Document:

EXHIBIT 4.5

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                                [INDYMAC TRUST]

                                    Issuer

                                      and

                             THE INDENTURE TRUSTEE

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

                                   INDENTURE

                        Dated as of [_________], 20[__]

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

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                               Table of Contents

                                                                                                       Page

                                   ARTICLE I

            DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

<S>     <C>                                                                                             <C>
         Section 1.01.     Definitions...................................................................2
         Section 1.02.     Incorporation by Reference of Trust Indenture Act.............................2
         Section 1.03.     Other Terms...................................................................2
         Section 1.04.     Rules of Construction.........................................................3

                                  ARTICLE II

                                   THE NOTES

         Section 2.01.     Form..........................................................................4
         Section 2.02.     Execution, Authentication, and Delivery.......................................4
         Section 2.03.     Registration; Registration of Transfer and Exchange...........................5
         Section 2.04.     Mutilated, Destroyed, Lost, or Stolen Notes...................................6
         Section 2.05.     Persons Considered Owner......................................................7
         Section 2.06.     Payment of Principal and Interest; Defaulted Interest.........................7
         Section 2.07.     Cancellation..................................................................8
         Section 2.08.     Book-Entry Notes..............................................................9
         Section 2.09.     Notices To Depository.........................................................9
         Section 2.10.     Definitive Notes.............................................................10
         Section 2.11.     Tax Treatment................................................................10
         Section 2.12.     Transfer Restrictions; Restrictive Legends...................................10

                                  ARTICLE III

                                   COVENANTS

         Section 3.01.     Payment of Principal and Interest............................................12
         Section 3.02.     Maintenance of Office or Agency..............................................12
         Section 3.03.     Money For Payments To Be Held in Trust.......................................13
         Section 3.04.     Existence....................................................................14
         Section 3.05.     Protection of the Collateral.................................................14
         Section 3.06.     Opinions About Collateral....................................................15
         Section 3.07.     Performance of Obligations...................................................16
         Section 3.08.     Negative Covenants...........................................................17
         Section 3.09.     Annual Compliance Statement..................................................18
         Section 3.10.     Issuer May Consolidate, etc., Only on Certain Terms..........................19
         Section 3.11.     Successor or Transferee......................................................19
         Section 3.12.     Further Instruments and Acts.................................................19
         Section 3.13.     Compliance with Laws.........................................................20
         Section 3.14.     Master Servicer as Agent and Bailee of the Indenture Trustee.................20
         Section 3.15.     Investment Company Act.......................................................20

                                  ARTICLE IV

                          SATISFACTION AND DISCHARGE

         Section 4.01.     Satisfaction and Discharge of Indenture......................................20
         Section 4.02.     Application of Trust Money...................................................21
         Section 4.03.     Subrogation and Cooperation..................................................22
         Section 4.04.     Release of Collateral........................................................22

                                   ARTICLE V

                                   REMEDIES

         Section 5.01.     Events of Default............................................................23
         Section 5.02.     Acceleration of Maturity; Rescission and Annulment...........................24
         Section 5.03.     Collection of Indebtedness and Suits for Enforcement by Indenture Trustee....25
         Section 5.04.     Indenture Trustee May File Proofs of Claim...................................26
         Section 5.05.     Remedies; Priorities.........................................................27
         Section 5.06.     Optional Preservation of the Collateral......................................28
         Section 5.07.     Limitation of Suits..........................................................29
         Section 5.08.     Unconditional Right to Receive Principal and Interest........................29
         Section 5.09.     Restoration of Rights and Remedies...........................................29
         Section 5.10.     Rights and Remedies Cumulative...............................................30
         Section 5.11.     Delay or Omission Not a Waiver...............................................30
         Section 5.12.     [Control by Credit Enhancer or Noteholders..................................30]
         Section 5.13.     Waiver of Past Defaults......................................................30
         Section 5.14.     Undertaking For Costs........................................................31
         Section 5.15.     Waiver of Stay or Extension Laws.............................................31
         Section 5.16.     Rapid Amortization Events....................................................31
         Section 5.17.     Sale of Collateral...........................................................33
         Section 5.18.     Performance and Enforcement of Certain Obligations...........................33

                                  ARTICLE VI

                             THE INDENTURE TRUSTEE

         Section 6.01.     Duties of Indenture Trustee..................................................34
         Section 6.02.     Notice of Defaults...........................................................35
         Section 6.03.     Rights of Indenture Trustee..................................................35
         Section 6.04.     Indenture Trustee Not Responsible for Certain Things.........................36
         Section 6.05.     Individual Rights of Indenture Trustee.......................................37
         Section 6.06.     Money Held in Trust..........................................................37
         Section 6.07.     Compensation.................................................................37
         Section 6.08.     Eligibility..................................................................38
         Section 6.09.     Preferential Collection of Claims Against Issuer.............................38
         Section 6.10.     Replacement of Indenture Trustee.............................................38
         Section 6.11.     Acceptance of Appointment by Successor.......................................39
         Section 6.12.     Successor Indenture Trustee by Merger........................................39
         Section 6.13.     Appointment of Co-Indenture Trustee or Separate Indenture Trustee............40
         Section 6.14.     Representations and Warranties of Indenture Trustee..........................41

                                  ARTICLE VII

                        NOTEHOLDERS' LISTS AND REPORTS

         Section 7.01.     Issuer to Furnish Names and Addresses of Noteholders.........................41
         Section 7.02.     Preservation of Information; Communications..................................42
         Section 7.03.     Reports of Issuer............................................................42
         Section 7.04.     Reports by Indenture Trustee.................................................42

                                 ARTICLE VIII

                     ACCOUNTS, DISBURSEMENTS, AND RELEASES

         Section 8.01.     Accounts.....................................................................44
         Section 8.02.     Withdrawals from the Collection Account and the Additional Loan Account......44
         Section 8.03.     Payments.....................................................................46
         Section 8.04.     Calculation of the Note Rate.................................................48
         Section 8.05.     [Claims on the Policy; Policy Payments Account..............................48]
         Section 8.06.     [Replacement Policy.........................................................49]

                                  ARTICLE IX

                            SUPPLEMENTAL INDENTURES

         Section 9.01.     Supplemental Indentures Without Consent of Noteholders.......................50
         Section 9.02.     Supplemental Indentures with Consent of Noteholders..........................51
         Section 9.03.     Execution of Supplemental Indentures.........................................52
         Section 9.04.     Effect of Supplemental Indenture.............................................52
         Section 9.05.     Reference in Notes to Supplemental Indentures................................52
         Section 9.06.     Tax Opinion..................................................................53

                                   ARTICLE X

                              REDEMPTION OF NOTES

         Section 10.01.    Redemption...................................................................53
         Section 10.02.    Form of Redemption Notice....................................................54
         Section 10.03.    Notes Payable on Redemption Date.............................................54

                                  ARTICLE XI

                                 MISCELLANEOUS

         Section 11.01.    Compliance Certificates and Opinions, etc....................................55
         Section 11.02.    Form of Documents Delivered to Indenture Trustee.............................56
         Section 11.03.    Acts of Noteholders..........................................................57
         Section 11.04.    Notices, etc.................................................................58
         Section 11.05.    Notices to Noteholders; Waiver...............................................59
         Section 11.06.    Alternate Payment and Notice Provisions......................................59
         Section 11.07.    Conflict with Trust Indenture Act............................................59
         Section 11.08.    Effect of Headings and Table of Contents.....................................60
         Section 11.09.    Successors and Assigns.......................................................60
         Section 11.10.    Separability.................................................................60
         Section 11.11.    Benefits of Indenture........................................................60
         Section 11.12.    Legal Holidays...............................................................60
         Section 11.13.    Governing Law................................................................60
         Section 11.14.    Counterparts.................................................................60
         Section 11.15.    Recording of Indenture.......................................................61
         Section 11.16.    No Petition..................................................................61
         Section 11.17.    [Act on Instructions from Credit Enhancer...................................61]
         Section 11.18.    Trust Obligation.............................................................61

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                                   EXHIBITS

         Exhibit A - FORM OF NOTE.............................................................A

         ANNEX 1 - DEFINITIONS................................................................
         ANNEX 2 - ADOPTION ANNEX.............................................................

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         THIS INDENTURE,  dated as of [_________],  20[__],  between  [INDYMAC
TRUST],  a Delaware  business trust, and THE INDENTURE  TRUSTEE,  as indenture
trustee,

                                WITNESSETH THAT

         Each  party  agrees for the  benefit  of the other  party and for the
benefit of the Noteholders [and the Credit Enhancer] as follows.

                                GRANTING CLAUSE

         The Issuer Grants to the Indenture Trustee for the series referred to
in the  Adoption  Annex at the  Closing  Date,  as  Indenture  Trustee for the
benefit of the  Noteholders  [and the Credit  Enhancer],  all of the  Issuer's
interest existing now or in the future in:

       o      Mortgage  Loans and the related  Mortgage Files and all property
              that  secures  the  Mortgage  Loans  and  all  property  that is
              acquired by foreclosure or deed in lieu of foreclosure,  and all
              collections  received  on each  Mortgage  Loan after the Cut-off
              Date (excluding payments due by the Cut-off Date);

       o      the Additional Loan Account;

       o      the  Additional  Home Equity  Loans  acquired by the Trust from
              funds in the Additional  Loan  Account;

       o      the  Issuer's  rights under  hazard  insurance policies;

       o      [the  Policy;]

       o      the  interest  of the  Issuer  in the  Sale and Servicing
              Agreement and the Purchase Agreement (including the
              Issuer's right to cause Mortgage Loans to be repurchased);

       o      the segregated account maintained to hold collections and its
              contents;  and

       o      all present and future  claims,  demands,  causes of action,  and
              choses in action regarding any of the
              foregoing  and all payments on and all proceeds  from any of the
              foregoing, including all proceeds of their conversion, voluntary
              or  involuntary,  into cash or other liquid  property,  all cash
              proceeds,  accounts, notes, drafts, acceptances,  chattel paper,
              checks,  deposit  accounts,  insurance  proceeds,   condemnation
              awards,  rights to payment  of every  kind,  and other  forms of
              obligations,  instruments,  and other  property that at any time
              constitute any part of or are included in the proceeds of any of
              the foregoing (collectively, the "COLLATERAL").

         This Grant is made in trust to secure the  payment of  principal  and
interest on, and any other  amounts  owing on, the Notes,  without  prejudice,
priority, or distinction, and to secure compliance with the provisions of this
Indenture, all as provided in this Indenture.

         [The  foregoing  Grant  shall  inure  to the  benefit  of the  Credit
Enhancer to the extent of draws made on the Policy and amounts owing under the
Insurance Agreement, and shall continue for the benefit of the Credit Enhancer
until all amounts owed the Credit Enhancer have been repaid in full.]

         The  Indenture  Trustee,  as  Indenture  Trustee  on  behalf  of  the
Noteholders [and the Credit  Enhancer],  acknowledges  the Grant,  accepts the
trusts under this Indenture in accordance with this  Indenture,  and agrees to
perform its duties required in this Indenture in accordance with its terms and
the terms of the Transaction Documents.

                                  ARTICLE I
            DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         SECTION 1.01 DEFINITIONS.

         Unless the context requires a different meaning, capitalized terms
are used in this Indenture as defined in Annex 1.

         SECTION 1.02  INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

         Whenever  this  Indenture  refers  to a  provision  of the  TIA,  the
provision is incorporated by reference into this Indenture.  The following TIA
terms used in this Indenture have the following meanings:

         "COMMISSION" means the Securities and Exchange Commission.

         "INDENTURE SECURITIES" means the Notes.

         "INDENTURE SECURITY HOLDER" means a Noteholder.

         "INDENTURE TO BE QUALIFIED" means this Indenture.

         "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Indenture
Trustee.

         "OBLIGOR" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

         All other TIA terms used in this  Indenture  that are  defined in the
TIA,  defined by TIA  reference to another  statute,  or defined by Commission
rule have the meanings so assigned to them.

         SECTION 1.03.  OTHER TERMS.

         Defined  terms  that are used only in one  section or only in another
definition  may be omitted from the list of defined  terms in Annex 1. Defined
terms used in this  Indenture  are  sometimes  defined  after  their first use
without a reference such as "(as hereinafter defined)." Defined terms include,
as appropriate, all genders and the plural as well as the singular.

         SECTION 1.04.  RULES OF CONSTRUCTION.

         Except as otherwise expressly provided in this Indenture or unless
the context otherwise clearly requires:

         (a) References to designated articles, sections, subsections,
exhibits, and other subdivisions of this Indenture, such as "Section 6.12
(a)," refer to the designated article, section, subsection, exhibit, or other
subdivision of this Indenture as a whole and to all subdivisions of the
designated article, section, subsection, exhibit, or other subdivision. The
words "herein," "hereof," "hereto," "hereunder," and other words of similar
import refer to this Indenture as a whole and not to any particular article,
section, exhibit, or other subdivision of this Indenture.

         (b) Any term that relates to a document or a statute, rule, or
regulation includes any amendments, modifications, supplements, or any other
changes that may have occurred since the document, statute, rule, or
regulation came into being, including changes that occur after the date of
this Indenture except in the case of the TIA.

         (c) Any party may execute any of the requirements under this
Indenture either directly or through others, and the right to cause something
to be done rather than doing it directly shall be implicit in every
requirement under this Indenture. Unless a provision is restricted as to time
or limited as to frequency, all provisions under this Indenture are implicitly
available and things may happen from time to time.

         (d) The term "including" and all its variations mean "including but
not limited to." Except when used in conjunction with the word "either," the
word "or" is always used inclusively (for example, the phrase "A or B" means
"A or B or both," not "either A or B but not both").

         (e) A reference to "a [thing]" or "any [of a thing]" does not imply
the existence or occurrence of the thing referred to even though not followed
by "if any," and "any [of a thing]" is any and all of it. A reference to the
plural of anything as to which there could be either one or more than one does
not imply the existence of more than one (for instance, the phrase "the
obligors on a note" means "the obligor or obligors on a note"). "Until
[something occurs]" does not imply that it must occur, and will not be
modified by the word "unless." The word "due" and the word "payable" are each
used in the sense that the stated time for payment has past. The word
indemnify is used to include its dictionary sense of hold harmless. The word
"accrued" is used in its accounting sense, i.e., an amount paid is no longer
accrued. In the calculation of amounts of things, differences and sums may
generally result in negative numbers, but when the calculation of the excess
of one thing over another results in zero or a negative number, the
calculation is disregarded and an "excess" does not exist. Portions of things
may be expressed as fractions or percentages interchangeably.

         (f) All accounting terms used in an accounting context and not
otherwise defined, and accounting terms partly defined in this Indenture, to
the extent not completely defined, shall be construed in accordance with
generally accepted accounting principles. To the extent that the definitions
of accounting terms in this Indenture are inconsistent with their meanings
under generally accepted accounting principles, the definitions contained in
this Indenture shall control. Capitalized terms used in this Indenture without
definition that are defined in the UCC are used in this Indenture as defined
in the UCC.

         (g) In the computation of a period of time from a specified date to a
later specified date or an open-ended period, the word "from" or "beginning"
means "from and including," the words "to" or "until" mean "to but excluding,"
and the word "through" means "to and including." Likewise, in setting
deadlines or other periods, "by" means "on or before." The words "preceding,"
"following," and words of similar import, mean immediately preceding or
following. References to a month or a year refer to calendar months and
calendar years.

         (h) Any reference to the enforceability of any agreement against a
party means that it is enforceable, subject as to enforcement against the
party, to applicable bankruptcy, insolvency, reorganization, and other similar
laws of general applicability relating to or affecting creditors' rights and
to general equity principles.

                                  ARTICLE II

                                   THE NOTES

         SECTION 2.01.  FORM.

         The Notes,  together  with the  Indenture  Trustee's  certificate  of
authentication,  shall be in  substantially  the form of  Exhibit  A, with any
appropriate  insertions,   omissions,   substitutions,  and  other  variations
required  or  permitted  by this  Indenture.  The Notes may have any  letters,
numbers,  or other marks of  identification  and any  legends or  endorsements
placed on them that the officers executing them determine appropriate and that
are consistent  with this  Indenture,  as evidenced by their  execution of the
Notes. Any portion of the text of any Note may be on its reverse.

         The Notes may be typewritten,  printed,  lithographed, or engraved or
produced by any  combination  of these methods (with or without steel engraved
borders),  all as determined by the officers  executing  them, as evidenced by
their execution of them.

         The terms of the Notes are part of the terms of this Indenture.

         SECTION 2.02.  EXECUTION, AUTHENTICATION, AND DELIVERY.

         (a) The Notes shall be executed on behalf of the Issuer by any of its
Authorized Officers. The signature of any Authorized Officer on the Notes may
be manual or facsimile. Notes bearing the manual or facsimile signature of
individuals who were at any time Authorized Officers of the Issuer shall bind
the Issuer, notwithstanding that they may have ceased to hold their offices
before the authentication and delivery of the Notes or did not hold their
offices at the date of the Notes.

         (b) The Indenture Trustee shall upon Issuer Order authenticate and
deliver for original issue the Notes in the amounts reflected in the Adoption
Annex. The aggregate principal amount of Notes outstanding at any time may not
exceed those amounts except as provided in Section 2.04. Each Note shall be
dated the date of its authentication. The Notes shall be issuable as
registered Notes in the minimum denomination of $[_____] and in integral
multiples of $[_____] above that.

         (c) No Note shall be entitled to any benefit under this Indenture or
be a valid obligation of the Issuer for any purpose, unless a certificate of
authentication appears on it executed by the Indenture Trustee by the manual
signature of one of its authorized signatories. A certificate of
authentication on any Note shall be conclusive evidence, and the only
evidence, that it has been duly authenticated and delivered under this
Indenture.

         SECTION 2.03.  REGISTRATION; REGISTRATION OF TRANSFER AND
EXCHANGE.

         (a) The Issuer shall cause a register (the "NOTE REGISTER") to be
kept in which the Issuer shall provide for the registration of Notes and the
registration of transfers of Notes. The Indenture Trustee initially shall be
the "NOTE REGISTRAR" for registering Notes and transfers of Notes. Upon any
resignation of any Note Registrar, the Issuer shall promptly appoint a
successor or, if it elects not to, it shall assume the duties of Note
Registrar.

         If the Issuer  appoints a person other than the Indenture  Trustee to
be Note Registrar, the Issuer will give the Indenture Trustee prompt notice of
the  appointment of the Note Registrar and of the location,  and any change in
the location, of the Note Register. The Indenture Trustee may inspect the Note
Register  at all  reasonable  times and  obtain  copies of it.  The  Indenture
Trustee may rely on a certificate  executed on behalf of the Note Registrar by
one  of  its  Authorized  Officers  as to  the  names  and  addresses  of  the
Noteholders and the principal amounts and number of the Notes.

         (b) Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained pursuant to Section 3.02, if
the requirements of this Indenture and Section 8-401(a) of the UCC are met,
the Issuer shall execute, and the Indenture Trustee shall authenticate and the
Noteholder shall obtain from the Indenture Trustee, in the name of the
designated transferees, new Notes of the same Class in any authorized
denominations, of a like aggregate principal amount.

         (c) At the option of the Holder, Notes may be exchanged for other
Notes of the same Class in any authorized denominations, of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at the office or
agency of the Issuer maintained pursuant to Section 3.02. Whenever any Notes
are so surrendered for exchange, if the requirements of Section 8-401(a) of
the UCC are met the Issuer shall execute, and the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, the
Notes that the Noteholder making the exchange is entitled to receive.

         (d) All Notes issued on any registration of transfer or exchange of
Notes shall be valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered
for registration of transfer or exchange.

         (e) Every Note presented or surrendered for registration of transfer
or exchange shall be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, its Holder or any attorney for its Holder duly authorized in
writing. The endorsement signature shall be guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or any other "signature guarantee program"
chosen by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act.

         (f) No Holder shall incur a service charge for any registration of
transfer or exchange of Notes, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed
on any registration of transfer or exchange of Notes, other than exchanges
pursuant to Section 2.04 or 9.05 not involving any transfer.

         (g) The preceding provisions of this Section notwithstanding, the
Note Registrar need not register and the Issuer need not make transfers or
exchanges of Notes selected for redemption or transfers or exchanges of any
Note during the [15] days preceding the due date for any payment on it.

         SECTION 2.04.  MUTILATED, DESTROYED, LOST, OR STOLEN NOTES.

         If (i) the Indenture Trustee receives evidence to its satisfaction of
the destruction, loss, or theft of any Note and the Indenture Trustee receives
the  security or  indemnity  it requires to hold the Issuer and the  Indenture
Trustee  harmless,  or (ii) any mutilated Note is surrendered to the Indenture
Trustee, then, in the absence of notice to the Issuer, the Note Registrar,  or
the  Indenture  Trustee  that  the  Note  has  been  acquired  by a  Protected
Purchaser,  and if the  requirements  of Section  8-406 of the UCC are met and
subject to Section  8-405 of the UCC,  the Issuer  shall  execute,  and on its
request the Indenture Trustee shall authenticate and deliver,  in exchange for
the Note,  a  replacement  Note of like  tenor and  principal  amount.  If the
mutilated, destroyed, lost, or stolen Note is, or within [seven] days becomes,
payable,  or is called for redemption,  instead of issuing a replacement  Note
the Issuer may pay the mutilated, destroyed, lost, or stolen Note when payable
or on its redemption  date. If, after the delivery of the replacement  Note or
payment  of a  destroyed,  lost,  or stolen  Note  pursuant  to the  preceding
sentence,  a Protected  Purchaser  of the  original  Note in lieu of which the
replacement  Note was  issued  presents  it for  payment,  the  Issuer and the
Indenture  Trustee may recover the replacement  Note (or the payment) from the
person to whom it was delivered or any person taking the replacement Note from
the person to whom the replacement  Note was delivered or any assignee of that
person,  except a  Protected  Purchaser,  and may  recover on the  security or
indemnity  provided for it to the extent of any expense incurred by the Issuer
or the Indenture Trustee in connection with it.

         Upon the issuance of any  replacement  Note under this  Section,  the
Issuer may require  the payment by the Holder of the Note of a sum  sufficient
to cover any tax or other  governmental  charge  that may be imposed on it and
any  other  reasonable  expenses  (including  the  fees  and  expenses  of the
Indenture Trustee) in connection with it.

         Every replacement Note issued pursuant to this Section in replacement
of any mutilated, destroyed, lost, or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed,  lost,  or stolen Note is  enforceable  by anyone at any time,  and
shall  be  entitled  to  all  the  benefits  of  this  Indenture  equally  and
proportionately with any other Notes duly issued under this Indenture.

         The  provisions of this Section are exclusive and shall  preclude all
other  rights  and  remedies  with  respect to the  replacement  or payment of
mutilated,   destroyed,  lost,  or  stolen  Notes.

         SECTION 2.05.  PERSONS CONSIDERED OWNER.

         Before due presentment for  registration of transfer of any Note, the
Issuer,  the Indenture  Trustee,  and any agent of the Issuer or the Indenture
Trustee may treat the person in whose name any Note is  registered  (as of the
day of  determination)  as the owner of the Note for the purpose of  receiving
payments of  principal  and  interest  on the Note and for all other  purposes
whatsoever,  whether  or not the  Note is  overdue.  None of the  Issuer,  the
Indenture  Trustee,  or any agent of the Issuer or the Indenture Trustee shall
be affected by notice to the contrary.

         SECTION 2.06.  PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED
INTEREST.

         (a) The Notes shall accrue interest on their Outstanding balance at
their Note Rate before and after maturity. Interest shall be payable on each
Payment Date as specified in Section 8.03 or 5.05, subject to Section 3.01.
Any installment of interest or principal payable on a Note that is punctually
paid or duly provided for by the Issuer on the applicable Payment Date shall
be paid to the person in whose name the Note (or its predecessor Note) is
registered on the Record Date by wire transfer of immediately available funds
to the account designated by the Holder at a bank or other entity having
appropriate facilities, if the Holder has so notified the Indenture Trustee in
writing at least [five] Business Days before the Record Date and is either the
Depository or owner of record of Notes having an aggregate principal amount of
at least $[_________], and otherwise by check mailed first-class postage
prepaid to the Holder's address as it appears on the Note Register on the
Record Date, or by any other means the Noteholder and the Indenture Trustee
agree to, except for the final installment of principal payable on the Note on
a Payment Date, a redemption date, or the Scheduled Maturity Date (and except
for the redemption price for any Note called for redemption pursuant to
Section 10.01) which shall be payable as provided below.

         (b) The principal of each Note shall be payable, if not previously
paid, on the related Scheduled Maturity Date in the manner specified in
Section 8.03. All principal payments on the Notes shall be made pro rata to
the Noteholders. The Indenture Trustee shall send a notice to each person in
whose name a Note is registered at the close of business on the Record Date
preceding the Scheduled Maturity Date. The notice shall be sent by first-class
mail, postage prepaid, or by facsimile (promptly confirmed by mail) not later
than [ten] days before the Scheduled Maturity Date to each Holder of Notes as
of the close of business on the Record Date preceding the Scheduled Maturity
Date, at the Holder's address or facsimile number appearing in the Note
Register, and shall specify that the principal of the Note will be payable
only on presentation and surrender of the Note and shall specify the place
where the Note may be presented and surrendered for payment. Notices in
connection with redemptions of Notes shall be mailed to Noteholders as
provided in Section 10.02.

         (c) If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay defaulted interest (plus interest on the defaulted interest
to the extent lawful) at the applicable Note Rate in any lawful manner. The
Issuer may pay the defaulted interest to the persons who are Noteholders on a
subsequent special record date, which date shall be at least [five] Business
Days before the payment date. The Issuer shall fix the special record date and
payment date, and, at least [15] days before the special record date, the
Issuer shall mail to each Noteholder a notice that states the special record
date, the payment date, and the amount of defaulted interest to be paid.

         SECTION 2.07.  CANCELLATION.

         All  Notes   surrendered  for  payment,   registration  of  transfer,
exchange,  or redemption  shall,  if  surrendered to any person other than the
Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly
cancelled by the Indenture Trustee.  The Issuer may at any time deliver to the
Indenture  Trustee for  cancellation any Notes  previously  authenticated  and
delivered under this Indenture that the Issuer may have acquired in any manner
whatsoever,  and all Notes so  delivered  shall be promptly  cancelled  by the
Indenture Trustee.  No Notes shall be authenticated  instead of or in exchange
for any Notes  cancelled  as provided  in this  Section,  except as  expressly
permitted by this Indenture. All cancelled Notes may be held or disposed of by
the Indenture  Trustee in accordance  with its standard  retention or disposal
policy  as in effect at the time  unless  before  their  disposal  the  Issuer
directs  by  an  Issuer   Order  that  they  be   returned   to  it.

         SECTION 2.08. BOOK-ENTRY NOTES.

         (a) The Notes, on original issuance, will be issued by the Issuer in
the form of typewritten Notes representing the book-entry Notes, to the
Depository Trust Company, the initial Depository. The book-entry Notes shall
be registered initially on the Note Register in the name of Cede & Co., the
nominee of the initial Depository, and no Note Owner will receive a definitive
Note representing its interest in a Note, except as provided in Section 2.10.
Until definitive, fully registered Notes have been issued to the Note Owners
pursuant to Section 2.10:

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

                (ii) the Note Registrar and the Indenture Trustee may deal
         with the Depository for all purposes of this Indenture (including the
         payment of principal and interest on the Notes and accepting
         instructions under this Indenture) as the sole holder of the Notes,
         and shall have no obligation to the Note Owners;

                (iii) to the extent that this Section conflicts with any other
         provisions of this Indenture, this Section shall control;

                (iv) the rights of Note Owners shall be exercised only through
         the Depository and shall be limited to those established by law and
         agreements between the Note Owners and the Depository;

                (v) until definitive Notes are issued pursuant to Section
         2.10, the Depository will make book-entry transfers among the
         Depository's participants and receive and transmit payments of
         principal and interest on the Notes to the Depository's participants;

                (vi) whenever this Indenture requires or permits actions to be
         taken based on instructions from Holders of Notes evidencing a
         specified percentage of the Outstanding Amount, the Depository shall
         be treated as representing that percentage only to the extent that it
         has received instructions to that effect from Note Owners owning the
         required percentage of the beneficial interest in the Notes and has
         delivered the instructions to the Indenture Trustee; and

                (vii) the Indenture Trustee may conclusively rely on
         information furnished by the Depository about its participants and
         furnished by the participants about indirect participating firms and
         persons shown on the books of the indirect participating firms as
         direct or indirect Note Owners.

         (b) The book-entry Notes may not be transferred except as a whole and
then only by the Depository to its nominee or by its nominee to the Depository
or another nominee of the Depository, or by the Depository or its nominee to a
successor to the Depository or the successor's nominee.

         SECTION 2.09. NOTICES TO DEPOSITORY.

         Whenever a  communication  to the  Noteholders is required under this
Indenture, until definitive Notes have been issued to the Note Owners pursuant
to Section 2.10, the Indenture  Trustee shall  communicate with the Depository
as Holder of the  Notes,  and shall  have no  obligation  to the Note  Owners.

         SECTION 2.10. DEFINITIVE NOTES.

         If

                (i) the Issuer advises the Indenture Trustee in writing that
         the Depository is no longer willing or able to discharge its
         responsibilities properly with respect to the book-entry Notes and
         the Issuer is unable to locate a qualified successor,

                (ii) the Issuer at its option advises the Indenture Trustee in
         writing that it elects to terminate the book-entry system through the
         Depository, or

                (iii) after the occurrence of an Event of Default, Note Owners
         of not less than [51]% of the aggregate Outstanding Amount advise the
         Depository in writing that the continuation of a book-entry system
         through the Depository is no longer in the best interests of the Note
         Owners,

then the Depository shall notify all Note Owners and the Indenture  Trustee of
the  occurrence of the event and of the  availability  of definitive  Notes to
Note Owners  requesting  them. Upon surrender to the Indenture  Trustee of the
book-entry Notes by the Depository,  accompanied by registration instructions,
the Issuer shall execute and the  Indenture  Trustee  shall  authenticate  and
deliver  the  definitive  Notes in  accordance  with the  instructions  of the
Depository.  None of the Issuer, the Note Registrar,  or the Indenture Trustee
shall  be  liable  for any  delay  in  delivery  of the  instructions  and may
conclusively  rely on, and shall be protected in relying on, the instructions.
On the issuance of definitive Notes, the Indenture Trustee shall recognize the
Holders of the definitive Notes as Noteholders.

         SECTION 2.11. TAX TREATMENT.

         The Issuer has  entered  into this  Indenture,  and the Notes will be
issued,  with the intention that, for all purposes including  federal,  State,
and local income, single business,  and franchise tax purposes, the Notes will
qualify as  indebtedness  secured by the Collateral.  The Issuer,  by entering
into this Indenture,  and each  Noteholder,  by its acquisition of a Note (and
each Note Owner by its acquisition of an interest in a book-entry Note), agree
to treat  the Notes  for all  purposes  including  federal,  State,  and local
income, single business, and franchise tax purposes as indebtedness.

         Section 2.12. Transfer Restrictions; Restrictive Legends.

         No Note may be purchased  with plan assets of an employee plan if the
issuer,  the  master  servicer,   a  servicer,   the  indenture  trustee,  the
underwriter,  or any of their  respective  affiliates  (i) has  investment  or
administrative  discretion  with  respect  to  those  plan  assets;  (ii)  has
authority or  responsibility  to give, or regularly gives,  investment  advice
with  respect to the plan  assets,  for a fee and  pursuant to an agreement or
understanding  that the  advice  will serve as a primary  basis of  investment
decisions  with  respect  to  those  plan  assets,  and  will be  based on the
particular  investment  needs for the employee  plan;  or (iii) is an employer
maintaining or contributing to the employee plan. Each transferee or purchaser
of a Note that is an employee plan or is investing plan assets shall represent
(or, in the case of a book-entry  Note, shall be deemed to represent) that the
investment and holding of the Note satisfy the conditions for exemptive relief
under Prohibited  Transaction Class Exemption  ("PTCE") 84-14, PTCE 90-1, PTCE
91-38, PTCE 95-60, PTCE 96-23, or a similar  exemption.  A plan is an employee
benefit  plan (as defined in section 3(3) of ERISA) that is subject to Title I
of ERISA, a plan (as defined in section 4975(e)(1) of the Code) and any entity
whose underlying  assets include plan assets by reason of a plan's  investment
in the entity or otherwise.

         (a) Unless the Indenture Trustee receives an Opinion of Counsel to
the effect that it is no longer appropriate, each definitive Note shall bear
the following legend on its face:

         THIS NOTE MAY NOT BE PURCHASED  WITH PLAN ASSETS OF AN EMPLOYEE  PLAN
IF THE ISSUER, THE MASTER SERVICER,  A SERVICER,  THE INDENTURE  TRUSTEE,  THE
UNDERWRITER,  OR ANY OF THEIR  RESPECTIVE  AFFILIATES  (I) HAS  INVESTMENT  OR
ADMINISTRATIVE  DISCRETION  WITH  RESPECT  TO  THOSE  PLAN  ASSETS;  (II)  HAS
AUTHORITY OR  RESPONSIBILITY  TO GIVE, OR REGULARLY GIVES,  INVESTMENT  ADVICE
WITH  RESPECT TO THE PLAN  ASSETS,  FOR A FEE AND  PURSUANT TO AN AGREEMENT OR
UNDERSTANDING  THAT THE  ADVICE  WILL SERVE AS A PRIMARY  BASIS OF  INVESTMENT
DECISIONS  WITH  RESPECT  TO  THOSE  PLAN  ASSETS,  AND  WILL BE  BASED ON THE
PARTICULAR  INVESTMENT  NEEDS FOR THE EMPLOYEE  PLAN;  OR (III) IS AN EMPLOYER
MAINTAINING OR CONTRIBUTING TO THE EMPLOYEE PLAN. EACH TRANSFEREE OR PURCHASER
OF THIS  NOTE  THAT  IS AN  EMPLOYEE  PLAN OR IS  INVESTING  PLAN  ASSETS,  BY
ACCEPTANCE  OF THIS NOTE OR AN  INTEREST  IN THIS  NOTE,  REPRESENTS  THAT THE
INVESTMENT  AND HOLDING OF THIS NOTE  SATISFIES THE  CONDITIONS  FOR EXEMPTIVE
RELIEF UNDER PROHIBITED TRANSACTION CLASS EXEMPTION ("PTCE") 84-14, PTCE 90-1,
PTCE 91-38,  PTCE  95-60,  PTCE 96-23,  OR A SIMILAR  EXEMPTION.  A PLAN IS AN
EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO
TITLE I OF ERISA,  A PLAN (AS DEFINED IN SECTION  4975(E)(1)  OF THE CODE) AND
ANY ENTITY WHOSE  UNDERLYING  ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN'S
INVESTMENT IN THE ENTITY OR OTHERWISE.

         ANY TRANSFER IN VIOLATION OF EITHER OF THE FOREGOING  WILL BE VOID AB
INITIO,  AND WILL NOT  OPERATE  TO  TRANSFER  ANY  RIGHTS  TO THE  TRANSFEREE,
NOTWITHSTANDING  ANY  INSTRUCTIONS  TO THE CONTRARY.

         (b) Each book-entry Note shall bear the following legend on its face:

         "UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,
OR PAYMENT, AND ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE IS REGISTERED IN THE
NAME  OF  THE  DEPOSITORY  OR IN  ANOTHER  NAME  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF THE DEPOSITORY (AND ANY PAYMENT ON THIS NOTE IS MADE TO THE
DEPOSITORY OR TO ANOTHER ENTITY REQUESTED BY AN AUTHORIZED  REPRESENTATIVE  OF
THE DEPOSITORY),  ANY TRANSFER, PLEDGE, OR OTHER USE OF THIS NOTE FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE REGISTERED OWNER OF
THIS NOTE, THE DEPOSITORY, HAS AN INTEREST IN THIS NOTE."

                                  ARTICLE III

                                   COVENANTS

         SECTION 3.01. PAYMENT OF PRINCIPAL AND INTEREST.

         The Issuer will duly and  punctually  pay the  principal and interest
and other  amounts  payable on the Notes in  accordance  with the terms of the
Notes and this Indenture.  Amounts  properly  withheld under the Code or other
applicable tax laws by any person from a payment to any Noteholder of interest
or principal or other  amounts  shall be  considered  to have been paid by the
Issuer to the Noteholder for all purposes of this Indenture.

         The Notes are non-recourse  obligations of the Issuer and are limited
in right of payment to amounts  available from the related  Trust.  The Issuer
shall not  otherwise  be liable  for  payments  on the  Notes.

          SECTION  3.02.  MAINTENANCE OF OFFICE OR AGENCY.

         The Issuer will maintain in the Borough of Manhattan, The City of New
York, an office or agency where Notes may be surrendered  for  registration of
transfer or exchange, and where notices to and demands on the Issuer regarding
the Notes and this Indenture may be served.  The Issuer initially appoints the
Indenture  Trustee  to serve as its agent for these  purposes.  The  Indenture
Trustee  will give  prompt  notice to the Issuer of the  location,  and of any
change in the location,  where the Indenture  Trustee maintains this office or
agency.  If the Issuer ever fails to maintain the  required  office or agency,
then surrenders,  notices,  and demands may be made or served at the Corporate
Trust Office.

         SECTION 3.03. MONEY FOR PAYMENTS TO BE HELD IN TRUST.

         All payments of amounts payable on any Notes that are to be made from
amounts  withdrawn from the Collection  Account pursuant to Section 8.03 shall
be made on behalf of the Issuer by the Indenture  Trustee or by another Paying
Agent, and no amounts so withdrawn from the Collection Account for payments of
Notes shall be paid over to the Issuer except as provided in this Section.

         The Issuer  will cause each  Paying  Agent  other than the  Indenture
Trustee to execute and deliver to the Indenture Trustee an instrument in which
the Paying  Agent  agrees with the  Indenture  Trustee  that it will,  and the
Indenture Trustee hereby agrees in its capacity as Paying Agent that it will:

                (i) hold all sums held by it for the payment of amounts due on
         the Notes in trust for the benefit of the persons entitled to them
         until they are paid to the persons entitled to them or otherwise
         disposed of as provided in this Indenture, and pay them to the
         persons entitled to them as provided in this Indenture;

                (ii) give the Indenture Trustee [and the Credit Enhancer]
         notice of any payment default by the Issuer on the Notes of which it
         has actual knowledge;

                (iii) at any time during the continuance of any payment
         default on the Notes, at the request of the Indenture Trustee,
         immediately pay to the Indenture Trustee all sums held in trust by it
         for the payment of the Notes;

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

                (v) be bound by Section 11.16; and

                (vi) comply with all requirements of the Code to withhold from
         any payments made by it on any Notes any applicable withholding taxes
         imposed on them and comply with any applicable reporting
         requirements.

         To obtain the satisfaction and discharge of this Indenture or for any
other  purpose,  the Issuer may at any time by Issuer  Order direct any Paying
Agent to pay to the Indenture Trustee all sums held by it in trust. Those sums
shall be held by the  Indenture  Trustee on the same  trusts as those on which
the sums were held by the Paying  Agent.  On payment by a Paying  Agent to the
Indenture  Trustee,  it shall be  released  from all  further  liability  with
respect to that money.

         Subject to applicable laws on abandoned  property,  any money held in
trust by the  Indenture  Trustee  or any Paying  Agent for the  payment of any
amount due on any Note  remaining  unclaimed for two years after it has become
payable shall be discharged from the trust and be paid to the Issuer on Issuer
Request.  After  that the  Holder of the  unpaid  Note  shall look only to the
Issuer  for its  payment as an  unsecured  general  creditor  (but only to the
extent of the amounts  paid to the  Issuer).  On its payment to the Issuer all
liability  of the  Indenture  Trustee or the Paying Agent with respect to that
trust money shall cease.  The Indenture  Trustee or the Paying  Agent,  before
being  required to make the  payment to the  Issuer,  shall at the expense and
direction  of the Issuer  cause to be  published  once a notice that the money
remains unclaimed and that, after a date specified in the notice not less than
[30] days from the date of the publication, any unclaimed balance of the money
then remaining will be repaid to the Issuer.  The notice shall be published in
a newspaper published in the English language,  customarily  published on each
Business Day and of general circulation in The City of New York. The Indenture
Trustee may also adopt and employ, at the expense and direction of the Issuer,
any other reasonable means of notification of the repayment (including mailing
notice of the repayment to their last address of record to Holders whose Notes
have been called but have not been  surrendered  for redemption or whose right
to or interest in moneys  payable  but not  claimed is  determinable  from the
records of the Indenture Trustee or of any Paying Agent).

         SECTION 3.04. EXISTENCE.

         The Issuer will preserve its existence,  rights,  and franchises as a
Delaware  business trust (unless it or any successor  becomes  organized under
the laws of any other State or of the United States,  in which case the Issuer
will preserve its existence,  rights,  and  franchises  under the laws of that
other  jurisdiction)  and will obtain and  preserve  its  qualification  to do
business  in each  jurisdiction  in  which  qualification  to do  business  is
necessary to protect the validity and  enforceability  of this Indenture,  the
Notes, the Collateral, and each other material agreement of the Issuer.

         SECTION 3.05. PROTECTION OF THE COLLATERAL.

         (a) The Issuer intends the security interest Granted pursuant to this
Indenture in favor of the Indenture Trustee on behalf of the Noteholders [and
the Credit Enhancer ]to be before all other liens on the Collateral (except as
otherwise provided in the Transaction Documents). The Issuer shall take all
actions necessary to obtain and maintain, for the benefit of the Indenture
Trustee on behalf of the Noteholders [and the Credit Enhancer], a first
priority, perfected security interest in the Collateral (except as otherwise
provided in the Transaction Documents). The Issuer will execute and deliver
any supplements and amendments to this Indenture and any Financing Statements,
Continuation Statements, instruments of further assurance, and other
instruments and will take any other action appropriate to:

                (i) Grant more effectively any portion of the Collateral;

                (ii) preserve the security interest (and its priority) created
         by this Indenture or carry out more effectively the purposes of this
         Indenture;

                (iii) perfect, publish notice of, or protect the validity of
         any Grant made or to be made by this Indenture;

                (iv) enforce any rights with respect to any of the Collateral;

                (v) preserve and defend title to the Collateral and the rights
         of the Indenture Trustee, [the Credit Enhancer], and the Noteholders
         in the Collateral against all adverse claims; or

                (vi) pay all taxes or assessments levied or assessed on the
         Collateral when due.

         (b) Except as otherwise provided in this Indenture or the other
Transaction Documents, the Indenture Trustee shall not remove any portion of
the Collateral that consists of money or is evidenced by an instrument,
certificate, or other writing from the jurisdiction in which it was held at
the date of the most recent Opinion of Counsel delivered pursuant to Section
3.06 unless the Indenture Trustee receives an Opinion of Counsel to the effect
that the lien and Security Interest created by this Indenture will continue to
be maintained on any removed property after giving effect to its removal.

         (c) The Issuer designates the Indenture Trustee its agent and
attorney-in-fact to execute any Financing Statement, Continuation Statement,
or other instrument required to be executed pursuant to this Section. The
Issuer authorizes the Indenture Trustee to file Financing Statements or
Continuation Statements, and amendments to them, relating to any part of the
Collateral without the signature of the Issuer where permitted by law. A
carbon, photographic, or other reproduction of this Indenture or any filed
Financing Statement covering the Collateral or any part of it shall be
sufficient as a Financing Statement where permitted by law. The Indenture
Trustee will promptly send to the Issuer any Financing Statements or
Continuation Statements that it files without the signature of the Issuer.

         SECTION 3.06. OPINIONS ABOUT COLLATERAL.

         (a) On the Closing Date, the Issuer shall furnish to the Indenture
Trustee an Opinion of Counsel either stating that, in its opinion, all action
has been taken

                (i) with respect to the recording and filing of this
         Indenture, any indentures supplemental to this Indenture, and any
         other requisite documents and

                (ii) with respect to the execution and filing of any Financing
         Statements and Continuation Statements necessary to perfect the first
         priority perfected security interest of this Indenture in the
         Collateral, and reciting the details of the action, or stating that,
         in its opinion, no action is necessary to perfect the first priority
         perfected security interest of this Indenture in the Collateral.

         (b) By the date specified in the Adoption Annex in each calendar year
beginning in the year specified in the Adoption Annex, the Issuer shall
furnish to the Indenture Trustee an Opinion of Counsel either stating that, in
its opinion, all action has been taken

                (i) with respect to the recording, filing, re-recording, and
         refiling of this Indenture, any indentures supplemental to this
         Indenture, and any other requisite documents and

                (ii) with respect to the execution and filing of any Financing
         Statements and Continuation Statements

necessary to maintain the first priority perfected security interest
created by this Indenture in the Collateral and reciting the details of the
action, or stating that, in its opinion, no action is necessary to maintain
the first priority perfected security interest of this Indenture in the
Collateral. The Opinion of Counsel shall also describe the recording, filing,
re-recording, and refiling of this Indenture, any indentures supplemental to
this Indenture, and any other requisite documents and the execution and filing
of any Financing Statements and Continuation Statements that will, in
counsel's opinion, be required to maintain the first priority perfected
security interest of this Indenture in the Collateral until the date specified
in the Adoption Annex in the following calendar year.

         SECTION 3.07. PERFORMANCE OF OBLIGATIONS.

         (a) The Issuer will not take any action (and will not permit others
to take any action) that would release any person from any of their material
obligations under any of the Transaction Documents, that would create any
Security Interests that are not provided for in the Transaction Documents, or
that would change or impair the validity or effectiveness of the Transaction
Documents or any Security Interest granted under them, except as expressly
provided in the Transaction Documents. The Indenture Trustee, as pledgee of
the Mortgage Loans and an assignee of the Issuer's rights under the Sale and
Servicing Agreement may exercise all of the rights of the Issuer to direct the
actions of the Master Servicer pursuant to the Sale and Servicing Agreement.
[Unless granted or permitted by the Credit Enhancer,] [T][t]he Issuer may not
waive any default by the Master Servicer under the Sale and Servicing
Agreement or terminate the Master Servicer under the Sale and Servicing
Agreement.

         (b) The Issuer may contract with other persons to assist it in
performing its duties under this Indenture, and the performance of those
duties by a person identified to the Indenture Trustee in an Officer's
Certificate shall be considered to be action taken by the Issuer.

         (c) The Issuer will punctually perform all of its obligations under
the Transaction Documents, including properly filing all Financing Statements
and Continuation Statements required to be filed by the Transaction Documents.
The Issuer shall not amend, terminate, or otherwise change any Transaction
Document without the consent of the Indenture Trustee [and the Credit
Enhancer]. The consent of the Indenture Trustee will not be required if the
Rating Agency Condition is satisfied with respect to the proposed action.

         (d) Without derogating from the Grant to the Indenture Trustee under
this Indenture or the rights of the Indenture Trustee under this Indenture, the
Issuer agrees (i) that it will not, without the prior consent of [the Credit
Enhancer and] either the Indenture Trustee or

                (i) the Holders of not less than [51]% of the aggregate
         Outstanding Amount, change or waive, or agree to or otherwise permit
         any change to or waiver of, the terms of any Collateral (except to
         the extent otherwise provided in the Sale and Servicing Agreement);
         and

                (ii) that any change in the terms of any Collateral shall not
         (A) increase or reduce the amount of, or accelerate or delay the
         timing of, distributions that are required to be made for the benefit
         of the Noteholders (except as may be incidental to changes or waivers
         allowed under (d)(i)) or (B) reduce the percentage of the Notes that
         is required to consent to any change in the terms of any Collateral
         without the consent of the Holders of all the Outstanding Notes.

If [the Credit  Enhancer  and] either the  Indenture  Trustee or the requisite
percentage  of Holders  consent to any change in the terms of any  Collateral,
the Issuer agrees, promptly following a request by the Indenture Trustee to do
so,  to  execute  and  deliver,  in its own name and at its own  expense,  any
documents the Indenture Trustee deems appropriate under the circumstances.

         SECTION 3.08. NEGATIVE COVENANTS.

         So long as any Notes are Outstanding, the Issuer shall not:

         (a) dispose of any of the Collateral or other properties or assets of
the Issuer in the same Trust with the Collateral, except as expressly
permitted by this Indenture or the Sale and Servicing Agreement, unless
directed to do so by the Indenture Trustee [with the consent of the Credit
Enhancer];

         (b) claim any credit on, or make any deduction from the principal or
interest or other amounts payable on, the Notes (other than amounts properly
withheld from payments under the Code or applicable State law) or assert any
claim against any present or former Noteholder for the payment of the taxes
levied or assessed on any part of the Collateral;

         (c) (i) permit the validity or effectiveness of this Indenture to be
impaired, or permit the lien of this Indenture to be changed (except as
otherwise provided in the Sale and Servicing Agreement), or permit any person
to be released from any obligations on the Notes or under this Indenture
except as expressly permitted by this Indenture,

                (ii) permit any lien, charge, excise, claim, security
         interest, mortgage, or other encumbrance (other than the lien of this
         Indenture and as otherwise provided in the Sale and Servicing
         Agreement) to affect any part of the Collateral, or any interest in
         it or its proceeds, or

                (iii) permit the lien of this Indenture not to constitute a
         valid first priority security interest in the Collateral; or

         (d) dissolve or liquidate in whole or in part;

         (e) make any distributions on any ownership interest in the Issuer
relating to the Trust (except as expressly provided for in the Transaction
Documents), redeem, purchase, or otherwise retire or acquire for value any
ownership interest in the Issuer relating to the Trust (except as expressly
provided for in the Transaction Documents), or set aside any amounts for any
of these purposes;

         (f) engage in any business other than financing, purchasing, owning,
selling, and managing the Collateral; issuing the Notes; and activities
incidental to those contemplated businesses, in each case, in the manner
contemplated by the Transaction Documents;

         (g) issue, incur, assume, guarantee, or otherwise have the Trust
become liable, directly or indirectly, for any indebtedness except for its
liabilities under the Transaction Documents and other expenses for which the
Issuer is entitled to reimbursement under this Indenture or the Sale and
Servicing Agreement;

         (h) make any loan or advance of credit to, or guarantee (directly or
indirectly or by an instrument having the effect of assuring another's payment
or performance on any obligation), endorse (except for endorsement of
instruments for collection in the ordinary course of business), or otherwise
become contingently liable, directly or indirectly, in connection with the
obligations, stocks, or dividends of, or own, purchase, repurchase, or acquire
(or agree contingently to do so) any stock, obligations, assets, or securities
of, or any other interest in, or make any capital contribution to, any other
person out of the Trust;

         (i) make any expenditure (by long-term or operating lease or
otherwise) for capital assets; or

         (j) subject to the Master Servicer's servicing the Mortgage Loans in
accordance with the Sale and Servicing Agreement, waive or impair, or fail to
assert rights under, the Mortgage Loans, or effect impairment of the Issuer's
interest in the Mortgage Loans, the Sale and Servicing Agreement, or any other
Transaction Document, if the action would materially and adversely affect the
interests of the Noteholders [or the Credit Enhancer].

         SECTION 3.09. ANNUAL COMPLIANCE STATEMENT.

         Within  [120]  days after the end of each year  (commencing  with the
year specified in the Adoption Annex) the Issuer will deliver to the Indenture
Trustee [and the Credit Enhancer] an Officer's  Certificate stating, as to the
Authorized Officer signing the Officer's Certificate, that:

                (i) a review of the activities of the Issuer during the year
         and of its performance under this Indenture and the Trust Agreement
         has been made under the Authorized Officer's supervision; and

                (ii) to the best of the Authorized Officer's knowledge, based
         on that review, the Issuer has complied with all its obligations
         under this Indenture and the Trust Agreement throughout that year or,
         if there has been a default in its compliance with any obligation,
         specifying each default known to the Authorized Officer and its
         nature and status.

         SECTION 3.10. ISSUER MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

         The Issuer  shall not  consolidate  or merge with or into or transfer
all or  substantially  all of its  properties  or assets to any other  person,
unless:

                (i) the person (if other than the Issuer) formed by or
         surviving the consolidation or merger or to which the transfer is
         made is organized and existing under the laws of the United States or
         any State and expressly assumes the due and punctual payment of the
         principal and interest on the Notes and the performance of every
         obligation under each Transaction Document on the part of the Issuer
         to be performed by an indenture supplemental to this Indenture,
         executed and delivered to the Indenture Trustee, in form satisfactory
         to the Indenture Trustee [and the Credit Enhancer];

                (ii) immediately after giving effect to the transaction, no
         Incipient Default has occurred and is continuing;

                (iii) the Rating Agency Condition has been satisfied with
         respect to the transaction;

                (iv) the Issuer has delivered to the Indenture Trustee [and
         the Credit Enhancer] an Opinion of Counsel to the effect that the
         transaction will not have any material adverse tax consequence to the
         Issuer or any Noteholder[, with a copy to the Credit Enhancer];

                (v) any action that is necessary to maintain the security
         interest created by this Indenture has been taken; and

                (vi) the Issuer has delivered to the Indenture Trustee [and
         the Credit Enhancer] an Officer's Certificate and an Opinion of
         Counsel each stating that the consolidation or merger and the
         supplemental indenture comply with this Article and that all
         conditions precedent in this Indenture relating to the transaction
         have been complied with (including any filing required by the
         Exchange Act).

         SECTION 3.11. SUCCESSOR OR TRANSFEREE.

         Upon any  consolidation  or merger of the Issuer or  transfer  all or
substantially all of its properties or assets in accordance with Section 3.10,
the person formed by or surviving the  consolidation  or merger (if other than
the  Issuer)  or to which  the  transfer  is made  shall  succeed  to,  and be
substituted  for,  and may  exercise  every  right of, the  Issuer  under this
Indenture  with the same  effect as if it had been named as the Issuer in this
Indenture.

         SECTION 3.12. FURTHER INSTRUMENTS AND ACTS.

         On request of the  Indenture  Trustee [or the Credit  Enhancer],  the
Issuer will  execute and  deliver any further  instruments  and do any further
acts that may be appropriate to carry out more effectively the purpose of this
Indenture.

         SECTION 3.13. COMPLIANCE WITH LAWS.

         The  Issuer  shall  comply  with  the  requirements  of all  laws the
non-compliance with which would, individually or in the aggregate,  materially
and  adversely  affect the  ability of the Issuer to perform  its  obligations
under the Notes or any Transaction Document.

         SECTION 3.14. MASTER SERVICER AS AGENT AND BAILEE OF THE INDENTURE
TRUSTEE.

         Solely for the  purposes of  perfection  under  Section  9-305 of the
Uniform  Commercial Code or other similar  applicable law, rule, or regulation
of the state in which  property  is held by the  Master  Servicer,  the Master
Servicer  is acting as agent and  bailee of the  Indenture  Trustee in holding
amounts subject to deposit to the Collection Account, as well as its agent and
bailee in holding any Mortgage File released to the Master  Servicer,  and any
other  items of  Collateral  that  come  into  the  possession  of the  Master
Servicer.  By the  Master  Servicer's  execution  of the  Sale  and  Servicing
Agreement,  the Indenture  Trustee,  as a secured party of the Mortgage Loans,
has possession of these items for the purposes of Section 9-305 of the Uniform
Commercial  Code of the  state in which  the  property  is held by the  Master
Servicer.

         SECTION 3.15. INVESTMENT COMPANY ACT.

         The Issuer  shall not  become an  "investment  company"  or under the
"control"  of an  "investment  company"  as those  terms  are  defined  in the
Investment  Company Act of 1940 and the rules and regulations under it (taking
into account not only the general definition of the term "investment  company"
but also any available exceptions to the general definition). The Issuer shall
be in  compliance  with this Section 3.15 if it obtains an order  exempting it
from regulation as an "investment company" so long as it is in compliance with
the conditions imposed in the order.

                                  ARTICLE IV

                          SATISFACTION AND DISCHARGE

         SECTION 4.01. SATISFACTION AND DISCHARGE OF INDENTURE.

         Except for rights of  conversion  or  transfer  or  exchange of Notes
expressly  provided  for, the rights of the  Indenture  Trustee  under Section
6.07,  the rights of  Noteholders  as  beneficiaries  of this  Indenture  with
respect to property  deposited  with the Indenture  Trustee  payable to any of
them, [and the rights of the Credit  Enhancer] as subrogee of the Noteholders,
this Indenture shall cease to be of further effect, and the Indenture Trustee,
on  demand  of  and  at  the  expense  of the  Issuer,  shall  execute  proper
instruments acknowledging satisfaction and discharge of this Indenture, when:

                (i) either:

                   (A) all Notes previously authenticated and delivered have
                been delivered to the Indenture Trustee for cancellation
                (other than (1) Notes that have been destroyed, lost, or
                stolen and that have been replaced or paid as provided in
                Section 2.04 and (2) Notes for whose payment money has been
                deposited in trust or segregated and held in trust by the
                Issuer and later repaid to the Issuer or discharged from the
                trust, as provided in Section 3.03); or

                   (B) all Notes not previously delivered to the Indenture
                Trustee for cancellation:

                   (1) have become payable,

                   (2) will become payable at their Scheduled Maturity Date
                within one year, or

                   (3) are to be called for redemption within one year under
                arrangements satisfactory to the Indenture Trustee for the
                giving of notice of redemption by the Indenture Trustee in the
                name, and at the expense, of the Issuer, and the Issuer, in
                the case of (1), (2), or (3) above, has irrevocably deposited
                with the Indenture Trustee cash or direct obligations of or
                obligations guaranteed by the United States (which will mature
                before the date the amounts are payable), in trust for these
                purposes, in an amount sufficient to pay the entire
                indebtedness when due on the Notes not previously delivered to
                the Indenture Trustee for cancellation to the applicable
                Scheduled Maturity Date or redemption date (if Notes have been
                called for redemption pursuant to Section 10.01), as the case
                may be;

                (ii) the Issuer has paid all other sums payable under this
         Indenture by the Issuer; and

                (iii) the Issuer has delivered to the Indenture Trustee an
         Officer's Certificate, an Opinion of Counsel, and (if required by the
         TIA, [or] the Indenture Trustee[, or the Credit Enhancer]) an
         Independent Certificate from a firm of certified public accountants,
         each meeting the applicable requirements of Section 11.01, each
         stating that all conditions precedent provided for in this Indenture
         relating to the satisfaction and discharge of this Indenture have
         been complied with.

         SECTION 4.02. APPLICATION OF TRUST MONEY.

         All money  deposited with the Indenture  Trustee  pursuant to Section
4.01 shall be held in trust and  applied by it, in  accordance  with the Notes
and this Indenture,  to the payment to the Holders of the particular Notes for
the  payment  or  redemption  of which the money has been  deposited  with the
Indenture Trustee, of all sums due and to become due on them for principal and
interest.  That money need not be  segregated  from other funds  except to the
extent required in this Indenture or required by law.

SECTION  4.03. [SUBROGATION AND COOPERATION.

         (a) To the extent the Credit Enhancer makes payments of principal or
interest on the Notes under the Policy, the Credit Enhancer will be fully
subrogated to the rights of the Noteholders to receive that principal and
interest from the Mortgage Loans and any other Collateral, and the Credit
Enhancer shall be paid that principal and interest, but only from the sources
and in the manner provided in this Indenture and the Sale and Servicing
Agreement for the payment of that principal and interest. Any payment of
principal or interest on the Notes made with moneys received under the Policy
shall not be considered payment of the Notes from the Trust and shall not
result in the payment of or the provision for the payment of the principal or
interest on the Notes under Section 4.01. The Credit Enhancer shall be paid
principal and interest from Mortgage Loans only from the sources and in the
manner provided in this Indenture and in the Insurance Agreement.

         The  Indenture  Trustee  shall  cooperate  in all  respects  with any
reasonable  request or  direction  by the Credit  Enhancer  to take any of the
following actions to preserve or enforce the Credit Enhancer's  interest under
this  Indenture  or the Sale and  Servicing  Agreement,  consistent  with this
Indenture  and  without  limiting  the  rights of the  Noteholders  under this
Indenture,  including upon the occurrence and continuance of a Credit Enhancer
Default:

                (i) institute Proceedings for the collection of all amounts
         then payable on the Notes or under this Indenture with respect to the
         Notes and all amounts payable under the Insurance Agreement and to
         enforce any judgment obtained and collect from the Issuer monies
         adjudged due;

                (ii) sell any part of Collateral or interests in it at one or
         more public or private sales called and conducted in any manner
         permitted by law;

                (iii) file or record all Assignments of Mortgage that have not
         previously been recorded;

                (iv) institute Proceedings from time to time for the complete
         or partial foreclosure of this Indenture; and

                (v) exercise any remedies of a secured party under the UCC and
         take any other appropriate action to protect and enforce the
         interests of the Credit Enhancer under this Indenture.

         Following the payment in full of the Notes, the Credit Enhancer shall
continue  to have all the  rights  given to it under this  Section  and in all
other  provisions  of this  Indenture,  until all amounts  owing to the Credit
Enhancer have been paid in full.]

         SECTION 4.04. RELEASE OF COLLATERAL.

         (a) Upon satisfaction and discharge of this Indenture pursuant to
Section 4.01 and otherwise as permitted by this Indenture, the Indenture
Trustee shall execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee's interest in the property, in a
manner and under circumstances that are not inconsistent with this Indenture.
No party relying on an instrument executed by the Indenture Trustee as
provided in this Section shall be bound to ascertain the Indenture Trustee's
authority, inquire into the satisfaction of any conditions precedent, or see
to the application of any moneys.

         (b) When no Notes are Outstanding, the Indenture Trustee shall
release any remaining Collateral that secured the Notes from the lien of this
Indenture and release to the Issuer any funds then on deposit in any account
other than funds held in trust for the satisfaction of Notes that have not
been surrendered for payment. The Indenture Trustee shall release property
from the lien of this Indenture pursuant to this Section only on receipt of an
Issuer Request accompanied by an Officer's Certificate.

         (c) Whenever a Mortgage Loan has been substituted for in accordance
with Section 2.01(f) or 2.02(b) of the Sale and Servicing Agreement, purchased
in accordance with Section 3.06 of the Sale and Servicing Agreement, or
designated for transfer in accordance with Section 2.06 of the Sale and
Servicing Agreement, the Indenture Trustee shall execute appropriate documents
to release the Mortgage Loan from the lien of this Indenture and deliver the
Mortgage File to the appropriate party.

         (d) The Indenture Trustee shall release property from the lien of
this Indenture only on receipt of an Issuer Request accompanied by an
Officer's Certificate, an Opinion of Counsel, and Independent Certificates in
accordance with TIA Sections 314(c) and 314(d)(l) or an Opinion of Counsel in
lieu of Independent Certificates to the effect that the TIA does not require
any Independent Certificates.

                                  ARTICLE V

                                   REMEDIES

         SECTION 5.01. EVENTS OF DEFAULT.

         Any one of the following events is an "EVENT OF DEFAULT" whatever the
reason:

                (i) default by the Issuer in the payment of any interest on
         any Note when it becomes payable, and the default continues for
         [five] days; or

                (ii) default by the Issuer in the payment of the principal of
         any Note when it becomes payable and the default continues for [five]
         days; or

                (iii) default in the performance of any obligation of the
         Issuer under this Indenture (other than an obligation specifically
         dealt with elsewhere in this Section), or any representation or
         warranty of the Issuer made in this Indenture or in any certificate
         or other writing delivered in connection with this Indenture proves
         to have been materially incorrect as of the time when it was made,
         and the default or the circumstance making the representation or
         warranty incorrect has not been cured within [60] days after notice
         to the Issuer by the Indenture Trustee or to the Issuer and the
         Indenture Trustee by the [Credit Enhancer (or, if a Credit Enhancer
         Default exists, by the] Holders of at least [25]% of the Outstanding
         Amount of the Notes[)] by registered or certified mail specifying the
         default or incorrect representation or warranty and requiring it to
         be remedied and stating that the notice is a notice of default under
         this Indenture; or

                (iv) an Insolvency Event occurs with respect to the Issuer.

The Issuer shall deliver to the Indenture  Trustee [and the Credit  Enhancer],
within  [five] days after its  occurrence,  notice in the form of an Officer's
Certificate of any Incipient Default under clause (iii), its status,  and what
action the  Issuer is taking or  proposes  to take with  respect to the event.

         SECTION 5.02. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

         If an Event of Default occurs and is  continuing,  then the Indenture
Trustee or the  Holders of not less than  [51]% of the  aggregate  Outstanding
Amount[, in either case with the consent of the Credit Enhancer, or the Credit
Enhancer] may declare all the Notes to be immediately  payable, by a notice in
writing to the Issuer (and to the Indenture  Trustee if given by Noteholders),
and upon that declaration the unpaid  principal amount of the Notes,  together
with accrued interest on them through the date of  acceleration,  shall become
immediately payable.

         At any time after the  declaration  of  acceleration  of maturity has
been made and  before a judgment  or decree  for  payment of the money due has
been obtained by the Indenture Trustee,  the Holders of not less than [51]% of
the aggregate Outstanding Amount, [with the consent of the Credit Enhancer, or
the Credit Enhancer,] by notice to the Issuer and the Indenture  Trustee,  may
rescind the  declaration and its  consequences  if:

                (i) the Issuer has paid or deposited with the Indenture
         Trustee a sum sufficient to pay:

                     (A) all payments of principal and interest on the Notes
                and all other amounts that would then be due under this
                Indenture or on the Notes if the Event of Default giving rise
                to the acceleration had not occurred; and

                     (B) all sums paid or advanced by the Indenture Trustee
                under this Indenture and the reasonable compensation,
                expenses, disbursements, and advances of the Indenture Trustee
                and its agents and counsel; and

                (ii) all Events of Default, other than the nonpayment of the
         principal or interest of the Notes that have become due solely by the
         acceleration, have been cured or waived as provided in Section 5.13.

No rescission shall affect any subsequent default or impair any right
consequent to it.

         SECTION 5.03. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
INDENTURE TRUSTEE.

         (a) The Issuer covenants that if the Notes are accelerated following
an Event of Default, then the Issuer will pay to the Indenture Trustee on
demand, for the benefit of the Noteholders [or the Credit Enhancer if the
Credit Enhancer has made a payment on the Notes under the Policy], the whole
amount then payable on the Notes and, in addition, any further amount needed
to cover the expenses of collection, including the reasonable compensation and
expenses of the Indenture Trustee and its agents and counsel.

         (b) If the Issuer fails to pay those amounts immediately on demand,
the Indenture Trustee, in its own name and as trustee of an express trust,
subject to Section 11.16 may[, and at the direction of the Credit Enhancer
shall,] institute a Proceeding for the collection of the sums due, and may
prosecute the Proceeding to final decree, and may enforce the judgment against
the Issuer (or other obligor on the Notes) and collect in the manner provided
by law out of the property of the Issuer (or other obligor on the Notes)
wherever situated, the moneys determined to be payable.

         (c) If an Event of Default occurs and is continuing, the Indenture
Trustee subject to Section 11.16 may in its discretion [with the consent of
the Credit Enhancer] (subject to Section 5.04), [and at the direction of the
Credit Enhancer shall,] proceed to protect and enforce its rights and the
rights of the Noteholders [and the Credit Enhancer,] by Proceedings the
Indenture Trustee deems most effective to protect and enforce those rights,
whether for the specific enforcement of any agreement in this Indenture or in
aid of the exercise of any power granted in this Indenture, or to enforce any
other proper remedy or legal or equitable right vested in the Indenture
Trustee by this Indenture or by law.

         (d) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of this Indenture to which the
Indenture Trustee is a party), the Indenture Trustee shall be held to
represent all the Noteholders [and the Credit Enhancer,] and it shall not be
necessary to make any Noteholder [or the Credit Enhancer] a party to the
Proceedings.

         (e) All rights of action and assertion of claims under this
Indenture, the Sale and Servicing Agreement, or any of the Notes may be
enforced by the Indenture Trustee without the possession of any of the Notes
or their production in any Proceedings regarding them. Any Proceedings
instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust. Any recovery of judgment, subject to the payment
of the expenses, disbursements, and compensation of the Indenture Trustee,
each predecessor Indenture Trustee, and their agents and counsel, shall be for
the ratable benefit of the Noteholders [and the Credit Enhancer].

         SECTION 5.04. INDENTURE TRUSTEE MAY FILE PROOFS OF CLAIM.

         (a) If

                  (1) Proceedings  under Title 11 of the United States Code or
         any other  applicable  federal or State  bankruptcy,  insolvency,  or
         other  similar  law are  pending  relating to the Issuer or any other
         obligor on the Notes or any person  having or claiming  an  ownership
         interest in the Collateral, or

                  (2) a  receiver,  assignee,  or  trustee  in  bankruptcy  or
         reorganization, or liquidator,  sequestrator, or similar official has
         been appointed for or taken  possession of the Issuer or its property
         or the other obligor or person, or

                  (3) any other  comparable  judicial  Proceedings are pending
         relating  to the  Issuer or other  obligor  on the  Notes,  or to the
         creditors or property of the Issuer or the other obligor,

then,  irrespective  of whether the  principal of any Notes is then payable as
expressed in them or by declaration or otherwise and  irrespective  of whether
the Indenture Trustee has made any demand pursuant to this Section,  [with the
consent  of the Credit  Enhancer ] the  Indenture  Trustee  is  authorized  by
intervention in the Proceedings or otherwise:

                (i) to file and prove claims for the entire amount of
         principal and interest and other amounts owing on the Notes and to
         file any other documents appropriate to have the claims of the
         Indenture Trustee, [the Credit Enhancer,] and of the Noteholders
         allowed in the Proceedings (including any claim for reasonable
         compensation to the Indenture Trustee and each predecessor Indenture
         Trustee, and their respective agents and counsel, and for
         reimbursement of all expenses and liabilities incurred, and all
         advances made, by the Indenture Trustee and each predecessor
         Indenture Trustee, except as a result of negligence or bad faith);

                (ii) to vote on behalf of the Holders of Notes in any election
         of a trustee, a standby trustee, or person performing similar
         functions in the Proceedings; and

                (iii) to collect and receive any moneys or other property
         payable on any claims and to distribute all amounts received on the
         claims of the Noteholders, [the Credit Enhancer,] and of the
         Indenture Trustee on their behalf;

and any trustee, receiver, liquidator, custodian, or other similar official in
any  Proceeding  is  hereby  authorized  by  each of the  Noteholders  to make
payments to the Indenture  Trustee and, if the Indenture  Trustee  consents to
the Noteholders  receiving payments directly,  to pay to the Indenture Trustee
amounts sufficient to cover reasonable  compensation to the Indenture Trustee,
each predecessor  Indenture Trustee,  and their respective agents and counsel,
and all other expenses and liabilities incurred, and all advances made, by the
Indenture Trustee and each predecessor Indenture Trustee except as a result of
negligence or bad faith[, and to pay all amounts due to the Credit Enhancer].

         (b) Nothing contained in this Indenture authorizes the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder [or the Credit Enhancer] any plan of reorganization,
arrangement, adjustment, or composition affecting the Notes or the rights of
any Noteholder [or the Credit Enhancer] or authorizes the Indenture Trustee to
vote on the claim of any Noteholder [or the Credit Enhancer] in any such
proceeding except to vote for the election of a trustee in bankruptcy or
similar person.

         SECTION 5.05. REMEDIES; PRIORITIES.

         (a) If an Event of Default has occurred and is continuing, the
Indenture Trustee subject to Section 11.16 may [with the consent of the Credit
Enhancer, and at the direction of the Credit Enhancer shall,] do any of the
following (subject to Section 5.11):

                (i) institute Proceedings in its own name and as trustee of an
         express trust for the collection of all amounts then payable on the
         Notes or under this Indenture, whether by declaration or otherwise,
         and all amounts payable under the Sale and Servicing Agreement, and
         enforce any judgment obtained, and collect from the Issuer and any
         other obligor on the Notes moneys adjudged due;

                (ii) institute Proceedings for the complete or partial
         foreclosure of this Indenture with respect to the Collateral;

                (iii) exercise any remedies of a secured party under the UCC
         and take any other appropriate action to protect and enforce the
         rights of the Indenture Trustee, [the Credit Enhancer,] and the
         Noteholders;

                (iv) exercise all rights of the Issuer in connection with the
         Purchase Agreement and the Sale and Servicing Agreement against the
         Sponsor, the Depositor, or the Master Servicer or otherwise; and

                (v) sell any portion of the Collateral or interests in it [as
         directed by the Credit Enhancer], at one or more public or private
         sales called and conducted in any manner permitted by law.

However,  the Indenture Trustee may not sell or otherwise liquidate Collateral
following an Event of Default  unless (A) the  Indenture  Trustee  obtains the
consent of [the  Credit  Enhancer  and] the  Holders of 100% of the  aggregate
Outstanding  Amount of the Notes,  (B) the proceeds of the sale or liquidation
distributable  to the Noteholders  [and the Credit Enhancer] are sufficient to
discharge  in full all  amounts  then due on the Notes [and to  reimburse  the
Credit  Enhancer for any  unreimbursed  Credit  Enhancer  Draw Amounts and any
other amounts due the Credit  Enhancer under the Insurance  Agreement,] or (C)
the Indenture  Trustee  determines  that the  Collateral  will not continue to
provide  sufficient  funds for the payment of principal of and interest on the
Notes as they would have become due if the Notes had not been declared due and
payable, and the Indenture Trustee obtains the consent of [the Credit Enhancer
and] the  Holders of a majority  of the  aggregate  Outstanding  Amount of the
Notes. In determining the  sufficiency or  insufficiency  under clause (B) and
(C), the Indenture  Trustee may, but need not, obtain and rely upon an opinion
of an Independent investment banking or accounting firm of national reputation
as to the  feasibility of the proposed action and as to the sufficiency of the
Collateral for the purpose.  [If a Credit Enhancer Defaults exists at the time
any consent is required or direction may be given under this Section  5.05(a),
the consent or direction shall be by Holders representing at least [662/3]% of
the  Outstanding  Amount  instead  of by  the  Credit  Enhancer.]

         (b) If the Indenture Trustee collects any money or property under
this Article, it shall pay out the money or property in the following order:

                  FIRST: to the Indenture Trustee for the fee of the Indenture
         Trustee  (separately  agreed to between the Master  Servicer  and the
         Indenture  Trustee)  then  due and  any  expenses  incurred  by it in
         connection  with the  enforcement  of the remedies under this Article
         and to the Owner Trustee for the fee of the Owner Trustee (separately
         agreed to between the Master Servicer and the Owner Trustee) then due
         and  any  expenses  due  to  the  Owner  Trustee  under  any  of  the
         Transaction Documents;

                  SECOND: [any premium owing to the Credit Enhancer;]

                  THIRD: to the Noteholders for interest due on the Notes,
         pro rata according to the amounts due on the Notes for interest;

                  FOURTH: to the Noteholders for amounts due on the Notes for
         principal, pro rata according to the principal due on the Notes until
         the Note Principal Balance of the Notes is reduced to zero;

                  FIFTH: [to the Credit Enhancer, any other amounts owed to the
         Credit Enhancer under the Insurance Agreement;] and

                  SIXTH: to the Issuer for distribution in accordance with the
         Trust Agreement.

         SECTION 5.06. OPTIONAL PRESERVATION OF THE COLLATERAL.

         If the  Notes  have  been  declared  to be  due  under  Section  5.02
following an Event of Default and the  declaration and its  consequences  have
not been annulled,  the Indenture  Trustee may [with the consent of the Credit
Enhancer,] but need not [unless so directed by the Credit Enhancer],  elect to
maintain  possession of the Collateral.  The parties and the Noteholders  want
sufficient  funds to exist at all times for the  payment of  principal  of and
interest on the Notes and other obligations of the Issuer [including  payments
to the  Credit  Enhancer],  and the  Indenture  Trustee  shall  take that into
account  when  determining  whether  or  not  to  maintain  possession  of any
Collateral.  In determining  whether to maintain possession of the Collateral,
the Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the  feasibility  of the  proposed  action  and as to the  sufficiency  of the
Collateral for the purpose.

         SECTION 5.07. LIMITATION OF SUITS.

         No  Noteholder  may  institute  any  Proceeding  with respect to this
Indenture,  or for the appointment of a receiver or trustee,  or for any other
remedy under this  Indenture,  [unless the Credit  Enhancer has  consented and
subject to Section 11.16]:

                (i) the Holder has previously given notice to the Indenture
         Trustee of a continuing Event of Default;

                (ii) the Holders of not less than [51]% of the aggregate
         Outstanding Amount have requested the Indenture Trustee in writing to
         institute a Proceeding with respect to the Event of Default in its
         own name as Indenture Trustee under this Indenture;

                (iii) the Holders have offered the Indenture Trustee
         reasonable indemnity against the costs and liabilities to be incurred
         in complying with the request;

                (iv) the Indenture Trustee for [60] days after its receipt of
         the request and offer of indemnity has failed to institute
         Proceedings;

                (v) no direction inconsistent with the request has been given
         to the Indenture Trustee during the [60]-day period by the Holders of
         not less than [51]% of the aggregate Outstanding Amount; and

                (vi) [the Holders have obtained the consent of the Credit
         Enhancer.]

No Holders of Notes shall have any right in any manner whatever because of this
Indenture to affect the rights of any other Holders of Notes or to obtain or to
seek to obtain priority or preference over any other Holders or to enforce any
right under this Indenture, except in the manner provided in this Indenture.

         If the Indenture Trustee receives inconsistent requests and indemnity
from two or more groups of Holders of Notes, each representing less than [51]%
of the  aggregate  Outstanding  Amount,  the  Indenture  Trustee  in its  sole
discretion may determine what action shall be taken.

         SECTION 5.08. UNCONDITIONAL RIGHT TO RECEIVE PRINCIPAL AND INTEREST.

         Notwithstanding  any  other  provisions  in  this  Indenture,   every
Noteholder has an absolute and  unconditional  right to receive payment of the
principal and interest and other  amounts  payable on its Note after their due
dates  (or,  in the case of  redemption,  after  the  redemption  date) and to
institute suit for the enforcement of any payment, and this right shall not be
impaired  without the  consent of the Holder.  SECTION  5.09.  RESTORATION  OF
RIGHTS AND REMEDIES.

         If  the  Indenture  Trustee  or any  Noteholder  has  instituted  any
Proceeding to enforce any right under this  Indenture and the  Proceeding  has
been discontinued or abandoned for any reason or has been determined adversely
to the Indenture Trustee or to the Noteholder,  then the Issuer, the Indenture
Trustee,  [the Credit  Enhancer,] and the  Noteholders  shall,  subject to any
determination  in the Proceeding,  be restored  severally and  respectively to
their former  positions under this Indenture,  and all rights of the Indenture
Trustee and the  Noteholders  shall  continue as though no Proceeding had been
instituted.

         SECTION 5.10. RIGHTS AND REMEDIES CUMULATIVE.

         No right given to the Indenture Trustee, [the Credit Enhancer,] or to
the  Noteholders  in this  Indenture  is intended to be exclusive of any other
right, and every right shall, to the extent permitted by law, be cumulative to
every other right given under this  Indenture  or existing at law or in equity
or otherwise.  The assertion of any right under this Indenture,  or otherwise,
shall not prevent the concurrent assertion of any other appropriate right.

         SECTION 5.11. DELAY OR OMISSION NOT A WAIVER.

         No delay in exercising  or failure to exercise any right  accruing on
any  Incipient  Default  shall impair the right or  constitute a waiver of the
Incipient  Default or an acquiescence in it. Every right given by this Article
or by law to the  Indenture  Trustee,  [to  the  Credit  Enhancer,]  or to the
Noteholders  may be exercised from time to time, and as often as may be deemed
expedient,  by the  Indenture  Trustee,  [by the Credit  Enhancer,]  or by the
Noteholders.

         SECTION 5.12. [CONTROL BY CREDIT ENHANCER OR NOTEHOLDERS.

         If no Credit  Enhancer  Default  exists,  then the  Credit  Enhancer,
otherwise  the  Holders  of not less than [51]% of the  aggregate  Outstanding
Amount,  may direct the time,  method,  and place of conducting any Proceeding
for any remedy available to the Indenture Trustee with respect to the Notes or
exercising any right conferred on the Indenture Trustee. No direction shall be
binding unless:

                (i) it does not conflict with any rule of law or with this
         Indenture; and

                (ii) if no Credit Enhancer Default exists, it is by the Credit
         Enhancer, otherwise by the Holders of Notes representing not less
         than 100% of the aggregate Outstanding Amount if the direction to the
         Indenture Trustee is to sell or liquidate the Collateral.

The Indenture Trustee may take any other action it deems proper that
is not inconsistent with the direction, Section 5.04, or Section 5.05.]

         SECTION 5.13. WAIVER OF PAST DEFAULTS.

         Before the declaration of the acceleration of the maturity of the
Notes as provided in Section 5.02, [the Credit Enhancer or, if a Credit
Enhancer Default exists,] the Holders of not less than [51]% of the aggregate
Outstanding Amount may waive any past default and its consequences except a
default

                (i) in payment of principal or interest on any of the Notes or

                (ii) regarding a provision of this Indenture that cannot be
         changed without the consent of the Holder of each affected Note.

         After any such waiver, the Incipient Default shall cease to exist and
be  considered to have been cured and not to have  occurred,  and any Event of
Default arising from it shall be considered to have been cured and not to have
occurred,  for every purpose of this Indenture.  No waiver shall extend to any
subsequent or other default or impair any right consequent to it.

         SECTION 5.14. UNDERTAKING FOR COSTS.

         All parties to this Indenture agree, and each Holder of a Note by its
acceptance  of its Note agrees,  that in any suit for the  enforcement  of any
right under this Indenture,  or in any suit against the Indenture  Trustee for
any action taken,  suffered,  or omitted by it as Indenture Trustee, any court
may in its discretion  require the filing by any party litigant in the suit of
an  undertaking  to pay the costs of the  suit,  and that the court may in its
discretion  assess  reasonable costs,  including  reasonable  attorneys' fees,
against any party  litigant  in the suit,  having due regard to the merits and
good  faith  of the  claims  or  defenses  made  by the  party  litigant.  The
provisions of this Section  shall not apply to

                (i) any suit instituted by the Indenture Trustee [or the
         Credit Enhancer],

                (ii) any suit instituted by any Noteholder, or group of
         Noteholders, holding in the aggregate more than [25]% of the
         aggregate Outstanding Amount, or

                (iii) any suit instituted by any Noteholder for the
         enforcement of the payment of principal or interest on any Note after
         the due dates expressed in the Note and in this Indenture (or, in the
         case of redemption, after the redemption date).

         SECTION 5.15. WAIVER OF STAY OR EXTENSION LAWS.

         To the extent that it may lawfully do so, the Issuer covenants that
it will not at any time insist on, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time after this in force, that may affect the covenants
or the performance of this Indenture. To the extent that it may lawfully do
so, the Issuer expressly waives all benefit of any such law, and covenants
that it will not hinder, delay, or impede the execution of any power granted
in this Indenture to the Indenture Trustee, but will permit the execution of
every power as though the law had not been enacted.

         SECTION 5.16. RAPID AMORTIZATION EVENTS.

         If  any  one  of the  following  events  occurs  during  the  Managed
Amortization Period:

         (a) The failure of the Sponsor to make any payment or deposit
required by the Sale and Servicing Agreement within [three] Business Days
after the payment or deposit was required to be made.

         (b) The failure of the Sponsor to cause the Depositor to observe or
perform in any material respect the covenants of the Depositor in Section
2.01(h) or 2.05 of the Sale and Servicing Agreement.

         (c) The failure of the Sponsor to observe or perform in any material
respect any other covenants of the Sponsor in the Sale and Servicing Agreement
that materially and adversely affects the interests of the Noteholders [or the
Credit Enhancer] that continues unremedied and continues to affect materially
and adversely the interests of the Noteholders [or the Credit Enhancer] for
[60] days ([five] days in the case of any failure to take the action specified
in the second sentence of Section 2.01(f) of the Sale and Servicing Agreement
or Section 2.04(b)(2) of the Sale and Servicing Agreement) after the date on
which notice of the failure, requiring it to be remedied, shall have been
given to the Sponsor by the Indenture Trustee, or to the Sponsor and the
Indenture Trustee by [the Credit Enhancer or] the Holders of not less than
[51]% of the aggregate Outstanding Amount.

         (d) Any representation or warranty made by the Sponsor or the
Depositor in the Sale and Servicing Agreement proves to have been incorrect in
any material respect when made, as a result of which the interests of the
Noteholders [or the Credit Enhancer] are materially and adversely affected
that continues to be incorrect in any material respect and continues to affect
materially and adversely the interests of the Noteholders [or the Credit
Enhancer] for [60] days after the date on which notice of the failure,
requiring it to be remedied, shall have been given to the Sponsor or the
Depositor, as the case may be, by the Indenture Trustee, or to the Sponsor,
the Depositor, and the Indenture Trustee by [either the Credit Enhancer or]
the Holders of not less than [51]% of the aggregate Outstanding Amount. A
Rapid Amortization Event pursuant to this subparagraph (b) shall not occur if
the Sponsor has accepted retransfer of the related Mortgage Loans or
substituted for them during the [60]-day period (or such longer period (not to
exceed an additional [60] days) as the Indenture Trustee may specify) in
accordance with the Sale and Servicing Agreement.

         (e) an Insolvency Event occurs with respect to the Transferor or the
Depositor, but for this purpose the [60]-day periods in the definition of
Insolvency Event shall be [30] days.

         (f) The Trust becomes subject to registration as an "investment
company" under the Investment Company Act of 1940.

         (g) [The aggregate of all draws under the Policy exceeds the
percentage of the aggregate of the Original Invested Amounts specified in the
Adoption Annex.] Then, when any event described in subparagraph (a), (b), (c),
or (d) occurs, either the Indenture Trustee, [the Credit Enhancer,] or the
Holders of not less than [51]% of the aggregate Outstanding Amount, by notice
given in writing to the Transferor, the Depositor, and the Master Servicer
(and to the Indenture Trustee if given by [either the Credit Enhancer or] the
Noteholders) may declare that an early amortization event (a "RAPID
AMORTIZATION EVENT") has occurred as of the date of the notice, and in the
case of any event described in subparagraph (e), (f), or (g), a Rapid
Amortization Event shall occur without any notice or other action on the part
of the Indenture Trustee, [the Credit Enhancer,] or the Noteholders,
immediately upon its occurrence.

         SECTION 5.17. SALE OF COLLATERAL.

         (a) The power to effect any sale or other disposition (a "SALE") of
any portion of the Collateral pursuant to Section 5.05 is subject to this
Section 5.17. The Indenture Trustee waives its right to any amount fixed by
law as compensation for any Sale.

         (b) In connection with a Sale of any of the Collateral,

                (i) any Holder of Notes may bid for the property offered for
         sale, and on compliance with the terms of sale may own the property
         without further accountability, and may, in paying its purchase
         price, deliver any Notes or claims for interest on them rather than
         cash up to the amount that would be payable on them from the
         distribution of the net proceeds of the sale, and the Notes shall be
         returned to the Holders after being appropriately stamped to show
         partial payment if the amount payable for the property is less than
         the amount due on the Notes;

                (ii) the Indenture Trustee may bid for and acquire the
         property offered for Sale, and may purchase any portion of the
         Collateral in a private sale, and rather than paying cash, may settle
         the purchase price by crediting the gross Sale price against the
         amount that would be distributable as a result of the Sale in
         accordance with Section 5.05(b) on the next Payment Date after the
         Sale without being required to produce the Notes to complete the Sale
         or for the net Sale price to be credited against the Notes, and any
         property so acquired by the Indenture Trustee shall be held and dealt
         with by it in accordance with this Indenture;

                (iii) the Indenture Trustee shall execute and deliver an
         appropriate instrument of conveyance transferring its interest in any
         portion of the Collateral in connection with its Sale;

                (iv) the Indenture Trustee is hereby irrevocably appointed the
         agent and attorney-in-fact of the Issuer to transfer its interest in
         any portion of the Collateral in connection with its Sale, and to
         take all action necessary to effect the Sale; and

                (v) no purchaser or transferee at a Sale need ascertain the
         Indenture Trustee's authority, inquire into the satisfaction of any
         conditions precedent, or see to the application of any monies.

         SECTION 5.18. PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.

         The Indenture Trustee,  as pledgee of the Mortgage Loans, may, and at
the  direction  of [the  Credit  Enhancer  (or] the Holders of [662/3]% of the
Outstanding  Amount [if a Credit Enhancer  Default exists)] shall exercise all
rights of the Issuer against the Sponsor or the Master  Servicer in connection
with the Sale and Servicing Agreement,  including the right to take any action
to obtain  performance by the Seller or the Master  Servicer,  as the case may
be, of each of their  obligations  to the Issuer under the Sale and  Servicing
Agreement  and to give any  consent,  request,  notice,  direction,  approval,
extension, or waiver under the Sale and Servicing Agreement,  and any right of
the Issuer to take such action shall not be suspended.  [Any  direction by the
Credit Enhancer under this Section may be by telephone,  promptly confirmed in
writing.]

                                  ARTICLE VI

                             THE INDENTURE TRUSTEE

         SECTION 6.01. DUTIES OF INDENTURE TRUSTEE.

         (a) If an Event of Default has occurred and is continuing, the
Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and use the same degree of care and skill in their exercise as a
prudent person would use under the circumstances in the conduct of its own
affairs[, except when this Indenture or the Sale and Servicing Agreement
requires it to follow the directions of the Credit Enhancer].

         (b) Except during the continuance of an Event of Default:

                (i) obligations of the Indenture Trustee shall be determined
         solely by the express provisions of this Indenture and the Sale and
         Servicing Agreement, the Indenture Trustee undertakes to perform only
         the duties specifically stated in this Indenture and the Sale and
         Servicing Agreement, and no implied covenants or obligations shall be
         read into this Indenture against the Indenture Trustee; and

                (ii) in the absence of bad faith on its part, the Indenture
         Trustee may conclusively rely, as to the truth of the statements and
         the correctness of the opinions expressed in them, on certificates,
         opinions, or other documents furnished to the Indenture Trustee and
         conforming to the requirements of this Indenture and the Sale and
         Servicing Agreement, and the Indenture Trustee need not investigate
         into any of the matters expressed in them; but in the case of
         certificates or opinions specifically required to be furnished to the
         Indenture Trustee, the Indenture Trustee must examine them to
         determine whether or not they conform to the requirements of this
         Indenture and the Sale and Servicing Agreement. [If any instrument is
         found not to conform to the requirements of this Indenture or the
         Sale and Servicing Agreement and is not timely corrected to the
         Indenture Trustee's satisfaction, the Indenture Trustee shall notify
         the Credit Enhancer and request written instructions as to the action
         the Credit Enhancer deems appropriate to have the instrument
         corrected, and if the instrument is not so corrected, the Indenture
         Trustee will so notify the Credit Enhancer, who may then direct the
         Indenture Trustee as to any action to be taken.]

         (c) The Indenture Trustee may not be relieved from liability for its
own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

                (i) this subsection does not limit the effect of Section
         6.01(b);

                (ii) the Indenture Trustee shall not be liable for any error
         of judgment made in good faith by a Responsible Officer unless it is
         proved that the Indenture Trustee was negligent in ascertaining the
         pertinent facts;

                (iii) the Indenture Trustee shall not be liable with respect
         to any action it takes or omits to take in good faith [in accordance
         with the direction of the Credit Enhancer] or in accordance with a
         direction received by it from the Holders of not less than [51]% of
         the aggregate Outstanding Amount relating to the method and place of
         conducting any Proceeding for any remedy available to the Indenture
         Trustee with respect to the Notes or exercising any right conferred
         on the Indenture Trustee under this Indenture or the Sale and
         Servicing Agreement;

                (iv) the Indenture Trustee shall not be charged with knowledge
         of the occurrence of an Incipient Default, a Rapid Amortization
         Event, or of any failure by the Master Servicer to comply with its
         obligations under Section 6.01(i) or (ii) of the Sale and Servicing
         Agreement unless a Responsible Officer at the Corporate Trust Office
         obtains actual knowledge of the failure or the Indenture Trustee
         receives notice of the failure; and

                (v) no provision of this Indenture shall require the Indenture
         Trustee to expend or risk its own funds or otherwise incur financial
         liability in the performance of any of its duties under this
         Indenture or in the exercise of any of its rights, if it has
         reasonable grounds to believe that repayment of the funds or adequate
         indemnity against the risk is not reasonably assured to it.

         (d) Every provision of this Indenture relating to the conduct or
affecting the liability of the Indenture Trustee shall be subject to the
provisions of this Section and the TIA.

         (e) The limitations on the obligations of the Indenture Trustee under
this Indenture shall not affect any obligations of the Indenture Trustee
acting as Master Servicer under the Sale and Servicing whenever it may be so
acting.

         SECTION 6.02. NOTICE OF DEFAULTS.

         If an  Incipient  Default or Rapid  Amortization  Event occurs and is
continuing  and if a Responsible  Officer  knows of it, the Indenture  Trustee
shall [notify the Credit Enhancer and] mail to each  Noteholder  notice of the
Incipient  Default  or Rapid  Amortization  Event  within  [90] days  after it
occurs.  Except in the case of an Incipient Default in payment of principal or
interest  on any Note,  the  Indenture  Trustee  may  withhold  the  notice to
Noteholders so long as a committee of its  Responsible  Officers in good faith
determines that withholding the notice is in the interests of Noteholders.

         SECTION 6.03. RIGHTS OF INDENTURE TRUSTEE.

         (a) The Indenture Trustee may rely on any document believed by it to
be genuine and to have been signed or presented by the proper person.

         (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel. The Indenture
Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on an Officer's Certificate or Opinion of Counsel unless
other evidence is specifically required.

         (c) The Indenture Trustee may execute any of the trusts or powers
under this Indenture or perform any duties under this Indenture either
directly or through agents or counsel or a custodian or nominee, and the
Indenture Trustee shall not be responsible for any misconduct or negligence on
the part of, or for the supervision of, any agent, counsel, custodian, or
nominee appointed with due care by it under this Indenture.

         (d) The Indenture Trustee may consult with counsel, and the written
advice of counsel with respect to legal matters relating to this Indenture,
the Transaction Documents, and the Notes and any Opinion of Counsel shall be
full authorization and protection from liability for any action taken,
omitted, or suffered by it under this Indenture in good faith and in
accordance with the advice of counsel or any Opinion of Counsel.

         (e) The Indenture Trustee may enter into any amendment of the Sale
and Servicing Agreement as to which the Rating Agency Condition is satisfied,
and when so requested by an Issuer Request and the Rating Agency Condition is
satisfied, the Indenture Trustee shall enter into any amendment of the Sale
and Servicing Agreement

                (i) that does not impose further obligations or liabilities on
         the Indenture Trustee, and

                (ii) as to which either the Rating Agency Condition is
         satisfied or Holders of not less than [662/3]% of the aggregate
         Outstanding Amount of Notes [and the Credit Enhancer have consented].

         (f) With the consent of the Master Servicer [and the Credit
Enhancer], the Indenture Trustee may appoint Custodians to hold any portion of
the Collateral as agent for the Indenture Trustee, by entering into a
Custodial Agreement substantially in the form of Exhibit B. Subject to this
Article, the Indenture Trustee agrees to comply with each Custodial Agreement
and to enforce each Custodial Agreement against the custodian for the benefit
of the Noteholders [and the Credit Enhancer]. Each custodian shall be a
depository institution (or an affiliate of a depository institution) subject
to supervision by federal or state authority and shall be qualified to do
business in the jurisdiction in which it holds any Collateral. [Each Custodial
Agreement may be amended only with the consent of the Credit Enhancer, which
shall not be unreasonably withheld.]

         SECTION 6.04. INDENTURE TRUSTEE NOT RESPONSIBLE FOR CERTAIN THINGS.

         The  Indenture  Trustee  shall  not be  responsible  for and makes no
representation  as to  the  validity  or  adequacy  of the  Collateral  or any
Transaction  Document  (other than the  signature  and  authentication  of the
Indenture Trustee on the Notes). It shall not be responsible for any statement
in this  Indenture  other than Section  6.14 or in any document  issued in the
sale  of  the  Notes  or in the  Notes  other  than  the  Indenture  Trustee's
certificate of authentication.

         The Indenture  Trustee is not  accountable for the use or application
by the Issuer of any of the Notes or of the proceeds of the Notes,  or for the
use or application  of any funds paid to the Depositor or the Master  Servicer
on the Mortgage Loans or deposited in or withdrawn from the Collection Account
by the Master Servicer. The Indenture Trustee shall not be responsible for the
validity  and  enforceability  of any Mortgage or any  Mortgage  Loan,  or the
perfection  and priority of any Mortgage or the  maintenance of its perfection
and priority,  or for the  sufficiency of the Trust or its ability to generate
the payments to be distributed to Noteholders  under this  Indenture,  [or the
sufficiency  or  validity  of  MERS  or the  MERS(R)  System,  ]including  the
existence,  condition,  and ownership of any Mortgaged Property; the existence
and  enforceability  of any hazard  insurance on any Mortgaged  Property;  the
validity of the assignment of any Mortgage Loan to the Indenture Trustee or of
any  intervening  assignment;  the  completeness  of any  Mortgage  Loan;  the
performance  or  enforcement of any Mortgage Loan; any investment of monies by
or at the direction of the Master  Servicer or any resulting loss; the acts or
omissions of any of the Depositor,  the Master Servicer,  any subservicer,  or
any  mortgagor  under a  Mortgage;  any action of the Master  Servicer  or any
subservicer taken in the name of the Indenture Trustee;  or the failure of the
Master Servicer or any subservicer to act or perform any duties required of it
as agent  of the  Indenture  Trustee.  The  Indenture  Trustee  shall  have no
responsibility  for filing any  Financing  or  Continuation  Statement  in any
public  office at any time or otherwise to perfect or maintain the  perfection
of any  security  interest or lien  granted to it under this  Indenture  or to
prepare  or file  any  Commission  filing  for the  Trust  or to  record  this
Indenture.

         SECTION 6.05. INDIVIDUAL RIGHTS OF INDENTURE TRUSTEE.

         The Indenture Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuer,
the Sponsor, and their affiliates with the same rights it would have if it
were not Indenture Trustee. Any co-trustee, Paying Agent, Note Registrar,
co-registrar, or co-paying agent may do the same with like rights.

         SECTION 6.06. MONEY HELD IN TRUST.

         Money held in trust by the Indenture Trustee need not be segregated
from other funds except to the extent required by law or the Transaction
Documents. The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing.

         SECTION 6.07. COMPENSATION.

         The compensation of the Indenture  Trustee will be separately  agreed
to between the Master  Servicer and the Indenture  Trustee and will be payable
as provided in Section  8.03(a).  To the extent funds  available under Section
8.03(a) are insufficient to pay the full amount of the fees, they will be paid
by the  Master  Servicer.  Except for  amounts  available  for the  purpose as
provided in Section 8.03(a), the Indenture Trustee shall have no claim against
the  Issuer or any of the  Collateral  for the  payment of any of its fees and
expenses. The Indenture Trustee shall not fail to perform its duties under the
Transaction Documents if its fees and expenses are not paid.

         SECTION 6.08. ELIGIBILITY.

         The  Indenture  Trustee  shall be a  corporation  organized and doing
business  under the laws of the United States or any State,  authorized  under
those laws to exercise  trust powers,  and shall satisfy the  requirements  of
Rule  3a-7(a)(4)(i)  of the  Investment  Company  Act of 1940.  The  Indenture
Trustee shall satisfy the requirements of TIA Section 310(a) at all times. The
Indenture  Trustee  shall  have a  combined  capital  and  surplus of at least
$[__________]  as  shown  in  its  most  recent  published  annual  report  of
condition.  The  Indenture  Trustee  shall  comply  with TIA  Section  310(b),
including  the  optional  provision  permitted  by the second  sentence of TIA
Section 310(b)(9). However, any indentures under which other securities of the
Issuer are  outstanding  shall be excluded  from the  operation of TIA Section
310(b)(1) if the requirements  for the exclusion in TIA Section  310(b)(1) are
met. The  principal  office of any successor  Indenture  Trustee shall be in a
state for which an Opinion  of Counsel  has been  delivered  to the  successor
Indenture  Trustee at the time it is  appointed  to the effect  that the Trust
will not be a taxable  entity  under  the laws of the  state of its  principal
office. Whenever an Indenture Trustee ceases to be eligible in accordance with
the provisions of this Section, the Indenture Trustee shall resign immediately
in accordance with Section 6.10.

         SECTION 6.09. PREFERENTIAL COLLECTION OF CLAIMS AGAINST ISSUER.

         The Indenture Trustee shall comply with TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). An Indenture Trustee
who has resigned or been removed shall be subject to TIA Section 311(a) to the
extent indicated.

         SECTION 6.10. REPLACEMENT OF INDENTURE TRUSTEE.

         No resignation or removal of the Indenture Trustee and no appointment
of a successor Indenture Trustee shall become effective until the acceptance
of appointment by the successor Indenture Trustee. The Indenture Trustee may
resign at any time by so notifying the Issuer, the Transferor, the Depositor,
the Master Servicer[, and the Credit Enhancer]. The [Credit Enhancer or the]
Holders of not less than [51]% of the aggregate Outstanding Amount may remove
the Indenture Trustee at any time and the Issuer shall then appoint a
successor Indenture Trustee [reasonably acceptable to the Credit Enhancer] by
so notifying the Indenture Trustee, the Transferor, the Depositor, [and] the
Master Servicer[, and the Credit Enhancer]. The Issuer (and if the Issuer
fails to do so, the Transferor) shall remove the Indenture Trustee and appoint
a successor [reasonably acceptable to the Credit Enhancer] if:

                (i) the Indenture Trustee fails to satisfy Section 6.08;

                (ii) an Insolvency Event occurs with respect to the Indenture
         Trustee; or

                (iii) the Indenture Trustee otherwise becomes incapable of
         acting.

         If  the  Indenture   Trustee  fails  to  satisfy  Section  6.08,  any
Noteholder may petition any court of competent jurisdiction for the removal of
the Indenture Trustee and the appointment of a successor Indenture Trustee. If
a successor  Indenture Trustee does not take office within [60] days after the
retiring  Indenture  Trustee  resigns or is removed,  the  retiring  Indenture
Trustee, the Issuer, the Transferor,  the Depositor, the Master Servicer, [the
Credit  Enhancer,]  or the  Holders  of not less than  [51]% of the  aggregate
Outstanding  Amount may petition any court of competent  jurisdiction  for the
appointment of a successor Indenture Trustee. If the Indenture Trustee resigns
or is removed or if a vacancy  exists in the office of  Indenture  Trustee for
any reason,  the Issuer,  with the approval of the Transferor  [and the Credit
Enhancer,]  shall  promptly  appoint a  successor  Indenture  Trustee  for the
retiring Indenture Trustee.

         SECTION 6.11. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

         A successor  Indenture Trustee shall deliver a written  acceptance of
its  appointment  to the  retiring  Indenture  Trustee and to the Issuer,  the
Transferor, the Depositor, the Master Servicer[, and the Credit Enhancer]. The
resignation  or  removal  of  the  retiring  Indenture  Trustee  shall  become
effective on receipt of the written  acceptance,  and the successor  Indenture
Trustee shall have all the rights and obligations,  and automatically  succeed
to the estate,  of the  Indenture  Trustee  under this  Indenture  without any
further act or transfer.  The successor  Indenture Trustee shall mail a notice
of its succession to the  Noteholders.  The retiring  Indenture  Trustee shall
promptly  deliver any instruments of transfer with respect to the trust estate
requested  by the Issuer or the  successor  Indenture  Trustee and deliver all
property held by it as Indenture Trustee to the successor  Indenture  Trustee.
No proposed successor Indenture Trustee shall accept its appointment unless at
the time of its acceptance it is eligible under Section 6.08.

         SECTION 6.12. SUCCESSOR INDENTURE TRUSTEE BY MERGER.

         If the Indenture Trustee  consolidates with, merges or converts into,
or transfers all or  substantially  all its corporate trust business or assets
to, another corporation or banking association,  the resulting,  surviving, or
transferee  corporation  shall be the  successor  Indenture  Trustee  if it is
otherwise  eligible  under Section 6.08 without any further act on the part of
anyone.  The Indenture  Trustee  shall provide [the Credit  Enhancer and] each
Rating Agency notice of any such transaction.

         If any of the Notes have been  authenticated  but not delivered  when
the successor  Indenture  Trustee takes over, it may adopt the  certificate of
authentication   of  any  predecessor   Indenture   Trustee  and  deliver  the
authenticated Notes with the same effect as if it had authenticated the Notes.

         SECTION 6.13. APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE
INDENTURE TRUSTEE.

         (a) Notwithstanding any other provision of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Collateral may at the time be located, the Indenture
Trustee and the Issuer, acting jointly, may execute and deliver instruments to
appoint one or more persons approved by the Master Servicer [and the Credit
Enhancer ]to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of any part of the Collateral, and to vest in them, in that
capacity and for the benefit of the Noteholders [and the Credit Enhancer],
title to any part of the Collateral and any rights and obligations the
Indenture Trustee considers appropriate, subject to the other provisions of
this Section. No co-trustee or separate trustee under this Indenture need
satisfy the requirements for a successor trustee under Section 6.08, and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.09.

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

                (i) all rights and obligations of the Indenture Trustee shall
         be performed by the Indenture Trustee and any separate trustee or
         co-trustee jointly (the separate trustee or co-trustee is not
         authorized to act without the Indenture Trustee joining in the act),
         except to the extent that under any law of any jurisdiction in which
         any particular acts are to be performed the Indenture Trustee is
         unable to perform the acts, in which case the rights and obligations
         (including holding title to any part of the Collateral) shall be
         performed singly by the separate trustee or co-trustee, but solely at
         the direction of the Indenture Trustee;

                (ii) no trustee under this Indenture shall be personally
         liable for any act or omission of any other trustee under this
         Indenture; and

                (iii) the Indenture Trustee, the Master Servicer, and the
         Issuer may at any time accept the resignation of or remove any
         separate trustee or co-trustee.

         (c) Any notice, request, or other writing given to the Indenture
Trustee shall be considered to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this
Indenture and the conditions of this Article. Each separate trustee and
co-trustee, on its acceptance of the trusts conferred, shall be subject to
this Indenture and vested with the estates specified in its instrument of
appointment, either jointly with the Indenture Trustee or separately, as may
be provided in the instrument of appointment. Every instrument of appointment
shall be filed with the Indenture Trustee and a copy of it given to the
Issuer.

         (d) Any separate trustee or co-trustee may at any time constitute the
Indenture 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
this Indenture on its behalf and in its name. If any separate trustee or
co-trustee dies, becomes incapable of acting, resigns or is removed, all of
its estates, rights, and obligations shall vest in the Indenture Trustee, to
the extent permitted by law, without the appointment of a new trustee.

         SECTION 6.14. REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE.

         The Indenture Trustee represents and warrants that on the Closing
Date:

                (i) it is a corporation duly organized, validly existing, and
         in good standing under the laws of its place of incorporation;

                (ii) it has full power and authority to execute, deliver, and
         perform this Indenture and the Sale and Servicing Agreement, and has
         taken all necessary action to authorize the execution, delivery, and
         performance by it of this Indenture and the Sale and Servicing
         Agreement;

                (iii) the consummation of the transactions contemplated by
         this Indenture and the fulfillment of its terms do not conflict with,
         result in any breach of, or constitute (with or without notice or
         lapse of time) a default under, the certificate of incorporation or
         bylaws of the Indenture Trustee or any agreement or other instrument
         to which it is a party or by which it is bound;

                (iv) it does not have notice of any adverse claim (as used in
         Section 8-302 of the UCC in effect in Delaware) with respect to the
         Mortgage Loans;

                (v) it satisfies the requirements of Section 6.08; and

                (vi) to the Indenture Trustee's best knowledge, no proceedings
         or investigations concerning the Indenture Trustee are pending or
         threatened before any court, regulatory body, administrative agency,
         or other governmental instrumentality having jurisdiction over or its
         properties:

                   (A) asserting the invalidity of this Indenture,

                   (B) seeking to prevent the consummation of any of the
                transactions contemplated by this Indenture, or

                   (C) seeking any determination that might affect its
                performance of its obligations under this Indenture or the
                validity or enforceability of this Indenture.

                                 ARTICLE VII

                        NOTEHOLDERS' LISTS AND REPORTS

         SECTION 7.01. ISSUER TO FURNISH NAMES AND ADDRESSES OF NOTEHOLDERS.

         The Issuer will furnish to the Indenture Trustee not more than [five]
days after each Record Date a list of the names and  addresses  of the Holders
of Notes as of the Record Date in the form the  Indenture  Trustee  reasonably
requires,  and at any other times the Indenture  Trustee [or Credit  Enhancer]
requests in writing, within [30] days after the Issuer receives the request, a
list of similar  form and content as of a date not more than [ten] days before
the time the list is furnished.  So long as the Indenture  Trustee is the Note
Registrar, the Issuer need not furnish these lists.

         SECTION 7.02. PRESERVATION OF INFORMATION; COMMUNICATIONS.

         (a) The Indenture Trustee shall preserve the names and addresses of
the Holders of Notes contained in the most recent list furnished to the
Indenture Trustee as provided in Section 7.01 and the names and addresses of
Holders of Notes received by the Indenture Trustee in its capacity as Note
Registrar in as current a form as is reasonably practicable. The Indenture
Trustee may destroy any list furnished to it under Section 7.01 on receipt of
a new list so furnished.

         (b) Noteholders may communicate with other Noteholders with respect
to their rights under this Indenture or under the Notes in the manner provided
under TIA Section 312(b).

         (c) The Issuer, the Indenture Trustee, and the Note Registrar shall
have the protections provided under TIA Section 312(c).

         SECTION 7.03. REPORTS OF ISSUER.

         (a) The Issuer shall:

                (i) file with the Commission, the Indenture Trustee[, and the
         Credit Enhancer] copies of the annual reports and of the information,
         documents, and other reports (or copies of the portions of any of
         these the Commission prescribes in its rules and regulations) that
         the Issuer may be required to file with the Commission pursuant to
         Section 13 or 15(d) of the Exchange Act, within [15] days after the
         Issuer is required to file the same with the Commission;

                (ii) file with the Indenture Trustee[, the Credit Enhancer],
         and the Commission in accordance with the Commission's rules and
         regulations any additional information, documents, and reports with
         respect to compliance by the Issuer with the conditions and covenants
         of this Indenture the rules and regulations require; and

                (iii) supply to the Indenture Trustee[ and the Credit
         Enhancer] summaries of any information, documents, and reports
         required to be filed by the Issuer pursuant to clauses (i) and (ii)
         of this Section and by the rules and regulations of the Commission
         (and the Indenture Trustee shall transmit them by mail to all
         Noteholders described in TIA Section 313(c)).

         (b) Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on December 31 of each year.

         SECTION 7.04. REPORTS BY INDENTURE TRUSTEE.

         If required by TIA Section 313(a), within [60] days after the date in
each year specified in the Adoption  Annex,  beginning with the date specified
in the Adoption Annex, the Indenture  Trustee shall mail to each Noteholder as
required by TIA Section  313(c)  [and to the Credit  Enhancer ]a brief  report
dated that date that complies with TIA Section 313(a).  The Indenture  Trustee
also shall comply with TIA Section  313(b).  A copy of each report at the time
of its mailing to Noteholders shall be filed by the Indenture Trustee with the
Commission  and each  securities  exchange on which the Notes are listed.  The
Issuer shall notify the Indenture Trustee [and the Credit Enhancer ]before the
Notes are listed on any securities exchange.

         The  Indenture   Trustee  shall  deliver  to  each   Noteholder   the
information  necessary  for the Holder to prepare its federal and State income
tax returns.  On each Payment Date, the Indenture Trustee shall make available
to each  Noteholder,  the Master  Servicer[,  the Credit  Enhancer],  and each
Rating Agency on its Internet  website the statement for Noteholders  prepared
by the Master  Servicer  and  delivered  to it pursuant to Section 4.04 of the
Sale and Servicing Agreement for the Payment Date.

         If the  statement  for  Noteholders  is not  accessible to any of the
Noteholders,  the Master  Servicer[,  the Credit  Enhancer],  or either Rating
Agency on the Indenture  Trustee's  internet  website,  the Indenture  Trustee
shall forward a hard copy of it to each Noteholder,  the Master Servicer[, the
Credit  Enhancer],  and each Rating  Agency  immediately  after the  Indenture
Trustee  becomes  aware  that  it is not  accessible  to any of  them  via its
website.  The address of the Indenture  Trustee's  internet  website where the
statement for Noteholders will be accessible is https://www.[_______________].
Assistance in using the Indenture  Trustee's  internet website may be obtained
by calling the Indenture  Trustee's  customer  service desk at (800) 524-9472.
The Indenture Trustee shall notify each Noteholder,  the Master Servicer[, the
Credit  Enhancer],  and each  Rating  Agency in  writing  of any change in the
address or means of access to the internet  website  where the  statement  for
Noteholders is accessible.

         The Indenture  Trustee shall prepare (in a manner consistent with the
treatment of the Notes as  indebtedness of the  Transferor,  Internal  Revenue
Service Form 1099 (or any successor  form) and any other tax forms required to
be filed or  furnished  to  Noteholders  covering  payments  by the  Indenture
Trustee (or the Paying Agent) on the Notes and shall file and distribute  them
as required by law. In addition,  the Indenture Trustee shall promptly furnish
any  information  reasonably  requested  by  the  Issuer  that  is  reasonably
available to the Indenture Trustee to enable the Issuer to perform its federal
and state income tax reporting obligations.

                                 ARTICLE VIII

                     ACCOUNTS, DISBURSEMENTS, AND RELEASES

         SECTION 8.01. ACCOUNTS.

         (a) Pursuant to the Sale and Servicing Agreement, the Master Servicer
has established the Collection Account. The Sale and Servicing Agreement
requires the Master Servicer to deposit specified collections on the Mortgage
Loans into the Collection Account no later than [two] Business Days before
each Payment Date. The Indenture Trustee shall hold amounts deposited in the
Collection Account as Indenture Trustee for the benefit of the Noteholders[
and the Credit Enhancer]. The Indenture Trustee shall invest amounts on
deposit in the Collection Account at the direction of the Master Servicer in
Eligible Investments payable on demand or maturing no later than the day
before the next Payment Date. All income realized from investment of funds in
the Collection Account shall be for the benefit of the Master Servicer. If on
a Determination Date the Master Servicer notifies the Indenture Trustee [and
the Credit Enhancer] of the amount in the Collection Account allocable to
Interest Collections and Principal Collections for the Mortgage Loans for the
related Payment Date, then the Master Servicer may withdraw from the
Collection Account and retain any amounts that constitute income and gain
realized from the investment of the collections. The Sale and Servicing
Agreement requires the Master Servicer to pay into the Collection Account out
of its own funds immediately as realized any losses of principal on any
investments of amounts in the Collection Account.

         (b) The Indenture Trustee shall establish and maintain the Additional
Loan Account with the title  specified in the Adoption  Annex.  The Additional
Loan Account shall be an Eligible  Account.  The Additional Loan Account shall
be maintained in accordance with Section 8.02.

         SECTION 8.02. WITHDRAWALS FROM THE COLLECTION ACCOUNT AND THE
ADDITIONAL LOAN ACCOUNT.

         (a) Upon delivery of an Officer's Certificate to the Indenture
Trustee, the Master Servicer may withdraw funds from the Collection Account
for the following purposes:

                (i) to pay to the Master Servicer its Servicing Fee to the
         extent that it has not been retained pursuant to Section 3.02(b) of
         the Sale and Servicing Agreement;

                (ii) to pay to the Master Servicer net earnings on amounts on
         deposit in the Collection Account as provided in Section 8.01(a); and

                (iii) to pay from Principal Collections the amounts provided
         for the purchase of Additional Balances pursuant to Section 2.01 of
         the Sale and Servicing Agreement.

         If the Master Servicer deposits in the Collection  Account any amount
not required to be deposited or any amount representing payments by mortgagors
made by checks subsequently returned uncollected,  it may at any time withdraw
that  amount  from  the  Collection  Account  upon  delivery  of an  Officer's
Certificate to the Indenture Trustee.

         (b) Upon satisfaction of the conditions precedent to subsequent
additions in Section 2.01 of the Sale and Servicing Agreement on a Subsequent
Closing Date as evidenced by the officer's certificate referred to in that
Section delivered to the Indenture Trustee, the Indenture Trustee shall
withdraw from the Additional Loan Account, release from the lien of this
Indenture, and deliver pursuant to Section 8.02(c) an amount equal to the
Cut-off Date Asset Balance in the Transfer Document to purchase for the Trust
the Additional Home Equity Loans covered by the Transfer Document. If after
that payment any funds remain from the original set aside with respect to the
Transfer Document pursuant to Section 2.01(b) of the Sale and Servicing
Agreement and Section 8.02(b), then they shall be returned to the Additional
Loan Account.

         (c) All earnings on funds in the Additional Loan Account and on funds
held in a set aside under Section 2.01(b) of the Sale and Servicing Agreement
and Section 8.02(b) are for the account of the Master Servicer. The Additional
Loan Account shall be invested in Eligible Investments. If any funds remain in
the Additional Loan Account on the date specified in the Adoption Annex, to
the extent that they represent earnings on the amounts originally deposited
into the Additional Loan Account, the Indenture Trustee shall distribute them
to the order of the Master Servicer. The remaining funds shall be transferred
to the Collection Account and treated as though they were Investor Principal
Collections and they shall increase the Scheduled Principal Collections
Payment Amount (above the amount calculated without regard to this provision)
for purposes of calculating amounts distributable on the following Payment
Date.

         (d) If at any time the Depositor becomes aware that the Cut-off Date
Asset Balance of Additional Home Equity Loans reflected on any Transfer
Document exceeds the actual Cut-off Date Asset Balance of the relevant
Additional Home Equity Loans, the Depositor may so notify the Indenture
Trustee and the Indenture Trustee shall redeposit into the Additional Loan
Account the excess reported to it by the Depositor.

         SECTION 8.03. PAYMENTS.

         (a) Payments of Investor Interest Collections and Investment
Proceeds. On each Payment Date, the Indenture Trustee shall distribute out of
the Collection Account to the extent of Investor Interest Collections
collected during the related Collection Period and the deposit in lieu of
capitalized interest by the Master Servicer pursuant to Section 3.02(b)(ii)(A)
of the Sale and Servicing Agreement, the following amounts and in the
following order of priority to the following persons (based on the information
in the Servicing Certificate):

                (i) [the premium pursuant to the Insurance Agreement to the
         Credit Enhancer;]

                (ii) the Aggregate Investor Interest for the Notes for the
         Payment Date to the Noteholders;

                (iii) the Investor Loss Amount for the Notes for the Payment
         Date to the Noteholders as principal in reduction of the Note
         Principal Balance;

                (iv) the aggregate amount of the Investor Loss Reduction
         Amounts for previous Payment Dates that have not been previously
         reimbursed to the Noteholders pursuant to this clause (iv) to the
         Noteholders as principal in reduction of the Note Principal Balance;

                (v) [to reimburse the Credit Enhancer for previously
         unreimbursed Credit Enhancement Draw Amounts together with interest
         on them at the applicable rate in the Insurance Agreement;]

                (vi) the Accelerated Principal Payment Amount to the
         Noteholders as principal in reduction of the Note Principal Balance;

                (vii) [any amounts owed to the Credit Enhancer pursuant to the
         Insurance Agreement to the Credit Enhancer;]

                (viii) any amounts required to be paid to the Master Servicer
         with respect to the Notes pursuant to Sections 3.08 and 5.03 of the
         Sale and Servicing Agreement that have not been previously paid to
         the Master Servicer;

                (ix) any Basis Risk Carryforward to the Noteholders; and

                (x) any remaining amount to the Issuer for distribution in
         accordance with the Trust Agreement.

         (b) Payment of Principal Collections. Except on the Payment Date in
the month specified in the Adoption Annex, on each Payment Date, the Indenture
Trustee shall distribute out of the Collection Account to the Holders of the
Notes the Principal Collections up to the Scheduled Principal Collections
Payment Amount but not in excess of the Note Principal Balance. On the Payment
Date in the month specified in the Adoption Annex, the Indenture Trustee shall
distribute to the Holders of the Notes the Principal Collections up to the
Note Principal Balance.

         (c) Application of Subordinated Transferor Collections. If, after
applying Investor Interest Collections as provided in Section 8.03(a), any
Required Amount remains unpaid, the Indenture Trustee shall, based on
information in the Servicing Certificate for the Payment Date, apply
Subordinated Transferor Collections, to pay the unpaid Required Amounts. If,
after making those payments the Required Amount remains unpaid, then the
remaining Investor Loss Amount shall be allocated to the Transferor Principal
Balance to the extent of the Available Transferor Subordinated Amount and not
to the Notes. However, no allocation of Investor Loss Amounts shall reduce
Transferor Principal Balance below zero.

         (d) [Payment of the Credit Enhancement Draw Amount and] Release of
Overcollateralization Step-Down Amounts. [The Indenture Trustee will make
payments to the Noteholders from the Credit Enhancement Draw Amount (but not
including any portion of it representing a Preference Claim) drawn under the
Policy for any Payment Date pursuant to Section 8.05 on the Payment Date as
follows:

                FIRST, as an addition to the amount distributed pursuant to
         Section 8.03(a)(ii); and

                SECOND, the portion of the Credit Enhancement Draw Amount
         remaining after the application of the amounts referred to in First
         above, as an addition to the amounts distributed pursuant to Section
         8.03(b).

         The  aggregate  amount of principal  distributed  to the  Noteholders
under this Indenture shall not exceed the Original Note Principal Balance.]

         The dollar amount of any Overcollateralization  Step-Down Amount will
be deducted from the Scheduled  Principal  Collections Payment Amount and paid
to the Transferor.

         (e) Distributions to Holders of Transferor Certificates. On each
Payment Date, based on the information in the Servicing Certificate for the
Payment Date and subject to Section 8.03(c), the Indenture Trustee shall
distribute to the Issuer

                (i) the Interest Collections that are not Investor Interest
         Collections on the Payment Date for the related Collection Period and

                (ii) the portion of Transferor Principal Collections for the
         related Collection Period in excess of Additional Balances created on
         the Mortgage Loans during the Collection Period. Collections
         allocable to the Transferor Certificates will be distributed to the
         Issuer only to the extent that the distribution will not reduce the
         Transferor Principal Balance as of the related Payment Date below the
         Minimum Transferor Interest. Amounts not distributed to the Issuer
         because of this limitation will be retained in the Collection Account
         until the Transferor Principal Balance exceeds the Minimum Transferor
         Interest, at which time the excess shall be released to the Issuer.
         If any such amounts are still retained in the Collection Account at
         the commencement of the Rapid Amortization Period, they will be paid
         to the Noteholders as a reduction of the Note Principal Balance.

         SECTION 8.04. CALCULATION OF THE NOTE RATE.

         On the [second] LIBOR Business Day preceding each Payment Date, the
Indenture Trustee shall determine LIBOR for the Interest Period commencing on
the Payment Date and inform the Master Servicer (at the facsimile number given
to the Indenture Trustee in writing) of the rate. On each Determination Date,
the Indenture Trustee shall determine the applicable Note Rate on the related
Payment Date.

         SECTION 8.05. [CLAIMS ON THE POLICY; POLICY PAYMENTS ACCOUNT.

         (a) If the Credit Enhancement Draw Amount from the Servicing
Certificate for a Payment Date is more than zero (determined as of the close
of business on the [third] Business Day before the Payment Date), then the
Indenture Trustee shall notify the Credit Enhancer by telephone or telecopy of
the Credit Enhancement Draw Amount. The notice shall be confirmed to the
Credit Enhancer in writing in the form of the Notice of Nonpayment and Demand
for Payment of Insured Amounts in Exhibit A to the Policy, by 10:00 A.M., New
York City time, on the [second] Business Day before the Payment Date.
Following receipt by the Credit Enhancer of the notice in that form, the
Credit Enhancer will pay any amount payable under the Policy in the form on
the later to occur of (i) 12:00 NOON, New York City time, on the [second]
Business Day following the receipt and (ii) 12:00 NOON, New York City time, on
the Payment Date to which the deficiency relates.

         (b) The Indenture Trustee shall establish the Policy Payments
Account. The Indenture Trustee shall deposit any amount paid under the Policy
in the Policy Payments Account and distribute the amount only to pay Holders
of the Notes the Guaranteed Payment for which a claim was made. No Policy
payments may be used to pay any costs, expenses, or liabilities of the Master
Servicer, the Indenture Trustee, or the Trust (other than payments of
principal and interest on the Notes). Amounts paid under the Policy shall be
transferred to the Collection Account in accordance with the next paragraph
and disbursed by the Indenture Trustee to Holders of the Notes in accordance
with Section 8.03. Payments from draws on the Policy need not be made by
checks or wire transfers separate from the checks or wire transfers used to
pay other funds paid to Noteholders on the Payment Date. However, the portion
of any payment of principal of or interest on the Notes paid from funds
transferred from the Policy Payments Account shall be noted in the statement
to be furnished to Holders of the Notes pursuant to Section 7.04. Funds held
in the Policy Payments Account shall not be invested.

         On any  Payment  Date (or the day on which a payment on the Policy is
received,  if later)  for which a claim has been made  under the  Policy,  the
amount of any funds received by the Indenture Trustee as a result of any claim
under the Policy, to the extent required to make the Guaranteed Payment on the
Notes on the Payment Date, shall be withdrawn from the Policy Payments Account
and deposited in the Collection  Account and applied by the Indenture Trustee,
together  with the other funds to be  withdrawn  from the  Collection  Account
pursuant to Section  8.03,  directly to the payment in full of the  Guaranteed
Payment.  Any funds  remaining in the Policy  Payments  Account on the [first]
Business  Day  following  the later of the Payment  Date and the  Business Day
after the day on which a payment on the Policy has been paid to the Holders of
the  Notes  shall  be  remitted  to  the  Credit  Enhancer,  pursuant  to  the
instructions of the Credit  Enhancer,  by the end of the Business Day.

         (c) The Indenture Trustee shall keep a complete and accurate record
of the amount of interest and principal paid on any Note from moneys received
under the Policy. The Credit Enhancer may inspect the records at reasonable
times during normal business hours on [one] Business Day's notice to the
Indenture Trustee.

         (d) The Indenture Trustee shall promptly notify the Credit Enhancer
of any Preference Claim of which a Responsible Officer has actual knowledge.
Each Noteholder by its purchase of Notes, the Master Servicer, and the
Indenture Trustee agree that the Credit Enhancer may at any time during the
continuation of any proceeding relating to a Preference Claim direct all
matters relating to the Preference Claim, including

                (i) the direction of any appeal of any order relating to the
         Preference Claim and

                (ii) the posting of any surety, supersedeas, or performance
         bond pending any appeal. In addition and without limiting the
         foregoing, the Credit Enhancer shall be subrogated to the rights of
         the Master Servicer, the Indenture Trustee, and each Noteholder in
         the conduct of any the Preference Claim, including all rights of any
         party to an adversary proceeding action with respect to any court
         order issued in connection with any the Preference Claim.]

         SECTION 8.06. [REPLACEMENT POLICY.

         If a Credit Enhancer Default occurs or if the claims-paying ability
rating of the Credit Enhancer is downgraded, the Depositor may substitute new
surety bonds for the existing Policy so long as the new rating of the Notes
would be an improvement over their then current rating and that the new surety
bond will qualify as a "similar commercially available credit enhancement
contract" within the meaning of Treas. Reg. ss. 1.1001-3(e)(4)(iv)(B).
However, no new credit enhancement may be substituted unless the Indenture
Trustee receives a legal opinion, acceptable in form and substance to the
Indenture Trustee, from counsel to the provider of the new credit enhancement
with respect to its enforceability and any other matters the Indenture Trustee
reasonably requires. Within [five] Business Days after the Indenture Trustee
takes physical possession of the new credit enhancement and the opinion of
counsel, it will deliver the replaced Policy to the Credit Enhancer. Any other
form of credit enhancement may also be substituted for the Policy after a
Credit Enhancer Default or downgrade if the new rating of the Notes would be
an improvement over their then current rating and the Indenture Trustee
receives an Opinion of Counsel to the effect that the substitution will not be
treated as a significant modification within the meaning of Treas. Reg. ss.
1.1001-3.]

                                  ARTICLE IX

                            SUPPLEMENTAL INDENTURES

         SECTION 9.01. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.

         (a) Without the consent of the Holders of any Notes [but with the
consent of the Credit Enhancer (which shall not be unreasonably withheld)] and
with prior notice to each Rating Agency, subject to Section 9.06, the Issuer
and the Indenture Trustee may enter into indentures supplemental to this
Indenture, in form satisfactory to the Indenture Trustee, for any of the
following purposes:

                (i) to correct or amplify the description of any property
         subject to the lien of this Indenture, or to confirm unto the
         Indenture Trustee any property subject or required to be subjected to
         the lien of this Indenture, or to subject additional property to the
         lien of this Indenture;

                (ii) to evidence the succession of another person to the
         Issuer pursuant to this Indenture, and the assumption by the
         successor of the covenants of the Issuer in this Indenture and the
         Notes in compliance with the applicable provisions of this Indenture;

                (iii) to add to the covenants of the Issuer, for the benefit
         of the Noteholders [or the Credit Enhancer,] or to surrender any
         right conferred on the Issuer in this Indenture;

                (iv) to convey, transfer, assign, mortgage, or pledge any
         property to or with the Indenture Trustee;

                (v) to cure any ambiguity, to correct or supplement any
         provision in this Indenture or in any supplemental indenture that may
         be inconsistent with any other provision in this Indenture or in any
         supplemental indenture or the other Transaction Documents;

                (vi) to modify, eliminate, or add to the provisions of this
         Indenture as required by any Rating Agency or any other nationally
         recognized statistical rating organization to maintain or improve any
         rating of the Notes;

                (vii) to modify, eliminate, or add to the provisions of this
         Indenture to comply with any requirement imposed by the Code;

                (viii) to modify, eliminate, or add to the provisions of this
         Indenture to the extent necessary to effect the qualification of this
         Indenture under the TIA or under any similar federal statute
         hereafter enacted and to add to this Indenture other provisions
         expressly required by the TIA; or

                (ix) to provide for the acceptance of the appointment of a
         successor trustee under this Indenture and to add to or change any of
         the provisions of this Indenture necessary to facilitate the
         administration of the trusts under this Indenture by more than one
         trustee, pursuant to the requirements of Article VI.

         The  Indenture  Trustee is authorized to join in the execution of any
supplemental  indenture  and to make any further  appropriate  agreements  and
stipulations  that may be  contained in it. No amendment  that  satisfies  the
Rating Agency Condition shall, for purposes of this Section,  be considered to
adversely affect in any material respect the interests of any Noteholder.

         (b) Without the consent of any of the Noteholders but with
satisfaction of the Rating Agency Condition [(in connection with which the
consent of the Credit Enhancer shall not be unreasonably withheld)], subject
to Section 9.06, the Issuer and the Indenture Trustee may enter into
indentures supplemental to this Indenture to change this Indenture in any
manner or to modify the rights of the Noteholders [or the Credit Enhancer]
under this Indenture except amendments that pursuant to Section 9.02 require
the consent of each affected Noteholder.

         SECTION 9.02. SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS.

         No supplemental indenture shall, without the consent of each affected
Noteholder by an Act of the applicable Noteholders delivered to the Issuer and
the  Indenture  Trustee [and without the consent of the Credit  Enhancer]  and
subject to Section 9.06:

                (i) change the date of payment of any installment of principal
         or interest on any Note, or reduce its principal amount, its interest
         rate, or its redemption price, or change any place of payment where,
         or the coin or currency in which, any Note or its interest is
         payable;

                (ii) impair the right to institute suit for the enforcement of
         the provisions of this Indenture requiring the application of
         available funds to the payment of any amount due on the Notes after
         their due dates (or, in the case of redemption, after the redemption
         date), as provided in Article V;

                (iii) reduce the percentage of the Outstanding Amount the
         consent of the Holders of which is required for any supplemental
         indenture, or the consent of the Holders of which is required for any
         waiver of compliance with certain provisions of this Indenture or
         certain defaults under this Indenture and their consequences or to
         direct the liquidation of the Collateral;

                (iv) modify any provision of this Section except to increase
         any percentage specified in this Indenture or provide that certain
         additional provisions of this Indenture or the Transaction Documents
         cannot be modified or waived without the consent of the Holder of
         each Note affected by it; modify any of the provisions of this
         Indenture in a manner affecting the calculation of the amount of any
         payment of interest or principal due on any Note on any Payment Date
         (including the calculation of any of the individual components of the
         calculation) or affect the rights of the Holders of Notes to the
         benefit of any provisions for the mandatory redemption of the Notes
         contained in this Indenture; or

                (v) permit the creation of any lien ranking before or on a
         parity with the lien of this Indenture with respect to any part of
         the Collateral (except any change in any mortgage's lien status in
         accordance with the Sale and Servicing Agreement) or, except as
         otherwise permitted or contemplated in this Indenture, terminate the
         lien of this Indenture on any property at any time subject to this
         Indenture or deprive the Holder of any Note of the security provided
         by the lien of this Indenture.

         The Indenture Trustee may in its discretion  determine whether or not
any  Notes  would  be  affected  by  any   supplemental   indenture  and  that
determination  shall  be  conclusive  on the  Holders  of all  Notes,  whether
authenticated  and delivered  under this  Indenture  before or after that. The
Indenture  Trustee  shall not be  liable  for any  determination  made in good
faith.

         An Act of  Noteholders  under  this  Section  need  not  approve  the
particular form of any proposed supplemental  indenture,  but is sufficient if
it approves the substance of the supplemental indenture.

         Promptly after the execution by the Issuer and the Indenture  Trustee
of any supplemental  indenture pursuant to this Section, the Indenture Trustee
shall mail to the Noteholders to which the  supplemental  indenture  relates a
notice stating in general terms the substance of the  supplemental  indenture.
Any failure of the  Indenture  Trustee to mail a notice,  or any defect in it,
shall  not,  however,  in  any  way  impair  or  affect  the  validity  of the
supplemental indenture.

         SECTION 9.03. EXECUTION OF SUPPLEMENTAL INDENTURES.

         In executing any  supplemental  indenture  permitted by this Article,
the  Indenture  Trustee may require  and,  subject to Sections  6.01 and 6.03,
shall be fully  protected in relying on an Opinion of Counsel stating that the
execution of the  supplemental  indenture is  authorized  or permitted by this
Indenture.   The  Indenture   Trustee  may,  but  need  not,  enter  into  any
supplemental  indenture  that affects the  Indenture  Trustee's  own rights or
obligations under this Indenture or otherwise.

         SECTION 9.04. EFFECT OF SUPPLEMENTAL INDENTURE.

         Upon the  execution of any  supplemental  indenture  pursuant to this
Indenture, this Indenture shall be changed in accordance with the supplemental
indenture,  and the Indenture  Trustee,  the Issuer, and the Noteholders shall
bound by the supplemental indenture.

         SECTION 9.05. REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES.

         Notes   authenticated  and  delivered  after  the  execution  of  any
supplemental  indenture  pursuant to this  Article may, and if required by the
Indenture  Trustee  shall,  bear a notation in form  approved by the Indenture
Trustee as to any matter provided for in the  supplemental  indenture.  If the
Issuer so determines,  new Notes so modified as to conform,  in the opinion of
the Indenture  Trustee and the Issuer,  to the  supplemental  indenture may be
prepared and  executed by the Issuer and  authenticated  and  delivered by the
Indenture Trustee in exchange for Outstanding Notes.

         SECTION 9.06. TAX OPINION.

         This  Indenture  may not be amended  under this  Article or otherwise
unless,  in connection with the amendment,  an Opinion of Counsel is furnished
to the Indenture  Trustee that the amendment will not (i) adversely affect the
status of the Notes as debt;  (ii)  result in the Trust  being  taxable at the
entity  level;  or (iii)  result in the Trust  being  classified  as a taxable
mortgage pool (as defined in Section 7701(i) of the Code).

                                  ARTICLE X

                              REDEMPTION OF NOTES

         SECTION 10.01. REDEMPTION.

         (a) The Notes are subject to optional redemption by the Issuer [with
the consent of the Credit Enhancer] in whole on any Payment Date from the
Payment Date immediately before which the aggregate Note Principal Balance is
less than or equal to [10]% of the aggregate Original Note Principal Balance.
The redemption price for the Notes shall be the Note Principal Balance plus
accrued aggregate Note Interest through the day before the redemption date
plus interest accrued on the aggregate Unpaid Investor Interest Shortfall, to
the extent legally permissible. No premium or penalty will be payable by the
Issuer in any redemption of the Notes.

         (b) The Issuer shall notify the Indenture Trustee of its election to
redeem the Notes not later than the [first] day of the month preceding the
month of the redemption. The Indenture Trustee shall first notify [the Credit
Enhancer and] the Master Servicer and then notify the Noteholders by letter
mailed or sent by facsimile transmission not earlier than the [15th] day and
not later than the [25th] day of the month before the month of the redemption.

         Payment on the Notes will only be made on presentation  and surrender
of the Notes at the office or agency of the Indenture Trustee specified in the
redemption  notice.  By the  redemption  date, the Issuer shall deposit in the
Collection  Account in immediately  available funds an amount that, when added
to the funds on  deposit in the  Collection  Account  that are  payable to the
Noteholders,  equals the  redemption  price for the Notes,  whereupon  all the
Notes called for redemption  shall be payable on the  redemption  date.

         (c) On presentation and surrender of the Notes, the Indenture Trustee
shall pay to the Holders of Notes on the redemption date an amount equal to
their redemption price. [On the redemption date, the Indenture Trustee shall,
based on the information in the Servicing Certificate for the relevant Payment
Date, withdraw from the Collection Account and remit to the Credit Enhancer
the lesser of (x) the amount available for distribution on the redemption
date, net of the amount needed to pay the redemption price and (y) the unpaid
amounts due to the Credit Enhancer for unpaid premiums and unreimbursed draws
on the Policy (together with interest on them as provided under the Insurance
Agreement)].

         If all of the  Noteholders  do not  surrender  their  Notes for final
payment and cancellation by the redemption  date, the Indenture  Trustee shall
on that date cause the remaining amounts  representing the redemption price in
the  Collection  Account not  distributed  in redemption to  Noteholders to be
withdrawn and credited to the remaining Noteholders by depositing the funds in
a separate escrow account for the benefit of the Noteholders and the Issuer.

         (d) Any election to redeem Notes pursuant to Section 10.01(a) shall
be evidenced by an Issuer Order. The Issuer Order shall specify the items
required in the notice of redemption to be mailed to Noteholders. The Issuer
shall notify each Rating Agency of the redemption.

         SECTION 10.02. FORM OF REDEMPTION NOTICE.

         Notice  of  redemption  under  Section  10.01  shall  be given by the
Indenture  Trustee by first-class  mail,  postage prepaid,  or by facsimile or
other reliable electronic means (promptly confirmed by mail) to each Holder of
Notes [and to the Credit  Enhancer]  as of the close of business on the Record
Date  preceding  the  redemption  date,  at the Holder's  address or facsimile
number appearing in the Note Register.

         All notices of redemption shall state:

                (i) the redemption date;

                (ii) the redemption price;

                (iii) the amount of interest accrued to the redemption date;

                (iv) the place where Notes are to be surrendered for payment
         of the redemption price (which shall be the office or agency of the
         Issuer maintained pursuant to Section 3.02); and

                (v) that on the redemption date, the redemption price will
         become payable on each Note and that interest on the Notes shall
         cease to accrue beginning on the redemption date.

Notice of redemption  of the Notes shall be given by the Indenture  Trustee in
the  name  and at the  expense  of the  Issuer.  Failure  to  give  notice  of
redemption,  or any  defect in it, to any  Holder of any Note shall not affect
the validity of the redemption of any other Note.

         SECTION 10.03. NOTES PAYABLE ON REDEMPTION DATE.

         Following  notice of redemption as required by Section 10.02,  on the
redemption  date the Notes shall become  payable at the  redemption  price and
(unless  the  Issuer  defaults  in the  payment  of the  redemption  price) no
interest shall accrue on the redemption price for any period after the date to
which  accrued   interest  is  calculated  for  purposes  of  calculating  the
redemption price.

                                  ARTICLE XI

                                 MISCELLANEOUS

         SECTION 11.01. COMPLIANCE CERTIFICATES AND OPINIONS, ETC.

         (a) Whenever the Issuer requests the Indenture Trustee to take any
action under this Indenture, the Issuer shall furnish to the Indenture Trustee
[and the Credit Enhancer] (i) an Officer's Certificate stating that any
conditions precedent provided for in this Indenture relating to the proposed
action have been complied with and (ii) an Opinion of Counsel stating that in
its opinion any conditions precedent have been complied with.

         Every  certificate  or  opinion  with  respect to  compliance  with a
condition or covenant  provided for in this  Indenture  shall  include:

                (i) a statement that each signatory of the certificate or
         opinion has read the covenant or condition and the definitions in
         this Indenture relating to it;

                (ii) a brief statement as to the nature and scope of the
         examination or investigation on which the statements or opinions
         contained in the certificate or opinion are based;

                (iii) a statement that, in the opinion of each signatory, the
         signatory has made any examination or investigation necessary for the
         signatory to express an informed opinion about whether or not the
         covenant or condition has been complied with;

                (iv) a statement as to whether, in the opinion of each
         signatory, the condition or covenant has been complied with; and

                (v) if the signer of the certificate is required to be
         Independent, the statement required by the definition of Independent.

            (b) (i) Before the deposit of any Collateral or other property
         with the Indenture Trustee that is to be made the basis for the
         release of any property subject to the lien of this Indenture, the
         Issuer shall, in addition to any obligation imposed in Section
         11.01(a) or elsewhere in this Indenture, furnish to the Indenture
         Trustee [and the Credit Enhancer] an Officer's Certificate stating
         the opinion of each person signing the certificate as to the fair
         value (within [90] days of the deposit) to the Issuer of the
         Collateral or other property to be deposited.

                (ii) Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate stating the opinion of any
         signer as to the matters described in clause (b)(i), the Issuer shall
         also deliver to the Indenture Trustee [and the Credit Enhancer] an
         Independent Certificate as to the same matters, if the fair value to
         the Issuer of the property to be deposited as the basis of any
         release and of all other property made the basis of any release since
         the commencement of the then-current calendar year as described in
         the certificates delivered pursuant to clause (b)(i) is [10]% or more
         of the aggregate Outstanding Amount of the Notes, but the certificate
         need not be furnished for any securities deposited, if their fair
         value to the Issuer as described in the related Officer's Certificate
         is less than $[______] or less than [1]% of the then aggregate
         Outstanding Amount of the Notes.

                (iii) Whenever any property is to be released from the lien of
         this Indenture, the Issuer shall also furnish to the Indenture
         Trustee [and the Credit Enhancer] an Officer's Certificate stating
         the opinion of each person signing the certificate as to the fair
         value (within [90] days of the release) of the property proposed to
         be released and stating that in the opinion of that person the
         proposed release will not impair the security under this Indenture in
         contravention of the provisions of this Indenture.

                (iv) Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate stating the opinion of any
         signer as to the matters described in clause (b)(iii), the Issuer
         shall also furnish to the Indenture Trustee [and the Credit Enhancer]
         an Independent Certificate as to the same matters if the fair value
         of the property and of all other property released from the lien of
         this Indenture since the commencement of the then-current calendar
         year, as described in the certificates required by clause (b)(iii)
         and this clause (b)(iv), equals [10]% or more of the aggregate
         Outstanding Amount of the Notes, but the certificate need not be
         furnished for any release of property if its fair value as described
         in the related Officer's Certificate is less than $[______] or less
         than [1]% of the then aggregate Outstanding Amount of the Notes.

                (v) Notwithstanding any provision of this Indenture, the
         Issuer may, without compliance with the other requirements of this
         Section, (A) collect, liquidate, sell, or otherwise dispose of
         Collateral as and to the extent permitted by the Transaction
         Documents, and (B) make cash payments out of the Collection Account
         as and to the extent permitted by the Transaction Documents, so long
         as the Issuer delivers to the Indenture Trustee [and the Credit
         Enhancer ]every six months, beginning six months after the date of
         this Indenture, an Officer's Certificate of the Issuer stating that
         all the dispositions of Collateral described in clauses (A) and (B)
         that occurred during the preceding six months were in the ordinary
         course of the Issuer's business and that their proceeds were applied
         in accordance with the Transaction Documents.

         SECTION 11.02. FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE.

         In any case where several matters are required to be certified by, or
covered by an opinion of, any specified person, all the matters need not be
certified by, or covered by the opinion of, only one person, or be certified
or covered by only one document. One person may certify or give an opinion
with respect to some matters and one or more other persons as to other
matters, and any person may certify or give an opinion as to one matter in one
or several documents.

         Any certificate or opinion of an Authorized Officer of the Issuer may
be based on a certificate or opinion of counsel insofar as it relates to legal
matters,  unless the officer  knows,  or in the  exercise of  reasonable  care
should  know,  that  with  respect  to the  matters  on  which  the  officer's
certificate or opinion is based the  certificate or opinion is erroneous.  Any
certificate  of an Authorized  Officer or Opinion of Counsel may be based on a
certificate  or opinion of  officers  of any  appropriate  party to any of the
Transaction  Documents insofar as it relates to factual matters,  stating that
the  information  with respect to the factual  matters is in the possession of
the party,  unless the person signing knows,  or in the exercise of reasonable
care should know, that the certificate or opinion is erroneous.

         Where any person is required to deliver two or more  documents  under
this Indenture, they may, but need not, be consolidated into one document.

         If the Issuer is required to deliver any  document as a condition  of
the  granting  of any  request,  or as evidence  of its  compliance  with this
Indenture,  the request may be denied or the  certification of compliance will
be  unacceptable  if the document is  inaccurate.  This  provision  shall not,
however,  affect the  Indenture  Trustee's  right to rely on  accuracy  of any
statement or opinion in any document as provided in Article VI.

         SECTION 11.03.  ACTS OF NOTEHOLDERS.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver, or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by Noteholders in person or by agents duly
appointed in writing. Except as otherwise expressly provided in this Indenture
the action shall become effective when the instruments are delivered to the
Indenture Trustee and, if expressly required, to the Issuer. The instruments
(and the action embodied in them) are referred to as the "ACT" of the
Noteholders signing the instruments. Proof of execution of any instrument or
of a writing appointing an agent for a Noteholder shall be sufficient for any
purpose of this Indenture and (subject to Section 6.01) conclusive in favor of
the Indenture Trustee and the Issuer, if made in the manner provided in this
Section.

         (b) The fact and date of the execution by any person of any
instrument may be proved by an affidavit of a witness to the execution or the
certificate of any notary public or other person authorized by law to
acknowledge the execution of deeds. Any certificate on behalf of a jural
entity executed by a person purporting to have authority to act on behalf of
the jural entity shall itself be sufficient proof of the authority of the
person executing it to act. The fact and date of the execution by any person
of any instrument may also be proved in any other manner that the Indenture
Trustee deems sufficient.

         (c) The Note Register shall prove the ownership of Notes.

         (d) Any Act by the Holder of a Note shall bind every Holder of the
same Note and every Note issued on its transfer or in exchange for it or in
lieu of it, in respect of anything done, omitted, or suffered to be done by
the Indenture Trustee or the Issuer in reliance on the Act, whether or not
notation of the action is made on the Note.

         SECTION 11.04. NOTICES.

         Any request, demand, authorization, direction, notice, consent,
waiver, Act, or other action or other documents provided or permitted by this
Indenture to be given to:

                (i) the Indenture Trustee by any Noteholder or by the Issuer
         shall be sufficient for every purpose under this Indenture if given
         in writing and delivered by first-class mail, postage prepaid,
         overnight courier, personally delivered, or facsimile (followed by
         the original by any other means authorized by this Section) to the
         Indenture Trustee at its Corporate Trust Office, or

                (ii) the Issuer by the Indenture Trustee or by any Noteholder
         shall be sufficient for every purpose under this Indenture if given
         in writing and delivered by first-class mail, postage prepaid,
         overnight courier, personally delivered, or facsimile (followed by
         the original by any other means authorized by this Section) to the
         Issuer addressed as provided in the Adoption Annex or at any other
         address previously furnished in writing to the Indenture Trustee by
         the Issuer; or

                (iii) [the Credit Enhancer by the Issuer, the Indenture
         Trustee, or by any Noteholder shall be sufficient for every purpose
         under this Indenture if given in writing and delivered by first-class
         mail, postage prepaid, overnight courier, personally delivered, or
         facsimile (followed by the original by any other means authorized by
         this Section) (unless otherwise specifically provided) to the Credit
         Enhancer addressed as provided in the Adoption Annex or at any other
         address previously furnished in writing to the Indenture Trustee by
         the Credit Enhancer, except that whenever a notice or other
         communication to the Credit Enhancer refers to an Event of Default,
         Event of Servicing Termination, a claim under the Policy, or with
         respect to which failure on the part of the Credit Enhancer to
         respond would constitute consent or acceptance, then a copy of the
         notice or other communication shall also be sent to the attention of
         the General Counsel of the Credit Enhancer and shall be marked to
         indicate "URGENT MATERIAL ENCLOSED"]; or

                (iv) to each Rating Agency by the Issuer or the Indenture
         Trustee shall be sufficient for every purpose under this Indenture if
         given in writing and delivered by first-class mail, postage prepaid,
         overnight courier, personally delivered, or facsimile (followed by
         the original by any other means authorized by this Section) to the
         parties at the addresses as provided in the Adoption Annex or at any
         other address previously furnished in writing to the Indenture
         Trustee and the Issuer.

         [Any consent or waiver under this Indenture or any other  Transaction
Document  by the Credit  Enhancer  must be in writing and signed by the Credit
Enhancer to be effective.]

         SECTION 11.05. NOTICES TO NOTEHOLDERS; WAIVER.

         Where this Indenture provides for notice to Noteholders of any event,
the notice shall be sufficiently given (unless otherwise expressly provided in
this Indenture) if in writing and mailed, first-class, postage prepaid to each
Noteholder affected by the event, at the Holder's address as it appears on the
Note  Register,  not later  than the latest  date,  and not  earlier  than the
earliest  date,  prescribed for the giving of the notice.  Whenever  notice to
Noteholders  is given by mail,  neither the failure to mail the notice nor any
defect in a notice  mailed  to any  particular  Noteholder  shall  affect  the
sufficiency of the notice with respect to other  Noteholders.  Any notice that
is mailed in the manner  provided  in this  Indenture  shall  conclusively  be
presumed to have been duly given.

         Where this  Indenture  provides for notice in any manner,  any person
entitled to receive it may waive the notice in writing, either before or after
the event, and the waiver shall be the equivalent of notice. Waivers of notice
by Noteholders  shall be filed with the Indenture Trustee but the filing shall
not be a condition  precedent  to the validity of any action taken in reliance
on a waiver.

         If it is impractical to mail notice of any event to Noteholders  when
the notice is required to be given pursuant to this  Indenture  because of the
suspension of regular mail service as a result of a strike, work stoppage,  or
similar  activity,  then any manner of giving the notice  satisfactory  to the
Indenture Trustee shall be considered to be a sufficient giving of the notice.

         Where  this  Indenture  provides  for notice to each  Rating  Agency,
failure to give the notice  shall not affect any other  rights or  obligations
created under this Indenture,  and shall not under any circumstance constitute
an Incipient Default.

         SECTION 11.06. ALTERNATE PAYMENT AND NOTICE PROVISIONS.

         Notwithstanding  any provision of this  Indenture or any of the Notes
to the contrary,  the Issuer may enter into any agreement with any Holder of a
Note providing for a method of payment,  or notice by the Indenture Trustee or
any Paying Agent to the Holder,  that is different  from the methods  provided
for in this Indenture. The agreement may not accelerate the timing or increase
the amount of any  payments  to the  Noteholder;  [or] cause any release of or
other change in any Collateral[;  or affect the timing,  amount,  or method of
any payments by the Credit Enhancer under the Policy]. The Issuer will furnish
to the  Indenture  Trustee  [and  the  Credit  Enhancer]  a copy of each  such
agreement and the Indenture Trustee will cause payments to be made and notices
to be given in accordance with them.

         SECTION 11.07. CONFLICT WITH TRUST INDENTURE ACT.

         If any provision of this Indenture  limits,  qualifies,  or conflicts
with another  provision of this  Indenture  that is required to be included in
this  Indenture  by the Trust  Indenture  Act, the  required  provision  shall
control.

         The  provisions of TIA Sections 310 through 317 that impose duties on
any person (including the provisions  automatically included in this Indenture
unless  expressly  excluded by this  Indenture)  are a part of and govern this
Indenture,  whether or not  physically  contained in this  Indenture.

         SECTION 11.08. EFFECT OF HEADINGS AND TABLE OF CONTENTS.

         The Article and Section headings and the Table of Contents are for
convenience only and shall not affect the construction of this Indenture.

         SECTION 11.09. SUCCESSORS AND ASSIGNS.

         All agreements in this Indenture and the Notes by the Issuer shall
bind its successors and assigns, whether so expressed or not. All agreements
of the Indenture Trustee in this Indenture shall bind its successors, assigns,
co-trustees, and agents.

         SECTION 11.10. SEPARABILITY.

         If any  provision  in this  Indenture  or in the  Notes  is  invalid,
illegal, or unenforceable,  the validity,  legality, and enforceability of the
remaining  provisions of this Indenture and the Notes shall not be affected in
any way.

         SECTION 11.11. BENEFITS OF INDENTURE.

         Nothing in this Indenture or in the Notes, express or implied,  shall
give to any  person,  other  than the  parties  to this  Indenture  and  their
successors  under this  Indenture,  the Master  Servicer (under Article VIII),
[the Credit Enhancer, ]any person with an ownership interest in the Trust, and
the  Noteholders,  any  benefit  or any legal or  equitable  right  under this
Indenture.  [The  Credit  Enhancer  is  a  third  party  beneficiary  of  this
Indenture.]

         SECTION 11.12. LEGAL HOLIDAYS.

         If the date on which any payment is due is not a Business  Day,  then
(notwithstanding  any other provision of the Notes or this Indenture)  payment
need not be made on that date,  but may be made on the next  Business Day with
the same force as if made on the date on which  nominally due, and no interest
shall accrue for the period after the nominal due date.

         SECTION 11.13. GOVERNING LAW.

         THIS INDENTURE  SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK,  WITHOUT  REFERENCE TO ITS PROVISIONS  THAT
WOULD RESULT IN THE  APPLICATION OF THE LAWS OF ANOTHER STATE.  SECTION 11.14.
COUNTERPARTS.

         This Indenture may be executed in any number of counterparts, each of
which so executed  shall be considered an original,  but all the  counterparts
shall together  constitute a single  instrument.

         SECTION 11.15. RECORDING OF INDENTURE.

         This  Indenture  is a  Security  Agreement  under  the  UCC.  If this
Indenture is subject to recording in any appropriate public recording offices,
the  recording  is to be  effected  by the Issuer but only at the  request and
expense of  Noteholders  accompanied  by an  Opinion of Counsel  (which may be
counsel to the Indenture Trustee or any other counsel reasonably acceptable to
the  Indenture  Trustee)  to the  effect  that the  recording  materially  and
beneficially  affects the  interests  of the  Noteholders  or any other person
secured under this  Indenture or the  enforcement  of any right granted to the
Indenture Trustee under this Indenture.

         SECTION 11.16. NO PETITION.

         The Indenture  Trustee,  by entering into this Indenture,  any Paying
Agent, by accepting its appointment as such, the Issuer,  and each Noteholder,
by accepting a Note,  hereby covenant that they will not at any time institute
against the Issuer,  the  Depositor,  or the Master  Servicer,  or join in any
institution   against   the  Issuer  of,   any   bankruptcy,   reorganization,
arrangement,  insolvency,  or liquidation  proceedings,  or other  proceedings
under  any  United  States  federal  or State  bankruptcy  or  similar  law in
connection with any obligations relating to the Notes, this Indenture,  or any
of the other Transaction Documents. This Section shall survive the termination
of this Indenture.

         SECTION 11.17. [ACT ON INSTRUCTIONS FROM CREDIT ENHANCER.

         Notwithstanding  any provision of this Indenture to the contrary,  so
long as no Credit Enhancer  Default  exists,  the Credit Enhancer shall at all
times be treated as if it were the  exclusive  owner of all Notes  Outstanding
for the purposes of all approvals,  consents,  waivers, and the institution of
any action and the direction of all remedies,  and the Indenture Trustee shall
act in accordance  with the directions of the Credit Enhancer so long as it is
indemnified  therefor to its reasonable  satisfaction.]

         SECTION 11.18. SERIES TRUST; NON-RECOURSE AND SUBORDINATION.

         (a) The Trust is a series trust pursuant to Sections 3804 and
3806(b)(2) of the Business Trust Statute, and each series shall be a separate
series of the Trust within the meaning of Section 3806(b)(2) of the Business
Trust Statute. As such, this Indenture is entered into only with respect to
the series of the Trust referred to in the Adoption Annex and the debts,
liabilities, obligations, and expenses incurred, contracted for, or otherwise
existing with respect to the series referred to in the Adoption Annex shall be
enforcable against the assets of the series referred to in the Adoption Annex
only, and not against the assets of the Trust generally, or the assets of any
other series.

         (b) The Issuer and each Noteholder, by its acceptance of its Note,
agree that the indebtedness represented by the Notes is non-recourse to the
Issuer, and is payable solely from the assets of the series referred to in the
Adoption Annex and their proceeds. If any other assets of the Issuer are for
any reason made subject to any claim on account of the indebtedness
represented by the Notes notwithstanding Section 11.18(a), then solely as to
those claims against assets of the Issuer that are not the assets of the
series referred to in the Adoption Annex, the Issuer and each Noteholder, by
its acceptance of its Note, agree that the indebtedness represented by the
Notes and the payment of the principal and interest on the Notes as they
relate to those other assets is subordinated in right of payment to the prior
payment in full of any other indebtedness of the Issuer.

         SECTION 11.19. TRUST OBLIGATION.

         No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee,  or the Indenture Trustee on the
Notes or under this Indenture or any certificate or other writing delivered in
connection  this  Indenture,  against (i) the  Indenture  Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the  Issuer,  or  (iii)  any  partner,  owner,  beneficiary,  agent,  officer,
director,  employee, or agent of the Indenture Trustee or the Owner Trustee in
its individual  capacity,  any holder of a beneficial  interest in the Issuer,
the Owner Trustee,  or the Indenture  Trustee or of any successor or assign of
the Indenture Trustee or the Owner Trustee in its individual capacity. For all
purposes of this  Indenture,  in the  performance  of any  obligations  of the
Issuer  under this  Indenture,  the Owner  Trustee  shall be  subject  to, and
entitled to the benefits of, Article VI, VII, and VIII of the Trust Agreement.

<PAGE>

         IN WITNESS  WHEREOF,  the parties to this  Indenture have caused this
Indenture to be duly executed by their  officers,  thereunto duly  authorized,
all as of the day and year first above written.

                             [INDYMAC TRUST]

                             BY:  [________________________],
                                  not in its individual capacity,
                                  but solely as Owner Trustee

                             BY:  ____________________________
                                  Name:
                                  Title:

                             [------------------------------]
                                  not in its individual capacity but
                                  solely as Indenture Trustee,

                             By:  ____________________________
                                  Name:
                                  Title:

<PAGE>

                                                                     EXHIBIT A

                                 FORM OF NOTES

                                [INDYMAC TRUST]

                 REVOLVING HOME EQUITY LOAN ASSET BACKED NOTE

                                SERIES [______]
<TABLE>
<CAPTION>

<S>                                                  <C>
----------------------------------------------------- --------------------------------------------------
Registered                                            Principal Amount: $[___________]
----------------------------------------------------- --------------------------------------------------
----------------------------------------------------- --------------------------------------------------
No. [____]                                            Percentage Interest: [__]%
----------------------------------------------------- --------------------------------------------------
----------------------------------------------------- --------------------------------------------------
CUSIP No. [_______]                                   Initial Payment Date: [___________]
----------------------------------------------------- --------------------------------------------------
----------------------------------------------------- --------------------------------------------------
                                                      Note Rate: [___]%
----------------------------------------------------- --------------------------------------------------
</TABLE>

         The Issuer,  [IndyMac Trust], for the Series [______] Notes, promises
to pay to [CEDE & CO.] or registered assigns the Principal Amount,  payable on
each  Payment  Date in an  amount  equal  to the  Percentage  Interest  of the
aggregate amount payable from the Collection Account as principal on the Notes
pursuant to Section 8.03 of the  Indenture,  dated as of  [_________],  20[__]
(the "INDENTURE"), between the Issuer and [___________________],  as Indenture
Trustee.  The entire remaining  outstanding  principal balance of this Note is
payable on the Payment Date in [_________]  20[__].  Capitalized terms used in
this Note that are not  otherwise  defined have the meanings  given to them in
the Indenture,  and if not defined there, in the Sale and Servicing Agreement,
and if not defined  there,  in the Trust  Agreement  (the  "TRUST  AGREEMENT")
between the Issuer and [______________], as Owner Trustee.

         Interest  will be paid on the  [15th] day of each month or if that is
not a  Business  Day,  then on the next  Business  Day (the  "PAYMENT  DATE"),
commencing on the first Payment Date specified  above,  to the person in whose
name  this  Note is  registered  at the  close  of  business  on the  last day
preceding the Payment Date (the "RECORD Date") at the Note Rate. Interest will
be computed on the basis of the actual  number of days in the Interest  Period
and a 360-day  year.  The "NOTE RATE" is a per annum rate equal to  [_______]%
for the first Interest Period,  and for any subsequent  Interest Period, a per
annum rate equal to the least of: (i) the sum of (a) LIBOR as of the  [second]
LIBOR  Business  Day before the  [first]  day of the  Interest  Period and (b)
[____]%,  (ii) the Maximum  Rate for the Notes for the  Interest  Period,  and
(iii)  [_____]%.  The "MAXIMUM  RATE" for any Interest  Period is the Weighted
Average Net Loan Rate for the Mortgage Loans for the Collection  Period during
which the Interest  Period begins  (adjusted to an effective  rate  reflecting
accrued  interest  calculated on the basis of the actual number of days in the
Collection  Period  commencing  in the  month in  which  the  Interest  Period
commences  and a year  assumed to consist  of 360 days).  "LIBOR"  for any day
means the rate for United States dollar deposits for one month that appears on
the Telerate Screen Page 3750 as of 11:00 A.M., London time that day. If LIBOR
does not appear on that page (or a page  replacing  that page on that  service
or, if that service is no longer  offered,  any other  service for  displaying
LIBOR  or  comparable  rates  reasonably   selected  by  the  Depositor  after
consultation with the Indenture Trustee),  the rate will be the reference bank
rate. The reference bank rate for an Interest Period means the arithmetic mean
(rounded  upwards to the  nearest one  sixteenth  of a percent) of the offered
rates for United States dollar  deposits  offered by three major banks engaged
in  transactions  in the London  interbank  market,  selected by the Depositor
after consultation with the Indenture Trustee,  as of 11:00 A.M., London time,
on the  [second]  LIBOR  Business  Day before the [first] day of the  Interest
Period,  to prime  banks in the  London  interbank  market for a period of one
month in amounts approximately equal to the outstanding Note Principal Balance
if at least  two of the banks  provide  an  offered  rate.  If fewer  than two
offered rates are quoted,  the reference bank rate will be the arithmetic mean
of the rates  quoted by one or more major banks in New York City,  selected by
the Depositor after consultation with the Indenture Trustee, as of 11:00 A.M.,
New York City time, on the [second]  LIBOR Business Day before the [first] day
of the Interest  Period,  for loans in U.S.  dollars to leading European banks
for a period of one month in amounts  approximately  equal to the  outstanding
Note Principal Balance.  If no such quotations can be obtained,  the reference
bank rate shall be LIBOR for the preceding  Interest  Period.  "LIBOR BUSINESS
DAY"  means  any day other  than of a  Saturday,  a Sunday,  or a day on which
banking  institutions  in the  State  of New  York or in the  City of  London,
England are required or authorized by law to be closed.

         This Note is one of the Notes from a duly  authorized  issue of Notes
issued by [IndyMac  Trust],  designated  as  Revolving  Home Equity Loan Asset
Backed Notes, Series [______].

         Payments on this Note will be made by the  Indenture  Trustee,  or by
the Paying Agent appointed  pursuant to the Indenture,  by check mailed to the
person  entitled  thereto as its name and address appears on the Note Register
or, upon written request by the person  delivered to the Indenture  Trustee at
least [five]  Business  Days before the related  Record Date, by wire transfer
(but only if the person owns of record  Notes having  principal  denominations
aggregating  at least  $[_________]),  or by any other  means of  payment  the
person and the Indenture  Trustee  agree to.  Notwithstanding  the above,  the
final  payment  on this Note will be made  after due  notice by the  Indenture
Trustee or the Paying Agent, and only upon  presentation and surrender of this
Note at the  office or agency  appointed  by the  Indenture  Trustee  for that
purpose.

         This Note does not purport to summarize  the  Indenture and reference
is made to the Indenture for the rights and obligations under it.

         The Transferor,  the Depositor,  and the Noteholders  intend that the
Notes will be indebtedness for federal,  State, and local income and franchise
tax  purposes  and for  purposes  of any other tax  imposed on or  measured by
income. The Depositor,  the Indenture  Trustee,  and the Holder (or beneficial
owner) of this Note by acceptance of this Note (or by acquiring its beneficial
interest  in this Note)  agrees to treat the Notes,  for  purposes of federal,
State,  and local  income or  franchise  taxes and any other tax imposed on or
measured by income, as indebtedness  secured by the Trust Assets and to report
the  transactions  contemplated by the Indenture on all applicable tax returns
in a manner  consistent with that  treatment.  Each Holder of this Note agrees
that it will cause any  beneficial  owner  acquiring  an interest in this Note
through it to comply with the  Indenture as to treatment as  indebtedness  for
federal,  State,  and local income and franchise tax purposes and for purposes
of any other tax imposed on or measured by income.

         Without the consent of the Holders of any Notes [but with the consent
of the Credit  Enhancer],  the Issuer and the Indenture  Trustee may amend the
Indenture  in  certain  limited  ways.  Without  the  consent  of  any  of the
Noteholders but with satisfaction of the Rating Agency  Condition,  the Issuer
and the  Indenture  Trustee may amend the Indenture to change the Indenture in
any manner or to modify the rights of the Noteholders [or the Credit Enhancer]
under the  Indenture  except  amendments  that  require  the  consent  of each
affected  Noteholder.  No supplemental  indenture may,  without the consent of
each affected Noteholder:

                (i) change the date of payment of any installment of principal
         or interest on any Note, or reduce its principal amount, its interest
         rate, or its redemption price, or change any place of payment where,
         or the coin or currency in which, any Note or its interest is
         payable;

                (ii) impair the right to institute suit for the enforcement of
         the provisions of the Indenture requiring the application of
         available funds to the payment of any amount due on the Notes after
         their due dates (or, in the case of redemption, after the redemption
         date);

                (iii) reduce the percentage of the Outstanding Amount the
         consent of the Holders of which is required for any supplemental
         indenture, or the consent of the Holders of which is required for any
         waiver of compliance with certain provisions of the Indenture or
         certain defaults under the Indenture and their consequences or to
         direct the liquidation of the Collateral;

                (iv) modify any provision of the Section of the Indenture
         covering indenture supplements only with the consent of affected
         Noteholders except to increase any percentage specified in the
         Indenture or provide that certain additional provisions of the
         Indenture or the Transaction Documents cannot be modified or waived
         without the consent of the Holder of each Note affected by it; modify
         any of the provisions of the Indenture in a manner affecting the
         calculation of the amount of any payment of interest or principal due
         on any Note on any Payment Date (including the calculation of any of
         the individual components of the calculation) or affect the rights of
         the Holders of Notes to the benefit of any provisions for the
         mandatory redemption of the Notes contained in the Indenture; or

                (v) permit the creation of any lien ranking before or on a
         parity with the lien of the Indenture with respect to any part of the
         Collateral (except any change in any mortgage's lien status in
         accordance with the Sale and Servicing Agreement) or, except as
         otherwise permitted or contemplated in the Indenture, terminate the
         lien of the Indenture on any property at any time subject to the
         Indenture or deprive the Holder of any Note of the security provided
         by the lien of the Indenture.

         As  provided  in  the  Indenture,   the  transfer  of  this  Note  is
registrable  in the Note  Register of the Note  Registrar on surrender of this
Note for  registration  of transfer at the office or agency  maintained by the
Note  Registrar  for that  purpose,  accompanied  by a written  instrument  of
transfer in form satisfactory to the Master Servicer,  the Indenture  Trustee,
and the Note  Registrar  duly executed by its Holder or the Holder's  attorney
duly   authorized   in  writing,   and   thereupon  new  Notes  of  authorized
denominations  and evidencing the same  aggregate  Percentage  Interest of the
Notes will be issued to the  designated  transferees.  The Notes are  issuable
only as registered  Notes without  coupons in  denominations  specified in the
Indenture. As provided in the Indenture,  Notes are exchangeable for new Notes
of like tenor in authorized  denominations  and  evidencing the same aggregate
Percentage Interest, as requested by the Holder surrendering the same.

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

         Before due presentment for registration of transfer of this Note, the
Issuer,  the Indenture  Trustee,  and any agent of the Issuer or the Indenture
Trustee  may treat the  person in whose  name this Note is  registered  as its
owner for all purposes,  whether or not this Note is overdue,  and none of the
Issuer, the Indenture  Trustee,  or any such agent shall be affected by notice
to the contrary.

         The Transferor may effect an early  retirement of the Notes by paying
the  retransfer  price and  accepting  retransfer  of the Trust  Assets on any
Payment  Date  after the Note  Principal  Balance of the Notes is less than or
equal to [10]% of the Original Note Principal Balance.

         Each Holder or  beneficial  owner of a Note,  by acceptance of a Note
or, in the case of a beneficial  owner of a Note,  a beneficial  interest in a
Note,  agrees by accepting the benefits of the Indenture  that will not at any
time institute against the Depositor,  the Seller, the Master Servicer, or the
Issuer,  or join in any  institution  against any of them of, any  bankruptcy,
reorganization, arrangement, insolvency , or liquidation proceedings under any
United Stated  federal or state  bankruptcy or similar law in connection  with
any  obligations  relating to the Notes,  the  Indenture,  or the  Transaction
Documents.

         Anything  in  this  Note  to the  contrary  notwithstanding,  none of
[______________] in its individual capacity, [______________________],  in its
individual capacity,  any owner of a beneficial interest in the Issuer, or any
of their respective  partners,  beneficiaries,  agents,  officers,  directors,
employees,  or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on
this Note or performance  of, or omission to perform,  any of the  obligations
under the  Indenture.  The holder of this Note by its  acceptance of this Note
agrees that the holder shall have no claim  against any of the  foregoing  for
any deficiency,  loss, or claim. Nothing contained in this Note shall be taken
to prevent recourse to, and enforcement  against,  the assets of the Issuer in
the Series [______] Trust for any  obligations  under the Indenture or in this
Note.

         The Issuer is a series trust pursuant to Sections 3804 and 3806(b)(2)
of the Business Trust Statute,  and each series shall be a separate  series of
the Issuer  within the meaning of Section  3806(b)(2)  of the  Business  Trust
Statute.  As such,  the  Indenture  and this Note are  entered  into only with
respect  to Series  [______]  and the  debts,  liabilities,  obligations,  and
expenses  incurred,  contracted  for, or  otherwise  existing  with respect to
Series  [______]  shall be  enforcable  against the assets of Series  [______]
only, and not against the assets of the Issuer generally, or the assets of any
other series.

         The Issuer and each Noteholder,  by its acceptance of its Note, agree
that the indebtedness  represented by the Notes is non-recourse to the Issuer,
and is payable solely from the assets of Series  [______] and their  proceeds.
If any other assets of the Issuer are for any reason made subject to any claim
on account of the indebtedness  represented by the Notes  notwithstanding this
paragraph,  then solely as to those claims  against  assets of the Issuer that
are not the assets of Series [______], the Issuer and each Noteholder,  by its
acceptance of its Note, agree that the  indebtedness  represented by the Notes
and the payment of the  principal  and interest on the Notes as they relate to
those other assets is subordinated in right of payment to the prior payment in
full of any other indebtedness of the Issuer.

         THIS INDENTURE  SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK,  WITHOUT  REFERENCE TO ITS PROVISIONS  THAT
WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER STATE.

         Unless  the  certificate  of  authentication  on this  Note  has been
executed  by or on behalf of the  Indenture  Trustee,  by manual or  facsimile
signature, this Note shall not be entitled to any benefit under the Indenture,
or be valid for any purpose.

         IN WITNESS WHEREOF, the Issuer has caused this Note to be duly
executed. Dated:

                         [--------------]
                              not in its individual capacity but solely as Owner
                              Trustee on behalf of the Trust

                          By: ____________________________

Certificate of Authentication:
This is one of the Notes referenced
in the within-mentioned Indenture.

[-------------------------------]

By: ________________________
     Authorized Officer

<PAGE>

                                                                       ANNEX 1

                                  DEFINITIONS

         "ACCELERATED PRINCIPAL PAYMENT AMOUNT" for any Payment Date means the
amount  required to reduce the Note Principal  Balance (after giving effect to
the distribution of all other amounts actually distributed on the Notes on the
Payment Date) so that the Invested Amount (following the Payment Date) exceeds
the  Note  Principal  Balance  (as  so  reduced)  by the  Required  Transferor
Subordinated Amount.

         "ACT" has the meaning specified in Section 11.03(a).

         "ADDITIONAL  BALANCE"  as to any  Mortgage  Loan means the  aggregate
amount of all additional borrowings by the Mortgagor under the relevant Credit
Line  Agreement  after the Cut-off  Date or  Subsequent  Cut-off-Date  for the
Mortgage Loan, as applicable.

         "ADDITIONAL  HOME EQUITY LOANS" means the Mortgage Loans funded after
the Cut-off Date  acquired by the Trust on a Subsequent  Closing Date pursuant
to Section 2.01(b) of the Sale and Servicing Agreement.

         "ADDITIONAL  LOAN ACCOUNT" means the trust account  maintained by the
Indenture  Trustee  into which is  deposited  on the  Closing  Date the amount
specified in the Adoption Annex. The account will be an Eligible Account,  and
will be available only for purchases of Additional Home Equity Loans.

         "ADJUSTMENT  DATE"  for  any  Interest  Period,  the  [second]  LIBOR
Business Day preceding the first day of the Interest Period.

         "ADMINISTRATION AGREEMENT" means the Administration Agreement specified
in the Adoption Annex.

         "ADMINISTRATOR"   means  the   person   acting  as  such   under  the
Administration Agreement.

         "ADOPTION ANNEX" means Annex 2 to the Indenture.

         "AGGREGATE INVESTOR INTEREST" for any Payment Date means the Investor
Interest  for the  Payment  Date and the Unpaid  Investor  Interest  Shortfall
(other than any Basis Risk  Carryforward)  for the Payment  Date plus,  to the
extent legally permissible, interest at the related Note Rate.

         "ALTERNATIVE PRINCIPAL PAYMENT" for any Payment Date means the excess
of the  Principal  Collections  for the  Payment  Date over the  aggregate  of
Additional Balances created during the related Collection Period.

         "ASSET  BALANCE"  on any day  for  any  Mortgage  Loan  other  than a
liquidated  mortgage loan means its Cut-off Date Asset  Balance,  plus (i) any
Additional Balance for the Mortgage Loan, minus (ii) all collections  credited
as principal against the Asset Balance of the Mortgage Loan in accordance with
the related Credit Line Agreement.  A liquidated mortgage loan is any Mortgage
Loan that as of the end of the related  Collection  Period the Master Servicer
has  determined  in accordance  with the  servicing  standards in the Sale and
Servicing  Agreement that all liquidation  proceeds that it expects to recover
on the Mortgage Loan or the related Mortgaged Property have been recovered.

         "ASSIGNMENT OF MORTGAGE" for any mortgage means an assignment, notice
of transfer or equivalent instrument, in recordable form, sufficient under the
laws of the jurisdiction in which the related Mortgaged Property is located to
reflect the sale of the  mortgage to the Trust,  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.

         "AUTHORIZED  OFFICER"  means,  for any  corporation  or other  entity
establishing such designations,  the Chief Executive Officer,  Chief Operating
Officer,  Chief Financial Officer,  President,  Executive Vice President,  any
Vice President,  the Secretary,  or the Treasurer of the corporation,  for any
partnership,  any of its general partners,  and for any person, any person who
is identified on a list of Authorized  Officers delivered by the person to the
Indenture Trustee on the Closing Date. These lists may be updated from time to
time.

         "AVAILABLE  INVESTOR  INTEREST" for any Payment Date means the sum of
the  following  amounts,  but in each  case  only to the  extent  they will be
available to be applied to make payments  pursuant to Section  8.03(a)(ii)  on
the Payment Date:

                (i) the amount of Investor Interest Collections on deposit in
         the Collection Account as of the close of business on the [third]
         Business Day preceding the Payment Date,

                (ii) the funds to be deposited into the Collection Account as
         a single deposit on the Business Day preceding the Payment Date in
         accordance with Section 3.02(b) of the Sale and Servicing Agreement,
         as reported by the Master Servicer [to the Credit Enhancer] in the
         Servicing Certificate delivered on the preceding Determination Date,

                (iii) the amount on deposit in the Collection Account for the
         Payment Date as of the close of business on the preceding
         Determination Date for optional advances by the Master Servicer made
         pursuant to Section 4.03 of the Sale and Servicing Agreement, and

                (iv) the amount of the Subordinated Transferor Collections on
         deposit in the Collection Account on the [third] Business Day
         preceding the Payment Date.

         "AVAILABLE TRANSFEROR SUBORDINATED AMOUNT" for any Payment Date means
an amount equal to the lesser of (a) the Transferor  Principal Balance for the
Payment  Date and (b) the  Required  Transferor  Subordinated  Amount  for the
Payment Date.

         "BASIS RISK  CARRYFORWARD"  for any Payment Date and Interest  Period
for which the related Note Rate has been  determined  pursuant to the Weighted
Average  Net Loan Rate  means the excess of (a) the  amount of  interest  that
would  have  accrued  on the Notes  during  the  related  Interest  Period had
interest been  determined  pursuant to the Interest  Formula Rate over (b) the
interest  actually  accrued at the related  Note Rate on the Notes  during the
Interest  Period.  Basis Risk  Carryforward  will not be  included in interest
payments  on the Notes for the Payment  Date and will  accrue  interest at the
Interest  Formula  Rate (as  adjusted  from  time to time) and will be paid on
future  Payment  Dates only to the extent funds are available  therefor  under
Section 8.03(a)(ix).

         "BILLING CYCLE" for any Mortgage Loan and Collection Period means the
billing period specified in the related Credit Line Agreement and with respect
to which amounts billed are received during the Collection Period.

         "BUSINESS  DAY" means any day other than a Saturday,  a Sunday,  or a
day on which banking  institutions  in New York,  California,  or Illinois are
authorized  or obligated  by law,  regulation,  or  executive  order to remain
closed.

         "CLOSING DATE" means the Closing Date stated in the Adoption Annex.

         "CODE"  means  the  Internal   Revenue  Code  of  1986  and  Treasury
regulations promulgated under the Code.

         "COLLATERAL" has the meaning given to it in the Granting Clause.

         "COLLECTION  ACCOUNT" means the account so designated  established by
the Master Servicer pursuant to the Sale and Servicing Agreement.

         "COLLECTION  PERIOD" for any Payment Date and any Mortgage Loan means
the calendar month preceding the month of the Payment Date (or, in the case of
the first Collection Period, the period from the Cut-off Date through the date
specified in the Adoption Annex).

         "CORPORATE  TRUST OFFICE" means the principal office of the Indenture
Trustee  at which at any  particular  time its  corporate  trust  business  is
administered  specified in the  Adoption  Annex,  or at any other  address the
Indenture  Trustee  designates by notice to the Noteholders and the Issuer, or
the principal corporate trust office of any successor Indenture Trustee at the
address  designated  by the  successor  Indenture  Trustee  by  notice  to the
Noteholders and the Issuer.

         ["CREDIT  ENHANCEMENT  DRAW  AMOUNT"  for any  Payment  Date means an
amount  equal to the sum of:

         (x) the  excess  of the  Aggregate
Investor Interest over the Available Investor Interest, plus

         (y) the Guaranteed Principal Payment Amount, plus

         (z) any  Preference Amount (as defined in the Policy) to be paid
pursuant to the terms of the Policy on the Payment Date.]

         ["CREDIT ENHANCER" means the Credit Enhancer identified in the
Adoption Annex.]

         ["CREDIT  ENHANCER  DEFAULT" means the failure by the Credit Enhancer
to make a payment required under the Policy in accordance with its terms.]

         "CREDIT LIMIT" means the maximum Asset Balance for each Mortgage Loan
permitted under the terms of the related Credit Line Agreement.

         "CREDIT  LINE  AGREEMENT"  means  the  related  credit  line  account
agreement  for a Mortgage  Loan  executed  by the  related  Mortgagor  and any
amendment or modification of it.

         "CUSTODIAL AGREEMENT" means the Custodial Agreement specified in the
Adoption Annex.

         "CUT-OFF DATE" means the Cut-off Date specified in the Adoption Annex.

         "CUT-OFF  DATE ASSET  BALANCE" for any Mortgage  Loan acquired by the
Trust on the Closing Date means its unpaid principal balance as of the Cut-off
Date,  and for any  Additional  Home  Equity  Loan means its unpaid  principal
balance as of the relevant Subsequent Cut-off Date.

         "CUT-OFF DATE LOAN BALANCE"  means the Loan Balance  calculated as of
the Cut-off Date.

         "DEPOSITOR" means IndyMac ABS, Inc., a Delaware corporation, or its
successor in interest.

         "DEPOSITORY"   means  a  financial   institution   or  other   person
maintaining  ownership records and effecting  book-entry transfers and pledges
of the Notes  deposited with it pursuant to an agreement with the Issuer.  The
Depository  shall at all  times be a  "clearing  corporation"  as  defined  in
Section 8-102(a)(5) of the UCC of the State of New York.

         "DETERMINATION  DATE" for any Payment Date means the [fifth] Business
Day before the Payment Date.

         "ELIGIBLE ACCOUNT" means

         (a) an account that is maintained with a depository institution whose
debt obligations throughout the time of any deposit with it are rated in the
highest short-term debt rating category by the Rating Agencies,

         (b) an account with a depository institution having a minimum
long-term unsecured debt rating of "[___]" by [______________] and "[____]" by
[______], that is fully insured by either Savings Association Insurance Fund
or Bank Insurance Fund,

         (c) a segregated trust account maintained with the Indenture Trustee
or an affiliate of the Indenture Trustee in its fiduciary capacity, or

         (d) an account otherwise acceptable to each Rating Agency [and the
Credit Enhancer,] as evidenced at closing by delivery of a rating letter by
each Rating Agency and thereafter by delivery of a letter from

                  (i) each Rating Agency to the Indenture Trustee, within [30]
         days of receipt  of notice of the  deposit,  to the  effect  that the
         deposit  will not cause the Rating  Agency to reduce or withdraw  its
         then-current rating of the Notes [(without regard to the Policy)] and

                  (ii) [from the Credit  Enhancer  to the  Indenture  Trustee,
         within [30] days of receipt of notice of the  deposit,  to the effect
         that the account is acceptable to it.]

         "ELIGIBLE INVESTMENTS" means

         (a) obligations of, or guaranteed as to principal and interest by,
the United States or any U.S. agency or instrumentality that is backed by the
full faith and credit of the United States;

         (b) general obligations of or obligations guaranteed by any State
receiving the highest long-term debt rating of each Rating Agency, or any
lower rating that will not result in a downgrade or withdrawal of the rating
then assigned to the Notes by any Rating Agency [(without regard to the
Policy)];

         (c) commercial paper issued by IndyMac Bank, F.S.B. or any of its
affiliates if it is rated no lower than [___] by [______________] and [___] by
[______], and the long-term debt of IndyMac Bank, F.S.B. is rated at least
[___] by [______], or any lower ratings that will not result in a downgrade or
withdrawal of the rating then assigned to the Notes by any Rating Agency
[(without regard to the Policy)];

         (d) commercial or finance company paper that is then receiving the
highest commercial or finance company paper rating of each Rating Agency, or
any lower ratings that will not result in a downgrade or withdrawal of the
rating then assigned to the Notes by any Rating Agency [(without regard to the
Policy)];

         (e) certificates of deposit, demand or time deposits, or bankers'
acceptances issued by any depository institution or trust company incorporated
under the laws of the United States or any State and subject to supervision
and examination by federal or State banking authorities, if the commercial
paper or long term unsecured debt obligations of the depository institution or
trust company (or in the case of the principal depository institution in a
holding company system, the commercial paper or long-term unsecured debt
obligations of the holding company, but only if [______] is not a Rating
Agency) are then rated in one of the two highest long-term and the highest
short-term ratings of each Rating Agency for the securities, or any lower
ratings that will not result in a downgrade or withdrawal of the rating then
assigned to the Notes by any Rating Agency [(without regard to the Policy)];

         (f) demand or time deposits or certificates of deposit issued by any
bank or trust company or savings institution to the extent that the deposits
are fully insured by the FDIC;

         (g) guaranteed reinvestment agreements issued by any bank, insurance
company, or other corporation that, at the time of the issuance of the
agreements, will not result in a downgrade or withdrawal of the rating then
assigned to the Notes by any Rating Agency [(without regard to the Policy)];

         (h) repurchase obligations with respect to any security described in
clauses (a) and (b) above, in either case entered into with a depository
institution or trust company (acting as principal) described in clause (e)
above;

         (i) securities (other than stripped bonds, stripped coupons, or
instruments sold at a purchase price in excess of [115]% of its face amount)
bearing interest or sold at a discount issued by any corporation incorporated
under the laws of the United States or any State that, at the time of the
investment, have one of the two highest ratings of each Rating Agency (except
if the Rating Agency is [______], the rating must be the highest commercial
paper rating of [______] for the securities), or any lower ratings that will
not result in a downgrade or withdrawal of the rating then assigned to the
Notes by any Rating Agency [(without regard to the Policy)] as evidenced by a
signed writing delivered by each Rating Agency;

         (j) interests in any money market fund that, at the date of
acquisition of the interests in the fund and throughout the time the interests
are held in the fund, have the highest applicable rating by each Rating
Agency, or any lower ratings that will not result in a downgrade or withdrawal
of the rating then assigned to the Notes by any Rating Agency [(without regard
to the Policy)];

         (k) short term investment funds sponsored by any trust company or
national banking association incorporated under the laws of the United States
or any State that ,on the date of acquisition, have been rated by each Rating
Agency in their respective highest applicable rating category, or any lower
ratings that will not result in a downgrade or withdrawal of the rating then
assigned to the Notes by any Rating Agency [(without regard to the Policy)];
and

         (l) any other investments having a specified stated maturity and
bearing interest or sold at a discount acceptable to each Rating Agency that
will not result in a downgrade or withdrawal of the rating then assigned to
the Notes by any Rating Agency [(without regard to the Policy)], as evidenced
by a signed writing delivered by each Rating Agency;

         No Eligible  Investment may evidence  either the right to receive (a)
only interest on the  obligations  underlying  these  instruments  or (b) both
principal and interest payments from obligations  underlying these instruments
where the interest and principal  payments on the instruments  provide a yield
to maturity at par greater  than [120]% of the yield to maturity at par of the
underlying  obligations.  No Eligible  Investment  may be purchased at a price
greater than par if that  instrument  may be prepaid or called at a price less
than its purchase price before stated maturity.

         "ERISA" means the Employee Retirement Income Security Act of 1974.

         "EVENT OF DEFAULT" has the meaning specified in Section 5.01.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934.

         "GRANT" means mortgage,  pledge, bargain, warrant,  alienate, remise,
release, convey, assign, transfer,  create, and grant a lien on and a security
interest in and a right of set-off  against,  deposit,  set over,  and confirm
pursuant to the Indenture. A Grant of the Collateral or of any other agreement
or  instrument  includes  all  rights  (but  none of the  obligations)  of the
granting party under the agreement or instrument,  including the immediate and
continuing right after an Event of Default to claim for, collect, receive, and
give receipt for principal  and interest  payments on the  Collateral  and all
other moneys payable on the Collateral,  to require the repurchase of Mortgage
Loans, to give and receive notices and other  communications,  to make waivers
or other agreements,  to exercise all rights, to bring Proceedings in the name
of the granting party or otherwise,  and generally to do and receive  anything
that the granting  party is or may be entitled to do or receive  regarding the
Collateral.

         "GUARANTEED  PAYMENT"  for any Payment  Date means the sum of (i) the
Guaranteed  Principal Payment Amount plus (ii) the amount to be distributed to
the Holders of the Notes pursuant to Section 8.03(a)(ii) for the Payment Date.

         "GUARANTEED   PRINCIPAL  PAYMENT  AMOUNT"  for  the  Notes  on  their
Scheduled  Maturity Date means the excess of the  outstanding  Note  Principal
Balance   (after   giving  effect  to  Interest   Collections   allocable  and
distributable  as principal on the Notes on the Payment  Date) over the sum of
the amounts on deposit in the Collection  Account  available to be distributed
to the  Holders  pursuant  to  Section  8.03(b),  and for the Notes (a) on any
Payment  Date  on or  before  the  date  on  which  the  Available  Transferor
Subordinated  Amount first  increases  to zero,  if the  Available  Transferor
Subordinated  Amount  for  that  Payment  Date  is  less  than  the  Available
Transferor  Subordinated Amount for the preceding Payment Date, or (b) for any
other  Payment  Date  after  the  date  on  which  the  Available   Transferor
Subordinated  Amount has first increased to zero, if the Available  Transferor
Subordinated  Amount  has been  reduced  to zero  means the excess of the Note
Principal  Balance  (after  giving  effect to the  distributions  of  Interest
Collections and Principal  Collections  that are allocable to principal on the
Notes on the Payment  Date) over the  Invested  Amount  following  the Payment
Date.

         "HOLDER"  or  "NOTEHOLDER"  means the  person in whose name a Note is
registered in the Note Register.

         "INCIPIENT  DEFAULT" means any occurrence  that is, or with notice or
lapse of time or both would become, an Event of Default.

         "INDENTURE" means this Indenture.

         "INDENTURE  TRUSTEE"  means the Indenture  Trustee  identified in the
Adoption  Annex, as Indenture  Trustee under this Indenture,  or any successor
Indenture Trustee under this Indenture.

         "INDEPENDENT"  means that a person (a) is in fact  independent of the
Issuer,  any other obligor on the Notes, the Transferor,  and any affiliate of
any of them, (b) does not have any direct  financial  interest or any material
indirect financial interest in the Issuer, any other obligor on the Notes, the
Transferor, or any affiliate of any of them, and (c) is not connected with the
Issuer,  any other obligor on the Notes,  the Transferor,  or any affiliate of
any of them as an officer, employee, promoter, underwriter,  trustee, partner,
director, or person performing similar functions.

         "INDEPENDENT  CERTIFICATE"  means  a  certificate  or  opinion  to be
delivered to the Indenture  Trustee made by an Independent  appraiser or other
expert  appointed by an Issuer Order and approved by the Indenture  Trustee in
the exercise of reasonable  care, and the opinion or  certificate  states that
the Issuer has read the definition of "Independent" in this Indenture and that
the signer is Independent.

         "INITIAL MORTGAGE FILE" for each of the Mortgage Loans means the
following documents:

                (vi) the original Mortgage Note endorsed in blank or, if the
         original Mortgage Note has been lost or destroyed and not replaced,
         an original lost note affidavit from the Sponsor stating that the
         original Mortgage Note was lost, misplaced, or destroyed, together
         with a copy of the Mortgage Note;

                (vii) [unless the Mortgage Loan is registered on the MERS(R)
         System,] [A][a]n original Assignment of Mortgage for the Mortgage
         Loan in blank in recordable form;

                (viii) the original recorded mortgage with evidence of
         recording on it [(noting the presence of the MIN of the Mortgage Loan
         and language indicating that the Mortgage Loan is a MOM Loan if the
         Mortgage Loan is a MOM Loan)] or, if the original recorded mortgage
         with evidence of recording on it cannot be delivered by the Closing
         Date because of a delay caused by the public recording office where
         the original mortgage has been delivered for recordation or because
         the original mortgage has been lost, a true copy of the mortgage,
         together with (i) in the case of a delay caused by the public
         recording office, an Officer's Certificate of the Sponsor or the
         Depositor, which may be a blanket certificate covering more than one
         mortgage, stating that the original mortgage has been dispatched to
         the appropriate public recording official for recordation or (ii) in
         the case of an original mortgage that has been lost, a certificate by
         the appropriate county recording office where the mortgage is
         recorded;

                (ix) if applicable, the original of each intervening
         assignment needed for a complete chain of title for the mortgage from
         its original mortgagee or beneficiary to the Trust [(or, if the
         Mortgage Loan is registered on the MERS(R)System, to MERS and noting
         the presence of a MIN)] with evidence of recording on them, or, if
         any original intervening assignment has not been returned from the
         applicable recording office or has been lost, a true copy of it,
         together with (i) in the case of a delay caused by the public
         recording office, an Officer's Certificate of the Sponsor or the
         Depositor, which may be a blanket certificate covering more than one
         intervening assignment, stating that the original intervening
         assignment has been dispatched to the appropriate public recording
         official for recordation or (ii) in the case of an original
         intervening assignment that has been lost, a certificate by the
         appropriate county recording office where the mortgage is recorded;

                (x) a title policy for each Mortgage Loan with a Credit Limit
         in excess of $[_______];

                (xi) the original of any guaranty executed in connection with
         the Mortgage Note;

                (xii) the original of each assumption, modification,
         consolidation, or substitution agreement relating to the Mortgage
         Loan; and

                (xiii) any security agreement, chattel mortgage, or equivalent
         instrument executed in connection with the Mortgage Loan;

         An optical image or other  representation of a document  specified in
clauses  (iii)  through  (viii)  above for a Mortgage  Loan may be held by the
Indenture Trustee or assignee in lieu of the physical documents specified if

         (a) as evidenced by an Opinion of Counsel delivered to and in form
and substance satisfactory to the Indenture Trustee[ and the Credit Enhancer],

                  (x) an optical image or other  representation of the related
         documents  specified  in  clauses  (iii)  through  (viii)  above  are
         enforceable in the relevant  jurisdictions  to the same extent as the
         original of the document and

                  (y) the  optical  image  or  other  representation  does not
         impair the ability of an owner of the  Mortgage  Loan to transfer its
         interest in the Mortgage Loan, and

         (b) the retention of the documents in that format will not result in
a reduction in the then current

rating of the Notes[,  without regard to the Policy.  A copy of any Opinion of
Counsel shall in each case be addressed and delivered to the Credit Enhancer.]

         "INSOLVENCY EVENT" regarding a specified person means

         (a) the person generally fails to pay its debts as they become due or
admits in writing its inability to pay its debts generally as they become due;

         (b) the person has a decree or order for relief by a court having
jurisdiction in the premises entered against it or any substantial part of its
property in an involuntary case under any applicable bankruptcy, insolvency,
or other similar law and the decree or order remains unstayed and in effect
for a period of [60] days;

         (c) the person has a conservator, receiver, liquidator, assignee,
custodian, trustee, sequestrator, or similar official appointed for it or for
all or any substantial part of its property and the decree or order remains
unstayed and in effect for a period of [60] days;

         (d) the person's business is ordered to be wound-up or liquidated and
the decree or order remains unstayed and in effect for a period of [60] days;
or

         (e) the person commences a voluntary case under any applicable
bankruptcy, insolvency, or other similar law, or consents to the entry of an
order for relief in an involuntary case under any such law, or consents to the
entry of an order for relief in an involuntary case under any such law, or
consents to the appointment of or taking possession by a conservator,
receiver, liquidator, assignee for the benefit of creditors, a custodian,
trustee, sequestrator, or similar official for the person or for all or any
substantial part of its property, or the person makes any general assignment
for the benefit of creditors.

         ["INSURANCE  AGREEMENT"  means the insurance and indemnity  agreement
identified in the Adoption Annex.]

         "INTEREST  COLLECTIONS"  for any  Payment  Date  means the sum of all
payments  effected  by  mortgagors  of  Mortgage  Loans and any other  amounts
constituting  interest  collected  by the Master  Servicer  under the Mortgage
Loans during the related  Collection  Period plus any optional advance made by
the  Master  Servicer  pursuant  to  Section  4.03 of the Sale  and  Servicing
Agreement  for which the Master  Servicer  has not been  reimbursed  minus the
Servicing Fee for the related Collection Period. These amounts include any net
liquidation  proceeds  and net  proceeds  from  any  insurer  pursuant  to any
insurance  policy  covering a  Mortgage  Loan  allocable  to  interest  on the
applicable  Mortgage Loan.  These amounts exclude any fees  (including  annual
fees) or late charges or similar  administrative  fees paid by the mortgagors.
The related Credit Line Agreement  shall determine the portion of each payment
on the Mortgage Loan that constitutes  principal or interest.  Net liquidation
proceeds  are  liquidation  proceeds net of insurance  policy  recoveries  and
out-of-pocket expenses (exclusive of overhead) that are incurred by the Master
Servicer in connection with the liquidation of any Mortgage Loan.

         "INTEREST  FORMULA RATE" means the lesser of the rates in clauses (i)
and (iii) of the definition of Note Rate.

         "INTEREST  PERIOD"  for the  first  Payment  Date  means  the  period
beginning  on the  Closing  Date and  ending  on the day  preceding  the first
Payment Date and for any other Payment Date means the period  beginning on the
preceding Payment Date and ending on the day before the Payment Date.

         "INVESTED  AMOUNT" for any Payment  Date means an amount equal to the
Original  Invested  Amount  minus  (i) the  amount  of  Principal  Collections
previously  distributed to the Holders of Notes (including  amounts treated as
Investor Principal Collections pursuant to Section 8.02(d)) and minus (ii) any
Investor Loss Amounts for prior Payment Dates.

         "INVESTOR FIXED  ALLOCATION  PERCENTAGE" is calculated as provided in
the Adoption Annex.

         "INVESTOR FLOATING ALLOCATION  PERCENTAGE" for any Payment Date means
a fraction whose  numerator is the Invested Amount at the close of business on
the  preceding  Payment  Date (or at the Closing Date in the case of the first
Payment Date) and whose denominator is the Loan Balance,  calculated as of the
beginning of the related  Collection  Period,  plus the amount of funds in the
Additional Loan Account.

         "INVESTOR  INTEREST"  for any  Payment  Date means  interest  for the
related  Interest Period at the Note Rate on the Note Principal  Balance as of
the  [first]  day  of  the  Interest   Period  (after  giving  effect  to  the
distributions made on the [first] day of the Interest Period).

         "INVESTOR  INTEREST  COLLECTIONS"  for any  Payment  Date  means  the
product of (i) the Interest Collections received during the related Collection
Period and (ii) the Investor  Floating  Allocation  Percentage for the Payment
Date.

         "INVESTOR  LOSS AMOUNT" for any Payment Date means the product of (i)
the Investor Floating Allocation  Percentage for the Payment Date and (ii) the
aggregate  of the  liquidation  loss  amounts  on the  Mortgage  Loans for the
Payment Date.  Liquidation  loss amounts for any Payment Date and any Mortgage
Loan that becomes a  liquidated  Mortgage  Loan during the related  Collection
Period are the  unrecovered  Asset  Balance of the Mortgage Loan at the end of
the Collection Period after reducing the Asset Balance for the net liquidation
proceeds.  Net liquidation  proceeds are liquidation proceeds net of insurance
policy recoveries and out-of-pocket  expenses (exclusive of overhead) that are
incurred by the Master  Servicer in  connection  with the  liquidation  of any
Mortgage Loan.

         "INVESTOR  LOSS  REDUCTION  AMOUNT"  for any  Payment  Date means the
portion of the Investor  Loss Amount for all prior  Payment Dates that has not
been paid to the Holders of the Notes on the Payment Date  pursuant to Section
8.03(a)(iii)  or 8.03(a)(iv),  [by a Credit  Enhancement  Draw Amount,  ]or by
application  of  Subordinated   Transferor  Collections  pursuant  to  Section
8.03(c).

         "INVESTOR  PRINCIPAL  COLLECTIONS"  for any  Payment  Date  means the
related Investor Fixed Allocation  Percentage of Principal  Collections on the
Mortgage Loans for the Payment Date.

         "ISSUER"  means  [IndyMac  Trust] until a successor  replaces it and,
after that, means its successor.

         "ISSUER  ORDER" or "ISSUER  REQUEST" means a written order or request
signed in the name of the  Issuer by any one of its  Authorized  Officers  and
delivered to the Indenture Trustee.

         "LIBOR" for any day means the rate for United States dollar  deposits
for one month that appears on the Telerate  Screen Page 3750 as of 11:00 A.M.,
London  time  that  day.  If LIBOR  does not  appear  on that  page (or a page
replacing that page on that service or, if that service is no longer  offered,
any other service for displaying LIBOR or comparable rates reasonably selected
by the Depositor after consultation with the Indenture Trustee), the rate will
be the Reference Bank Rate.

         "LIBOR  BUSINESS  DAY"  means any day  other  than of a  Saturday,  a
Sunday, or a day on which banking  institutions in the State of New York or in
the City of London, England are required or authorized by law to be closed.

         "LOAN BALANCE" for any date means the aggregate of the Asset Balances
of all Mortgage Loans as of the date.

         "LOAN RATE" for any Mortgage  Loan and on any day means the per annum
rate of interest  applicable  under the related  Credit Line  Agreement to the
calculation of interest for the day on the Asset Balance of the Mortgage Loan.

         "MANAGED  AMORTIZATION PERIOD" means the period from the Closing Date
to the Rapid Amortization Commencement Date.

         "MASTER SERVICER" means IndyMac Bank, F.S.B., a federal savings bank.

         "MAXIMUM  PRINCIPAL  PAYMENT" for any Payment Date means the Investor
Fixed  Allocation  Percentage of the Principal  Collections  from the Mortgage
Loans for the Payment Date.

         ["MERS" means Mortgage Electronic Registration Systems, Inc., a
Delaware corporation, or any successor to it.]

         ["MERS(R)  SYSTEM"  means  the  system  of  recording   transfers  of
mortgages electronically maintained by MERS.]

         ["MIN" means the Mortgage  Identification  Number for Mortgage  Loans
registered with MERS on the MERS(R) System.]

         "MINIMUM  TRANSFEROR  INTEREST"  means the  amount  specified  in the
Adoption Annex.

         ["MOM  LOAN"  means any  Mortgage  Loan as to which MERS is acting as
mortgagee,  solely as nominee for the  originator of the Mortgage Loan and its
successors and assigns.]

         ["MOODY'S" means Moody's Investors Service, Inc. or its successor in
interest.]

         A  "MORTGAGE"  is any  conveyance  to secure  the  performance  of an
obligation  including  a deed of trust to  secure  debt and  other  comparable
security instruments.

         "MORTGAGE  FILE"  means the Initial  Mortgage  File  pertaining  to a
particular Mortgage Loan and any additional  documents required to be added to
the Mortgage File pursuant to this Indenture.

         "MORTGAGE  LOAN"  means  each  of  the  mortgage   loans,   including
Additional  Balances  for it, that are  transferred  to the Trust  pursuant to
Section 2.01(a) and (b) of the Sale and Servicing Agreement, together with all
related Mortgage Files,  exclusive of Mortgage Loans that are retransferred to
the Depositor,  the Master Servicer, or the Sponsor or purchased by the Master
Servicer  pursuant  to  Section  2.02,  2.04,  2.06,  or 3.06 of the  Sale and
Servicing  Agreement,  held  as a  part  of  the  Trust.  The  Mortgage  Loans
originally so held are  identified in the Mortgage Loan Schedule  delivered on
the  Closing  Date.  The  Mortgage  Loans  shall  also  include  any  Eligible
Substitute  Mortgage  Loan (as  defined in the Sale and  Servicing  Agreement)
substituted by the Sponsor for a defective  Mortgage Loan pursuant to Sections
2.02 and 2.04 of the Sale and Servicing Agreement.

         "MORTGAGE  LOAN  SCHEDULE" on any date means the schedule of Mortgage
Loans  included in the Trust on the date  identifying  each  Mortgage Loan and
specifying the items identified in the Adoption Annex. The initial schedule of
Mortgage  Loans as of the Cut-off Date is Exhibit A of the Sale and  Servicing
Agreement.  The Depositor  shall  deliver to the Indenture  Trustee an updated
Mortgage Loan  Schedule  within [15] days after each  Subsequent  Closing Date
that includes all of the Mortgage  Loans then in the Trust.  The Mortgage Loan
Schedule will  automatically  include any Additional  Balances.  The Indenture
Trustee is not responsible for preparing the Mortgage Loan Schedule.

         "MORTGAGE  NOTE" means the Credit Line  Agreement for a Mortgage Loan
pursuant  to  which  the  related  mortgagor  agrees  to pay the  indebtedness
evidenced by it and secured by the related mortgage.

         "MORTGAGED   PROPERTY"  means  the  underlying  property  securing  a
Mortgage Loan.

         "NOTE" means any note executed by the Issuer and authenticated by the
Indenture Trustee substantially in the form of Exhibit A.

         "NOTE  INTEREST" for any Payment Date means  interest for the related
Interest Period at the applicable  Note Rate on the Note Principal  Balance as
of  the  [first]  day of the  Interest  Period  (after  giving  effect  to the
distributions made on the [first] day of the Interest Period).

         "NOTE OWNER" means the  beneficial  owner of a  book-entry  Note,  as
reflected on the books of the Indenture Trustee as agent for the Depository.

         "NOTE PRINCIPAL  BALANCE" for any Payment Date means (a) the Original
Note Principal Balance less (b) the aggregate of amounts actually  distributed
as principal on the Notes before the Payment Date.

         "NOTE RATE" means the rate specified in the Adoption Annex.

         "NOTE REGISTER" and "NOTE  REGISTRAR" have the meanings  specified in
Section 2.03.

         "OFFICER'S  CERTIFICATE" means a certificate signed by any Authorized
Officer  of the  Issuer  or other  specified  party  under  the  circumstances
described in, and otherwise  complying  with, the applicable  requirements  of
Section 11.01 and delivered to the Indenture Trustee.

         "OPINION  OF  COUNSEL"  means  written  opinions  of counsel who may,
except as otherwise expressly provided in this Indenture, be an employee of or
counsel to the Issuer, the Depositor, the Sponsor, the Master Servicer, or the
Transferor  (except  that any opinion  pursuant to Section 8.06 or relating to
taxation  must  be an  opinion  of  independent  outside  counsel)  and who is
reasonably  acceptable  to the  parties  to  whom it is to be  delivered.  The
opinions shall be addressed to the Indenture Trustee as Indenture Trustee, any
other  designated  party,  shall comply with any  applicable  requirements  of
Section 11.01, and shall be in form and substance  reasonably  satisfactory to
the parties to whom it is to be delivered.

         "ORIGINAL  INVESTED  AMOUNT"  means  the  amounts  specified  in  the
Adoption Annex.

         "ORIGINAL NOTE PRINCIPAL  BALANCE" means the amount  reflected in the
Adoption Annex.

         "OUTSTANDING" means, as of the date of determination,  all Notes that
have been authenticated and delivered under this Indenture except:

                (i) Notes that have been cancelled by the Note Registrar or
         delivered to the Note Registrar for cancellation;

                (ii) Notes or portions thereof the payment for which money in
         the necessary amount has been deposited with the Indenture Trustee or
         any Paying Agent in trust for the Noteholders, and if the Notes are
         to be redeemed, notice of the redemption has been duly given pursuant
         to this Indenture or notice has been provided for in a manner
         satisfactory to the Indenture Trustee; and

                (iii) Notes in exchange for or instead of which other Notes
         have been authenticated and delivered pursuant to this Indenture
         unless proof satisfactory to the Indenture Trustee is presented that
         those Notes are held by a Protected Purchaser.

         In  determining  whether  the  Holders of the  requisite  Outstanding
Amount of the Notes have Acted under this  Indenture or under any  Transaction
Document, Notes owned by the Issuer, the Depositor, or the Transferor,  or any
of their affiliates shall be disregarded and treated as not being Outstanding,
except that, in determining  whether the Indenture  Trustee shall be protected
in relying on any Act,  only Notes that a  Responsible  Officer knows to be so
owned  shall be  disregarded.  Notes so owned  that have been  pledged in good
faith, or for whose owner the Issuer, the Depositor, or the Transferor, or any
of their  affiliates  is acting as  trustee or  nominee,  may be  regarded  as
Outstanding if the pledgee or other person  establishes to the satisfaction of
the  Indenture  Trustee the pledgee's or other  person's  right to Act for the
Notes and that the pledgee or other person is not the Issuer,  the  Depositor,
or the Transferor, or any of their affiliates.

         [To  effectuate  the Credit  Enhancer's  right of  subrogation  under
Section  4.03,  all Notes  that have been paid with funds  provided  under the
Policy  shall be  Outstanding  until  the  Credit  Enhancer  has been paid all
amounts due to it pursuant to the  Insurance  Agreement  with respect to those
Notes.]

         "OUTSTANDING  AMOUNT"  means the  aggregate  principal  amount of all
Notes that are Outstanding at the date of determination.

         "OVERCOLLATERALIZATION  STEP-DOWN  AMOUNT" for any Payment Date means
the lesser of (i) the Scheduled  Principal  Collections Payment Amount without
the reduction for the current Overcollateralization  Step-Down Amount and (ii)
the excess of the Available  Transferor  Subordinated Amount over the Required
Transferor Subordinated Amount for the Payment Date.

         "PAYING  AGENT" means the Indenture  Trustee or any other person that
meets the eligibility standards for the Indenture Trustee specified in Section
6.08 and is  authorized  by the Issuer to make  payments to and  distributions
from the Collection  Account,  including  payments of principal or interest on
the Notes on behalf of the Issuer.

         "PAYMENT DATE" means the day of each month  specified in the Adoption
Annex, or if that is not a Business Day, then the next Business Day.

         ["POLICY" means the note guaranty  insurance policy identified in the
Adoption Annex and all its endorsements,  dated as of the Closing Date, issued
by the  Credit  Enhancer  to the  Indenture  Trustee  for the  benefit  of the
Noteholders.]

         ["POLICY  PAYMENTS  ACCOUNT" means a separate  special  purpose trust
account that is an Eligible  Account,  for the benefit of Holders of the Notes
and the Credit Enhancer over which the Indenture Trustee has exclusive control
and sole right of withdrawal.]

         "PREFERENCE  CLAIM" means any  proceeding or the  institution  of any
action  seeking the  avoidance as a  preferential  transfer  under  applicable
bankruptcy, insolvency,  receivership, or similar law of any distribution made
with respect to the Notes (other than Basis Risk Carryforward).

         "PRINCIPAL  COLLECTIONS"  for any  Payment  Date means the sum of all
payments  effected  by the  mortgagors  and  any  other  amounts  constituting
principal collected by the Master Servicer under the Mortgage Loans during the
related Collection Period.  These amounts include any net liquidation proceeds
and net proceeds from any insurer  pursuant to any insurance policy covering a
Mortgage  Loan  allocable  to principal of the  applicable  Mortgage  Loan and
Transfer Deposit Amounts (as defined in the Sale and Servicing Agreement), but
exclude  foreclosure  profits.  The terms of the related Credit Line Agreement
shall  determine  the  portion  of  each  payment  on  a  Mortgage  Loan  that
constitutes  principal or interest.  Net liquidation  proceeds are liquidation
proceeds  net  of  insurance  policy  recoveries  and  out-of-pocket  expenses
(exclusive of overhead) that are incurred by the Master Servicer in connection
with the liquidation of any Mortgage Loan. Foreclosure profits on a liquidated
Mortgage  Loan are the excess of its net  liquidation  proceeds over the Asset
Balance of the Mortgage Loan before the final recovery on it (plus accrued and
unpaid interest thereon at the applicable Loan Rate from the date interest was
last paid to the end of the  Collection  Period during which the Mortgage Loan
became a liquidated Mortgage Loan).

         "PROCEEDING"  means  any  suit in  equity,  action  at law,  or other
judicial or administrative proceeding.

         "PURCHASE  AGREEMENT" means the Purchase  Agreement of even date with
this Indenture between IndyMac Bank, F.S.B., as seller, and the Depositor,  as
purchaser, with respect to the Mortgage Loans.

         "RAPID  AMORTIZATION  COMMENCEMENT DATE" means the earlier of (i) the
Payment Date in the month specified in the Adoption Annex and (ii) the Payment
Date after the Collection Period in which a Rapid Amortization Event occurs.

         "RAPID  AMORTIZATION  EVENT" has the  meaning  given to it in Section
5.16.

         "RAPID  AMORTIZATION  PERIOD" means the period beginning on the Rapid
Amortization Commencement Date until the termination of the Indenture.

         "RATING  AGENCY" means any statistical  credit rating agency,  or its
successor, that rated the Notes at the request of the Depositor at the time of
the  initial  issuance  of the  Notes.  If a Rating  Agency  is no  longer  in
existence,  "Rating Agency" will means a statistical  credit rating agency, or
other  comparable  person,   designated  by  the  Depositor[  and  the  Credit
Enhancer].  The  Indenture  Trustee will be notified of any such  designation.
References to the highest  short-term  unsecured  rating  category of a Rating
Agency  mean  [____] or better  in the case of  [______________]  and [___] or
better in the case of [______] and in the case of any other Rating Agency mean
the ratings it deems equivalent to these.  References to the highest long-term
rating   category   of  a  Rating   Agency   mean   "[___]"  in  the  case  of
[______________]  and "[___]" in the case of  [______]  and in the case of any
other Rating Agency, the rating it deems equivalent to these.

         "RATING  AGENCY  CONDITION"  for any action  means  that each  Rating
Agency has been  given [10] days (or any  shorter  period  acceptable  to each
Rating Agency)  notice of the action and that each of the Rating  Agencies has
notified  the Issuer in writing that the action will not result in a reduction
or  withdrawal  of its  then  current  rating  of the  Notes[  and the  Credit
Enhancer] consented to the action.

         "RECORD DATE" for a Payment Date or  redemption  date means the close
of  business  on the day before the  Payment  Date or  redemption  date or, if
definitive Notes have been issued, the last day of the preceding month.

         "REFERENCE  BANK RATE" for an Interest  Period  means the  arithmetic
mean  (rounded  upwards to the  nearest  one  sixteenth  of a percent)  of the
offered rates for United States dollar  deposits  offered by three major banks
engaged  in  transactions  in the London  interbank  market,  selected  by the
Depositor after  consultation  with the Indenture  Trustee,  as of 11:00 A.M.,
London time, on the [second]  LIBOR Business Day before the [first] day of the
Interest Period, to prime banks in the London interbank market for a period of
one month in amounts  approximately  equal to the  outstanding  Note Principal
Balance if at least two of the banks  provide an offered  rate.  If fewer than
two offered rates are quoted,  the Reference  Bank Rate will be the arithmetic
mean of the rates quoted by one or more major banks in New York City, selected
by the Depositor after  consultation with the Indenture  Trustee,  as of 11:00
A.M.,  New York City  time,  on the  [second]  LIBOR  Business  Day before the
[first]  day of the  Interest  Period,  for loans in U.S.  dollars  to leading
European banks for a period of one month in amounts approximately equal to the
outstanding Note Principal Balance. If no such quotations can be obtained, the
Reference Bank Rate shall be LIBOR for the preceding Interest Period.

         "REGISTERED  HOLDER"  means  the  person  in  whose  name a  Note  is
registered on the Note Register on the applicable Record Date.

         "REQUIRED  AMOUNT" for any Payment Date means the amount by which the
sum of the  amounts  distributable  pursuant to  Sections  8.03(a)(i)  through
8.03(a)(iii) on the Payment Date exceed Investor Interest  Collections for the
Payment Date.

         "REQUIRED TRANSFEROR SUBORDINATED AMOUNT" has the meaning given to it
in the  [___________________],  [and that  definition  shall  remain in effect
notwithstanding the existence of a Credit Enhancer Default].

         "RESPONSIBLE  OFFICER"  any  officer of the  Indenture  Trustee  with
direct  responsibility for the administration of this Indenture and also, with
respect to a particular matter, any other officer to whom a matter is referred
because of the  officer's  knowledge of and  familiarity  with the  particular
subject.

         "SALE AND SERVICING AGREEMENT" means the Sale and Servicing Agreement
specified in the Adoption Agreement.

         "SCHEDULED  MATURITY  DATE" means the date  specified in the Adoption
Agreement.

         "SCHEDULED PRINCIPAL COLLECTIONS PAYMENT AMOUNT" for any Payment Date
during the Managed  Amortization Period means an amount equal to the lesser of
(i) the Maximum Principal Payment and (ii) the Alternative  Principal Payment,
both  reduced by the  Overcollateralization  Step-Down  Amount for the Payment
Date.  For any Payment  Date in the Rapid  Amortization  Period the  Scheduled
Principal  Collections  Payment  Amount  means the Maximum  Principal  Payment
reduced by the Overcollateralization Step-Down Amount for the Payment Date.

         "SECURITIES ACT" means the Securities Act of 1933.

         "SERVICING  CERTIFICATE"  means the certificate  delivered each month
pursuant  to  the  Sale  and  Servicing  Agreement  to the  Indenture  Trustee
completed and executed by any officer of the Master  Servicer  involved in, or
responsible for, the  administration and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing  officers furnished
to the Indenture  Trustee [(with a copy to the Credit Enhancer)] by the Master
Servicer on the Closing Date, as it may be amended from time to time.

         "SERVICING  FEE" for any  Payment  Date means the  product of (i) the
Servicing Fee Rate  specified in the Adoption Annex divided by 12 and (ii) the
Loan  Balance as of the [first] day of the  Collection  Period  preceding  the
Payment Date (or as of the close of business on the Cut-off Date for the first
Payment Date).

         "SPONSOR" means IndyMac Bank, F.S.B., a federal savings bank.

         ["STANDARD & POOR'S" means Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., or its successor in interest.]

         "STATE"  means any one of the 50 states of the  United  States or the
District of Columbia.

         "SUBORDINATED  TRANSFEROR COLLECTIONS" for any Payment Date means the
sum of the Interest  Collections that are not Investor Interest Collections on
the Payment Date and the Transferor Principal Collections for the period up to
the Available Transferor Subordinated Amount for the Payment Date.

         "SUBSEQUENT  CLOSING DATE" means any date designated by the Depositor
on which the Trust acquires  Additional  Home Equity Loans pursuant to Section
2.01(b) of the Sale and Servicing Agreement.

         "SUBSEQUENT  CUT-OFF  DATE" means the Cut-off date  designated by the
Depositor  in a  Transfer  Document  in  connection  with the  acquisition  of
Additional  Home Equity Loans by the Trust pursuant to Section  2.01(b) of the
Sale and Servicing Agreement.

         "TELERATE SCREEN PAGE 3750" means the display designated as page 3750
on the Bridge Telerate Information Services,  Inc. (or any page replacing that
page on that service for the purpose of displaying London  inter-bank  offered
rates of major banks).

         "TRANSACTION DOCUMENTS" means this Indenture, the Notes, the Sale and
Servicing  Agreement,  the Purchase Agreement,  the Custodial  Agreement,  the
Administration  Agreement,  [and] the Trust  Agreement[,  the Policy,  and the
Insurance Agreement].

         "TRANSFER  DOCUMENT"  means a document  substantially  in the form of
Exhibit E to the Sale and Servicing Agreement.

         "TRANSFEROR" means the Holders of the Transferor Certificates.

         "TRANSFEROR   CERTIFICATES"  means  the  certificates   executed  and
authenticated  by the Owner Trustee under the Trust  Agreement under which the
Notes are issued.

         "TRANSFEROR  INTEREST"  for any  Payment  Date  means  the  aggregate
undivided beneficial interest represented by the Transferor Certificate in the
Trust created by the Trust Agreement under which the Notes are issued.

         "TRANSFEROR  PRINCIPAL BALANCE" as of any date of determination means
the amount  equal to (i) the Loan  Balance as of the close of  business on the
day before  the date of  determination  plus (ii) any funds in the  Additional
Loan Account  minus (iii) the  Invested  Amount as of the close of business on
the preceding Payment Date.

         "TRANSFEROR  PRINCIPAL   COLLECTIONS"  for  any  Payment  Date  means
Principal  Collections received during the related Collection Period minus the
amount of Principal  Collections  required to be distributed to Holders of the
Notes pursuant to Section 8.03(b).

         "TRUST" means the trust specified in the Adoption Annex.

         "TRUST AGREEMENT" means the Trust Agreement between the Depositor and
the Owner Trustee.

         "TRUST  INDENTURE ACT" or "TIA" means the Trust Indenture Act of 1939
as in force  on the  date of this  Indenture,  unless  otherwise  specifically
provided.

         "UCC"  means the  Uniform  Commercial  Code as in effect from time to
time in the relevant jurisdiction, unless the context otherwise requires.

         "UNPAID INVESTOR  INTEREST  SHORTFALL" for any Payment Date means the
aggregate  amount of Note  Interest  that was accrued for a prior Payment Date
and has not been distributed to Holders of the Notes.

         "WEIGHTED  AVERAGE NET LOAN RATE" for any Collection Period means the
average of the daily Net Loan Rate  (specified in the Adoption Annex) for each
Mortgage Loan (assuming that each Mortgage Loan is fully indexed) for each day
during the related  Billing Cycle,  weighted on the basis of the daily average
of the Asset Balances  outstanding  for each day in the Billing Cycle for each
Mortgage  Loan as determined  by the Master  Servicer in  accordance  with the
Master Servicer's normal servicing procedures.

<PAGE>

                                                                     ANNEX 2
                                ADOPTION ANNEX

         The series  referred to in the Granting Clause is the Series [______]
Trust.

         The Indenture Trustee shall issue under Section 2.02(b):

         Notes in an aggregate principal amount of $[___________].

         The  "ADDITIONAL  LOAN ACCOUNT" is to be  established  under the name
"[_________________],  as Indenture Trustee,  Additional Loan Account in trust
for the  registered  holders of Revolving Home Equity Loan Asset Backed Notes,
Series [______] and [________________________]" and the amount to be deposited
into it on the Closing Date is $[__________].

         The  "ADMINISTRATION  AGREEMENT" is the  Administration  Agreement of
even date with this Indenture among the Issuer,  the Master Servicer,  and the
Indenture Trustee.

         The "CLOSING DATE" is [_________], 20[__].

         The last day of the first "COLLECTION PERIOD" is [_________], 20[__].

         The "CORPORATE TRUST OFFICE" of the Indenture  Trustee at the date of
execution of this Indenture is located at [_________________________________].

         [The "CREDIT ENHANCER" is [____________________________],  a New York
Stock  insurance  corporation  and any successor or replacement for the Credit
Enhancer.]

         "CUSTODIAL  AGREEMENT" is the  Custodial  Agreement of even date with
this Indenture between the Indenture Trustee and the Issuer.

         The "CUT-OFF DATE" is [_________], 20[__].

         The "PAYMENT DATE" is the fifteenth day of each month,  and the first
Payment Date is [_________], 20[__].

         The "INDENTURE TRUSTEE" is [______________________________________].

         [The "INSURANCE  AGREEMENT" is the insurance and indemnity  agreement
of even date with this Indenture among the Sponsor, the Indenture Trustee, and
the Credit Enhancer.]

         The  "INVESTOR  FIXED  ALLOCATION  PERCENTAGE"  (a) for each  date of
calculation  within a  Collection  Period is the greater of (i) [99]% and (ii)
100% minus the  percentage  obtained by dividing the amount of the  Transferor
Interest at the beginning of the Collection  Period by the Loan Balance at the
beginning of the Collection Period, plus the amount of funds in the Additional
Loan Account until the date on which the Transferor  Interest first equals the
Required Transferor Subordinated Amount, and (b) [99]% afterwards.

         The  "MINIMUM  TRANSFEROR  INTEREST"  for any date in any  Collection
Period is an amount equal to the lesser of (a) [5]% of the Loan Balance at the
end of the preceding Collection Period (or at the Closing Date, in the case of
a date  within the initial  Collection  Period) and (b) [1]% of the sum of the
Loan Balance  calculated  as of the Cut-off Date plus the original  balance of
the Additional Loan Account.

         The "MORTGAGE LOAN SCHEDULE" shall specify for each Mortgage Loan its
(i) account number,  (ii) Credit Limit, (iii) gross margin, (iv) lifetime rate
cap, (v) Cut-off Date Asset  Balance,  (vi) current Loan Rate,  (vii) combined
loan-to-value  ratio,  (viii) code  specifying  the property  type,  (ix) code
specifying  documentation  type, (x) code specifying lien position[,  and (xi)
code specifying whether the Mortgage Loan is a MOM Loan].

         The "NET LOAN RATE" for any Mortgage Loan on any day is the Loan Rate
less (i) the Servicing Fee Rate, (ii) [the Premium  Percentage  defined in the
Insurance  Agreement,  ](iii)  the per  annum  rate  at  which  the  Indenture
Trustee's  fee is  calculated,  (iv) the per  annum  rate at which  the  Owner
Trustee's  fee is  calculated,  and (v)  commencing  with the Payment  Date in
[_________] 20[__], [____]% per annum.

         The "NOTE RATE" is a per annum rate equal to [_______]% for the first
Interest  Period,  and for any subsequent  Interest  Period,  a per annum rate
equal to the  least  of:  (i) the sum of (a)  LIBOR as of the  [second]  LIBOR
Business Day before the first day of the Interest Period and (b) [____]%, (ii)
the Maximum Rate (as defined below) for the Notes for the Interest Period, and
(iii) [_____]%.

         The "MAXIMUM  RATE" for any Interest  Period is the Weighted  Average
Net Loan Rate for the Mortgage  Loans for the  Collection  Period during which
the Interest Period begins  (adjusted to an effective rate reflecting  accrued
interest  calculated  on the  basis  of  the  actual  number  of  days  in the
Collection  Period  commencing  in the  month in  which  the  Interest  Period
commences and a year assumed to consist of 360 days).

         The "ORIGINAL INVESTED AMOUNT" for the Notes is $[____________.

         The "ORIGINAL NOTE PRINCIPAL BALANCE" of the Notes is $[___________].

         The "OWNER TRUSTEE" is [__________________________], or any successor
owner trustee under the Trust Agreement.

         [The   "POLICY"  is  the  note  guaranty   insurance   policy  number
[_________] issued by the Credit Enhancer.]

         The Payment Date referred to in the definition of "RAPID AMORTIZATION
COMMENCEMENT DATE" is the Payment Date in [_________] 20[__].

         [The  percentage  of the aggregate of the Original  Invested  Amounts
that the  aggregate  of all draws under the Policy would exceed to result in a
"RAPID AMORTIZATION EVENT" under Section 5.16(g) is [1]%.]

         The  "SALE  AND  SERVICING  AGREEMENT"  is  the  Sale  and  Servicing
Agreement of even date with this Indenture  among the Sponsor,  the Depositor,
the Trust, and the Indenture Trustee.

         The "SCHEDULED MATURITY DATE" is the Payment Date in [_________]
20[__].

         The "SERVICING FEE RATE" is [0.50]% per annum.

         The  "TRUST"  is the  [IndyMac  Trust],  a  Delaware  business  trust
established pursuant to the Trust Agreement, dated as of [_________],  20[__],
between the Depositor and [______________].

         The date in each year by which the Issuer will  furnish an Opinion of
Counsel pursuant to Section 3.06(b) is [____________] beginning in 20[__].

         The first year after which an annual compliance statement pursuant to
Section 3.09 is due is 20[__].

         The date in each  year by which  the  Indenture  Trust  will  furnish
reports pursuant to Section 7.04(a) is [______] beginning in 20[__].

         The date after which any funds  remaining in the Indenture  Trustee's
possession  under Section 2.01(b) of the Sale and Servicing  Agreement must be
returned  to the  Additional  Loan  Account  pursuant  to  Section  8.02(c) is
[_________], 20[__].

         The date  after  which any funds  remaining  in the  Additional  Loan
Account that represent earnings on the amounts  originally  deposited into the
Additional Loan Account are to be distributed to the Master Servicer,  and the
date after which any further  remaining  funds in the Additional  Loan Account
must be transferred to the Collection  Account and treated as though they were
Investor  Principal  Collections  pursuant to Section  8.02(d) is [_________],
20[__].

         The Payment Dates referred to in Section 8.03(b) are the Payment Date
in [_________] 20[__].

         Addresses for notices under Section 11.04 are:

         For the Issuer at:
                  [IndyMac Trust]
                  [______________], as Owner Trustee
                  [Address of Owner Trusteee];

         [For the Credit Enhancer at:
                  [Address for Credit Enhancer]

         For the Rating Agencies at:

         in the case of [______________]
                  [--------------]
                  [Address for Rating Agency

         and in the case of [______],
                  [------]
                  [Address for Rating Agency]

         The series referred to in Section 11.18 is the Series [______].EXHIBIT 4.6

                          MASTER SERVICING AGREEMENT

                                Dated as of [    ]

                                     among

           [___________________] Home Equity Loan Trust 200_, Issuer

                                      and

              [IndyMac Bank, F.S.B.], Seller and Master Servicer

                                      and

                                 [    ], Trustee

                        Relating to the Mortgage Loans
                    Pledged as Collateral for the Issuer's
               Asset Backed Notes and Asset Backed Certificates,
                                 Series 200_,
                           in the Aggregate Initial
                           Principal Amount of $[    ]

<PAGE>

<TABLE>
<CAPTION>

                               TABLE OF CONTENTS
                               -----------------
                                                                                                               Page
                                                                                                               ----

    <S>                                                                                                          <C>

    1.   DEFINED TERMS............................................................................................1
           Advance................................................................................................1
           Additional Balance.....................................................................................2
           Additional Loans.......................................................................................2
           Administration Agreement...............................................................................2
           Administrator..........................................................................................2
           Agreement..............................................................................................2
           Asset Balance..........................................................................................2
           Assignment of Mortgage.................................................................................2
           Bankruptcy Code........................................................................................2
           Basic Documents........................................................................................2
           Billing Cycle..........................................................................................3
           Business Day...........................................................................................3
           Certificateholder......................................................................................3
           Certificates...........................................................................................3
           Class  ................................................................................................3
           Closing Date...........................................................................................3
           Code   ................................................................................................3
           Collateral.............................................................................................3
           Collateral Value.......................................................................................3
           Collection Account.....................................................................................4
           Collection Period......................................................................................4
           Combined Loan-to-Value Ratio...........................................................................4
           Corporate Trust Office.................................................................................4
           Credit Limit...........................................................................................4
           Custodial Agreement....................................................................................4
           Custodian..............................................................................................4
           Cut-Off Date...........................................................................................4
           Deleted Mortgage Loan..................................................................................4
           [Deposit Date..........................................................................................4
           Deposit Date Asset Balance.............................................................................4
           Depositor..............................................................................................5
           Determination Date.....................................................................................5
           Distribution Date......................................................................................5
           Draw   ................................................................................................5
           Due Date...............................................................................................5
           Eligible Account.......................................................................................5
           Eligible Substitute Mortgage Loan......................................................................5
           Escrow Account.........................................................................................6
           Excess Proceeds........................................................................................6
           FDIC...................................................................................................6
           FHLMC..................................................................................................6
           FIRREA.................................................................................................6
           Fitch  ................................................................................................6
           FNMA...................................................................................................7
           Gross Margin...........................................................................................7
           Holder.................................................................................................7
           Increased Senior Lien Limitation.......................................................................7
           Indenture..............................................................................................7
           Insurance Agreement....................................................................................7
           Insurance Policy.......................................................................................7
           Insurance Proceeds.....................................................................................7
           Interest Period........................................................................................7
           Issuer.................................................................................................7
           Issuer Request.........................................................................................7
           Lien  .................................................................................................8
           Lifetime Rate Cap......................................................................................8
           Liquidated Mortgage Loan...............................................................................8
           Liquidation Expenses...................................................................................8
           Liquidation Loss Amounts...............................................................................8
           Liquidation Proceeds...................................................................................8
           Loan Agreement.........................................................................................8
           Loan Purchase Agreement................................................................................9
           Loan Rate..............................................................................................9
           Loan-to-Value Ratio....................................................................................9
           Margin ................................................................................................9
           Master Servicer........................................................................................9
           Master Servicer Advance Date...........................................................................9
           Master Servicing Fee...................................................................................9
           Master Servicing Fee Rate..............................................................................9
           Moody's................................................................................................9
           Mortgage...............................................................................................9
           Mortgage File..........................................................................................9
           Mortgage Loan Schedule.................................................................................9
           Mortgage..............................................................................................10
           Mortgage File.........................................................................................10
           Mortgage Loans........................................................................................10
           Mortgage Note.........................................................................................10
           Mortgaged Property....................................................................................10
           Mortgagor.............................................................................................10
           Net Liquidation Proceeds..............................................................................10
           Net Loan Rate.........................................................................................10
           Nonrecoverable Advance................................................................................10
           Notes ................................................................................................10
           Noteholder or Holder..................................................................................10
           Officer's Certificate.................................................................................10
           Opinion of Counsel....................................................................................11
           Outstanding...........................................................................................11
           Owner Trust Estate....................................................................................11
           Owner Trustee.........................................................................................11
           Paying Agent..........................................................................................11
           Payment Account.......................................................................................11
           Payment Account.......................................................................................12
           Payment Account Deposit Date..........................................................................12
           Payment Date..........................................................................................12
           Percentage Interest...................................................................................12
           Permitted Investments.................................................................................12
           Person ...............................................................................................13
           [Policy]..............................................................................................13
           Pool Balance..........................................................................................13
           Prepayment Period.....................................................................................13
           Principal Balance.....................................................................................13
           Principal Prepayment..................................................................................13
           Principal Prepayment in Full..........................................................................13
           Prospectus Supplement.................................................................................14
           Purchase Price........................................................................................14
           Qualified Insurer.....................................................................................14
           Rating Agency.........................................................................................14
           Realized Loss.........................................................................................14
           Relief Act............................................................................................15
           Relief Act Reductions.................................................................................15
           REO Property..........................................................................................15
           Repurchase Price......................................................................................15
           Request for Release...................................................................................15
           Required Insurance Policy.............................................................................15
           SAIF   ...............................................................................................15
           S&P    ...............................................................................................15
           Securities Act........................................................................................15
           Security..............................................................................................16
           Securityholder or Holder..............................................................................16
           Seller ...............................................................................................16
           Servicer Advance......................................................................................16
           Servicing Account.....................................................................................16
           Servicing Advances....................................................................................16
           Servicing Default.....................................................................................16
           Servicing Fee.........................................................................................16
           Servicing Fee Rate....................................................................................16
           Servicing Officer.....................................................................................16
           Subservicer...........................................................................................16
           Subservicing Agreement................................................................................16
           Subservicing Fee......................................................................................16
           Substitute Mortgage Loan..............................................................................17
           Substitution Adjustment Amount........................................................................17
           Trust Agreement.......................................................................................17
           Trustee...............................................................................................17
           Trustees..............................................................................................17
           Trust Estate..........................................................................................17
           UCC ..................................................................................................17
           Withdrawal Date.......................................................................................17

    2.   CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
         WARRANTIES..............................................................................................17
           (a)    Conveyance of Mortgage Loans; Retention of Obligation to Fund Advances Under Credit
                  Line Agreements................................................................................17
           (b)    Acceptance by Trustee; Retransfer of Mortgage Loans............................................21
           (c)    Documents, Records and Funds in Possession of Master Servicer to be Held for Trustee...........23
           (d)    Representations, Warranties and Covenants of the Seller and the Master Servicer................24
           (e)    Covenants of the Master Servicer...............................................................26
           (f)    Covenants of the Depositor.....................................................................26

    3.   ADMINISTRATION AND SERVICING OF MORTGAGE LOANS..........................................................26
           (a)    Master Servicer to Service Mortgage Loans......................................................27
           (b)    Subservicing; Enforcement of the Obligations of Servicers......................................29
           (c)    Successor Servicers............................................................................30
           (d)    Liability of the Master Servicer...............................................................30
           (e)    No Contractual Relationship Between Subservicers and the Trustees..............................30
           (f)    Rights of the Depositor and the Trustees in Respect of the Master Servicer.....................30
           (g)    Trustee to Act as Master Servicer..............................................................31
           (h)    Collection of Mortgage Loan Payments; Collection Accounts; Payment Account.....................31
           (i)    Collection of Taxes, Assessments and Similar Items; Escrow Accounts............................34
           (j)    Access to Certain Documentation and Information Regarding the Mortgage Loans...................34
           (k)    Permitted Withdrawals from the Note Account....................................................35
           (l)    Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies.....................36
           (m)    Enforcement of Due-On-Sale Clauses; Assumption Agreements......................................38
           (n)    Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans................39
           (o)    Access to Certain Documentation................................................................42
           (p)    Annual Statement as to Compliance..............................................................42
           (q)    Annual Independent Public Accountants' Servicing Statement; Financial Statements...............42
           (r)    Errors and Omissions Insurance; Fidelity Bonds.................................................43
           (s)    Master Servicer Monthly Data...................................................................43

    4.   ADVANCES................................................................................................43

    5.   SERVICING COMPENSATION..................................................................................43

    6.   THE MASTER SERVICER.....................................................................................44
           (a)    Respective Liabilities of the Depositor and the Master Servicer................................44
           (b)    Merger or Consolidation of the Depositor or the Master Servicer................................44
           (c)    Limitation on Liability of the Depositor, the Seller, Master Servicer and Others...............45
           (d)    Limitation on Resignation of the Master Servicer...............................................45

    7.   DEFAULT.................................................................................................46
           (a)    Events of Default..............................................................................46
           (b)    Trustee to Act; Appointment of Successor.......................................................48
           (c)    Notification to Securityholders................................................................49

    8.   MISCELLANEOUS...........................................................................................49
           (a)    Term of Master Servicing Agreement.............................................................49
           (b)    Assignment.....................................................................................49
           (c)    Notices........................................................................................49
           (d)    Inspection and Audit Rights....................................................................50
           (e)    Governing Law..................................................................................51
           (f)    Amendment......................................................................................51
           (g)    Severability of Provisions.....................................................................52
           (h)    No Joint Venture...............................................................................53
           (i)    Recordation of Agreement; Counterparts.........................................................53
           (j)    Limitation of Liability of [owner trustee].....................................................53
           (k)    Nonpetition Covenants..........................................................................53

    SCHEDULE I:      Mortgage Loan Schedule...................................................................S-I-1
    SCHEDULE II:     Representations and Warranties of The Master Servicer...................................S-II-1
    SCHEDULE III:    Representations and Warranties as to
                     the Mortgage Loans.....................................................................S-III-1
    SCHEDULE IV:     Representations and Warranties of the Issuer............................................S-IV-1

                                   EXHIBITS

    EXHIBIT A        FORM OF INITIAL CERTIFICATION OF TRUSTEE...................................................A-1
    EXHIBIT B        FORM OF FINAL CERTIFICATION OF TRUSTEE.....................................................B-1
    EXHIBIT C        REQUEST FOR RELEASE (for Trustee)..........................................................C-1
    EXHIBIT D        REQUEST FOR RELEASE (Mortgage Loan Paid in Full,
                         Repurchased and Released)..............................................................D-1
</TABLE>
<PAGE>

                          MASTER SERVICING AGREEMENT

                  THIS MASTER SERVICING AGREEMENT is made and entered into as
of [ ], by and among [________________] Home Equity Loan Trust 200_, a
statutory business trust formed under the laws of the State of [Delaware] (the
"Issuer"), [IndyMac Bank, F.S.B., a federally insured savings bank] (the
"Master Servicer" or, in its capacity as seller, the "Seller") and [ ], a [ ]
corporation (in its capacity as trustee under the Indenture referred to below,
the "Trustee").

                             PRELIMINARY STATEMENT

                  The Issuer was formed for the purpose of issuing asset
backed notes and asset backed certificates secured by mortgage collateral. The
Issuer has entered into a trust indenture, dated as of [ ] (the "Indenture"),
between the Issuer and the Trustee, pursuant to which the Issuer intends to
issue its Home Equity Loan Asset Backed Notes and Home Equity Loan Asset
Backed Certificates, Series 200_, in the aggregate initial principal amount of
$[ ] (the "Securities"). Pursuant to the Indenture, as security for the
indebtedness represented by such Securities, the Issuer is and will be
pledging to the Trustee, or granting the Trustee a security interest in, among
other things, certain Mortgage Loans and Additional Balances, its rights under
this Agreement, the Payment Account, the Collection Account [and certain
Insurance Policies] (as each such term is defined herein).

                  The parties desire to enter into this Agreement to provide,
among other things, for the servicing of the Mortgage Loans by the Master
Servicer. The Master Servicer acknowledges that, in order further to secure
the Securities, the Issuer is and will be granting to the Trustee a security
interest in, among other things, its rights under this Agreement, and the
Master Servicer agrees that all covenants and agreements made by the Master
Servicer herein with respect to the Mortgage Loans shall also be for the
benefit and security of the Trustee and Holders of the Securities. For its
services hereunder, the Master Servicer will receive a Master Servicing Fee
(as defined herein) with respect to each Mortgage Loan serviced hereunder.

                  1.  Defined Terms.

                  Except as otherwise specified or as the context may
otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Agreement, and the definitions of such terms
are applicable to the singular as well as the plural forms of such terms and
to the masculine as well as to the feminine and neuter genders of such terms:

         Advance: The payment required to be made by the Master Servicer with
respect to any Distribution Date pursuant to Section 4, the amount of any such
payment being equal to the aggregate of payments of principal and interest
(net of the Master Servicing Fee and net of any net income in the case of any
REO Property) on the Mortgage Loans that were due on the related Due Date and
not received as of the close of business on the related Determination Date,
less the aggregate amount of any such delinquent payments that the Master
Servicer has determined would constitute a Nonrecoverable Advance if advanced.

         Additional Balance: With respect to any Mortgage Loan, any future
Draw made by the related Mortgagor pursuant to the related Loan Agreement
after the Cut-off Date in the case of an Initial Loan, or after the Deposit
Date in the case of an Additional Loan; provided, however, that if an
Amortization Event occurs, then any Draw after such Amortization Event shall
not be acquired by the Issuer and shall not be an Additional Balance.

         Additional Loans: All home equity line of credit loans sold by the
Depositor to the Issuer after the Closing Date pursuant to Section 2 of the
Loan Purchase Agreement.

         Administration Agreement: The Administration Agreement dated as of
___________, 200_ among the Issuer, the Trustee and [______________], as
Administrator, as it may be amended from time to time.

         Administrator: [______________], as administrator under the
Administration Agreement or any successor Administrator appointed pursuant to
the terms of the Administration Agreement.

         Agreement: This Master Servicing Agreement, as the same may be
amended or supplemented from time to time.

         Asset Balance: With respect to any Mortgage Loan, other than a
Liquidated Mortgage Loan, and as of any day, the related Cut-off Date Asset
Balance or Deposit Date Asset Balance, [plus (i) any Additional Balances in
respect of such Mortgage Loan conveyed to the Issuer,] minus [(ii)] all
collections credited as principal in respect of any such Mortgage Loan in
accordance with the related Loan Agreement (except for any such collections
that are allocable to the Excluded Amount) and applied in reduction of the
Asset Balance thereof. For purposes of this definition, a Liquidated Mortgage
Loan shall be deemed to have an Asset Balance equal to the Asset Balance of
the related Mortgage Loan immediately prior to the final recovery of all
related Liquidation Proceeds and an Asset Balance of zero thereafter.

         Assignment of Mortgage: With respect to any Mortgage, an assignment,
notice of transfer or equivalent instrument, in recordable form, sufficient
under the laws of the jurisdiction in which the related Mortgaged Property is
located to reflect the conveyance of the Mortgage, 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.

         Bankruptcy Code: The United States Bankruptcy Reform Act of 1978, as
amended.

         Basic Documents: The Trust Agreement, the Certificate of Trust, the
Indenture, the Loan Purchase Agreement, the Insurance Agreement, the
Administration Agreement, the Master Servicing Agreement, the Custodial
Agreement and the other documents and certificates delivered in connection
with any of the above.

         Billing Cycle: With respect to any Mortgage Loan and Due Date, the
calendar month preceding such Due Date.

         Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of New York, [_______________]
or [_____________] are required or authorized by law to be closed.

         Certificateholder: The Person in whose name a Certificate is
registered in the Certificate Register except that, any Certificate registered
in the name of the Issuer, the Owner Trustee or the Trustee or any Affiliate
of any of them shall be deemed not to be outstanding and the registered holder
will not be considered a Certificateholder or a holder for purposes of giving
any request, demand, authorization, direction, notice, consent or waiver under
the Indenture or the Trust Agreement provided that, in determining whether the
Trustee or the Owner Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Certificates that the Trustee or the Owner Trustee knows to be so owned shall
be so disregarded. Owners of Certificates that have been pledged in good faith
may be regarded as Holders if the pledgee establishes to the satisfaction of
the Trustee or the Owner Trustee, as the case may be, the pledgee's right so
to act with respect to such Certificates and that the pledgee is not the
Issuer, any other obligor upon the Certificates or any Affiliate of any of the
foregoing Persons.

         Certificates: The Home Equity Loan Asset Backed Certificates, Series
200_-_, each evidencing undivided beneficial interests in the Issuer and
executed by the Owner Trustee in substantially the form set forth in Exhibit A
to the Trust Agreement.

         Class: The Notes or the Certificates, as the case may be.

         Closing Date: ___________, 200_.

         Code: The Internal Revenue Code of 1986, as amended, and the rules
and regulations promulgated thereunder.

         Collateral: The meaning specified in the Granting Clause of the
Indenture.

         Collateral Value: With respect to any Mortgaged Property, [either (x)
the value set forth in an appraisal of such Mortgaged Property made to
establish compliance with the underwriting criteria then in effect in
connection with the later of the application for the Mortgage Loan secured by
such Mortgaged Property or any subsequent increase or decrease in the related
Credit Limit or to reduce or eliminate the amount of any primary insurance, or
(y) if the sales price of the Mortgaged Property is considered in accordance
with the underwriting criteria applicable to the Mortgage Loan, the lesser of
(i) the appraised value referred to in (x) above and (ii) the sales price of
such Mortgaged Property].

         Collection Account: The Eligible Account or Accounts established and
maintained by the Master Servicer in accordance with Section 3(h)(iii).

         Collection Period: With respect to any Mortgage Loan and Payment Date
other than the first Payment Date, the calendar month preceding any such
Payment Date and with respect to the first Payment Date, the period from
_____________ through [___________].

         Combined Loan-to-Value Ratio: With respect to any Mortgage Loan and
any date, [the percentage equivalent of a fraction, the numerator of which is
the sum of (i) the Credit Limit (as of the date of execution of the related
Credit Line Agreement (or any subsequent date as of which such Credit Limit
may be determined in connection with an increase of the Credit Limit) and (ii)
the outstanding principal balance as of the date of the origination of such
Mortgage Loan (or any subsequent date as of which such outstanding principal
balance may be determined in connection with an increase or decrease in the
Credit Limit or to reduce the amount of primary insurance for such Mortgage
Loan) of any mortgage loan or mortgage loans that are secured by liens on the
Mortgaged Property that are senior or subordinate to the Mortgage and the
denominator of which is the Collateral Value of the related Mortgaged
Property].

         Corporate Trust Office: The designated office of the Trustee in the
State of ________ at which at any particular time its corporate trust business
with respect to this Agreement shall be administered, which office at the date
of the execution of this Agreement is located at _____________________________
(Attn: ____________________________________, facsimile no. ________________,
and which is the address to which notices to and correspondence with the
Trustee should be directed.

         Credit Limit:  With respect to any Mortgage Loan, the maximum Asset
Balance permitted under the terms of the related Loan Agreement.

         Custodial Agreement: Any Custodial Agreement between the Custodian,
the Trustee, the Issuer and the Master Servicer relating to the custody of the
Mortgage Loans and the Related Documents.

         Custodian: With respect to the Mortgage Loans, [______________], a
[_______________], and its successors and assigns.

         Cut-Off Date: With respect to the Initial Loans ________, 200_.

         Deleted Mortgage Loan: Has the meaning ascribed thereto in Section 5.

         [Deposit Date: The applicable date as of which any Additional Loan is
sold to the Issuer pursuant to the Loan Purchase Agreement.

         Deposit Date Asset Balance: With respect to any Additional Loan, the
Asset Balance thereof as of the Deposit Date.]

         Depositor: IndyMac ABS, Inc., a Delaware corporation, or its
successor in interest.

         Determination Date: As to any Distribution Date, the ____ day of each
month or if such ____ day is not a Business Day the next preceding Business
Day; provided, however, that if such ____ day or such Business Day, whichever
is applicable, is less than two Business Days prior to the related
Distribution Date, the Determination Date shall be the first Business Day
which is two Business Days preceding such Distribution Date.

         Distribution Date: The ____ day of each calendar month after the
initial issuance of the Certificates, or if such ____ day is not a Business
Day, the next succeeding Business Day, commencing in ____________, 200_.

         Draw: With respect to any Mortgage Loan, a borrowing by the Mortgagor
under the related Loan Agreement.

         Due Date: With respect to the Mortgage Loans, the [__]th day of the
month.

         Eligible Account: Any of (i) an account or accounts maintained with a
federal or state chartered depository institution or trust company the
short-term unsecured debt obligations of which (or, in the case of a
depository institution or trust company that is the principal subsidiary of a
holding company, the debt obligations of such holding company) have the
highest short-term ratings of each Rating Agency at the time any amounts are
held on deposit therein, or (ii) an account or accounts in a depository
institution or trust company in which such accounts are insured by the FDIC
(to the limits established by the FDIC) and the uninsured deposits in which
accounts are otherwise secured such that, as evidenced by an Opinion of
Counsel delivered to the Trustee and to each Rating Agency, the
Securityholders have a claim with respect to the funds in such account or a
perfected first priority security interest against any collateral (which shall
be limited to Permitted Investments) securing such funds that is superior to
claims of any other depositors or creditors of the depository institution or
trust company in which such account is maintained, or (iii) a trust account or
accounts maintained with (a) the trust department of a federal or state
chartered depository institution or (b) a trust company, acting in its
fiduciary capacity or (iv) any other account acceptable to each Rating Agency.
Eligible Accounts may bear interest, and may include, if otherwise qualified
under this definition, accounts maintained with the Trustee.

         Eligible Substitute Mortgage Loan: A Mortgage Loan substituted by the
Depositor for a Deleted Mortgage Loan which must, on the date of such
substitution, as confirmed in an Officers' Certificate delivered to the
Trustee, (i) have an outstanding principal balance, after deduction of the
principal portion of the monthly payment due in the month of substitution (or
in the case of a substitution of more than one Mortgage Loan for a Deleted
Mortgage Loan, an aggregate outstanding principal balance, after such
deduction), not in excess of the outstanding principal balance of the Deleted
Mortgage Loan (the amount of any shortfall to be deposited by the Seller in
the Collection Account in the month of substitution); (ii) have a Loan Rate
not less than the Loan Rate of the Deleted Mortgage Loan and not more than __%
in excess of the Loan Rate of such Deleted Mortgage Loan; (iii) have a Loan
Rate based on the same index with adjustments to such Loan Rate made on the
same interest rate adjustment date as that of the Deleted Mortgage Loan; (iv)
have a Margin that is not less than the Margin of the Deleted Mortgage Loan
and not more than _____ basis points higher than the Margin for the Deleted
Mortgage Loan; (v) have a mortgage of the same or higher level of priority as
the mortgage relating to the Deleted Mortgage Loan; (vi) have a remaining term
to maturity not more than ____ months earlier and not more than ____ months
later than the remaining term to maturity of the Deleted Mortgage Loan; (vii)
comply with each representation and warranty as to the Mortgage Loans set
forth in the Loan Purchase Agreement (deemed to be made as of the date of
substitution); (viii) in general, have an original Combined Loan-to-Value
Ratio not greater than that of the Deleted Mortgage Loans; and (ix) satisfy
certain other conditions specified in the Purchase Agreement. To the extent
the Principal Balance of an Eligible Substitute Mortgage Loan is less than the
Principal Balance of the related Deleted Mortgage Loan, the Seller will be
required to make a deposit tot he Collection Account equal to such difference;
and (x) not be __ days or more delinquent.

         Escrow Account: The Eligible Account or Accounts established and
maintained pursuant to Section 3(i) hereof.

         Excess Proceeds: With respect to any Liquidated Mortgage Loan, the
amount, if any, by which the sum of any Liquidation Proceeds of such Mortgage
Loan received in the calendar month in which such Mortgage Loan became a
Liquidated Mortgage Loan, net of any amounts previously reimbursed to the
Master Servicer as Nonrecoverable Advance(s) with respect to such Mortgage
Loan pursuant to Section 3(k)(i)(C), exceeds (i) the unpaid principal balance
of such Liquidated Mortgage Loan as of the Due Date in the month in which such
Mortgage Loan became a Liquidated Mortgage Loan plus (ii) accrued interest at
the Mortgage Rate from the Due Date as to which interest was last paid or
advanced (and not reimbursed) to Securityholders up to the Due Date applicable
to the Distribution Date immediately following the calendar month during which
such liquidation occurred.

         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.

         FIRREA: The Financial Institutions Reform, Recovery, and Enforcement
Act of 1989. Fitch:

         Fitch IBCA, Inc., or any successor thereto. If Fitch is designated as
a Rating Agency in the Preliminary Statement, for purposes of Section 8(c) the
address for notices to Fitch shall be Fitch Investors Service, L.P., One State
Street Plaza, New York, New York 10004, Attention:  __________________________,
or such other address as Fitch may hereafter furnish to the Depositor and the
Master Servicer.

         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.

         Gross Margin: With respect to any Mortgage Loan, the percentage set
forth as the "Gross Margin" for such Mortgage Loan on the Mortgage Loan
Schedule, as adjusted from time to time with respect to any [______________]
Loan in accordance with the terms of this Agreement.

         Holder: Any of the Noteholders or Securityholders.

         Increased Senior Lien Limitation: shall have the meaning set forth in
Section 3(a).

         Indenture: The trust indenture, dated as of the date hereof, between
the Issuer and the Trustee, as such Indenture may be amended or supplemented
from time to time in accordance with its terms.

         [Insurance Agreement: The insurance and reimbursement agreement dated
as of ______________, 200_ among the Master Servicer, the Seller, the
Depositor, the Issuer and the Credit Enhancer, including any amendments and
supplements thereto.]

         Insurance Policy: With respect to any Mortgage Loan, any insurance
policy, including all riders and endorsements thereto in effect, including any
replacement policy or policies for any Insurance Policies.

         Insurance Proceeds: Proceeds paid by any insurer pursuant to any
insurance policy covering a Mortgage Loan which are required to be remitted to
the Master Servicer, or amounts required to be paid by the Master Servicer
pursuant to the last sentence of Section [ ] of the Master Servicing
Agreement, net of any component thereof (i) covering any expenses incurred by
or on behalf of the Master Servicer in connection with obtaining such
proceeds, (ii) that is applied to the restoration or repair of the related
Mortgaged Property, (iii) released to the Mortgagor in accordance with the
Master Servicer's normal servicing procedures or (iv) required to be paid to
any holder of a mortgage senior to such Mortgage Loan.

         Interest Period: With respect to any Payment Date other than the
first Payment Date, the period beginning on the preceding Payment Date and
ending on the day preceding such Payment Date, and in the case of the first
Payment Date, the period beginning on the Closing Date and ending on the day
preceding the first Payment Date.

         Issuer: [________________] Home Equity Loan Trust 200_-_, a Delaware
business trust, or its successor in interest.

         Issuer Request: A written order or request signed in the name of the
Issuer by any one of its Authorized Officers and delivered to the Trustee.

         Lien: Any mortgage, deed of trust, pledge, conveyance, hypothecation,
assignment, participation, deposit arrangement, encumbrance, lien (statutory
or other), preference, priority right or interest or other security agreement
or preferential arrangement of any kind or nature whatsoever, including,
without limitation, any conditional sale or other title retention agreement,
any financing lease having substantially the same economic effect as any of
the foregoing and the filing of any financing statement under the UCC (other
than any such financing statement filed for informational purposes only) or
comparable law of any jurisdiction to evidence any of the foregoing; provided,
however, that any assignment pursuant to Section [ ] of the Master Servicing
Agreement shall not be deemed to constitute a Lien.

         Lifetime Rate Cap: With respect to each Mortgage Loan with respect to
which the related Mortgage Note provides for a lifetime rate cap, the maximum
Loan Rate permitted over the life of such Mortgage Loan under the terms of
such Mortgage Note, as set forth on the Mortgage Loan Schedule and initially
as set forth on Exhibit A to the Master Servicing Agreement.

         Liquidated Mortgage Loan: With respect to any Payment Date, any
Mortgage Loan in respect of which the Master Servicer has determined, in
accordance with the servicing procedures specified in the Master Servicing
Agreement, as of the end of the related Collection Period that substantially
all Liquidation Proceeds which it reasonably expects to recover with respect
to the disposition of the related REO have been recovered.

         Liquidation Expenses: Out-of-pocket expenses (exclusive of overhead)
which are incurred by or on behalf of the Master Servicer in connection with
the liquidation of any Mortgage Loan and not recovered under any insurance
policy, such expenses including, without limitation, legal fees and expenses,
any unreimbursed amount expended (including, without limitation, amounts
advanced to correct defaults on any mortgage loan which is senior to such
Mortgage Loan and amounts advanced to keep current or pay off a mortgage loan
that is senior to such Mortgage Loan) respecting the related Mortgage Loan and
any related and unreimbursed expenditures for real estate property taxes or
for property restoration, preservation or insurance against casualty loss or
damage.

         Liquidation Loss Amounts: With respect to any Payment Date and any
Mortgage Loan that became a Liquidated Mortgage Loan during the related
Collection Period, the unrecovered portion of the related Asset Balance
thereof at the end of such Collection Period, after giving effect to the Net
Liquidation Proceeds applied in reduction of the Asset Balance.

         Liquidation Proceeds: Proceeds (including Insurance Proceeds [but not
including amounts drawn under the Credit Enhancement Instrument]) received in
connection with the liquidation of any Mortgage Loan or related REO, whether
through trustee's sale, foreclosure sale or otherwise.

         Loan Agreement: With respect to any Mortgage Loan, the credit line
account agreement executed by the related Mortgagor and any amendment or
modification thereof.

         Loan Purchase Agreement: The Loan Purchase Agreement, dated as of the
Cut-off Date, between the Seller, as seller, and the Depositor, as purchaser,
with respect to the Mortgage Loans.

         Loan Rate: With respect to any Mortgage Loan and any day, the sum of
the Index Rate and the Margin.

         Loan-to-Value Ratio: With respect to any Mortgage Loan and as to any
date of determination, (i) the principal balance of such Mortgage Loan divided
by (ii) the Collateral Value of the related Mortgaged Property.

         Margin: The [spread].

         Master Servicer: [IndyMac Bank, F.S.B., a federally insured savings
bank], and its successors and assigns, in its capacity as master servicer
hereunder.

         Master Servicer Advance Date: As to any Distribution Date, 12:30 p.m.
Pacific time on the Business Day immediately preceding such Distribution Date.

         Master Servicing Fee: As to each Mortgage Loan and any Distribution
Date, an amount payable out of each full payment of interest received on such
Mortgage Loan and equal to one-twelfth of the Master Servicing Fee Rate
multiplied by the Stated Principal Balance of such Mortgage Loan as of the Due
Date in the month of such Distribution Date (prior to giving effect to any
Scheduled Payments due on such Mortgage Loan on such Due Date), subject to
reduction as provided in Section 5.

         Master Servicing Fee Rate: With respect to each Mortgage Loan, [ ]%
per annum.

         Moody's: Moody's Investors Service, Inc., or any successor thereto.
If Moody's is designated as a Rating Agency in the Preliminary Statement, for
purposes of Section 8(c) the address for notices to Moody's shall be Moody's
Investors Service, Inc., 99 Church Street, New York, New York 10007,
Attention: ___________________________________, or such other address as
Moody's may hereafter furnish to the Depositor or the Master Servicer.

         Mortgage: The mortgage, deed of trust or other instrument creating a
first or second lien on an estate in fee simple interest in real property
securing a Mortgage Loan.

         Mortgage File: The file containing the Related Documents pertaining
to a particular Mortgage Loan and any additional documents required to be
added to the Mortgage File pursuant to the Loan Purchase Agreement or the
Master Servicing Agreement.

         Mortgage Loan Schedule: With respect to any date, the schedule of
Mortgage Loans included in the Trust Estate on such date. The initial schedule
of Mortgage Loans as of the Cut-Off Date is the schedule set forth in Exhibit
A of the Master Servicing Agreement, which schedule sets forth as to each
Mortgage Loan (i) the Cut-Off Date Trust Balance, (ii) the Credit Limit, (iii)
the Gross Margin, (iv) the name of the Mortgagor, (v) the Lifetime Rate Cap,
if any, (vi) the loan number, (vii) an indication as to the applicable
Mortgage Loan Group, and (viii) the lien position of the related Mortgage. The
Mortgage Loan Schedule will be amended from time to time by annex to reflect
Additional Loans.

         Mortgage: The mortgage, deed of trust or other instrument creating a
first lien on an estate in fee simple or leasehold interest in real property
securing a Mortgage Note.

         Mortgage File: The mortgage documents listed in Section 2(a)(i)
hereof pertaining to a particular Mortgage Loan and any additional documents
delivered to the Trustee to be added to the Mortgage File pursuant to this
Agreement.

         Mortgage Loans: At any time, collectively, all Initial Loans [and
Additional Loans, in each case including Additional Balances, if any, that
have been sold to the Depositor under the Loan Purchase Agreement,] in each
case together with the Related Documents, and that remain subject to the terms
thereof. Such schedule shall also set forth the total of the amounts described
under (iv) and (v) above for all of the Mortgage Loans.

         Mortgage Note: With respect to a Mortgage Loan, the Loan Agreement
pursuant to which the related mortgagor agrees to pay the indebtedness
evidenced thereby and secured by the related Mortgage as modified or amended.

         Mortgaged Property: The underlying property, including real property
and improvements thereon, securing a Mortgage Loan.

         Mortgagor: The obligor or obligors under a Loan Agreement.

         Net Liquidation Proceeds: With respect to any Liquidated Mortgage
Loan, Liquidation Proceeds net of Liquidation Expenses.

         Net Loan Rate: With respect to any Mortgage Loan and any day, the
related Loan Rate less the related Servicing Fee Rate.

         Nonrecoverable Advance: Any portion of an Advance previously made or
proposed to be made by the Master Servicer that, in the good faith judgment of
the Master Servicer, will not be ultimately recoverable by the Master Servicer
from the related Mortgagor, related Liquidation Proceeds or otherwise.

         Notes: The Notes designated as the "Notes" in the Indenture.

         Noteholder or Holder: The Person in whose name a Note is registered
in the Note Register (as defined in the Indenture).

         Officer's Certificate: A certificate (i) signed by the Chairman of
the Board, the Vice Chairman of the Board, the President, a Managing Director,
a Vice President (however denominated), an Assistant Vice President, the
Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant
Secretaries of the Depositor or the Master Servicer, or (ii), if provided for
in this Agreement, signed by a Servicing Officer, as the case may be, and
delivered to the Depositor and the Trustee, as the case may be, as required by
this Agreement.

         Opinion of Counsel: A written opinion of counsel, who may be counsel
for the Depositor or the Master Servicer, including, in-house counsel,
reasonably acceptable to the Trustee; provided, however, that with respect to
the interpretation or application of the REMIC Provisions, such counsel must
(i) in fact be independent of the Depositor and the Master Servicer, (ii) not
have any direct financial interest in the Depositor or the Master Servicer or
in any affiliate of either, and (iii) not be connected with the-Depositor or
the Master Servicer as an officer, employee, promoter, underwriter, trustee,
partner, director or person performing similar functions.

         Outstanding: With respect to the Certificates as of any date of
determination, all Certificates theretofore executed and authenticated under
this Agreement except:

               (i)   Certificates theretofore canceled by the Trustee or
          delivered to the Trustee for cancellation; and

               (ii)  Certificates in exchange for which or in lieu of which
          other Certificates have been executed and delivered by the Trustee
          pursuant to this Agreement.

         Owner Trust Estate: The corpus of the Issuer created by the Trust
Agreement which consists of the Mortgage Loans, such assets as shall from time
to time be deposited in the Collection Account and/or the Payment Account
allocable to the Mortgage Loans in accordance with the Trust Agreement,
property that secured a Mortgage Loan and that has become REO, certain hazard
insurance policies maintained by the Mortgagors or by or on behalf of the
Master Servicer in respect of the Mortgage Loans, [the Credit Enhancement
Instrument,] an assignment of the Depositor's rights under the Loan Purchase
Agreement and the obligation of the Depositor to purchase Additional Balances
under the Loan Purchase Agreement and all proceeds of each of the foregoing.

         Owner Trustee: [______________], and its successors and assigns or
any successor owner trustee appointed pursuant to the terms of the Trust
Agreement.

         Paying Agent: Any paying agent or co-paying agent appointed pursuant
to Section 3.03 of the Indenture, which initially shall be [______________].

         Payment Account: The account established by the Trustee pursuant to
Section 8.02 of the Indenture and Section [ ] of the Master Servicing
Agreement. The Payment Account shall be an Eligible Account.

         Payment Account: The separate Eligible Account created and maintained
by the Trustee pursuant to Section 3(h) in the name of the Trustee for the
benefit of the Securityholders and designated "_________________________ in
trust for registered holders of Home Equity Loan Trust Asset Backed
Certificates, Series 200_-_." Funds in the Payment Account shall be held in
trust for the Securityholders for the uses and purposes set forth in this
Agreement.

         Payment Account Deposit Date: As to any Distribution Date, 12:30 p.m.
Pacific time on the Business Day immediately preceding such Distribution Date.

         Payment Date: The [___] day of each month, or if such day is not a
Business Day, then the next Business Day.

         Percentage Interest: With respect to any Note, the percentage
obtained by dividing the Security Balance of such Note by the aggregate of the
Security Balances of all Notes of the same Class. With respect to any
Certificate, the percentage obtained by dividing the denomination specified on
such Certificate by the Initial Principal Balance of the Certificates.

         Permitted Investments: At any time, any one or more of the following
obligations and securities: (i) obligations of the United States or any agency
thereof, provided such obligations are backed by the full faith and credit of
the United States; (ii) general obligations of or obligations guaranteed by
any state of the United States or the District of Columbia receiving the
highest long-term debt rating of each Rating Agency rating the related Series
of Securities, or such lower rating as will not result in the downgrading or
withdrawal of the ratings then assigned to the Securities by each such Rating
Agency; (iii) commercial or finance company paper (including, without
limitation, commercial paper issued by [IndyMac Bank, F.S.B.] or any of its
affiliates) which is then receiving the highest commercial or finance company
paper rating of each such Rating Agency, or such lower rating as will not
result in the downgrading or withdrawal of the ratings then assigned to the
Securities by each such Rating Agency; (iv) certificates of deposit, demand or
time deposits, or bankers' acceptances issued by any depository institution or
trust company incorporated under the laws of the United States or of any state
thereof and subject to supervision and examination by federal and/or state
banking authorities, provided that the commercial paper and/or long term
unsecured debt obligations of such depository institution or trust company (or
in the case of the principal depository institution in a holding company
system, the commercial paper or long-term unsecured debt obligations of such
holding company, but only if Moody's Investors Service, Inc. ("Moody's") is
not a Rating Agency) are then rated one of the two highest long-term and the
highest short-term ratings of each such Rating Agency for such securities, or
such lower ratings as will not result in the downgrading or withdrawal of the
rating then assigned to the Securities by any such Rating Agency; (iv) demand
or time deposits or certificates of deposit issued by any bank or trust
company or savings institution to the extent that such deposits are fully
insured by the FDIC; (v) guaranteed reinvestment agreements issued by any
bank, insurance company or other corporation containing, at the time of the
issuance of such agreements, such terms and conditions as will not result in
the downgrading or withdrawal of the rating then assigned to the Securities by
any such Rating Agency; (vi) repurchase obligations with respect to any
security described in clauses (i) and (ii) above, in either case entered into
with a depository institution or trust company (acting as principal) described
in clause (iv) above; (vii) securities (other than stripped bonds, stripped
coupons or instruments sold at a purchase price in excess of 115% of the face
amount thereof) bearing interest or sold at a discount issued by any
corporation incorporated under the laws of the United States or any state
thereof which, at the time of such investment, have one of the two highest
ratings of each Rating Agency (except if the Rating Agency is Moody's, such
rating shall be the highest commercial paper rating of Moody's for any such
securities), or such lower rating as will not result in the downgrading or
withdrawal of the rating then assigned to the Securities by any such Rating
Agency, as evidenced by a signed writing delivered by each such Rating Agency;
and (viii) such other investments having a specified stated maturity and
bearing interest or sold at a discount acceptable to each Rating Agency as
will not result in the downgrading or withdrawal of the rating then assigned
to the Securities of such Series by any such Rating Agency, as evidenced by a
signed writing delivered by each such Rating Agency; provided that no such
instrument shall be a Permitted Investment if such instrument evidences the
right to receive interest only payments with respect to the obligations
underlying such instrument.

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

         [Policy]: The irrevocable and unconditional limited financial
guaranty insurance policy number [__________], dated as of the Closing Date,
issued by the Credit Enhancer to the Trustee for the benefit of the
Noteholders and to the Certificate Paying Agent as agent for the Issuer for
the benefit of the Securityholders.]

         Pool Balance: With respect to any date, the aggregate of the Asset
Balances of all Mortgage Loans as of such date.

         Prepayment Period: As to any Distribution Date, the period from the
__th day of the calendar month preceding the month of such Distribution Date
(or, in the case of the first Distribution Date, from the Cut-off Date)
through the __th of the month of such Distribution Date.

         Principal Balance: With respect to any Payment Date, the Initial
Principal Balance thereof, reduced by all distributions of principal thereon
prior to such Payment Date.

         Principal Prepayment: Any payment of principal by a Mortgagor on a
Mortgage Loan that is received in advance of its scheduled Due Date and is not
accompanied by an amount representing scheduled interest due on any date or
dates in any month or months subsequent to the month of prepayment. Partial
Principal Prepayments shall be applied by the Master Servicer in accordance
with the terms of the related Mortgage Note.

         Principal Prepayment in Full: Any Principal Prepayment made by a
Mortgagor of the entire principal balance of a Mortgage Loan.

         Prospectus Supplement: The Prospectus Supplement dated [ ] relating
to the Notes.

         Purchase Price: With respect to any Mortgage Loan required to be
purchased by the Seller pursuant to Section 2(a)(ii) or 2(d)(iv) hereof or
purchased at the option of the Master Servicer pursuant to Section 3(n), [an
amount equal to the sum of (i) 100% of the unpaid principal balance of the
Mortgage Loan on the date of such purchase and (ii) unpaid interest thereon
accrued through the Due Date occurring in the calendar month following the
month in which such purchase occurs, computed at the applicable Loan Rate;
provided that if at the time of purchase the Seller is the Master Servicer or
the purchase is otherwise by the Master Servicer, (x) the amount described in
clause (ii) shall be computed at the Net Loan Rate and (y) the Purchase Price
shall be reduced by any unreimbursed Advances with respect to such Mortgage
Loan.]

         Qualified Insurer: A mortgage guaranty insurance company duly
qualified as such under the laws of the state of its principal place of
business and each state having jurisdiction over such insurer in connection
with the insurance policy issued by such insurer, duly authorized and licensed
in such states to transact a mortgage guaranty insurance business in such
states and to write the insurance provided by the insurance policy issued by
it, approved as a FNMA-approved mortgage insurer and having a claims paying
ability rating of at least "__" or equivalent rating by a nationally
recognized statistical rating organization. Any replacement insurer with
respect to a Mortgage Loan must have at least as high a claims paying ability
rating as the insurer it replaces had on the Closing Date.

         Rating Agency: Any nationally recognized statistical rating
organization, or its successor, that rated the Securities at the request of
the Depositor at the time of the initial issuance of the Securities.
Initially, [________] or [__________]. If such organization or a successor is
no longer in existence, "Rating Agency" shall be such nationally recognized
statistical rating organization, or other comparable Person, designated by the
Depositor, notice of which designation shall be given to the Trustee.
References herein to the highest short term unsecured rating category of a
Rating Agency shall mean [___] or better in the case of [__________]and [___]
or better in the case of [_____] and in the case of any other Rating Agency
shall mean such equivalent ratings. References herein to the highest long-term
rating category of a Rating Agency shall mean "[___]" in the case of
[__________] and [_____] in the case of [________] and in the case of any
other Rating Agency, such equivalent rating.

         Realized Loss: With respect to each Liquidated Mortgage Loan, an
amount (not less than zero or more than the Stated Principal Balance of the
Mortgage Loan) as of the date of such liquidation, equal to (i) the Stated
Principal Balance of the Liquidated Mortgage Loan as of the date of such
liquidation, plus (ii) interest at the Adjusted Net Mortgage Rate from the Due
Date as to which interest was last paid or advanced (and not reimbursed) to
Securityholders up to the Due Date in the month in which Liquidation Proceeds
are required to be distributed on the Stated Principal Balance of such
Liquidated Mortgage Loan from time to time, minus (iii) the Liquidation
Proceeds, if any, received during the month in which such liquidation
occurred, to the extent applied as recoveries of interest at the Adjusted Net
Mortgage Rate and to principal of the Liquidated Mortgage Loan. With respect
to each Mortgage Loan which has become the subject of a Deficient Valuation,
if the principal amount due under the related Mortgage Note has been reduced,
the difference between the principal balance of the Mortgage Loan outstanding
immediately prior to such Deficient Valuation and the principal balance of the
Mortgage Loan as reduced by the Deficient Valuation. With respect to each
Mortgage Loan which has become the subject of a Debt Service Reduction and any
Distribution Date, the amount, if any, by which the principal portion of the
related Scheduled Payment has been reduced.

         Relief Act: The Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.

         Relief Act Reductions: With respect to any Distribution Date and any
Mortgage Loan as to which there has been a reduction in the amount of interest
collectible thereon for the most recently ended calendar month as a result of
the application of the Relief Act, the amount, if any, by which (i) interest
collectible on such Mortgage Loan for the most recently ended calendar month
is less than (ii) interest accrued thereon for such month pursuant to the
Mortgage Note.

         REO Property: A Mortgaged Property acquired by the Issuer through
foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
Mortgage Loan.

         Repurchase Price: With respect to any Mortgage Loan required to be
repurchased on any date pursuant to the Loan Purchase Agreement or purchased
by the Master Servicer pursuant to the Master Servicing Agreement, an amount
equal to the sum of (i) 100% of the Asset Balance thereof (without reduction
for any amounts charged off) and (ii) unpaid accrued interest at the Loan Rate
on the outstanding principal balance thereof from the Due Date to which
interest was last paid by the Mortgagor to the first day of the month
following the month of purchase. No portion of any Repurchase Price shall be
included in the Excluded Amount for any Payment Date.

         Request for Release: The Request for Release submitted by the Master
Servicer to the Trustee, substantially in the form of Exhibits C and D, as
appropriate.

         Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy that is required to be maintained from time to time under
this Agreement.

         SAIF: The Savings Association Insurance Fund, or any successor
thereto.

         S&P: Standard & Poor's Ratings Group, a division of The McGraw-Hill
Companies, Inc. If S&P is designated as a Rating Agency in the Indenture, for
purposes of Section 8(c) the address for notices to S&P shall be Standard &
Poor's Ratings Group, 26 Broadway, 15th Floor, New York, New York 10004,
Attention: Mortgage Surveillance Monitoring, or such other address as S&P may
hereafter furnish to the Issuer and the Master Servicer.

         Securities Act: The Securities Act of 1933, as amended, and the rules
and regulations promulgated thereunder.

         Security: Any of the Certificates or Notes.

         Securityholder or Holder: Any Noteholder or any Certificateholder.

         Seller: [IndyMac Bank, F.S.B.], and its successors and assigns.

         Servicer Advance: The meaning ascribed to such term in Section
3(h)(iv).

         Servicing Account: The separate Eligible Account or Accounts created
and maintained pursuant to Section 3(h)(ii).

         Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in the performance by the Master Servicer
of its servicing obligations, including, but not limited to, the cost of (i)
the preservation, restoration and protection of a Mortgaged Property, (ii) any
expenses reimbursable to the Master Servicer pursuant to Section 3(n) and any
enforcement or judicial proceedings, including foreclosures, (iii) the
management and liquidation of any REO Property and (iv) compliance with the
obligations under Section 3(l).

         Servicing Default: A servicing default as described under Section
7(a) of this Agreement.

         Servicing Fee: As to each Mortgage Loan and any Distribution Date, an
amount equal to one month's interest at the applicable Servicing Fee Rate on
the Stated Principal Balance of such Mortgage Loan.

         Servicing Fee Rate: With respect to any Mortgage Loan, the per annum
rate set forth in the Mortgage Loan Schedule for such Mortgage Loan.

         Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and facsimile signature appear on a list of servicing officers furnished
to the Trustee by the Master Servicer on the Closing Date pursuant to this
Agreement, as such list may from time to time be amended.

         Subservicer: Any Person with whom the Master Servicer has entered
into a Subservicing Agreement as a Subservicer by the Master Servicer pursuant
to Section 3(b).

         Subservicing Agreement: The written contract between the Master
Servicer and any Subservicer relating to servicing and administration of
certain Mortgage Loans as provided in Section [ ] of the Master Servicing
Agreement.

         Subservicing Fee: With respect to any Mortgage Loan and any
Collection Period, the fee retained monthly by the Subservicer (or, in the
case of a nonsubserviced Mortgage Loan, by the Master Servicer) equal to the
product of (i) the Subservicing Fee Rate divided by 12 and (ii) the aggregate
Asset Balance of the Mortgage Loans as of the first day of such Collection
Period.

         Substitute Mortgage Loan: A Mortgage Loan substituted by the Seller
for a Deleted Mortgage Loan which must, on the date of such substitution, as
confirmed in a Request for Release, substantially in the form of Exhibit C,
(i) have a Stated Principal Balance, after deduction of the principal portion
of the Scheduled Payment due in the month of substitution, not in excess of,
and not more than 10% less than the Stated Principal Balance of the Deleted
Mortgage Loan; (ii) be accruing interest at a rate no lower than and not more
than 1% per annum higher than, that of the Deleted Mortgage Loan; (iii) have a
Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv)
have a remaining term to maturity no greater than (and not more than one year
less than that of) the Deleted Mortgage Loan; and (v) comply with each
representation and warranty set forth in Section 2(d) hereof.

         Substitution Adjustment Amount: The meaning ascribed to such term
pursuant to Section 2(d)(iv).

         Trust Agreement: The Trust Agreement, dated as of [ ], between the
Depositor and the Owner Trustee, as such Trust Agreement may be amended or
supplemented from time to time.

         Trustee: Shall mean [______________], and its successors and assigns
or any successor trustee appointed pursuant to the terms of the Indenture.

         Trustees: Shall mean the Trustee and the Owner Trustee.

         Trust Estate: Shall have the meaning ascribed to such term in the
Indenture.

         UCC: The Uniform Commercial Code, as amended from time to time, as in
effect in any specified jurisdiction.

         Withdrawal Date: The ____ day of each month, or if such day is not a
Business Day, the next preceding Business Day.

               2. Conveyance of Mortgage Loans; Representations and Warranties.

               (a)    Conveyance of Mortgage Loans; Retention of Obligation to
                      Fund Advances Under Credit Line Agreements.

         The Depositor, concurrently with the execution and delivery of this
Agreement, does hereby transfer, assign, set over and otherwise convey to the
Trust without recourse (subject to Sections 2(b)and 2(d) all of its right,
title and interest in and to (i) each Mortgage Loan, including its Asset
Balance (including all Additional Balances) and all collections in respect
thereof [received] [due] on or after the Cut-off Date [(excluding payments in
respect of accrued interest [due] [received] prior to the Cut-off Date [or due
in the month of ____________)]]; (ii) property that secured a Mortgage Loan
that is acquired by foreclosure or deed in lieu of foreclosure; (iii) the
Depositor's rights under the Loan Purchase Agreement; (iv) [the Depositor's
rights under the hazard insurance policies,] (v) the Collection Account
(excluding net earnings thereon); (vi) the Policy, (vii) the Payment Account
and (viii) all other assets included or to be included in the Trust for the
benefit of Securityholders; provided, however, neither the Trustee nor the
Trust assumes the obligation under any Credit Line Agreement that provides for
the funding of future advances to the Mortgagor thereunder, and neither the
Trust nor the Trustee shall be obligated or permitted to fund any such future
advances. Additional Balances shall be part of the related Asset Balance and
are hereby transferred to the Trust on the Closing Date pursuant to this
Section 2(a), and therefore part of the Trust property. In addition, on or
prior to the Closing Date, the Depositor shall cause the Credit Enhancer to
deliver the Policy to the Trustee for the benefit of the Securityholders. The
foregoing transfer, assignment, set-over and conveyance to the Trust shall be
made to the Trustee, on behalf of the Trust, and each reference in this
Agreement to such transfer, assignment, set-over and conveyance shall be
construed accordingly.

         The Depositor agrees to take or cause to be taken such actions and
execute such documents (including without limitation the filing of all
necessary continuation statements for the UCC-1 financing statements filed in
the State of __________ (which shall have been filed within 90 days of the
Closing Date) describing the Cut-off Date Asset Balances and Additional
Balances and naming the Depositor as debtor and the Trustee as secured party
and any amendments to UCC-1 financing statements required to reflect a change
in the name or corporate structure of the Depositor or the filing of any
additional UCC-1 financing statements due to the change in the principal
office of the Depositor (within 90 days of any event necessitating such
filing) as are necessary to perfect and protect the Securityholders' and
Credit Enhancer's interests in each Cut-off Date Asset Balance and Additional
Balances and the proceeds thereof (other than maintaining possession by the
Trustee of the Mortgage Loans and the Mortgage Files, which possession will,
subject to the terms hereof, be maintained by the Master Servicer as custodian
and bailee of the Trustee).

         In connection with such transfer and assignment by the Depositor, the
Master Servicer acknowledges that it is holding as custodian and bailee for
the Trustee the following documents or instruments (the "Related Documents")
with respect to each Mortgage Loan:

             (A) the original Mortgage Note endorsed in blank;

             (B) an original Assignment of Mortgage [in blank] in recordable
         form;

            [(C) the original recorded Mortgage or, if, in
         connection with any Mortgage Loan, the original recorded Mortgage
         with evidence of recording thereon cannot be delivered on or prior to
         the Closing Date because of a delay caused by the public recording
         office where such original Mortgage has been delivered for
         recordation or because such original Mortgage has been lost, the
         Seller, at the direction of the Depositor, shall deliver or cause to
         be delivered to the Custodian, as agent for the Trustee, a true and
         correct copy of such Mortgage, together with (i) in the case of a
         delay caused by the public recording office, an Officer's Certificate
         of the Depositor stating that such original Mortgage has been
         dispatched to the appropriate public recording official or (ii) in
         the case of an original Mortgage that has been lost, a certificate by
         the appropriate county recording office where such Mortgage is
         recorded;]

             (D) if applicable, the original intervening assignments, if any
         ("Intervening Assignments"), with evidence of recording thereon,
         showing a complete chain of title to the Mortgage from the originator
         to the Depositor or, if any such original Intervening Assignment has
         not been returned from the applicable recording office or has been
         lost, a true and correct copy thereof, together with (i) in the case
         of a delay caused by the public recording office, an Officer's
         Certificate of the Seller stating that such original Intervening
         Assignment has been dispatched to the appropriate public recording
         official for recordation or (ii) in the case of an original
         Intervening Assignment that has been lost, a certificate by the
         appropriate county recording office where such Mortgage is recorded;

             (E) either (1) for each Mortgage Loan with a Credit Limit in
         excess of $_________, a title policy or (2) for all other Mortgage
         Loans, either a title policy, a title search or guaranty of title
         with respect to the related Mortgaged Property;

             (F) the original of any guaranty executed in connection with the
         Mortgage Note;

             (G) the original of each assumption, modification, consolidation
         or substitution agreement, if any, relating to the Mortgage Loan; and

             (H) any security agreement, chattel mortgage or equivalent
         instrument executed in connection with the Mortgage;

provided, however, that as to any Mortgage Loan, if (a) as evidenced by an
Opinion of Counsel delivered to and in form and substance satisfactory to the
Trustee and the Credit Enhancer, (x) an optical image or other representation
of the related documents specified in clauses (i) through (viii) above are
enforceable in the relevant jurisdictions to the same extent as the original
of such document and (y) such optical image or other representation does not
impair the ability of an owner of such Mortgage Loan to transfer its interest
in such Mortgage Loan, and (b) the retention of such documents in such format
will not result in a reduction in the then current rating of the Notes or
Certificates, without regard to the Policy, such optical image or other
representation may be held by the Master Servicer, as custodian for the
Trustee or assignee in lieu of the physical documents specified above.

         The Seller hereby confirms to the Trustee that it has caused the
portions of its electronic ledgers relating to the Mortgage Loans to be
clearly and unambiguously marked, and has made the appropriate entries in its
general accounting records, to indicate that such Mortgage Loans have been
transferred to the Trust at the direction of the Depositor. The Master
Servicer hereby confirms to the Trustee that it has clearly and unambiguously
made appropriate entries in its general accounting records indicating that
such Mortgage Loans constitute part of the Trust and are serviced by it on
behalf of the Trust in accordance with the terms hereof.

         The parties hereto intend that the transaction set forth herein be a
sale by the Depositor to the Trust of all the Depositor's right, title and
interest in and to the Mortgage Loans and other property described above. In
the event the transaction set forth herein is deemed not to be a sale, the
Depositor hereby grants to the Trust a security interest in all of the
Depositor's right, title and interest in, to and under the Mortgage Loans
whether now existing or hereafter created, all monies due or to become due on
the Mortgage Loans and all proceeds of any thereof; and this Agreement shall
constitute a security agreement under applicable law.

         Except as hereinafter provided, the Master Servicer shall be entitled
to maintain possession of all of the foregoing documents and instruments and
shall not be required to deliver any of them to the Trustee or the Owner
Trustee. In the event, however, that possession of any of such documents or
instruments is required by any Person (including any such Trustee) acting as
successor servicer pursuant to Section 6(d) or 7(b) in order to carry out the
duties of Master Servicer hereunder, then such successor shall be entitled to
request delivery, at the expense of the Master Servicer, of such documents or
instruments by the Master Servicer and to retain such documents or instruments
for servicing purposes; provided that the Trustee or such servicers shall
maintain such documents at such offices as may be required by any regulatory
body having jurisdiction over such Mortgage Loans.

         The Master Servicer's right to maintain possession of the documents
enumerated above shall continue so long as the long term unsecured debt of
[IndyMac Bank, F.S.B.] is assigned ratings of at least "____" by
__________________ and "____" by _______________. At such time as the
condition specified in the preceding sentence is not satisfied, as promptly as
practicable but in no event more than __ days in the case of clause (i) below
and __ days in the case of clause (ii) below following the occurrence of such
event (a "Delivery Event"), the Master Servicer shall, at its expense, (i)
either (x) record an assignment of Mortgage in favor of the Trustee (which may
be a blanket assignment if permitted by applicable law) in the appropriate
real property or other records or (y) deliver to the Trustee the assignment of
such Mortgage in favor of the Trustee in form for recordation, together with
an Opinion of Counsel addressed to the Trustee and the Credit Enhancer to the
effect that recording is not required to protect the Trustee's right, title
and interest in and to the related Mortgage Loan or, in case a court should
recharacterize the sale of the Mortgage Loans as a financing, to perfect a
first priority security interest in favor of the Trustee in the related
Mortgage Loan, which Opinion of Counsel also shall be reasonably acceptable to
each of the Rating Agencies (as evidenced in writing) and the Credit Enhancer,
and (ii) unless an Opinion of Counsel, reasonably acceptable to the Trustee,
the Rating Agencies (as evidenced in writing) and the Credit Enhancer, is
delivered to the Trustee and the Credit Enhancer to the effect that delivery
of the Mortgage Files is not necessary to protect the Trustee's right, title
and interest in the related Mortgage Loans; provided that the lack of delivery
will not result in a reduction in the then current rating of the "Notes or
Certificates", without regard to the Policy, deliver the related Mortgage
Files to the Trustee or to a custodian located in the State of [California]
appointed by the Trustee and acceptable to the Rating Agencies and the Credit
Enhancer to be held by the Custodian on behalf of the Trustees in trust, upon
the terms herein set forth, for the use and benefit of all present and future
Securityholders and the Custodian on behalf of the Trustee shall retain
possession thereof except to the extent the Master Servicer requires any
Mortgage Files for normal servicing as contemplated by Section _____. The
Trustee is hereby appointed as the attorney-in-fact of the Master Servicer
with the power to prepare, execute and record Assignments of Mortgages in the
event that the Master Servicer fails to do so on a timely basis as provided in
this paragraph.

         Within 90 days following delivery, if any, of the Mortgage Files to
the Trustee pursuant to the preceding paragraph, the Trustee shall review each
such Mortgage File to ascertain that all required documents set forth in this
Section 2(a) have been executed and received, and that such documents relate
to the Mortgage Loans identified on the Mortgage Loan Schedule and in so doing
the Trustee may rely on the purported due execution and genuineness of any
signature thereon. If within such 90-day period the Trustee finds any document
constituting a part of a Mortgage File not to have been executed or received
or to be unrelated to the Mortgage Loans identified in said Mortgage Loan
Schedule or, if in the course of its review, the Trustee determines that such
Mortgage File is otherwise defective in any material respect, the Trustee
shall promptly upon the conclusion of its review notify the Issuer and the
Credit Enhancer, and the Seller shall have a period of 90 days after such
notice within which to correct or cure any such defect; provided that the
Seller shall not be obligated to correct or cure any such defect if such
defect constitutes fraud in the origination of the related Mortgage Loan and
the Seller did not, at the time of origination or on the Closing Date, have
actual knowledge of such fraud.

         The Trustee shall have no responsibility for reviewing any Mortgage
File except as expressly provided in this Section 2(a). In reviewing any
Mortgage File pursuant to this Section, the Trustee shall have no
responsibility for determining whether any document is valid and binding,
whether the text of any assignment or endorsement is in proper or recordable
form (except, if applicable, to determine if the Trustee is the assignee or
endorsee), whether any document has been recorded in accordance with the
requirements of any applicable jurisdiction, or whether a blanket assignment
is permitted in any applicable jurisdiction, whether any Person executing any
document is authorized to do so or whether any signature thereon is genuine,
but shall only be required to determine whether a document has been executed,
that it appears to be what it purports to be, and, where applicable, that it
purports to be recorded.

             (b)  Acceptance by Trustee; Retransfer of Mortgage Loans.

         The Trustee hereby acknowledges its receipt of the Policy and the
Mortgage Loans, and declares that the Trustee holds and will hold such
instrument, and to the extent that any documents are delivered to it pursuant
to Section 2(a), will hold such documents, and all amounts received by it
thereunder and hereunder, in trust, upon the terms herein set forth, for the
use and benefit of all present and future Securityholders and the Credit
Enhancer. If the time to cure any defect in respect of any Mortgage Loan of
which the Trustee has notified the Issuer and the Depositor following the
review pursuant to Section 2(a) has expired or if at any time any loss is
suffered by the Trustee on behalf of the Securityholders or the Credit
Enhancer, in respect of any Mortgage Loan as a result of (i) a defect in any
document constituting a part of its Mortgage File or (ii) an Assignment of
Mortgage to the Trustee not having been recorded as required by Section
2(a),then on the next succeeding Business Day upon satisfaction of the
applicable conditions described herein, all right, title and interest of the
Trust in and to such Mortgage Loan shall be deemed to be retransferred,
reassigned and otherwise reconveyed, without recourse, representation or
warranty, to the Depositor on such Business Day and the Asset Balance of such
Mortgage Loan shall be deducted from the Pool Balance; provided, however, that
interest accrued on the Asset Balance of such Mortgage Loan to [the end of the
related Collection Period] [the Due Date occurring in the calendar month
immediately following the calendar month in which such repurchase occurs]
shall be the property of the Trust; provided, further, that the Seller shall
not be obligated to make such retransfer and repurchase if such defect or
omission constitutes fraud in the origination of the related Mortgage Loan and
the Sponsor did not, at the time of such origination or on the Closing Date,
have actual knowledge of such fraud. Upon receipt of any Eligible Substitute
Mortgage Loan or then as promptly as practicable following such deemed
transfer, the Trustee shall execute such documents and instruments of transfer
presented by the Seller, in each case without recourse, representation or
warranty, and take such other actions as shall reasonably be requested by the
Seller to effect such transfer by the Trust of such Defective Mortgage Loan
pursuant to this Section.

         The Master Servicer, promptly following the transfer of a Defective
Mortgage Loan from or to the Trust pursuant to this Section, shall amend the
Mortgage Loan Schedule and make appropriate entries in its general account
records to reflect such transfer. The Master Servicer shall, following such
retransfer, appropriately mark its records to indicate that it is no longer
servicing such Mortgage Loan on behalf of the Trust. The Seller, promptly
following such transfer, shall appropriately mark its electronic ledger and
make appropriate entries in its general account records to reflect such
transfer.

         As to any Eligible Substitute Mortgage Loan or Loans, the Seller
shall, if a Delivery Event has occurred, deliver to the Trustee with respect
to such Eligible Substitute Mortgage Loan or Loans such documents and
agreements as are required to be held by the Trustee in accordance with
Section 2(a). For any Collection Period during which the Seller substitutes
one or more Eligible Substitute Mortgage Loans, the Master Servicer shall
determine the Substitution Adjustment Deposit Amount which amount shall be
deposited by the Seller in the Collection Account at the time of substitution.
All amounts received in respect of the Eligible Substitute Mortgage Loan or
Loans during the Collection Period in which the circumstances giving rise to
such substitution occur shall not be a part of the Issuer and shall not be
deposited by the Master Servicer in the Collection Account. All amounts
received by the Master Servicer during the Collection Period in which the
circumstances giving rise to such substitution occur in respect of any
Defective Mortgage Loan so removed by the Issuer shall be deposited by the
Master Servicer in the Collection Account. Upon such substitution, the
Eligible Substitute Mortgage Loan or Loans shall be subject to the terms of
this Agreement in all respects, and the Seller shall be deemed to have made
with respect to such Eligible Substitute Mortgage Loan or Loans, as of the
date of substitution, the covenants, representations and warranties set forth
in Section 2(d). The procedures applied by the Seller in selecting each
Eligible Substitute Mortgage Loan shall not be materially adverse to the
interests of the Trustees, the Securityholders and the Credit Enhancer.

             (c)    Documents, Records and Funds in Possession of Master
                    Servicer to be Held for Trustee.

             (i)    Notwithstanding any other provisions of this Agreement, the
Master Servicer shall transmit to the Trustee as required by this Agreement
all documents and instruments in respect of a Mortgage Loan coming into the
possession of the Master Servicer from time to time and shall account fully to
the Trustees for any funds received by the Master Servicer or which otherwise
are collected by the Master Servicer as Liquidation Proceeds or Insurance
Proceeds in respect of any Mortgage Loan. All Mortgage Files and funds
collected or held by, or under the control of, the Master Servicer in respect
of any Mortgage Loans, whether from the collection of principal and interest
payments or from Liquidation Proceeds, including but not limited to, any funds
on deposit in the Collection Account, shall be held by the Master Servicer for
and on behalf of the Trustees and shall be and remain the sole and exclusive
property of the Trustees, subject to the applicable provisions of this
Agreement. The Master Servicer also agrees that it shall not create, incur or
subject any Mortgage File or any funds that are deposited in the Collection
Account, Payment Account or any Escrow Account, or any funds that otherwise
are or may become due or payable to the Trustee for the benefit of the
Securityholders, to any claim, lien, security interest, judgment, levy, writ
of attachment or other encumbrance, or assert by legal action or otherwise any
claim or right of setoff against any Mortgage File or any funds collected on,
or in connection with, a Mortgage Loan, except, however, that the Master
Servicer shall be entitled to set off against and deduct from any such funds
any amounts that are properly due and payable to the Master Servicer under
this Agreement.

             (ii)   The Master Servicer hereby acknowledges that concurrently
with the execution of this Agreement, the Trustee has acquired and holds a
security interest in the Trustee Mortgage Files and in all Mortgage Loans
represented by such Mortgage Files and in all funds now or hereafter held by,
or under the control of, the Master Servicer that are collected by the Master
Servicer in connection with the Mortgage Loans, whether as Scheduled Payments,
as Principal Prepayments, or as Liquidation Proceeds or Insurance Proceeds,
and in all proceeds of the foregoing and proceeds of proceeds (but excluding
any Master Servicing Fees, Servicing Fees, Trustee Fees and any other amounts
or reimbursements to which the Master Servicer is entitled under this
Agreement). The Master Servicer agrees that so long as the Mortgage Loans are
assigned to the Trustee, all Master Servicer Mortgage Files and Trustee
Mortgage Files (and any documents or instruments constituting a part of such
files), and such funds which come into the possession or custody of, or which
are subject to the control of, the Master Servicer shall be held by the Master
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 Section 9-305 of the Uniform Commercial Code of the state in which
such property is located, or by other laws, as specified in Section _____ of
the Indenture. The Master Servicer hereby accepts such agency and acknowledges
that the Trustee, as secured party, will be deemed to have possession at all
times of all Mortgage Files and any other documents or instruments
constituting a part of such files, such funds and other items for purposes of
Section 9-305 of the Uniform Commercial Code of the state in which such
property is held by the Master Servicer.

             (d)  Representations, Warranties and Covenants of the Seller and
                  the Master Servicer.

             (i) [IndyMac Bank, F.S.B.], in its capacities as Seller
and Master Servicer, hereby makes the representations and warranties set forth
in Schedule II hereto, and by this reference incorporated herein, to the
Depositor and the Trustee, as of the Closing Date, or if so specified therein,
as of the Cut-off Date.

             (ii) The Seller, in its capacity as Seller, hereby makes the
representations and warranties set forth in Schedule III hereto, and by this
reference incorporated herein, to the Depositor and the Trustee, as of the
Closing Date, or if so specified therein, as of the Cut-off Date.

             (iii) Upon discovery by any of the parties hereto of a breach of
a representation or warranty made pursuant to Section 2(d)(ii) that materially
and adversely affects the interests of the Securityholders in the related
Mortgage Loan, the party discovering such breach shall give prompt notice
thereof to the other parties. The Seller hereby covenants that within 90 days
of the earlier of its discovery or its receipt of written notice from any
party of a breach of any representation or warranty made pursuant to Section
2(d)(ii) which materially and adversely affects the interests of the
Securityholders in any Mortgage Loan, it shall cure such breach in all
material respects, and if such breach is not so cured, shall, (i) if such
90-day period expires prior to the second anniversary of the Closing Date,
remove such Mortgage Loan (a "Deleted Mortgage Loan") from the Issuer and
substitute in its place a Substitute Mortgage Loan, in the manner and subject
to the conditions set forth in this Section; or (ii) repurchase the affected
Mortgage Loan or Mortgage Loans from the Trustee at the Purchase Price in the
manner set forth below; provided, however, that any such substitution pursuant
to (i) above shall not be effected prior to the delivery to the Trustees of
the Opinion of Counsel required by [Section ____ {delivery of opinion}]
hereof, if any, and any such substitution pursuant to (i) above shall not be
effected prior to the additional delivery to the Trustee of a Request for
Release substantially in the form of Exhibit D and the Mortgage File for any
such Substitute Mortgage Loan; provided, further, that, anything to the
contrary herein notwithstanding, Seller shall have no obligation to cure any
such breach or to repurchase or substitute for such affected Mortgage Loan if
the substance of such breach constitutes fraud in the origination of such
affected Mortgage Loan and the Seller, at the time of such origination and on
the Closing Date, did not have actual knowledge of such fraud. The Seller
shall promptly reimburse the Master Servicer and the Trustee for any expenses
reasonably incurred by the Master Servicer or any Trustee in respect of
enforcing the remedies for such breach.

         With respect to any Substitute Mortgage Loan or Loans, the Seller
shall deliver to the Trustee for the benefit of the Securityholders the
Mortgage Note, the Mortgage, the related assignment of the Mortgage, and such
other documents and agreements as are required by Section 2(a), with the
Mortgage Note endorsed and the Mortgage assigned as required by Section 2(a).
No substitution is permitted to be made in any calendar month after the
Determination Date for such month. Scheduled Payments due with respect to
Substitute Mortgage Loans in the month of substitution shall not be part of
the Issuer and will be retained by the Seller on the next succeeding
Distribution Date. For the month of substitution, distributions to
Securityholders will include the monthly payment due on any Deleted Mortgage
Loan for such month and thereafter the Seller shall be entitled to retain all
amounts received in respect of such Deleted Mortgage Loan. The Master Servicer
shall amend the Mortgage Loan Schedule for the benefit of the Securityholders
to reflect the removal of such Deleted Mortgage Loan and the substitution of
the Substitute Mortgage Loan or Loans and the Master Servicer shall deliver
the amended Mortgage Loan Schedule to the Trustees. Upon such substitution,
the Substitute Mortgage Loan or Loans shall be subject to the terms of this
Agreement in all respects, and the Seller shall be deemed to have made with
respect to such Substitute Mortgage Loan or Loans, as of the date of
substitution, the representations and warranties made pursuant to Section
2(d)(ii) with respect to such Mortgage Loan. Upon any such substitution and
the deposit to the Collection Account of the amount required to be deposited
therein in connection with such substitution as described in the following
paragraph, the Trustee shall release the Mortgage File held for the benefit of
the Securityholders relating to such Deleted Mortgage Loan to the Seller and
shall execute and deliver at the Seller's direction such instruments of
transfer or assignment prepared by the Seller, in each case without recourse,
as shall be necessary to vest title in the Seller, or its designee, the
Trustee's interest in any Deleted Mortgage Loan substituted for pursuant to
this Section 2(d).

         For any month in which the Seller substitutes one or more Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer
will determine the amount (if any) by which the aggregate principal balance of
all such Substitute Mortgage Loans as of the date of substitution is less than
the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(after application of the scheduled principal portion of the monthly payments
due in the month of substitution). The amount of such shortage (the
"Substitution Adjustment Amount") plus an amount equal to the aggregate of any
unreimbursed Advances with respect to such Deleted Mortgage Loans shall be
deposited in the Collection Account by the Seller on or before the Payment
Account Deposit Date for the Distribution Date in the month succeeding the
calendar month during which the related Mortgage Loan became required to be
purchased or replaced hereunder.

         In the event that the Seller shall have repurchased a Mortgage Loan,
the Purchase Price therefor shall be deposited in the Collection Account
pursuant to Section 3(h) on or before the Payment Account Deposit Date for the
Distribution Date in the month following the month during which the Seller
became obligated hereunder to repurchase or replace such Mortgage Loan and
upon such deposit of the Purchase Price, the delivery of the Opinion of
Counsel required by Section 2(d) and receipt of a Request for Release in the
form of Exhibit D hereto, the Trustee shall release the related Mortgage File
held for the benefit of the Securityholders to such Person, and the Trustee
shall execute and deliver at such Person's direction such instruments of
transfer or assignment prepared by such Person, in each case without recourse,
as shall be necessary to transfer title from the Trustee. It is understood and
agreed that the obligation under this Agreement of any Person to so cure,
repurchase or replace any Mortgage Loan as to which such a breach has occurred
and is continuing shall constitute the sole remedy against such Persons
respecting any breach available to Securityholders, the Depositor or the
Trustees on their behalf.

         The representations and warranties made pursuant to this Section 2(d)
shall survive delivery of the respective Mortgage Files to the Trustee for the
benefit of the Securityholders.

             (e) Covenants of the Master Servicer.

         The Master Servicer hereby covenants to the Depositor and the
Trustees as follows:

             (i) the Master Servicer shall comply in the performance of its
obligations under this Agreement with all reasonable rules and requirements of
the insurer under each Required Insurance Policy; and

             (ii) no written information, certificate of an officer, statement
furnished in writing or written report delivered to the Depositor, any
affiliate of the Depositor or any Trustee and prepared by the Master Servicer
pursuant to this Agreement will contain any untrue statement of a material
fact or omit to state a material fact necessary to make such information,
certificate, statement or report not misleading.

             (f) Covenants of the Depositor.

                 The Depositor hereby covenants that, except for the
              transfer under the Indenture, the Depositor will not sell,
              pledge, assign or transfer to any other Person, or grant,
              create, incur, assume or suffer to exist any Lien on any
              Mortgage Loan, whether now existing or hereafter created, or
              any interest therein; the Depositor will notify the Trustee
              of the existence of any Lien on any Mortgage Loan
              immediately upon discovery thereof; and the Depositor will
              defend the right, title and interest of the Trust in, to and
              under the Mortgage Loans, whether now existing or hereafter
              created, against all claims of third parties claiming
              through or under the Depositor; provided, however, that
              nothing in this Section 2(e) shall prevent or be deemed to
              prohibit the Depositor from suffering to exist upon any of
              the Mortgage Loans any Liens for municipal or other local
              taxes and other governmental charges if such taxes or
              governmental charges shall not at the time be due and
              payable or if the Depositor shall currently be contesting
              the validity thereof in good faith by appropriate
              proceedings and shall have set aside on its books adequate
              reserves with respect thereto.

             3. Administration and Servicing of Mortgage Loans.

         The parties agree that, subject to the provisions of Section 7
hereof, the Master Servicer shall service the Mortgage Loans in the manner and
on the terms and conditions set forth below:

             (a) Master Servicer to Service Mortgage Loans.

             (i) The Master Servicer shall service and administer the Mortgage
Loans in a manner consistent with the terms of this Agreement and with general
industry practice and shall have full power and authority, acting alone or
through a subservicer, to do any and all things in connection with such
servicing and administration which it may deem necessary or desirable, it
being understood, however, that the Master Servicer shall at all times remain
responsible to the Trustees, the Securityholders and the Credit Enhancer for
the performance of its duties and obligations hereunder in accordance with the
terms hereof. Any amounts received by any subservicer in respect of a Mortgage
Loan shall be deemed to have been received by the Master Servicer whether or
not actually received by it. Without limiting the generality of the foregoing,
the Master Servicer shall continue, and is hereby authorized and empowered by
the Trustee, to execute and deliver, on behalf of itself, the Securityholders
and 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, upon the written request of a
Servicing Officer, furnish the Master Servicer with any powers of attorney and
other documents necessary or appropriate to enable the Master Servicer to
carry out its servicing and administrative duties hereunder. The Master
Servicer in such capacity may also consent to the placing of a lien senior to
that of any Mortgage on the related Mortgaged Property, provided that

                                    (x) such Mortgage succeeded to a first
                  lien position after the related Mortgage Loan was conveyed
                  to the Trust and, immediately following the placement of
                  such senior lien, such Mortgage is in a second lien position
                  and the outstanding principal amount of the mortgage loan
                  secured by such subsequent senior lien is no greater than
                  the outstanding principal amount of the senior mortgage loan
                  secured by the Mortgaged Property as of the date the related
                  Mortgage Loan was originated; or

                                     (y) the Mortgage relating to such
                  Mortgage Loan was in a second lien position as of the
                  Cut-off Date and the new senior lien secures a mortgage loan
                  that refinances an existing first mortgage loan and the
                  outstanding principal amount of the replacement first
                  mortgage loan immediately following such refinancing is not
                  greater than the outstanding principal amount of such
                  existing first mortgage loan at the date of origination of
                  such Mortgage Loan;

provided, further, that such senior lien does not secure a note that provides
for negative amortization. Notwithstanding the foregoing, the Master Servicer
can consent to the placing of liens senior to that of a Mortgage on the
related Mortgaged Property which have a principal balance in excess of the
principal balance of the senior lien it replaces on Mortgage Loans having in
the aggregate Asset Balances not in excess of ___% of the Cut-off Date Pool
Balance; provided, however, that, with respect to Mortgage Loans which as of
the Cut-off Date had Combined Loan-to-Value Ratios in excess of ___%, the
aggregate Asset Balance of such Mortgage Loans with respect to which the
senior lien may be so modified shall not exceed _____% of the Cut-off Date
Pool Balance (such ___% and _____% herein referred to as the "Increased Senior
Lien Limitation"). Any such increase to the principal balance of the senior
lien shall not exceed the greater of $_______ and _____% of the principal
balance of the senior lien prior to such increase.

         The Master Servicer may also, without prior approval from the Rating
Agencies or the Credit Enhancer, increase the Credit Limits on Mortgage Loans
provided that (i) new appraisals are obtained and the Combined Loan-to-Value
Ratios of the Mortgage Loans after giving effect to such increase are less
than or equal to the Combined Loan-to-Value Ratios or the Mortgage Loans as of
the Cut-off Date and (ii) such increases are consistent with the Master
Servicer's underwriting policies. In addition, the Master Servicer may
increase the Credit Limits on Mortgage Loans having aggregate balances of up
to ____% of the aggregate Cut-off Date Pool Balance, without obtaining new
appraisals provided that (i) the increase in the Credit Limit does not cause
the Combined Loan-to-Value Ratios of the Mortgage Loans to exceed _____% and
(ii) the increase is consistent with the Master Servicer's underwriting
policies.

         Furthermore, the Master Servicer may, without prior approval from the
Rating Agencies and the Credit Enhancer solicit Mortgagors for a reduction in
Loan Rates; provided that the Master Servicer can only reduce such Loan Rates
on up to ____% of the Mortgage Loans by Cut-off Date Pool Balance. Any such
solicitations shall not result in a reduction in the weighted average Gross
Margin of the Mortgage Loans in the pool by more than ____ basis points taking
into account any such prior reductions.

         In addition, the Master Servicer may agree to changes in the terms of
a Mortgage Loan at the request of the Mortgagor provided that such changes (i)
do not materially and adversely affect the interests of Securityholders or the
Credit Enhancer and (ii) are consistent with prudent and customary business
practice as evidenced by a certificate signed by a Servicing Officer delivered
to the Trustee and the Credit Enhancer.

         In addition to the foregoing, the Master Servicer may solicit
Mortgagors to change any other terms of the related Mortgage Loans, provided
that such changes (i) do not materially and adversely affect the interest of
Securityholders or the Credit Enhancer and (ii) are consistent with prudent
and customary business practice as evidenced by a certificate signed by a
Servicing Officer delivered to the Trustee and the Credit Enhancer. Nothing
herein shall limit the right of the Master Servicer to solicit Mortgagors with
respect to new loans (including mortgage loans) that are not Mortgage Loans.

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

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

             (b) Subservicing; Enforcement of the Obligations of Servicers.

             (i) The Master Servicer may arrange for the subservicing of any
Mortgage Loan by a Subservicer pursuant to a subservicing agreement; provided,
however, that such subservicing arrangement and the terms of the related
subservicing agreement must provide for the servicing of such Mortgage Loans
in a manner consistent with the servicing arrangements contemplated hereunder.
Unless the context otherwise requires, references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing the Mortgage Loans
include actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. Notwithstanding the provisions of any subservicing agreement, any of
the provisions of this Agreement relating to agreements or arrangements
between the Master Servicer and a Subservicer or reference to actions taken
through a Subservicer or otherwise, the Master Servicer shall remain obligated
and liable to the Depositor, the Trustees and the Securityholders for the
servicing and administration of the Mortgage Loans in accordance with the
provisions of this Agreement without diminution of such obligation or
liability by virtue of such subservicing agreements or arrangements or by
virtue of indemnification from the Subservicer and to the same extent and
under the same terms and conditions as if the Master Servicer alone were
servicing and administering the Mortgage Loans. All actions of each
Subservicer performed pursuant to the related subservicing agreement shall be
performed as an agent of the Master Servicer with the same force and effect as
if performed directly by the Master Servicer.

             (ii) For purposes of this Agreement, the Master Servicer shall be
deemed to have received any collections, recoveries or payments with respect
to the Mortgage Loans that are received by a Subservicer regardless of whether
such payments are remitted by the Subservicer to the Master Servicer.

             (iii) As part of its servicing activities hereunder, the Master
Servicer, for the benefit of the Trustees and the Securityholders, shall use
its best reasonable efforts to enforce the obligations of each Subservicer
under the related Subservicing Agreement, to the extent that the
non-performance of any such obligation would have material and adverse effect
on a Mortgage Loan. Such enforcement, including, without limitation, the legal
prosecution of claims, termination of Subservicing Agreements and the pursuit
of other appropriate remedies, shall be in such form and carried out to such
an extent and at such time as the 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 only (i) from a general recovery resulting
from such enforcement to the extent, if any, that such recovery exceeds all
amounts due in respect of the related Mortgage Loan or (ii) from a specific
recovery of costs, expenses or attorneys fees against the party against whom
such enforcement is directed.

             (c) Successor Servicers.

         The Master Servicer shall be entitled to terminate any Subservicing
Agreement that may exist in accordance with the terms and conditions of such
Subservicing Agreement and without any limitation by virtue of this Agreement;
provided, however, that in the event of termination of any Subservicing
Agreement by the Master Servicer or the Subservicer, the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a
Subservicing Agreement with a successor Subservicer which will be bound by the
terms of the related Subservicing Agreement. If the Master Subservicer or any
affiliate of the Master Servicer acts as Subservicer, it will not assume
liability for the representations and warranties of the Subservicer which it
replaces. If the Master Subservicer enters into a Subservicing Agreement with
a successor Subservicer, the Master Servicer shall use reasonable efforts to
have the successor Subservicer assume liability for the representations and
warranties made by the terminated Subservicer in respect of the related
Mortgage Loans and, in the event of any such assumption by the successor
Subservicer, the Master Servicer may, in the exercise of its business
judgment, release the terminated Servicer from liability for such
representations and warranties.

             (d) Liability of the Master Servicer.

         Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Master
Servicer or a Subservicer or references to actions taken through a Subservicer
or otherwise, the Master Servicer shall remain obligated and liable to the
Trustees and Securityholders for the servicing and administering of the
Pledged Mortgages in accordance with the provisions of Section 3(a) without
diminution of such obligation or liability by virtue of such Subservicing
Agreements or arrangements or by virtue of indemnification from the
Subservicer and to the same extent and under the same terms and conditions as
if the Master Servicer alone were servicing and administering the Pledged
Mortgages. The Master Servicer shall be entitled to enter into any agreement
with a Subservicer for indemnification of the Master Servicer and nothing
contained in this Agreement shall be deemed to limit or modify such
indemnification.

             (e) No Contractual Relationship Between Subservicers and the
                 Trustees.

         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
the Subservicer and the Master Servicer alone and the Trustees and
Securityholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3(g).

             (f) Rights of the Depositor and the Trustees in Respect of the
                 Master Servicer.

         The Depositor may, but is not obligated to, enforce the obligations
of the Master Servicer hereunder and may, but is not obligated to, perform, or
cause a designee to perform, any defaulted obligation of the Master Servicer
hereunder and in connection with any such defaulted obligation to exercise the
related rights of the Master Servicer hereunder; provided that the Master
Servicer shall not be relieved of any of its obligations hereunder by virtue
of such performance by the Depositor or its designee. Neither the Trustees nor
the Depositor shall have any responsibility or liability for any action or
failure to act by the Master Servicer nor shall the Trustees or the Depositor
be obligated to supervise the performance of the Master Servicer hereunder or
otherwise.

             (g) Trustee to Act as Master Servicer.

         In the event that the Master Servicer shall for any reason no longer
be the Master Servicer hereunder (including by reason of an Event of Default),
the Trustee or its successor shall thereupon assume all of the rights and
obligations of the Master Servicer hereunder arising thereafter (except that
the Trustee shall not be (i) liable for losses of the Master Servicer pursuant
to Section 3(l) hereof or any acts or omissions of the predecessor Master
Servicer hereunder), (ii) obligated to make Advances if it is prohibited from
doing so by applicable law, (iii) obligated to effectuate repurchases or
substitutions of Mortgage Loans hereunder including, but not limited to,
repurchases or substitutions of Mortgage Loans pursuant to Section 2(c)(ii) or
2(d) hereof, (iv) responsible for expenses of the Master Servicer pursuant to
Section 2(d) or (v) deemed to have made any representations and warranties of
the Master Servicer hereunder). Any such assumption shall be subject to
Section 7(b) hereof. If the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of any Event of Default), the Trustee
or its successor shall succeed to any rights and obligations of the Master
Servicer under each subservicing agreement.

         The Master Servicer shall, upon request of the Trustee, but at the
expense of the Master Servicer, deliver to the assuming party all documents
and records relating to each subservicing agreement or substitute subservicing
agreement and the Mortgage Loans then being serviced thereunder and an
accounting of amounts collected or held by it and otherwise use its best
efforts to effect the orderly and efficient transfer of the substitute
subservicing agreement to the assuming party.

             (h) Collection of Mortgage Loan Payments; Collection Accounts;
                 Payment Account.

             (i) The Master Servicer shall make reasonable efforts in
accordance with the customary and usual standards of practice of prudent
mortgage servicers to collect all payments called for under the terms and
provisions of the Mortgage Loans to the extent such procedures shall be
consistent with this Agreement and the terms and provisions of any related
Required Insurance Policy. Consistent with the foregoing, the Master Servicer
may 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 180 days; provided, however, that the Master Servicer
cannot extend the maturity of any such Mortgage Loan 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 such arrangement, the Master Servicer shall
make Advances on the related Mortgage Loan in accordance with the provisions
of Section 4 during the scheduled period in accordance with the amortization
schedule of such Mortgage Loan without modification thereof by reason of such
arrangements. The Master Servicer shall not be required to institute or join
in litigation with respect to collection of any payment (whether under a
Mortgage, Mortgage Note or otherwise or against any public or governmental
authority with respect to a taking or condemnation) if it reasonably believes
that enforcing the provision of the Mortgage or other instrument pursuant to
which such payment is required is prohibited by applicable law.

             (ii) The Master Servicer shall establish and maintain a
Collection Account into which the Master Servicer shall deposit or cause to be
deposited on a daily basis within one Business Day of receipt, except as
otherwise specifically provided herein, the following payments and collections
remitted by Subservicers or received by it in respect of Mortgage Loans
subsequent to the Cut-off Date (other than in respect of principal and
interest due on the Mortgage Loans on or before the Cut-off Date) and the
following amounts required to be deposited hereunder:

                  (A) of principal on the Mortgage Loans;

                  (B) of interest on the Mortgage Loans, net of the related
         Master Servicing Fee;

                  (C) Liquidation Proceeds, other than proceeds to be
         applied to the restoration or repair of the Mortgaged Property or
         released to the Mortgagor in accordance with the Master Servicer's
         normal servicing procedures;

                  (D) be deposited by the Master Servicer pursuant to
         Section 3(h)(v) in connection with any losses on Permitted
         Investments;

                  (E) be deposited by the Master Servicer pursuant to
         Section 3(l)(ii), 3(l)(iv), and in respect of net monthly rental
         income from REO Property pursuant to Section 3(n) hereof;

                  (F) all Substitution Adjustment Amounts;

                  (G) the Master Servicer pursuant to Section 4; and

                  (H) to be deposited hereunder.

         The foregoing requirements for remittance by the Master Servicer
shall be exclusive, it being understood and agreed that, without limiting the
generality of the foregoing, payments in the nature of prepayment penalties,
late payment charges or assumption fees, if collected, need not be remitted by
the Master Servicer. In the event that the Master Servicer shall remit any
amount not required to be remitted, it may at any time withdraw or direct the
institution maintaining the Collection Account to withdraw such amount from
the Collection Account, any provision herein to the contrary notwithstanding.
Such withdrawal or direction may be accomplished by delivering written notice
thereof to the Trustee or such other institution maintaining the Collection
Account which describes the amounts deposited in error in the Collection
Account. The Master Servicer shall maintain adequate records with respect to
all withdrawals made pursuant to this Section. All funds deposited in the
Collection Account shall be held in trust for the Securityholders until
withdrawn in accordance with Section 3(k).

             (iii) The Trustee shall establish and maintain, on behalf of the
Securityholders, the Payment Account. The Trustee shall, promptly upon
receipt, deposit in the Payment Account and retain therein the following:

                   (A) by the Master Servicer to the Trustee pursuant to
         Section 3(k)(i)(I);

                   (B) the Master Servicer pursuant to Section 3(h)(iv) in
         connection with any losses on Permitted Investments; and

                   (C) hereunder which are required to be deposited in
         the Payment Account.

         In the event that the Master Servicer shall remit any amount not
required to be remitted, it may at any time direct the Trustee to withdraw
such amount from the Payment Account, any provision herein to the contrary
notwithstanding. Such direction may be accomplished by delivering an Officer's
Certificate to the Trustee which describes the amounts deposited in error in
the Payment Account. All funds deposited in the Payment Account shall be held
by the Trustee in trust for the Securityholders until disbursed in accordance
with this Agreement or withdrawn in accordance with Section 3(k). In no event
shall the Trustee incur liability for withdrawals from the Payment Account at
the direction of the Master Servicer.

             (iv) Each institution at which the Collection Account or the
Payment Account is maintained shall invest the funds therein as directed in
writing by the Master Servicer in Permitted Investments, which shall mature
not later than (i) in the case of the Collection Account, the second Business
Day next preceding the related Payment Account Deposit Date (except that if
such Permitted Investment is an obligation of the institution that maintains
such account, then such Permitted Investment shall mature not later than the
Business Day next preceding such Payment Account Deposit Date) and (ii) in the
case of the Payment Account, the Business Day next preceding the Distribution
Date (except that if such Permitted Investment is an obligation of the
institution that maintains such fund or account, then such Permitted
Investment shall mature not later than such Distribution Date) and, in each
case, shall not be sold or disposed of prior to its maturity. All such
Permitted Investments shall be made in the name of the Trustee, for the
benefit of the Securityholders. All income and gain net of any losses realized
from any such investment of funds on deposit in the Collection Account or the
Payment Account shall be for the benefit of the Master Servicer as servicing
compensation and shall be remitted to it monthly as provided herein. The
amount of any realized losses in the Collection Account or the Payment Account
incurred in any such account in respect of any such investments shall promptly
be deposited by the Master Servicer in the Collection Account or paid to the
Trustee for deposit into the Payment Account, as applicable. The Trustee in
its fiduciary capacity shall not be liable for the amount of any loss incurred
in respect of any investment or lack of investment of funds held in the
Collection Account or the Payment Account and made in accordance with this
Section 3(h).

             (v) The Master Servicer shall give notice to the Trustee, the
Seller, each Rating Agency and the Depositor of any proposed change of the
location of the Collection Account prior to any change thereof. The Trustee
shall give notice to the Master Servicer, the Seller, each Rating Agency and
the Depositor of any proposed change of the location of the Payment Account
prior to any change thereof.

             (i) Collection of Taxes, Assessments and Similar Items; Escrow
                 Accounts.

             (i) To the extent required by the related Mortgage Note and not
violative of current law, the Master Servicer shall establish and maintain one
or more accounts (each, an "Escrow Account") and deposit and retain therein
all collections from the Mortgagors (or advances by the Master Servicer) for
the payment of taxes, assessments, hazard insurance premiums or comparable
items for the account of the Mortgagors. Nothing herein shall require the
Master Servicer to compel a Mortgagor to establish an Escrow Account in
violation of applicable law.

             (ii) Withdrawals of amounts so collected from the Escrow Accounts
may be made only to effect timely payment of taxes, assessments, hazard
insurance premiums, condominium or PUD association dues, or comparable items,
to reimburse the Master Servicer out of related collections for any payments
made pursuant to Sections 3(a) hereof (with respect to taxes and assessments
and insurance premiums) and 3(l) hereof (with respect to hazard insurance), to
refund to any Mortgagors any sums determined to be overages, to pay interest,
if required by law or the terms of the related Mortgage or Mortgage Note, to
Mortgagors on balances in the Escrow Account or to clear and terminate the
Escrow Account at the termination of this Agreement in accordance with Section
8(a) hereof. The Escrow Accounts shall not be a part of the Issuer.

             (iii) The Master Servicer shall advance any payments referred to
in Section 3(i)(i) that are not timely paid by the Mortgagors on the date when
the tax, premium or other cost for which such payment is intended is due, but
the Master Servicer shall be required so to advance only to the extent that
such advances, in the good faith judgment of the Master Servicer, will be
recoverable by the Master Servicer out of Insurance Proceeds, Liquidation
Proceeds or otherwise.

             (j) Access to Certain Documentation and Information Regarding the
                 Mortgage Loans.

         The Master Servicer shall afford the Depositor and the Trustee
reasonable access to all records and documentation regarding the Mortgage
Loans and all accounts, insurance information and other matters relating to
this Agreement, such access being afforded without charge, but only upon
reasonable request and during normal business hours at the office designated
by the Master Servicer.

         Upon reasonable advance notice in writing, the Master Servicer will
provide to each Securityholder which is a savings and loan association, bank
or insurance company certain reports and reasonable access to information and
documentation regarding the Mortgage Loans sufficient to permit such
Securityholder to comply with applicable regulations of the OTS or other
regulatory authorities with respect to investment in the Certificates;
provided that the Master Servicer shall be entitled to be reimbursed by each
such Securityholder for actual expenses incurred by the Master Servicer in
providing such reports and access.

             (k) Permitted Withdrawals from the Note Account.

             (i) The Master Servicer may from time to time make withdrawals
from the Collection Account for the following purposes:

                 (A) Master Servicer (to the extent not previously
         retained by the Master Servicer) the servicing compensation to which
         it is entitled pursuant to Section 5, and to pay to the Master
         Servicer, as additional servicing compensation, earnings on or
         investment income with respect to funds in or credited to the
         Collection Account;

                 (B) Servicer for unreimbursed Advances made by it,
         such right of reimbursement pursuant to this subclause (ii) being
         limited to amounts received on the Mortgage Loan(s) in respect of
         which any such Advance was made;

                 (C) Servicer for any Nonrecoverable Advance previously made;

                 (D) Servicer for Insured Expenses from the related Insurance
         Proceeds;

                 (E) Servicer for (a) unreimbursed Servicing
         Advances, the Master Servicer's right to reimbursement pursuant to
         this clause (a) with respect to any Mortgage Loan being limited to
         amounts received on such Mortgage Loan(s) which represent late
         recoveries of the payments for which such advances were made pursuant
         to Section 3(a) or Section 3(i) and (b) for unpaid Master Servicing
         Fees as provided in Section 3(n) hereof;

                 (F) purchaser, with respect to each Mortgage Loan
         or property acquired in respect thereof that has been purchased
         pursuant to Section 2(c)(ii), 2(d) or 3(n), all amounts received
         thereon after the date of such purchase;

                 (G) the Master Servicer or the Depositor for
         expenses incurred by any of them and reimbursable pursuant to Section
         6(c) hereof;

                 (H) deposited in the Collection Account and not required to
         be deposited therein;

                 (I) the Payment Account Deposit Date, to withdraw
         an amount equal to the related Available Funds and the Trustees Fees
         for such Distribution Date and remit such amount to the Trustee for
         deposit in the Payment Account; and

                 (J) the Collection Account upon termination of this
         Agreement pursuant to Section 8 (a) hereof.

         The Master Servicer shall keep and maintain separate accounting, on a
Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Collection Account pursuant to such subclauses (i), (ii),
(iv), (v) and (vi). Prior to making any withdrawal from the Collection Account
pursuant to subclause (iii), the Master Servicer shall deliver to the Trustee
an Officer's Certificate of a Servicing Officer indicating the amount of any
previous Advance determined by the Master Servicer to be a Nonrecoverable
Advance and identifying the related Mortgage Loans(s), and their respective
portions of such Nonrecoverable Advance.

             (ii) The Trustee shall withdraw funds from the Payment Account
for distributions to Securityholders in the manner specified in this Agreement
(and to withhold from the amounts so withdrawn, the amount of any taxes that
it is authorized to withhold pursuant to the last paragraph of [Section
8.11/trustee]). In addition, the Trustee may from time to time make
withdrawals from the Payment Account for the following purposes:

                 (A) the Trustee Fee for the related Distribution Date;

                 (B) Master Servicer as additional servicing
         compensation earnings on or investment income with respect to funds
         in the Payment Account;

                 (C) to the Master Servicer any amount deposited in the
         Payment Account and not required to be deposited therein; and

                 (D) the Payment Account upon termination of the Agreement
         pursuant to 8(a) hereof.

             (l)   Maintenance of Hazard Insurance; Maintenance of
                   Primary Insurance Policies.

             (i) The Master Servicer shall cause to be maintained, for each
Mortgage Loan, hazard insurance with extended coverage in an amount that is at
least equal to the lesser of (i) the maximum insurable value of the
improvements securing such Mortgage Loan or (ii) the greater of (y) the
outstanding principal balance of the Mortgage Loan and (z) an amount such that
the proceeds of such policy shall be sufficient to prevent the Mortgagor
and/or the mortgagee from becoming a co-insurer. Each such policy of standard
hazard insurance shall contain, or have an accompanying endorsement that
contains, a standard mortgagee clause. Any amounts collected by the Master
Servicer under any such policies (other than the amounts to be applied to the
restoration or repair of the related Mortgaged Property or amounts released to
the Mortgagor in accordance with the Master Servicer's normal servicing
procedures) shall be deposited in the Collection Account. Any cost incurred by
the Master Servicer in maintaining any such insurance shall not, for the
purpose of calculating monthly distributions to the Securityholders or
remittances to the Trustee for their benefit, be added to the principal
balance of the Mortgage Loan, notwithstanding that the terms of the Mortgage
Loan so permit. Such costs shall be recoverable by the Master Servicer out of
late payments by the related Mortgagor or out of Liquidation Proceeds to the
extent permitted by Section 3(k) hereof. It is understood and agreed that no
earthquake or other additional insurance is to be required of any Mortgagor or
maintained on property acquired in respect of a Mortgage other than pursuant
to such applicable laws and regulations as shall at any time be in force and
as shall require such additional insurance. If the Mortgaged Property is
located at the time of origination of the Mortgage Loan in a federally
designated special flood hazard area and such area is participating in the
national flood insurance program, the Master Servicer shall cause flood
insurance to be maintained with respect to such Mortgage Loan. Such flood
insurance shall be in an amount equal to the least of (i) the original
principal balance of the related Mortgage Loan, (ii) the replacement value of
the improvements which are part of such Mortgaged Property, and (iii) the
maximum amount of such insurance available for the related Mortgaged Property
under the national flood insurance program.

             (ii) In the event that the Master Servicer shall obtain and
maintain a blanket policy insuring against hazard losses on all of the
Mortgage Loans, it shall conclusively be deemed to have satisfied its
obligations as set forth in the first sentence of this Section, it being
understood and agreed that such policy may contain a deductible clause on
terms substantially equivalent to those commercially available and maintained
by comparable servicers. If such policy contains a deductible clause, the
Master Servicer shall, in the event that there shall not have been maintained
on the related Mortgaged Property a policy complying with the first sentence
of this Section, and there shall have been a loss that would have been covered
by such policy, deposit in the Collection Account the amount not otherwise
payable under the blanket policy because of such deductible clause. In
connection with its activities as Master Servicer of the Mortgage Loans, the
Master Servicer agrees to present, on behalf of itself, the Depositor, and the
Trustee for the benefit of the Securityholders, claims under any such blanket
policy.

             (iii) The Master Servicer shall not take any action which would
result in non-coverage under any applicable Primary Insurance Policy of any
loss which, but for the actions of the Master Servicer, would have been
covered thereunder. The Master Servicer shall not cancel or refuse to renew
any such Primary Insurance Policy that is in effect at the date of the initial
issuance of the Notes and the Certificates and is required to be kept in force
hereunder unless the replacement Primary Insurance Policy for such canceled or
non-renewed policy is maintained with a Qualified Insurer. The Master Servicer
shall not be required to maintain any Primary Insurance Policy with respect to
any Mortgage Loan with a Loan-to-Value Ratio less than or equal to 80% as of
any date of determination or, based on a new appraisal, the principal balance
of such Mortgage Loan represents 80% or less of the new appraised value. The
Master Servicer agrees to effect the timely payment of the premiums on each
Primary Insurance Policy, and such costs not otherwise recoverable shall be
recoverable by the Master Servicer from the related liquidation proceeds.

             (iv) In connection with its activities as Master Servicer of the
Mortgage Loans, the Master Servicer agrees to present on behalf of itself, the
Trustee and Securityholders, claims to the insurer under any Primary Insurance
Policies and, in this regard, to take such reasonable action as shall be
necessary to permit recovery under any Primary Insurance Policies respecting
defaulted Mortgage Loans. Any amounts collected by the Master Servicer under
any Primary Insurance Policies shall be deposited in the Collection Account.

             (m)  Enforcement of Due-On-Sale Clauses; Assumption Agreements.

             (i) Except as otherwise provided in this Section, when any
property subject to a Mortgage has been conveyed by the Mortgagor, the Master
Servicer shall to the extent that it has knowledge of such conveyance, enforce
any due-on-sale clause contained in any Mortgage Note or Mortgage, to the
extent permitted under applicable law and governmental regulations, but only
to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing,
the Master Servicer is not required to exercise such rights with respect to a
Mortgage Loan if the Person to whom the related Mortgaged Property has been
conveyed or is proposed to be conveyed satisfies the terms and conditions
contained in the Mortgage Note and Mortgage related thereto and the consent of
the mortgagee under such Mortgage Note or Mortgage is not otherwise so
required under such Mortgage Note or Mortgage as a condition to such transfer.
In the event that the Master Servicer is prohibited by law from enforcing any
such due-on-sale clause, or if coverage under any Required Insurance Policy
would be adversely affected, or if nonenforcement is otherwise permitted
hereunder, the Master Servicer is authorized, subject to Section 3(m)(ii), to
take or enter into an assumption and modification agreement from or with the
person to whom such property has been or is about to be conveyed, pursuant to
which such person becomes liable under the Mortgage Note and, unless
prohibited by applicable state law, the Mortgagor remains liable thereon,
provided that the Mortgage Loan shall continue to be covered (if-so covered
before the Master Servicer enters such agreement) by the applicable Required
Insurance Policies. The Master Servicer, subject to Section 3(m)(ii), is also
authorized with the prior approval of the insurers under any Required
Insurance Policies to enter into a substitution of liability agreement with
such Person, pursuant to which the original Mortgagor is released from
liability and such Person is substituted as Mortgagor and becomes liable under
the Mortgage Note. Notwithstanding the foregoing, the Master Servicer shall
not be deemed to be in default under this Section by reason of any transfer or
assumption which the Master Servicer reasonably believes it is restricted by
law from preventing, for any reason whatsoever.

             (ii) Subject to the Master Servicer's duty to enforce any
due-on-sale clause to the extent set forth in Section 3(m)(i) hereof, in any
case in which a Mortgaged Property has been conveyed to a Person by a
Mortgagor, and such Person is to enter into an assumption agreement or
modification agreement or supplement to the Mortgage Note or Mortgage that
requires the signature of the Trustee, or if an instrument of release signed
by the Trustee is required releasing the Mortgagor from liability on the
Mortgage Loan, the Master Servicer shall prepare and deliver or cause to be
prepared and delivered to the Trustee for signature and shall direct, in
writing, the Trustee to execute the assumption agreement with the Person to
whom the Mortgaged Property is to be conveyed and such modification agreement
or supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or
Mortgage or otherwise to comply with any applicable laws regarding assumptions
or the transfer of the Mortgaged Property to such Person. In connection with
any such assumption, no material term of the Mortgage Note may be changed. In
addition, the substitute Mortgagor and the Mortgaged Property must be
acceptable to the Master Servicer in accordance with its underwriting
standards as then in effect. Together with each such substitution, assumption
or other agreement or instrument delivered to the Trustee for execution by it,
the Master Servicer shall deliver an Officer's Certificate signed by a
Servicing Officer stating that the requirements of this subsection have been
met in connection therewith. The Master Servicer shall notify the Trustee that
any such substitution or assumption agreement has been completed by forwarding
to the Trustee the original of such substitution or assumption agreement,
which in the case of the original shall be added to the related Mortgage File
and shall, for all purposes, be considered a part of such Mortgage File to the
same extent as all other documents and instruments constituting a part
thereof. Any fee collected by the Master Servicer for entering into an
assumption or substitution of liability agreement will be retained by the
Master Servicer as additional servicing compensation.

             (n) Realization Upon Defaulted Mortgage Loans; Repurchase of
                 Certain Mortgage Loans.

         The Master Servicer shall use reasonable efforts to foreclose upon or
otherwise comparably convert the ownership of 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.
In connection with such foreclosure or other conversion, the Master Servicer
shall follow such practices and procedures as it shall deem necessary or
advisable and as shall be normal and usual in its general mortgage servicing
activities and meet the requirements of the insurer under any Required
Insurance Policy; provided, however, that the Master Servicer shall not be
required to expend its own funds in connection with any foreclosure 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 after reimbursement to itself of such expenses and (ii) that
such expenses will be recoverable to it through Liquidation Proceeds
(respecting which it shall have priority for purposes of withdrawals from the
Collection Account). The Master Servicer shall be responsible for all other
costs and expenses incurred by it in any such proceedings; provided, however,
that it shall be entitled to reimbursement thereof from the liquidation
proceeds with respect to the related Mortgaged Property, as provided in the
definition of Liquidation Proceeds. If the Master Servicer has knowledge that
a Mortgaged Property which the Master Servicer is contemplating acquiring in
foreclosure or by deed in lieu of foreclosure is located within a one mile
radius of any site listed in the Expenditure Plan for the Hazardous Substance
Clean Up Bond Act of 1984 or other site with environmental or hazardous waste
risks known to the Master Servicer, the Master Servicer will, prior to
acquiring the Mortgaged Property, consider such risks and only take action in
accordance with its established environmental review procedures.

         With respect to any REO Property, the deed or certificate of sale
shall be taken in the name of the Trustee for the benefit of the
Securityholders, or its nominee, on behalf of the Securityholders. The
Trustee's name shall be placed on the title to such REO Property solely as the
Trustee under the Indenture and not in its individual capacity. The Master
Servicer shall ensure that the title to such REO Property references the
Indenture and the Trustee's capacity thereunder. Pursuant to its efforts to
sell such REO Property, the Master Servicer shall either itself or through an
agent selected by the Master Servicer protect and conserve such REO Property
in the same manner and to such extent as is customary in the locality where
such REO Property is located and may, incident to its conservation and
protection of the interests of the Securityholders, rent the same, or any part
thereof, as the Master Servicer deems to be in the best interest of the
Securityholders for the period prior to the sale of such REO Property. The
Master Servicer shall prepare for and deliver to the Trustee a statement with
respect to each REO Property that has been rented showing the aggregate rental
income received and all expenses incurred in connection with the management
and maintenance of such REO Property at such times as is necessary to enable
the Trustee to comply with the reporting requirements of the REMIC Provisions.
The net monthly rental income, if any, from such REO Property shall be
deposited in the Collection Account no later than the close of business on
each Determination Date. [The Master Servicer shall perform the tax reporting
and withholding required by Sections 1445 and 6050J of the Code with respect
to foreclosures and abandonments, the tax reporting required by Section 6050H
of the Code with respect to the receipt of mortgage interest from individuals
and any tax reporting required by Section 6050P of the Code with respect to
the cancellation of indebtedness by certain financial entities, by preparing
such tax and information returns as may be required, in the form required, and
delivering the same to the Trustee for filing.]

         In the event that the Issuer acquires any Mortgaged Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Master Servicer shall dispose of such Mortgaged Property
prior to two years after its acquisition by the Issuer unless the Trustee
shall have been supplied with an Opinion of Counsel to the effect that the
holding by the Issuer of such Mortgaged Property subsequent to such two-year
period will not result in the imposition of taxes on "prohibited transactions"
of the REMIC defined in Section 860F of the Code or cause the REMIC to fail to
qualify as a REMIC at any time that any Notes or Certificates are outstanding,
in which case the Issuer may continue to hold such Mortgaged Property (subject
to any conditions contained in such Opinion of Counsel). Notwithstanding any
other provision of this Agreement, no Mortgaged Property acquired by the
Issuer shall be rented (or allowed to continue to be rented) or otherwise used
for the production of income by or on behalf of the Issuer in such a manner or
pursuant to any terms that would (i) cause such Mortgaged Property to fail to
qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code or (ii) subject the REMIC to the imposition of any federal, state or
local income taxes on the income earned from such Mortgaged Property under
Section 860G(c) of the Code or otherwise, unless the Master Servicer has
agreed to indemnify and hold harmless the Issuer with respect to the
imposition of any such taxes.

         The decision of the Master Servicer to foreclose on a defaulted
Mortgage Loan shall be subject to a determination by the Master Servicer that
the proceeds of such foreclosure would exceed the costs and expenses of
bringing such a proceeding. The income earned from the management of any REO
Properties, net of reimbursement to the Master Servicer for expenses incurred
(including any property or other taxes) in connection with such management and
net of unreimbursed Master Servicing Fees, Advances and Servicing Advances,
shall be applied to the payment of principal of and interest on the related
defaulted Mortgage Loans (with interest accruing as though such Mortgage Loans
were still current) and all such income shall be deemed, for all purposes in
this Agreement, to be payments on account of principal and interest on the
related Mortgage Notes and shall be deposited into the Collection Account. To
the extent the net income received during any calendar month is in excess of
the amount attributable to amortizing principal and accrued interest at the
related Mortgage Rate on the related Mortgage Loan for such calendar month,
such excess shall be considered to be a partial prepayment of principal of the
related Mortgage Loan.

         The proceeds from any liquidation of a Mortgage Loan, as well as any
income from an REO Property, will be applied in the following order of
priority: first, to reimburse the Master Servicer for any related unreimbursed
Servicing Advances and Master Servicing Fees; second, to reimburse the Master
Servicer for any unreimbursed Advances; third, to reimburse the Collection
Account for any Nonrecoverable Advances (or portions thereof) that were
previously withdrawn by the Master Servicer pursuant to Section 3(k)(i)(C)
that related to such Mortgage Loan; fourth, to accrued and unpaid interest (to
the extent no Advance has been made for such amount or any such Advance has
been reimbursed) on the Mortgage Loan or related REO Property, at the Adjusted
Net Mortgage Rate to the Due Date occurring in the month in which such amounts
are required to be distributed; and fifth, as a recovery of principal of the
Mortgage Loan. Excess Proceeds, if any, from the liquidation of a Liquidated
Mortgage Loan will be retained by the Master Servicer as additional servicing
compensation pursuant to Section 5.

         The Master Servicer, in its sole discretion, shall have the right to
purchase for its own account from the Issuer any Mortgage Loan which is 91
days or more delinquent at a price equal to the Purchase Price. The Purchase
Price for any Mortgage Loan purchased hereunder shall be deposited in the
Collection Account and the Trustee, upon receipt of a certificate from the
Master Servicer in the form of Exhibit D hereto, shall release or cause to be
released to the purchaser of such Mortgage Loan the related Mortgage File and
shall execute and deliver such instruments of transfer or assignment prepared
by the purchaser of such Mortgage Loan, in each case without recourse, as
shall be necessary to vest in the purchaser of such Mortgage Loan any Mortgage
Loan released pursuant hereto and the purchaser of such Mortgage Loan shall
succeed to all the Trustee's right, title and interest in and to such Mortgage
Loan and all security and documents related thereto. Such assignment shall be
an assignment outright and not for security. The purchaser of such Mortgage
Loan shall thereupon own such Mortgage Loan, and all security and documents,
free of any further obligation to the Trustee or the Securityholders with
respect thereto.

             (o) Access to Certain Documentation.

         The Master Servicer shall provide to the OTS and the FDIC and to
comparable regulatory authorities supervising Holders of subordinated Notes or
Certificates and the examiners and supervisory agents of the OTS, the FDIC and
such other authorities, access to the documentation regarding the Mortgage
Loans required by applicable regulations of the OTS and the FDIC. Such access
shall be afforded without charge, but only upon reasonable and prior written
request and during normal business hours at the offices designated by the
Master Servicer. Nothing in this Section shall limit the obligation of the
Master Servicer to observe any applicable law prohibiting disclosure of
information regarding the Mortgagors and the failure of the Master Servicer to
provide access as provided in this Section as a result of such obligation
shall not constitute a breach of this Section.

             (p) Annual Statement as to Compliance.

         The Master Servicer shall deliver to the Depositor and the Trustees
on or before 120 days after the end of the Master Servicer's fiscal year,
commencing with its 200_ fiscal year, an Officer's Certificate stating, as to
the signer thereof, that (i) a review of the activities of the Master Servicer
during the preceding calendar year and of the performance of the Master
Servicer under this Agreement has been made under such officer's supervision
and (ii) to the best of such officer's knowledge, based on such review, the
Master Servicer has fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default known to such officer and
the nature and status thereof. The Trustee shall forward a copy of each such
statement to each Rating Agency.

             (q) Annual Independent Public Accountants' Servicing Statement;
                 Financial Statements.

         On or before 120 days after the end of the Master Servicer's fiscal
year, commencing with its 200_ fiscal year, the Master Servicer at its expense
shall cause a nationally or regionally recognized firm of independent public
accountants (who may also render other services to the Master Servicer, the
Seller or any affiliate thereof) which is a member of the American Institute
of Certified Public Accountants to furnish a statement to the Trustees and the
Depositor to the effect that-such firm has examined certain documents and
records relating to the servicing of the Mortgage Loans under this Agreement
or of mortgage loans under pooling and servicing agreements substantially
similar to this Agreement (such statement to have attached thereto a schedule
setting forth the pooling and servicing agreements covered thereby) and that,
on the basis of such examination, conducted substantially in compliance with
the Uniform Single Attestation Program for Mortgage Bankers or the Audit
Program for Mortgages serviced for FNMA and FHLMC, such servicing has been
conducted in compliance with such pooling and servicing agreements except for
such significant exceptions or errors in records that, in the opinion of such
firm, the Uniform Single Attestation Program for Mortgage Bankers or the Audit
Program for Mortgages serviced for FNMA and FHLMC requires it to report. In
rendering such statement, such firm may rely, as to matters relating to direct
servicing of mortgage loans by Subservicers, upon comparable statements for
examinations conducted substantially in compliance with the Uniform Single
Audit Program for Mortgage Bankers or the Audit Program for Mortgages serviced
for FNMA and FHLMC (rendered within one year of such statement) of independent
public accountants with respect to the related Subservicer. Copies of such
statement shall be provided by the Trustee to any Securityholder upon request
at the Master Servicer's expense, provided such statement is delivered by the
Master Servicer to the Trustee.

             (r) Errors and Omissions Insurance; Fidelity Bonds.

         The Master Servicer shall for so long as it acts as master servicer
under this Agreement, obtain and maintain in force (a) a policy or policies of
insurance covering errors and omissions in the performance of its obligations
as Master Servicer hereunder and (b) a fidelity bond in respect of its
officers, employees and agents. Each such policy or policies and bond shall,
together, comply with the requirements from time to time of FNMA or FHLMC for
persons performing servicing for mortgage loans purchased by FNMA or FHLMC. In
the event that any such policy or bond ceases to be in effect, the Master
Servicer shall obtain a comparable replacement policy or bond from an insurer
or issuer, meeting the requirements set forth above as of the date of such
replacement.

             (s) Master Servicer Monthly Data.

         On or before noon California time on the Determination Date, the
Master Servicer shall provide by modem to the Trustee with respect to the
Mortgage Loans, an electronic data file (accompanied by a hardcopy report) in
a format which is mutually agreed upon by the Master Servicer and the Trustee.
The Trustee shall be under no duty to recalculate, verify or recompute the
information provided to it by the Master Servicer hereunder.

             4. Advances.

         The Master Servicer shall determine on or before each Master Servicer
Advance Date whether it is required to make an Advance pursuant to the
definition thereof. If the Master Servicer determines it is required to make
an Advance, it shall, on or before the Master Servicer Advance Date, deposit
into the Collection Account an amount equal to the Advance. The Master
Servicer shall be entitled to be reimbursed from the Collection Account for
all Advances of its own funds made pursuant to this Section as provided in
Section 3(k). The obligation to make Advances with respect to any Mortgage
Loan shall continue if such Mortgage Loan has been foreclosed or otherwise
terminated and the related Mortgaged Property has not been liquidated.

             5. Servicing Compensation.

         As compensation for its activities hereunder, the Master Servicer
shall be entitled to retain or withdraw from the Collection Account an amount
equal to the Master Servicing Fee for each Mortgage Loan, provided that the
aggregate Master Servicing Fee with respect to any Distribution Date shall be
reduced (i) by an amount equal to the aggregate of the Prepayment Interest
Shortfalls, if any, with respect to such Distribution Date, but not below an
amount equal to one-half of the aggregate Master Servicing Fee for such
Distribution Date before reduction thereof in respect of such Prepayment
Interest Shortfalls, and (ii) with respect to the first Distribution Date, an
amount equal to any amount to be deposited into the Payment Account by the
Depositor pursuant to Section 2(a)(i) and not so deposited.

         Additional servicing compensation in the form of Excess Proceeds,
Prepayment Interest Excess, prepayment penalties, assumption fees, late
payment charges and all income and gain net of any losses realized from
Permitted Investments shall be retained by the Master Servicer to the extent
not required to be deposited in the Collection Account pursuant to Section
3(h) hereof. The Master Servicer shall be required to pay all expenses
incurred by it in connection with its master servicing activities hereunder
(including payment of any premiums for hazard insurance and any Primary
Insurance Policy and maintenance of the other forms of insurance coverage
required by this Agreement) and shall not be entitled to reimbursement
therefor except as specifically provided in this Agreement.

             6. The Master Servicer.

             (a) Respective Liabilities of the Depositor and the Master
                 Servicer.

         The Master Servicer shall be liable in accordance herewith only to
the extent of the obligations specifically imposed upon and undertaken by it
herein.

             (b) Merger or Consolidation of the Depositor or the Master
                 Servicer.

         The Depositor and the Master Servicer will each keep in full effect
its existence, rights and franchises as a corporation under the laws of the
United States or under the laws of one of the states thereof and will each
obtain and preserve its qualification to do business as a foreign corporation
in each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Agreement, or any of the
Mortgage Loans and to perform its respective duties under this Agreement.

         Any Person into which the Depositor or the Master Servicer may be
merged or consolidated, or any Person resulting from any merger or
consolidation to which the Depositor or the Master Servicer shall be a party,
or any person succeeding to the business of the Depositor or the Master
Servicer, shall be the successor of the Depositor or the Master Servicer, as
the case may be, 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
surviving Person to the Master Servicer shall be qualified to sell mortgage
loans to, and to service mortgage loans on behalf of, FNMA or FHLMC.

             (c) Limitation on Liability of the Depositor, the Seller, Master
                 Servicer and Others.

             None of the Depositor, the Seller, the Master Servicer or any of
the directors, officers, employees or agents of the Depositor, the Seller or
the Master Servicer shall be under any liability to the Securityholders 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 Depositor, the Seller, the Master
Servicer or any such Person against any breach of representations or
warranties made by it herein or protect the Depositor, the Seller, the Master
Servicer or any such Person from any liability which would otherwise be
imposed by reasons of willful misfeasance, bad faith or gross negligence in
the performance of duties or by reason of reckless disregard of obligations
and duties hereunder. The Depositor, the Seller, the Master Servicer and any
director, officer, employee or agent of the Depositor, the Seller or 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 Depositor, the Seller, the Master Servicer and any director,
officer, employee or agent of the Depositor, the Seller or the Master Servicer
shall be indemnified by the Issuer and held harmless against any loss,
liability or expense incurred in connection with any audit, controversy or
judicial proceeding relating to a governmental taxing authority or any legal
action relating to this Agreement, the Notes or the Certificates, other than
any loss, liability or expense related to any specific Mortgage Loan or
Mortgage Loans (except as any such loss, liability or expense shall be
otherwise reimbursable pursuant to this Agreement) and any loss, liability or
expense incurred by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder. None of the Depositor, the
Seller or the Master Servicer shall be under any obligation to appear in,
prosecute or defend any legal action that is not incidental to its respective
duties hereunder and which in its opinion may involve it in any expense or
liability; provided, however, that any of the Depositor, the Seller or the
Master Servicer may in its discretion undertake any such action that it may
deem necessary or desirable in respect of this Agreement and the rights and
duties of the parties hereto and interests of the Trustees and the
Securityholders 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 Issuer, and the Depositor, the Seller and the Master
Servicer shall be entitled to be reimbursed therefor out of the Collection
Account.

             (d) Limitation on Resignation of the Master Servicer.

         The Master Servicer shall not resign from the obligations and duties
hereby imposed on it except (a) upon appointment of a successor servicer and
receipt by the Trustee of a letter from each Rating Agency that such a
resignation and appointment will not result in a downgrading of the rating of
any of the Certificates, or (b) upon determination that its duties hereunder
are no longer permissible under applicable law. Any such determination under
clause (b) permitting the resignation of the Master Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No
such resignation shall become effective until the Trustee or a successor
master servicer shall have assumed the Master Servicer's responsibilities,
duties, liabilities and obligations hereunder.

             7. Default.

             (a) Events of Default.

         "Event of Default," wherever used herein, means any one of the
following events:

             (i) any failure by the Master Servicer to deposit in the
Collection Account or remit to the Trustee any payment (other than a payment
required to be made under Section 4 hereof) required to be made with respect
to any Class of Certificates under the terms of this Agreement, which failure
shall continue unremedied for five days after the date upon which written
notice of such failure shall have been given to the Master Servicer by the
Trustee or the Depositor or to the Master Servicer, the Depositor and the
Trustee by the Holders of Notes or Certificates of such Class evidencing not
less than 25% of the total distributions allocated to such Class; or

             (ii) any failure by the Master Servicer duly to observe or
perform in any material respect any other of the covenants or agreements on
the part of the Master Servicer contained in this Agreement, which failure
shall continue unremedied for a period of thirty days after the date on which
written notice of such failure shall have been given to the Master Servicer by
the Trustee or the Depositor, or to the Master Servicer, the Depositor and the
Trustee by the Holders of Notes or Certificates of any Class evidencing not
less than 25% of the total distributions allocated to such Class; or

             (iii) a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a
receiver or liquidator in any insolvency, readjustment of debt, marshalling of
assets and liabilities or similar proceeding, 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 consecutive days; or

             (iv) the Master Servicer shall consent to the appointment of a
receiver or liquidator in any insolvency, readjustment of debt, marshalling of
assets and liabilities or similar proceedings of or relating to the Master
Servicer or all or substantially all of the property of the Master Servicer;
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, or commence a voluntary case under, any applicable insolvency or
reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations; or

             [(vi) so long as the Master Servicer is the Seller, any failure
by the Seller to observe or perform in any material respect any other of the
covenants or agreements on the part of the Seller contained in this Agreement,
which failure shall continue unremedied for a period of 60 days after the date
on which written notice of such failure shall have been given to the Seller by
the Trustee or the Depositor, or to the Seller and the Trustee by the Holders
of Notes or Certificates of any Class evidencing not less than 25% of the
total distributions allocated to such Class; or]

             (vii) any failure of the Master Servicer to make any Advance in
the manner and at the time required to be made pursuant to Section 4 which
continues unremedied for a period of one Business Day after the date of such
failure.

         If an Event of Default described in clauses (i) to (vi) of this
Section shall occur, then, and in each and every such case, so long as such
Event of Default shall not have been remedied, the Trustee may, or at the
direction of the Holders of Notes or Certificates of any Class evidencing not
less than 25% of the total distributions allocated to such Class, the Trustee
shall by notice in writing to the Master Servicer (with a copy to each Rating
Agency), terminate all of the rights and obligations of the Master Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds
thereof, other than its rights as a Securityholder. If an Event of Default
described in clause (vii) hereof shall occur, the Trustee shall, by notice in
writing to the Master Servicer and the Depositor, terminate all of the rights
and obligations of the Master Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Securityholder. On and after the receipt by the Master Servicer of such
written notice, all authority and power of the Master Servicer hereunder,
whether with respect to the Mortgage Loans or otherwise, shall pass to and be
vested in the Trustee. [The Trustee shall thereupon make any Advance described
in clause (vii) hereof subject to Section 3(g) hereof.] The Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the 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. Unless expressly provided in such written
notice, no such termination shall affect any obligation of the Master Servicer
to pay amounts owed pursuant to Article VIII. The Master Servicer agrees to
cooperate with the Trustee in effecting the termination of the Master
Servicer's responsibilities and rights hereunder, including, without
limitation, the transfer to the Trustee of all cash amounts which shall at the
time be credited to the Collection Account, or thereafter be received with
respect to the Mortgage Loans.

         Notwithstanding any termination of the activities of the Master
Servicer hereunder, the Master Servicer shall be entitled to receive, out of
any late collection of a Scheduled Payment on a Mortgage Loan which was due
prior to the notice terminating such Master Servicer's rights and obligations
as Master Servicer hereunder and received after such notice, that portion
thereof to which such Master Servicer would have been entitled pursuant to
Sections 3(k)(i)(A) through (H),and any other amounts payable to such Master
Servicer hereunder the entitlement to which arose prior to the termination of
its activities hereunder.

             (b) Trustee to Act; Appointment of Successor.

         On and after the time the Master Servicer receives a notice of
termination pursuant to Section 7(a) hereof, the Trustee shall, subject to and
to the extent provided in Section 3(g), be the successor to the Master
Servicer in its capacity as master servicer under this Agreement and the
transactions set forth or provided for herein and shall be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Master
Servicer by the terms and provisions hereof and applicable law including the
obligation to make Advances pursuant to Section 4. As compensation therefor,
the Trustee shall be entitled to all funds relating to the Mortgage Loans that
the Master Servicer would have been entitled to charge to the Collection
Account or Payment Account if the Master Servicer had continued to act
hereunder. Notwithstanding the foregoing, if the Trustee has become the
successor to the Master Servicer in accordance with Section 7(a) hereof, the
Trustee may, if it shall be unwilling to so act, or shall, if it is prohibited
by applicable law from making Advances pursuant to Section 4 hereof or if it
is otherwise unable to so act, appoint, or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution
the appointment of which does not adversely affect the then current rating of
the Securities by each Rating Agency as the successor to the Master Servicer
hereunder in the assumption of all or any part of the responsibilities, duties
or liabilities of the Master Servicer hereunder. Any successor to the Master
Servicer shall be an institution which is a FNMA and FHLMC approved
seller/servicer in good standing, which has a net worth of at least
$10,000,000, and which is willing to service the Mortgage Loans and executes
and delivers to the Depositor and the Trustees an agreement accepting such
delegation and assignment, which contains an assumption by such Person of the
rights, powers, duties, responsibilities, obligations and liabilities of the
Master Servicer (other than liabilities of the Master Servicer under Section
6(c) hereof incurred prior to termination of the Master Servicer under Section
7(a)), with like effect as if originally named as a party to this Agreement;
and provided further that each Rating Agency acknowledges that its rating of
the Securities in effect immediately prior to such assignment and delegation
will not be qualified or reduced as a result of such assignment and
delegation. Pending appointment of a successor to the Master Servicer
hereunder, the Trustee, unless the Trustee is prohibited by law from so
acting, shall, subject to Section 3(g) hereof, act in such capacity as
hereinabove provided. 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 the Master Servicing
Fee permitted the Master Servicer hereunder. The Trustee and such successor
shall take such action, consistent with this Agreement, as shall be necessary
to effectuate any such succession. 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 or any failure to perform, or any delay in performing, any
duties or responsibilities hereunder, in either case caused by the failure of
the Master Servicer to deliver or provide, or any delay in delivering or
providing, any cash, information, documents or records to it.

         Any successor to the Master Servicer as master servicer shall give
notice to the Mortgagors of such change of servicer and shall, during the term
of its service as master servicer maintain in force the policy or policies
that the Master Servicer is required to maintain pursuant to 3(r).

             (c) Notification to Securityholders.

             (i) Upon any termination of or appointment of a successor to the
Master Servicer, the Trustee shall give prompt written notice thereof to
Securityholders and to each Rating Agency.

             (ii) Within 60 days after the occurrence of any Event of Default,
the Trustee shall transmit by mail to all Securityholders notice of each such
Event of Default hereunder known to the Trustee, unless such Event of Default
shall have been cured or waived.

             8. Miscellaneous.

             (a) Term of Master Servicing Agreement.

         The obligations to be performed by the Master Servicer under this
Agreement shall commence on and as of the date on which the Issuer issues the
Securities and shall terminate as to each Mortgage Loan upon (i) the payment
in full of all principal and interest due under such Mortgage Loan or other
liquidation of such Mortgage Loan as contemplated by this Agreement, (ii) the
termination of the Master Servicer's rights and powers under this Agreement by
the Trustee as provided in Section 7(a) of this Agreement, or (iii) the
release by the Trustee of its security interest in any Mortgage Loan.

             (b) Assignment.

         Notwithstanding anything to the contrary contained herein, except as
provided in Section 6(b), this Agreement may not be assigned by the Master
Servicer without the prior written consent of the Trustee and Depositor.

             (c) Notices.

             (i) Trustee shall use its best efforts to promptly provide notice
to each Rating Agency with respect to each of the following of which it has
actual knowledge:

             1. Any material change or amendment to this Agreement;

             2. The occurrence of any Event of Default that has not been
cured;

             3. The resignation or termination of the Master Servicer or the
Trustee and the appointment of any successor;

             4. The repurchase or substitution of Mortgage Loans pursuant to
Section 2(d); and

             5. The final payment to Securityholders.

         In addition, the Trustee shall promptly furnish to each Rating Agency
copies of the following:

             1. Each report to Securityholders described in the Indenture;

             2. Each annual statement as to compliance described in Section
3(p);

             3. Each annual independent public accountants' servicing report
described in Section 3(q); and

             4. Any notice of a purchase of a Mortgage Loan pursuant to
Section 2(c)(ii), 2(d) or 3(n).

             (ii) directions, demands and notices hereunder shall be in
writing and shall be deemed to have been duly given when delivered to (a) in
the case of the Depositor, [IndyMac ABS, Inc.], 155 North Lake Avenue,
Pasadena, California 91101, Attention: _______________, (b) in the case of the
Master Servicer, _____________________________________________, Attention:
_________________ or such other address as may be hereafter furnished to the
Depositor and the Trustees by the Master Servicer in writing, (c) in the case
of the Trustees, _______________________________________________________,
Attention: __________________________________________________, or such other
address as the Trustee may hereafter furnish to the Depositor or Master
Servicer and (d) in the case of the Rating Agencies, the address specified
therefor in the definition corresponding to the name of such Rating Agency.
Notices to Securityholders shall be deemed given when mailed, first class
postage prepaid, to their respective addresses appearing in the Certificate
Register.

             (d) Inspection and Audit Rights.

         The Master Servicer agrees that, on reasonable prior notice, it will
permit and will cause each Subservicer to permit any representative of the
Depositor or the Trustee during the Master Servicer's normal business hours,
to examine all the books of account, records, reports and other papers of the
Master Servicer relating to the Mortgage Loans, to make copies and extracts
therefrom, to cause such books to be audited by independent certified public
accountants selected by the Depositor or the Trustee and to discuss its
affairs, finances and accounts relating to the Mortgage Loans with its
officers, employees and independent public accountants (and by this provision
the Master Servicer hereby authorizes said accountants to discuss with such
representative such affairs, finances and accounts), all at such reasonable
times and as often as may be reasonably requested. Any out-of-pocket expense
incident to the exercise by the Depositor or the Trustee of any right under
this Section 8(d) shall be borne by the party requesting such inspection; all
other such expenses shall be borne by the Master Servicer or the related
Subservicer.

             (e) Governing Law.

         THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HERETO AND THE SECURITY HOLDERS SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

             (f) Amendment.

         This Agreement may be amended from time to time by the Issuer[, the
Depositor,] the Master Servicer and the Trustee without the consent of any of
the Securityholders to (i) cure any ambiguity or mistake, (ii) correct any
provision herein or to supplement any provision herein which may be
inconsistent with any other provisions herein, (iii) add to the duties of the
Issuer[, the Depositor] or the Master Servicer, (iv) add any other provisions
with respect to matters or questions arising hereunder or (v) modify, alter,
amend, add to or rescind any of the terms or provisions contained in this
Agreement; provided that any action pursuant to clauses (iv) or (v) above
shall not, as evidenced by an Opinion of Counsel (which Opinion of Counsel
shall not be an expense of the Trustee or the Issuer), adversely affect in any
material respect the interests of any Securityholder; provided further that
any such action shall not be deemed to adversely affect in any material
respect the interests of the Securityholders (and no such Opinion of Counsel
shall be required) if the Person requesting the amendment obtains a letter
from each Rating Agency stating that the amendment would not result in the
downgrading or withdrawal of the respective ratings then assigned to the
Securities; it being understood and agreed that any such letter in and of
itself will not represent a determination as to the materiality of any such
amendment and will represent a determination only as to the credit issues
affecting any such rating. The Trustee, the Issuer, the Depositor and the
Master Servicer also may at any time and from time to time amend this
Agreement without the consent of the Securityholders to modify, eliminate or
add to any of its provisions to such extent as shall be necessary or helpful
to (i) maintain the qualification of the Issuer as a REMIC under the Code,
(ii) avoid or minimize the risk of the imposition of any tax on the REMIC
pursuant to the Code that would be a claim at any time prior to the final
redemption of the Securities or (iii) comply with any other requirements of
the Code; provided that the Trustee has been provided an Opinion of Counsel,
which opinion shall be an expense of the party requesting such opinion but in
any case shall not be an expense of the Trustee or the Issuer, to the effect
that such action is necessary or helpful to (i) maintain such qualification,
(ii) to avoid or minimize the risk of the imposition of such a tax or (iii)
comply with any such requirements of the Code, as the case may be.

         This Agreement may also be amended from time to time by the
Depositor, the Master Servicer and the Trustee with the consent of the Holders
of a Majority in Interest of each Class of Notes or 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 of Notes or Certificates; provided that no
such amendment shall (i) reduce in any manner the amount of, or delay the
timing of, payments required to be distributed on any Note or Certificate
without the consent of the Holder of such Note or Certificate, (ii) adversely
affect in any material respect the interests of the Holders of any Class of
Notes or Certificates in a manner other than as described in (i), without the
consent of the Holders of Notes or Certificates of such Class evidencing, as
to such Class, Percentage Interests aggregating 66% or (iii) reduce the
aforesaid percentages of Notes or Certificates the Holders of which are
required to consent to any such amendment, without the consent of the Holders
of all such Notes or Certificates then outstanding.

         [Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel, which opinion shall not be an
expense of the Trustee or the Issuer, to the effect that such amendment will
not cause the imposition of any tax on the REMIC or the Securityholders or
cause the Issuer to fail to qualify as a REMIC at any time that any
Certificates are outstanding.]

         Promptly after the execution of any amendment to this Agreement
requiring the consent of Securityholders, the Trustee shall furnish written
notification of the substance or a copy of such amendment to each
Securityholder and each Rating Agency.

         It shall not be necessary for the consent of Securityholders under
this Section 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 Securityholders shall be subject to such reasonable
regulations as the Trustee may prescribe.

         Nothing in this Agreement shall require the Trustee to enter into an
amendment without receiving an Opinion of Counsel (which Opinion shall not be
an expense of the Trustee or the Issuer, satisfactory to the Trustee that (i)
such amendment is permitted and is not prohibited by this Agreement and that
all requirements for amending this Agreement have been complied with; and (ii)
either (A) the amendment does not adversely affect in any material respect the
interests of any Securityholder or (B) the conclusion set forth in the
immediately preceding clause (A) is not required to be reached pursuant to
this Section 8(f).

             (g) 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.

             (h) No Joint Venture.

         The Master Servicer and the Issuer are not partners or joint
venturers with each other and nothing herein shall be construed to make them
such partners or joint venturers or impose any liability as such of either of
them.

             (i) Recordation of Agreement; Counterparts.

         This Agreement is subject to recordation in all appropriate public
offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages
are situated, and in any other appropriate public recording office or
elsewhere, such recordation to be effected by the Master Servicer at its
expense, but only upon direction by the Trustee accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially
affects the interests of the Securityholders.

         For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one
and the same instrument.

             (j) Limitation of Liability of [owner trustee].

         It is expressly understood and agreed by the parties hereto that (a)
this Agreement is executed and delivered by [owner trustee], not individually
or personally but solely as owner trustee of [________________] Home Equity
Loan Trust 200_ under the Trust Agreement, in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and
intended not as personal representations, undertakings and agreements by
[owner trustee] but is made and intended for the purpose for binding only the
Issuer, (c) nothing herein contained shall be construed as creating any
liability on [owner trustee], other than any liability arising out of its
gross negligence, bad faith or willful misconduct, and (d) under no
circumstances shall [owner trustee] be personally liable for the payment of
any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or
undertaken by the Issuer under this Agreement or the other Operative
Documents.

             (k) Nonpetition Covenants.

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

             IN WITNESS WHEREOF, each party has caused this Master Servicing
Agreement to be executed by its duly authorized officer or officers as of the
day and year first above written.

                                 [________________] Home Equity Loan Trust
                                      200_, as Issuer

                                  By:  [owner trustee]
                                                      not in its
                                                      individual capacity
                                                      but solely as
                                                      Owner Trustee

                                  By:
                                       --------------------------------------

                                  Its:
                                       --------------------------------------

                                  [INDYMAC BANK, F.S.B.]
                                           as Seller and Master Servicer

                                   By:
                                       ---------------------------------------

                                   Its:
                                       ---------------------------------------

                                   [                                ]
                                                         as Trustee

                                   By:
                                      ---------------------------------------

                                   Its:
                                      ---------------------------------------

<PAGE>

                                  SCHEDULE I

                            Mortgage Loan Schedule

<PAGE>
                                  SCHEDULE II

                [________________] Home Equity Loan Trust 200_
               Asset Backed Notes and Asset Backed Certificates
                                  Series 200_

             Representations and Warranties of the Master Servicer

____________________________ ("Seller-Master Servicer") hereby makes the
representations and warranties set forth in this Schedule II to the Issuer,
the Depositor and the Trustees, as of the Closing Date, or if so specified
herein, as of the Cut-off Date. Capitalized terms used but not otherwise
defined in this Schedule II shall have the meanings ascribed thereto in the
Indenture (the "Indenture") relating to the above-referenced Series, among
Seller-Master Servicer, as seller and master servicer, IndyMac ABS, Inc., as
depositor, and _____________________, as trustee.

                  (i) The Master Servicer is duly organized as a federally
         insured savings bank and is validly existing and in good standing
         under the laws of the United States of America and has the power and
         authority to own its assets and to transact the business in which it
         is currently engaged. The Master Servicer is duly qualified to do
         business as a federal savings bank and is in good standing in each
         jurisdiction in which the character of the business transacted by it
         or any properties owned or leased by it requires such qualification
         and in which the failure so to qualify would have a material adverse
         effect on the business, properties, assets, or condition (financial
         or other) of the Master Servicer;

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

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

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

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

<PAGE>
                                 SCHEDULE III

                [________________] Home Equity Loan Trust 200_
               Asset Backed Notes and Asset Backed Certificates
                                  Series 200_

            Representations and Warranties as to the Mortgage Loans

                  ____________________________ ("Seller") hereby makes the
representations and warranties set forth in this Schedule III to the Depositor
and the Trustee, as of the Closing Date, or if so specified herein, as of the
Cut-off Date. Capitalized terms used but not otherwise defined in this
Schedule III shall have the meanings ascribed thereto in the Indenture (the
"Indenture") relating to the above-referenced Series, among Seller, as seller
and master servicer, IndyMac ABS, Inc., as depositor, and
________________________, as trustee.

            (i) As of the Closing Date, this Agreement constitutes a legal,
         valid and binding obligation of the Seller, enforceable against the
         Seller in accordance with its terms, except as enforcement of such
         terms may be limited by bankruptcy, insolvency, reorganization,
         moratorium or other similar laws now or hereafter in effect affecting
         the enforcement of creditors' rights generally and by the availability
         of equitable remedies;

            (ii) As of the Closing Date with respect to the Mortgage Loans and
         as of the applicable Transfer Date with respect to any Eligible
         Substitute Mortgage Loan, either (A) the Purchase Agreement
         constitutes a valid transfer and assignment to the Depositor of all
         right, title and interest of the Seller in and to the Cut-off Date
         Asset Balances with respect to the applicable Mortgage Loans, all
         monies due or to become due with respect thereto (excluding payments
         in respect of accrued interest [due] prior to the Cut-off Date [or
         due in the month of _________], and all proceeds of such Cut-off Date
         Asset Balances with respect to the Mortgage Loans and such funds as
         are from time to time deposited in the Collection Account (excluding
         any investment earnings thereon) and all other property specified in
         the definition of "Asset" as being part of the corpus of the Trust
         conveyed to the Trust by the Seller, and upon payment for the
         Additional Balances, will constitute a valid transfer and assignment
         to the Trustee of all right, title and interest of the Seller in and
         to the Additional Balances, all monies due or to become due with
         respect thereto, and all proceeds of such Additional Balances and all
         other property specified in the definition of "Asset" relating to the
         Additional Balances or (B) the Purchase Agreement or this Agreement,
         as appropriate, constitutes a grant of a security interest (as
         defined in the UCC as in effect in California) in such property to
         the Trustee on behalf of the Trust. If this Agreement constitutes the
         grant of a security interest to the Trust in such property, and if
         the Trustee obtains and maintains possession of the Mortgage File for
         each Mortgage Loan, the Trust shall have a first priority perfected
         security interest in such property, subject to the effect of Section
         9-306 of the UCC with respect to collections on the Mortgage Loans
         that are deposited in the Collection Account in accordance with the
         next to last paragraph of Section _______; provided, however, that
         nothing in this clause (ii) shall be construed to obligate the Master
         Servicer to deliver any Mortgage Files other than as set forth in
         Section 2(a) hereof;

            [(iii) As of the Closing Date with respect to the Mortgage Loans
         and the applicable Transfer Date with respect to any Eligible
         Substitute Mortgage Loan and as of the date any Additional Balance is
         created, the information set forth in the Mortgage Loan Schedule for
         such Mortgage Loans is true and correct in all material respects;]

            (iv) The applicable Cut-off Date Asset Balance has not been
         assigned or pledged, and the Seller is the sole owner and holder of
         such Cut-off Date Asset Balance free and clear of any and all liens,
         claims, encumbrances, participation interests, equities, pledges,
         charges or security interests of any nature, and has full right and
         authority, under all governmental and regulatory bodies having
         jurisdiction over the ownership of the applicable Mortgage Loan, to
         sell, assign or transfer the same pursuant to the Purchase Agreement;

            (v) As of the Closing Date with respect to the Mortgage Loans and
         the applicable Transfer Date with respect to any Eligible Substitute
         Mortgage Loan, the related Mortgage Note and the Mortgage with
         respect to each Mortgage Loan have not been assigned or pledged, and
         the Seller [immediately prior to the sale of the Mortgage Loans to
         the Depositor, the Sponsor was] [is] the sole owner and holder of the
         Mortgage Loan free and clear of any and all liens, claims,
         encumbrances, participation interests, equities, pledges, charges or
         security interests of any nature, and has full right and authority,
         under all governmental and regulatory bodies having jurisdiction over
         the ownership of the applicable Mortgage Loans, to sell and assign
         the same pursuant to the Purchase Agreement;

            (vi) As of the Closing Date with respect to the Mortgage Loans and
         the applicable Transfer Date with respect to any Eligible Substitute
         Mortgage Loan, the related Mortgage is a valid and subsisting first
         or second lien, as set forth on the Mortgage Loan Schedule with
         respect to each related Mortgage Loan, on the property therein
         described, and as of the Cut-off Date the related Mortgaged Property
         is free and clear of all encumbrances and liens having priority over
         the first or second lien, as applicable, of such Mortgage except for
         liens for (i) real estate taxes and special assessments not yet
         delinquent and liens or interests arising under or as a result of any
         Federal, state or local law, regulation or ordinance relating to
         hazardous wastes or hazardous substances and, if the related
         Mortgaged Property is a unit in a condominium project or planned unit
         development, any lien for common charges permitted by statute or
         homeowner association fees; (ii) any first mortgage loan secured by
         such Mortgaged Property and specified on the Mortgage Loan Schedule;
         (iii) covenants, conditions and restrictions, rights of way,
         easements and other matters of public record as of the date of
         recording that are acceptable to mortgage lending institutions in the
         area wherein the related Mortgaged Property is located or
         specifically reflected in the appraisal made in connection with the
         origination of the related Mortgage Loan; and (iv) other matters to
         which like properties are commonly subject which do not materially
         interfere with the benefits of the security intended to be provided
         by such Mortgage;

            (vii) As of the Closing Date with respect to the Mortgage Loans
         and the applicable Transfer Date with respect to any Eligible
         Substitute Mortgage Loan, there is no valid offset, defense or
         counterclaim of any obligor under any Credit Line Agreement or
         Mortgage;

            (viii) To the best knowledge of the Seller, as of the Closing Date
         with respect to the Mortgage Loans and the applicable Transfer Date
         with respect to any Eligible Substitute Mortgage Loan, there is no
         delinquent recording or other tax or fee or assessment lien against
         any related Mortgaged Property;

            (ix) As of the Closing Date with respect to the Mortgage Loans and
         the applicable Transfer Date with respect to any Eligible Substitute
         Mortgage Loan, there is no proceeding pending or, to the best
         knowledge of the Seller, threatened for the total or partial
         condemnation of the related Mortgaged Property, and no such property
         has been materially damaged by water, fire, earthquake, windstorm,
         flood, tornado or similar casualty (excluding casualty from the
         presence of hazardous wastes or hazardous substances, as to which the
         Seller makes no representations) so as to affect adversely the value
         of the related Mortgaged Property as security for such Mortgage Loan;

            (x) To the best knowledge of the Seller, as of the Closing Date
         with respect to the Mortgage Loans and the applicable Transfer Date
         with respect to any Eligible Substitute Mortgage Loan, there are no
         mechanics' or similar liens or claims which have been filed for work,
         labor or material affecting the related Mortgaged Property which are,
         or may be, liens prior or equal to the lien of the related Mortgage,
         except liens which are fully insured against by the title insurance
         policy referred to in clause (xiv);

            (xi) No Minimum Monthly Payment is more than 89 days delinquent
         (measured on a contractual basis); and with respect to the Mortgage
         Loans no more than _____% (by Cut-off Date Pool Balance) were 30-59
         days delinquent (measured on a contractual basis) and no more than
         _____% (by Cut-off Date Pool Balance) were 60-89 days delinquent
         (measured on a contractual basis);

            (xii) As of the Closing Date with respect to the Mortgage Loans
         and the applicable Transfer Date with respect to any Eligible
         Substitute Mortgage Loan, for each Mortgage Loan, the related
         Mortgage File contains each of the documents and instruments
         specified to be included therein;

            (xiii) The related Mortgage Note and the related Mortgage at
         origination complied in all material respects with applicable state
         and federal laws, including, without limitation, usury,
         truth-in-lending, real estate settlement procedures, consumer credit
         protection, equal credit opportunity or disclosure laws applicable to
         the Mortgage Loan;

            (xiv) Either a lender's title insurance policy or binder was
         issued on the date of origination of the Mortgage Loan and each such
         policy is valid and remains in full force and effect, or a title
         search or guaranty of title customary in the relevant jurisdiction
         was obtained with respect to a Mortgage Loan as to which no title
         insurance policy or binder was issued;

            [(xv) As of the Closing Date with respect to the Mortgage Loans
         and the applicable Transfer Date with respect to any Eligible
         Substitute Mortgage Loan, none of the Mortgaged Properties is a
         mobile home or a manufactured housing unit that is not considered or
         classified as part of the real estate under the laws of the
         jurisdiction in which it is located;]

            [(xvi) As of the Cut-off Date for the Mortgage Loans no more than
         _____% of such Mortgage Loans, by aggregate principal balance, are
         secured by Mortgaged Properties located in one United States postal
         five-digit zip code;]

            [(xvii) The Combined Loan-to-Value Ratio for each Mortgage Loan
         was not in excess of [___]%;]

            (xviii) No selection procedure reasonably believed by the Seller
         to be adverse to the interests of the Securityholders [or the Credit
         Enhancer] was utilized in selecting the Mortgage Loans;

            (xix) The Seller has not transferred the Mortgage Loans to the
         Trust with any intent to hinder, delay or defraud any of its
         creditors;

            (xx) The Minimum Monthly Payment with respect to any Mortgage Loan
         is not less than the interest accrued at the applicable Loan Rate on
         the average daily Asset Balance during the interest period relating
         to the date on which such Minimum Monthly Payment is due;

            (xxi) Within 90 days of the Closing Date with respect to the
         Mortgage Loans and, to the extent not already included in such filing
         with respect to the Mortgage Loans, the applicable Transfer Date with
         respect to any Eligible Substitute Mortgage Loan, the Seller will
         file UCC-1 financing statements with respect to the Mortgage Loans;

            (xxii) As of the Closing Date with respect to the Mortgage Loans
         and the applicable Transfer Date with respect to any Eligible
         Substitute Mortgage Loan, each Credit Line Agreement and each
         Mortgage Loan is an enforceable obligation of the related Mortgagor,
         except as the enforceability thereof may be limited by the
         bankruptcy, insolvency or similar laws affecting creditors' rights
         generally;

            (xxiii) As of the Closing Date with respect to the Mortgage Loans
         and the applicable Transfer Date with respect to any Eligible
         Substitute Mortgage Loan, the Seller has not received a notice of
         default of any senior mortgage loan related to a Mortgaged Property
         that has not been cured by a party other than the Master Servicer;

            (xxiv) The definition of Prime Rate in each Credit Line Agreement
         relating to a Mortgage Loan does not differ materially from the
         definition in the form of Credit Line Agreement in ________________;

            [(xxv) The weighted average remaining term to maturity of the
         Mortgage Loans on a contractual basis as of the Cut-off Date for the
         Mortgage Loans is approximately ___ months. On each date that the
         Loan Rates have been adjusted, interest rate adjustments on the
         Mortgage Loans were made in compliance with the related Mortgage and
         Mortgage Note and applicable law. Over the term of each Mortgage
         Loan, the Loan Rate may not exceed the related Loan Rate Cap, if any.
         The Loan Rate Caps range between ____% and ____%. The Margins range
         between ____% and ____% and the weighted average Margin is
         approximately ____% as of the Cut-off Date for the Mortgage Loans.
         The Loan Rates on such Mortgage Loans range between ____% and _____%
         and the weighted average Loan Rate is approximately _____%.]

            (xxvi) As of the Closing Date with respect to the Mortgage Loans
         and the applicable Transfer Date with respect to any Eligible
         Substitute Mortgage Loan, each Mortgaged Property consists of a
         single parcel of real property with a one-to-four unit single family
         residence erected thereon, or an individual condominium unit, planned
         unit development unit or townhouse;

            (xxvii) No more than _____% (by Cut-off Date Pool Balance) of the
         Mortgage Loans are secured by real property improved by individual
         condominium units, planned development units, townhouses or
         two-to-four family residences erected thereon, and at least _____%
         (by Cut-off Date Pool Balance) of the Mortgage Loans are secured by
         real property with a detached one-family residence erected thereon;

            (xxviii) The Credit Limits on the Mortgage Loans range between
         $________ and $__________ with an average of $_________. As of the
         Cut-off Date for the Mortgage Loans, no Mortgage Loan had a principal
         balance in excess of approximately $__________ and the average
         principal balance of the Mortgage Loans is equal to approximately
         $_________; and

            (xxix) Approximately ____% and _____% of the Mortgage Loans, by
         aggregate principal balance as of the Cut-off Date for the Mortgage
         Loans, are first and second liens, respectively.

<PAGE>

                                  SCHEDULE IV

                [________________] Home Equity Loan Trust 200_
               Asset Backed Notes and Asset Backed Certificates
                                  Series 200_

                 Representations and Warranties of the Issuer.

         [________________] Home Equity Loan Trust 200_ (the "Issuer") hereby
makes the representations and warranties set forth in this Schedule IV to the
Master Servicer and the Trustee, as of the Closing Date. Capitalized terms
used but not otherwise defined in this Schedule IV shall have the meanings
ascribed thereto in the Master Servicing Agreement (the "Master Servicing
Agreement") relating to the above-referenced Series, among [IndyMac Bank,
F.S.B.], as Master Servicer, [________________] Home Equity Loan Trust 200_,
as Issuer, and [ ], as Trustee.

                  (1) The Issuer is a statutory business trust duly organized,
         validly existing and in good standing under the laws of the State of
         [Delaware], and possesses all requisite authority, power, licenses,
         permits and franchises to conduct any and all business contemplated
         by the Master Servicing Agreement and to comply with its obligations
         under the terms of this Agreement, the performance of which have been
         duly authorized by all necessary action.

                  (2) Neither the execution and delivery of the Master
         Servicing Agreement by the Issuer, nor the performance and compliance
         with the terms thereof by the Issuer will (A) result in a material
         breach of any term or provision of the instruments creating the
         Issuer or governing its operations, or (B) materially conflict with,
         result in a material breach, violation or acceleration of, or result
         in a material default under, the terms of any other material
         agreement or instrument to which the Issuer is a party or by which it
         may be bound, or (C) constitute a material violation of any statute,
         order or regulation applicable to the Issuer of any court, regulatory
         body, administrative agency or governmental body having jurisdiction
         over the Issuer; and the Issuer is not in breach or violation of any
         material indenture or other material agreement or instrument, or in
         violation of any statute, order or regulation of any court,
         regulatory body, administrative agency or governmental body having
         jurisdiction over it which breach or violation may materially impair
         the Issuer's ability to perform or meet any of its obligations under
         the Master Servicing Agreement.

                  (3) This Agreement, and all documents and instruments
         contemplated hereby, which are executed and delivered by the Issuer,
         will, assuming due authorization, execution by and delivery to the
         other parties hereto and thereto, constitute valid, legal and binding
         obligations of the Issuer, enforceable in accordance with their
         respective terms, except that (a) the enforceability thereof may be
         limited by bankruptcy, insolvency, moratorium, receivership and other
         similar laws relating to creditors' rights generally and (b) the
         remedy of specific performance and injunctive and other forms of
         equitable relief may be subject to equitable defenses and to the
         discretion of the court before which any proceeding therefor may be
         brought.

                  (4) No litigation is pending or, to the best of the Issuer's
         knowledge, threatened against the Issuer that would materially and
         adversely affect the execution, delivery or enforceability of the
         Master Servicing Agreement or the ability of the Issuer to perform
         its obligations thereunder.

                  (5) Immediately prior to the transfer and assignment of the
         Mortgage Loans to the Trustee, the Issuer had good title to, and was
         the sole owner of, each Mortgage Loan free and clear of any liens,
         charges or encumbrances or any ownership or participation interests
         in favor of any other Person.

<PAGE>
                                   EXHIBIT A

                   FORM OF INITIAL CERTIFICATION OF TRUSTEE

                                    [date]

[Master Servicer]

[Issuer]
---------------------
---------------------

            Re:   Master Servicing Agreement among [________________] Home
                  Equity Loan Trust 200_, as Issuer, [IndyMac Bank, F.S.B.], as
                  Master Servicer, and [ ], as Trustee, Asset Backed Notes and
                  Asset Backed Certificates, Series 200_
                  -------------------------------------------------------------

Gentlemen:

         In accordance with Section 2(b) of the above-captioned Master
Servicing Agreement (the "Master Servicing Agreement"), the undersigned, as
Trustee, hereby certifies that, as to each Mortgage Loan listed in the
Mortgage Loan Schedule (other than any Mortgage Loan listed in the attached
schedule), it has received:

         (i)  the original Mortgage Note, endorsed as provided in the following
form: "Pay to the order of ________, without recourse"; and

         (ii) a duly executed assignment of the Mortgage (which may be
included in a blanket assignment or assignments).

         Based on its review and examination and only as to the foregoing
documents, such documents appear regular on their face and related to such
Mortgage Loan.

         The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Master Servicing Agreement. The Trustee makes no representations as to: (i)
the validity, legality, sufficiency, enforceability or genuineness of any of
the documents contained in each Mortgage File of any of the Mortgage Loans
identified on the Mortgage Loan Schedule, (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan or (iii)
the correctness of any information set forth in the Mortgage Loan Schedule,
other than the information specified in items (i) through (iv) and (vi)
thereof.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Master Servicing Agreement.

                                       [        ]
                                        as Trustee

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

<PAGE>

                                   EXHIBIT B

                    FORM OF FINAL CERTIFICATION OF TRUSTEE

                                    [date]

[Master Servicer]

[Issuer]
--------------------
--------------------

                Re:  Master Servicing Agreement among [________________] Home
                     Equity Loan Trust 200_, as Issuer, [IndyMac Bank, F.S.B.],
                     as Master Servicer, and [ ], as Trustee, Asset Backed
                     Notes and Asset Backed Certificates, Series 199
                     ----------------------------------------------------------

Gentlemen:

         In accordance with Section 2(b) of the above-captioned Master
Servicing Agreement (the "Master Servicing Agreement"), the undersigned, as
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 the
attached Document Exception Report) it has received:

         (i)  The original Mortgage Note, endorsed in the form provided in
Section 2(a) of the Master Servicing Agreement, with all intervening
endorsements showing a complete chain of endorsement from the originator to
the Issuer.

        (ii)  The original recorded Mortgage.

       (iii)  A duly executed assignment of the Mortgage in the form provided
in Section 2(a) of the Master Servicing Agreement, or, if the Master Servicer
has certified or the Trustee otherwise knows that the related Mortgage has not
been returned from the applicable recording office, a copy of the assignment
of the Mortgage (excluding information to be provided by the recording
office).

        (iv)  The original or duplicate original recorded assignment or
assignments of the Mortgage showing a complete chain of assignment from the
originator to the Issuer.

         (v)  The original or duplicate original lender's title policy and all
riders thereto or, any one of an original title binder, an original
preliminary title report or an original title commitment, or a copy thereof
certified by the title company.

         Based on its review and examination and only as to the foregoing
documents, (a) such documents appear regular on their face and related to such
Mortgage Loan, and (b) the information set forth in items (i), (ii), (iii),
(iv), (vi) and (xi) of the definition of the "Mortgage Loan Schedule" in
Section 1 of the Master Servicing Agreement accurately reflects information
set forth in the Trustee Mortgage File.

         The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Master Servicing Agreement. The Trustee makes no representations as to: (i)
the validity, legality, sufficiency, enforceability or genuineness of any of
the documents contained in each Mortgage File of any of the Mortgage Loans
identified on the Mortgage Loan Schedule, or (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan.
Notwithstanding anything herein to the contrary, the Trustee has made no
determination and makes no representations as to whether (i) any endorsement
is sufficient to transfer all right, title and interest of the party so
endorsing, as noteholder or assignee thereof, in and to that Mortgage Note or
(ii) any assignment is in recordable form or sufficient to effect the
assignment of and transfer to the assignee thereof, under the Mortgage to
which the assignment relates.

         Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the Master Servicing Agreement.

                                 [       ],
                                   as Trustee
                                 By:
                                    --------------------------------------
                                 Name:
                                    --------------------------------------
                                 Title:
                                     -------------------------------------

<PAGE>

                                   EXHIBIT C

                              REQUEST FOR RELEASE
                                 (for Trustee)

                [________________] Home Equity Loan Trust 200_
               Asset Backed Notes and Asset Backed Certificates
                                  Series 200_

Loan Information

         Name of Mortgagor:
                                              --------------------------------

         Servicer
         Loan No.:
                                              --------------------------------

Trustee

         Name:
                                              --------------------------------

         Address:
                                              --------------------------------

         Trustee
         Mortgage File No.:
                                              --------------------------------

         The undersigned Master Servicer hereby acknowledges that it has
received from [ ], as Trustee for the Holders of Notes of the above-referenced
Series, the documents referred to below (the "Documents"). All capitalized
terms not otherwise defined in this Request for Release shall have the
meanings given them in the Master Servicing Agreement (the "Master Servicing
Agreement") relating to the above-referenced Series among the Trustee,
[IndyMac Bank, F.S.B.], as Master Servicer, and [________________] Home Equity
Loan Trust 200_, as Issuer.

( )      Mortgage Note dated ________, 19__, in the original principal sum of
         $_________, made by ___________________, payable to, or endorsed to
         the order of, the Trustee.

( )      Mortgage recorded on _________________ as instrument no. __________
         in the County Recorder's Office of the County of __________, State of
         _______ in book/reel/docket _________ of official records at
         page/image ___________.

( )      Deed of Trust recorded on _____________ as instrument no. __________
         in the County Recorder's Office of the County of ______________,
         State of ____________ in book/reel/docket ___________ of official
         records at page/image ___________.

( )      Assignment of Mortgage or Deed of Trust to the Trustee, recorded
         on ____________ as instrument no. _______  in the County Recorder's
         Office of the County of __________, State of __________ in
         book/reel/docket _______________ of official records at
         page/image ________.

( )      Other documents, including any amendments, assignments or other
         assumptions of the Mortgage Note or Mortgage.

         ( )  _____________________________________________

         ( )  _____________________________________________

         ( )  _____________________________________________

         ( )  _____________________________________________

         The undersigned Master Servicer hereby acknowledges and agrees as
follows:

                           (1)  The Master Servicer shall hold and retain
                  possession of the Documents in trust for the benefit of the
                  Trustee, solely for the purposes provided in the Agreement.

                           (2)  The Master Servicer shall not cause or
                  knowingly permit the Documents to become subject to, or
                  encumbered by, any claim, liens, security interest, charges,
                  writs of attachment or other impositions nor shall the
                  Master Servicer assert or seek to assert any claims or
                  rights of setoff to or against the Documents or any proceeds
                  thereof.

                           (3)  The Master Servicer shall return each and every
                  Document previously requested from the Mortgage File to the
                  Trustee when the need therefor no longer exists, unless the
                  Mortgage Loan relating to the Documents has been liquidated
                  and the proceeds thereof have been remitted to the Note
                  Account and except as expressly provided in the Master
                  Servicing Agreement.

<PAGE>

                           (4)  The Documents and any proceeds thereof,
                  including any proceeds of proceeds, coming into the
                  possession or control of the Master Servicer shall at all
                  times be earmarked for the account of the Trustee, and the
                  Master Servicer shall keep the Documents and any proceeds
                  separate and distinct from all other property in the Master
                  Servicer's possession, custody or control.

                                       [INDYMAC BANK, F.S.B.]
                                       By
                                          ---------------------------------
                                       Its
                                          ---------------------------------

Date:                  , 19
      -----------------    --

<PAGE>
                                   EXHIBIT D

                       REQUEST FOR RELEASE OF DOCUMENTS

To:  [Trustee]                                       Attn:  Mortgage Custody
                                                     Services

Re:  The Master Servicing Agreement dated [ ] among [IndyMac Bank, F.S.B.]
("[IndyMac]"), as Master Servicer, [________________] Home Equity Loan Trust
200_, as Issuer, and [ ], as Trustee

Ladies and Gentlemen:

In connection with the administration of the Mortgage Loans held by you as
Trustee for [________________] Home Equity Loan Trust 200_, as Issuer, we
request the release of the Mortgage File for the Mortgage Loan(s) described
below, for the reason indicated.

FT Account#:                        Pool #:

Mortgagor's Name, Address and Zip Code:

Mortgage Loan Number:

Reason for Requesting Documents (check one)

_______1.   Mortgage Loan paid in full ([IndyMac] hereby certifies that all
amounts have been received.)

_______2.   Mortgage Loan Liquidated ([IndyMac] hereby certifies that all
proceeds of foreclosure, insurance, or other liquidation have been finally
received.)

_______3.   Mortgage Loan in Foreclosure.

_______4.   Other (explain): ____________________________________

If item 1 or 2 above is checked, and if all or part of the Trustee Mortgage
File was previously released to us, please release to us our previous receipt
on file with you, as well as an additional documents in your possession
relating to the above-specified Mortgage Loan. If item 3 or 4 is

<PAGE>
checked, upon return of all of the above documents to you as Trustee, please
acknowledge your receipt by signing in the space indicated below, and
returning this form.

[INDYMAC BANK, F.S.B.]                         [address]

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

TRUSTEE CONSENT TO RELEASE AND
ACKNOWLEDGEMENT OF RECEIPT

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]