Document:

Exhibit 4.1

                                                                  EXECUTION COPY

             STRUCTURED ASSET SECURITIES CORPORATION, as Depositor,

                 AURORA LOAN SERVICES INC., as Master Servicer,

                                       and

                           CITIBANK, N.A., as Trustee

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

                                 TRUST AGREEMENT

                          Dated as of February 1, 2003

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

                     STRUCTURED ASSET SECURITIES CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 2003-7H

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                                TABLE OF CONTENTS
                                                                            Page

Article I DEFINITIONS.........................................................10

Section 1.01. Definitions.....................................................10
Section 1.02. Calculations Respecting Mortgage Loans..........................45

Article II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES.....................46

Section 2.01. Creation and Declaration of Trust Fund; Conveyance of
                Mortgage Loans................................................46
Section 2.02. Acceptance of Trust Fund by Trustee: Review of
                Documentation for Trust Fund..................................49
Section 2.03. Representations and Warranties of the Depositor.................51
Section 2.04. Discovery of Breach.............................................52
Section 2.05. Repurchase, Purchase or Substitution of Mortgage Loans..........53
Section 2.06. Grant Clause....................................................54

Article III THE CERTIFICATES..................................................55

Section 3.01. The Certificates................................................55
Section 3.02. Registration....................................................56
Section 3.03. Transfer and Exchange of Certificates...........................56
Section 3.04. Cancellation of Certificates....................................62
Section 3.05. Replacement of Certificates.....................................62
Section 3.06. Persons Deemed Owners...........................................63
Section 3.07. Temporary Certificates..........................................63
Section 3.08. Appointment of Paying Agent.....................................63
Section 3.09. Book-Entry Certificates.........................................63

Article IV ADMINISTRATION OF THE TRUST FUND...................................65

Section 4.01. Collection Account..............................................65
Section 4.02. Application of Funds in the Collection Account..................67
Section 4.03. Reports to Certificateholders...................................69
Section 4.04. Certificate Account.............................................71
Section 4.05. [Reserved]......................................................72
Section 4.06. [Reserved]......................................................72

Article V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES............................72

Section 5.01. Distributions Generally.........................................72
Section 5.02. Distributions from the Certificate Account......................73
Section 5.03. Allocation of Realized Losses...................................79
Section 5.04. Advances by the Master Servicer and the Trustee.................82

Article VI CONCERNING THE TRUSTEE; EVENTS OF DEFAULT..........................83

Section 6.01. Duties of Trustee...............................................83
Section 6.02. Certain Matters Affecting the Trustee. Except as
                otherwise provided in Section 6.01:...........................85

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Section 6.03. Trustee Not Liable for Certificates.............................87
Section 6.04. Trustee May Own Certificates....................................87
Section 6.05. Eligibility Requirements for Trustee............................87
Section 6.06. Resignation and Removal of Trustee..............................88
Section 6.07. Successor Trustee...............................................88
Section 6.08. Merger or Consolidation of Trustee or Trustee...................89
Section 6.09. Appointment of Co-Trustee, Separate Trustee or Custodian........89
Section 6.10. Authenticating Agents...........................................91
Section 6.11. Indemnification of Trustee......................................91
Section 6.12. Fees and Expenses of Trustee and Custodian......................92
Section 6.13. Collection of Monies............................................92
Section 6.14. Events of Default; Trustee To Act; Appointment of Successor.....92
Section 6.15. Additional Remedies of Trustee Upon Event of Default............96
Section 6.16. Waiver of Defaults..............................................97
Section 6.17. Notification to Holders.........................................97
Section 6.18. Directions by Certificateholders and Duties of Trustee
                During Event of Default.......................................97
Section 6.19. Action Upon Certain Failures of the Master Servicer
                and Upon Event of Default.....................................97
Section 6.20. Preparation of Tax Returns and Other Reports....................98

Article VII PURCHASE AND TERMINATION OF THE TRUST FUND........................99

Section 7.01. Termination of Trust Fund Upon Repurchase or
                Liquidation of All Mortgage Loans.............................99
Section 7.02. Procedure Upon Termination of Trust Fund.......................100
Section 7.03. Additional Requirements under the REMIC Provisions.............101

Article VIII RIGHTS OF CERTIFICATEHOLDERS....................................101

Section 8.01. Limitation on Rights of Holders................................101
Section 8.02. Access to List of Holders......................................102
Section 8.03. Acts of Holders of Certificates................................103

Article IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
           BY THE MASTER SERVICER............................................104

Section 9.01. Duties of the Master Servicer..................................104
Section 9.02. Master Servicer Fidelity Bond and Master Servicer Errors
                and Omissions Insurance Policy...............................104
Section 9.03. Master Servicer's Financial Statements and Related
                Information..................................................105
Section 9.04. Power to Act; Procedures.......................................105
Section 9.05. Servicing Agreements Between the Master Servicer and
                Servicers; Enforcement of Servicers' Obligations.............107
Section 9.06. Collection of Taxes, Assessments and Similar Items.............107
Section 9.07. Termination of Servicing Agreements; Successor Servicers.......108
Section 9.08. Master Servicer Liable for Enforcement.........................108
Section 9.09. No Contractual Relationship Between Servicers and Trustee
                or Depositor.................................................109
Section 9.10. Assumption of Servicing Agreement by the Trustee...............109

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Section 9.11. "Due-on-Sale" Clauses; Assumption Agreements...................110
Section 9.12. Release of Mortgage Files......................................110
Section 9.13. Documents, Records and Funds in Possession of Master
                Servicer To Be Held for Trustee..............................111
Section 9.14. Representations and Warranties of the Master Servicer..........112
Section 9.15. Closing Certificate and Opinion................................114
Section 9.16. Standard Hazard and Flood Insurance Policies...................115
Section 9.17. Presentment of Claims and Collection of Proceeds...............115
Section 9.18. Maintenance of the Primary Mortgage Insurance Policies.........115
Section 9.19. Trustee To Retain Possession of Certain Insurance
                Policies and Documents.......................................116
Section 9.20. Realization Upon Defaulted Mortgage Loans......................116
Section 9.21. Compensation to the Master Servicer............................117
Section 9.22. REO Property...................................................117
Section 9.23. [Reserved].....................................................118
Section 9.24. Reports to the Trustee.........................................118
Section 9.25. Annual Officer's Certificate as to Compliance..................119
Section 9.26. Annual Independent Accountants' Servicing Report...............119
Section 9.27. Merger or Consolidation........................................120
Section 9.28. Resignation of Master Servicer.................................120
Section 9.29. Assignment or Delegation of Duties by the Master Servicer......121
Section 9.30. Limitation on Liability of the Master Servicer and Others......121
Section 9.31. Indemnification; Third-Party Claims............................122

Article X REMIC ADMINISTRATION...............................................122

Section 10.01. REMIC Administration..........................................122
Section 10.02. Prohibited Transactions and Activities........................124
Section 10.03. Indemnification with Respect to Certain Taxes and
                 Loss of REMIC Status........................................125
Section 10.04. REO Property..................................................125

Article XI MISCELLANEOUS PROVISIONS..........................................126

Section 11.01. Binding Nature of Agreement; Assignment.......................126
Section 11.02. Entire Agreement..............................................126
Section 11.03. Amendment.....................................................126
Section 11.04. Voting Rights.................................................128
Section 11.05. Provision of Information......................................128
Section 11.06. Governing Law.................................................128
Section 11.07. Notices.......................................................128
Section 11.08. Severability of Provisions....................................129
Section 11.09. Indulgences; No Waivers.......................................129
Section 11.10. Headings Not To Affect Interpretation.........................129
Section 11.11. Benefits of Agreement.........................................129
Section 11.12. Special Notices to the Rating Agencies........................129
Section 11.13. Counterparts..................................................130
Section 11.14. Transfer of Servicing.........................................130

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                                   ATTACHMENTS

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

Schedule A        Mortgage Loan Schedule

                                       iv
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      This TRUST AGREEMENT, dated as of February 1, 2003 (the "Agreement"), is
by and among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as
depositor (the "Depositor"), AURORA LOAN SERVICES INC., as master servicer (the
"Master Servicer") and CITIBANK, N.A., a national banking association, as
trustee (the "Trustee").

                              PRELIMINARY STATEMENT

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

      As provided herein, the Trustee shall elect that the Trust Fund be treated
for federal income tax purposes as comprising six real estate mortgage
investment conduits (each a "REMIC" or, in the alternative, REMIC I, REMIC II,
REMIC III, REMIC IV, REMIC V and the Upper Tier REMIC, respectively). Each
Certificate, other than the Class R Certificates and the Component Certificates,
and each Component is hereby designated as a regular interest in the Upper Tier
REMIC for purposes of the REMIC Provisions. The Class R Certificate represents
ownership of the sole class of residual interest in each of REMIC I, REMIC II,
REMIC III, REMIC IV, REMIC V and the Upper Tier REMIC for purposes of the REMIC
Provisions. The Upper Tier REMIC shall hold as assets the several classes of
uncertificated REMIC V Regular Interests, the Class III-A-IO-F(I) Interest and
the Class III-A-IO-F(II) Interest. Each REMIC V Regular Interest is hereby
designated as a regular interest in REMIC V. REMIC V shall hold as assets the
several classes of uncertificated REMIC IV Regular Interests. Each REMIC IV
Regular Interest is hereby designated as a regular interest in REMIC IV. REMIC
IV shall hold as assets the several classes of uncertificated REMIC III Regular
Interests other than the Class III-A-IO-F(I) Interest and the Class
III-A-IO-F(II) Interest. Each REMIC III Regular Interest is hereby designated as
a regular interest in REMIC III. REMIC III shall hold as assets the several
classes of uncertificated REMIC II Regular Interests. Each REMIC II Regular
Interest is hereby designated as a regular interest in REMIC II. REMIC II shall
hold as assets the several classes of uncertificated REMIC I Regular Interests.
Each REMIC I Regular Interest is hereby designated as a regular interest in
REMIC I. REMIC I shall hold as assets all property of the Trust Fund other than
the REMIC I Interests, the REMIC II Interests, the REMIC III Interests, the
REMIC IV Interests and the REMIC V Interests.

                                       1
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         REMIC I

      The following table specifies the class designation, interest rate,
principal amount and related Mortgage Pool or Pools for each class of REMIC I
Interest.

                           Initial           Pass-Through       Related Mortgage
REMIC I Interest           Balance               Rate             Pool or Pools
----------------           -------               ----             -------------
I-NonDisc-I           $65,675,029.50000           (1)                 Pool 1
I-AdjDisc-I          $48,773,330.398147          6.00%                Pool 1
I-A-PO-F(I)          $1,085,322.43185297         0.00%                Pool 1
I-NonDisc-II         $153,537,327.14000           (2)                 Pool 2
I-AdjDisc-II         $37,530,643.4017912         6.50%                Pool 2
I-A-PO-F(II)         $31,499.7982088443          0.00%                Pool 2
I-III                  $28,170,584.39             (3)                 Pool 3
I-R                          (4)                  (4)                 N/A
-------------
1.    For any Distribution Date, the interest rate for the Class I-NonDisc-I
      Interest shall be a per annum rate equal to the weighted average of the
      rates on the Non-Discount Mortgage Loans in Pool 1 as of the beginning of
      the related Due Period, weighted on the basis of their Scheduled Principal
      Balances.

2.    For any Distribution Date, the interest rate for the Class I-NonDisc-II
      Interest shall be a per annum rate equal to the weighted average of the
      rates on the Non-Discount Mortgage Loans in Pool 2 as of the beginning of
      the related Due Period, weighted on the basis of their Scheduled Principal
      Balances.

3.    For any Distribution Date, the interest rate for the Class I-III Interest
      shall be per annum rate equal to the Net WAC for Pool 3 for such
      Distribution Date.

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

The PO Percentage of principal, prepayments and losses with respect to Discount
Mortgage Loans in Pool 1 shall be payable or allocable to the Class I-A-PO-F(I)
Interest. The Non-PO Percentage of principal, prepayments and losses, as well as
interest and shortfalls with respect to Discount Mortgage Loans in Pool 1 shall
be payable or allocable to the Class I-AdjDisc-I Interest. Principal,
prepayments, interest, losses and shortfalls with respect to Non-Discount
Mortgage Loans in Pool 1 shall be payable or allocable to the Class I-NonDisc-I
Interest. The PO Percentage of principal, prepayments and losses with respect to
Discount Mortgage Loans in Pool 2 shall be payable or allocable to the Class
I-A-PO-F(II) Interest. The Non-PO Percentage of principal, prepayments and
losses, as well as interest and shortfalls with respect to Discount Mortgage
Loans in Pool 2 shall be payable or allocable to the Class I-AdjDisc-II
Interest. Principal, prepayments, interest, losses and shortfalls with respect
to Non-Discount Mortgage Loans in Pool 2 shall be payable or allocable to the
Class I-NonDisc-II Interest. Principal,

                                       2
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prepayments, interest, losses and shortfalls with respect to Pool 3 shall be
payable or allocable to the Class I-III Interest.

      REMIC II

      The following table specifies the class designation, interest rate,
principal amount and related Mortgage Pool or Pools for each class of REMIC II
Interest.

                           Initial           Pass-Through       Related Mortgage
REMIC II Interest          Balance               Rate             Pool or Pools
----------------           -------               ----             -------------
II-AdjWAC-I            $114,448,359.90            (1)                Pool 1
II-A-PO-F(I)         $1,085,322.43185297         0.00%               Pool 1
II-AdjWAC-II           $191,067,970.54            (2)                Pool 2
II-A-PO-F(II)        $31,499.7982088443          0.00%               Pool 2
II-III                 $28,170,584.39             (3)                Pool 3
II-R                         (4)                  (4)                N/A
-----------------
1.    For any Distribution Date, the interest rate for the Class II-AdjWAC-I
      Interest shall be a per annum rate equal to the weighted average of the
      rates on the Class I-AdjDisc-I Interest and the Class I-NonDisc-I Interest
      for such Distribution Date.

2.    For any Distribution Date, the interest rate for the Class II-AdjWAC-II
      Interest shall be a per annum rate equal to the weighted average of the
      rates on the Class I-AdjDisc-II Interest and the Class I-NonDisc-II
      Interest for such Distribution Date.

3.    For any Distribution Date, the interest rate for the Class II-III Interest
      shall be per annum rate equal to the Net WAC for Pool 3 for such
      Distribution Date.

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

Principal, prepayments, interest, losses and shortfalls payable or allocable to
the Class I-NonDisc-I Interest or the Class I-AdjDisc-I Interest shall be
payable or allocable to the Class II-AdjWAC-I Interest. Principal, prepayments
and losses payable or allocable to the Class I-A-PO-F(I) Interest shall be
payable or allocable to the Class II-A-PO-F(I) Interest. Principal, prepayments,
interest, losses and shortfalls payable or allocable to the Class I-NonDisc-II
Interest or the Class I-AdjDisc-II Interest shall be payable or allocable to the
Class II-AdjWAC-II Interest Principal, prepayments and losses payable or
allocable to the Class I-A-PO-F(II) Interest shall be payable or allocable to
the Class II-A-PO-F(II) Interest. Principal, prepayments, interest, losses and
shortfalls payable or allocable to the Class I-III Interest shall be payable or
allocable to the Class II-III Interest.

                                       3
<PAGE>

      REMIC III

      The following table specifies the class designation, interest rate,
principal amount and related Mortgage Pool or Pools for each class of REMIC III
Interest.

                           Initial           Pass-Through       Related Mortgage
REMIC III Interest         Balance               Rate             Pool or Pools
----------------           -------               ----             -------------
III-I                   $114,448,359.90         6.00%                 Pool 1
III-A-PO-F(I)         $1,085,322.43185297       0.00%                 Pool 1
III-A-IO-F(I)                 (1)                (2)                  Pool 1
III-II                  $191,067,970.54         6.50%                 Pool 2
III-A-PO-F(II)        $31,499.7982088443        0.00%                 Pool 2
III-A-IO-F(II)                (1)                (3)                  Pool 2
III-III                 $28,170,584.39           (4)                  Pool 3
III-R                         (5)                (5)                  N/A
--------------
1.    The Class III-A-IO-F(I) Interest and Class III-A-IO-F(II) Interest are
      interest only classes and have no principal balance.

2.    For any Distribution Date, the Class III-A-IO-F(I) Interest shall be
      entitled to interest in an amount equal to the interest accrued on the
      Class II-AdjWAC-I Interest in excess of 6.00%.

3.    For any Distribution Date, the Class III-A-IO-F(II) Interest shall be
      entitled to interest in an amount equal to the interest accrued on the
      Class II-AdjWAC-II Interest in excess of 6.50%.

4.    For any Distribution Date, the interest rate for the Class III-III
      Interest shall be per annum rate equal to the Net WAC for Pool 3 for such
      Distribution Date.

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

Principal, prepayments and losses payable or allocable to the Class II-A-PO-F(I)
Interest shall be payable or allocable to the Class III-A-PO-F(I) Interest.
Interest, losses and shortfalls with respect to Pool 1 shall be payable or
allocable to the Class III-A-IO-F(I) Interest in the same amounts that such
items are payable or allocable to Component A-IO-F(I). All items of principal,
prepayments, losses, interest and shortfalls payable or allocable to the Class
II-AdjWAC-I Interest in excess of those payable or allocable pursuant to the
immediately preceding sentence shall be payable or allocable to the Class III-I
Interest. Principal, prepayments and losses payable or allocable to the Class
II-A-PO-F(II) Interest shall be payable or allocable to the Class III-A-PO-F(II)
Interest. Interest, losses and shortfalls with respect to Pool 2 shall be
payable or allocable to the Class III-A-IO-F(II) Interest in the same amounts
that such items are payable or allocable to Component A-IO-F(II). All items of
principal, prepayments, losses, interest and shortfalls payable or allocable to
the Class II-AdjWAC-II Interest in excess of those payable or allocable pursuant
to the immediately preceding sentence shall be payable or allocable to the Class
III-II Interest. Principal, prepayments, interest, losses

                                       4
<PAGE>

and shortfalls payable or allocable to the Class II-III Interest shall be
payable or allocable to the Class III-III Interest.

      REMIC IV

      The following table specifies the class designation, interest rate,
principal amount and related Mortgage Pool or Pools for each class of REMIC IV
Interest.

                           Initial           Pass-Through   Related Mortgage
REMIC IV Interest          Balance               Rate         Pool or Pools
----------------           -------               ----         -------------
IV-IA                $28,882.598981470           (1)              Pool 1
IV-IB               $1,144,483.59898147         6.00%             Pool 1
IV-A-PO-F(I)        $1,085,322.43185297         0.00%             Pool 1
IV-IIA               $47,779.70541791            (1)              Pool 2
IV-IIB              $1,910,679.70541791         6.50%             Pool 2
IV-A-PO-F(II)       $31,499.79820884430         0.00%             Pool 2
IV-IIIA                 $1,695.8439              (1)              Pool 3
IV-IIIB                $281,705.8439             (2)              Pool 3
IV-C                 $18,402.304399382           (1)              Pool 1, Pool 2
IV-Z                $330,253,285.22894           (1)              N/A
IV-R                        (3)                  (3)              N/A
----------------
1.    For any Distribution Date, the interest rate for the Class IV-IA, Class
      IV-IIA, Class IV-IIIA, Class IV-C and Class IV-Z Interests shall be a per
      annum rate equal to the weighted average of the rates on the Class III-I,
      Class III-II and Class III-III Interests at the beginning of the related
      Due Period, weighted on the basis of their respective principal balances
      at the beginning of the related Due Period.

2.    For any Distribution Date, the interest rate for the Class IV-IIIB
      Interest shall be per annum rate equal to the Net WAC for Pool 3 for such
      Distribution Date.

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

         Distributions shall be deemed to be made to the REMIC IV Regular
Interests first, so as to keep the Uncertificated Principal Balance of each
REMIC IV Regular Interest ending with the designation "B" equal to 1% of the
excess of (x) the aggregate of the Scheduled Principal Balance of the Mortgage
Loans in the related Mortgage Pool over (y) the aggregate of the PO Percentage
of the Discount Mortgage Loans in the related Mortgage Pool; second, to each
REMIC IV Regular Interest ending with the designation "A" (other than the Class
IV-IIIA Interest) so that the Uncertificated Principal Balance of each such
REMIC IV Regular Interest is equal to 1% of the excess of (x) the excess of (i)
the aggregate Scheduled Principal Balance of the Mortgage Loans in the related
Mortgage Pool over (ii) the aggregate of the PO Percentage of

                                       5
<PAGE>

the Discount Mortgage Loans in the related Mortgage Pool over (y) the aggregate
Class Principal Amounts of the Certificate Group (other than the Components of
the Class A-PO-F Certificate) related to such Mortgage Pool (except that if 1%
of any such excess is greater than the principal amount of the corresponding
REMIC IV Regular Interest ending with the designation "A", the least amount of
principal shall be distributed to such REMIC IV Regular Interests such that the
REMIC IV I-II Subordinated Balance Ratio is maintained); third, to the Class
IV-IIIA Interest and the Class IV-C Interest so that the Uncertificated
Principal Balance of each such REMIC IV Regular Interest is equal to 1% of the
excess of (x) the excess of (i) the aggregate Scheduled Principal Balance of the
Mortgage Loans in the related Mortgage Pool or related Mortgage Pools over (ii)
the aggregate of the PO Percentage of the Discount Mortgage Loans in the related
Mortgage Pool or related Mortgage Pools over (y) (i) in the case of the Class
IV-IIIA Interest, the aggregate Class Principal Amounts of the Certificate Group
related to such Mortgage Pool and (ii) in the case of the Class IV-C Interest,
the aggregate Class Principal Amounts of the Certificate Groups related to
Mortgage Group I (excluding the Class Principal Amount of the Class A-PO-F
Certificate) and the Class B1-F and B2-F Certificates (except that if 1% of any
such excess computed using clause (i) is greater than the principal amount of
the Class IV-IIIA Interest or if 1% of any such excess computed using clause
(ii) is greater than the principal amount of the Class IV-C Interest, the least
amount of principal shall be distributed to such REMIC IV Regular Interests such
that the REMIC IV III-C Subordinated Balance Ratio is maintained); fourth to the
Class IV-PO-F(I) and Class IV-PO-F(II) Interests in the same amount that such
would be allocated to Component A-PO-F(I) and Component A-PO-F(II) if their
respective initial principal balances were $1,085,322.43185297 and
$31,499.7982088443, respectively; and finally, any remaining principal to the
Class IV-Z Interest. Realized Losses shall be applied after all distributions
have been made on each Distribution Date first, so as to keep the Uncertificated
Principal Balance of each REMIC IV Regular Interest ending with the designation
"B" equal to 1% of the excess of (x) the aggregate Scheduled Principal Balance
of the Mortgage Loans in the related Mortgage Pool over (y) the aggregate of the
PO Percentage of the Discount Mortgage Loans in the related Mortgage Pool;
second, to each REMIC IV Regular Interest ending with the designation "A" (other
than the Class IV-IIIA Interest) so that the Uncertificated Principal Balance of
each such REMIC IV Regular Interest is equal to 1% of the excess of (x) the
excess of (i) the aggregate Scheduled Principal Balance of the Mortgage Loans in
the related Mortgage Pool over (ii) the aggregate of the PO Percentage of the
Discount Mortgage Loans in the related Mortgage Pool over (y) the aggregate
Class Principal Amounts of the Certificate Group related to such Mortgage Pool
(other than the Components of the Class A-PO-F Certificates) (except that if 1%
of any such excess is greater than the principal amount of the corresponding
REMIC IV Regular Interest ending with the designation "A", the least amount of
Realized Losses shall be allocated to such REMIC IV Regular Interests such that
the REMIC IV I-II Subordinated Balance Ratio is maintained); third, to the Class
IV-IIIA Interest and the Class IV-C Interest so that the Uncertificated
Principal Balance of each such REMIC IV Regular Interest is equal to 1% of the
excess of (x) the excess of (i) the aggregate Scheduled Principal Balance of the
Mortgage Loans in the related Mortgage Pool or related Mortgage Pools over (ii)
the aggregate of the PO Percentages of the Discount Mortgage Loans in the
related Mortgage Pool or related Mortgage Pools over (y) (i) in the case of the
Class IV-IIIA Interest, the aggregate Class Principal Amounts of the Certificate
Group related to such Mortgage Pool and (ii) in the case of the Class IV-C
Interest, the aggregate Class Principal Amounts of the Certificate Groups
related to Mortgage Group I (excluding the Class Principal Amount of the Class
A-PO-F Certificate) and the Class B1-F and B2-F Certificates

                                       6
<PAGE>

(except that if 1% of any such excess computed using clause (i) is greater than
the principal amount of the Class IV-IIIA Interest or if 1% of any such excess
computed using clause (ii) is greater than the principal amount of the Class
IV-C Interest, the least amount of Realized Losses shall be allocated to such
REMIC IV Regular Interests such that the REMIC IV III-C Subordinated Balance
Ratio is maintained); fourth to the Class IV-PO-F(I) and Class IV-PO-F(II)
Interests in the same amount that such would be allocated to Component A-PO-F(I)
and Component A-PO-F(II) if their respective initial principal balances were
$1,085,322.43185297 and $31,499.7982088443, respectively; and finally, the
remaining Realized Losses shall be allocated to the Class IV-Z Interest.

      REMIC V

      The following table specifies the class designation, interest rate,
principal amount and Corresponding Certificates or Components for each class of
REMIC V Interest.

                                                                 Corresponding
                                            Pass-Through        Certificates or
REMIC V Interest      Initial Balance          Rate                Components
----------------      ---------------          ----                ----------
V-A1-I               $111,560,000.00           6.00%            A1-I, A-IO-F(I)
V-1R                     $100.00               6.00%                          R
V-A-PO-F(I)         $1,085,322.43185297        0.00%                  A-PO-F(I)
V-A1-II              $186,290,000.00           6.50%          A1-II, A-IO-F(II)
V-A-PO-F(II)        $31,499.7982088443         0.00%                 A-PO-F(II)
V-B1-F                $4,292,000.00             (1)                        B1-F
V-B2-F                $1,534,000.00             (1)                        B2-F
V-A1-III              $26,945,000.00            (2)            A1-III, A-IO-III
V-B1-III                $915,000.00             (2)                      B1-III
V-B2-III                $141,000.00             (2)                      B2-III
V-B3                    $836,000.00             (3)                          B3
V-B4                    $503,000.00             (3)                          B4
V-B5                    $334,000.00             (3)                          B5
V-B6                    $336,814.83             (3)                          B6
V-R                         (4)                 (4)                           R
----------------
1.    For any Distribution Date, the Class V-B1-F Interest and the Class V-B2-F
      Interest will bear interest at a per annum rate equal to the weighted
      average of the rates on the REMIC IV Regular Interests ending with the
      designation "A" (other than the Class IV-IIIA Interest), weighted on the
      basis of the Uncertificated Principal Balance of each such REMIC IV
      Regular Interest immediately preceding such Distribution Date; provided,
      however, that for purposes of such weighted average, the rate of each such
      REMIC IV Regular Interest shall be subject to a cap and floor equal to the
      rate of the REMIC IV Regular Interest that ends with the designation "B"
      and is related to the same Mortgage Pool.

                                       7
<PAGE>

2.    For any Distribution Date, the interest rate for the Class V-A1-III
      Interest, the Class V-B1-III Interest and the Class V-B2-III Interest
      shall be a per annum rate equal to the Net WAC for Pool 3 for such
      Distribution Date.

3.    For any Distribution Date, the Class V-B3 Interest, Class V-B4 Interest,
      Class V-B5 Interest and Class V-B6 Interest will bear interest at a per
      annum rate equal to the weighted average of the pass-through rates on the
      Class IV-IIIA Interest and the Class IV-C Interest, weighted on the basis
      of the Uncertificated Principal Balance of each such REMIC IV Regular
      Interest immediately preceding the Distribution Date; provided that for
      purposes of such weighted average, the pass-through rate of the Class
      IV-IIIA Interest shall be subject to a cap and floor equal to the
      pass-through rate of the Class IV-IIIB Interest and the pass through rate
      of the Class IV-C Interest shall be subject to a cap and floor equal the
      pass-through rate of the Class V-B1-F Interest.

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

      Principal and interest shall be payable to, and shortfalls, losses and
prepayments are allocable to, the REMIC V Regular Interests as such amounts are
payable and allocable to the Corresponding Certificates or Components, except
the amounts of such payments and allocations shall be computed as if the initial
principal balance of Component A-PO-F(I) was $1,085,322.43185297 and the initial
principal balance of Component A-PO-F(II) was $31,499.7982088443.

      When reference is made herein to the "ranking" of a Certificate, the
highest ranking Certificate is the Certificate with the lowest numerical
designation and the lowest ranking Certificate is the Certificate with the
highest numerical designation.

                                       8
<PAGE>

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

                                              Initial Class
                                            Principal Amount
                            Certificate         or Class              Minimum
Class Designation          Interest Rate     Notional Amount        Denomination
-----------------          -------------     ---------------        ------------
Class A1-I                    6.00%          $111,560,000              $25,000
Class A1-II                   6.50%          $186,290,000              $25,000
Class A-IO-F                  1.00%                   (1)           $1,000,000
Class A-PO-F                   (2)             $1,116,821             $100,000
Class A1-III                 4.50%(3)         $26,945,000              $25,000
Class A-IO-III               1.00%(1)                 (1)           $1,000,000
Class B1-F                      (4)            $4,292,000             $100,000
Class B2-F                      (4)            $1,534,000             $100,000
Class B1-III                    (5)              $915,000             $100,000
Class B2-III                    (5)              $141,000             $100,000
Class B3                        (6)              $836,000             $100,000
Class B4                        (6)              $503,000             $250,000
Class B5                        (6)              $334,000             $250,000
Class B6                        (6)              $336,815             $250,000
Class R                        6.00%                 $100                 $100
--------------
(1)   The Class A-IO-F and A-IO-III Certificates are interest-only certificates
      or components, as applicable, have no principal balance and accrue
      interest on the Class A-IO-F and A-IO-III Notional Amounts (initially
      $86,559,232 and $38,297,933, respectively).

(2)   The Class A-PO-F Certificates are principal-only certificates and will not
      be entitled to payments of interest.

(3)   For any Distribution Date, the Certificate Interest Rate for the Class
      A1-III Certificates shall be a per annum rate equal to the lesser of (a)
      4.50% and (b) the Net WAC for Pool 3.

(4)   For any Distribution Date, the Certificate Interest Rate for the Class
      B1-F and Class B2-F Certificates shall be a per annum rate equal to the
      weighted average of 6.00% and 6.50%, in each case weighted on the basis of
      the Group Subordinate Amounts for Pool 1 and Pool 2, respectively.

(5)   For any Distribution Date, the Certificate Interest Rate for the Class
      B1-III and Class B2-III Certificates shall be a per annum rate equal to
      the Net WAC for Pool 3.

(6)   The Interest Rate for the Class B3, Class B4, Class B5 and Class B6
      Certificates for each Accrual Period shall be a per annum rate equal to
      the weighted average of the Underlying Subordinate Rates weighted on the
      basis of the Modified Group Subordinate Amounts for Mortgage Group I and
      Mortgage Group II.

                                       9
<PAGE>

      As of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled
Principal Balance of $334,803,737.06.

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

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

                                   Article I

                                   DEFINITIONS

      Section 1.01. Definitions.

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

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

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

      Accretion Directed Certificate: None.

      Accretion Termination Date: None.

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

      Accrual Certificate: None.

      Accrual Component: None.

      Accrual Period: With respect to any Distribution Date and any Class of
Certificates or any Class of Lower Tier Interests, the one-month period
beginning immediately following the end of the preceding Accrual Period (or from
the Cut-off Date, in the case of the first Accrual

                                       10
<PAGE>

Period) and ending on the last day of the month immediately preceding the month
in which such Distribution Date occurs.

      Accrued Certificate Interest: As to any Class or Component of Certificates
and any Distribution Date, the product of the Certificate Interest Rate for such
Class or Component of Certificates and the Class Principal Amount (or Class
Notional Amount or Component Principal Amount) of such Class or Component of
Certificates immediately preceding such Distribution Date, as reduced by such
Class's or Component's share of the interest portion of (i) any Excess Losses
for the related Mortgage Pool for such Distribution Date and (ii) any Relief Act
Reduction for the related Mortgage Pool for such Distribution Date, in each case
allocable among the Group 1, Group 2 and Group 3 Certificates and Class B1-III
and Class B2-III Certificates, as applicable pro rata based on the Accrued
Certificate Interest otherwise distributable thereto, and allocable to the Class
B1-F, Class B2-F, Class B3, Class B4, Class B5 and Class B6 Certificates pro
rata based on interest accrued at 6.00%, 6.50% or the Net WAC of Pool 3 on their
respective Apportioned Principal Balances in the case of Pool 1, Pool 2 or Pool
3, respectively. Interest shall be calculated on the basis of a 360-day year
consisting of twelve 30-day months.

      Act: As defined in Section 3.03(c).

      Additional Collateral: Not applicable.

      Additional Collateral Servicing Agreement: Not applicable.

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

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

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

      Aggregate Master Servicing Compensation: As to any Distribution Date, all
income and gain realized from the investment of funds in the Collection Account
during the period from and including the Deposit Date in the calendar month
immediately preceding the month in which such Distribution Date occurs, to but
excluding the Deposit Date relating to such Distribution Date.

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

                                       11
<PAGE>

      Aggregate Subordinate Percentage: Not applicable.

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

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

      Apportioned Principal Balance: As to (i) each of the Class B1-F and Class
B2-F Certificates with respect to Pool 1 or Pool 2 for any Distribution Date
will equal the Class Principal Amount of that Class immediately prior to that
Distribution Date multiplied by a fraction, the numerator of which is the
applicable Group Subordinate Amount for that date and the denominator of which
is the sum of the Group Subordinate Amounts for Pool 1 and Pool 2 and (ii) each
of the Class B3, Class B4, Class B5 and Class B6 Certificates with respect to
each Mortgage Pool for any Distribution Date will equal the Class Principal
Amount of that Class immediately prior to that Distribution Date multiplied by a
fraction, the numerator of which is the applicable Modified Pool Subordinate
Amount for that date and the denominator of which is the sum of the Modified
Pool Subordinate Amounts for that date.

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

      Associated Mortgage Loan: Not applicable.

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

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

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

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

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

            (i) the total amount of all cash received by the Master Servicer
      through the Remittance Date applicable to each Servicer and deposited by
      the Master Servicer by the Deposit Date for such Distribution Date on the
      Mortgage Loans of such Mortgage Pool (including proceeds of any Insurance
      Policy and any other credit support relating to such

                                       12
<PAGE>

      Mortgage Loans), plus all Advances made by the Master Servicer or any
      Servicer (or the Trustee in its capacity as successor Master Servicer) for
      such Distribution Date, any Compensating Interest Payment for such date
      and Mortgage Pool any amounts received with respect to any Additional
      Collateral or any Surety Bond related thereto and any amounts paid by any
      Servicer in respect of Prepayment Interest Shortfalls in respect of the
      related Mortgage Loans for such date, but not including:

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

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

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

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

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

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

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

      Balloon Mortgage Loan: Not applicable.

      Balloon Payment: Not applicable.

      Bank: Lehman Brothers Bank, FSB and its successors and assigns.

      Bankruptcy: As to any Person, the making of an assignment for the benefit
of creditors, the filing of a voluntary petition in bankruptcy, adjudication as
a bankrupt or insolvent, the entry of an order for relief in a bankruptcy or
insolvency proceeding, the seeking of reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief, or seeking, consenting
to or acquiescing in the appointment of a trustee, receiver or liquidator,
dissolution,

                                       13
<PAGE>

      or termination, as the case may be, of such Person pursuant to the
      provisions of either the United States Bankruptcy Code of 1986, as
      amended, or any other similar state laws.

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

      Bankruptcy Loss Limit: As of the Cut-off Date, $100,000.00, which amount
shall be reduced from time to time by the amount of Bankruptcy Losses that are
allocated to the related Classes of Certificates.

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

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

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

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

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

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

      Certificate Group: The Group 1 Certificates, the Group 2 Certificates or
the Group 3 Certificates, as applicable.

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

      Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the owner of such Book-Entry Certificate, as reflected on the books of
the Clearing Agency, or on

                                       14
<PAGE>

the books of a Person maintaining an account with such Clearing Agency (directly
or as an indirect participant, in accordance with the rules of such Clearing
Agency).

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

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

      Class: All Certificates bearing the same class designation, and, in the
case of each of the REMIC I Interests, REMIC II Interests, REMIC III Interests,
REMIC IV Interests, REMIC V Interests, all interests bearing the same
designation.

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

      Class B1 Certificates: Class B1-F and Class B1-III Certificates, referred
to collectively.

      Class B2 Certificates: Class B2-F and Class B2-III Certificates, referred
to collectively.

      Class I-R Interest: The sole residual interest in the REMIC I.

      Class II-R Interest: The sole residual interest in the REMIC II.

      Class III-R Interest: The sole residual interest in the REMIC III.

      Class IV-R Interest: The sole residual interest in the REMIC IV.

      Class V-R Interest: The sole residual interest in the REMIC V.

      Class Notional Amount: With respect to each Class of Notional
Certificates, the applicable class notional amount calculated as provided in the
Preliminary Statement hereto. In addition, the Class Notional Amount of the
Class A-IO-F Certificates for any Distribution Date will be equal to the sum of
the Component Notional Amounts of its Components. The initial Class Notional
Amount of the Class A-IO-F Certificates is approximately $86,559,232. The Class
Notional Amount for the Class A-IO-III Certificates for any Distribution Date
will be equal to the product of (1) a fraction, the numerator of which is the
Net WAC for Pool 3 minus the Interest Rate for the Class A1-III Certificates,
and the denominator of which is 1.00% and (2) the Class Principal Amount of the
Class A1-III Certificates. The initial Class Notional Amount of the Class
A-IO-III is approximately $38,297,933.

      Class P Certificates: None.

      Class Percentage: With respect to each Class or Component of Subordinate
Certificates, for each Distribution Date, the percentage obtained by dividing
the Class Principal Amount or

                                       15
<PAGE>

Component Principal Amount of such Class or Component immediately prior to such
Distribution Date by the sum of the Class Principal Amounts or Component
Principal Amounts of all Classes or Components of the related Certificate Group
immediately prior to such date.

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

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

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

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

      Closing Date: February 28, 2003.

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

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

      Compensating Interest Payment: With respect to each Mortgage Pool and any
Distribution Date, an amount equal to the excess of (x) the aggregate of any
Prepayment Interest Shortfalls with respect to such Mortgage Pool and such
Distribution Date over (y) the aggregate of any amounts required to be paid by
the applicable Servicer in respect of such shortfalls but not paid.

      Component: Any of Component A-IO-F(I) or Component A-IO-F(II), which
comprise the Class A-IO-F Certificates and Component A-PO-F(I) or Component
A-PO-F(II), which comprise the Class A-PO-F Certificates.

      Component Certificate: Any Class A-IO-F and Class A-PO-F Certificate.

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

      Component Notional Amount: With respect to Component A-IO-F(I) for any
Distribution Date, the product of (1) a fraction, the numerator of which is the
weighted average of the Net Mortgage Rates of the Non-Discount Mortgage Loans
(as defined herein) in Pool 1 at the beginning of the related Due Period minus
6.00% and the denominator of which is 1.00% and (2) the total Scheduled
Principal Balance of the Non-Discount Mortgage Loans in Pool 1 as of the first
day of the related Accrual Period. The initial Component Notional Amount of
Component A-IO-F(I) is approximately $17,156,951. The Component Notional Amount
of Component A-IO-F(II) for any Distribution Date will be equal to the product
of (1) a fraction, the numerator of which is the weighted average of the Net
Mortgage Rates of the Non-Discount Mortgage Loans in Pool 2 at the beginning of
the related Due Period minus 6.50% and the denominator of which is 1.00% and (2)
the total Scheduled Principal Balance of the Non-Discount Mortgage Loans in Pool
2 as of the first day of the related Accrual Period. The initial Component
Notional Amount of Component A-IO-F(II) is approximately $69,402,281.

      Component Principal Amount: With respect to any Component, an amount equal
to the initial principal amount of such Component, less the amount of all
principal distributions previously made with respect to such Component, all
Realized Losses allocated to such Component and any Subordinate Certificate
Writedown Amount allocated to such Component. The initial Component Principal
Amount of Component A-IO-F(I) and Component A-IO-F(II)

                                       16
<PAGE>

shall be $17,156,951 and $69,402,281, respectively. The initial Component
Principal Amount of Component A-PO-F(I) and Component A-PO-F(II) shall be
$1,085,322 and $31,499, respectively.

      Component Writedown Amount: Not applicable.

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

      Converted Mortgage Loan: None.

      Convertible Mortgage Loan: None.

      Cooperative Corporation: Not applicable.

      Cooperative Loan: None.

      Cooperative Loan Documents: Not applicable.

      Cooperative Property: Not applicable.

      Cooperative Shares: Not applicable.

      Cooperative Unit: Not applicable.

      Corporate Trust Office: The principal corporate trust office of the
Trustee at which, at any particular time, its corporate trust business shall be
administered, which office at the date hereof is located at Citibank, N.A., 111
Wall Street, 14th Floor, Zone 3, New York, New York 10005, Attention: Structured
Finance --SASCO 2003-7H.

      Corresponding Certificates: For each Class of REMIC V Interest, the
Corresponding Certificates designated for such Class in the Preliminary
Statement.

      Corresponding Component: For each Class of REMIC V Interest, the
Corresponding Components designated for such Class in the Preliminary Statement.

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

      Credit Support Depletion Date: With respect to Group 1 or Group 2, the
Distribution Date on which, after giving effect to all distributions on such
date, the aggregate Certificate Principal Amount of the Class B1-F, Class B2-F,
Class B3, Class B4, Class B5 and Class B6 Certificates is reduced to zero. With
respect to Group 3, the Distribution Date on which, after giving effect to all
distributions on such date, the aggregate Certificate Principal Amount of the
Class B1-III, Class B2-III, Class B3, Class B4, Class B5 and Class B6
Certificates is reduced to zero.

                                       17
<PAGE>

      Credit Support Percentage: For any Distribution Date, shall be calculated
as follows: The Credit Support Percentage with respect to the Class B1-F or
Class B1-III Certificates will equal a fraction, expressed as a percentage, the
numerator of which is the excess of (i) the Pool Balance of the related Mortgage
Pool or Pools over (ii) the aggregate Certificate Principal Amount of the Group
1 Certificates, Group 2 Certificates and the Class B1-F Certificates or the
aggregate Certificate Principal Balance of the Group 3 Certificates and Class
B1-III Certificates, as applicable and the denominator of which is the Pool
Balance of the related Mortgage Pool or Pools. The Credit Support Percentage
with respect to the Class B3, Class B4 or Class B5 Certificates will equal a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Amount of any Class or Classes of Subordinate Certificates
having a higher numerical class designation than such Class and the denominator
of which is the sum of the Pool Balances of Pool 1, Pool 2 and Pool 3.

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

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

      Cut-off Date: February 1, 2003.

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

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

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

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

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

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

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

                                       18
<PAGE>

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

      Designated Rate: 6.00% per annum with respect to Pool 1 and 6.50% per
annum with respect to Pool 2.

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

      Discount Mortgage Loan: With respect to Pool 1 or Pool 2, a Mortgage Loan
with a Net Mortgage Rate less than the related Designated Rate.

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

      Distribution Date: The 25th day of each month, or, if such 25th day is not
a Business Day, the next succeeding Business Day commencing in March 2003.

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

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

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

                                       19
<PAGE>

its fiduciary capacity, in a manner acceptable to the Trustee and the Rating
Agencies. Eligible Accounts may bear interest.

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

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

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

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

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

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

                                       20
<PAGE>

            (vi) a Qualified GIC;

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

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

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

      Employee Mortgage Loan: Not applicable.

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

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

      ERISA-Restricted Certificate: Any Class R, Class B1-F, Class B2-F, Class
B1-III, Class B2-III, Class B3, Class B4, Class B5, Class B6 Certificate or any
Certificate with a rating below the lowest applicable rating permitted under an
Underwriter's Exemption.

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

                                       21
<PAGE>

      Euroclear: JPMorgan Chase Bank, Brussels office, as operator of the
Euroclear System.

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

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

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

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

      Final Scheduled Distribution Date: March 25, 2033.

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

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

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

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

      Fraud Loss Limit: With respect to any Distribution Date (x) prior to the
first anniversary of the Cut-off Date, $3,348,037.38 less the aggregate of Fraud
Losses since the Cut-off Date, (y) from the first to the third anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Limit
as of the most recent anniversary of the Cut-off Date and (b) 1.00% of the
aggregate principal balance of all the Mortgage Loans as of the most recent
anniversary of the Cut-off Date less (2) the aggregate of Fraud Losses since the
most recent anniversary of the Cut-off Date and (z) from the third to the fifth
anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a) the
Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and (b)
0.50% of the aggregate principal balance of all the Mortgage Loans as of the
most recent anniversary of the Cut-off Date less (2) the aggregate of Fraud
Losses since the most recent anniversary of the Cut-off Date. On or after the
fifth anniversary of the Cut-off Date, the Fraud Loss Limit shall be zero.

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

                                       22
<PAGE>

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

      Grantor Trust: Not applicable.

      Grantor Trust I Assets: Not applicable.

      Grantor Trust II Assets: Not applicable.

      Grantor Trust Provisions: Not applicable.

      Group 1: All of the Group 1 Certificates.

      Group 1 Certificate: Any Class A1-I or Class R Certificate or Component
A-IO-F(I) or Component A-PO-F(I).

      Group 2: All of the Group 2 Certificates.

      Group 2 Certificate: Any Class A1-II Certificate or Component A-IO-F(II)
or Component A-PO-F(II).

      Group 3: All of the Group 3 Certificates.

      Group 3 Certificate: Any Class A1-III, Class A1-IO-III, Class B1-III or
Class B2-III Certificate.

      Group Subordinate Amount: With respect to any Mortgage Pool and any
Distribution Date, the excess, if any, of the Non-PO Pool Balance of such
Mortgage Pool for the immediately preceding Distribution Date over the sum of
the aggregate of the Certificate Principal Amounts of the Senior Certificates of
the related Certificate Group (excluding the Certificate Principal Amounts of
the Components of the Class A-PO-F Certificates) immediately prior to the
related Distribution Date.

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

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

                                       23
<PAGE>

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

      Initial LIBOR Rate: Not applicable.

      Initial Net Mortgage Rate: With respect to each Mortgage Loan, the Net
Mortgage Rate of such Mortgage Loan as of the Cut-off Date.

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

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

      Interest Distribution Amount: Not applicable.

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

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

      Latest Possible Maturity Date: The Distribution Date in February 2036.

      Lehman Capital: Lehman Capital, A Division of Lehman Brothers Holdings,
Inc.

      LIBOR: Not applicable.

      LIBOR Certificate: None.

      LIBOR Component: None.

      LIBOR Determination Date: Not applicable.

                                       24
<PAGE>

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

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

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

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

      London Business Day: Not applicable.

      Maintenance: Not applicable.

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

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

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

      Master Servicer Remittance Date: Not applicable.

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

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

                                       25
<PAGE>

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

      Middle Tier REMIC: Not applicable.

      Middle Tier REMIC Interest: Not applicable.

      Middle Tier REMIC Regular Interest: Not applicable.

      Modified Group Subordinate Amount: With respect to either Mortgage Group
and any Distribution Date, the lesser of (1) the excess, if any, of the Non-PO
Pool Balance of the Mortgage Pools included in such Mortgage Group for the
immediately preceding Distribution Date over the sum of the aggregate of the
Certificate Principal Amounts of the Senior Certificates of the related
Certificate Group (excluding the Certificate Principal Amount of the Components
of the Class A-PO-F Certificates) and the Class B1-F and Class B2-F Certificates
(in the case of Mortgage Group I) or the Class B1-III and Class B2-III
Certificates (in the case of Mortgage Group II) and (2) the aggregate
Certificate Principal Amount of the Class B3, Class B4, Class B5 and Class B6
Certificates immediately prior to that Distribution Date, but not less than
zero.

      Modified Pool Subordinate Amount: With respect to any Distribution Date
and (i) with respect to each of Pool 1 and Pool 2 is the lesser of (A) the
excess of the Non-PO Pool Balance for such Mortgage Pool over the sum of (1) the
total Certificate Principal Amount of the Group 1 Certificates (other than the
Component A-PO-F(I)) with respect to Pool 1 and the total Certificate Principal
Amount of the Group 2 Certificates (other than the Component A-PO-F(II)) with
respect to Pool 2 and (2) the Apportioned Principal Balance of the Class B1-F
and Class B2-F Certificates with respect to such Mortgage Pool immediately prior
to that Distribution Date and (B) the aggregate Certificate Principal Amount of
the Class B3, Class B4, Class B5 and Class B6 Certificates immediately prior to
that Distribution Date, but not less than zero and (ii) with respect to Pool 3
is the lesser of (A) the excess of the Pool Balance for such Mortgage Pool over
the sum of (1) the total Certificate Principal Amount of the Senior Certificates
of the Group 3 Certificates and the Class B1-III and Class B2-III Certificates
immediately prior to that Distribution Date and (B) the aggregate Certificate
Principal Amount of the Class B3, Class B4, Class B5 and Class B6 Certificates
immediately prior to that Distribution Date, but not less than zero.

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

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

      Mortgage 100(SM) Loan: Not applicable.

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

                                       26
<PAGE>

      Mortgage Group: Either of Mortgage Group I and Mortgage Group II.

      Mortgage Group I: Pool 1 and Pool 2.

      Mortgage Group II: Pool 3.

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

      Mortgage Loan Sale Agreement: Each of (i) the agreement, dated as of
February 1, 2003, for the sale of the Mortgage Loans by the Bank to the
Depositor and (ii) the agreement, dated as of February 1, 2003, for the sale of
the Mortgage Loans by Lehman Capital to the Depositor.

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

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

      Mortgage Pool: Either of Pool 1, Pool 2 or Pool 3.

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

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

      Mortgagor: The obligor on a Mortgage Note.

      Negative Amortization Certificate: None.

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

                                       27
<PAGE>

      Net Mortgage Rate: With respect to any Mortgage Loan, the Mortgage Rate
thereof reduced by the sum of the Trustee Fee Rate, the applicable Servicing Fee
Rate and any mortgage insurance premium, as applicable thereto.

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

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

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

      Non-Discount Mortgage Loan: With respect to Pool 1 or Pool 2, a Mortgage
Loan with a Net Mortgage Rate equal to or greater than the related Designated
Rate.

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

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

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

      Non-PO Pool Balance: As to Pool 1 and Pool 2 and any Distribution Date,
the sum of the applicable Non-PO Percentage of the Scheduled Principal Balance
of each Mortgage Loan included in such Mortgage Pool. As to Pool 3, the
aggregate Scheduled Principal Balances of the Mortgage Loans included in Pool 3.

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

                                       28
<PAGE>

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

      Notional Certificate: Any Class A-IO-F or Class A-IO-III Certificate.

      Notional Component: Each of Component A-IO-F(I) and Component A-IO-F(II).

      Offering Document: The private placement memorandum dated February 26,
2003, relating to the Class B4, Class B5 and Class B6 Certificates, or the
Prospectus.

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

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

      Original Credit Support Percentage: With respect to any class of
Certificates, the Credit Support Percentage with respect to such Class on the
Closing Date.

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

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

      Parent Power(R) Loan: Not applicable.

      Participation Agreement: Not applicable.

      Participation: Not applicable.

      Participation Schedule: Not applicable.

      Participation Master Servicer: Not applicable.

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

      Percentage Interest: With respect to any Certificate and the related
Class, such Certificate's percentage interest in the undivided beneficial
ownership interest in the Trust Fund

                                       29
<PAGE>

evidenced by all Certificates of the same Class as such Certificate. With
respect to any Certificate other than a Notional Certificate, the Percentage
Interest evidenced thereby shall equal the initial Certificate Principal Amount
thereof divided by the initial Class Principal Amount of all Certificates of the
same Class. With respect to any Notional Certificate, the Percentage Interest
evidenced thereby shall be as specified on the face thereof.

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

      Placement Agent: Lehman Brothers Inc.

      Planned Principal Balance: Not applicable.

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

      Pledged Asset Mortgage Loan: Not applicable.

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

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

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

      Pool 1-2 B1-B2 Principal Distribution Amount: For any Distribution Date,
the product of (1) the sum of the Subordinate Principal Distribution Amount for
Pool 1 and Pool 2 and (2) a fraction, the numerator of which is the aggregate
Certificate Principal Amount of the Class B1-F and Class B2-F Certificates
immediately prior to such Distribution Date and the denominator of which is the
sum of the aggregate Certificate Principal Amount of the Class B1-F and Class
B2-F Certificates immediately prior to such Distribution Date and the Modified
Group Subordinate Amount for Mortgage Group I.

      Pool 3 B1-B2 Principal Distribution Amount: For any Distribution Date, the
product of (1) the Subordinate Principal Distribution Amount for Pool 3 and (2)
a fraction, the numerator of which is the aggregate Certificate Principal Amount
of the Class B1-III and Class B2-III Certificates immediately prior to such
Distribution Date and the denominator of which is the sum of the aggregate
Certificate Principal Amount of the Class B1-III and Class B2-III Certificates
immediately prior to such Distribution Date and the Modified Group Subordinate
Amount for Mortgage Group II.

      Pool 1-2 B3-B6 Principal Distribution Amount: For any Distribution Date,
the excess of the sum of the Subordinate Principal Distribution Amount for Pool
1 and Pool 2 over the Pool 1-2 B1-B2 Principal Distribution Amount.

                                       30
<PAGE>

         Pool 3 B3-B6 Principal Distribution Amount: For any Distribution Date,
the excess of the Subordinate Principal Distribution Amount for Pool 3 over the
Pool 3 B1-B2 Principal Distribution Amount.

      Pool 1-2 Underlying Subordinate Rate: The weighted average of the
Designated Rates of Pool 1 and Pool 2, weighted by the corresponding Group
Subordinate Amounts.

      Pool 3 Underlying Subordinate Rate: The Net WAC of Pool 3.

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

      PO Certificate: The Class A-PO-F Certificates.

      PO Deferred Amount: As to any Distribution Date on or prior to the Credit
Support Depletion Date and, with respect to each of the Component A-PO-F(I) and
Component A-PO-F(II), (i) the applicable PO Percentage of the principal portion
of each Realized Loss for such Distribution Date on a Discount Mortgage Loan in
the related Mortgage Pool and (ii) all such amounts previously allocated thereto
and not distributed to such Component as a PO Deferred Amount.

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

      PO Principal Distribution Amount: For any Distribution Date and for each
Mortgage Pool, the sum of the following amounts:

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

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

            (iii) with respect to unscheduled recoveries allocable to principal
      of any Mortgage Loan in the related Mortgage Pool that was finally
      liquidated during the related

                                       31
<PAGE>

      Prepayment Period, the applicable PO Percentage of the related net
      Liquidation Proceeds allocable to principal; and

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

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

      Prepayment Interest Shortfall: With respect to any Distribution Date and
(x) any Principal Prepayment in part and, with respect to those Mortgage Loans
serviced by Servicers other than Aurora, any Principal Prepayment in full and
(y) any Principal Prepayment in full with respect to those Mortgage Loans
serviced by Aurora if received on or after the seventeenth day of the month
immediately preceding the month of such Distribution Date but on or before the
last day of the month immediately preceding the month of such Distribution Date,
the difference between (i) one full month's interest at the applicable Mortgage
Rate (after giving effect to any applicable Relief Act Reduction), as reduced by
the applicable Servicing Fee Rate, the applicable Retained Interest Rate and the
Master Servicing Fee Rate (if the Master Servicer is acting as Servicer), on the
outstanding principal balance of such Mortgage Loan immediately prior to such
prepayment and (ii) the amount of interest actually received with respect to
such Mortgage Loan in connection with such Principal Prepayment.

      Prepayment Penalty Amounts: Not applicable.

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

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

      Principal Amount Schedules: Not applicable.

      Principal Only Certificate: None.

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

                                       32
<PAGE>

balance of the Mortgage Loan in accordance with the terms of the Mortgage Note
or the applicable Servicing Agreement.

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

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

      Prospectus: The prospectus supplement dated February 27, 2003, together
with the accompanying prospectus dated February 24, 2003, relating to the Senior
Certificates and the Class B1-F, Class B2-F, Class B1-III, Class B2-III and
Class B3 Certificates.

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

      QIB: As defined in Section 3.03(c).

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

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

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

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

                                       33
<PAGE>

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

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

      Qualified Insurer: An insurance company duly qualified as such under the
laws of the states in which the related Mortgaged Properties are located, duly
authorized and licensed in such states to transact the applicable insurance
business and to write the insurance provided and whose claims paying ability is
rated by each Rating Agency in its highest rating category or whose selection as
an insurer will not adversely affect the rating of the Certificates.

      Qualifying Substitute Mortgage Loan: In the case of a Mortgage Loan
substituted for a Deleted Mortgage Loan, a Mortgage Loan that, on the date of
substitution, (i) has a Scheduled Principal Balance (together with that of any
other mortgage loan substituted for the same Deleted Mortgage Loan) as of the
Due Date in the month in which such substitution occurs not in excess of the
Scheduled Principal Balance of the related Deleted Mortgage Loan, provided,
however, that, to the extent that the Scheduled Principal Balance of such
Mortgage Loan is less than the Scheduled Principal Balance of the related
Deleted Mortgage Loan, then such differential in principal amount, together with
interest thereon at the applicable Mortgage Rate net of the applicable Master
Servicing Fee and the applicable Servicing Fee from the date as to which
interest was last paid through the end of the Due Period in which such
substitution occurs, shall be paid by the party effecting such substitution to
the Master Servicer for deposit into the Collection Account, and shall be
treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not
lower than the Net Mortgage Rate of the related Deleted Mortgage Loan and will
be a Discount Mortgage Loan if the Deleted Mortgage Loan was a Discount Mortgage
Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan was a
Non-Discount Mortgage Loan; (iii) has a remaining stated term to maturity not
longer than, and not more than one year shorter than, the remaining term to
stated maturity of the related Deleted Mortgage Loan; (iv) (A) has a
Loan-to-Value Ratio as of the date of such substitution of not greater than 80%,
provided, however, that if the related Deleted Mortgage Loan has a Loan-to-Value
Ratio of greater than 80%, then the Loan-to-Value Ratio of such substitute
Mortgage Loan may be greater than 80% but shall not be greater than the
Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the addition of
such substitute Mortgage Loan does not increase the weighted average
Loan-to-Value Ratio of the related Mortgage Pool by more than 5%; (v) will
comply with all of the representations and warranties relating to Mortgage Loans
set forth herein, as of the date as of which such substitution occurs; (vi) is
not a Cooperative Loan unless the related Deleted Mortgage Loan was a
Cooperative Loan; (vii) if applicable, has the same index as and a margin not
less than that of the related Deleted Mortgage Loan; (viii) has not been
delinquent for a period of more than 30 days more than once in the twelve months
immediately preceding such date of substitution; (ix) is covered by a Primary
Mortgage Insurance Policy if the related Deleted Mortgage Loan is so covered,
and the Loan-to-Value Ratio of such Mortgage Loan is greater than 80%; (x) has a
Credit Score not greater than 20 points lower than the Credit Score of the
related Deleted Mortgage Loan, provided, however, that if the Deleted Mortgage
Loan does not have a Credit Score, then such substitute Mortgage Loan shall have
a Credit Score equal to or greater than 700; (xi) has its initial adjustment
date after the related Reset Date; and (xii) has a

                                       34
<PAGE>

gross margin no less than the related Deleted Mortgage Loan. In the event that
either one mortgage loan is substituted for more than one Deleted Mortgage Loan
or more than one mortgage loan is substituted for one or more Deleted Mortgage
Loans, then (a) the Scheduled Principal Balance referred to in clause (i) above
shall be determined such that the aggregate Scheduled Principal Balance of all
such substitute Mortgage Loans shall not exceed the aggregate Scheduled
Principal Balance of all Deleted Mortgage Loans and (b) each of (1) the rate
referred to in clause (ii) above, (2) the remaining term to stated maturity
referred to in clause (iii) above, (3) the Loan-to-Value Ratio referred to in
clause (iv) above and (4) the Credit Score referred to in clause (x) above shall
be determined on a weighted average basis, provided that the final scheduled
maturity date of any Qualifying Substitute Mortgage Loan shall not exceed the
Final Scheduled Distribution Date of any Class of Certificates. Whenever a
Qualifying Substitute Mortgage Loan is substituted for a Deleted Mortgage Loan
pursuant to this Agreement, the party effecting such substitution shall certify
such qualification in writing to the Trustee and the Master Servicer.

      Rating Agency: Each of S&P or Fitch.

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

      Recognition Agreement: Not applicable.

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

      Redemption Certificate: None.

      Reference Banks: Not applicable.

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

                                       35
<PAGE>

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

      Related Pool: With respect to any Group 1 Certificate or Component, Pool
1, with respect to any Group 2 Certificate or Component, Pool 2 and with respect
to any Group 3 Certificate or Component, Pool 3.

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

      REMIC: Each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and the
Upper Tier REMIC, as described in the Preliminary Statement hereto.

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

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

      REMIC I Regular Interest: Any of the REMIC I Interests other than the
Class I-R Interest.

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

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

      REMIC II Regular Interest: Any of the REMIC II Interests other than the
Class II-R Interest.

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

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

      REMIC III Regular Interest: Any of the REMIC III Interests other than the
Class III-R Interest.

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

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

      REMIC IV Regular Interest: Any of the REMIC IV Interests other than the
Class IV-R Interest.

                                       36
<PAGE>

      REMIC IV I-II Subordinated Balance Ratio: The ratio among the
Uncertificated Principal Balances of each of the REMIC IV Regular Interests
ending with the designation "A" (other than the Class IV-IIIA Interest) that is
equal to the ratio among, with respect to each such REMIC IV Regular Interest,
the excess of (x) the aggregate Non-PO Pool Balance of the related Mortgage Pool
over (y) the aggregate Class Principal Amounts of the Certificate Group related
to such Mortgage Pool (other than the Class Principal Amounts of any components
of the Class A-PO-F Certificates).

      REMIC IV III-C Subordinated Balance Ratio: The ratio among the
Uncertificated Principal Balances of each of the Class IV-IIIA Interest and the
Class IV-C Interest that is equal to the ratio among, with respect to each such
REMIC IV Regular Interest, the excess of (x) the aggregate Non-PO Pool Balance
in the related Mortgage Pool or related Mortgage Pools over (y) in the case of
the Class IV-IIIA Interest, the aggregate Class Principal Amounts of the
Certificate Group related to such Mortgage Pool and, in the case of the Class
IV-C Interest, the aggregate Class Principal Amounts of the Certificate Groups
related to Mortgage Group I (excluding the Class Principal Amount of the Class
A-PO-F Certificates) and the Class B1-F and Class B2-F Certificates.

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

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

      REMIC V Regular Interest: Any of the REMIC V Interests other than the
Class V-R Interest.

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

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

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

      Repurchase Price: As defined in Section 7.01 hereof.

      Reserve Interest Rate: Not applicable.

      Reset Date: With respect to Pool 3, August 1, 2007.

      Residual Certificate: Any Class R Certificate.

                                       37
<PAGE>

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

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

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

      Retained Interest: Not applicable.

      Retained Interest Holder: Not applicable.

      Retained Interest Rate: Not applicable.

      Rounding Account: Not applicable.

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

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

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

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

                                       38
<PAGE>

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

      Seller: Either of the Bank or Lehman Capital, or any successor in
interest.

      Senior Certificate: Any Class A1-I, Class A1-II, Class A-IO-F, Class
A-PO-F, Class A1-III or Class R Certificate.

      Senior Enhancement Percentage: For each Mortgage Pool for any Distribution
Date the percentage equivalent of a fraction, the numerator of which is the
related Group Subordinate Amount and the denominator of which is the related
Pool Balance for the immediately preceding Distribution Date.

      Senior Percentage: With respect to Pool 1 and Pool 2 and any Distribution
Date, the percentage equivalent of the fraction, the numerator of which is the
aggregate of the Certificate Principal Amounts of the Class A1-I and Class R
Certificates, in the case of Pool 1 and the Class A1-II Certificates, in the
case of Pool 2, in each case, immediately prior to such Distribution Date and
the denominator of which is the related Non-PO Pool Balance for the immediately
preceding Distribution Date, and with respect to Pool 3 and any Distribution
Date is the percentage equivalent of a fraction, the numerator of which is the
Certificate Principal Amount of the Class A1-III Certificates immediately prior
to such Distribution Date and the denominator of which is the Pool Balance for
the immediately preceding Distribution Date.

      Senior Prepayment Percentage: With respect to each Mortgage Pool and any
Distribution Date occurring during the five years beginning on the first
Distribution Date, 100%, except as described herein below. With respect to each
Mortgage Pool and for any Distribution Date occurring on or after the fifth
anniversary of the first Distribution Date, the related Senior Percentage plus
the following percentage of the related Subordinate Percentage for such
Distribution Date: for any Distribution Date in the first year thereafter, 70%;
for any Distribution Date in the second year thereafter, 60%; for any
Distribution Date in the third year thereafter, 40%; for any Distribution Date
in the fourth year thereafter, 20%; and for any subsequent Distribution Date,
0%; provided, however, (i) if on any Distribution Date the Senior Enhancement
Percentage for a Mortgage Pool is less than the initial Senior Enhancement
Percentage for such Mortgage Pool, the Senior Prepayment Percentage for each
Mortgage Pool on that Distribution Date shall once again equal 100%, (ii) unless
the condition described in (i) has occurred, if on any Distribution Date before
the Distribution Date in March 2006, prior to giving effect to any distributions
on such Distribution Date, the Senior Enhancement Percentage for each Mortgage
Pool for such Distribution Date is greater than or equal to twice the initial
Senior Enhancement Percentages for such Mortgage Pool, then the Senior
Prepayment Percentage for each Mortgage Pool for such Distribution Date will
equal the related Senior Percentage plus 50% of the related Subordinate
Percentage for such Mortgage Pool and (iii) unless the condition described in
(i) has occurred, if on any Distribution Date on or after the Distribution Date
in March 2006, prior to giving effect to any distributions on such Distribution
Date, the Senior Enhancement Percentages for each Mortgage Pool for such
Distribution Date is greater than or equal to twice the initial Senior
Enhancement Percentages for each Mortgage

                                       39
<PAGE>

Pool, then the Senior Prepayment Percentage for such Mortgage Pool on each
Distribution Date will equal the related Senior Percentage.

      Notwithstanding the foregoing, no decrease in the Senior Prepayment
Percentage for any Mortgage Pool below the respective levels in effect for the
most recent prior period set forth in the paragraph above shall be effective on
any Distribution Date if, as of the first Distribution Date as to which any such
decrease applies, (i) the average outstanding principal balance on such
Distribution Date and for the preceding five Distribution Dates of all Mortgage
Loans in the related Mortgage Pool that were delinquent 60 days or more
(including for this purpose any Mortgage Loans in foreclosure and the Scheduled
Payments that would have been due on Mortgage Loans with respect to which the
related Mortgaged Property has been acquired by the Trust Fund if the related
Mortgage Loan had remained in existence) is greater than or equal to 50% of the
applicable Group Subordinate Amount immediately prior to such Distribution Date
or (ii) cumulative Realized Losses with respect to the Mortgage Loans in the
related Mortgage Pool exceed (a) with respect to the Distribution Date prior to
the third anniversary of the first Distribution Date, 20% of the related
Original Group Subordinate Amounts, (b) with respect to the Distribution Date on
or after the third anniversary and prior to the sixth anniversary of the first
Distribution Date, 30% of the related Original Group Subordinate Amounts, (c)
with respect to the Distribution Date on or after the sixth anniversary and
prior to the seventh anniversary of the first Distribution Date, 35% of the
related Original Group Subordinate Amounts, (d) with respect to the Distribution
Date on or after the seventh anniversary and prior to the eighth anniversary of
the first Distribution Date, 40% of the related Original Group Subordinate
Amounts, (e) with respect to the Distribution Date on or after the eighth
anniversary and prior to the ninth anniversary of the first Distribution Date,
45% of the related Original Group Subordinate Amounts, and (f) with respect to
the Distribution Date on or after the ninth anniversary of the first
Distribution Date or thereafter, 50% of the related Original Group Subordinate
Amounts. After the Class Principal Amount of each Class of Senior Certificates
in any Certificate Group has been reduced to zero, the Senior Prepayment
Percentage for the related Mortgage Pool shall be 0%.

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

            (i) the product of (a) the related Senior Percentage for such date
      and (b) the principal portion of each Scheduled Payment (without giving
      effect to any Debt Service Reduction occurring prior to the Bankruptcy
      Coverage Termination Date), on each Mortgage Loan in the related Mortgage
      Pool due during the related Due Period (for Pool 1 and Pool 2, the related
      Non-PO Percentage of such amounts);

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

                                       40
<PAGE>

      Mortgage Pool (or, in the case of a permitted substitution, amounts
      representing a principal adjustment) actually received by the Trustee
      during the related Prepayment Period (for Pool 1 and Pool 2, the related
      Non-PO Percentage of such amounts);

            (iii) with respect to unscheduled recoveries allocable to principal
      of any Mortgage Loan in the related Mortgage Pool that was finally
      liquidated during the related Prepayment Period, the lesser of (a) the
      related net Liquidation Proceeds allocable to principal and (b) the
      product of the related Senior Prepayment Percentage for such date and the
      Scheduled Principal Balance of such related Mortgage Loan at the time of
      liquidation (for Pool 1 and Pool 2, the related Non-PO Percentage of such
      amounts); and

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

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

      Servicers: Any Servicer that has entered into any of the Servicing
Agreements attached as Exhibit E hereto, or any successor in interest.
Initially, the Servicers are Aurora, Commercial Federal Bank, a Federal Savings
Bank, successor in interest to Commercial Federal Mortgage Corporation,
Countrywide Home Loans, Inc., GMAC Mortgage Corporation, Suntrust Mortgage,
Inc., Washington Mutual Bank, FA, Waterfield Mortgage Company, Inc. and Wells
Fargo Home Mortgage, Inc.

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

      Servicing Agreement: Each Servicing Agreement between a Servicer and the
Seller, dated as of February 1, 2003, attached hereto in Exhibit E, and any
other servicing agreement entered into between a successor servicer and the
Seller or the Trustee pursuant to the terms hereof and the Additional Collateral
Servicing Agreement.

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

      Servicing Fee Rate: With respect to each Servicer, as specified in
applicable Servicing Agreements.

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

      Special Hazard Loss: With respect to the Mortgage Loans, (x) any Realized
Loss arising out of any direct physical loss or damage to a Mortgaged Property
which is caused by or results from any cause, exclusive of any loss covered by a
hazard policy or a flood insurance policy

                                       41
<PAGE>

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

      Special Hazard Loss Limit: As of the Cut-off Date, $3,348,037.38 which
amount shall be reduced in each case from time to time to an amount equal on any
Distribution Date to the lesser of (a) the greatest of (i) 1% of the aggregate
of the Scheduled Principal Balances of the Mortgage Loans; (ii) twice the
Scheduled Principal Balance of the Mortgage Loan having the highest Scheduled
Principal Balance, and (iii) the aggregate Scheduled Principal Balances of the
Mortgage Loans secured by Mortgaged Properties located in the single California
postal zip code area having the highest aggregate Scheduled Principal Balance of
any such postal zip code area and (b) the Special Hazard Loss Limit as of the
Closing Date less the amount, if any, of Special Hazard Losses incurred since
the Closing Date.

      Specified Rating: Not applicable.

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

      Subordinate Certificate: Any Class B Certificate including any Component
thereof.

      Subordinate Certificate Writedown Amount: On any Distribution Date on or
prior to the date on which the aggregate Certificate Principal Amount of the
Class B3, Class B4, Class B5 and Class B6 Certificates is reduced to zero, the
amount by which (i) the total Certificate Principal Amount of all of the
Certificates on any Distribution Date (after giving effect to distributions of
principal and allocation of Realized Losses in reduction of the Certificate
Principal Amounts of the Certificates on such Distribution Date) exceeds (ii)
the total Scheduled Principal Balance of the Mortgage Loans in Pool 1, Pool 2
and Pool 3 for the related Distribution Date. On the Distribution Date on which
the aggregate Certificate Principal Amount of the Class B3, Class B4, Class B5
and Class B6 Certificates is reduced to zero, the portion of any Realized Loss
in excess of the amount necessary to reduce the aggregate Certificate Principal
Amount of the Class B3, Class B4, Class B5 and Class B6 Certificates to zero
shall be treated in accordance with one of the two succeeding sentences, as
applicable, and allocated between the Subordinate Certificates related to
Mortgage Group I and the Subordinate Certificates related to Mortgage Group II
based on the ratio of Realized Losses for Mortgage Group I to Realized Losses
for Mortgage Group II with respect to such Distribution Date. On any
Distribution Date following the date on which the aggregate Certificate
Principal Amount of the Class B3, Class B4, Class B5 and Class B6 Certificates
has been reduced to zero, the Certificate Principal Amount of the lowest ranking
Class of Subordinate Certificates then outstanding related to Mortgage Group I
(i.e., Class B2-F and Class B1-F Certificates) will also be reduced by the
amount of any subsequent Realized Losses on Mortgage Group I. On any
Distribution Date following the date on which the aggregate Certificate
Principal Amount of the Class B3, Class B4, Class B5 and Class B6 Certificates
has been reduced to zero, the Certificate Principal Amount of the lowest

                                       42
<PAGE>

ranking Class of Subordinate Certificates then outstanding related to Mortgage
Group II (i.e., Class B2-III and Class B1-III Certificates) will also be reduced
by the amount of any subsequent Realized Losses on Mortgage Group II.

      Subordinate Class Percentage: With respect to any Distribution Date and
any Class or Component of Subordinate Certificates, the percentage obtained by
dividing the Class Principal Amount or Component Principal Amount of such Class
or Component immediately prior to such Distribution Date by the aggregate
Certificate Principal Amount or Component Principal Amount of all Subordinate
Certificates designated with the same roman numeral (i.e., "I," "II" or "III")
immediately prior to such Distribution Date.

      Subordinate Component Percentage: Not applicable.

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

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

      Subordinate Principal Distribution Amount: For each Mortgage Pool and any
Distribution Date, the sum of the following:

            (i) the product of (a) the related Subordinate Percentage for such
      date and (b) the principal portion of each Scheduled Payment (without
      giving effect to any Debt Service Reduction occurring prior to the
      applicable Bankruptcy Coverage Termination Date) on each Mortgage Loan in
      the related Mortgage Pool due during the related Due Period (for Pool 1
      and Pool 2, the related Non-PO Percentage of such amounts);

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

            (iii) with respect to unscheduled recoveries allocable to principal
      of any Mortgage Loan in the related Mortgage Pool that was finally
      liquidated during the related Prepayment Period, the related net
      Liquidation Proceeds allocable to principal less any related amount paid
      pursuant to subsection (iii) of the definition of Senior Principal
      Distribution Amount for the related Certificate Group (for Pool 1 and Pool
      2, the related Non-PO Percentage of such amounts); and

                                       43
<PAGE>

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

      Surety: Not applicable.

      Surety Bond: Not applicable.

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

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

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

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

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

      Trust Rate: Not applicable.

      Trust REMIC: Each REMIC created hereunder.

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

      Trustee Fee: As to any Distribution Date and each Mortgage Pool, an amount
equal to the product of the Trustee Fee Rate and the aggregate Scheduled
Principal Balance of the Mortgage Loans in such Mortgage Pool.

      Trustee Fee Rate: 0.0055% per annum.

      Uncertificated Principal Balance: With respect to any REMIC I Regular
Interest, REMIC II Regular Interest, REMIC III Regular Interest, REMIC IV
Regular Interest, and REMIC V Regular Interest as of any Distribution Date, the
initial principal amount of such regular interest, reduced by (i) all amounts
distributed on previous Distribution Dates on such regular interest with respect
to principal, (ii) the principal portion of all Realized Losses allocated prior
to such Distribution Date to such regular interest and (iii) such regular
interest's share, if any, of the applicable Subordinate Certificate Writedown
Amount allocated to such regular interest's Corresponding Certificates or
Corresponding Components for previous Distribution Dates.

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

                                       44
<PAGE>

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

      Underlying Subordinate Rates: The Pool 1-2 Underlying Subordinate Rate and
the Pool 3 Underlying Subordinate Rate.

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

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

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

      Section 1.02. Calculations Respecting Mortgage Loans.

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

                                       45
<PAGE>

                                   Article II

                              DECLARATION OF TRUST;
                            ISSUANCE OF CERTIFICATES

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

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

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

      In addition, with respect to any Pledged Asset Mortgage Loan, the
Depositor does hereby transfer, assign, set-over and otherwise convey to the
Trustee without recourse (except as provided herein) (i) its rights as assignee
under any security agreements, pledge agreements or guarantees relating to the
Additional Collateral supporting any Pledged Asset Mortgage Loan, (ii) its
security interest in and to any Additional Collateral, (iii) its right to
receive payments in

                                       46
<PAGE>

respect of any Pledged Asset Mortgage Loan pursuant to the Additional Collateral
Servicing Agreement, and (iv) its rights as beneficiary under the Surety Bond in
respect of any Pledged Asset Mortgage Loan. Notwithstanding anything to the
contrary in this Agreement, the Trust Fund shall not obtain title to or
beneficial ownership of any Additional Collateral as a result of or in lieu of
the disposition thereof or otherwise.

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

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

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

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

            (iv) the original of each assumption, modification or substitution
      agreement, if any, relating to the Mortgage Loans, or, as to any
      assumption, modification or substitution agreement which cannot be
      delivered on or prior to the Closing Date because of a delay caused by the
      public recording office where such assumption, modification or
      substitution agreement has been delivered for recordation, a photocopy of
      such assumption, modification or substitution agreement, pending delivery
      of the original

                                       47
<PAGE>

      thereof, together with an Officer's Certificate of the Depositor
      certifying that the copy of such assumption, modification or substitution
      agreement delivered to the Trustee (or its custodian) is a true copy and
      that the original of such agreement has been forwarded to the public
      recording office;

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

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

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

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

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

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

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

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

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

                                       48
<PAGE>

except to the extent delays are caused by the applicable recording office), the
Trustee, at the expense of the Depositor and with the cooperation of the
applicable Servicer, shall cause to be properly recorded by such Servicer in
each public recording office where the related Mortgages are recorded each
Assignment of Mortgage referred to in subsection (b)(v) above with respect to a
Non-MERS Mortgage Loan. With respect to each Cooperative Loan, the Trustee, at
the expense of the Depositor and with the cooperation of the applicable
Servicer, shall cause such Servicer to take such actions as are necessary under
applicable law in order to perfect the interest of the Trustee in the related
Mortgaged Property.

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

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

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

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

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

      (b) Within 45 days after the Closing Date, the applicable Custodian will,
on behalf of the Trustee and for the benefit of Holders of the Certificates,
review each Mortgage File to ascertain that all required documents set forth in
Section 2.01 have been received and appear on their face

                                       49
<PAGE>

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

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

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

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<PAGE>

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

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

      Section 2.03. Representations and Warranties of the Depositor.

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

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

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

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

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

            (v) there are no actions, suits or proceedings pending or, to the
      knowledge of the Depositor, threatened or likely to be asserted against or
      affecting the Depositor, before or by any court, administrative agency,
      arbitrator or governmental body (A) with respect to any of the
      transactions contemplated by this Agreement or (B) with respect to any
      other matter which in the judgment of the Depositor will be determined
      adversely to the Depositor and will if determined adversely to

                                       51
<PAGE>

      the Depositor materially and adversely affect it or its business, assets,
      operations or condition, financial or otherwise, or adversely affect its
      ability to perform its obligations under this Agreement; and

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

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

      Section 2.04. Discovery of Breach.

      It is understood and agreed that the representations and warranties (i)
set forth in Section 2.03 and (ii) of Lehman Capital or the Bank set forth in
the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
hereunder and (iii) of each Transferor, assigned by Lehman Capital or the Bank
to the Depositor pursuant to the Mortgage Loan Sale Agreement

                                       52
<PAGE>

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

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

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

      (b) With respect to each Qualifying Substitute Mortgage Loan to be
delivered to the Trustee (or its custodian) pursuant to the terms of this
Article II in exchange for a Deleted Mortgage Loan: (i) the Depositor, the
applicable Transferor, the Bank or Lehman Capital, as applicable, must deliver
to the Trustee (or its custodian) the Mortgage File for the Qualifying
Substitute Mortgage Loan containing the documents set forth in Section 2.01(b)
along with a

                                       53
<PAGE>

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

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

      Section 2.06. Grant Clause.

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

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<PAGE>

                                  Article III

                                THE CERTIFICATES

      Section 3.01. The Certificates.

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

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

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

                                       55
<PAGE>

time be increased or decreased by adjustments made on the records of the Trustee
or DTC or its nominee, as the case may be, as hereinafter provided.

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

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

      Section 3.02. Registration.

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

      Section 3.03. Transfer and Exchange of Certificates.

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

                                       56
<PAGE>

sufficient to cover any tax or governmental charge that may be imposed in
connection with any registration of transfer of Certificates.

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

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

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

            (i) The Certificate Registrar shall register the transfer of a
      Restricted Certificate if the requested transfer is (x) to the Depositor
      or the Placement Agent, an affiliate (as defined in Rule 405 under the
      Act) of the Depositor or the Placement Agent

                                       57
<PAGE>

      or (y) being made to a QIB by a transferor that has provided the Trustee
      with a certificate in the form of Exhibit F hereto; and

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

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

      The Trustee shall have no obligations to monitor transfers of Book-Entry
Certificates that are ERISA-Restricted Certificates and shall have no liability
for transfers of such Certificates in violation of the transfer restrictions.

      Notwithstanding anything to the contrary herein, any purported transfer of
an ERISA-Restricted Certificate in the form of a Definitive Certificate to or on
behalf of an employee benefit plan subject to Title I of ERISA, a plan subject
to Section 4975 of the Code or a plan subject to Similar Law without the
delivery to the Trustee of an Opinion of Counsel satisfactory to the Trustee as
described above shall be void and of no effect. The Trustee shall be under no
liability to any Person for any registration of transfer of any ERISA-Restricted
Certificate that is in fact not permitted by this Section 3.03(d) or for making
any payments due on such Certificate to the Holder thereof or taking any other
action with respect to such Holder under the provisions of this Agreement so
long as the transfer was registered in accordance with the foregoing
requirements. The Trustee shall be entitled, but not obligated, to recover from
any Holder of any ERISA-Restricted Certificate that was in fact an employee
benefit plan subject to Title I of ERISA, a plan subject to Section 4975 of the
Code or a plan subject to Similar Law, or a Person acting on behalf of any such
plan at the time it became a Holder or, at such subsequent time as it became
such a plan or Person acting on behalf of such a plan, all payments made on such
ERISA-Restricted Certificate at and after either such time. Any such payments so
recovered by

                                       58
<PAGE>

the Trustee shall be paid and delivered by the Trustee to the last preceding
Holder of such Certificate that is not such a plan or Person acting on behalf of
a plan.

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

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

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

                                       59
<PAGE>

was a Disqualified Organization, agent or nominee thereof, or Non-permitted
Foreign Holder at the time it became a Holder or any subsequent time it became a
Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
Holder, all payments made on such Residual Certificate at and after either such
times (and all costs and expenses, including but not limited to attorneys' fees,
incurred in connection therewith). Any payment (not including any such costs and
expenses) so recovered by the Trustee shall be paid and delivered to the last
preceding Holder of such Residual Certificate.

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

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

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

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

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

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

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

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

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

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

      Section 3.04. Cancellation of Certificates.

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

Section 3.05.     Replacement of Certificates.

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

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      Section 3.06. Persons Deemed Owners.

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

      Section 3.07. Temporary Certificates.

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

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

      Section 3.08. Appointment of Paying Agent.

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

      Section 3.09. Book-Entry Certificates.

      (a) Each Class of Book-Entry Certificates, upon original issuance, shall
be issued in the form of one or more typewritten Certificates representing the
Book-Entry Certificates, to be

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

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

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

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

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

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

      (c) If (i) (A) the Depositor advises the Trustee in writing that the
Clearing Agency is no longer willing or able to discharge properly its
responsibilities with respect to the Book-Entry Certificates, and (B) the
Trustee or the Depositor is unable to locate a qualified successor, (ii) the
Depositor, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of an Event of Default, Certificate Owners representing beneficial
interests aggregating not less than 50% of the Class Principal Amount of a Class
of Book-Entry Certificates identified as such to the Trustee by an Officer's
Certificate from the Clearing Agency advise the Trustee and the Clearing Agency
through the Clearing Agency Participants in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests
of the Certificate Owners of a Class of Book-Entry Certificates, the Trustee
shall notify or cause the Certificate Registrar to notify the Clearing Agency to
effect notification to all Certificate Owners, through the Clearing Agency, of
the occurrence of any such event and of the availability of Definitive
Certificates to Certificate Owners requesting the same. Upon surrender to the
Trustee of the Book-Entry

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<PAGE>

Certificates by the Clearing Agency, accompanied by registration instructions
from the Clearing Agency for registration, the Trustee shall issue the
Definitive Certificates. Neither the Transferor nor the Trustee shall be liable
for any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of
Definitive Certificates all references herein to obligations imposed upon or to
be performed by the Clearing Agency shall be deemed to be imposed upon and
performed by the Trustee, to the extent applicable, with respect to such
Definitive Certificates and the Trustee shall recognize the holders of the
Definitive Certificates as Certificateholders hereunder.

                                   Article IV

                        ADMINISTRATION OF THE TRUST FUND

      Section 4.01. Collection Account.

      (a) On the Closing Date, the Master Servicer shall open and shall
thereafter maintain a segregated account held in trust (the "Collection
Account"), entitled "Aurora Loan Services Inc., as Master Servicer, in trust for
the benefit of the Holders of Structured Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 2003-7H." The Collection Account shall relate
solely to the Certificates issued by the Trust Fund hereunder, and funds in such
Collection Account shall not be commingled with any other monies.

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

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

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

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

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<PAGE>

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

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

            (iv) all Insurance Proceeds;

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

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

      (e) Funds in the Collection Account may be invested in Eligible
Investments (selected by and at the written direction of the Master Servicer)
which shall mature not later than the earlier of (a) the Deposit Date (except
that if such Eligible Investment is an obligation of the Trustee or the Paying
Agent, if other than the Trustee, and such Collection Account is maintained with
the Trustee or the Paying Agent, if other than the Trustee, then such Eligible
Investment shall mature not later than such applicable Distribution Date) or (b)
the day on which the funds in such Collection Account are required to be
remitted to the Trustee for deposit into the Certificate Account, and any such
Eligible Investment shall not be sold or disposed of prior to its maturity. All
such Eligible Investments shall be made in the name of the Master Servicer in
trust for the benefit of the Trustee and Holders of Structured Asset Securities
Corporation, Mortgage Pass-Through Certificates, Series 2003-7H. All income and
gain realized from any such investment shall be for the benefit of the Master
Servicer, while such Collection Account is maintained by the Master Servicer,
and shall be subject to its withdrawal or order from time to time and shall not
be part of the Trust Fund. The amount of any losses incurred in respect of any
such investments shall be deposited in such Collection Account by the Master
Servicer out of its own funds, without any right of reimbursement therefor,
immediately as realized. The foregoing requirements for deposit in the
Collection Account are exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments of interest on funds in the
Collection Account and payments in the nature of late payment charges or
assumption fees need not be deposited by the Master Servicer in the Collection
Account and may be retained by the Master Servicer or the applicable Servicer as
additional servicing compensation. If the Master

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Servicer deposits in the Collection Account any amount not required to be
deposited therein, it may at any time withdraw such amount from such Collection
Account.

      Section 4.02. Application of Funds in the Collection Account.

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

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

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

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

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

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      pursuant to Section 5.05, from any Mortgagor payment as to interest or
      such other recovery with respect to that Mortgage Loan, as is permitted by
      this Agreement;

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

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

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

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

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

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

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

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

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

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

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

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

      Section 4.03. Reports to Certificateholders.

      (a) On each Distribution Date, the Trustee shall have prepared (based
solely on information provided by the Master Servicer) and shall make available
to each Certificateholder a written report setting forth the following
information, by Mortgage Pool and Certificate Group (on the basis of Mortgage
Loan level information obtained from the applicable Servicer and the Master
Servicer):

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

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

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

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

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

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

            (vii) any Realized Losses realized with respect to the Mortgage
      Loans (x) in the applicable Prepayment Period and (y) in the aggregate
      since the Cut-off Date, stating

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      separately the amount of Special Hazard Losses, Fraud Losses and
      Bankruptcy Losses and the aggregate amount of such Realized Losses, and
      the remaining Special Hazard Loss Amount, Fraud Loss Amount and Bankruptcy
      Loss Amount;

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

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

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

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

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

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

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

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

      The Trustee will make such report and additional loan level information
(and, at its option, any additional files provided by the Master Servicer
containing the same information in an alternative format) available each month
to Certificateholders and the Rating Agencies via the Trustee's internet
website. The Trustee's internet website shall initially be located at
"www.sf.citidirect.com." Assistance in using the website can be obtained by
calling the Trustee at (212) 657-7781. Such parties that are unable to use the
website are entitled to have a paper copy mailed to them via first class mail by
calling the customer service desk and indicating such. The Trustee shall have
the right to change the way such statements are distributed in order to make
such distribution more convenient and/or more accessible to the above parties
and the

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Trustee shall provide timely and adequate notification to all above parties
regarding any such changes.

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

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

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

      Section 4.04. Certificate Account.

      (a) The Trustee shall establish and maintain in its name, as trustee, a
trust account (the "Certificate Account"), to be held in trust for the benefit
of the Certificateholders until disbursed pursuant to the terms of this
Agreement. The Certificate Account shall be an Eligible Account. If the existing
Certificate Account ceases to be an Eligible Account, the Trustee shall
establish a new Certificate Account that is an Eligible Account within 20
Business Days and transfer all funds on deposit in such existing Certificate
Account into such new Certificate Account. The Certificate Account shall relate
solely to the Certificates issued hereunder and funds in the Certificate Account
shall be held separate and apart from and shall not be commingled with any

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other monies including, without limitation, other monies of the Trustee held
under this Agreement.

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

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

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

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

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

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

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

      Section 4.05. [Reserved].

      Section 4.06. [Reserved].

                                    Article V

                    DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

      Section 5.01. Distributions Generally.

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

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

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

      Section 5.02. Distributions from the Certificate Account.

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

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

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

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

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

                  (A) to the Class R and Class A1-I Certificates and Component
            A-PO-F(I) from the Available Distribution Amount for Pool 1, the
            Senior Principal Distribution Amount for Mortgage Pool 1, in
            reduction of their Certificate Principal Amounts or Component
            Principal Amount, concurrently as follows:

                        1. sequentially, to the Class R and Class A1-I
                  Certificates, in that order, in an amount up to the Senior
                  Principal Distribution Amount for Pool 1, until their
                  respective Class Principal Amounts have been reduced to zero;

                        2. to Component A-PO-F(I), the PO Principal Distribution
                  Amount for Pool 1, until its Component Principal Amount has
                  been reduced to zero;

                  (B) to the Class A1-II Certificates and Component A-PO-F(II)
            from the Available Distribution Amount for Pool 2, the Senior
            Principal Distribution Amount for Mortgage Pool 2, in reduction of
            their Certificate Principal Amount or Component Principal Amount,
            concurrently as follows:

                        1. to the Class A1-II Certificates, in an amount up to
                  the Senior Principal Distribution Amount for Pool 2, until its
                  Class Principal Amount has been reduced to zero;

                        2. to Component A-PO-F(II), the PO Principal
                  Distribution Amount for Pool 2, until its Component Principal
                  Amount has been reduced to zero;

                  (C) to the Class A1-III Certificates from the Available
            Distribution Amount for Pool 3, the Senior Principal Distribution
            Amount for such Mortgage Pool, in reduction of their Certificate
            Principal Amount until their Certificate Principal Amount has been
            reduced to zero;

            (v) to the Component A-PO-F(I) and Component A-PO-F(II), to the
      extent of the remaining Available Distribution Amount for Pool 1 and Pool
      2, respectively, the PO Deferred Amount for such Component and
      Distribution Date, until the Component Principal Amount thereof has been
      reduced to zero; provided, however, that (A) distributions pursuant to
      this priority shall not exceed the aggregate Subordinate Principal
      Distribution Amount for such Mortgage Pools for such date; (B) such
      amounts will not reduce the Component Principal Amount of such Component;
      and (C) in the event the aggregate Subordinate Principal Distribution
      Amount for such Mortgage Pools is insufficient to fully pay the PO
      Deferred Amount for the Component A-PO-F(I) and

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      Component A-PO-F(II), such amount shall be distributed pro rata to such
      Components on the basis of their respective PO Deferred Amounts; and

            (vi) from the remaining Available Distribution Amount for Pool 1 and
      Pool 2, subject to the prior distribution of amounts pursuant to Section
      5.02(b) in the case of clauses (C) and (F) below, to the Class B1-F and
      Class B2-F Certificates, in the following order of priority:

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

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

                  (C) to the Class B1-F Certificates, in reduction of the Class
            Principal Amount thereof, such Class's pro rata share of the Pool
            1-2 B1-B2 Principal Distribution Amount for such Distribution Date,
            except as provided in Section 5.02(b), until the Certificate
            Principal Balance thereof has been reduced to zero;

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

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

                  (F) to the Class B2-F Certificates, in reduction of the
            Certificate Principal Amount thereof, the sum of (i) such Class's
            pro rata share of the Pool 1-2 B1-B2 Principal Distribution Amount
            for such Distribution Date, except as provided in Section 5.02(b),
            and (ii) any portion of the Pool 1-2 B1-B2 Principal Distribution
            Amount allocated to the Class B1-F Certificates in excess of the
            Certificate Principal Amount of such Class, until the Class
            Principal Amount thereof has been reduced to zero;

            (vii) from the remaining Available Distribution Amount for Pool 3,
      subject to the prior distribution of amounts pursuant to Section 5.02(b)
      in the case of clauses (C) and (H) below, to the Class B1-III and Class
      B2-III Certificates, in the following order of priority:

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

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<PAGE>

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

                  (C) to the Class B1-III Certificates, in reduction of the
            Class Principal Amount thereof, such Class's pro rata share of the
            Pool 3 B1-B2 Principal Distribution Amount for such Distribution
            Date, except as provided in Section 5.02(b), until the Certificate
            Principal Balance thereof has been reduced to zero;

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

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

                  (F) to the Class B2-III Certificates, in reduction of the
            Certificate Principal Amount thereof, the sum of (i) such Class's
            pro rata share of the Pool 3 B1-B2 Principal Distribution Amount for
            such Distribution Date, except as provided in Section 5.02(b), and
            (ii) any portion of the Pool 3 B1-B2 Principal Distribution Amount
            allocated to the Class B1-III Certificates in excess of the
            Certificate Principal Amount of such Class, until the Class
            Principal Amount thereof has been reduced to zero;

            (viii) from the remaining Available Distribution Amounts for all
      Mortgage Pools, subject to the prior distribution of amounts pursuant to
      Section 5.02(c) in the case of clauses (C), (F), (I) and (L) below, to the
      Class B3, Class B4, Class B5 and Class B6 Certificates in the following
      order of priority

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

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

                  (C) to the Class B3 Certificates, in reduction of the
            Certificate Principal Amount thereof, such Class's pro rata share of
            the sum of the Pool 1-2 B3-B6 Principal Distribution Amount and the
            Pool 3 B3-B6 Principal Distribution Amount for such Distribution
            Date, except as provided in Section 5.02(c), until the Certificate
            Principal Amount thereof has been reduced to zero;

                  (D) to the Class B4 Certificates, the Accrued Certificate
            Interest thereon for such Distribution Date, as reduced by such
            Class's

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            allocable share of any Net Prepayment Interest Shortfalls for such
            Distribution Date;

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

                  (F) to the Class B4 Certificates, in reduction of the
            Certificate Principal Amount thereof, the sum of (i) such Class's
            pro rata share of the sum of the Pool 1-2 B3-B6 Principal
            Distribution Amount and the Pool 3 B3-B6 Principal Distribution
            Amount for such Distribution Date, except as provided in Section
            5.02(c), and (ii) any portion of the sum of the Pool 1-2 B3-B6
            Principal Distribution Amount and Pool 3 B3-B6 Principal
            Distribution Amount allocated to the Class B3 Certificates in excess
            of the Certificate Principal Amount of such Class, until the
            Certificate Principal Balance thereof has been reduced to zero;

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

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

                  (I) to the Class B5 Certificates, in reduction of the
            Certificate Principal Amount thereof, the sum of (i) such Class's
            pro rata share of sum of the Pool 1-2 B3-B6 Principal Distribution
            Amount and the Pool 3 B3-B6 Principal Distribution Amount for such
            Distribution Date, except as provided in Section 5.02(c), and (ii)
            any portion of the sum of the Pool 1-2 B3-B6 Principal Distribution
            Amount and the Pool 3 B3-B6 Principal Distribution Amount allocated
            to the Class B4 Certificates in excess of the Certificate Principal
            Amount of such Class, until the Class Principal Balance thereof has
            been reduced to zero;

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

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

                  (L) to the Class B6 Certificates, in reduction of the
            Certificate Principal Amount thereof, the sum of (i) such Class's
            pro rata share of the sum of the Pool 1-2 B3-B6 Principal
            Distribution Amount and the Pool 3 B3-B6 Principal Distribution
            Amount for such Distribution Date, except as provided in Section
            5.02(c), and (ii) any portion of the sum of the Pool 1-2 B3-B6
            Principal Distribution Amount and the Pool 3 B3-B6 Principal

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            Distribution Amount allocated to the Class B5 Certificates in excess
            of the Certificate Principal Amount of such Class, until the
            Certificate Principal Balance thereof has been reduced to zero.

            (ix) Net Prepayment Interest Shortfalls for Pool 1 shall be
      allocated among the Group 1 Certificates and the Class B1-F, Class B2-F,
      Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on
      (x) in the case of the Group 1 Certificates, the Accrued Certificate
      Interest otherwise distributable thereon, and (y) in the case of the Class
      B1-F, Class B2-F, Class B3, Class B4, Class B5 and Class B6 Certificates,
      the interest accrued at the Pool 1 Net WAC on the related Apportioned
      Principal Balances.

            (x) Net Prepayment Interest Shortfalls for Pool 2 shall be allocated
      among the Group 2 Certificates and the Class B1-F, Class B2-F, Class B3,
      Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the
      case of the Group 2 Certificates, the Accrued Certificate Interest
      otherwise distributable thereon, and (y) in the case of the Class B1-F,
      Class B2-F, Class B3, Class B4, Class B5 and Class B6 Certificates, the
      interest accrued at the Pool 2 Net WAC on the related Apportioned
      Principal Balances.

            (xi) Net Prepayment Interest Shortfalls for Pool 3 shall be
      allocated among the Group 3 Certificates and the Class B3, Class B4, Class
      B5 and Class B6 Certificates pro rata based on (x) in the case of the
      related Group 3 Certificates, the Accrued Certificate Interest otherwise
      distributable thereon, and (y) in the case of the Class B3, Class B4,
      Class B5 and Class B6 Certificates, interest accrued at the Pool 3 Net WAC
      on the related Apportioned Principal Balances.

      (b) (i) Notwithstanding the foregoing, on any Distribution Date, the
portion of the Pool 1-2 B1-B2 Principal Distribution Amount described in clauses
(ii) and (iii) of the definition of Subordinate Principal Distribution Amount
for Pool 1 and Pool 2 referred to above in Section 5.02(a)(vi) will be
distributed entirely to the Class B1-F Certificates if the Credit Support
Percentage of the Class B1-F Certificates as of such Distribution Date (before
giving effect to any distribution of principal on such Distribution Date) is
less than the Original Credit Support Percentage for such Class. (ii)
Notwithstanding the foregoing, on any Distribution Date, the portion of the Pool
3 B1-B2 Principal Distribution Amount described in clauses (ii) and (iii) of the
definition of Subordinate Principal Distribution Amount for Pool 3 referred to
above in Section 5.02(a)(vii) will be distributed entirely to the Class B1-III
Certificates if the Credit Support Percentage of the Class B1-III Certificates
as of such Distribution Date (before giving effect to any distribution of
principal on such Distribution Date) is less than the Original Credit Support
Percentage for such Class.

      (c) Notwithstanding the foregoing, on any Distribution Date, the portion
of the sum of the Pool 1-2 B3-B6 Principal Distribution Amount and the Pool 3
B3-B6 Principal Distribution Amount described in clauses (ii) and (iii) of the
definition of Subordinate Principal Distribution Amount for Pool 1, Pool 2 and
Pool 3 referred to above in Section 5.02(a)(viii) will be allocated pro rata
among the following Classes of Certificates: (i) any of the Class of Class B3,
Class B4 and Class B5 Certificates which has a current Credit Support Percentage
(before giving effect to any distribution of principal on such Distribution
Date) greater than or equal to the original Credit Support Percentage for such
Class; (ii) the Class of Class B3, Class B4 and Class B5

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Certificates having the lowest numerical class designation which does not meet
the criteria in (i) above; and (iii) the Class B6 Certificates if all other
outstanding Classes of Class B3, Class B4 and Class B5 Certificates meet the
criteria in (i) above or if no other Class of Class B3, Class B4 and Class B5
Certificates is outstanding.

      (d) [reserved].

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

      (f) (i) On each Distribution Date prior to the Credit Support Depletion
Date for Group 1 or Group 2, but on or after the date on which the aggregate
Certificate Principal Amount of the Senior Certificates of Group 1 or Group 2
and the Class B3, Class B4, Class B5 and Class B6 Certificates has been reduced
to zero, amounts otherwise distributable as principal on each of the Class B1-F
and Class B2-F Certificates, in reverse order of priority, in respect of such
Class's share of the Pool 1-2 B1-B2 Principal Distribution Amount for the
Mortgage Pool relating to such retired Senior Certificates, shall be distributed
as principal to the Senior Certificates relating to Pool 1 or Pool 2 (other than
any Notional Certificates) remaining outstanding, as applicable, in accordance
with the priorities set forth in Section 5.02(a)(iv), until the Class Principal
Amounts thereof have been reduced to zero.

      (g) (i) On any Distribution Date on which any of Certificate Groups 1, 2
or 3 constitutes an Undercollateralized Group, all amounts otherwise
distributable as principal on the Class B3, Class B4, Class B5 and Class B6
Certificates, in reverse order of priority (other than amounts necessary to pay
unpaid Interest Shortfalls), will be distributed as principal to the Senior
Certificates (other than any Notional Certificates or the Principal-Only
Certificate) of such Undercollateralized Group in accordance with the priorities
set forth in Section 5.02(a)(iv) until the aggregate Certificate Principal
Amount of such Senior Certificates equals the Pool Balance of the related
Mortgage Pool (such distribution, an "Undercollateralization Distribution"). In
the event that any of Certificate Groups 1 or 2 constitutes the
Undercollateralized Group on any Distribution Date following the date on which
the aggregate Certificate Principal Amount of the Class B3, Class B4, Class B5
and Class B6 Certificates is reduced to zero, Undercollateralization
Distributions will be made from the excess of the Available Distribution Amount
for the other such Mortgage Pools (other than Pool 3) not related to the
Undercollateralized Group remaining after all required amounts have been
distributed to the Senior Certificates of the other Certificate Groups. In
addition, the amount of any unpaid Interest Shortfalls with respect to the
Undercollateralized Group on any Distribution Date (including any Interest
Shortfalls for such Distribution Date) will be distributed to the Senior
Certificates of the Undercollateralized Group prior to the payment of any
Undercollateralization Distributions from amounts otherwise distributable as
principal on the Class B3, Class B4, Class B5 and Class B6 Certificates, in
reverse order of priority (or, following the date on which the aggregate
Certificate Principal Amount of the Class B3, Class B4, Class B5 and Class B6
Certificates is reduced to zero, as provided in the preceding sentence).

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      Section 5.03. Allocation of Realized Losses.

      (a) (i) On any Distribution Date, (x) the applicable PO Percentage of the
principal portion of each Realized Loss in respect of a Mortgage Loan in Pool 1
will be allocated to the Component A-PO-F(I) until the Component Principal
Amount thereof has been reduced to zero; and (y) the principal portion of each
Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan in Pool
1 (provided that in the case of Pool 1, only the applicable Non-PO Percentage of
the principal portion of such Realized Loss shall be allocated below):

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

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

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

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

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

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

                  seventh, to the Class A1-I and Class R Certificates, pro rata,
            until the Class Principal Amounts thereof have been reduced to zero.

      (ii) On any Distribution Date, (x) the applicable PO Percentage of the
principal portion of each Realized Loss in respect of a Mortgage Loan in Pool 2
will be allocated to the Component A-PO-F(II) until the Component Principal
Amount thereof has been reduced to zero; and (y) the principal portion of each
Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan in Pool
2 (provided that in the case of Pool 2, only the applicable Non-PO Percentage of
the principal portion of such Realized Loss shall be allocated below):

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

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

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

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

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<PAGE>

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

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

                  seventh, to the Class A1-II Certificates, until the Class
            Principal Amount thereof has been reduced to zero.

      (iii) On any Distribution Date, the principal portion of each Realized
Loss (other than any Excess Loss) in respect of a Mortgage Loan in Pool 3 shall
be allocated in the following order of priority:

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

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

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

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

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

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

                  seventh, to the Class A1-III Certificates, until the Class
            Principal Amount thereof has been reduced to zero.

      (b) With respect to any Distribution Date, (i) the applicable Non-PO
Percentage of the principal portion of any Excess Loss in respect of a Mortgage
Loan in Pool 1 shall be allocated, pro rata, to the Class B1-F, Class B2-F,
Class B3, Class B4, Class B5 and Class B6 Certificates and the Group 1
Certificates, (ii) the applicable Non-PO Percentage of the principal portion of
any Excess Losses in respect of a Mortgage Loan in Pool 2 shall be allocated pro
rata, to the Class B1-F, Class B2-F, Class B3, Class B4, Class B5 and Class B6
Certificates and to the Group 2 Certificates and (iii) the principal portion of
any Excess Losses in respect of a Mortgage Loan in Pool 3 shall be allocated pro
rata, to the Class B1-III, Class B2-III, Class B3, Class B4, Class B5 and Class
B6 Certificates and to the Group 3 Certificates, in each case on the basis of
the Apportioned Principal Balances of the Class B1-F, Class B2-F, Class B3,
Class B4, Class B5 and Class B6 Certificates and Class Principal Amounts or
Component Principal Amounts of the Group 1, Group 2 and Group 3 Certificates;
provided, that any such loss allocated to any Class of Accrual Certificates (and
any Accrual Component) shall be allocated (subject to Section 5.03(c)) on the
basis of the lesser of (x) the Class Principal Amount thereof immediately prior
to the

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applicable Distribution Date and (y) the Class Principal Amount thereof on the
Closing Date (as reduced by any Realized Losses previously allocated thereto).

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

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

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

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

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

      (a) Advances shall be made in respect of each Deposit Date as provided
herein. If, on any Determination Date, the Master Servicer determines that any
Scheduled Payments due during the related Due Period (other than Balloon
Payments) have not been received, the Master Servicer shall, or shall cause the
applicable Servicer to, advance such amount, less an amount, if any, to be set
forth in an Officer's Certificate to be delivered to the Trustee on such
Determination Date, which if advanced the Master Servicer or such Servicer has
determined would not be recoverable from amounts received with respect to such
Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds
or otherwise. If the Master Servicer determines that an Advance is required, it
shall on the Deposit Date immediately following such Determination Date either
(i) remit to the Trustee from its own funds (or funds advanced by the

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applicable Servicer) for deposit in the Certificate Account immediately
available funds in an amount equal to such Advance, (ii) cause to be made an
appropriate entry in the records of the Collection Account that funds in such
account being held for future distribution or withdrawal have been, as permitted
by this Section 5.04, used by the Master Servicer to make such Advance, and
remit such immediately available funds to the Trustee for deposit in the
Certificate Account or (iii) make Advances in the form of any combination of
clauses (i) and (ii) aggregating the amount of such Advance. Any funds being
held in the Collection Account for future distribution to Certificateholders and
so used shall be replaced by the Master Servicer from its own funds by
remittance to the Trustee for deposit in the Certificate Account on or before
any future Deposit Date to the extent that funds in the Certificate Account on
such Deposit Date shall be less than payments to Certificateholders required to
be made on the related Distribution Date. The Master Servicer and each Servicer
shall be entitled to be reimbursed from the Collection Account for all Advances
made by it as provided in Section 4.02.

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

      Section 5.05. Compensating Interest Payments.

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

                                   Article VI

                   CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

      Section 6.01. Duties of Trustee.

      (a) The Trustee, except during the continuance of an Event of Default (of
which a Responsible Officer of the Trustee shall have actual knowledge),
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. Any permissive right of the Trustee provided for in
this Agreement shall not be construed as a duty of the Trustee. If an Event of
Default (of which a Responsible Officer of the Trustee shall have actual
knowledge) has occurred and has not otherwise been cured or waived, the Trustee
shall exercise such of the

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rights and powers vested in it by this Agreement and use the same degree of care
and skill in their exercise as a prudent Person would exercise or use under the
circumstances in the conduct of such Person's own affairs unless the Trustee is
acting as Master Servicer, in which case it shall use the same degree of care
and skill as the Master Servicer hereunder.

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

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

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

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

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

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

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<PAGE>

      any, as the Trustee shall be the successor to, and be vested with the
      rights, duties, powers and privileges of, the Master Servicer in
      accordance with the terms of this Agreement.

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

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

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

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

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

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

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

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

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

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

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

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

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

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<PAGE>

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

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

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

      Section 6.04. Trustee May Own Certificates. The Trustee and any Affiliate
or agent of the Trustee in its individual or any other capacity may become the
owner or pledgee of Certificates and may transact banking and trust with the
other parties hereto with the same rights it would have if it were not Trustee
or such agent.

      Section 6.05. Eligibility Requirements for Trustee. Trustee hereunder
shall at all times be (i) an institution insured by the FDIC and (ii) a
corporation or national banking association, organized and doing business under
the laws of any State or the United States of America, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus
of not less than $50,000,000 and subject to supervision or examination by
federal or state authority. If such corporation or national banking association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then, for the
purposes of this Section, the combined capital and surplus of such corporation
or national banking association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 6.06.

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      Section 6.06. Resignation and Removal of Trustee.

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

      (b) If at any time (i) the Trustee shall cease to be eligible in
accordance with the provisions of Section 6.05 and shall fail to resign after
written request therefor by the Depositor, (ii) the Trustee shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or its property or affairs for the
purpose of rehabilitation, conservation or liquidation, (iii) a tax is imposed
or threatened with respect to the Trust Fund by any state in which the Trustee
or the Trust Fund held by the Trustee is located, or (iv) the continued use of
the Trustee would result in a downgrading of the rating by the Rating Agencies
of any Class of Certificates with a rating, then the Depositor shall remove the
Trustee and appoint a successor trustee by written instrument, one copy of which
instrument shall be delivered to the Trustee so removed, one copy to the
successor trustee and one copy to the Master Servicer.

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

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

      Section 6.07. Successor Trustee

      (a) Any successor trustee appointed as provided in Section 6.06 shall
execute, acknowledge and deliver to the Depositor, the Master Servicer and to
its predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee shall become
effective and such successor trustee without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally
named as trustee . The predecessor trustee (or its custodian) shall deliver to
the successor Trustee (or assign to the successor Trustee its interest under
each Custodial Agreement, to the extent permitted thereunder) all Mortgage Files
and documents and statements related to each Mortgage Files held by it
hereunder, and shall duly assign, transfer, deliver and pay over to the
successor trustee the entire Trust Fund,

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together with all necessary instruments of transfer and assignment or other
documents properly executed necessary to effect such transfer and such of the
record or copies thereof maintained by the predecessor Trustee in the
administration hereof as may be requested by the successor trustee and shall
thereupon be discharged from all duties and responsibilities under this
Agreement. In addition, the Master Servicer and the predecessor Trustee shall
execute and deliver such other instruments and do such other things as may
reasonably be required to more fully and certainly vest and confirm in the
successor trustee all such rights, powers, duties and obligations.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

      Section 6.10. Authenticating Agents.

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

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

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

      Section 6.11. Indemnification of Trustee. The Trustee and its respective
directors, officers, employees and agents shall be entitled to indemnification
from the Trust Fund for any loss, liability or expense incurred in connection
with any legal proceeding or incurred without negligence or willful misconduct
on their part, arising out of, or in connection with, the acceptance or
administration of the trusts created hereunder or in connection with the

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performance of their duties hereunder, including any applicable fees and
expenses payable pursuant to Section 6.12 and the costs and expenses of
defending themselves against any claim in connection with the exercise or
performance of any of their powers or duties hereunder, provided that:

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

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

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

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

      Section 6.12. Fees and Expenses of Trustee and Custodian. The Trustee
shall be entitled to (a) the Trustee Fee and (b) all reasonable expenses,
disbursements and advancements incurred or made by the Trustee in accordance
with this Agreement (including fees and expenses of its counsel and all persons
not regularly in its employment), except any such expenses, disbursements and
advancements that either (i) arise from its negligence, bad faith or willful
misconduct or (ii) do not constitute "unanticipated expenses" within the meaning
of Treasury Regulations Section 1.860G-1(b)(3)(ii). The Custodian shall be
compensated as separately agreed with the Depositor.

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

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

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

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            (i) Any failure by the Master Servicer to furnish the Trustee the
      Mortgage Loan data sufficient to prepare the reports described in Section
      4.03(a) which continues unremedied for a period of two (2) Business Day
      after the date upon which written notice of such failure shall have been
      given to such Master Servicer by the Trustee or to such Master Servicer,
      the Trustee by the Holders of not less than 25% of the Class Principal
      Amount (or Class Notional Amount) of each Class of Certificates affected
      thereby; or

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

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

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

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

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

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

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      Servicer and the Trustee by the Holders of not less than 25% of the
      Aggregate Certificate Principal Amount of each Class of Certificates; or

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

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

            (x) Any failure of the Master Servicer to remit to the Trustee any
      payment required to be made to the Trustee for the benefit of
      Certificateholders under the terms of this Agreement, including any
      Advance, on any Deposit Date, which such failure continues unremedied for
      a period of one Business Day after the date upon which notice of such
      failure shall have been given to the Master Servicer by the Trustee.

      If an Event of Default described in clauses (i) through (ix) of this
Section 6.14 shall occur, then, in each and every case, subject to applicable
law, so long as any such Event of Default shall not have been remedied within
any period of time prescribed by this Section 6.14, the Trustee, by notice in
writing to the Master Servicer may, and shall, if so directed by
Certificateholders evidencing more than 50% of the Class Principal Amount (or
Class Notional Amount) of each Class of Certificates, terminate all of the
rights and obligations of the Master Servicer hereunder and in and to the
Mortgage Loans and the proceeds thereof. If an Event of Default described in
clause (x) of this Section 6.14 shall occur, then, in each and every case,
subject to applicable law, so long as such Event of Default shall not have been
remedied within the time period prescribed by clause (x) of this Section 6.14,
the Trustee, by notice in writing to the Master Servicer, shall promptly
terminate all of the rights and obligations of the Master Servicer hereunder and
in and to the Mortgage Loans and the proceeds thereof. If an Event of Default
described in clause (x) of this Section 6.14 shall occur, then, in each and
every case, subject to applicable law, the Trustee, by notice in writing to the
Master Servicer, shall promptly terminate all of the rights and obligations of
the Master Servicer hereunder and in and to the Mortgage Loans and the proceeds
thereof. On or after the receipt by the Master Servicer of such written notice,
all authority and power of the Master Servicer, and only in its capacity as
Master Servicer under this Agreement, whether with respect to the Mortgage Loans
or otherwise, shall pass to and be vested in the Trustee pursuant to and under
the terms of this Agreement; and the Trustee is hereby authorized and empowered
to execute and deliver, on behalf of the defaulting Master Servicer as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Mortgage Loans and related documents or
otherwise. The defaulting Master Servicer agrees to cooperate with the Trustee
in effecting the termination of the defaulting Master Servicer's

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

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

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

      (b) Within 90 days of the time the Master Servicer receives a notice of
termination from the Trustee pursuant to Section 6.14(a) or the Trustee receives
the resignation of the Master Servicer evidenced by an Opinion of Counsel
pursuant to Section 9.28, the Trustee, unless another master servicer shall have
been appointed, shall be the successor in all respects to the Master Servicer in
its capacity as such under this Agreement and the transactions set forth or
provided for herein and shall have all the rights and powers and be subject to
all the responsibilities, duties and liabilities relating thereto and arising
thereafter placed on the Master Servicer hereunder, including the obligation to
make Advances; provided, however, that any failure to perform such duties or
responsibilities caused by the Master Servicer's or the Trustee's failure to
provide information required by this Agreement shall not be considered a default
by the Trustee hereunder. In addition, the Trustee shall have no responsibility
for any act or omission of the Master Servicer prior to the issuance of any
notice of termination and within a period of time not to exceed 90 days after
the issuance of any notice of termination pursuant to

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Section 6.14(a) or Section 9.28. The Trustee shall have no liability relating to
the representations and warranties of the Master Servicer set forth in Section
9.14. In the Trustee's capacity as such successor, the Trustee shall have the
same limitations on liability herein granted to the Master Servicer. As
compensation therefor, the Trustee shall be entitled to receive all compensation
payable to the Master Servicer under this Agreement, including the Master
Servicing Fee.

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

      Section 6.15. Additional Remedies of Trustee Upon Event of Default. During
the continuance of any Event of Default, so long as such Event of Default shall
not have been remedied, the Trustee, in addition to the rights specified in
Section 6.14, shall have the right, in its own name and as trustee of an express
trust, to take all actions now or hereafter existing at law, in equity or by
statute to enforce its rights and remedies and to protect the interests, and
enforce the rights and remedies, of the Certificateholders (including the
institution and

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prosecution of all judicial, administrative and other proceedings and the
filings of proofs of claim and debt in connection therewith). Except as
otherwise expressly provided in this Agreement, no remedy provided for by this
Agreement shall be exclusive of any other remedy, and each and every remedy
shall be cumulative and in addition to any other remedy, and no delay or
omission to exercise any right or remedy shall impair any such right or remedy
or shall be deemed to be a waiver of any Event of Default.

      Section 6.16. Waiver of Defaults. 35% or more of the Aggregate Voting
Interests of Certificateholders may waive any default or Event of Default by the
Master Servicer in the performance of its obligations hereunder, except that a
default in the making of any required deposit to the Certificate Account that
would result in a failure of the Trustee to make any required payment of
principal of or interest on the Certificates may only be waived with the consent
of 100% of the affected Certificateholders. Upon any such waiver of a past
default, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been remedied for every purpose of this
Agreement. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereon except to the extent expressly so waived.

      Section 6.17. Notification to Holders. Upon termination of the Master
Servicer or appointment of a successor to the Master Servicer, in each case as
provided herein, the Trustee shall promptly mail notice thereof by first class
mail to the Certificateholders at their respective addresses appearing on the
Certificate Register. The Trustee shall also, within 45 days after the
occurrence of any Event of Default known to a Responsible Officer of the
Trustee, give written notice thereof to the Certificateholders, unless such
Event of Default shall have been cured or waived prior to the issuance of such
notice and within such 45-day period.

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

      Section 6.19. Action Upon Certain Failures of the Master Servicer and Upon
Event of Default. In the event that a Responsible Officer of the Trustee shall
have actual knowledge of

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

      Section 6.20. Preparation of Tax Returns and Other Reports.

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

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

      (c) The Depositor shall prepare or cause to be prepared the initial
current report on Form 8-K. Thereafter, within 15 days after each Distribution
Date, the Trustee shall, in accordance with industry standards, file with the
Securities and Exchange Commission (the "Commission") via the Electronic Data
Gathering and Retrieval System (EDGAR), a Form 8-K with a copy of the statement
to the Certificateholders for such Distribution Date as an exhibit thereto.
Prior to January 30, 2004, the Trustee shall, in accordance with industry
standards, file a Form 15 Suspension Notification with respect to the Trust
Fund, if applicable. Prior to March 31, 2003, the Trustee shall file (but will
not execute) a Form 10-K, in substance conforming to industry standards, with
respect to the Trust Fund. The Depositor hereby grants to the Trustee a limited
power of attorney to execute and file each such document on behalf of the
Depositor. Such power of attorney shall continue until either the earlier of (i)
receipt by the Trustee from the Depositor of written termination of such power
of attorney and (ii) the termination of the Trust Fund. The Depositor agrees to
promptly furnish to the Trustee, from time to time upon request, such further
information, reports, and financial statements within its control related to
this

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Agreement and the Mortgage Loans as the Trustee reasonably deems appropriate to
prepare and file all necessary reports with the Commission. In addition, the
Form 10-K shall include the certification required pursuant to Rule 13a-14 under
the Securities and Exchange Act of 1934, as amended (the "Form 10-K
Certification") signed by an appropriate party or parties (which Form 10-K
Certification the Trustee shall not be required to sign). The Trustee shall have
no responsibility to file any items other than those specified in this section.

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

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

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

                                   Article VII

                   PURCHASE AND TERMINATION OF THE TRUST FUND

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

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

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

      Section 7.02. Procedure Upon Termination of Trust Fund.

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

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

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to such Holders. If within two years after the second notice any Certificates
shall not have been surrendered for cancellation, the Trustee shall, subject to
applicable state law relating to escheatment, hold all amounts distributable to
such Holders for the benefit of such Holders. No interest shall accrue on any
amount held by the Trustee and not distributed to a Certificateholder due to
such Certificateholder's failure to surrender its Certificate(s) for payment of
the final distribution thereon in accordance with this Section.

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

      Section 7.03. Additional Requirements under the REMIC Provisions.

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

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

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

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

                                  Article VIII

                          RIGHTS OF CERTIFICATEHOLDERS

      Section 8.01. Limitation on Rights of Holders.

      (a) The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or this Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
take any action or proceeding in any court for a partition or winding up of this
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them. Except as otherwise expressly provided herein, no
Certificateholder, solely by virtue of its status as a Certificateholder, shall
have any right to vote or in any manner otherwise control the Master Servicer or
the operation and management of the Trust Fund, or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms
of

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the Certificates, be construed so as to constitute the Certificateholders from
time to time as partners or members of an association, nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken by the parties to this Agreement pursuant to any provision hereof.

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

      Section 8.02. Access to List of Holders.

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

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

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

      Section 8.03. Acts of Holders of Certificates.

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

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

      (c) The ownership of Certificates (whether or not such Certificates shall
be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee) shall be proved by the
Certificate Register, and the Trustee, the Master Servicer and the Depositor
shall not be affected by any notice to the contrary.

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

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                                   Article IX

     ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER

      Section 9.01. Duties of the Master Servicer.

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

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

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

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

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

      For each year this Agreement is in effect, the Master Servicer shall
submit to the Trustee, each Rating Agency and the Depositor a copy of its annual
unaudited financial statements on or prior to March 15 of each year commencing
on March 15, 2004. Such financial statements shall include a balance sheet,
income statement, statement of retained earnings, statement of additional
paid-in capital, statement of changes in financial position and all related
notes and schedules and shall be in comparative form, certified by a nationally
recognized firm of Independent Accountants to the effect that such statements
were examined and prepared in accordance with generally accepted accounting
principles applied on a basis consistent with that of the preceding year.

      Section 9.04. Power to Act; Procedures.

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

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and in accordance with Accepted Servicing Practices and the applicable Servicing
Agreement, to execute and deliver, on behalf of itself and the
Certificateholders, the Trustee or any of them, any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge and all
other comparable instruments, with respect to the Mortgage Loans and with
respect to the Mortgaged Properties. The Trustee shall execute, upon request,
any powers of attorney furnished to it by the Master Servicer or any Servicer
empowering the Master Servicer or each Servicer to execute and deliver
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and to foreclose upon or otherwise liquidate Mortgaged Property, and
to appeal, prosecute or defend in any court action relating to the Mortgage
Loans or the Mortgaged Property, in accordance with the applicable Servicing
Agreement and this Agreement, and the Trustee shall execute and deliver such
other documents, as the Master Servicer may request, necessary or appropriate to
enable the Master Servicer to master service the Mortgage Loans and carry out
its duties hereunder, and to allow each Servicer to service the Mortgage Loans,
in each case in accordance with Accepted Servicing Practices (and the Trustee
shall have no liability for misuse of any such powers of attorney by the Master
Servicer or the applicable Servicer). If the Master Servicer or the Trustee has
been advised that it is likely that the laws of the state in which action is to
be taken prohibit such action if taken in the name of the Trustee or that the
Trustee would be adversely affected under the "doing business" or tax laws of
such state if such action is taken in its name, then upon request of the
Trustee, the Master Servicer shall join with the Trustee in the appointment of a
co-trustee pursuant to Section 6.09 hereof. In the performance of its duties
hereunder, the Master Servicer shall be an independent contractor and shall not,
except in those instances where it is taking action in the name of the Trustee,
be deemed to be the agent of the Trustee.

      (b) In master servicing and administering the Mortgage Loans, the Master
Servicer shall employ procedures and exercise the same care that it customarily
employs and exercises in master servicing and administering loans for its own
account, giving due consideration to Accepted Servicing Practices where such
practices do not conflict with this Agreement. Consistent with the foregoing,
the Master Servicer may, and may permit any Servicer to, in its discretion (i)
waive any late payment charge or any prepayment charge or penalty interest in
connection with the prepayment of a Mortgage Loan and (ii) extend the due dates
for payments due on a Mortgage Note for a period not greater than 120 days;
provided, however, that the maturity of any Mortgage Loan shall not be extended
past the date on which the final payment is due on the latest maturing Mortgage
Loan as of the Cut-off Date. In the event of any extension described in clause
(ii) above, the Master Servicer shall make or cause to be made Advances on the
related Mortgage Loan in accordance with the provisions of Section 5.04 on the
basis of the amortization schedule of such Mortgage Loan without modification
thereof by reason of such extension. Notwithstanding anything to the contrary in
this Agreement, the Master Servicer shall not, unless default by the related
Mortgagor is, in the reasonable judgment of the Master Servicer or the related
Servicer, reasonably foreseeable, make or knowingly permit such Servicer to make
any modification, waiver or amendment of any material term of any Mortgage Loan
(including but not limited to the interest rate, the principal balance, the
amortization schedule, or any other term affecting the amount or timing of
payments on the Mortgage Loan or the collateral therefor) unless the Master
Servicer or the related Servicer shall have provided or caused to be provided to
the Trustee an Opinion of Counsel (at the expense of the party seeking the
modification) in writing to the effect that such modification, waiver or
amendment would not be treated as giving

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rise to a new debt instrument for federal income tax purposes and would not
adversely affect the status of any REMIC provided for herein.

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

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

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

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

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

      (a) To the extent provided in the applicable Servicing Agreement, the
Master Servicer shall cause each Servicer to establish and maintain one or more
custodial accounts at a depository institution (which may be a depository
institution with which the Master Servicer or

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

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

      Section 9.07. Termination of Servicing Agreements; Successor Servicers.

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

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

      Section 9.08. Master Servicer Liable for Enforcement.

      Notwithstanding any Servicing Agreement, the Master Servicer shall remain
obligated and liable to the Trustee and the Certificateholders in accordance
with the provisions of this Agreement, to the extent of its obligations
hereunder, without diminution of such obligation or liability by virtue of such
Servicing Agreements or arrangements. The Master Servicer shall use commercially
reasonable efforts to ensure that the Mortgage Loans are serviced in accordance

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with the provisions of this Agreement and shall use commercially reasonable
efforts to enforce the provisions of each Servicing Agreement for the benefit of
the Certificateholders. The Master Servicer shall be entitled to enter into any
agreement with the Servicers for indemnification of the Master Servicer and
nothing contained in this Agreement shall be deemed to limit or modify such
indemnification. Except as expressly set forth herein, the Master Servicer shall
have no liability for the acts or omissions of any Servicer in the performance
by such Servicer of its obligations under the related Servicing Agreement.

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

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

      Section 9.10. Assumption of Servicing Agreement by the Trustee.

      (a) In the event the Master Servicer shall for any reason no longer be the
Master Servicer (including by reason of any Event of Default under this
Agreement), after a period not to exceed ninety days after the issuance of any
notice of termination pursuant to Section 6.14 or Section 9.28, as applicable,
the Trustee shall thereupon assume all of the rights and obligations of such
Master Servicer hereunder and under each Servicing Agreement entered into with
respect to the Mortgage Loans. The Trustee, its designee or any successor master
servicer appointed by the Trustee shall be deemed to have assumed all of the
Master Servicer's interest herein and therein to the same extent as if such
Servicing Agreement had been assigned to the assuming party, except that the
Master Servicer shall not thereby be relieved of any liability or obligations of
the Master Servicer under such Servicing Agreement accruing prior to its
replacement as Master Servicer, and shall be liable to the Trustee, and hereby
agrees to indemnify and hold harmless the Trustee from and against all costs,
damages, expenses and liabilities (including reasonable attorneys' fees)
incurred by the Trustee as a result of such liability or obligations of the
Master Servicer and in connection with the Trustee's assumption (but not its
performance, except to the extent that costs or liability of the Trustee are
created or increased as a result of negligent or wrongful acts or omissions of
the Master Servicer prior to its replacement as Master Servicer) of the Master
Servicer's obligations, duties or responsibilities thereunder; provided that the
Master Servicer shall not indemnify or hold harmless the Trustee against
negligent or willful misconduct of the Trustee.

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

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

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

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

      Section 9.12. Release of Mortgage Files.

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

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

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

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

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

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

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

      Section 9.14. Representations and Warranties of the Master Servicer.

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

            (i) it is validly existing and in good standing under the
      jurisdiction of its formation, and as Master Servicer has full power and
      authority to transact any and all business contemplated by this Agreement
      and to execute, deliver and comply with its obligations under the terms of
      this Agreement, the execution, delivery and performance

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      of which have been duly authorized by all necessary corporate action on
      the part of the Master Servicer;

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

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

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

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

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

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

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

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

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

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

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

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

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

      Section 9.15. Closing Certificate and Opinion.

      On or before the Closing Date, the Master Servicer shall cause to be
delivered to the Depositor and Lehman Brothers Inc. an Opinion of Counsel, dated
the Closing Date, in form and

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      substance reasonably satisfactory to the Depositor and Lehman Brothers
      Inc., as to the due authorization, execution and delivery of this
      Agreement by the Master Servicer and the enforceability thereof.

      Section 9.16. Standard Hazard and Flood Insurance Policies.

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

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

      Section 9.17. Presentment of Claims and Collection of Proceeds.

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

      Section 9.18. Maintenance of the Primary Mortgage Insurance Policies.

      (a) The Master Servicer shall not take, or knowingly permit any Servicer
(consistent with the applicable Servicing Agreement) to take, any action that
would result in non-coverage under any applicable Primary Mortgage Insurance
Policy of any loss which, but for the actions of such

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

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

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

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

      Section 9.20. Realization Upon Defaulted Mortgage Loans.

      The Master Servicer shall use its reasonable best efforts to, or to cause
each Servicer to, foreclose upon, repossess or otherwise comparably convert the
ownership of Mortgaged Properties securing such of the Mortgage Loans as come
into and continue in default and as to which no satisfactory arrangements can be
made for collection of delinquent payments, all in accordance with the
applicable Servicing Agreement. Alternatively, the Master Servicer may take, or
authorize any Servicer to take, other actions in respect of a defaulted Mortgage
Loan, which may include (i) accepting a short sale (a payoff of the Mortgage
Loan for an amount less than the total amount contractually owed in order to
facilitate a sale of the Mortgaged Property by the Mortgagor) or permitting a
short refinancing (a payoff of the Mortgage Loan for an amount less than the
total amount contractually owed in order to facilitate refinancing

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transactions by the Mortgagor not involving a sale of the Mortgaged Property),
(ii) arranging for a repayment plan or (iii) agreeing to a modification in
accordance with Section 9.04. In connection with such foreclosure or other
conversion or action, the Master Servicer shall, consistent with Section 9.18,
follow such practices and procedures as it shall reasonably determine to be in
the best interests of the Trust Fund and the Certificateholders and which shall
be consistent with its customary practices in performing its general mortgage
servicing activities; provided that the Master Servicer shall not be liable in
any respect hereunder if the Master Servicer is acting in connection with any
such foreclosure or other conversion or action in a manner that is consistent
with the provisions of this Agreement. Neither the Master Servicer, nor any
Servicer, shall be required to expend its own funds or incur other reimbursable
charges in connection with any foreclosure, or attempted foreclosure which is
not completed, or toward the correction of any default on a related senior
mortgage loan, or towards the restoration of any property unless it shall
determine (i) that such restoration and/or foreclosure will increase the
proceeds of liquidation of the Mortgage Loan to the Certificateholders after
reimbursement to itself for such expenses or charges and (ii) that such expenses
and charges will be recoverable to it through Liquidation Proceeds or Insurance
Proceeds (as provided in Section 4.02).

      Section 9.21. Compensation to the Master Servicer.

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

      Section 9.22. REO Property.

      (a) In the event the Trust Fund acquires ownership of any REO Property in
respect of any Mortgage Loan, the deed or certificate of sale shall be issued to
the Trustee, or to its nominee, on

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behalf of the Certificateholders. The Master Servicer shall use its reasonable
best efforts to sell, or, to the extent provided in the applicable Servicing
Agreement, cause the applicable Servicer to sell, any REO Property as
expeditiously as possible and in accordance with the provisions of this
Agreement and the related Servicing Agreement, as applicable, but in all events
within the time period, and subject to the conditions set forth in Article X
hereof. Pursuant to its efforts to sell such REO Property, the Master Servicer
shall protect and conserve, or cause the applicable Servicer to protect and
conserve, such REO Property in the manner and to such extent required by the
applicable Servicing Agreement, subject to Article X hereof.

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

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

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

      Section 9.23. [Reserved].

      Section 9.24. Reports to the Trustee.

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

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

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

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

      (a) The Master Servicer shall deliver to the Trustee and the Rating
Agencies on or before March 15 of each year, commencing on March 15, 2004, an
Officer's Certificate, certifying that with respect to the period ending on the
immediately preceding December 31; (i) such Servicing Officer has reviewed the
activities of such Master Servicer during the preceding calendar year or portion
thereof and its performance under this Agreement; (ii) to the best of such
Servicing Officer's knowledge, based on such review, such Master Servicer has
performed and fulfilled its duties, responsibilities and obligations under this
Agreement in all material respects throughout such year, or, if there has been a
default in the fulfillment of any such duties, responsibilities or obligations,
specifying each such default known to such Servicing Officer and the nature and
status thereof, (iii) nothing has come to the attention of such Servicing
Officer to lead such Servicing Officer to believe that any Servicer has failed
to perform any of its duties, responsibilities and obligations under its
Servicing Agreement in all material respects throughout such year, or, if there
has been a material default in the performance or fulfillment of any such
duties, responsibilities or obligations, specifying each such default known to
such Servicing Officer and the nature and status thereof, and (iv) the Master
Servicer has received from each Servicer such Servicer's annual certificate of
compliance and a copy of such Servicer's annual audit report, in each case to
the extent required under the applicable Servicing Agreement, or, if any such
certificate or report has not been received by the Master Servicer, the Master
Servicer is using its best reasonable efforts to obtain such certificate or
report.

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

      Section 9.26. Annual Independent Accountants' Servicing Report.

      If the Master Servicer has, during the course of any fiscal year, directly
serviced any of the Mortgage Loans, then the Master Servicer at its expense
shall cause a nationally recognized firm of independent certified public
accountants to furnish a statement to the Trustee, the Rating Agencies and the
Depositor on or before March 15 of each year, commencing on March 15, 2004, to
the effect that, with respect to the most recently ended fiscal year, such firm
has

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

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

      Section 9.27. Merger or Consolidation.

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

      Section 9.28. Resignation of Master Servicer.

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

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Agreement. Notice of such resignation shall be given promptly by the Master
Servicer to the Depositor.

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

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

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

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

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

      (c) Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Trustee or the Certificateholders for any action taken or for refraining from
the taking of any action in good faith pursuant to this Agreement, or for errors
in judgment; provided, however, that this provision shall not protect the Master
Servicer or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in its
performance of its duties or by reason of reckless disregard for its obligations
and duties under this Agreement. The Master Servicer and any director, officer,
employee or agent of the Master Servicer shall be entitled to indemnification by
the Trust Fund and will be held harmless against any loss, liability or expense

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incurred in connection with any legal action relating to this Agreement or the
Certificates other than any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or negligence in the performance of his or its
duties hereunder or by reason of reckless disregard of his or its obligations
and duties hereunder. The Master Servicer and any director, officer, employee or
agent of the Master Servicer may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Master Servicer shall be under no obligation to appear
in, prosecute or defend any legal action that is not incidental to its duties to
master service the Mortgage Loans in accordance with this Agreement and that in
its opinion may involve it in any expenses or liability; provided, however, that
the Master Servicer may in its sole discretion undertake any such action that it
may deem necessary or desirable in respect to this Agreement and the rights and
duties of the parties hereto and the interests of the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
out of the Collection Account it maintains as provided by Section 4.02.
Notwithstanding anything herein to the contrary, the Master Servicer shall have
no liability for the servicing of the Additional Collateral, including, without
limitation, the perfection, continuation, partial release, release, termination,
realization upon, substitution, foreclosure, sale, or any other matter with
respect to the Additional Collateral, or the enforcement of the Additional
Collateral Servicing Agreement.

      Section 9.31. Indemnification; Third-Party Claims.

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

                                    Article X

                              REMIC ADMINISTRATION

      Section 10.01. REMIC Administration.

      (a) As set forth in the Preliminary Statement hereto, the Trustee shall
elect REMIC status in accordance with the REMIC Provisions with respect to each
REMIC. The Trustee shall make such elections on Forms 1066 or other appropriate
federal tax or information return for the taxable year ending on the last day of
the calendar year in which the Certificates are issued. For the purposes of such
elections, each of the REMIC I Regular Interests is hereby designated as a
regular interest in REMIC I. Each of the REMIC II Regular Interests is hereby
designated as a regular interest in REMIC II. Each of the REMIC III Regular
Interests is hereby designated as a regular interest in REMIC III. Each of the
REMIC IV Regular Interests is hereby designated as a

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regular interest in REMIC IV. Each of the REMIC V Regular Interests is hereby
designated as a regular interest in REMIC V. Each Certificate, other than the
Class R Certificate and the Component Certificates, and each Component is hereby
designated as a regular interest in the Upper Tier REMIC. The Class I-R Interest
is hereby designated as the sole residual interest in REMIC I. The Class II-R
Interest is hereby designated as the sole residual interest in REMIC II. The
Class III-R Interest is hereby designated as the sole residual interest in REMIC
III. The Class IV-R Interest is hereby designated as the sole residual interest
in REMIC IV. The Class V-R Interest is hereby designated as the sole residual
interest in REMIC V. The Class R Certificate evidences ownership of the Class
I-R Interest, the Class II-R Interest, the Class III-R Interest, the Class IV-R
Interest, the Class V-R Interest, and is also hereby designated as the sole
residual interest in the Upper Tier REMIC.

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

      (c) The Trustee shall pay any and all tax related expenses (not including
taxes) of each REMIC, including but not limited to any professional fees or
expenses related to audits or any administrative or judicial proceedings with
respect to such REMIC that involve the Internal Revenue Service or state tax
authorities, but only to the extent that (i) such expenses are ordinary or
routine expenses, including expenses of a routine audit but not expenses of
litigation (except as described in (ii)); or (ii) such expenses or liabilities
(including taxes and penalties) are attributable to the negligence or willful
misconduct of the Trustee in fulfilling its duties hereunder (including its
duties as tax return preparer). The Trustee shall be entitled to reimbursement
of the expenses to the extent provided in clause (i) above from the Certificate
Account, but only to the extent such expenses are "unanticipated expenses" for
purposes of Treasury Regulation Section 1.860G-1(b)(3)(ii).

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

      (e) The Trustee or its designee shall perform on behalf of each REMIC all
reporting and other tax compliance duties that are the responsibility of such
REMIC under the Code, the REMIC Provisions, or other compliance guidance issued
by the Internal Revenue Service or any state or local taxing authority.

      (f) The Trustee, the Master Servicer and the Holders of Certificates shall
take any action or cause each REMIC to take any action necessary to create or
maintain the status of such REMIC as a REMIC under the REMIC Provisions and
shall assist each other as necessary to

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

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

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

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

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

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

      Section 10.02. Prohibited Transactions and Activities.

      Neither the Depositor, the Master Servicer nor the Trustee shall sell,
dispose of, or substitute for any of the Mortgage Loans, except in a disposition
pursuant to (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the
Trust Fund, (iii) the termination of each REMIC pursuant to Article VII of this
Agreement, (iv) a substitution pursuant to Article II of this Agreement, or (v)
a repurchase of Mortgage Loans pursuant to Article II of this Agreement, nor
acquire any assets for any REMIC, nor sell or dispose of any investments in the
Certificate

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Account for gain, nor accept any contributions to any REMIC after the Closing
Date, unless it has received an Opinion of Counsel (at the expense of the party
causing such sale, disposition, or substitution) that such disposition,
acquisition, substitution, or acceptance will not (a) affect adversely the
status of such REMIC as a REMIC or of the Certificates or Components, other than
the Residual Certificates and Component Certificates, as the regular interests
therein, (b) affect the distribution of interest or principal on the
Certificates, (c) result in the encumbrance of the assets transferred or
assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
or (d) cause such REMIC to be subject to a tax on prohibited transactions or
prohibited contributions pursuant to the REMIC Provisions.

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

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

      Section 10.04. REO Property.

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

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

                                   Article XI

                            MISCELLANEOUS PROVISIONS

      Section 11.01. Binding Nature of Agreement; Assignment.

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

      Section 11.02. Entire Agreement.

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

      Section 11.03. Amendment.

      (a) This Agreement may be amended from time to time by the Depositor, the
Master Servicer, the Trustee, without notice to or the consent of any of the
Holders, (i) to cure any ambiguity, (ii) to cause the provisions herein to
conform to or be consistent with or in furtherance of the statements made with
respect to the Certificates, the Trust Fund or this Agreement in any Offering
Document; or to correct or supplement any provision herein which

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may be inconsistent with any other provisions herein, (iii) to make any other
provisions with respect to matters or questions arising under this Agreement or
(iv) to add, delete, or amend any provisions to the extent necessary or
desirable to comply with any requirements imposed by the Code and the REMIC
Provisions. No such amendment effected pursuant to the preceding sentence shall,
as evidenced by an Opinion of Counsel, adversely affect the status of any REMIC
created pursuant to this Agreement, nor shall such amendment effected pursuant
to clause (iii) of such sentence adversely affect in any material respect the
interests of any Holder. Prior to entering into any amendment without the
consent of Holders pursuant to this paragraph, the Trustee may require an
Opinion of Counsel (at the expense of the party requesting such amendment) to
the effect that such amendment is permitted under this paragraph. Any such
amendment shall be deemed not to adversely affect in any material respect any
Holder, if the Trustee receives written confirmation from each Rating Agency
that such amendment will not cause such Rating Agency to reduce, qualify or
withdraw the then current rating assigned to the Certificates (and any Opinion
of Counsel requested by the Trustee in connection with any such amendment may
rely expressly on such confirmation as the basis therefor).

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

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

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

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

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      Section 11.04. Voting Rights.

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

      Section 11.05. Provision of Information.

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

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

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

      Section 11.06. Governing Law.

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

      Section 11.07. Notices.

      All demands, notices and communications hereunder shall be in writing and
shall be deemed to have been duly given when delivered to such party at the
relevant address, facsimile number or electronic mail address set forth below
(or at such other address, facsimile number or electronic mail address as such
party may designate from time to time by written notice in accordance with this
Section 11.07): received by (a) in the case of the Depositor, Structured Asset
Securities Corporation, 745 7th Avenue, 7th Floor, New York, New York 10019,

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Attention: Mark Zusy, (b) in the case of the Trustee, Citibank, N.A., 111 Wall
Street, 14th Floor, Zone 3, New York, New York 10005, Attention: Structured
Finance - SASCO-7H, (c) in the case of the Master Servicer, Aurora Loan Services
Inc., 2530 South Parker Road, Suite 601, Aurora, Colorado 80014; Attention:
Master Servicing or as to each party such other address as may hereafter be
furnished by such party to the other parties in writing. Any notice required or
permitted to be mailed to a Holder shall be given by first class mail, postage
prepaid, at the address of such Holder as shown in the Certificate Register. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given, whether or not the Holder
receives such notice.

      Section 11.08. Severability of Provisions.

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

      Section 11.09. Indulgences; No Waivers.

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

      Section 11.10. Headings Not To Affect Interpretation.

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

      Section 11.11. Benefits of Agreement.

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

      Section 11.12. Special Notices to the Rating Agencies.

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

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

                                      129
<PAGE>

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

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

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

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

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

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

      If to Moody's, to:

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

      If to Fitch, to:

      Fitch, Inc.
      One State Street Plaza
      New York, New York  10004

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

      Section 11.13. Counterparts.

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

      Section 11.14. Transfer of Servicing.

      The Seller agrees that it shall provide written notice to the Trustee and
the Master Servicer thirty days prior to any transfer or assignment by the
Seller of its rights under any Servicing Agreement or of the servicing
thereunder or delegation of its rights or duties thereunder or any portion
thereof to any Person other than the initial Servicer under such Servicing
Agreement; provided that (i) the Seller shall not be required to provide prior
notice of any transfer of servicing that occurs within three months following
the Closing Date to an entity

                                      130
<PAGE>

that is a Servicer on the Closing Date and (ii) neither Lehman Capital nor the
Bank shall be required to provide prior notice of any transfer of servicing
rights by either of them to the other. In addition, the ability of the Seller to
transfer or assign its rights and delegate its duties under a Servicing
Agreement (other than a transfer of servicing rights between Lehman Capital and
the Bank) or to transfer the servicing thereunder to a successor servicer shall
be subject to the following conditions:

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

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

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

            (iv) If the successor servicer is not a Servicer of Mortgage Loans
      at the time of such transfer, there must be delivered to the Trustee a
      letter from each Rating Agency to the effect that such transfer of
      servicing will not result in a qualification, withdrawal or downgrade of
      the then-current rating of any of the Certificates;

            (v) The Seller shall, at its cost and expense, take such steps, or
      cause the terminated Servicer to take such steps, as may be necessary or
      appropriate to effectuate and evidence the transfer of the servicing of
      the Mortgage Loans to such successor servicer, including, but not limited
      to, the following: (A) to the extent required by the terms of the Mortgage
      Loans and by applicable federal and state laws and regulations, the Seller
      shall cause the prior Servicer to timely mail to each obligor under a
      Mortgage Loan any required notices or disclosures describing the transfer
      of servicing of the Mortgage Loans to the successor servicer; (B) prior to
      the effective date of such transfer of servicing, the Seller shall cause
      the prior Servicer to transmit to any related insurer notification of such
      transfer of servicing; (C) on or prior to the effective date of such
      transfer of servicing, the Seller shall cause the prior Servicer to
      deliver to the successor servicer all Mortgage Loan Documents and any
      related records or materials; (D) on or prior to the effective date of
      such transfer of servicing, the Seller shall cause the prior Servicer to
      transfer to the successor servicer, or, if such transfer occurs after a
      Remittance Date but before the next succeeding Deposit Date, to the Master
      Servicer, all funds held by the applicable Servicer in respect of the
      Mortgage Loans; (E) on or prior to the effective date of such transfer of
      servicing, the Seller shall cause the prior Servicer to, after the
      effective date of the transfer of servicing to the successor servicer,
      continue to

                                      131
<PAGE>

      forward to such successor servicer, within one Business Day of receipt,
      the amount of any payments or other recoveries received by the prior
      Servicer, and to notify the successor servicer of the source and proper
      application of each such payment or recovery; and (F) the Seller shall
      cause the prior Servicer to, after the effective date of transfer of
      servicing to the successor servicer, continue to cooperate with the
      successor servicer to facilitate such transfer in such manner and to such
      extent as the successor servicer may reasonably request.

                                      132
<PAGE>

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

                                        STRUCTURED ASSET SECURITIES
                                           CORPORATION, as Depositor

                                        By: ____________________________________
                                             Name:  Ellen Kiernan
                                             Title: Senior Vice President

                                        CITIBANK, N.A.,
                                             as Trustee

                                        By: ____________________________________
                                             Name:  Karen Schulter
                                             Title: Assistant Vice President

                                        AURORA LOAN SERVICES INC.,
                                           as Master Servicer

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

<PAGE>

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

LEHMAN BROTHERS BANK, FSB

By: _________________________________
     Name:  Gary Taylor
     Title: Vice President

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

LEHMAN CAPITAL, A DIVISION OF LEHMAN
BROTHERS HOLDINGS INC.

By: _________________________________
     Name:  Joseph J. Kelly
     Title: Authorized Signatory

<PAGE>

                                    EXHIBIT A

                              FORMS OF CERTIFICATES

                             [INTENTIONALLY OMITTED]

<PAGE>

                                   EXHIBIT B-1

                          FORM OF INITIAL CERTIFICATION

                                                            ___________________
                                                                    Date

Citibank, N.A.
111 Wall Street
14th Floor, Zone 3
New York, New York  10005

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

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

      Re:   Trust Agreement (the "Trust Agreement"), dated as of February 1,
            2003 among Structured Asset Securities Corporation, as Depositor,
            Aurora Loan Services Inc., as Master Servicer and Citibank, N.A., as
            Trustee, with respect to Structured Asset Securities Corporation
            Mortgage Pass-Through Certificates, Series 2003-7H

Ladies and Gentlemen:

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

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

                                          [Custodian], on behalf of
                                          CITIBANK, N.A.,
                                          as Trustee

                                          By:___________________________________
                                               Name:
                                               Title:

<PAGE>

                                   EXHIBIT B-2

                          FORM OF INTERIM CERTIFICATION

                                                            ___________________
                                                                    Date

Citibank, N.A.
111 Wall Street
14th Floor, Zone 3
New York, New York  10005

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

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

      Re:   Trust Agreement (the "Trust Agreement"), dated as of February 1,
            2003 among Structured Asset Securities Corporation, as Depositor,
            Aurora Loan Services Inc., as Master Servicer and Citibank, N.A., as
            Trustee, with respect to Structured Asset Securities Corporation
            Mortgage Pass-Through Certificates, Series 2003-7H

Ladies and Gentlemen:

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

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

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

                                          [Custodian], on behalf of
                                          CITIBANK, N.A.,
                                          as Trustee
                                          By:___________________________________
                                               Name:
                                               Title:

<PAGE>

                                   EXHIBIT B-3

                           FORM OF FINAL CERTIFICATION

                                                            ___________________
                                                                    Date

Citibank, N.A.
111 Wall Street
14th Floor, Zone 3
New York, New York  10005

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

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

      Re:   Trust Agreement (the "Trust Agreement"), dated as of February 1,
            2003 among Structured Asset Securities Corporation, as Depositor,
            Aurora Loan Services Inc., as Master Servicer and Citibank, N.A., as
            Trustee, with respect to Structured Asset Securities Corporation
            Mortgage Pass-Through Certificates, Series 2003-7H

Ladies and Gentlemen:

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

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

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

                                             [Custodian], on behalf of
                                             CITIBANK, N.A.,
                                             as Trustee

                                             By:________________________________
                                                  Name:
                                                  Title:

<PAGE>

                                   EXHIBIT B-4

                               FORM OF ENDORSEMENT

      Pay to the order of Citibank, N.A., as trustee (the "Trustee") under the
Trust Agreement dated as of February 1, 2003, among Structured Asset Securities
Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer and
Citibank, N.A., as Trustee relating to Structured Asset Securities Corporation
Mortgage Pass-Through Certificates, Series 2003-7H, without recourse.

                                      ______________________________________
                                           [current signatory on note]

                                      By:___________________________________
                                           Name:
                                           Title:

<PAGE>

                                    EXHIBIT C

                  REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT

                                                            ___________________
                                                                    Date

[Addressed to Trustee
or, if applicable, custodian]

      In connection with the administration of the mortgages held by you as
Trustee under a certain Trust Agreement dated as of February 1, 2003 among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer and Citibank, N.A., as Trustee (the "Trust Agreement"),
the undersigned Master Servicer hereby requests a release of the Mortgage File
held by you as Trustee with respect to the following described Mortgage Loan for
the reason indicated below.

      Mortgagor's Name:

      Address:

      Loan No.:

      Reason for requesting file:

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

2.    The Mortgage Loan is being foreclosed.

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

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

5.    Other. (Describe)

      The undersigned acknowledges that the above Mortgage File will be held by
the undersigned in accordance with the provisions of the Trust Agreement and
will be returned to you within ten (10) days of our receipt of the Mortgage
File, except if the Mortgage Loan has

<PAGE>

been paid in full, or repurchased or substituted for a Qualifying Substitute
Mortgage Loan (in which case the Mortgage File will be retained by us
permanently) and except if the Mortgage Loan is being foreclosed (in which case
the Mortgage File will be returned when no longer required by us for such
purpose).

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

                                         _____________________________________
                                              [Name of Master Servicer]

                                         By:__________________________________
                                              Name:
                                              Title: Servicing Officer

                                      C-2

<PAGE>
                                   EXHIBIT D-1

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

STATE OF               )
                       )  ss.:
COUNTY OF              )

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

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

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

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

3.    That the Purchaser either (x) is not, and on __________________ [date of
      transfer] will not be, an employee benefit plan subject to Title I of the
      Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
      Section 4975 of the Code or substantially similar rules under state, local
      or federal law ("Similar Law"), the trustee of any such plan or a person
      acting on behalf of any such plan or investing the assets of any such plan
      to acquire a Residual Certificate or (y) herewith delivers to the Trustee
      and shall deliver to the Depositor an Opinion of Counsel satisfactory to
      the Trustee and the Depositor, and upon which the Trustee and the
      Depositor shall be entitled to rely, to the effect that the

<PAGE>

      purchase and holding of such Residual Certificate by the Investor will not
      result in the assets of the Trust Fund being deemed to be plan assets and
      subject to the prohibited transaction provisions of ERISA, the Code or
      Similar Law, and will not subject the Trustee or the Depositor to any
      obligation in addition to those undertaken by such entities in the Trust
      Agreement, which Opinion of Counsel shall not be an expense of the Trustee
      or the Depositor.

4.    That the Purchaser hereby acknowledges that under the terms of the Trust
      Agreement (the "Agreement") among Structured Asset Securities Corporation,
      Citibank, N.A., as Trustee and Aurora Loan Services Inc., as Master
      Servicer, dated as of February 1, 2003, no transfer of a Residual
      Certificate shall be permitted to be made to any person unless the
      Depositor and the Trustee have received a certificate from such transferee
      containing the representations in paragraphs 2, 3 and 4 hereof.

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

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

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

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

9.    That the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person that
      holds a Residual Certificate in connection with the conduct of a trade or
      business within the United States and has furnished the transferor and the
      Trustee with an effective Internal Revenue Service Form W-8 ECI
      (Certificate of Foreign Person's Claim for Exemption From Withholding on
      Income Effectively Connected with the Conduct of a Trade or Business in
      the United States) or successor form at the time and in the manner
      required by the Code. "Non-U.S. Person" means any person other than (i) a
      citizen or resident of the United States; (ii) a corporation (or entity
      treated as a corporation for tax purposes)

                                     D-1-2

<PAGE>

      created or organized in the United States or under the laws of the United
      States or of any state thereof, including, for this purpose, the District
      of Columbia; (iii) a partnership (or entity treated as a partnership for
      tax purposes) organized in the United States or under the laws of the
      United States or of any state thereof, including, for this purpose, the
      District of Columbia (unless provided otherwise by future Treasury
      regulations); (iv) an estate whose income is includible in gross income
      for United States income tax purposes regardless of its source; (v) a
      trust, if a court within the United States is able to exercise primary
      supervision over the administration of the trust and one or more U.S.
      Persons have authority to control all substantial decisions of the trust
      or; (vi) and, to the extent provided in Treasury regulations, certain
      trusts in existence prior to August 20, 1996 that are treated as United
      States persons prior to such date and elect to continue to be treated as
      United States persons.

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

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

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

                                     D-1-3
<PAGE>

      IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
[title of officer] this _____ day of __________, 20__.

                                         ______________________________________
                                            [name of Purchaser]

                                         By:___________________________________
                                              Name:
                                              Title:

      Personally appeared before me the above-named [name of officer]
________________, known or proved to me to be the same person who executed the
foregoing instrument and to be the [title of officer] _________________ of the
Purchaser, and acknowledged to me that he [she] executed the same as his [her]
free act and deed and the free act and deed of the Purchaser.

      Subscribed and sworn before me this _____ day of __________, 20__.

NOTARY PUBLIC

__________________________________

COUNTY OF_________________________

STATE OF__________________________

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

                                     D-1-4

<PAGE>

                                   EXHIBIT D-2

          FORM OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

                                                          ____________________
                                                                 Date

                  Re:   Structured Asset Securities Corporation Mortgage
                        Pass-Through Certificates, Series 2003-7H

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

                                               Very truly yours,

                                               _________________________________
                                               Name:
                                               Title:

<PAGE>

                                    EXHIBIT E

                              SERVICING AGREEMENTS

                            See Exhibits #99.3-99.10

<PAGE>

                                    EXHIBIT F

                     FORM OF RULE 144A TRANSFER CERTIFICATE

            Re:   Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2003-7H

      Reference is hereby made to the Trust Agreement (the "Trust Agreement"),
dated as of February 1, 2003 among Structured Asset Securities Corporation, as
Depositor, Aurora Loan Services Inc., as Master Servicer and Citibank, N.A., as
Trustee. Capitalized terms used but not defined herein shall have the meanings
given to them in the Trust Agreement.

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

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

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

                                        ________________________________________
                                           [Name of Transferor]

                                        By:_____________________________________
                                             Name:
                                             Title:

Dated: __________________, ________

<PAGE>

                                    EXHIBIT G

                         FORM OF PURCHASER'S LETTER FOR
                        INSTITUTIONAL ACCREDITED INVESTOR

                                                             ___________________
                                                                   Date

Dear Sirs:

      In connection with our proposed purchase of $______________ principal
amount of Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2003-7H (the "Privately Offered Certificates") of
Structured Asset Securities Corporation (the "Depositor") which are held in the
form of Definitive Certificates, we confirm that:

1.    We understand that the Privately Offered Certificates have not been, and
      will not be, registered under the Securities Act of 1933, as amended (the
      "Securities Act"), and may not be sold except as permitted in the
      following sentence. We agree, on our own behalf and on behalf of any
      accounts for which we are acting as hereinafter stated, that if we should
      sell any Privately Offered Certificates within two years of the later of
      the date of original issuance of the Privately Offered Certificates or the
      last day on which such Privately Offered Certificates are owned by the
      Depositor or any affiliate of the Depositor (which includes the Placement
      Agent) we will do so only (A) to the Depositor, (B) to "qualified
      institutional buyers" (within the meaning of Rule 144A under the
      Securities Act) in accordance with Rule 144A under the Securities Act
      ("QIBs"), (C) pursuant to the exemption from registration provided by Rule
      144 under the Securities Act, or (D) to an institutional "accredited
      investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) of
      Regulation D under the Securities Act that is not a QIB (an "Institutional
      Accredited Investor") which, prior to such transfer, delivers to the
      Trustee under the Trust Agreement (the "Trust Agreement"), dated as of
      February 1, 2003 among Structured Asset Securities Corporation, as
      Depositor, Aurora Loan Services Inc., as Master Servicer and Citibank,
      N.A., as Trustee, a signed letter in the form of this letter; and we
      further agree, in the capacities stated above, to provide to any person
      purchasing any of the Privately Offered Certificates from us a notice
      advising such purchaser that resales of the Privately Offered Certificates
      are restricted as stated herein.

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

<PAGE>

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

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

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

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

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

                                      G-2
<PAGE>

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

                                              Very truly yours,

                                              __________________________________
                                                   [Purchaser]

                                              By________________________________
                                                   Name:
                                                   Title:

                                      G-3

<PAGE>

                                 EXHIBIT H

                       [FORM OF ERISA TRANSFER AFFIDAVIT]

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

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

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

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

3.    The Investor hereby acknowledges that under the terms of the Trust
      Agreement (the "Agreement") among Structured Asset Securities Corporation,
      as Depositor, Aurora Loan Services Inc., as Master Servicer and Citibank,
      N.A., as Trustee, dated as of February 1, 2003, no transfer of the
      ERISA-Restricted Certificates (other than the Class R Certificate) shall
      be permitted to be made to any person unless the Depositor and Trustee
      have received a certificate from such transferee in the form hereof.

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

<PAGE>

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

                                        ________________________________________
                                             [Investor]

                                        By:_____________________________________
                                             Name:
                                             Title:

ATTEST:

_____________________________

STATE OF                )
                        )  ss.:
COUNTY OF               )

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

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

                                              __________________________________
                                              NOTARY PUBLIC

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

                                      H-2

<PAGE>

                                 EXHIBIT I

                            MONTHLY REMITTANCE ADVICE

                             [INTENTIONALLY OMITTED]

<PAGE>

                                    EXHIBIT J

                      MONTHLY ELECTRONIC DATA TRANSMISSION
                             [INTENTIONALLY OMITTED]

<PAGE>

                                    EXHIBIT K

                              CUSTODIAL AGREEMENTS

                             [INTENTIONALLY OMITTED]

<PAGE>

                                   EXHIBIT L-1

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

            Re:   Structured Asset Securities Corporation Mortgage Loan Trust
                  Mortgage Pass-Through Certificates, Series 2003-7H

      Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer and Citibank, N.A., as Trustee, dated as of February 1,
2003. Capitalized terms used but not defined herein shall have the meanings
given to them in the Agreement.

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

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

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

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

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

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

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

                                      N-1

<PAGE>

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

                                            [Name of Transferor]

                                            By: ________________________________
                                                 Name:
                                                 Title:

Date: ____________________,  ___

                                      N-2
<PAGE>

                                   EXHIBIT L-2

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

            Re:   Structured Asset Securities Corporation Mortgage Pass-Through
                  Certificates, Series 2003-7H

      Reference is hereby made to the Trust Agreement (the "Agreement") among
Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
Inc., as Master Servicer and Citibank, N.A., as Trustee, dated as of February 1,
2003. Capitalized terms used but not defined herein shall have the meanings
given to them in the Agreement.

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

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

                                           _____________________________________
                                           [Name of Transferor]

                                           By:__________________________________
                                                Name:
                                                Title:

                                     L-2-1

<PAGE>

                                    EXHIBIT M
                     FORM OF CERTIFICATION TO BE PROVIDED TO

             THE DEPOSITOR AND/OR THE MASTER SERVICER BY THE TRUSTEE

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

Aurora Loan Services, Inc.
2350 South Parker Road, Suite 601
Aurora, Colorado 80014

Re:   Structured Asset Securities Corporation, Mortgage Pass-Through
      Certificates, Series 2003-7H

Reference is made to the Trust Agreement, dated as of February 1, 2003 (the
"Trust Agreement"), by and among Citibank, N.A. (the "Trustee"), Aurora Loan
Services, Inc., as master servicer (the "Master Servicer"), and Structured Asset
Securities Corporation, as depositor (the "Depositor"). The Trustee hereby
certifies to the Depositor and the Master Servicer, and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this
certification, that:

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

      (ii)  Based solely upon the information provided to us by the Master
            Servicer, the information set forth in the reports referenced in (i)
            above does not contain any untrue statement of material fact; and

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

Date:

                                          Citibank, N.A., as Trustee

                                          By:    ____________________________
                                          Name:  ____________________________
                                          Title: ____________________________

                                      M-1

<PAGE>

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

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

Citibank, N.A.
111 Wall Street
14th Floor, Zone 3
New York, New York 10005

Re:   Structured Asset Securities Corporation, Mortgage Pass-Through
      Certificates, Series 2003-7H

Reference is made to the Trust Agreement, dated as of February 1, 2003 (the
"Trust Agreement"), by and among Citibank, N.A. (the "Trustee"), Aurora Loan
Services, Inc., as master servicer (the "Master Servicer"), and Structured Asset
Securities Corporation, as depositor (the "Depositor"). I, [identify the
certifying individual], a [title] of the Master Servicer hereby certify to the
Depositor and the Trustee, and its officers, directors and affiliates, and with
the knowledge and intent that they will rely upon this certification, that:

      (i)   I have reviewed the material provided by the Master Servicer to the
            Trustee in accordance with Section 9.24 of the Trust Agreement
            during the fiscal year [YEAR];

      (ii)  Based on my knowledge, the information prepared by the Master
            Servicer and delivered to the Trustee pursuant to Section 9.24 of
            the Trust Agreement, taken as a whole, does not contain any untrue
            statements of material fact or omit to state any material facts
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading at the time
            such information was delivered to the Trustee; and

      (iii) Based on my knowledge, all of the information required to be
            provided by the Master Servicer to the Trustee under the Trust
            Agreement is included in the material referred to in (i) above.

Date:

                                   Aurora Loan Services Inc., as Master Servicer

                                   By:      ____________________________
                                   Name:    ____________________________
                                   Title:   ____________________________

                                      N-1
<PAGE>

                                   SCHEDULE A

                             MORTGAGE LOAN SCHEDULE

                             [INTENTIONALLY OMITTED]<PAGE>

                                                                     EXHIBIT 4.1

THIS SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A
DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY
TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

No. 1                                                       CUSIP No.: 316326AD9

                          5.25% NOTE DUE MARCH 15, 2013

        FIDELITY NATIONAL FINANCIAL, INC., a Delaware corporation, promises to
pay to CEDE & CO., or registered assigns, the principal sum of Two Hundred and
Fifty Million Dollars ($250,000,000) on March 15, 2013.

Interest Payment Dates: March 15 and September 15

Regular Record Dates: March 1 and September 1

Authenticated: March 11, 2003

Dated: March 11, 2003

FIDELITY NATIONAL FINANCIAL, INC.               [seal]

By: /s/ Peter T. Sadowski               By: /s/ Alan L. Stinson
   -----------------------------------     -------------------------------------
   Peter T. Sadowski                       Alan L. Stinson
   Executive Vice President and            Executive Vice President and
   General Counsel                         Chief Financial Officer

                          Certificate of Authentication

        The Bank of New York as Trustee, certifies that this is one of the
Securities of the series described in the within-mentioned Indenture.

                                        Dated: March 11, 2003
                                               ---------------------------------

                                        THE BANK OF NEW YORK,
                                        as Trustee

                                        By:   /s/ Michael Pitfick
                                              ----------------------------------
                                              Authorized Signatory

<PAGE>

                        FIDELITY NATIONAL FINANCIAL, INC.

                          5.25% NOTE DUE MARCH 15, 2013

        1. INTEREST. Fidelity National Financial, Inc., a Delaware corporation
(the "Company"), promises to pay interest on the principal amount of this
Security at the rate of 5.25% per annum. The Company shall pay interest
semiannually on March 15 and September 15 of each year (each an "Interest
Payment Date"), commencing September 15, 2003 until the principal is paid or
made available for payment. Interest on this Security will accrue from the most
recent date to which interest has been paid or duly provided for or, if no
interest has been paid, from March 11, 2003. Interest shall be computed on the
basis of a 360-day year of twelve 30-day months.

        2. METHOD OF PAYMENT. The Company shall pay interest on this Security
(except defaulted interest, if any, which shall be paid on such special payment
date as may be fixed by the Company to Holders of record on such special record
date as may be fixed by the Company) to the persons who are registered Holders
at the close of business on the March 1 or September 1 immediately preceding any
Interest Payment Date, except that interest payable on March 15, 2013 shall be
payable to the persons to whom principal is payable on such date. A holder must
surrender this Security to a Paying Agent to collect principal payments. The
Company shall pay principal and interest in money of the United States that at
the time of payment is legal tender for payment of public and private debts.

        3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York (the
"Trustee") shall act as Paying Agent and Registrar. The Company may change or
appoint any Paying Agent, Registrar or co-Registrar without notice. The Company
or any of its Subsidiaries may act as Paying Agent, Registrar or co-Registrar.

        4. INDENTURE. The Company issued this Security under an Indenture dated
as of August 20, 2001 between the Company and the Trustee (the "Indenture"). The
terms of this Security include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of 1939 ("TIA") as in
effect on the date of the Indenture. This Security is subject to all such terms,
and Holders are referred to the Indenture and the TIA for a statement thereof.
Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Indenture.

        The Company shall furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to: Fidelity National
Financial, Inc., 17911 Von Karman Avenue, Suite 300, Irvine, California 92614,
Attention: Corporate Secretary.

        5. PERSONS DEEMED OWNERS. The registered Holder or Holders of this
Security shall be treated as owners of it for all purposes.

        6. OPTIONAL REDEMPTION. This Security is redeemable at the option of the
Company, at any time in whole or from time to time in part, at a price (the
"Redemption Price") equal to the greater of (i) 100% of the principal amount of
this Security to be redeemed and (ii) the sum of the present values of the
remaining

                                       2
<PAGE>

scheduled payments of principal and interest on the principal amount of this
Security to be redeemed, exclusive of interest accrued to the date of redemption
(the "Redemption Date"), discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the applicable
Treasury Yield plus 30 basis points, plus accrued interest thereon to the
Redemption Date. The principal amount of this Security called for redemption
shall become due on the Redemption Date.

        For purposes of determining the Redemption Price, the following
definitions are applicable:

                "Comparable Treasury Issue" means the United States Treasury
        security selected by an Independent Investment Banker as having a
        maturity comparable to the remaining term of this Security that would be
        utilized, at the time of selection and in accordance with customary
        financial practice, in pricing new issues of corporate debt securities
        of comparable maturity to the remaining term of this Security.

                "Comparable Treasury Price" means, with respect to any
        Redemption Date:

                the average of the bid and the asked prices for the Comparable
                Treasury Issue, expressed as a percentage of its principal
                amount, at 4:00 p.m. on the third business day preceding that
                Redemption Date, as set forth on "Telerate Page 500," or such
                other page as may replace Telerate Page 500; or

                if Telerate Page 500, or any successor page, is not displayed or
                does not contain bid and/or asked prices for the Comparable
                Treasury Issue at that time, the average of the Reference
                Treasury Dealer Quotations obtained by the Trustee for that
                Redemption Date, after excluding the highest and lowest of such
                Reference Treasury Dealer Quotations, or, if the Trustee is
                unable to obtain at least four such Reference Treasury Dealer
                Quotations, the average of all Reference Treasury Dealer
                Quotations obtained by the Trustee.

                "Independent Investment Banker" means Lehman Brothers Inc. and
        any successors or, if it is unwilling or unable to select the applicable
        Comparable Treasury Issue, an independent investment banking institution
        of national standing appointed by the Trustee and reasonably acceptable
        to the Company.

                "Reference Treasury Dealer" means Lehman Brothers Inc. and any
        successors and four other primary United States government securities
        dealers in New York City selected by the Independent Investment Banker
        (each, a "Primary Treasury Dealer"); provided that, if any of the
        foregoing ceases to be a Primary Treasury Dealer, the Company shall
        substitute another Primary Treasury Dealer therefor.

                "Reference Treasury Dealer Quotations" means, with respect to
        each Reference Treasury Dealer and any Redemption Date, an average, as
        determined by the Trustee, of the bid and asked prices for the
        Comparable Treasury Issue for this Security, expressed in each case as a
        percentage of its principal amount, quoted in writing to the Trustee by
        the Reference Treasury Dealer at 5:00 p.m., New York City time, on the
        third business day preceding the Redemption Date.

                "Treasury Yield" means, with respect to any Redemption Date, the
        rate per annum equal to the semiannual equivalent yield to maturity,
        computed as of the third business day immediately

                                       3
<PAGE>
        preceding the Redemption Date, of the Comparable Treasury Issue,
        assuming a price for the Comparable Treasury Issue, expressed as a
        percentage of its principal amount, equal to the applicable Comparable
        Treasury Price for the Redemption Date.

        7. UNCLAIMED MONEY. If money for the payment of principal or interest
remains unclaimed for two years, the Trustee or Paying Agent shall pay the money
back to the Company at its request. After that, Holders entitled to the money
must look to the Company for payment unless an abandoned property law designates
another person.

        8. AMENDMENT, SUPPLEMENT. Subject to certain exceptions, the Indenture
or this Security may be amended or supplemented with the consent of at least a
majority in aggregate principal amount of the Holders of each series of
Securities affected by the amendment. Without the consent of any Holder, the
Company and the Trustee may amend or supplement the Indenture or this Security
to, among other things, cure any ambiguity or correct any mistake or to correct
or supplement any provision which may be inconsistent with any other provision
or to create another series of Securities and establish its terms or to make any
other provisions with respect to matters arising under the Indenture, provided
such action does not adversely affect the interests of any Holder.

        9. DEFAULTS AND REMEDIES. Any of the following shall constitute an Event
of Default:

                (a) default in the payment of any interest on this Security when
the same becomes due and payable, and continuance of such default for a period
of 30 days; or

                (b) default in the payment of any principal of or premium, if
any, on this Security when the same becomes due and payable at its Maturity
(whether at Stated Maturity, upon redemption, or otherwise); or

                (c) default in the performance, or breach, of any covenant or
warranty of the Company in the Indenture or this Security (other than a covenant
or warranty for which the consequences of breach or nonperformance are addressed
elsewhere in this Section 9 or a covenant or warranty which has expressly been
included in the Indenture, whether or not by means of a supplemental indenture,
solely for the benefit of Securities of a series other than this Security), and
continuance of such default or breach for a period of 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in aggregate
principal amount of this Security a written notice specifying such default or
breach and requiring it to be remedied, and stating that such notice is a
"Notice of Default" hereunder; or

                (d) default in the payment when due of amounts payable under any
bond, note, debenture or other evidence of Debt of the Company (including such
default with respect to any other series of Securities), or under any mortgage,
indenture or other instrument under which there may be issued or by which there
may be secured or evidenced any Debt of the Company, whether such Debt exists on
the date of the Indenture or shall hereafter be incurred or created, in an
aggregate amount exceeding $20,000,000, or default under any such evidence of
Debt (including default with respect to any other series of Securities), or
under any such other instrument, which results in such Debt in an aggregate
principal amount exceeding $20,000,000 becoming or being declared due and
payable prior to the date on which it would otherwise have become due and
payable, and such outstanding amount shall not be paid in full, such
acceleration shall not be rescinded or annulled or such Debt shall not be paid
in full, or there shall not be deposited into trust a sum of money sufficient to
pay in full such outstanding amount or such Debt, within a period of 10 days
after there shall have

                                       4
<PAGE>

been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in aggregate
principal amount of this Security a written notice specifying such default and
requiring the Company to cause such outstanding amount to be paid in full, such
acceleration to be rescinded or annulled, or such Debt to be paid in full, or to
deposit into trust a sum of money sufficient to pay in full such outstanding
amount or Debt and stating that such notice is a "Notice of Default" hereunder;
or

                (e) the Company pursuant to or within the meaning of any
Bankruptcy Law (A) commences a voluntary case or proceeding, (B) consents to the
entry of an order for relief against it in an involuntary case or proceeding or
to the commencement of any bankruptcy or insolvency case or proceeding against
it, (C) consents to the appointment of a Custodian of it or for all or
substantially all of its property, or (D) makes a general assignment for the
benefit of its creditors; or

                (f) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that (A) is for relief against the Company in an
involuntary case, (B) appoints a Custodian of the Company or for all or
substantially all of its property, (C) orders the winding up or liquidation of
the Company, (D) adjudges the Company a bankrupt or insolvent or (E) approves as
properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect to the Company; and any such order or decree
described in this clause (f) remains unstayed and in effect for 60 days.

        If an Event of Default with respect to this Security occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of this Security, by written notice to the Company (and, if given by the
Holders, to the Trustee), may declare the principal of and accrued interest, if
any, on the aggregate principal amount of this Security to be due and payable,
and upon any such declaration such principal and interest, if any, shall be
immediately due and payable.

        At any time after such a declaration of acceleration with respect to
this Security has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as provided in the Indenture, the
Holders of a majority in aggregate principal amount of this Security, by written
notice to the Trustee, may rescind and annul such declaration and its
consequences as provided in the Indenture.

        The Holders of a majority in aggregate principal amount of this Security
by written notice to the Trustee may waive any past Default or Event of Default
with respect to this Security and its consequences except (a) a Default or Event
of Default in the payment of the principal of, or premium, if any, or interest
on, this Security or (b) in respect of a covenant or provision hereof which
pursuant to the Indenture cannot be amended or modified without the consent of
each Holder of this Security. Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured.

        10. AMOUNT UNLIMITED. The aggregate principal amount of Securities which
may be authenticated and delivered under the Indenture is unlimited. The
Securities may be issued from time to time in one or more series. The Company
may from time to time, without the consent of the existing Holders of this
Security, issue additional Securities of the series of which this Security is a
part on substantially the same terms and conditions as those of this Security.

        11. SUCCESSOR CORPORATION. When a successor corporation assumes all the
obligations of its predecessor under this Security and the Indenture, the
predecessor corporation shall be released from those obligations.

                                       5
<PAGE>

        12. TRUSTEE DEALINGS WITH COMPANY. The Bank of New York, as Trustee
under the Indenture, in its individual or any other capacity, may make loans to,
accept deposits from, and perform services for the Company or its affiliates,
and may otherwise deal with the Company or its affiliates, as if it were not
Trustee.

        13. NO RECOURSE AGAINST OTHERS. A director, officer, employee or
stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under this Security or the Indenture or for any claim
based on, in respect of or by reason of, such obligations or their creation.
Each Holder by accepting this Security waives and releases all such liability.
The waiver and release are part of the consideration for the issue of this
Security.

        14. DISCHARGE OF INDENTURE. The Indenture contains certain provisions
pertaining to defeasance, which provisions shall for all purposes have the same
effect as if set forth herein.

        15. AUTHENTICATION. This Security shall not be valid until the Trustee
signs the certificate of authentication on the other side of this Security.

        16. GOVERNING LAW. This Security shall be governed by and construed in
accordance with the internal laws of the State of New York.

        17. ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants
by the entireties), JT TEN (=joint tenants with right of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gifts to Minors
Act).

                                       6
<PAGE>

                                 ASSIGNMENT FORM

        If you the Holder want to assign this Security, fill in the form below:

        I or we assign and transfer this Security to

              (Insert assignee's social security or tax ID number)

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

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

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

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

        ------------------------------------------------------------------------
             (Print or type assignee's name, address, and zip code)

        and irrevocably appoint                                                ,
                               ------------------------------------------------

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

        agent to transfer this Security on the books of the Company. The agent
        may substitute another to act for him.

Date:
     ----------------------------------
Your signature:

---------------------------------------
(Sign exactly as your name appears on the other side of this Security)

Signature
Guarantee:
          -----------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]