifying party and the
indemnified party by the same counsel would present a conflict of interest.

         (d) Contribution. If the indemnification provided for in this Section 5
is unavailable to or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above in respect of any losses, claims, damages or
liabilities (or actions in respect thereof) referred to therein, then each
indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities (or
actions in respect thereof) in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party in connection
with the statements or omissions which resulted in such losses, claims, damages
or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 5(d) were determined by
pro rata allocation (even if the Electing Holders or any underwriters, selling
agents or other securities professionals or all of them were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in this Section 5(d).
The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above
shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or defending
any such action or claim. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The obligations of the Electing Holders and any underwriters,
selling agents or other securities professionals in this Section 5(d) to
contribute shall be several in proportion to the percentage of principal amount
of Registrable Securities registered or underwritten, as the case may be, by
them and not joint.

         (e) Notwithstanding any other provision of this Section 5, in no event
will any (i) Electing Holder be required to undertake liability to any person
under this Section 5 for any amounts in excess of the dollar amount of the
proceeds to be received by such Holder from the sale of such Holder's
Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto) pursuant to any Shelf Registration Statement under which
such Registrable Securities are to be registered under the Securities Act and
(ii) underwriter, selling agent or other securities professional be required to
undertake liability to any person hereunder for any amounts in excess of the
discount, commission or other compensation payable to such underwriter, selling
agent or other securities professional with respect to the Registrable
Securities underwritten by it and distributed to the public.

         (f) The obligations of the Company under this Section 5 shall be in
addition to any liability that the Company may otherwise have to any Indemnified
Person and the obligations of any Indemnified Person under this Section 5 shall
be in addition to any liability that such Indemnified Person may otherwise have
to the Company. The remedies provided in this Section 5 are not exclusive and
shall not limit any rights or remedies that may otherwise be available to an
indemnified party at law or in equity.

                                       12
<PAGE>

         6. Underwritten Offering. Any Holder of Registrable Securities who
desires to do so may sell Registrable Securities (in whole or in part) in an
underwritten offering; provided that (i) the Electing Holders of at least
33-1/3% in aggregate principal amount of the Registrable Securities then covered
by the Shelf Registration Statement shall request such an offering and (ii) at
least such aggregate principal amount of such Registrable Securities shall be
included in such offering; and provided further that the Company shall not be
obligated to cooperate with more than one underwritten offering during the
Effectiveness Period. Upon receipt of such a request, the Company shall provide
all Holders of Registrable Securities written notice of the request, which
notice shall inform such Holders that they have the opportunity to participate
in the offering. In any such underwritten offering, the investment banker or
bankers and manager or managers that will administer the offering will be
selected by, and the underwriting arrangements with respect thereto (including
the size of the offering) will be approved by, the holders of a majority of the
Registrable Securities to be included in such offering; provided, however, that
such investment bankers and managers and underwriting arrangements must be
reasonably satisfactory to the Company. No Holder may participate in any
underwritten offering contemplated hereby unless (a) such Holder agrees to sell
such Holder's Registrable Securities to be included in the underwritten offering
in accordance with any approved underwriting arrangements, (b) such Holder
completes and executes all reasonable questionnaires, powers of attorney,
indemnities, underwriting agreements, lock-up letters and other documents
required under the terms of such approved underwriting arrangements, and (c) if
such Holder is not then an Electing Holder, such Holder returns a completed and
signed Notice and Questionnaire to the Company in accordance with Section
3(a)(ii) hereof within a reasonable amount of time before such underwritten
offering. The Holders participating in any underwritten offering shall be
responsible for any underwriting discounts and commissions and fees and, subject
to Section 4 hereof, expenses of their own counsel. The Company shall pay all
expenses customarily borne by issuers in an underwritten offering, including but
not limited to filing fees, the fees and disbursements of its counsel and
independent public accountants, and any printing expenses incurred in connection
with such underwritten offering. Notwithstanding the foregoing or the provisions
of Section 3(n) hereof, upon receipt of a request from the Managing Underwriter
or a representative of holders of a majority of the Registrable Securities to be
included in an underwritten offering to prepare and file an amendment or
supplement to the Shelf Registration Statement and Prospectus in connection with
an underwritten offering, the Company may delay the filing of any such amendment
or supplement for up to 90 days if the Board of Directors of the Company shall
have determined in good faith that the Company has a bona fide business reason
for such delay.

         7. Liquidated Damages.

         (a) Notwithstanding any postponement of effectiveness permitted by
Section 2(a) hereof, if (i) on or prior to the 90th day following the Closing
Date, a Shelf Registration Statement has not been filed with the Commission or
(ii) on or prior to the 180th day following the Closing Date, such Shelf
Registration Statement is not declared effective by the Commission (each, a
"Registration Default"), the Company shall be required to pay liquidated damages
("Liquidated Damages"), from and including the day following such Registration
Default until such Shelf Registration Statement is either so filed or so filed
and subsequently declared effective, as applicable. Such Liquidated Damages
shall be paid semi-annually in arrears, with the first semi-annual payment due
on the first July 1 or January 1 following the date of such Registration
Default, at a rate per annum equal to one-quarter of one percent (0.25%) of the
principal amount of Registrable Securities, to and including the 90th day
following such Registration Default and one-half of one percent (0.5%) thereof
from and after the 91st day following such Registration Default. In no event
shall the Company be required to pay

                                       13
<PAGE>

Liquidated Damages under this Section 7(a) at a rate per annum in excess of
one-half of one percent (0.5%) of the principal amount of Registrable
Securities.

         (b) In the event that the Shelf Registration Statement ceases to be
effective (or the Holders of Registrable Securities are otherwise prevented or
restricted by the Company from effecting sales pursuant thereto) (an "Effective
Failure") for more than 30 days, whether or not consecutive, in any 90-day
period, or more than 90 days, whether or not consecutive, during any 365-day
period, then the Company shall pay Liquidated Damages at a rate per annum equal
to one-half of one percent (0.5%) of the principal amount of Registrable
Securities from the first day that the 30-day or 90-day period is exceeded,
whichever occurs first, until the earlier of (i) the time the Holders of
Registrable Securities are again able to make sales under the Shelf Registration
Statement or (2) the time the Effectiveness Period expires. For the purpose of
determining an Effective Failure, days on which the Company has been obligated
to pay Liquidated Damages in accordance with the foregoing in respect of a prior
Effective Failure within the applicable 90-day or 12-month period, as the case
may be, shall not be included. In no event shall the Company be required to pay
Liquidated Damages under this Section 7(b) at a rate per annum in excess of
one-half of one percent (0.5%) of the principal amount of Registrable
Securities.

         (c) Any amounts to be paid as Liquidated Damages pursuant to paragraphs
(a) or (b) of this Section 7 shall be paid in cash semi-annually in arrears,
with the first semi-annual payment due on the first July 1 or January, as
applicable, following the date of such Registration Default or Effective
Failure, as applicable. Such Liquidated Damages will accrue (1) in respect of
the Securities at the rates set forth in paragraphs (a) or (b) of this Section
7, as applicable, on the principal amount of the Securities and (2) in respect
of the Common Stock issued upon conversion of the Securities, at the rates set
forth in paragraphs (a) or (b) of this Section 7, as applicable, applied to the
Conversion Price (as defined in the Indenture) at that time.

         (d) Except as provided in Section 8(b) hereof, the Liquidated Damages
as set forth in this Section 7 shall be the exclusive monetary remedy available
to the Electing Holders of Registrable Securities for such Registration Default
or Effective Failure.

         8. Miscellaneous.

         (a) Other Registration Rights. The Company may not grant registration
rights that would in any way prevent, delay or otherwise impair the ability of
the Company to satisfying in full its obligations to provide the registration
rights granted hereunder.

         (b) Specific Performance. The parties hereto acknowledge that there
would be no adequate remedy at law if the Company fails to perform any of its
obligations hereunder and that the Purchasers and the Holders from time to time
may be irreparably harmed by any such failure, and accordingly agree that the
Purchasers and such Holders, in addition to any other remedy to which they may
be entitled at law or in equity and without limiting the remedies available to
the Electing Holders under Section 7 hereof, shall be entitled to compel
specific performance of the obligations of the Company under this Registration
Rights Agreement in accordance with the terms and conditions of this
Registration Rights Agreement, in any court of the United States or any State
thereof having jurisdiction.

         (c) Entire Agreement; Amendments and Waivers. This Agreement and the
other writings referred to herein (including the Indenture and the form of
Securities) or delivered pursuant hereto which form a part hereof contain the
entire understanding of the parties with respect to its subject matter. This
Agreement, including this Section 8(c), may be amended,

                                       14
<PAGE>

and waivers or consents to departures from the provisions hereof may be given,
only by a written instrument duly executed by the Company and the holders of a
majority in aggregate principal amount of Registrable Securities then
outstanding. Each Holder of Registrable Securities outstanding at the time of
any such amendment, waiver or consent or thereafter shall be bound by any
amendment, waiver or consent effected pursuant to this Section 8(c), whether or
not any notice, writing or marking indicating such amendment, waiver or consent
appears on the Registrable Securities or is delivered to such Holder.

         (d) Notices. All notices and other communications provided for or
permitted hereunder shall be given as provided in the Indenture.

         (e) Parties in Interest. The parties to this Agreement intend that all
Holders of Registrable Securities shall be entitled to receive the benefits of
this Agreement and that any Electing Holder shall be bound by the terms and
provisions of this Agreement by reason of such election with respect to the
Registrable Securities which are included in a Shelf Registration Statement. All
the terms and provisions of this Agreement shall be binding upon, shall inure to
the benefit of and shall be enforceable by the respective successors and assigns
of the parties hereto and any Holder from time to time of the Registrable
Securities to the aforesaid extent. In the event that any transferee of any
Holder of Registrable Securities shall acquire Registrable Securities, in any
manner, whether by gift, bequest, purchase, operation of law or otherwise, such
transferee shall, without any further writing or action of any kind, be entitled
to receive the benefits of and, if an Electing Holder, be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of
this Agreement to the aforesaid extent.

         (f) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

         (g) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         (H) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         (i) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties
hereto shall be enforceable to the fullest extent permitted by law.

         (j) Survival. The respective indemnities, agreements, representations,
warranties and other provisions set forth in this Agreement or made pursuant
hereto shall remain in full force and effect, regardless of any investigation
(or any statement as to the results thereof) made by or on behalf of any
Electing Holder, any director, officer or partner of such Holder, any agent or
underwriter, any director, officer or partner of such agent or underwriter, or
any controlling person of any of the foregoing, and shall survive the transfer
and registration of the Registrable Securities of such Holder.

                                       15
<PAGE>

         Please confirm that the foregoing correctly sets forth the agreement
between the Company and you.

                                Very truly yours,

                                RealNetworks, Inc.

                                By: /s/ Robert Kimball
                                    --------------------------------------------
                                       Name: Robert Kimball
                                       Title: Vice President and General Counsel

Accepted as of the date hereof:

Goldman, Sachs & Co.

By: /s/ Goldman, Sachs & Co.
    ---------------------------------------------
           (Goldman, Sachs & Co.)
      On behalf of each of the Purchasers

                                       16
<PAGE>

                                                                      APPENDIX A
                               REALNETWORKS, INC.

                        NOTICE OF REGISTRATION STATEMENT
                                       AND
                      SELLING SECURITYHOLDER QUESTIONNAIRE

                                     (DATE)

RealNetworks, Inc. (the "Company") has filed or intends shortly to file with the
U.S. Securities and Exchange Commission (the "Commission") a registration
statement on Form S-3 (the "Shelf Registration Statement") for the registration
and resale under Rule 415 of the U.S. Securities Act of 1933, as amended (the
"Securities Act"), of the Company's Zero Coupon Convertible Subordinated Notes
due July 1, 2010 (CUSIP No. 75605LAA2) (the "Notes"), and the shares of common
stock, par value $.001 per share (the "Common Stock") issuable upon conversion
thereof, in accordance with the terms of the Registration Rights Agreement,
dated as of June 17, 2003 (the "Registration Rights Agreement"), between the
Company and the purchasers named therein. A copy of the Registration Rights
Agreement is attached hereto. All capitalized terms not otherwise defined herein
shall have the meanings ascribed thereto in the Registration Rights Agreement.

         In order to have Registrable Securities included in the Shelf
Registration Statement (or a supplement or amendment thereto), this Notice of
Registration Statement and Selling Securityholder Questionnaire ("Notice and
Questionnaire") must be completed, executed and delivered to the Company at the
address set forth herein for receipt ON OR BEFORE [insert date that is 28 days
from the Notice Date] (the "Questionnaire Deadline"). Unless the Company
otherwise consents in writing, beneficial owners of the Registrable Securities
who do not complete, execute and return this Notice and Questionnaire by such
date (i) will not be named as selling securityholders in the Shelf Registration
Statement and (ii) may not use the Prospectus forming a part thereof for resales
of Registrable Securities. Beneficial owners of Registrable Securities not
having returned a Notice and Questionnaire by the Questionnaire Deadline may,
however, receive another Notice and Questionnaire from the Company upon request.
Following its receipt of a completed and signed Notice and Questionnaire, the
Company will include the Registrable Securities covered thereby in the Shelf
Registration Statement, subject to certain restrictions described in the
Registration Rights Agreement.

         Certain legal consequences arise from being named as a selling
securityholder in the Shelf Registration Statement and related Prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised
to consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the Shelf Registration
Statement and related Prospectus.

         The term "Registrable Securities" is defined in the Registration Rights
Agreement to mean all or any portion of the Notes issued under the Trust
Indenture in registered form and the shares of Common Stock issuable upon
conversion of such Notes, provided, however, that a security ceases to be a
Registrable Security when it is no longer a Restricted Security.

                                       17
<PAGE>

         The term "Restricted Security" is defined in the Registration Rights
Agreement to mean any Note or share of Common Stock issuable upon conversion
thereof except any such Note or share of Common Stock which (i) has been
registered pursuant to an effective registration statement under the Securities
Act and sold in a manner contemplated by the Shelf Registration Statement, (ii)
has been transferred in compliance with Rule 144 under the Securities Act (or
any successor provision thereto) or is transferable pursuant to paragraph (i) of
Such Rule 144 (or any successor provision thereto), or (iii) has otherwise been
transferred and a new Note or share of Common Stock not subject to transfer
restrictions under the Securities Act has been delivered by or on behalf of the
Company in accordance with Section 3.5 of the Indenture.

                                       18
<PAGE>

                                    ELECTION

         The undersigned holder (the "Selling Securityholder") of Registrable
Securities hereby elects to include in the Shelf Registration Statement the
Registrable Securities beneficially owned by it and listed below in Item (3).
The undersigned, by signing and returning this Notice and Questionnaire, agrees
to be bound with respect to such Registrable Securities by the terms and
conditions of this Notice and Questionnaire and the Registration Rights
Agreement, including, without limitation, Section 5 of the Registration Rights
Agreement, as if the undersigned Selling Securityholder were an original party
thereto.

         Upon any sale of Registrable Securities pursuant to the Shelf
Registration Statement, the Selling Securityholder will be required to deliver
to the Company and the Trustee the Notice of Transfer (completed and signed) set
forth in Exhibit 1 to this Notice and Questionnaire.

         The Selling Securityholder hereby provides the following information to
the Company and represents and warrants that such information is accurate and
complete:

                                       19
<PAGE>

                                  QUESTIONNAIRE
(1)      (a)      Full Legal Name of Selling Securityholder:

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

         (b)      Full Legal Name of Registered Holder (if not the same as in
                  (a) above) of Registrable Securities Listed in Item (3) Below:

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

         (c)      Full Legal Name of DTC Participant (if applicable and if not
                  the same as (b) above) Through Which Registrable Securities
                  Listed in Item (3) Below are Held:

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

(2)      Address for Notices to Selling Securityholder:

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

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

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

                  Telephone:
                             ---------------------------------------------------

                  Fax:
                       ---------------------------------------------------------

                  Contact Person:
                                  ----------------------------------------------

(3)      Beneficial Ownership of Securities:

         Except as set forth below in this Item (3), the undersigned Selling
         Securityholder does not beneficially own any Securities or shares of
         Common Stock issued upon conversion or repurchase of any Securities.

         (a)      Principal amount of Registrable Securities (as defined in the
                  Registration Rights Agreement) beneficially owned:
                                                                    ------------

                  CUSIP No(s). of such Registrable Securities:
                                                               -----------------

                  Number of shares of Common Stock (if any) issued upon
                  conversion or repurchase of Registrable Securities:
                                                                     -----------

         (b)      Principal amount of Securities other than Registrable
                  Securities beneficially owned:
                                                --------------------------------

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

                  CUSIP No(s). of such other Securities:
                                                         -----------------------

                  Number of shares of Common Stock (if any) issued upon
                  conversion of such other Securities:
                                                       -------------------------

                                       20
<PAGE>

         (c)      Principal amount of Registrable Securities which the
                  undersigned wishes to be included in the Shelf Registration
                  Statement:
                            ----------------------------------------------------

                  CUSIP No(s). of such Registrable Securities to be included in
                  the Shelf Registration Statement:
                                                    ----------------------------

                  Number of shares of Common Stock (if any) issued upon
                  conversion of Registrable Securities which are to be included
                  in the Shelf Registration Statement:
                                                       -------------------------

(4)      Beneficial Ownership of Other Securities of the Company:

         Except as set forth below in this Item (4), the undersigned Selling
         Securityholder is not the beneficial or registered owner of any shares
         of Common Stock or any other securities of the Company, other than the
         Securities and shares of Common Stock listed above in Item (3).

         State any exception here:

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

(5)      Relationships with the Company:

         Except as set forth below, neither the Selling Securityholder nor any
         of its affiliates, officers, director or principal equity holders (5%
         or more) has held any position or office or has had any other material
         relationship with the Company (or its predecessors or affiliates)
         during the past three years.

         State any exceptions here:

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

(6)      Plan of Distribution:

         Except as set forth below, the undersigned Selling Securityholder
         intends to distribute the Registrable Securities listed above in Item
         (3) only as follows (if at all): Such Registrable Securities may be
         sold from time to time directly by the undersigned Selling
         Securityholder or, alternatively, through underwriters, broker-dealers
         or agents. Such Registrable Securities may be sold in one or more
         transactions at fixed prices, at prevailing market prices at the time
         of sale, at varying prices determined at the time of sale, or at
         negotiated prices. Such sales may be effected in transactions (which
         may involve crosses or block transactions) (i) on any national
         securities exchanges or quotation service on which the Registrable
         Securities may be listed or quoted at the time of sale, (ii) in the
         over-the-counter market, (iii) in transactions otherwise than on such
         exchanges or services or in the over-the-counter market, or (iv)
         through the writing of options. In connection with sales of the
         Registrable Securities or otherwise, the Selling Securityholder may
         enter into hedging transactions with broker-dealers, which may in turn
         engage in short sales of the Registrable Securities in the course of
         hedging the positions they assume. The Selling Securityholders may also
         sell Registrable Securities short and deliver Registrable Securities to
         close out such short positions, or loan or pledge Registrable
         Securities to broker-dealers that in turn may sell such securities.

         State any exceptions here:

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

                                       21
<PAGE>

                  Note: In no event may such method(s) of distribution take the
                  form of an underwritten offering of the Registrable Securities
                  without the prior agreement of the Company.

         By signing below, the Selling Securityholder acknowledges that it
understands its obligation to comply, and agrees that it will comply, with the
prospectus delivery and other provisions of the Securities Act and the Exchange
Act and the rules and regulations thereunder, particularly Regulation M.

         In the event that the Selling Securityholder transfers all or any
portion of the Registrable Securities listed in Item (3) above after the date on
which such information is provided to the Company, the Selling Securityholder
agrees to notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Registration Rights
Agreement.

         By signing below, the Selling Securityholder consents to the disclosure
of the information contained herein in its answers to Items (1) through (6)
above and the inclusion of such information in the Shelf Registration Statement
and related Prospectus. The Selling Securityholder understands that such
information will be relied upon by the Company in connection with the
preparation of the Shelf Registration Statement and related Prospectus.

         In accordance with the Selling Securityholder's obligation under
Section 3(a) of the Registration Rights Agreement to provide such information as
may be required by law for inclusion in the Shelf Registration Statement, the
Selling Securityholder agrees to promptly notify the Company of any inaccuracies
or changes in the information provided herein which may occur subsequent to the
date hereof at any time while the Shelf Registration Statement remains in
effect. All notices hereunder and pursuant to the Registration Rights Agreement
shall be made in writing by hand delivery, first-class mail, or air courier
guaranteeing overnight delivery as follows:

         (i)      To the Company:

         RealNetworks, Inc.
         2601 Elliott Avenue
         Suite 1000
         Seattle, Washington  98121
         Attention: General Counsel

         (ii)     With a copy to:

         Wilson Sonsini Goodrich & Rosati, P.C.
         5300 Carillon Point
         Kirkland, Washington  98033
         Attention:  Patrick J. Schultheis

         Once this Notice and Questionnaire is executed by the Selling
Securityholder and received by the Company, the terms of this Notice and
Questionnaire, and the representations and warranties contained herein, shall be
binding on, shall inure to the benefit of and shall be enforceable by the
respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Securityholder with respect to the Registrable
Securities beneficially owned by such Selling Securityholder and listed in Item
(3) above. This Agreement shall be governed in all respects by the laws of the
State of New York.

                                       22
<PAGE>

         IN WITNESS WHEREOF, the undersigned, by authority duly given, has
caused this Notice and Questionnaire to be executed and delivered either in
person or by its duly authorized agent.

Dated:
        ----------------------------

        Selling Securityholder

        (Print/type full legal name of beneficial owner of Registrable
        Securities)

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

         PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR
RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE], 2003 TO THE COMPANY AT:

         RealNetworks, Inc.
         2601 Elliott Avenue
         Suite 1000
         Seattle, Washington  98121
         Attention: General Counsel

                                       23
<PAGE>

                                                                       EXHIBIT 1
                                                                   TO APPENDIX A

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

U.S. Bank National Association
550 S. Hope Street, Suite 500
Los Angeles, California 90071
Attention: Corporate Trust Services

RealNetworks, Inc.
2601 Elliott Avenue
Suite 1000
Seattle, Washington  98121
Attention: General Counsel

         RE:      ZERO COUPON CONVERTIBLE SUBORDINATED NOTES DUE JULY 1, 2010
                  (THE "NOTES")

Dear Sirs:

         Please be advised that _____________________ has transferred $ ________
aggregate principal amount of the above-referenced Notes or shares of the
Company's common stock, issued upon conversion, repurchase or redemption of
Notes, pursuant to an effective Registration Statement on Form S-3 (File No.
333-_________) filed by the Company.

         We hereby certify that the prospectus delivery requirements, if any, of
the Securities Act of 1933, as amended, have been satisfied with respect to the
transfer described above and that the above-named beneficial owner of the Notes
or common stock is named as a selling securityholder in the Prospectus dated
[DATE], or in amendments or supplements thereto, and that the aggregate
principal amount of the Notes or number of shares of common stock transferred
are [A PORTION OF] the Notes or shares of common stock listed in such Prospectus
as amended or supplemented opposite such owner's name.

Dated:                                         Very truly yours,
       --------------------

                                               ---------------------------------
                                                    (Name)

                                               By:
                                                   -----------------------------
                                                    (Authorized Signature)

                                       24

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