Document:

EXHIBIT 4.3

                                   INDENTURE

                                     among

                 ___________ MORTGAGE INVESTMENT TRUST 200_-__
                                    Issuer

                            ______________________,
                              Trust Administrator

                                      and

                     ____________________________________
                               Indenture Trustee

                          Dated as of ________, 200_

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                                                 TABLE OF CONTENTS

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                                                    ARTICLE ONE
                                    DEFINITIONS AND INCORPORATION BY REFERENCE

<S>               <C>                                                                                           <C>
Section 1.01.     Definitions.....................................................................................2
Section 1.02.     Incorporation by Reference of Trust Indenture Act...............................................8
Section 1.03.     Rules of Construction...........................................................................9

                                                    ARTICLE TWO
                                                     THE NOTES

Section 2.01.     Form...........................................................................................10
Section 2.02.     Execution, Authentication and Delivery.........................................................10
Section 2.03.     Limitation on Transfer of Notes................................................................11
Section 2.04.     Registration; Registration of Transfer and Exchange............................................12
Section 2.05.     Mutilated, Destroyed, Lost or Stolen Notes.....................................................14
Section 2.06.     Persons Deemed Owners..........................................................................14
Section 2.07.     Payment of Principal and Interest..............................................................15
Section 2.08.     Cancellation...................................................................................16
Section 2.09.     Release of Collateral..........................................................................16
Section 2.10.     Book-Entry Notes...............................................................................16
Section 2.11.     Notices to Clearing Agency.....................................................................17
Section 2.12.     Definitive Notes...............................................................................17
Section 2.13.     Tax Treatment..................................................................................18

                                                   ARTICLE THREE
                                                     COVENANTS

Section 3.01.     Payment of Principal and Interest..............................................................18
Section 3.02.     Maintenance of Office or Agency................................................................18
Section 3.03.     Money for Payments to be Held in Trust.........................................................18
Section 3.04.     Existence......................................................................................20
Section 3.05.     Protection of Collateral.......................................................................21
Section 3.06.     Opinions as to Collateral......................................................................21
Section 3.07.     Performance of Obligations.....................................................................21
Section 3.08.     Negative Covenants.............................................................................22
Section 3.09.     Annual Statement as to Compliance..............................................................23
Section 3.10.     Treatment of Notes as Debt for Tax Purposes....................................................23
Section 3.11.     [Reserved].....................................................................................23
Section 3.12.     No Other Business..............................................................................24
Section 3.13.     No Borrowing...................................................................................24
Section 3.14.     [Reserved].....................................................................................24
Section 3.15.     Guarantees, Loans, Advances and Other Liabilities..............................................24
Section 3.16.     Capital Expenditures...........................................................................24

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Section 3.17.     Removal of Trust Administrator.................................................................24
Section 3.18.     Restricted Payments............................................................................24
Section 3.19.     Notice of Events of Default....................................................................24
Section 3.20.     Further Instruments and Acts...................................................................24
Section 3.21.     Covenants of the Issuer........................................................................25
Section 3.22.     Representations and Warranties of the Issuer...................................................25

                                                   ARTICLE FOUR
                                            SATISFACTION AND DISCHARGE

Section 4.01.     Satisfaction and Discharge of Indenture........................................................26
Section 4.02.     Application of Trust Money.....................................................................27
Section 4.03.     Repayment of Moneys Held by Paying Agent.......................................................27
Section 4.04.     Trust Money Received by Indenture Trustee......................................................27

                                                   ARTICLE FIVE
                                                     REMEDIES

Section 5.01.     Events of Default..............................................................................27
Section 5.02.     Acceleration of Maturity; Rescission and Annulment.............................................29
Section 5.03.     Collection of Indebtedness and Suits for Enforcement by Indenture Trustee......................29
Section 5.04.     Remedies; Priorities...........................................................................31
Section 5.05.     Optional Preservation of the Collateral........................................................33
Section 5.06.     Limitation of Suits............................................................................33
Section 5.07.     Unconditional Rights of Noteholders To Receive Principal and Interest..........................34
Section 5.08.     Restoration of Rights and Remedies.............................................................34
Section 5.09.     Rights and Remedies Cumulative.................................................................34
Section 5.10.     Delay or Omission Not a Waiver.................................................................34
Section 5.11.     Control by Noteholders.........................................................................34
Section 5.12.     Waiver of Past Defaults........................................................................35
Section 5.13.     Undertaking for Costs..........................................................................35
Section 5.14.     Waiver of Stay or Extension Laws...............................................................36
Section 5.15.     Action on Notes................................................................................36
Section 5.16.     Performance and Enforcement of Certain Obligations.............................................36

                                                    ARTICLE SIX
                                               THE INDENTURE TRUSTEE

Section 6.01.     Duties of Indenture Trustee....................................................................37
Section 6.02.     Rights of Indenture Trustee....................................................................39
Section 6.03.     Individual Rights of Indenture Trustee.........................................................39
Section 6.04.     Indenture Trustee's Disclaimer.................................................................39
Section 6.05.     Notice of Defaults.............................................................................40
Section 6.06.     Reports by Trust Administrator to Holders......................................................40
Section 6.07.     Compensation and Indemnity.....................................................................40
Section 6.08.     Replacement of Indenture Trustee...............................................................40

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Section 6.09.     Successor Indenture Trustee or Trust Administrator by Merger...................................42
Section 6.10.     Appointment of Co-Indenture Trustee or Separate Indenture Trustee..............................42
Section 6.11.     Eligibility; Disqualification..................................................................43
Section 6.12.     Representations and Warranties.................................................................44
Section 6.13.     Preferential Collection of Claims Against Issuer...............................................44

                                                   ARTICLE SEVEN
                                          NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.     Note Registrar To Furnish to the Indenture Trustee the Names and Addresses of
                  Noteholders....................................................................................44
Section 7.02.     Preservation of Information; Communications to Noteholders.....................................44
Section 7.03.     Reports by Issuer..............................................................................45
Section 7.04.     Reports by Indenture Trustee...................................................................45

                                                   ARTICLE EIGHT
                                       ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.     Collection of Money............................................................................46
Section 8.02.     Collection Account.............................................................................46
Section 8.03.     Release of Collateral..........................................................................46

                                                   ARTICLE NINE
                                              SUPPLEMENTAL INDENTURES

Section 9.01.     Supplemental Indentures Without Consent of Noteholders.........................................47
Section 9.02.     Supplemental Indentures with Consent of Noteholders............................................48
Section 9.03.     Execution of Supplemental Indentures...........................................................49
Section 9.04.     Effect of Supplemental Indenture...............................................................49
Section 9.05.     Conformity with Trust Indenture Act............................................................49
Section 9.06.     Reference in Notes to Supplemental Indentures..................................................49
Section 9.07.     Opinion of Counsel.............................................................................50

                                                    ARTICLE TEN
                                                REDEMPTION OF NOTES

Section 10.01.    Redemption.....................................................................................50
Section 10.02.    Form of Redemption Notice......................................................................50
Section 10.03.    Notes Payable on Applicable Redemption Date....................................................51

                                                  ARTICLE ELEVEN
                                                   MISCELLANEOUS

Section 11.01.    Compliance Certificates and Opinions, etc......................................................51
Section 11.02.    Form of Documents Delivered to Indenture Trustee...............................................52
Section 11.03.    Acts of Noteholders............................................................................52
Section 11.04.    Notices, etc., to Indenture Trustee, Trust Administrator, Issuer and Rating Agencies...........53

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Section 11.05.    Notices to Noteholders; Waiver.................................................................53
Section 11.06.    Conflict with Trust Indenture Act..............................................................54
Section 11.07.    Effect of Headings and Table of Contents.......................................................54
Section 11.08.    Successors and Assigns.........................................................................54
Section 11.09.    Severability...................................................................................54
Section 11.10.    Benefits of Indenture and Consents of Noteholders..............................................54
Section 11.11.    Legal Holidays.................................................................................55
Section 11.12.    Governing Law..................................................................................55
Section 11.13.    Counterparts...................................................................................55
Section 11.14.    Recording of Indenture.........................................................................55
Section 11.15.    Trust Obligations..............................................................................55
Section 11.16.    No Petition....................................................................................56
Section 11.17.    Inspection.....................................................................................56
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                                                     EXHIBITS

EXHIBIT A             Forms of Notes
EXHIBIT B             Form of ERISA Transfer Affidavit

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     This INDENTURE, dated as of ________, 200_, is among ___________ MORTGAGE
INVESTMENT TRUST 200_-__, a Delaware statutory trust (the "Issuer"),
______________________, as Trust Administrator (the "Trust Administrator") and
____________________________________, as indenture trustee and not in its
individual capacity (the "Indenture Trustee").

     Each party agrees as follows for the benefit of the other party, for the
equal and ratable benefit of the Holders of the Issuer's variable rate Notes
in the Classes specified herein (the "Notes"):

                                GRANTING CLAUSE

     The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as
Indenture Trustee for the benefit of the Holders of the Notes, all of the
Issuer's right, title and interest, whether now owned or hereafter acquired,
in and to: (i) the Trust Estate; (ii) the Issuer's rights and benefits but
none of its obligations under the Sale and Servicing Agreement (including the
Issuer's right to cause the Seller to repurchase Mortgage Loans from the
Issuer under the circumstances described therein); (iii) the Issuer's rights
and benefits but none of its obligations under the Custodial Agreement; (iv)
the Issuer's rights and benefits but none of its obligations under the
Mortgage Loan Purchase Agreement; (v) the Trust Account and the Interest Rate
Cap Account and all amounts and property in the Trust Account and the Interest
Rate Cap Account from time to time, and the Security Entitlements to all
Financial Assets credited to such accounts from time to time; (vi) all other
property of the Trust from time to time; and (vii) all present and future
claims, demands, causes of action and choses in action in respect of any or
all of the foregoing and all payments on or under and all proceeds of every
kind and nature whatsoever in respect of any or all of the foregoing,
including all proceeds of the conversion thereof, voluntary or involuntary,
into cash or other liquid property, all cash proceeds, accounts, accounts
receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any
and every kind and other forms of obligations and receivables, instruments and
other property which at any time constitute all or part of or are included in
the proceeds of any of the foregoing (collectively, the "Collateral").

     The foregoing Grant is made in trust to secure the payment of principal
of and interest on, and any other amounts owing in respect of, the Notes, and
to secure (i) the payment of all amounts due on the Notes in accordance with
their terms, (ii) the payment of all other sums payable under the Indenture
with respect to the Notes, and (iii) compliance with the provisions of this
Indenture, all as provided in this Indenture.

     The Indenture Trustee, as Indenture Trustee on behalf of the Holders of
the Notes, acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its
duties required of it in this Indenture in accordance with its terms.

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                                 ARTICLE ONE

                  DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.01. Definitions. (a) Except as otherwise specified herein or as
the context may otherwise require, the following terms have the respective
meanings set forth below for all purposes of this Indenture.

     Act: The meaning specified in Section 11.03(a).

     Authorized Officer: With respect to the Issuer, any officer of the Owner
Trustee who is authorized to act for the Owner Trustee in matters relating to
the Issuer and who is identified on the list of Authorized Officers delivered
by the Owner Trustee to the Indenture Trustee on the Closing Date (as such
list may be modified or supplemented from time to time thereafter) and, so
long as the Sale and Servicing Agreement is in effect, any Vice President,
Assistant Vice President, Trust Officer or more senior officer of the Trust
Administrator who is authorized to act for the Trust Administrator in matters
relating to the Issuer and to be acted upon by the Trust Administrator
pursuant to the Sale and Servicing Agreement and who is identified on the list
of Authorized Officers delivered by the Trust Administrator to the Indenture
Trustee on the Closing Date (as such list may be modified or supplemented from
time to time thereafter).

     Book-Entry Notes: Beneficial interests in Notes designated as "Book-Entry
Notes" in this Indenture, ownership and transfers of which shall be evidenced
or made through book entries by a Clearing Agency as described in Section
2.11; provided, that after the occurrence of a condition whereupon Definitive
Notes are to be issued to Note Owners, such Book-Entry Notes shall no longer
be "Book-Entry Notes."

     Certificate of Trust: The certificate of trust of the Issuer
substantially in the form of Exhibit C to the Trust Agreement.

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

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

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

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

     Commission: The Securities and Exchange Commission.

     Corporate Trust Office: With respect to the Indenture Trustee, the
designated office of the Indenture Trustee in the State of _________ at which
at any particular time its corporate trust business with respect to this
Agreement is administered, which office at the date of the execution of this
Agreement is located at ______________________________, Attn:
________________,

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and which is the address to which notices to and correspondence with the
Indenture Trustee should be directed, or at such other address as the
Indenture Trustee may designate from time to time by notice to the Holders,
the Issuer and the Trust Administrator or the principal corporate trust office
of any successor Indenture Trustee. With respect to the Note Registrar and
presentment of Notes for registration of transfer, exchange or final payment,
__________________________________________, Attention: __________________, and
for all other purposes, ________________________________, Attention:
_________________.

     Current Interest: As defined in the Sale and Servicing Agreement.

     Default: Any occurrence that is, or with notice or the lapse of time or
both would become, an Event of Default.

     Definitive Notes: The meaning specified in Section 2.10.

     Depository Institution: Any depository institution or trust company,
including the Indenture Trustee, that (a) is incorporated under the laws of
the United States of America or any State thereof, (b) is subject to
supervision and examination by federal or state banking authorities and (c)
has outstanding unsecured commercial paper or other short term unsecured debt
obligations that are rated in the highest rating category by each Rating
Agency, or is otherwise acceptable to each Rating Agency.

     Disregarded Entity: An entity that is both (a) solely owned by a REIT or
Qualified REIT Subsidiary and (b) disregarded as an entity separate from its
owner within the meaning of Section 301.7701-2(c)(2) of the Treasury
Regulations.

     Eligible Corporation: A domestic corporation described in section
860L(a)(2) of the Code that (i) is not the obligor on any debt instrument held
as part of the Trust, and (ii) is not related, within the meaning of section
860L(g), to any person who is an obligor on any debt instrument held as part
of the Trust.

     Euroclear: Euroclear SA/NV, as operator of the Euroclear System.

     Event of Default: The meaning specified in Section 5.01.

     Exchange Act: The Securities Exchange Act of 1934, as amended.

     Executive Officer: With respect to any corporation or limited liability
company, the Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, President, Manager, Executive Vice President, any Vice President, the
Secretary or the Treasurer of such entity; and with respect to any
partnership, any general partner thereof.

     Global Securities: The meaning specified in Section 2.01(a).

     Grant: Mortgage, pledge, bargain, sell, warrant, alienate, remise,
release, convey, assign, transfer, create, and grant a lien upon and a
security interest in and a right of set off against, deposit, set over and
confirm pursuant to this Indenture. A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none
of the

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obligations) of the granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys
payable thereunder, to give and receive notices and other communications, to
make waivers or other agreements, to exercise all rights and options, 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 thereunder or with respect thereto.

     Holder or Noteholder: A Person in whose name a Note is registered on the
Note Register.

     Independent: When used with respect to any specified Person, that such
Person (a) is in fact independent of the Issuer, any other obligor on the
Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does
not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of
any of the foregoing Persons and (c) is not connected with the Issuer, any
such other obligor, the Seller or any Affiliate of any of the foregoing
Persons as an officer, employee, promoter, underwriter, trustee, partner,
director or person performing similar functions.

     Independent Certificate: A certificate or opinion to be delivered to the
Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, made by an
Independent appraiser or other expert appointed by an Issuer Order, and such
opinion or certificate shall state that the signer has read the definition of
"Independent" in this Indenture and that the signer is Independent within the
meaning thereof.

     Issuer: ___________ Mortgage Investment Trust 200_-__, a Delaware
statutory trust, or any successor and, for purposes of any provision contained
herein and required by the TIA, each other obligor on the Notes.

     Issuer Order or 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
Indenture Trustee.

     Non Priority Class Note: As of any date of determination, any Outstanding
Note other than the related Notes that comprise the Priority Class Notes.

     Note: Any of the [Class AF-1A], [Class AF-1B], [Class AF-2], [Class
AF-3], [Class AF-4], [Class AF-5A], [Class AF-5B], [Class AF-6], [Class MF-1],
[Class MF-2], [Class MF-3], [Class MF-4], [Class MF-5], [Class MF-6], [Class
MF-7], [Class MF-8], [Class BF], [Class 2-AV-1], [Class 2-AV-2], [Class
3-AV-1], [Class 3-AV-2], [Class 3-AV-3], [Class 3-AV-4], [Class MV-1], [Class
MV-2], [Class MV-3], [Class MV-4], [Class MV-5], [Class MV-6], [Class MV-7],
[Class MV-8], [Class BV], [Class PF], [Class PV], [Class CF] or [Class CV]
Notes issued pursuant to this Indenture, substantially in the forms attached
hereto as Exhibit A.

     Note Owner or Owner: With respect to a Book-Entry Note, the Person that
is the beneficial owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency or on the books of a Person maintaining an account with
such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such
Clearing Agency), and with respect to a Definitive Note, the Person that is
the registered owner of such Note as reflected in the Note Register.

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     Note Register: The meaning specified in Section 2.04.

     Note Registrar: The meaning specified in Section 2.04. The initial Note
Registrar shall be the Trust Administrator.

     Officer's Certificate: A certificate signed by any Authorized Officer of
the Issuer, under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.01, and delivered to the
Indenture Trustee. Unless otherwise specified, any reference in this Indenture
to an Officer's Certificate shall be to an Officer's Certificate of any
Authorized Officer of the Issuer.

     Outstanding: As of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture except:

          (i) Notes theretofore cancelled by the Note Registrar or delivered
     to the Note Registrar for cancellation;

          (ii) Notes the payment for which money in the necessary amount has
     been theretofore deposited with the Trust Administrator or any Paying
     Agent in trust for the Holders of such Notes (provided, however, that if
     such Notes are to be redeemed, notice of such redemption has been duly
     given pursuant to this Indenture or provision for such notice has been
     made, satisfactory to the Trust Administrator); and

          (iii) Notes in exchange for or in lieu of which other Notes have
     been authenticated and delivered pursuant to this Indenture unless proof
     satisfactory to the Trust Administrator is presented that any such Notes
     are held by a protected purchaser;

provided, that in determining whether the Holders of the requisite Outstanding
Balance of the Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any Operative Agreement, Notes
owned by the Issuer, any other obligor upon the Notes, the Depositor, the
Owner Trustee, the Indenture Trustee, the Master Servicer, any Servicer, the
Trust Administrator or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Indenture Trustee or Trust Administrator shall be protected in
relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Notes that the Indenture Trustee or Trust
Administrator has actual knowledge to be so owned shall be so disregarded
(unless such action requires the consent, waiver, request or demand of [100]%
of the Outstanding Balance represented by a particular Class and [100]% of the
Outstanding Balance represented by such Class is registered in the name of one
or more of the foregoing entities). Notes so owned that have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Indenture Trustee or Trust Administrator the pledgee's
right so to act with respect to such Notes and that the pledgee is not the
Issuer, any other obligor upon the Notes, the Depositor, the Owner Trustee,
the Indenture Trustee, the Master Servicer, any Servicer, the Trust
Administrator or any Affiliate of any of the foregoing Persons.

     Outstanding Balance: The aggregate principal amount of the Notes
Outstanding as of the date of determination.

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     Paying Agent: Initially, the Trust Administrator or any other Person that
meets the eligibility standards for the Indenture Trustee specified in Section
6.11 and is authorized by the Issuer, in accordance with the provision of
Section 3.03, to make payments to and distributions from the Trust Account,
including payments of principal of or interest on the Notes on behalf of the
Issuer.

     Predecessor Note: With respect to any particular Note, every previous
Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.04 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

     Priority Class Notes: Until the Class Principal Amounts of the Senior
Notes are reduced to zero and all sums payable to the Holders of the Senior
Notes have been paid in full, the Senior Notes; when the Class Principal
Amounts of the Senior Notes have been reduced to zero and all amounts payable
to the Holders of the Senior Notes have been paid in full, (i) with respect to
the Fixed Rate Notes, the [Class MF-1] Notes; when the Class Principal Amounts
of the Senior Notes and the [Class MF-1] Notes have been reduced to zero and
all sums payable to the Holders of such Classes have been paid in full, the
[Class MF-2] Notes; when the Class Principal Amounts of the Senior Notes, the
[Class MF-1] Notes and the [Class MF-2] Notes have been reduced to zero and
all sums payable to the Holders of such Classes have been paid in full, the
[Class MF-3] Notes; when the Class Principal Amounts of the Senior Notes, the
[Class MF-1] Notes, the [Class MF-2] Notes and the [Class MF-3] Notes have
been reduced to zero and all sums payable to the Holders of such Classes have
been paid in full, the [Class MF-4] Notes; when the Class Principal Amounts of
the Senior Notes, the [Class MF-1] Notes, the [Class MF-2] Notes, the [Class
MF-3] Notes and the [Class MF-4] Notes have been reduced to zero and all sums
payable to the Holders of such Classes have been paid in full; when the Class
Principal Amounts of the Senior Notes, the [Class MF-1], the [Class MF-2], the
[Class MF-3] Notes, and the [Class MF-4] Notes, have been reduced to zero and
all sums payable to the Holders of such Classes have been paid in full, the
[Class MF-5] Notes; when the Class Principal Amounts of the Senior Notes, the
[Class MF-1] Notes, the [Class MF-2] Notes, the[Class MF-3] Notes, the [Class
MF-4] Notes and the [Class MF-5] Notes have been reduced to zero and all sums
payable to the Holders of such Classes have been paid in full, the [Class
MF-6] Notes; when the Class Principal Amounts of the Senior Notes, the [Class
MF-1] Notes, the [Class MF-2] Notes, the [Class MF-3] Notes, [Class MF-4]
Notes, the [Class MF-5] Notes and the [Class MF-6] Notes have been reduced to
zero and all sums payable to the Holders of such Classes have been paid in
full, the [Class MF-7] Notes; and when the Class Principal Amounts of the
Senior Notes, the [Class MF-1] Notes, the [Class MF-2] Notes, the [Class MF-3]
Notes, the [Class MF-4] Notes, the [Class MF-5] Notes, the [Class MF-6] Notes
and the [Class MF-7] Notes have been reduced to zero and all sums payable to
the Holders of such Classes have been paid in full, the [Class MF-8] Notes,
when the Class Principal Amounts of the Senior Notes, the [Class MF-1] Notes,
the [Class MF-2] Notes, the [Class MF-3] Notes, [Class MF-4] Notes, the [Class
MF-5] Notes, the [Class MF-6] Notes and the [Class MF-7] Notes have been
reduced to zero and all sums payable to the Holders of such Classes have been
paid in full, the [Class MF-8] Notes; and when the Class Principal Amounts of
the Senior Notes, the [Class MF-1] Notes, the [Class MF-2] Notes, the [Class
MF-3] Notes, the [Class MF-4] Notes, the [Class MF-5] Notes, the [Class MF-6]
Notes, the [Class MF-7] Notes and the [Class MF-8] Notes have been reduced to
zero and all

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sums payable to the Holders of such Classes have been paid in full, the [Class
BF] Notes and (ii) with respect to the Adjustable Rate Notes, the [Class MV-1]
Notes; when the Class Principal Amounts of the Senior Notes and the [Class
MV-1] Notes have been reduced to zero and all sums payable to the Holders of
such Classes have been paid in full, the [Class MV-2] Notes; when the Class
Principal Amounts of the Senior Notes, the [Class MV-1] Notes and the [Class
MV-2] Notes have been reduced to zero and all sums payable to the Holders of
such Classes have been paid in full, the [Class MV-3] Notes; when the Class
Principal Amounts of the Senior Notes, the [Class MV-1] Notes, the [Class
MV-2] Notes and the [Class MV-3] Notes have been reduced to zero and all sums
payable to the Holders of such Classes have been paid in full, the [Class
MV-4] Notes; when the Class Principal Amounts of the Senior Notes, the [Class
MV-1] Notes, the [Class MV-2] Notes, the [Class MV-3] Notes and the [Class
MV-4] Notes have been reduced to zero and all sums payable to the Holders of
such Classes have been paid in full; when the Class Principal Amounts of the
Senior Notes, the [Class MV-1], the [Class MV-2], the [Class MV-3] Notes, and
the [Class MV-4] Notes, have been reduced to zero and all sums payable to the
Holders of such Classes have been paid in full, the [Class MV-5] Notes; when
the Class Principal Amounts of the Senior Notes, the [Class MV-1] Notes, the
[Class MV-2] Notes, the[Class MV-3] Notes, the [Class MV-4] Notes and the
[Class MV-5] Notes have been reduced to zero and all sums payable to the
Holders of such Classes have been paid in full, the [Class MV-6] Notes; when
the Class Principal Amounts of the Senior Notes, the [Class MV-1] Notes, the
[Class MV-2] Notes, the [Class MV-3] Notes, [Class MV-4] Notes, the [Class
MV-5] Notes and the [Class MV-6] Notes have been reduced to zero and all sums
payable to the Holders of such Classes have been paid in full, the [Class
MV-7] Notes; and when the Class Principal Amounts of the Senior Notes, the
[Class MV-1] Notes, the [Class MV-2] Notes, the [Class MV-3] Notes, the [Class
MV-4] Notes, the [Class MV-5] Notes, the [Class MV-6] Notes and the [Class
MV-7] Notes have been reduced to zero and all sums payable to the Holders of
such Classes have been paid in full, the [Class MV-8] Notes; when the Class
Principal Amounts of the Senior Notes, the [Class MV-1] Notes, the [Class
MV-2] Notes, the [Class MV-3] Notes, [Class MV-4] Notes, the [Class MV-5]
Notes, the [Class MV-6] Notes and the [Class MV-7] Notes have been reduced to
zero and all sums payable to the Holders of such Classes have been paid in
full, the [Class MV-8] Notes; and when the Class Principal Amounts of the
Senior Notes, the [Class MV-1] Notes, the [Class MV-2] Notes, the [Class MV-3]
Notes, the [Class MV-4] Notes, the [Class MV-5] Notes, the [Class MV-6] Notes,
the [Class MV-7] Notes and the [Class MV-8] Notes have been reduced to zero
and all sums payable to the Holders of such Classes have been paid in full,
the [Class BF] Notes.

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

     Prospective Owner: Each prospective purchaser and any subsequent
transferee of a Note.

     Rating Agency Condition: With respect to any action to which the Rating
Agency Condition applies, that each Rating Agency shall have been given [10]
days (or such shorter period as is acceptable to each Rating Agency) prior
notice thereof and that each Rating Agency shall have notified the Depositor,
the Issuer and the Indenture Trustee in writing that such action will not
result in a reduction or withdrawal of the then current rating of the rated
Notes.

                                      7
<PAGE>

     Redemption Date: In the case of a redemption of the Notes pursuant to
Section 10.01, the Payment Date specified by the Trust Administrator in the
notice delivered pursuant to Section 10.02.

     Responsible Officer: When used with respect to the Indenture Trustee, any
vice president, any assistant vice president, any associate, or any other
officer of the Indenture Trustee customarily performing functions similar to
those performed by any of the above designated officers who at such time shall
be officers to whom, with respect to a particular matter, such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the
administration of this Agreement. With respect to the Trust Administrator, any
officer in the corporate trust department or similar group of the Trust
Administrator with direct responsibility for the administration of this
Agreement and also, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his or her knowledge
of and familiarity with the particular subject.

     [Retained Notes: Means those certain classes, or portions of certain
classes, of Notes which, at the time of their issuance,
________________________ or one of its qualified REIT subsidiaries or a
Disregarded Entity acquires beneficial ownership thereof.]

     Sale and Servicing Agreement: The Sale and Servicing Agreement dated as
of ________, 200_, among the Issuer, CWABS, Inc., as depositor,
______________________, as master servicer and trust administrator, the
Indenture Trustee, ________________________, as seller and
_____________________, as servicer, as such may be amended or supplemented
from time to time.

     Senior Notes: Any of the [Class AF-1A], [Class AF-1B], [Class AF-2],
[Class AF-3], [Class AF-4], [Class AF-5A], [Class AF-5B], [Class AF-6], [Class
2-AV-1], [Class 2-AV-2], [Class 3-AV-1], [Class 3-AV-2], [Class 3-AV-3] or
[Class 3-AV-4] Notes.

     State: Any one of the 50 States of the United States of America or the
District of Columbia.

     Trust: The Delaware statutory trust known as "___________ Mortgage
Investment Trust 200_-__."

     Trust Indenture Act or TIA: The Trust Indenture Act of 1939 as in force
on the date hereof, unless otherwise specifically provided.

     (b) Except as otherwise specified herein or as the context may otherwise
require, capitalized terms used but not otherwise defined herein shall have
the meanings assigned to them in the Sale and Servicing Agreement.

     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 in and made a part of this Indenture. The following TIA terms
used in this Indenture have the following meanings:

                                      8
<PAGE>

     "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.

     (a) All other TIA terms used in this Indenture that are defined in the
TIA, defined by TIA reference to another statute or defined by rule of the
Securities and Exchange Commission have the respective meanings assigned to
them by such definitions.

     Section 1.03. Rules of Construction. Unless the context otherwise
requires:

          (i) a term has the meaning assigned to it;

          (ii) an accounting term not otherwise defined has the meaning
     assigned to it in accordance with generally accepted accounting
     principles as in effect from time to time;

          (iii) "or" is not exclusive;

          (iv) "including" means including without limitation;

          (v) words in the singular include the plural and words in the plural
     include the singular;

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

          (vii) terms defined in the UCC and not otherwise defined herein
     shall have the meaning assigned to them in the UCC; and

          (viii) to "U.S. dollars", "dollars", or the sign "$" shall be
     construed as references to United States dollars which are freely
     transferable by residents and non-residents of the United States of
     America and convertible by such persons into any other freely convertible
     currency unless such transferability or convertibility is restricted by
     any law or regulation of general application in which event references to
     "U.S. dollars", "dollars", or the sign "$" shall be construed as
     references to such coin or currency of the United States of America as at
     the time of payment shall be legal tender for the payment of public and
     private debts in the United States of America, and "cents" shall be
     construed accordingly.

                                      9
<PAGE>

                                 ARTICLE TWO

                                   THE NOTES

     Section 2.01. Form. (a) The Notes shall be designated as the "___________
Mortgage Investment Trust 200_-__ Mortgage Backed Notes" The Notes, together
with the Trust Administrator's certificate of authentication, shall be in
substantially the forms set forth in Exhibit A with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Note.

     The Definitive Notes and the global certificates ("Global Securities")
representing the Book-Entry Notes shall 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 such
Notes, as evidenced by their execution of such Notes.

     Each Note shall be dated the date of its authentication. The terms of the
Notes set forth in Exhibit A are part of the terms of this Indenture.

     Section 2.02. Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any Authorized Officer of the Owner
Trustee. The signature of any such 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 Owner Trustee or the Trust
Administrator shall bind the Issuer, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and
delivery of such Notes or did not hold such offices at the date of such Notes.

     The Trust Administrator shall, upon Issuer Order, authenticate and
deliver the Notes for original issue in the aggregate principal amounts with
respect to each Class as specified below:

                       Class                    Class Principal Amount
           [Class AF-1A]................            $__________
           [Class AF-1B]................            $__________
           [Class AF-2].................            $__________
           [Class AF-3].................            $__________
           [Class AF-4].................            $__________
           [Class AF-5A]................            $__________
           [Class AF-5B]................            $__________
           [Class AF-6].................            $__________
           [Class MF-1].................            $__________
           [Class MF-2].................            $__________
           [Class MF-3].................            $__________
           [Class MF-4].................            $__________

                                      10
<PAGE>

           [Class MF-5].................            $__________
           [Class MF-6].................            $__________
           [Class MF-7].................            $__________
           [Class MF-8].................            $__________
           [Class BF]...................            $__________
           [Class 2-AV-1]...............            $__________
           [Class 2-AV-1]...............            $__________
           [Class 2-AV-2]...............            $__________
           [Class 3-AV-1]...............            $__________
           [Class 3-AV-2]...............            $__________
           [Class 3-AV-3]...............            $__________
           [Class 3-AV-4]...............            $__________
           [Class MV-1].................            $__________
           [Class MV-2].................            $__________
           [Class MV-3].................            $__________
           [Class MV-4].................            $__________
           [Class MV-5].................            $__________
           [Class MV-6].................            $__________
           [Class MV-7].................            $__________
           [Class MV-8].................            $__________
           [Class BV]...................            $__________
___________________________

     The aggregate principal amounts of such Classes of Notes outstanding at
any time may not exceed such respective amounts.

     The [Class AF-1A], [Class AF-1B], [Class AF-2], [Class AF-3], [Class
AF-4], [Class AF-5A], [Class AF-5B], [Class AF-6], [Class 2-AV-1], [Class
2-AV-2], [Class 3-AV-1], [Class 3-AV-2], [Class 3-AV-3] or [Class 3-AV-4]
Notes will be issued in minimum denominations of $[25,000] and integral
multiples of $[1] in excess thereof. The [Class MF-1], [Class MF-2], [Class
MF-3], [Class MF-4], [Class MF-5], [Class MF-6], [Class MF-7], [Class MF-8],
[Class BF], [Class MV-1], [Class MV-2], [Class MV-3], [Class MV-4], [Class
MV-5], [Class MV-6], [Class MV-7], [Class MV-8] or [Class BV] Notes will be
issued in minimum denominations of $[100,000] and integral multiples of $[1]
in excess thereof.

     No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by
the Trust Administrator by the manual signature of one of its authorized
signatories, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

     Section 2.03. Limitation on Transfer of Notes. (a) No transfer of a Note
in the form of a Definitive Note shall be made unless the Note Registrar shall
have received a representation from the transferee of such Note, acceptable to
and in form and substance satisfactory to the Note Registrar and the Depositor
(such requirement is satisfied only by the Note Registrar's receipt of a
transfer affidavit from the transferee substantially in the form of Exhibit B
hereto), to the effect that such transferee (i) is not acquiring such note
for, or with the assets of, an employee

                                      11
<PAGE>

benefit plan or other retirement arrangement that is subject to Section 406 of
ERISA or to Section 4975 of the Code or to any substantially similar law
("Similar Law"), or any entity deemed to hold the plan assets of the foregoing
(collectively, "Benefit Plans"), or (ii) its acquisition and holding of such
Notes for, or with the assets of, a Benefit Plan will not result in a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code which is not covered under Prohibited Transaction Class Exemption
("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or some other
applicable exemption, and will not result in a non-exempt violation of any
Similar Law.

     In the case of a Note that is a Book-Entry Note, for purposes of clauses
(i) or (ii) of the preceding paragraph, such representations shall be deemed
to have been made to the Note Registrar by the transferee's acceptance of such
Note that is a Book-Entry Note (or the acceptance by a Note Holder of the
beneficial interest in such Note).

     None of the Indenture Trustee, the Trust Administrator, the Note
Registrar or the Depositor shall have any liability to any Person for any
registration of transfer of any Note that is in fact not permitted by this
Section 2.03(a) or for the Trust Administrator or the Paying Agent making any
payments due on such Note to the Holder thereof or taking any other action
with respect to such Holder under the provisions of this Agreement so long as
the transfer was registered by the Note Registrar in accordance with the
foregoing requirements. In addition, none of the Indenture Trustee, the Trust
Administrator, the Note Registrar or the Depositor shall be required to
monitor, determine or inquire as to compliance with the transfer restrictions
with respect to any Note in the form of a Book-Entry Note, and none of the
Indenture Trustee, the Trust Administrator, the Note Registrar or the
Depositor shall have any liability for transfers of Book-Entry Notes or any
interests therein made in violation of the restrictions on transfer described
in the Prospectus and this Agreement.

     In the event that a Note is transferred to a Person that does not meet
the requirements of this Section 2.03, such transfer shall be of no force and
effect, shall be void ab initio, and shall not operate to transfer any rights
to such Person, notwithstanding any instructions to the contrary to the
Issuer, the Indenture Trustee or any intermediary; and the Trust Administrator
shall not make any payments on such Note for as long as such Person is the
Holder of such Note.

     Each Note shall contain a legend substantially similar to the applicable
legend provided in Exhibit A hereto stating that transfer of such Notes is
subject to certain restrictions as set forth herein.

     (b) Any purported transfer of a Note (or any interest therein) not in
accordance with this Section 2.03 shall be null and void and shall not be
given effect for any purpose hereunder.

     (c) The Trust Administrator will not have the ability to monitor
transfers of the Notes while they are in book-entry form and will have no
liability for transfers of Book-Entry Notes in violation of any of the
transfer restrictions described in this Section 2.03.

     Section 2.04. Registration; Registration of Transfer and Exchange. The
Issuer shall cause the Note Registrar to keep a register (the "Note Register")
in which, subject to such reasonable regulations as it may prescribe and the
restrictions on transfers of the Notes set forth

                                      12
<PAGE>

herein, the Issuer shall provide for the registration of Notes and the
registration of transfers of Notes. The Trust Administrator initially shall be
the "Note Registrar" for the purpose of registering Notes and transfers of
Notes as herein provided. Upon any resignation of any Note Registrar, the
Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar.

     If a Person other than the Trust Administrator is appointed by the Issuer
as Note Registrar, the Issuer will give the Indenture Trustee and the Trust
Administrator prompt written notice of the appointment of such Note Registrar
and of the location, and any change in the location, of the Note Register, and
the Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and the Indenture Trustee shall
have the right to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts and number of such Notes.

     Subject to Section 2.03, upon surrender for registration of transfer of
any Note at the office or agency of the Issuer to be maintained as provided in
Section 3.02, the Issuer shall execute, and the Note Registrar shall
authenticate and the Noteholder shall be entitled to obtain from the Note
Registrar, in the name of the designated transferee or transferees, one or
more new Notes of the same Class in any authorized denominations, of a like
aggregate principal amount.

     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 such office or agency.
Whenever any Notes are so surrendered for exchange, the Issuer shall execute,
and the Note Registrar shall authenticate and the Noteholder shall be entitled
to obtain from the Trust Administrator, the Notes which the Noteholder making
the exchange is entitled to receive.

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

     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 Note Registrar duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature 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 such other "signature guarantee program" as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP.

     No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer or the Note Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Section 2.05 not involving
any transfer.

                                      13
<PAGE>

     The preceding provisions of this Section notwithstanding, the Issuer
shall not be required to make and the Note Registrar need not register
transfers or exchanges of Notes selected for redemption or of any Note for a
period of [15] days preceding the due date for any payment with respect to
such Note.

     Section 2.05. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Trust Administrator, or the Trust
Administrator receives evidence to its satisfaction of the destruction, loss
or theft of any Note, and (ii) there is delivered to the Trust Administrator
such security or indemnity as may be required by it to hold the Issuer and the
Trust Administrator harmless, then, in the absence of actual notice to the
Issuer, the Note Registrar or the Trust Administrator that such Note has been
acquired by a protected purchaser, and upon certification provided by the
Holder of such Note that the requirements of Section 8-405 of the Relevant UCC
are met, the Issuer shall execute, and upon its request the Note Registrar
shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated
Note, shall have become or within [seven] days shall be due and payable, or
shall have been called for redemption, instead of issuing a replacement Note,
the Issuer may pay such destroyed, lost or stolen Note when so due or payable
or upon the Redemption Date without surrender thereof. If, after the delivery
of such replacement Note or payment of a destroyed, lost or stolen Note
pursuant to the proviso to the preceding sentence, a bona fide purchaser of
the original Note in lieu of which such replacement Note was issued presents
for payment such original Note, the Issuer and the Note Registrar shall be
entitled to recover such replacement Note (or such payment) from the Person to
whom it was delivered or any Person taking such replacement Note from such
Person to whom such replacement Note was delivered or any assignee of such
Person, except a protected purchaser, and shall be entitled to recover upon
the security or indemnity provided therefor to the extent of any loss, damage,
cost or expense incurred by the Issuer or the Trust Administrator in
connection therewith.

     Upon the issuance of any replacement Note under this Section, the Issuer,
the Trust Administrator or the Note Registrar may require the payment by the
Holder of such Note of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other reasonable
expenses (including the fees and expenses of the Trust Administrator)
connected therewith.

     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 shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

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

     Section 2.06. Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Trust Administrator, the
Indenture Trustee and any agent of

                                      14
<PAGE>

the Issuer, the Trust Administrator 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 such Note for the purpose of receiving payments of principal
of and interest, if any, on such Note and for all other purposes whatsoever,
whether or not such Note be overdue, and none of the Issuer, the Trust
Administrator, the Indenture Trustee or any agent of the Issuer, the Trust
Administrator or the Indenture Trustee shall be affected by notice to the
contrary.

     Section 2.07. Payment of Principal and Interest. (a) Each Class of Notes
shall accrue interest at the applicable Note Interest Rate as set forth in the
Sale and Servicing Agreement, and such interest shall be payable on each
Payment Date, subject to Section 3.01. Interest shall be computed on each
Class of Notes on the basis of a 360-day year and the actual number of days
elapsed in each Accrual Period. With respect to each outstanding Class of
Notes, the Trust Administrator shall determine LIBOR for each applicable
Accrual Period on the second LIBOR Business Day prior thereto, in accordance
with the provisions of the Sale and Servicing Agreement. All interest payments
on each Class of Notes shall be made in the order provided for in Section 6.02
of the Sale and Servicing Agreement. Any installment of interest or principal
payable on any Note shall be paid on the applicable Payment Date to the Person
in whose name such Note (or one or more Predecessor Notes) is registered on
the Record Date by check mailed first-class postage prepaid to such Person's
address as it appears on the Note Register on such Record Date or, upon
written request made to the Note Registrar and the Paying Agent at least
[five] Business Days prior to the related Record Date, by the Holder of a Note
having an initial Note Principal Amount of not less than $[2,500,000] by wire
transfer in immediately available funds to an account specified in the request
and at the expense of such Noteholder, except that, unless Definitive Notes
have been issued pursuant to Section 2.12, with respect to Notes registered on
the Record Date in the name of the nominee of the Clearing Agency (initially,
such nominee to be Cede & Co.), payment will be made by wire transfer in
immediately available funds to the account designated by such nominee, except
for the final installment of principal payable with respect to such Note on a
Payment Date or on the applicable Maturity Date for such Class of Notes (and
except for the Termination Price for any Note called for redemption pursuant
to Section 10.01), which shall be payable as provided below. The funds
represented by any such checks returned undelivered shall be held in
accordance with Section 3.03.

     (b) The principal of the Notes shall be payable in installments on each
Payment Date as provided herein and in the Notes, subject to Section 3.01.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable, if not previously paid, on the date on which an
Event of Default shall have occurred and be continuing, or if the Indenture
Trustee or Holders of the Notes representing not less than a majority of the
Outstanding Balance of the Priority Class Notes have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02. All
principal payments on a Class of Notes shall be made in accordance with
Section 6.02 of the Sale and Servicing Agreement. The Trust Administrator
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Payment Date on which the Issuer
expects that the final installment of principal of and interest on such Note
will be paid. Such notice shall be mailed or transmitted by facsimile no later
than [five] Business Days prior to such final Payment Date and shall specify
that such final installment will be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such

                                      15
<PAGE>

installment. Notices in connection with redemptions of Notes shall be mailed
to Noteholders as provided in Section 10.02.

     Section 2.08. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Trust Administrator, be delivered to the Trust
Administrator and shall be promptly cancelled by the Trust Administrator. The
Issuer may at any time deliver to the Note Registrar for cancellation any
Notes previously authenticated and delivered hereunder which the Issuer may
have acquired in any manner whatsoever, and all Notes so delivered shall be
promptly cancelled by the Trust Administrator. No Notes shall be authenticated
in lieu 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 Note Registrar in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuer shall
direct by an Issuer Order that they be destroyed or returned to it; provided,
that such Issuer Order is timely and the Notes have not been previously
disposed of by the Trust Administrator.

     Section 2.09. Release of Collateral. (a) Except as otherwise provided in
subsections (b) and (c) of this Section and the terms of the Operative
Agreements, the Indenture Trustee shall release property from the lien of this
Indenture only upon receipt by it of an Issuer Request accompanied by (i) an
Officer's Certificate, (ii) an Opinion of Counsel, (iii) certificates in
accordance with TIA Sections 314(c) and (d)(1), and (iv)(A) Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or (B) an
Opinion of Counsel in lieu of such Independent Certificates to the effect that
the TIA does not require any such Independent Certificates; provided that no
such Independent Certificates or Opinion of Counsel in lieu of such
Independent Certificates shall be necessary in respect of property released
from the lien of the Indenture in accordance with the provisions hereof if
such property consists solely of cash.

     (b) The Servicer (or if the Servicer does not do so, the Master
Servicer), on behalf of the Issuer, shall be entitled to obtain a release from
the lien of this Indenture for any Mortgage Loan and the Mortgaged Property at
any time (i) after a payment by the Seller or the Issuer of the Purchase Price
of the Mortgage Loan, (ii) after a Qualifying Substitute Mortgage Loan is
substituted for such Mortgage Loan and payment of the Substitution Amount, if
any, (iii) after liquidation of the Mortgage Loan in accordance with the Sale
and Servicing Agreement and the deposit of all Liquidation Proceeds and
Insurance Proceeds in the Collection Account, (iv) upon the termination of a
Mortgage Loan (due to, among other causes, a prepayment in full of the
Mortgage Loan and sale or other disposition of the related Mortgaged
Property), or (v) as contemplated by Section 9.02 of the Sale and Servicing
Agreement.

     (c) The Indenture Trustee shall, if requested by the Servicer,
temporarily release or cause the applicable Custodian temporarily to release
to such party the Mortgage File pursuant to the provisions of Section 5.15 of
the Sale and Servicing Agreement and Section 5 of the Custodial Agreement.

     Section 2.10. Book-Entry Notes. Each Class of Notes will be issued in the
form of typewritten Notes or Global Securities representing the Book-Entry
Notes, to be delivered to, or to the Trust Administrator as custodian for, the
initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes
shall be registered initially on the Note Register in the name of

                                      16
<PAGE>

Cede & Co., the nominee of the initial Clearing Agency, and no Owner thereof
will receive a Definitive Note representing such Note Owner's interest in such
Note, except as provided in Section 2.12. Unless and until definitive, fully
registered Notes (the "Definitive Notes") have been issued to such Note Owners
pursuant to Section 2.12:

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

          (ii) the Note Registrar, the Indenture Trustee and the Trust
     Administrator shall be entitled to deal with the Clearing Agency for all
     purposes of this Indenture (including the payment of principal of and
     interest on the Notes and the giving of instructions or directions
     hereunder) as the sole holder of the Notes, and shall have no obligation
     to the Note Owners;

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

          (iv) the rights of Note Owners shall be exercised only through the
     Clearing Agency and shall be limited to those established by law and
     agreements between such Note Owners and the Clearing Agency and/or the
     Clearing Agency Participants pursuant to the Note Depository Agreement.
     Unless and until Definitive Notes are issued pursuant to Section 2.12,
     the Note Registrar shall not register any transfer of a beneficial
     interest in a Book-Entry Note; and the initial Clearing Agency will make
     book entry transfers among the Clearing Agency Participants and receive
     and transmit payments of principal of and interest on the Notes to such
     Clearing Agency Participants; and

          (v) whenever this Indenture requires or permits actions to be taken
     based upon instructions or directions of Holders of Notes evidencing a
     specified percentage of the Outstanding Balance of the Notes (or the
     Priority Class Notes), the Clearing Agency shall be deemed to represent
     such percentage only to the extent that it has received instructions to
     such effect from Note Owners and/or Clearing Agency Participants owning
     or representing, respectively, such required percentage of the beneficial
     interest in the Notes and has delivered such instructions to the
     Indenture Trustee or the Trust Administrator, as the case may be.

     Section 2.11. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to
Section 2.12, the Trust Administrator shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners.

     Section 2.12. Definitive Notes. If (i) the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the
Book-Entry Notes and the Depositor is unable to locate a qualified successor
or (ii) after the occurrence of an Event of Default hereunder, Note Owners of
the Book-Entry Notes representing beneficial interests aggregating not less
than [50]% of the Outstanding Balance of the Book-Entry Notes advise the
Clearing Agency and the Trust Administrator in writing that the continuation
of a book entry system through the Clearing Agency is no longer in the best
interests of such Note Owners, then the

                                      17
<PAGE>

Trust Administrator shall direct the Clearing Agency to notify all Note Owners
and the Note Registrar of the occurrence of any such event and of the
availability of Definitive Notes for their Book-Entry Notes. Upon surrender to
the Note Registrar of the typewritten Notes representing the Book-Entry Notes
by the Clearing Agency, accompanied by registration instructions, the Issuer
shall execute and the Note Registrar shall authenticate the Definitive Notes
in accordance with the instructions of the Clearing Agency. None of the
Issuer, the Note Registrar, Trust Administrator or the Indenture Trustee shall
be liable for any delay in delivery of such instructions and may conclusively
rely on, and shall be protected in relying on, such instructions. Upon the
issuance of Definitive Notes, the Indenture Trustee and the Trust
Administrator shall recognize the Holders of the Definitive Notes as
Noteholders.

     Section 2.13. Tax Treatment. The Issuer has entered into this Indenture,
and the Notes will be issued, with the intention that, for federal, state and
local income, single business and franchise tax purposes, the Notes (other
than the Retained Notes) will qualify as indebtedness of the Issuer secured by
the Collateral. The Issuer, by entering into this Indenture, and each
Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance
of an interest in the applicable Book-Entry Note), agree to treat the Notes
for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

                                ARTICLE THREE

                                   COVENANTS

     Section 3.01. Payment of Principal and Interest. The Issuer will duly and
punctually pay (or will cause to be duly and punctually paid) the principal of
and interest on the Notes in accordance with the terms of the Notes and this
Indenture. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal shall be considered as
having been paid by the Issuer to such Noteholder for all purposes of this
Indenture.

     The Notes shall be non-recourse obligations of the Issuer and shall be
limited in right of payment to amounts available from the Collateral as
provided in this Indenture. The Issuer shall not otherwise be liable for
payments of the Notes, and none of the owners, agents, officers, directors,
employees, or successors or assigns of the Issuer shall be personally liable
for any amounts payable, or performance due, under the Notes or this
Indenture. If any other provision of this Indenture shall be deemed to
conflict with the provisions of this Section 3.01, the provisions of this
Section 3.01 shall control.

     Section 3.02. Maintenance of Office or Agency. The Note Registrar on
behalf of the Issuer will maintain an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may
be served.

     Section 3.03. Money for Payments to be Held in Trust. As provided in
Section 8.02, all payments of amounts due and payable with respect to any
Notes that are to be made from amounts withdrawn from the Collection Account
pursuant to Article VI of the Sale and Servicing Agreement shall be made on
behalf of the Issuer by the Trust Administrator or by another Paying

                                      18
<PAGE>

Agent, and no amounts so withdrawn from the such account for payments of Notes
shall be paid over to the Issuer except as provided in this Section.

     On or before the Business Day preceding each Payment Date, the Issuer
shall deposit or cause to be deposited in the Collection Account an aggregate
sum sufficient to pay the amounts then becoming due under the Notes, such sum
to be held in trust for the benefit of the Persons entitled thereto, and
(unless the Paying Agent is the Trust Administrator) shall promptly notify the
Trust Administrator of its action or failure so to act.

     The Trust Administrator is hereby appointed the initial Paying Agent. Any
successor Paying Agent shall be appointed by Issuer Order with written notice
thereof to the Indenture Trustee and the Trust Administrator. Any Paying Agent
appointed by the Issuer shall be a Person that would be eligible to be Trust
Administrator hereunder as provided in Section 6.11. The Issuer shall not
appoint any Paying Agent (other than the Trust Administrator) which is not, at
the time of such appointment, a Depository Institution.

     The Issuer shall cause each Paying Agent other than the Trust
Administrator, as initial Paying Agent, to execute and deliver to the
Indenture Trustee and the Trust Administrator an instrument in which such
Paying Agent shall agree with the Indenture Trustee (and if the Trust
Administrator acts as Paying Agent, it hereby so agrees), subject to the
provisions of this Section, that such Paying Agent will:

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

          (ii) give the Indenture Trustee notice of any default by the Issuer
     of which the Paying Agent has actual knowledge in the making of any
     payment required to be made with respect to the Notes;

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

          (iv) immediately resign as a Paying Agent and forthwith pay to the
     Trust Administrator 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; and

          (v) comply with all requirements of the Code with respect to the
     withholding from any payments made by it on any Notes of any applicable
     withholding taxes imposed thereon and with respect to any applicable
     reporting requirements in connection therewith; provided, however, that
     with respect to reporting requirements applicable to original issue
     discount, the accrual of market discount or the amortization of premium
     on the Notes, the Depositor shall have first provided the calculations
     pertaining thereto and the amount of any resulting withholding taxes to
     the Trust Administrator and the Paying Agent.

                                      19
<PAGE>

     The Issuer may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, by Issuer Order
direct any Paying Agent to pay to the Trust Administrator all sums held in
trust by such Paying Agent, such sums to be held by the Trust Administrator
upon the same trusts as those upon which the sums were held by such Paying
Agent; and upon such payment by any Paying Agent to the Trust Administrator,
such Paying Agent shall be released from all further liability with respect to
such money.

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

     Section 3.04. Existence. (a) The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other State or of the United States
of America, in which case the Issuer will keep in full effect its existence,
rights and franchises under the laws of such other jurisdiction) and will
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Collateral.

     (b) Any successor to the Owner Trustee appointed pursuant to Section 9.03
of the Trust Agreement shall be the successor Owner Trustee under this
Indenture without the execution or filing of any paper, instrument or further
act to be done on the part of the parties hereto.

     (c) Upon any consolidation or merger of or other succession to the Owner
Trustee, the Person succeeding to the Owner Trustee under the Trust Agreement
may exercise every right and power of the Owner Trustee under this Indenture
with the same effect as if such Person had been named as the Owner Trustee
herein.

                                      20
<PAGE>

     Section 3.05. Protection of Collateral. The Issuer will from time to time
execute, deliver and file all such supplements and amendments hereto and all
such financing statements, continuation statements, instruments of further
assurance and other instruments, and will take such other action necessary or
advisable to:

          (i) maintain or preserve the lien and security interest (and the
     priority thereof) of this Indenture or carry out more effectively the
     purposes hereof,

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

          (iii) enforce any rights with respect to the Collateral; or

          (iv) preserve and defend title to the Collateral and the rights of
     the Indenture Trustee and the Noteholders in such Collateral against the
     claims of all persons and parties.

     The Issuer hereby designates the Trust Administrator as its agent and
attorney in fact to prepare and file amendments, if a Responsible Officer of
the Trust Administrator has actual knowledge of a need to amend, and to
prepare and file continuation statements or other instruments required to be
filed pursuant to this Section 3.05 and hereby authorizes it to file in any
filing office such amendment to financing statement, or continuation statement
required to be filed pursuant to this Section 3.05.

     Section 3.06. Opinions as to Collateral. On the Closing Date, the Issuer
shall furnish to the Trust Administrator and the Indenture Trustee an Opinion
of Counsel to the effect that either, in the opinion of such counsel, such
action has been taken with respect to the recording and filing of this
Indenture, any indentures supplemental hereto, and any other requisite
documents, and with respect to the execution and filing of any financing
statements and continuation statements, as are necessary to make effective the
lien and security interest of this Indenture, or stating that, in the opinion
of such counsel, no such action is necessary to make such lien and security
interest effective.

     Section 3.07. Performance of Obligations. (a) The Issuer will not take
any action and will use its best efforts not to permit any action to be taken
by others that would release any Person from any of such Person's material
covenants or obligations under any instrument or agreement included in the
Collateral or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or
effectiveness of, any such instrument or agreement, except as expressly
provided in this Indenture, the Sale and Servicing Agreement or such other
instrument or agreement.

     (b) The Issuer may contract with other Persons to assist it in performing
its duties under this Indenture, and any performance of such duties by a
Person identified to the Indenture Trustee in an Officer's Certificate of the
Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer
has contracted with the Trust Administrator pursuant to the Sale and Servicing
Agreement to assist the Issuer in performing certain of its duties under this
Indenture.

                                      21
<PAGE>

     (c) The Issuer will punctually perform and observe all of its obligations
and agreements contained in this Indenture, the Operative Agreements and in
the instruments and agreements included in the Collateral, including but not
limited to filing or causing to be filed all financing statements and
continuation statements required to be filed by the terms of this Indenture
and the Sale and Servicing Agreement in accordance with and within the time
periods provided for herein and therein.

     (d) If a responsible officer of the Owner Trustee shall have written
notice or actual knowledge of the occurrence of an Event of Default under the
Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture
Trustee and each Rating Agency thereof.

     (e) As promptly as possible after the giving of notice of termination to
the Master Servicer of the Master Servicer's rights and powers pursuant to
Section 8.01(a) of the Sale and Servicing Agreement, the Indenture Trustee
shall proceed in accordance with Section 8.01 and 8.02 of the Sale and
Servicing Agreement

     (f) Without derogating from the absolute nature of the assignment granted
to the Indenture Trustee under this Indenture or the rights of the Indenture
Trustee hereunder, the Issuer agrees (i) that it will not, without the prior
written consent of the Holders of at least a majority in Outstanding Balance
of the Notes affected thereby, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral or the Operative
Agreements (except to the extent otherwise provided in any such Operative
Agreement), or waive timely performance or observance by the Trust
Administrator, Master Servicer or the Depositor of its respective duties under
the Sale and Servicing Agreement; and (ii) that any such amendment shall not
(A) increase or reduce in any manner the amount of, or accelerate or delay the
timing of, payments that are required to be made for the benefit of the
Noteholders or (B) reduce the aforesaid percentage of the Notes that is
required to consent to any such amendment, without the consent of the Holders
of all the Outstanding Notes affected thereby. If any such amendment,
modification, supplement or waiver shall be so consented to by such Holders,
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, such
agreements, instruments, consents and other documents as the Indenture Trustee
may deem necessary or appropriate in the circumstances.

     Section 3.08. Negative Covenants. So long as any Notes are Outstanding,
the Issuer shall not:

          (i) except as expressly permitted by this Indenture, the Mortgage
     Loan Purchase Agreement or the Sale and Servicing Agreement, sell,
     transfer, exchange or otherwise dispose of any of the properties or
     assets of the Issuer, including those included in the Collateral;

          (ii) claim any credit on, or make any deduction from the principal
     or interest payable in respect of, the Notes (other than amounts properly
     withheld from such payments under the Code) or assert any claim against
     any present or former Noteholder by reason of the payment of the taxes
     levied or assessed upon any part of the Collateral;

                                      22
<PAGE>

          (iii) (A) permit the validity or effectiveness of this Indenture to
     be impaired, or permit the lien of this Indenture to be amended,
     hypothecated, subordinated, terminated or discharged, or permit any
     Person to be released from any covenants or obligations with respect to
     the Notes under this Indenture except as may be expressly permitted
     hereby, (B) permit any lien, charge, excise, claim, security interest,
     mortgage or other encumbrance (other than the lien of this Indenture) to
     be created on or extend to or otherwise arise upon or burden the
     Collateral or any part thereof or any interest therein or the proceeds
     thereof (other than tax liens, mechanics' liens and other liens that
     arise by operation of law, in each case with respect to any Collateral
     and arising solely as a result of an action or omission of a Borrower or
     as otherwise permitted in the Sale and Servicing Agreement) or (C) permit
     the lien of this Indenture not to constitute a valid first priority
     (other than with respect to any such tax, mechanics' or other lien) or as
     otherwise permitted in the Sale and Servicing Agreement) security
     interest in the Collateral;

          (iv) dissolve or liquidate in whole or in part or merge or
     consolidate with any other Person;

          (v) remove the Trust Administrator without cause unless the Rating
     Agency Condition shall have been satisfied in connection with such
     removal;

          (vi) [take any other action or fail to take any action that would
     jeopardize the status of the Holder of the Ownership Certificate as a
     REIT, Qualified REIT Subsidiary or Disregarded Entity under the Code or
     result in an imposition of tax on the Issuer]; or

          (vii) except with the prior written consent of the Noteholders, take
     any action described in Section 5.06 of the Trust Agreement.

     Section 3.09. Annual Statement as to Compliance. The Issuer will deliver
to the Indenture Trustee, within [120] days after the end of each fiscal year
of the Issuer (commencing with the fiscal year 200_), an Officer's Certificate
stating, as to the Authorized Officer signing such Officer's Certificate,
that:

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

          (ii) to the best of such Authorized Officer's knowledge, based on
     such review, the Issuer has complied with all conditions and covenants
     under this Indenture throughout such year or, if there has been a default
     in its compliance with any such condition or covenant, specifying each
     such default known to such Authorized Officer and the nature and status
     thereof.

     Section 3.10. Treatment of Notes as Debt for Tax Purposes. The Issuer
shall, and shall cause the Trust Administrator and the Master Servicer to,
treat the Notes as indebtedness for all federal, state and local income,
single business, and franchise tax purposes.

     Section 3.11. [Reserved]

                                      23
<PAGE>

     Section 3.12. No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Collateral in the manner contemplated by this Indenture and the Operative
Agreements and activities incidental thereto.

     Section 3.13. No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness other than the Notes.

     Section 3.14. [Reserved].

     Section 3.15. Guarantees, Loans, Advances and Other Liabilities. Except
as contemplated by the Sale and Servicing Agreement or this Indenture, the
Issuer shall not make any loan or advance or credit to, or guarantee (directly
or indirectly or by an instrument having the effect of assuring another's
payment or performance on any obligation or capability of so doing or
otherwise), endorse 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.

     Section 3.16. Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

     Section 3.17. Removal of Trust Administrator. So long as any Notes are
Outstanding, the Issuer shall not remove the Trust Administrator without cause
unless the Issuer has received a letter from each Rating Agency to the effect
that such removal will not cause the then current ratings on the Notes to be
qualified, reduced or withdrawn.

     Section 3.18. Restricted Payments. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any payment (by reduction of capital
or otherwise), whether in cash, property, securities or a combination thereof,
to the Owner Trustee or any owner of a beneficial interest in the Issuer or
otherwise with respect to any ownership or equity interest or security in or
of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for value
any such ownership or equity interest or security or (iii) set aside or
otherwise segregate any amounts for any such purpose; provided, however, the
Issuer may make, or cause to be made, payments and distributions as
contemplated by, and to the extent funds are available for such purpose under,
the Sale and Servicing Agreement, this Indenture or the Trust Agreement. The
Issuer will not, directly or indirectly, make payments to or from the
Collection Account except in accordance with this Indenture and the Operative
Agreements.

     Section 3.19. Notice of Events of Default. The Issuer shall promptly, and
in no event more than [three] Business Days following such event, give the
Indenture Trustee, Trust Administrator and each Rating Agency written notice
of each Event of Default hereunder, and each default on the part of the Trust
Administrator, Master Servicer or the Depositor of its obligations under the
Sale and Servicing Agreement, to the extent a responsible officer of the Owner
Trustee shall have written notice or actual knowledge thereof.

     Section 3.20. Further Instruments and Acts. Upon request of the Indenture
Trustee or the Trust Administrator, the Issuer will execute and deliver such
further instruments and do such

                                      24
<PAGE>

further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

     Section 3.21. Covenants of the Issuer. All covenants of the Issuer in
this Indenture are covenants of the Issuer and are not covenants of the Owner
Trustee in its individual capacity. The Owner Trustee is, and any successor
Owner Trustee under the Trust Agreement will be, entering into this Indenture
on behalf of the Issuer solely as Owner Trustee under the Trust Agreement and
not in its respective individual capacity, and in no case whatsoever shall the
Owner Trustee or any such successor Owner Trustee be personally liable on, or
for any loss in respect of, any of the statements, representations, warranties
or obligations of the Issuer hereunder, as to all of which the parties hereto
agree to look solely to the property of the Issuer.

     Section 3.22. Representations and Warranties of the Issuer. (a) With
respect to the Mortgage Notes, the Issuer represents and warrants that:

          (i) This Indenture creates a valid and continuing security interest
     (as defined in the applicable Uniform Commercial Code (the "UCC") in the
     Mortgage Notes in favor of the Indenture Trustee, which security interest
     is prior to all other liens, and is enforceable as such against creditors
     of and purchasers from the Issuer;

          (ii) The Mortgage Notes constitute "instruments" within the meaning
     of the applicable UCC;

          (iii) The Issuer owns and has good title to the Mortgage Notes free
     and clear of any lien, claim or encumbrance of any Person;

          (iv) The Issuer has received all consents and approvals required by
     the terms of the Mortgage Notes to the pledge of the Mortgage Notes
     hereunder to the Indenture Trustee;

          (v) All original executed copies of each Mortgage Note have been or
     will be delivered to the Indenture Trustee (or its custodian), as set
     forth in the Sale and Servicing Agreement;

          (vi) The Issuer has received a written acknowledgement from the
     Indenture Trustee (or its custodian) that it is holding the Mortgage
     Notes solely on behalf and for the benefit of the Indenture Trustee;

          (vii) Other than the security interest granted to the Indenture
     Trustee pursuant to this Indenture, the Issuer has not pledged, assigned,
     sold, granted a security interest in, or otherwise conveyed any of the
     Mortgage Notes. The Issuer has not authorized the filing of and is not
     aware of any financing statements against the Issuer that include a
     description of the collateral covering the Mortgage Notes other than a
     financing statement relating to the security interest granted to the
     Indenture Trustee hereunder or that has been terminated. The Issuer is
     not aware of any judgment or tax lien filings against the Issuer; and

                                      25
<PAGE>

          (viii) None of the Mortgage Notes has any marks or notations
     indicating that they have been pledged, assigned or otherwise conveyed to
     any Person other than the Indenture Trustee.

     (b) The representations and warranties set forth in this Section 3.22
shall survive the Closing Date and shall not be waived.

                                 ARTICLE FOUR

                          SATISFACTION AND DISCHARGE

     Section 4.01. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes, except as to
(i) rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections
3.03, 3.04, 3.05, 3.08, 3.12 and 3.13, (v) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.07), (vi) the rights, obligations and
immunities of the Trust Administrator hereunder (including the obligations of
the Trust Administrator under Section 4.02) and (vii) the rights of
Noteholders as beneficiaries hereof with respect to the property so deposited
with the Trust Administrator payable to all or any of them, 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 with
respect to the Notes, when either (I) the Sale and Servicing Agreement has
been terminated pursuant to Section 9.01 thereof or (II)

     (A) either

          (1) all Notes theretofore authenticated and delivered (other than
     (i) Notes that have been destroyed, lost or stolen and that have been
     replaced or paid as provided in Section 2.05 and (ii) Notes for whose
     payment money has theretofore been deposited in trust or segregated and
     held in trust by the Issuer and thereafter repaid to the Issuer or
     discharged from such trust, as provided in Section 3.03) have been
     delivered to the Trust Administrator for cancellation; or

          (2) all Notes not theretofore delivered to the Trust Administrator
     for cancellation

               a. have become due and payable,

               b. will become due and payable at the applicable Maturity Date
          within one year, or

               c. are to be called for redemption within one year under
          arrangements satisfactory to the Trust Administrator for the giving
          of notice of redemption by the Trust Administrator in the name, and
          at the expense, of the Issuer,

and the Issuer, in the case of a., b. or c. above, has irrevocably deposited
or caused to be irrevocably deposited with the Trust Administrator cash or
direct obligations of or obligations

                                      26
<PAGE>

guaranteed by the United States of America (which will mature prior to the
date such amounts are payable), in trust for such purpose, in an amount
sufficient to pay and discharge the entire indebtedness on such Notes not
theretofore delivered to the Trust Administrator or Note Registrar for
cancellation when due to the Maturity Date or Redemption Date (if the Notes
are called for redemption pursuant to Section 10.01 hereof), as the case may
be;

     (B) the Issuer has paid or caused to be paid all other sums payable
hereunder by the Issuer;

     (C) the Issuer has delivered to the Indenture Trustee an Officer's
Certificate and an Opinion of Counsel (at the Issuer's expense) and (if
required by the TIA or the Indenture Trustee) an Independent Certificate from
a firm of certified public accountants, each meeting the applicable
requirements of Section 11.01 hereof and, subject to Section 11.02 hereof,
each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture with respect to the Notes have
been complied with; and

     (D) the Issuer has delivered to each Rating Agency notice of such
satisfaction and discharge.

     Section 4.02. Application of Trust Money. All moneys deposited with the
Trust Administrator pursuant to Sections 3.03 and 4.01 hereof shall be held in
trust and applied by it, in accordance with the provisions of the Notes and
this Indenture, to the payment, either directly or through any Paying Agent,
as the Trust Administrator may determine, to the Holders of the particular
Notes for the payment or redemption of which such moneys have been deposited
with the Trust Administrator, of all sums due and to become due thereon for
principal and interest; but such moneys need not be segregated from other
funds except to the extent required herein or in the Sale and Servicing
Agreement or required by law.

     Section 4.03. Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the
Notes, all moneys then held by any Paying Agent other than the Trust
Administrator under the provisions of this Indenture with respect to such
Notes shall, upon demand of the Issuer, be paid to the Trust Administrator to
be held and applied according to Section 3.03 and thereupon such Paying Agent
shall be released from all further liability with respect to such moneys.

     Section 4.04. Trust Money Received by Indenture Trustee. If the Indenture
Trustee receives any moneys in respect of the Collateral (other than with
respect to any amounts in respect of any payments or reimbursements of fees,
expenses or indemnity amounts properly owing to the Indenture Trustee pursuant
to the terms of any of the Operative Agreements), the Indenture Trustee shall
remit promptly such funds to the Trust Administrator.

                                 ARTICLE FIVE

                                   REMEDIES

     Section 5.01. Events of Default. "Event of Default", wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall

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<PAGE>

be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):

          (i) Default for one month or more in the payment of any Current
     Interest on the Notes when the same becomes due and payable under Section
     6.02 of the Sale and Servicing Agreement;

          (ii) failure to pay the entire principal of any Note when the same
     becomes due and payable under the Sale and Servicing Agreement or on the
     applicable Maturity Date;

          (iii) failure to observe or perform any covenant or agreement of the
     Issuer made in this Indenture (other than a covenant or agreement, a
     default in the observance or performance of which is elsewhere in this
     Section specifically dealt with), or any representation or warranty of
     the Issuer made in this Indenture or in any certificate or other writing
     delivered pursuant hereto or in connection herewith proving to have been
     incorrect in any material respect as of the time when the same shall have
     been made, and such default shall continue or not be cured, or the
     circumstance or condition in respect of which such misrepresentation or
     warranty was incorrect shall not have been eliminated or otherwise cured,
     for a period of [30] days after there shall have been given, by
     registered or certified mail, to the Issuer by the Indenture Trustee or
     to the Issuer and the Indenture Trustee by the Holders of at least [25]%
     of the Outstanding Balance of the Notes, a written notice specifying such
     default or incorrect representation or warranty and requiring it to be
     remedied and stating that such notice is a notice of Default hereunder;

          (iv) the filing of a decree or order for relief by a court having
     jurisdiction in the premises in respect of the Issuer or any substantial
     part of the Collateral in an involuntary case under any applicable
     federal or state bankruptcy, insolvency or other similar law now or
     hereafter in effect, or appointing a receiver, liquidator, assignee,
     custodian, trustee, sequestrator or similar official of the Issuer or for
     any substantial part of the Collateral, or ordering the winding up or
     liquidation of the Issuer's affairs, and such decree or order shall
     remain unstayed and in effect for a period of [60] consecutive days;

          (v) [the receipt of notice from the Holder of the Ownership
     Certificate to the Indenture Trustee of such Holder's failure to qualify
     as a REIT, a Qualified REIT Subsidiary or a Disregarded Entity]; or

          (vi) the commencement by the Issuer of a voluntary case under any
     applicable federal or state bankruptcy, insolvency or other similar law
     now or hereafter in effect, or the consent by the Issuer to the entry of
     an order for relief in an involuntary case under any such law, or the
     consent by the Issuer to the appointment or taking possession by a
     receiver, liquidator, assignee, custodian, trustee, sequestrator or
     similar official of the Issuer or for any substantial part of the
     Collateral, or the making by the Issuer of any general assignment for the
     benefit of creditors, or the failure by the Issuer generally to pay its
     debts as such debts become due, or the taking of any action by the Issuer
     in furtherance of any of the foregoing.

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<PAGE>

     The Issuer shall deliver to the Indenture Trustee, within [five] days
after the occurrence thereof, written notice in the form of an Officer's
Certificate of any event which with the giving of notice and the lapse of time
would become an Event of Default under clause (iii), its status and what
action the Issuer is taking or proposes to take with respect thereto.

     Section 5.02. Acceleration of Maturity; Rescission and Annulment. If an
Event of Default should occur and be continuing, then and in every such case
the Indenture Trustee may, or shall, at the direction of the Holders of Notes
representing not less than a majority of the Outstanding Balance of the
Priority Class Notes, declare all the Notes to be immediately due and payable,
by a notice in writing to the Issuer (and to the Indenture Trustee if given by
Noteholders), and upon any such declaration the unpaid principal amount of
such Notes, together with accrued and unpaid interest on the Notes through the
date of acceleration, shall become immediately due and payable.

     At any time after such 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 as hereinafter in this Article Five
provided, the Holders of Notes representing a majority of the Outstanding
Balance of the Priority Class Notes, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences
if:

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

          (A) all payments of principal of and interest on all affected
     Priority Class Notes and all other amounts that would then be due
     hereunder or upon such Notes if the Event of Default giving rise to
     such acceleration had not occurred; and

          (B) all sums paid or advanced by the Indenture Trustee
     hereunder 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 of the Notes that has become due solely by such acceleration,
     have been cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right
consequent thereto.

     The Holders of Non Priority Class Notes shall have no right to exercise
any Noteholders' rights referred to in this Article Five, except to the extent
expressly provided herein.

     Section 5.03. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. (a) The Issuer covenants that if (i) default is made in the
payment of any Current Interest on any Note when the same becomes due and
payable, and such default continues for a period of [five] days, or (ii)
default is made in the payment of the principal of any Note when the same
becomes due and payable on the applicable Maturity Date, the Issuer will, upon
demand of the Indenture Trustee, pay to the Trust Administrator, for the
benefit of the Holders of the Notes, the whole amount then due and payable on
such Notes for principal and interest, with interest on the overdue principal
and, to the extent payment at such rate of interest shall be legally

                                      29
<PAGE>

enforceable, on overdue installments of interest at the rate borne by the
Notes and, in addition thereto, pay to the Indenture Trustee such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee and its agents and counsel.

     (b) In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuer upon such Notes and collect in the manner
provided by law out of the property of the Issuer upon such Notes, wherever
situated, the moneys adjudged or decreed to be payable.

     (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, in its discretion, or shall, at the direction of the Holders of
Priority Class Notes representing not less than a majority of the Outstanding
Balance thereof, as more particularly provided in Section 5.04, proceed to
protect and enforce its rights and the rights of the Noteholders, by such
appropriate Proceedings as the Indenture Trustee shall deem most effective to
protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, 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 case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest
in the Collateral, Proceedings under Title 11 of the United States Code or any
other applicable federal or state bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization, or
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or
Person, or in case of any other comparable judicial Proceedings relative to
the Issuer or other obligor upon the Notes, or to the creditors or property of
the Issuer or such other obligor, the Indenture Trustee, irrespective of
whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the
Indenture Trustee shall have made any demand pursuant to the provisions of
this Section, shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

          (i) to file and prove a claim or claims for the whole amount of
     principal and interest owing and unpaid in respect of the Notes and to
     file such other papers or documents as may be necessary or advisable in
     order to have the claims of the Indenture Trustee (including any claim
     for reasonable compensation to the Indenture Trustee and each predecessor
     Indenture Trustee, and their respective agents, attorneys 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) and of the
     Noteholders allowed in such Proceedings;

          (ii) unless prohibited by applicable law and regulations, to vote on
     behalf of the Holders of Notes in any election of a trustee, a standby
     trustee or Person performing similar functions in any such Proceedings;

                                      30
<PAGE>

          (iii) to collect and receive any moneys or other property payable or
     deliverable on any such claims and to distribute all amounts received
     with respect to the claims of the Noteholders and of the Indenture
     Trustee on their behalf; and

          (iv) to file such proofs of claim and other papers or documents as
     may be necessary or advisable in order to have the claims of the
     Indenture Trustee or the Holders of Notes allowed in any Proceedings
     relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Trust Administrator and, in such event or in the event that
the Indenture Trustee shall consent to the making of payments directly to such
Noteholders, to pay to the Indenture Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents, attorneys and
counsel, and all other expenses and liabilities incurred by it or its agents,
and all advances made, by the Indenture Trustee and each predecessor Indenture
Trustee except as a result of negligence or bad faith.

     (e) Nothing herein contained shall be deemed to authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar Person.

     (f) All rights of action and of asserting claims under this Indenture, or
under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or Proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment, subject to the payment of the
expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents and attorneys, shall
be for the ratable benefit of the Holders of the Notes.

     (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the Holders of the Notes, and it shall not be necessary
to make any Noteholder a party to any such Proceedings.

     Section 5.04. Remedies; Priorities. (a) If an Event of Default shall have
occurred and be continuing, the Indenture Trustee may, and at the direction of
Holders of Priority Class Notes representing a majority of the Outstanding
Balance thereof shall, do one or more of the following (subject to Section
5.05):

          (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 with respect thereto, whether by declaration or
     otherwise, enforce any judgment obtained and collect from the Issuer and
     any other obligor upon such Notes moneys adjudged due;

                                      31
<PAGE>

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

          (iii) exercise any remedies of a secured party under the Relevant
     UCC and take any other appropriate action to protect and enforce the
     rights and remedies of the Indenture Trustee and the Holders of the
     Notes; and

          (iv) sell the Collateral or any portion thereof or rights or
     interest therein, at one or more public or private sales called and
     conducted in any manner permitted by law;

provided, however, that the Indenture Trustee may not sell or otherwise
liquidate any Collateral following an Event of Default, other than an Event of
Default described in Section 5.01(a)(i) or (ii), unless (A) the Holders of
[100]% of the Outstanding Balance of the Notes consent thereto or (B) the
proceeds of such sale or liquidation distributable to the Noteholders are
sufficient to discharge in full all amounts then due and unpaid upon such
Notes for principal and interest or (C) the Indenture Trustee determines,
based on information provided by the Trust Administrator, 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 Holders of [66-2/3]% of the Outstanding Balance of the Notes. In
determining such sufficiency or insufficiency with respect to clauses (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 such proposed action and as to the sufficiency of the
Collateral for such purpose.

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

          first: to the Indenture Trustee, for any costs or expenses,
     including any reasonable out-of-pocket attorneys' fees, incurred by it in
     connection with the enforcement of the remedies provided for in this
     Article Five and for any other unpaid amounts due to the Indenture
     Trustee hereunder, to the Trust Administrator for any amounts due and
     owing to it under the Sale and Servicing Agreement, to the Custodian for
     any amounts due and owing to them under the Custodial Agreement, and to
     the Owner Trustee, to the extent of any fees and expenses due and owing
     to it (including pursuant to Section 7.03 of the Trust Agreement) and for
     any other unpaid amounts due to the Owner Trustee under the Sale and
     Servicing Agreement;

          second: to the Master Servicer and Servicer for any Servicing Fees
     then due and unpaid and any unreimbursed Advances and other servicing
     advances;

          third: to the Notes, all accrued and unpaid interest thereon and
     amounts in respect of principal according to the priorities set forth in
     Section 6.02 of the Sale and Servicing Agreement; provided, however, that
     accrued and unpaid interest shall be paid to Noteholders of each Class of
     Notes before any payments in respect of principal; and

          fourth: to the Owner Trustee or its Paying Agent for any amounts to
     be distributed to the Holder of the Ownership Certificate.

                                      32
<PAGE>

     The Trust Administrator may fix a record date and payment date for any
payment to Noteholders pursuant to this Section. At least [15] days before
such record date, the Issuer shall mail to each Noteholder and the Indenture
Trustee a notice that states the record date, the payment date and the amount
to be paid.

     Section 5.05. Optional Preservation of the Collateral. If the Notes have
been declared to be due and payable under Section 5.02 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, but need not, elect to maintain
possession of the Collateral. It is the desire of the parties hereto and the
Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes, and the Indenture Trustee shall take
such desire into account when determining whether or not to maintain
possession of the Collateral. In determining whether to maintain possession of
the Collateral, the Indenture Trustee may, but need not, obtain and rely upon
an opinion (at the expense of the Issuer) of an Independent investment banking
or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Collateral for such purpose.

     Section 5.06. Limitation of Suits. Other than as otherwise expressly
provided herein in the case of an Event of Default, no Holder of any Note
shall have any right to institute any Proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless:

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

          (ii) the Holders of not less than [25]% of the Outstanding Balance
     of the Notes have made written request to the Indenture Trustee to
     institute such Proceeding in respect of such Event of Default in its own
     name as Indenture Trustee hereunder;

          (iii) such Holder or Holders have offered to the Indenture Trustee
     indemnity reasonably satisfactory to it against the costs, expenses and
     liabilities to be incurred in complying with such request;

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

          (v) no direction inconsistent with such written request has been
     given to the Indenture Trustee during such [60] day period by the Holders
     of a majority of the Outstanding Balance of the Notes.

     It is understood and intended that no one or more Holders of Notes shall
have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice 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 herein provided.

     In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of
Notes, each representing less than a majority

                                      33
<PAGE>

of the Outstanding Balance of the Notes, the Indenture Trustee shall take the
action requested by the Holders of the largest percentage in Outstanding
Balance of the Notes, notwithstanding any other provisions of this Indenture.

     Section 5.07. Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the
Holder of any Note shall have the right, which is absolute and unconditional,
to receive payment of the principal of and interest, if any, on such Note on
or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.

     Section 5.08. Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right
or remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had
been instituted.

     Section 5.09. Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     Section 5.10. Delay or Omission Not a Waiver. No delay or omission of the
Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article Five or by
law to the Indenture Trustee or to the Noteholders may be exercised from time
to time, and as often as may be deemed expedient, by the Indenture Trustee or
by the Noteholders, as the case may be.

     Section 5.11. Control by Noteholders. Except as otherwise provided in
Section 5.02, the Holders of a majority of the Outstanding Balance of the
Notes shall have the right to 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 trust or power conferred on the Indenture
Trustee; provided that:

          (i) such direction shall not be in conflict with any rule of law or
     with this Indenture;

                                      34
<PAGE>

          (ii) subject to the express terms of Section 5.04, any direction to
     the Indenture Trustee to sell or liquidate the Collateral shall be by
     Holders of Notes representing not less than [100]% of the Outstanding
     Balance of the Notes;

          (iii) if the conditions set forth in Section 5.05 have been
     satisfied and the Indenture Trustee elects to retain the Collateral
     pursuant to such Section, then any direction to the Indenture Trustee by
     Holders of Notes representing less than [100]% of the Outstanding Balance
     of the Notes to sell or liquidate the Collateral shall be of no force and
     effect; and

          (iv) the Indenture Trustee may take any other action deemed proper
     by the Indenture Trustee that is not inconsistent with such direction.

     Notwithstanding the rights of the Noteholders set forth in this Section,
subject to Section 6.01(g), the Indenture Trustee need not take any action
that it determines might involve it in liability or might materially adversely
affect the rights of any Noteholders not consenting to such action.

     Section 5.12. Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than a majority of the Outstanding Balance of the
Notes may waive, in writing, any past Default or Event of Default and its
consequences except a Default (a) in payment of principal of or interest on
any of the Notes or (b) in respect of a covenant or provision hereof which
cannot be modified or amended without the consent of the Holder of each Note.
In the case of any such waiver, the Issuer, the Indenture Trustee and the
Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereto.

     Upon any such waiver, such Default shall cease to exist and be deemed to
have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred, for
every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereto.

     Section 5.13. Undertaking for Costs. All parties to this Indenture agree,
and each Holder of a Note by such Holder's acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against the Indenture Trustee for any action taken, suffered or omitted by it
as Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (a) any suit instituted by the
Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than [10]% of the
Outstanding Balance of the Notes or (c) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on
or after the respective

                                      35
<PAGE>

due dates expressed in such Note and in this Indenture (or, in the case of
redemption, on or after the Redemption Date).

     Section 5.14. Waiver of Stay or Extension Laws. The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist
upon, 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
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that
it will not hinder, delay or impede the execution of any power herein granted
to the Indenture Trustee, but will suffer and permit the execution of every
such power as though no such law had been enacted.

     Section 5.15. Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with
respect to this Indenture. Neither the lien of this Indenture nor any rights
or remedies of the Indenture Trustee or the Noteholders shall be impaired by
the recovery of any judgment by the Indenture Trustee against the Issuer or by
the levy of any execution under such judgment upon any portion of the
Collateral or upon any of the assets of the Issuer. Any money or property
collected by the Indenture Trustee and remitted to the Trust Administrator
shall be applied by the Trust Administrator in accordance with Section
5.04(b).

     Section 5.16. Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from the Indenture Trustee to do so, the Issuer
shall take all such lawful action as the Indenture Trustee may request to
compel or secure the performance and observance by the Seller, the Depositor,
the Trust Administrator or the Master Servicer, as applicable, of each of
their obligations to the Issuer under or in connection with the Mortgage Loan
Purchase Agreement and Sale and Servicing Agreement, and to exercise any and
all rights, remedies, powers and privileges lawfully available to the Issuer
under or in connection with the Sale and Servicing Agreement, including the
transmission of notices of default on the part of the Seller, the Depositor,
the Trust Administrator or the Master Servicer, as applicable, under the
Mortgage Loan Purchase Agreement and Sale and Servicing Agreement and the
institution of legal or administrative actions or proceedings to compel or
secure performance by the Seller, the Depositor, the Trust Administrator or
the Master Servicer of each of their applicable obligations under the Mortgage
Loan Purchase Agreement and Sale and Servicing Agreement.

     (b) If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and at the direction (which direction shall be in writing or by
telephone (confirmed in writing promptly thereafter)) of the Holders of a
majority of the Outstanding Balance of the Priority Class Notes shall,
exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Depositor, the Trust Administrator or the Master Servicer under or
in connection with the Sale and Servicing Agreement or the Seller under or in
connection with the Mortgage Loan Purchase Agreement, including the right or
power to take any action to compel or secure performance or observance by the
Seller, the Depositor or the Master Servicer, of each of their applicable
obligations to the Issuer thereunder 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 be suspended.

                                      36
<PAGE>

                                 ARTICLE SIX

                             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 its exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

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

          (i) the Indenture Trustee undertakes to perform such duties and only
     such duties as are specifically set forth in this Indenture and shall not
     be liable except for the performance of such duties and obligations as
     are specifically set forth in this Indenture 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 therein, upon certificates or
     opinions furnished to the Indenture Trustee and on their face conforming
     to the requirements of this Indenture; however, the Indenture Trustee
     shall examine the certificates and opinions to determine whether or not
     they conform on their face to the requirements of this Indenture.

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

          (i) this paragraph does not limit the effect of paragraph (a) of
     this Section;

          (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 this
     Indenture or upon a direction received by it from the requisite
     Noteholders pursuant to Article Five; and

          (iv) the Indenture Trustee shall not be required to take notice or
     be deemed to have notice or knowledge of (a) any failure by the Issuer to
     comply with its obligations hereunder or in the Operative Agreements or
     (b) any Default or Event of Default, unless a Responsible Officer of the
     Indenture Trustee assigned to and working in its corporate trust
     department obtains actual knowledge of such Default or Event of Default
     or shall have received written notice thereof. In the absence of such
     actual knowledge or notice, the Indenture Trustee may conclusively assume
     that there is no Default or Event of Default.

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<PAGE>

     (d) Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to the provisions of this Section.

     (e) The Indenture Trustee shall not be liable for indebtedness evidenced
by or arising under any of the Operative Agreements, including principal of or
interest on the Notes, or interest on any money received by it except as the
Indenture Trustee may agree in writing with the Issuer.

     (f) Money held in trust by the Indenture Trustee need not be segregated
from other funds except to the extent required by law or the terms of this
Indenture or the Sale and Servicing Agreement.

     (g) No provision of this Indenture shall require the Indenture Trustee to
expend, advance or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of
its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it provided, however, that the Indenture Trustee
shall not refuse or fail to perform any of its duties hereunder solely as a
result of nonpayment of its normal fees and expenses.

     (h) Every provision of this Indenture or any Operative Agreement relating
to the conduct or affecting the liability of or affording protection to the
Indenture Trustee shall be subject to the provisions of this Section, Section
6.02 and to the provisions of the TIA.

     (i) The Indenture Trustee shall execute and deliver the Sale and
Servicing Agreement and perform its duties thereunder.

     (j) The Indenture Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Collateral, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated
hereby to which the Indenture Trustee is a party, except as expressly provided
(i) in accordance with the powers granted to and the authority conferred upon
the Indenture Trustee pursuant to this Agreement or any other Operative
Agreement, and (ii) in accordance with any document or instruction delivered
to the Indenture Trustee pursuant to the terms of this Agreement; and no
implied duties or obligations shall be read into this Agreement or any
Operative Agreement against the Indenture Trustee. The Indenture Trustee
agrees that it will, at the cost and expense of the Issuer, promptly take all
action as may be necessary to discharge any liens on any part of the
Collateral that result from actions by, or claims against itself (in its
individual capacity, and not in the capacity of Indenture Trustee) that are
not related to the administration of the Collateral.

     (k) Neither the Indenture Trustee nor the Trust Administrator shall have
any liability or responsibility for the acts or omissions of the other Person,
it being understood that this Indenture shall not be construed to render them
agents of one another.

     (l) In order to comply with its duties under the USA Patriot Act of 2001,
the Indenture Trustee shall obtain and verify certain information and
documentation from the other

                                      38
<PAGE>

parties to this Indenture including, but not limited to, each such party's
name, address, and other identifying information.

     Section 6.02. 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. The Indenture Trustee need not investigate any
fact or matter stated in the document.

     (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel, which shall not be
at the expense of the Indenture Trustee. 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. The right of the Indenture
Trustee to perform any discretionary act enumerated in this Indenture or in
any Operative Agreement shall not be construed as a duty and the Indenture
Trustee shall not be answerable for other than its negligence or willful
misconduct in the performance of such act.

     (c) The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee.

     (d) The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers; provided, that the Indenture Trustee's conduct does not
constitute willful misconduct, negligence or bad faith.

     (e) The Indenture Trustee may consult with counsel, and any Opinion of
Counsel with respect to legal matters relating to this Indenture, any
Operative Agreement and the Notes shall be full and complete authorization and
protection from liability in respect to any action taken, omitted or suffered
by it hereunder in good faith and in accordance with any Opinion of Counsel of
such counsel.

     (f) In the event that the Indenture Trustee is also acting as Custodian
hereunder or under any Operative Agreement, the rights and protections
afforded to the Indenture Trustee pursuant to this Article Six shall be
afforded to such Custodian.

     (g) The permissive rights of the Indenture Trustee enumerated herein
shall not be construed as duties.

     Section 6.03. 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 or its Affiliates with
the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, co registrar or co paying agent may do the same with
like rights. However, the Indenture Trustee must comply with Section 6.11.

     Section 6.04. Indenture Trustee's Disclaimer. The Indenture Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of any of the Operative Agreements or the Notes or the sufficiency of
the Collateral; it shall not be accountable for the Issuer's use of the
proceeds from the Notes, and it shall not be responsible for any statement of
the Issuer or the Servicer in this Indenture, any Operative Agreement or in
any other document issued in connection with the sale of the Notes or in the
Notes.

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<PAGE>

     Section 6.05. Notice of Defaults. If a Default occurs and is continuing
and if a Responsible Officer of the Indenture Trustee has actual knowledge
thereof, the Indenture Trustee shall give prompt written notice thereof to
each Noteholder.

     Section 6.06. Reports by Trust Administrator to Holders. The Trust
Administrator shall deliver to each Noteholder such information with respect
to the Notes as may be required to enable such holder to prepare its federal
and state income tax returns and shall file such information returns with the
Internal Revenue Service with respect to payments or accruals of interest on
the Notes as are required to be filed under the Code or applicable Treasury
Regulations.

     Section 6.07. Compensation and Indemnity. The Indenture Trustee shall be
entitled, as compensation for its services, a fee to be paid by the Master
Servicer as provided in a separate agreement between such parties. The
Indenture Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Indenture Trustee and any
co-trustee shall be reimbursed on behalf of the Issuer from funds in the
Collection Account, as provided in the Sale and Servicing Agreement, for all
reasonable ordinary out of pocket expenses incurred or made by it, including
costs of collection, in addition to the compensation for its services (as
provided in the Sale and Servicing Agreement). Reimbursable expenses under
this Section shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee's agents, counsel,
accountants and experts. The Issuer shall indemnify the Indenture Trustee, any
co-trustee and their respective employees, directors and agents, as provided
in the Sale and Servicing Agreement and from funds in the Collection Account,
against any and all claim, loss, liability or expense (including attorneys'
fees) incurred by it in connection with the administration of this trust and
the performance of its duties hereunder or under any Operative Agreement. The
Indenture Trustee or co-trustee, as applicable, shall notify the Issuer and
the Trust Administrator promptly of any claim for which it may seek indemnity.
Failure by the Indenture Trustee or the co-trustee, as applicable, to so
notify the Issuer and the Trust Administrator shall not relieve the Issuer or
the Trust Administrator of its obligations hereunder. The Issuer shall defend
any such claim, and the Indenture Trustee and any co-trustee may have separate
counsel and the fees and expenses of such counsel shall be payable on behalf
of the Issuer from funds in the Collection Account. The Issuer shall not be
required to reimburse any expense or indemnify against any loss, liability or
expense incurred by the Indenture Trustee or any co-trustee, as applicable,
through the Indenture Trustee's or co-trustee's, as the case may be, own
willful misconduct, negligence or bad faith.

     The Issuer's obligations to the Indenture Trustee and any co-trustee
pursuant to this Section shall survive the resignation or removal of the
Indenture Trustee and the termination of discharge of this Indenture. When the
Indenture Trustee or any co-trustee incurs expenses after the occurrence of a
Default specified in Section 5.01(iv) or (vi) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under Title 11
of the United States Code or any other applicable federal or state bankruptcy,
insolvency or similar law.

     Section 6.08. 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 pursuant to this Section. The Indenture Trustee may resign
at any time by giving [30] days' written notice thereof to the

                                      40
<PAGE>

Depositor, the Issuer, each Noteholder and each Rating Agency. As a condition
to the effectiveness of any such resignation, at least 15 calendar days prior
to the effective date of such resignation, the Indenture Trustee shall provide
(x) written notice to the Depositor of any successor pursuant to this Section
and (y) in writing and in form and substance reasonably satisfactory to the
Depositor, all information reasonably requested by the Depositor in order to
comply with its reporting obligation under Item 6.02 of Form 8-K with respect
to the resignation of the Indenture Trustee. The Issuer shall remove the
Indenture Trustee if:

          (i) the Indenture Trustee fails to comply with Section 6.11;

          (ii) the Indenture Trustee is adjudged bankrupt or insolvent;

          (iii) a receiver or other public officer takes charge of the
     Indenture Trustee or its property; or

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

     If the Indenture Trustee fails to fulfill its obligations under this
Section 6.08 with respect to notice to the Depositor or Article XI of the Sale
and Servicing Agreement, and such failure continues for the lesser of [10]
calendar days or such period in which the applicable Exchange Act Report can
be filed timely (without taking into account any extensions), the Depositor
may terminate the Indenture Trustee. If the Indenture Trustee resigns or is
removed or if a vacancy exists in the office of the Indenture Trustee for any
reason (the Indenture Trustee in such event being referred to herein as the
retiring Indenture Trustee), the Issuer shall promptly appoint a successor
Indenture Trustee that satisfies the eligibility requirements of Section 6.11
and shall provide written notice to the Depositor of any successor pursuant to
this Section.

     The resigning or removed Indenture Trustee agrees to cooperate with any
successor Indenture Trustee in effecting the termination of the resigning or
removed Indenture Trustee's responsibilities and rights hereunder and shall
promptly provide such successor Indenture Trustee all documents and records
reasonably requested by it to enable it to assume the Indenture Trustee's
functions hereunder.

     A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer and shall
provide to the Depositor, in writing and in form and substance reasonably
satisfactory to the Depositor, all information reasonably requested by the
Depositor in order to comply with its reporting obligation under Item 6.02 of
Form 8-K with respect to the resignation of the Indenture Trustee. Thereupon
the resignation or removal of the retiring Indenture Trustee shall become
effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as
Indenture Trustee to the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office after the retiring
Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the
Issuer or the Holders of a majority in Outstanding Balance of the Notes may
petition any court of competent jurisdiction for the appointment of a
successor Indenture Trustee.

                                      41
<PAGE>

     If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder may petition any court of competent jurisdiction for the removal of
the Indenture Trustee and the appointment of a successor Indenture Trustee.

     Section 6.09. Successor Indenture Trustee or Trust Administrator by
Merger. (a) If the Indenture Trustee or Trust Administrator consolidates with,
merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, as
applicable, the resulting, surviving or transferee corporation without any
further act shall be the successor Indenture Trustee or successor Trust
Administrator, as the case may be; provided, that such corporation or banking
association shall be otherwise qualified and eligible hereunder and under any
other Operative Document. The Indenture Trustee shall provide each Rating
Agency prior written notice of any such transaction. As a condition to the
effectiveness of any merger or consolidation, at least 15 calendar days prior
to the effective date of any merger or consolidation of the Indenture Trustee,
the Indenture Trustee shall provide (x) written notice to the Depositor and
the Master Servicer of any successor pursuant to this Section and (y) in
writing and in form and substance reasonably satisfactory to the Depositor,
all information reasonably requested by the Depositor in order to comply with
its reporting obligation under Item 6.02 of Form 8-K with respect to a
successor Indenture Trustee.

     (b) In case at the time such successor or successors by merger,
conversion or consolidation shall succeed to the Trust Administrator, for any
of the Notes which have been authenticated by the Trust Administrator but not
delivered, such successor Trust Administrator may adopt the certificate of
authentication of any predecessor trust administrator and deliver such Notes
so authenticated; and in case at that time any of the Notes shall not have
been authenticated, any successor Trust Administrator may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor Trust Administrator; and in all such cases such certificates shall
have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Trust Administrator shall have.

     Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture
Trustee. (a) Notwithstanding any other provisions 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 shall have the power and may execute and deliver all instruments to
appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust, and to vest in
such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Collateral, or any part hereof, and, subject to
the other provisions of this Section, such powers, duties, obligations, rights
and trusts as the Indenture Trustee may consider necessary or desirable. No
co-trustee or separate trustee hereunder shall be required to meet the terms
of eligibility as a successor trustee under Section 6.11 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 6.08 hereof.

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

          (i) all rights, powers, duties and obligations conferred or imposed
     upon the Indenture Trustee shall be conferred or imposed upon and
     exercised or performed by the

                                      42
<PAGE>

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

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

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

     (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 or
in respect of this Indenture on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Indenture Trustee, to the extent permitted by
law, without the appointment of a new or successor trustee.

     Section 6.11. Eligibility; Disqualification. The Indenture Trustee shall
at all times (i) satisfy the requirements of TIA Section 310(a), (ii) have a
combined capital and surplus of at least $[100,000,000] as set forth in its
most recently published annual report of condition, (iii) have a long term
debt rating equivalent to "A" or better by the Rating Agencies or be otherwise
acceptable to the Rating Agencies and (iv) not be an Affiliate of the Issuer
or the Owner Trustee. 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); provided, however, that there shall be excluded from
the operation of TIA Section 310(b)(1) any indenture or indentures under which
other securities of the Issuer are outstanding if the requirements for such
exclusion set forth in TIA Section 310(b)(1) are met.

                                      43
<PAGE>

     Section 6.12. Representations and Warranties. The Indenture Trustee
hereby represents that:

     (a) the Indenture Trustee is duly organized and validly existing as a
national banking association in good standing under the laws of the United
States with power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is presently
conducted;

     (b) the Indenture Trustee has the power and authority to execute and
deliver this Indenture and to carry out its terms; and the execution, delivery
and performance of this Indenture have been duly authorized by the Indenture
Trustee by all necessary corporate action;

     (c) the consummation of the transactions contemplated by this Indenture
and the fulfillment of the terms hereof do not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time) a default under the articles of organization or
bylaws of the Indenture Trustee or, to the knowledge of the Indenture Trustee,
any material agreement or other instrument to which the Indenture Trustee is a
party or by which it is bound; and

     (d) to the Indenture Trustee's best knowledge, there are no proceedings
or investigations pending or threatened before any court, regulatory body,
administrative agency or other governmental instrumentality having
jurisdiction over the Indenture Trustee: (i) asserting the invalidity of this
Indenture, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Indenture or (iii) seeking any determination or ruling
that might materially and adversely affect the performance by the Indenture
Trustee of its obligations under, or the validity or enforceability of, this
Indenture.

     Section 6.13. 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 which has
resigned or been removed shall be subject to TIA Section 311(a) to the extent
indicated.

                                ARTICLE SEVEN

                        NOTEHOLDERS' LISTS AND REPORTS

     Section 7.01. Note Registrar To Furnish to the Indenture Trustee the
Names and Addresses of Noteholders. The Note Registrar will furnish or cause
to be furnished to the Indenture Trustee at such times as the Indenture
Trustee may request in writing, within [30] days after receipt by the Note
Registrar of any such request, a list in such form as the Indenture Trustee
may reasonably require, of the names and addresses of the Holders of Notes as
of a date not more than [10] days prior to the time such list is furnished.

     Section 7.02. Preservation of Information; Communications to Noteholders.
(a) The Trust Administrator shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Trust Administrator as
provided in Section 7.01 and the names and addresses of Holders of Notes
received by the Trust Administrator in its capacity as Note Registrar. The
Trust Administrator

                                      44
<PAGE>

may destroy any list furnished to it as provided in such Section 7.01 upon
receipt of a new list so furnished. If three or more Noteholders, or one or
more Holders of a Class of Notes evidencing not less than [25]% of the
Outstanding Balance thereof (hereinafter referred to as "Applicants"), apply
in writing to the Trust Administrator or the Indenture Trustee, and such
application states that the Applicants desire to communicate with other
holders with respect to their rights under this Indenture or under the Notes,
then the Trust Administrator shall, within [five] Business Days after the
receipt of such application, afford such Applicants access, during normal
business hours, to the current list of Holders. Every Holder, by receiving and
holding a Note, agrees with the Issuer, the Indenture Trustee and the Trust
Administrator that neither the Issuer, the Indenture Trustee nor the Trust
Administrator shall be held accountable by reason of the disclosure of any
such information as to the names and addresses of the Holders under this
Indenture, regardless of the source from which such information was derived.

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

     (c) The Issuer, the Indenture Trustee and the Trust Administrator shall
have the protection of TIA Section 312(c).

     Section 7.03. Reports by Issuer. (a) The Issuer shall:

          (i) file with the Indenture Trustee and the Commission in accordance
     with the rules and regulations prescribed from time to time by the
     Commission such additional information, documents and reports with
     respect to compliance by the Issuer with the conditions and covenants of
     this Indenture as may be required from time to time by such rules and
     regulations. Delivery of such information, documents and reports to the
     Indenture Trustee is for informational purposes only and the Indenture
     Trustee's receipt of such reports shall not constitute constructive
     notice of any information contained therein or determinable from
     information contained therein, including the Issuer's compliance with any
     of its covenants hereunder (as to which the Indenture Trustee is entitle
     to rely exclusively on Officers' Certificates); and

          (ii) supply to the Trust Administrator (and the Trust Administrator
     shall transmit by mail to all Noteholders described in TIA Section
     313(c)) such summaries of any information, documents and reports required
     to be filed by the Issuer pursuant to clause (i) of this Section 7.03(a)
     and by rules and regulations prescribed from time to time by the
     Commission.

     (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 each March 1, beginning with March 1, 200_, the
Indenture Trustee shall mail to each Noteholder as required by TIA Section
313(c) a brief report dated as of such date that complies with TIA Section
313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

                                      45
<PAGE>

     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, if any, on which the Notes are listed. The Issuer shall notify the
Indenture Trustee if and when the Notes are listed on any securities exchange.

                                ARTICLE EIGHT

                     ACCOUNTS, DISBURSEMENTS AND RELEASES

     Section 8.01. Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect (or direct such funds to the Trust Administrator),
directly and without intervention or assistance of any fiscal agent or other
intermediary, all money and other property payable to or receivable by the
Indenture Trustee pursuant to this Indenture. The Trust Administrator shall
apply all such money received by it as provided in this Indenture. Except as
otherwise expressly provided in this Indenture, if any default occurs in the
making of any payment or performance under any agreement or instrument that is
part of the Collateral, the Indenture Trustee may take such action as may be
appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate Proceedings. Any such action shall be without
prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article Five.

     Section 8.02. Collection Account. On each Payment Date and Redemption
Date, the Paying Agent (or, if the Trust Administrator acts as Paying Agent,
the Trust Administrator) shall distribute all amounts on deposit in the
Collection Account as provided in Sections 5.08 and 6.02 of the Sale and
Servicing Agreement. On the Closing Date and on each anniversary of the
Closing Date, the Trust Administrator shall pay from its own funds the Owner
Trustee's annual fee.

     Section 8.03. Release of Collateral. (a) Subject to the payment of its
fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and
when required by the provisions of this Indenture and the Sale and Servicing
Agreement shall, execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee's interest in the same, in a manner
and under circumstances that are not inconsistent with the provisions of this
Indenture. No party relying upon an instrument executed by the Indenture
Trustee as provided in this Article Eight 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 monies.

     (b) The Indenture Trustee shall, at such time as the Trust Administrator
notifies the Indenture Trustee in writing that there are no Notes outstanding
and all sums due to the Noteholders pursuant to the Sale and Servicing
Agreement and all fees and expenses of the Indenture Trustee, the Master
Servicer, the Trust Administrator and the Custodian pursuant to this Indenture
or any other Operative Agreement have been paid, release any remaining portion
of the Collateral that secured the Notes from the lien of this Indenture and
the Trust Administrator shall release to the Issuer or any other Person
entitled thereto any funds then on deposit in the Trust Account and assign or
transfer any outstanding Interest Rate Cap Agreements. The Indenture Trustee
shall release property from the lien of this Indenture

                                      46
<PAGE>

pursuant to this subsection (b) only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and (if
required by the TIA) Independent Certificates in accordance with TIA Sections
314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01
hereof.

                                 ARTICLE NINE

                            SUPPLEMENTAL INDENTURES

     Section 9.01. Supplemental Indentures Without Consent of Noteholders. (a)
Without the consent of the Holders of any Notes but with prior notice to each
Rating Agency, the Issuer and the Indenture Trustee, when authorized by an
Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

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

          (ii) to evidence the succession, in compliance with the applicable
     provisions hereof, of another person to the Issuer, and the assumption by
     any such successor of the covenants of the Issuer herein and in the Notes
     contained;

          (iii) to add to the covenants of the Issuer, for the benefit of the
     Holders of the Notes, or to surrender any right or power herein conferred
     upon the Issuer;

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

          (v) (A) to cure any ambiguity, (B) to correct or supplement any
     provision herein or in any supplemental indenture that may be
     inconsistent with any other provisions herein or in any supplemental
     indenture or to conform the provisions hereof to those of the Prospectus,
     (C) to obtain or maintain a rating for a Class of Notes from a nationally
     recognized statistical rating organization, (D) to make any other
     provisions with respect to matters or questions arising under this
     Indenture; provided, however, that no such supplemental indenture entered
     into pursuant to clause (D) of this subparagraph (v) shall adversely
     affect in any material respect the interests of any Holder not consenting
     thereto;

          (vi) to evidence and provide for the acceptance of the appointment
     hereunder by a successor trustee with respect to the Notes and to add to
     or change any of the provisions of this Indenture as shall be necessary
     to facilitate the administration of the trusts hereunder by more than one
     trustee, pursuant to the requirements of Article Six; or

          (vii) to modify, eliminate or add to the provisions of this
     Indenture to such extent as shall be necessary to effect the
     qualification of this Indenture under the TIA or

                                      47
<PAGE>

     under any similar federal statute hereafter enacted and to add to this
     Indenture such other provisions as may be expressly required by the TIA.

[provided, however, that no such supplemental indenture shall be entered into
unless the Indenture Trustee shall have received an Opinion of Counsel stating
that as a result of such supplemental indenture, the Trust will not be subject
to federal income tax as long as an entity that qualifies as a REIT under the
Code holds directly, or indirectly through one or more Qualified REIT
Subsidiaries or a Disregarded Entity, a 100% ownership interest in the
Ownership Certificate, and the Indenture Trustee receives an Officer's
Certificate from the Holder of the Ownership Certificate that the Holder of
the Ownership Certificate either qualifies as a REIT, a Qualified REIT
Subsidiary or a Disregarded Entity under the Code and the Holder of the
Ownership Certificate holds a 100% ownership Interest in the Ownership
Certificate.]

     The Indenture Trustee is hereby authorized to join in the execution of
any such supplemental indenture and to make any further appropriate agreements
and stipulations that may be therein contained.

     (b) A letter from each Rating Agency addressed and delivered to the
Indenture Trustee to the effect that any supplemental indenture entered into
pursuant to this Section 9.01 will not cause the then current ratings on the
Notes to be qualified, reduced or withdrawn shall constitute conclusive
evidence that such amendment does not adversely affect in any material respect
the interests of the Noteholders.

     Section 9.02. Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
may, with prior notice to each Rating Agency and with the consent of the
Holders of not less than [66-2/3]% of the Outstanding Balance of the Notes, by
Act of such Holders delivered to the Issuer and the Indenture Trustee, enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that no such
supplemental indenture shall, adversely affect the interests of the
Noteholders without the consent of the Holder of each Outstanding Note
affected thereby (i) reduce in any manner the amount of, or delay the timing
of, payments in respect of any Note, (ii) alter the obligations of the
Servicer to make an Advance or alter the servicing standards set forth in the
Sale and Servicing Agreement or the Servicing Agreement, (iii) reduce the
aforesaid percentages of Notes the Holders of which are required to consent to
any such supplemental indenture, without the consent of the Holders of all
Notes affected thereby, or (iv) permit the creation of any lien ranking prior
to or on a parity with the lien of this Indenture with respect to any part of
the Collateral or, except as otherwise permitted or contemplated herein,
terminate the lien of this Indenture on any property at any time subject
hereto or deprive the Holder of any Note of the security provided by the lien
of this Indenture [and provided, further, that such action shall not, as
evidenced by an Opinion of Counsel, subject the Trust to federal income tax as
long as an entity that qualifies as a REIT under the Code holds directly, or
indirectly through one or more Qualified REIT Subsidiaries or Disregarded
Entities, a 100% ownership interest in the Ownership Certificate, and provided
further, that the Indenture Trustee receives an Officer's Certificate from the
Holder of the Ownership Certificate that the Holder of the Ownership
Certificate either qualifies as a REIT, a Qualified REIT Subsidiary or a
Disregarded Entity under

                                      48
<PAGE>

the Code and the Holder of the Ownership Certificate holds a 100% ownership
Interest in the Ownership Certificate.]

     The Indenture Trustee shall be entitled to conclusively rely on an
Opinion of Counsel as to whether or not any Notes would be affected by any
supplemental indenture and any such determination shall be conclusive upon the
Holders of all Notes, whether theretofore or thereafter authenticated and
delivered hereunder.

     It shall not be necessary for any Act of Noteholders under this Section
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

     Promptly after the execution by the Issuer and the Indenture Trustee of
any supplemental indenture pursuant to this Section, the Issuer shall mail to
the Holders of the Notes to which such amendment or supplemental indenture
relates and each Rating Agency a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

     Section 9.03. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article Nine or the modification thereby of the trusts
created by this Indenture, the Indenture Trustee shall be entitled to receive,
and subject to Section 6.02, shall be fully protected in relying upon, in
addition to the documents required under Section 11.01, an Opinion of Counsel
to the effect provided in Section 9.07. The Indenture Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects
the Indenture Trustee's own rights, duties, liabilities or immunities under
this Indenture or otherwise.

     Section 9.04. Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations
of rights, obligations, duties, liabilities and immunities under this
Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes
shall thereafter be determined, exercised and enforced hereunder subject in
all respects to such modifications and amendments, and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

     Section 9.05. Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article Nine shall conform to the requirements of the Trust Indenture Act as
then in effect so long as this Indenture shall then be qualified under the
Trust Indenture Act.

     Section 9.06. Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article Nine may, and if required by the Trust Administrator
shall, bear a notation in a form approved by the Trust Administrator as to any
matter provided for in such supplemental indenture. If the Issuer or the

                                      49
<PAGE>

Trust Administrator shall so determine, new Notes so modified as to conform,
in the opinion of the Trust Administrator and the Issuer, to any such
supplemental indenture may be prepared and executed by the Issuer and
authenticated and delivered by the Trust Administrator in exchange for
Outstanding Notes.

     Section 9.07. Opinion of Counsel. In connection with any supplemental
indenture pursuant to this Article Nine, the Indenture Trustee shall be
entitled to receive an Opinion of Counsel to the effect that such supplemental
indenture is authorized or permitted by this Indenture and that all conditions
precedent to the execution of such supplemental indenture in accordance with
the relevant provisions of this Article Nine have been met.

     Nothing in this Section shall be construed to require that any Person
obtain the consent of the Indenture Trustee to any amendment or waiver or any
provision of any document where the making of such amendment or the giving of
such waiver without obtaining the consent of the Indenture Trustee is not
prohibited by this Indenture or by the terms of the document that is the
subject of the proposed amendment or waiver.

                                 ARTICLE TEN

                              REDEMPTION OF NOTES

     Section 10.01. Redemption. The Notes are subject to redemption pursuant
to Section 9.02 of the Sale and Servicing Agreement. The Issuer shall furnish
each Rating Agency, the Trust Administrator and the Indenture Trustee notice
of such redemption at least [15] days prior to such redemption. If the Notes
are to be redeemed pursuant to Section 9.02 of the Sale and Servicing
Agreement, _________________________________ or the Servicer, as applicable,
shall furnish notice of its exercise of its option to redeem the Notes to the
Indenture Trustee and the Trust Administrator not later than [15] days prior
to the applicable Redemption Date and _________________________________ or the
Servicer, as applicable, shall deposit by 10:00 A.M. New York City time on the
applicable Redemption Date with the Trust Administrator in the Collection
Account the Termination Price of the Notes to be redeemed, whereupon all such
Notes shall be due and payable on the applicable Redemption Date upon the
furnishing of a notice complying with Section 10.02 hereof to each Holder of
the Notes.

     Section 10.02. Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Trust Administrator by first class mail,
postage prepaid, or by facsimile mailed or transmitted not later than [10]
days prior to the applicable Redemption Date to each Holder of Notes, as of
the close of business on the Record Date preceding the applicable Redemption
Date, at such Holder's address or facsimile number appearing in the Note
Register.

     All notices of redemption shall state:

          (i) the Redemption Date;

          (ii) the Termination Price; and

                                      50
<PAGE>

          (iii) the place where such Notes are to be surrendered for payment
     of the Termination Price (which shall be the office or agency of the
     Issuer to be maintained as provided in Section 3.02).

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

     Section 10.03. Notes Payable on Applicable Redemption Date. The Notes or
portions thereof to be redeemed shall, following notice of redemption as
required under Section 10.02 (in the case of redemption pursuant to Section
10.01) and remittance to the Trust Administrator of the Termination Price as
required under Section 10.01, on the applicable Redemption Date become due and
payable at the Termination Price and (unless the Issuer shall default in the
payment of the Termination Price) no interest shall accrue on the Termination
Price for any period after the date to which accrued interest is calculated
for purposes of calculating the Termination Price.

                                ARTICLE ELEVEN

                                 MISCELLANEOUS

     Section 11.01. Compliance Certificates and Opinions, etc. Upon any
application or request by the Issuer to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuer shall furnish to the
Indenture Trustee: (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with, and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable
requirements of this Section, except that, in the case of any such application
or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture, no additional certificate or
opinion need be furnished.

     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 such certificate or opinion
     has read or has caused to be read such covenant or condition and the
     definitions herein relating thereto;

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

          (iii) a statement that, in the opinion of each such signatory, such
     signatory has made such examination or investigation as is necessary to
     enable such signatory to express an informed opinion as to whether or not
     such covenant or condition has been complied with; and

                                      51
<PAGE>

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

     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, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

     Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which such officer's
certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by,
an officer or officers of the Servicer, Sub-Servicer, the Depositor, the
Issuer or the Trust Administrator, stating that the information with respect
to such factual matters is in the possession of the Servicer, the
Sub-Servicer, the Depositor, the Issuer or the Trust Administrator, unless
such counsel knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to such matters are
erroneous.

     Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

     Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application
or at the effective date of such certificate or report (as the case may be),
of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuer to have such application
granted or to the sufficiency of such certificate or report. The foregoing
shall not, however, be construed to affect the Indenture Trustee's right to
rely upon the truth and accuracy of any statement or opinion contained in any
such document as provided in Article Six.

     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
such Noteholders in person or by agents duly appointed in writing; and except
as herein otherwise expressly provided such action shall become effective when
such instrument or instruments are delivered to the Indenture Trustee and,
where it is hereby expressly required, to the Issuer. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the "Act" of the Noteholders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.01)

                                      52
<PAGE>

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 such
instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

     (c) The ownership of Notes shall be proved by the Note Register.

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

     Section 11.04. Notices, etc., to Indenture Trustee, Trust Administrator,
Issuer and Rating Agencies. Any request, demand, authorization, direction,
notice, consent, waiver or Act of Noteholders or other documents provided or
permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders is to
be made upon, given or furnished to or filed with:

          (i) the Indenture Trustee by any Noteholder or by the Issuer shall
     be sufficient for every purpose hereunder if in writing and mailed by
     certified mail, return receipt requested, to the Indenture Trustee at its
     Corporate Trust Office, or

          (ii) the Trust Administrator by the Indenture Trustee, any
     Noteholder or by the Issuer shall be sufficient for every purpose
     hereunder if made, given, furnished or filed in writing to or with the
     Trust Administrator at its Corporate Trust Office, or

          (iii) the Issuer by the Indenture Trustee, the Trust Administrator
     or any Noteholder shall be sufficient for every purpose hereunder if in
     writing and mailed first class, postage prepaid to the Issuer addressed
     to the address provided in the Sale and Servicing Agreement, or at any
     other address previously furnished in writing to the Indenture Trustee by
     the Issuer. The Issuer shall promptly transmit any notice received by it
     from the Noteholders to the Indenture Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee, the Trust Administrator or the Owner Trustee shall be in
writing, personally delivered or mailed by certified mail, return receipt
requested, to the address provided in the Sale and Servicing Agreement or such
other address as shall be designated by written notice to the other parties.

     Section 11.05. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first class, postage prepaid to each Noteholder affected by such
event, at such 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 such notice. In any case where notice to Noteholders is given by
mail, neither the failure to mail such notice nor any defect in any notice so
mailed to any particular Noteholder shall affect the sufficiency of

                                      53
<PAGE>

such notice with respect to other Noteholders, and any notice that is mailed
in the manner herein provided shall conclusively be presumed to have been duly
given.

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

     In case, by reason of the suspension of regular mail service as a result
of a strike, work stoppage or similar activity, it shall be impractical to
mail notice of any event to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Indenture Trustee shall be deemed
to be a sufficient giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure
to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event
of Default.

     Section 11.06. Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required
to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

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

     Section 11.07. Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

     Section 11.08. Successors and Assigns. All covenants and 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, co-trustees and agents.

     Section 11.09. Severability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.

     Section 11.10. Benefits of Indenture and Consents of Noteholders. Nothing
in this Indenture or in the Notes, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, the
Owner Trustee and the Noteholders, any benefit or any legal or equitable
right, remedy or claim under this Indenture. Each Noteholder and Note Owner,
by acceptance of a Note or, in the case of a Note Owner, a beneficial interest
in a Note, consents to and agrees to be bound by the terms and conditions of
this Indenture.

                                      54
<PAGE>

     Section 11.11. Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest
shall accrue for the period from and after any such nominal date.

     Section 11.12. 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 CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE
GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 11.13. Counterparts. This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.

     Section 11.14. Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense 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 such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

     Section 11.15. Trust Obligations. (a) 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 herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in their respective
individual capacities, (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 respective
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, except as
any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Owner Trustee have no such obligations in their
respective individual capacities) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such entity. For all purposes of this
Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement.

     (b) In addition, (i) this Indenture is executed and delivered by
_________________________, not individually or personally but solely as Owner
Trustee, in the exercise of the powers and authority conferred and vested in
it, (ii) each of the representations, undertakings and agreements herein made
on the part of the Issuer or the Owner Trustee is made and intended not as
personal representations, undertakings and agreements by

                                      55
<PAGE>

_________________________ but is made and intended for the purpose for binding
only the Trust, (iii) nothing herein contained shall be construed as creating
any liability on _________________________, individually or personally, to
perform any covenant either expressed or implied contained herein, all such
liability, if any, being expressly waived by the Indenture Trustee and by any
Person claiming by, through or under the Indenture Trustee, and (iv) under no
circumstances shall _________________________ 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 Indenture or the Operative Agreements.

     Section 11.16. No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against the Depositor or the Issuer,
or join in any institution against the Depositor or 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 Operative Agreements; provided, however,
nothing contained herein shall prevent the Indenture Trustee from filing
proofs of claim.

     Section 11.17. Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent Public Accountants, and to
discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees and Independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. The Indenture
Trustee shall, and shall cause its representatives to, hold in confidence all
such information except to the extent disclosure may be required by law (and
all reasonable applications for confidential treatment are unavailing) and
except to the extent that the Indenture Trustee may reasonably determine that
such disclosure is consistent with its obligations hereunder; provided,
further, that the Indenture Trustee may disclose on a confidential basis any
such information to its agents, attorneys and auditors in connection with the
performance of its responsibilities hereunder.

                                      56
<PAGE>

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

                                __________ MORTGAGE INVESTMENT TRUST
                                     200_-__, as Issuer

                                     By: __________________________________,
                                         not in its individual capacity but
                                         solely as Owner Trustee

                                By:_________________________________________
                                   Name:
                                   Title:

                                _____________________________,
                                as Trust Administrator

                                By:_________________________________________
                                   Name:
                                   Title:

                                ________________________, not in its individual
                                capacity but solely as Indenture Trustee

                                By:_________________________________________
                                   Name:
                                   Title:

                                By:_________________________________________
                                   Name:
                                   Title:

<PAGE>

                                                                      EXHIBIT A

                                FORMS OF NOTES

                       [See notes delivered at closing.]

                                     A-1
<PAGE>

                                   EXHIBIT B

                       FORM OF ERISA TRANSFER AFFIDAVIT

                                                        _______________________
                                                                date

STATE OF NEW YORK        )
                         )  ss.:
COUNTY OF NEW YORK       )

            Re:      ___________ Mortgage Investment Trust 200_-__
                     Mortgage Backed Notes, Series 200_-______
                     -----------------------------------------

     1. The undersigned is the ______________________ of
______________________ (the "Investor"), a [corporation duly organized] and
existing under the laws of __________, on behalf of which he makes this
affidavit.

     2. Either (i) the Investor is not, and on ___________ [date of transfer]
will not be, acquiring the Notes for, or with the assets of, an employee
benefit plan or other retirement arrangement that is subject to Section 406 of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
to Section 4975 of the Internal Revenue Code of 1986, as amended (or to any
substantially similar law ("Similar Law")) or any entity deemed to hold the
plan assets of the foregoing (a "Benefit Plan") or (ii) the Investor's
acquisition and holding of the Notes for, or on behalf of, a Benefit Plan will
not result in a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code which is not covered under Prohibited Transaction
Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23
or some other applicable exemption, and will not result in a non-exempt
violation of any Similar Law.

     3. The Investor hereby acknowledges that under the terms of the Indenture
among ___________ Mortgage Investment Trust 200_-__, as Issuer,
______________________, as Trust Administrator, and
____________________________________, as Indenture Trustee, dated as of
________, 200_, no transfer of any Note shall be permitted to be made to any
person unless the Trust Administrator has received a certificate from such
transferee in the form hereof.

                                      B-1
<PAGE>

     IN WITNESS WHEREOF, the Investor has caused this instrument to be
executed on its behalf, pursuant to proper authority, by its duly authorized
officer, duly attested, this ____ day of _______________, 20__.

                                _______________________________________
                                     [Investor]

                                By:____________________________________
                                   Name:
                                   Title:

ATTEST:

___________________________

STATE OF           )
                   )  ss.:
COUNTY OF          )

     Personally appeared before me the above-named ___________________, known
or proved to me to be the same person who executed the foregoing instrument
and to be the _________________ of the Investor, and acknowledged that he
executed the same as his free act and deed and the free act and deed of the
Investor.

     Subscribed and sworn before me this _____ day of ___________ 20___.

                                            __________________________________
                                            NOTARY PUBLIC

                                            My commission expires the
                                            ____ day of __________, 20__.

                                     B-2EXHIBIT 4.4

            __________ MORTGAGE INVESTMENT TRUST 200_-__, as Issuer

                           CWABS, INC., as Depositor

       ____________________, as Trust Administrator and Master Servicer

                    _________________________, as Servicer

                    ____________________________, as Seller

                                      and

          ____________________________________, as Indenture Trustee

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

                         SALE AND SERVICING AGREEMENT

                           Dated as of _______, 200_
                          ---------------------------

                 ___________ MORTGAGE INVESTMENT TRUST 200_-__
                              ASSET-BACKED NOTES

<PAGE>

                             TABLE OF CONTENTS

                                                                    Page
                                                                    ----

ARTICLE I DEFINITIONS                                                  4

Section 1.01. Definitions..............................................4
Section 1.02. Calculations With Respect to the Mortgage Loans.........49
Section 1.03. Calculations With Respect to Accrued Interest...........49

ARTICLE II CONVEYANCE OF MORTGAGE LOANS                               49

Section 2.01. Creation and Declaration of Trust Estate; Conveyance
                of Mortgage Loans.....................................49
Section 2.02. Acceptance of Trust Estate; Review of Documentation.....55
Section 2.03. Grant Clause............................................56
Section 2.04. Option to Contribute Derivative Instrument..............58

ARTICLE III REPRESENTATIONS AND WARRANTIES                            58

Section 3.01. Representations and Warranties of the Depositor and
                the Seller............................................58
Section 3.02. Discovery of Breach.....................................60
Section 3.03. Repurchase, Purchase or Substitution of Mortgage Loans..61

 ARTICLE IV ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS BY THE
 SERVICER                                                             62

Section 4.01. Seller's Engagement of Servicer to Perform Servicing
                Responsibilities......................................62
Section 4.02. Servicing of the Mortgage Loans.........................63
Section 4.03. Payments To the Master Servicer.........................77
Section 4.04. General Servicing Procedures............................79
Section 4.05. Representations, Warranties and Agreements..............82
Section 4.06. The Servicer............................................85
Section 4.07. Termination for Cause...................................87
Section 4.08. Successor to Servicer, Miscellaneous Provisions.........89
Section 4.09. Sub-Servicers and Sub-Servicing Agreements..............91
Section 4.10. Miscellaneous Servicing Provisions......................92
Section 4.11. Advance Facility........................................93

  ARTICLE V ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS BY
THE MASTER SERVICER AND THE TRUST ADMINISTRATOR                       95

Section 5.01. Duties of the Master Servicer; Representations and
                Warranties............................................95
Section 5.02. Master Servicer Fidelity Bond and Master Servicer
                Errors and Omissions Insurance Policy.................97
Section 5.03. Master Servicer's Financial Statements and Related
                Information...........................................98

                                      i

<PAGE>

Section 5.04. Power to Act; Procedures................................98
Section 5.05. Enforcement of Servicer's and Master Servicer's
                Obligations...........................................99
Section 5.06. [Reserved].............................................100
Section 5.07. Collection Account.....................................100
Section 5.08. Application of Funds in the Collection Account.........101
Section 5.09. Reports to Indenture Trustee and Noteholders...........103
Section 5.10. Termination of Servicer; Successor Servicers...........106
Section 5.11. Master Servicer Liable for Enforcement.................107
Section 5.12. Assumption of Master Servicing by Indenture Trustee....107
Section 5.13. [Reserved].............................................108
Section 5.14. Release of Mortgage Files..............................108
Section 5.15. Documents, Records and Funds in Possession of Master
                Servicer To Be Held for Indenture Trustee............108
Section 5.16. Opinion................................................110
Section 5.17. [Reserved].............................................110
Section 5.18. [Reserved].............................................110
Section 5.19. [Reserved].............................................110
Section 5.20. Indenture Trustee To Retain Possession of Certain
                Insurance Policies and Documents.....................110
Section 5.21. Compensation to the Master Servicer....................110
Section 5.22. [Reserved].............................................110
Section 5.23. Reports to the Indenture Trustee.......................110
Section 5.24. Annual Officer's Certificate as to Compliance..........111
Section 5.25. [Reserved].............................................112
Section 5.26. Merger or Consolidation................................112
Section 5.27. Resignation of Master Servicer.........................112
Section 5.28. Assignment or Delegation of Duties by the Master
                Servicer.............................................112
Section 5.29. Limitation on Liability of the Master Servicer and
                Others...............................................113
Section 5.30. Indemnification; Third Party Claims....................114
Section 5.31. Alternative Index......................................114
Section 5.32. Transfer of Servicing..................................114

ARTICLE VI DEPOSITS AND PAYMENTS TO HOLDERS                          116

Section 6.01. The Collection Account.................................116
Section 6.02. Payments from the Collection Account...................116
Section 6.03. [Reserved].............................................130
Section 6.04. Control of the Trust Account and Deferred Interest.....130
Section 6.05. Advances by Master Servicer and Servicer...............134
Section 6.06. The Interest Rate Cap Agreements.......................135
Section 6.07. [Class AF-5B] Policy; Rights of the [Class AF-5B]
                Insurer..............................................136

ARTICLE VII ADMINISTRATION OF THE AGREEMENTS                         139

Section 7.01. Duties of the Trust Administrator......................139
Section 7.02. Duties of the Trust Administrator With Respect to the
                Indenture, the Trust Agreement and this Agreement....142

                                      ii
<PAGE>

Section 7.03. Records................................................142
Section 7.04. Compensation...........................................143
Section 7.05. Additional Information to be Furnished to the Issuer...143
Section 7.06. Independence of the Trust Administrator................143
Section 7.07. No Joint Venture.......................................143
Section 7.08. Other Activities of Trust Administrator and the
                Depositor............................................143
Section 7.09. Resignation and Removal of Trust Administrator.........143
Section 7.10. Action upon Termination, Resignation or Removal of the
                Trust Administrator..................................145

ARTICLE VIII MASTER SERVICER EVENTS OF DEFAULT                       145

Section 8.01. Master Servicer Events of Default; Indenture Trustee
                To Act; Appointment of Successor.....................145
Section 8.02. Additional Remedies of Indenture Trustee Upon Master
                Servicer Event of Default............................150
Section 8.03. Waiver of Defaults.....................................150
Section 8.04. Notification to Holders................................150
Section 8.05. Directions by Noteholders and Duties of Indenture
                Trustee During Master Servicer Event of Default......151
Section 8.06. Action Upon Certain Failures of the Master Servicer
                and Upon Master Servicer Event of Default............151

ARTICLE IX TERMINATION                                               151

Section 9.01. Termination............................................151
Section 9.02. Termination Prior to Maturity Date; Optional
                Redemption...........................................151
Section 9.03. Certain Notices upon Final Payment.....................152

ARTICLE X MISCELLANEOUS PROVISIONS                                   153

Section 10.01. Binding Nature of Agreement; Assignment...............153
Section 10.02. Entire Agreement......................................153
Section 10.03. Amendment.............................................153
Section 10.04. Acts of Noteholders...................................154
Section 10.05. Recordation of Agreement..............................154
Section 10.06. Governing Law.........................................154
Section 10.07. Notices...............................................154
Section 10.08. Severability of Provisions............................155
Section 10.09. Indulgences; No Waivers...............................155
Section 10.10. Headings Not To Affect Interpretation.................155
Section 10.11. Benefits of Agreement.................................155
Section 10.12. Special Notices to the Rating Agencies................157
Section 10.13. Counterparts..........................................157
Section 10.14. Execution by the Issuer...............................157

                                     iii
<PAGE>

ARTICLE XI EXCHANGE ACT REPORTING                                    159

Section 11.01. Filing Obligations....................................159
Section 11.02. Form 10-D Filings.....................................159
Section 11.03. Form 8-K Filings......................................160
Section 11.04. Form 10-K Filings.....................................160
Section 11.05. Sarbanes-Oxley Certification..........................161
Section 11.06. Form 15 Filing........................................162
Section 11.07. Report on Assessment of Compliance and Attestation....162
Section 11.08. Use of Subservicers and Subcontractors................163
Section 11.09. Amendments............................................164

                                      iv
<PAGE>

                                ATTACHMENTS

Exhibit A-1       Form of Initial Certification
Exhibit A-2       Form of Interim Certification
Exhibit A-3       Form of Final Certification
Exhibit A-4       Form of Endorsement
Exhibit B         [Reserved]
Exhibit C         Form of Lost Note Affidavit
Exhibit D         Custodial Agreement
Exhibit E         Custodial Account Letter Agreement
Exhibit F         Escrow Account Letter Agreement
Exhibit G-1       Form of Monthly Remittance Advice
Exhibit G-1A      Form of Monthly Remittance Advice
Exhibit G-2       Standard Layout For Monthly Defaulted Loan Report
Exhibit G-3       Form 332 Realized Loss Report
Exhibit H-1       Form of Certification to be Provided to the Master
                  Servicer by the Servicer/Trustee/Custodian
Exhibit H-2       Form of Master Servicer Certification
Exhibit I         Item 1119 Party Schedule
Exhibit J         Form of Servicing Criteria to be Addressed in Assessment
                  of Compliance Statement
Exhibit K         Form of [Class AF-5B] Policy
[Exhibit L        Form of Subsequent Transfer Agreement]
Exhibit M         Form of Sarbanes-Oxley Certification (Replacement of
                  Master Servicer)

Schedule A        Mortgage Loan Schedule

                                      v
<PAGE>

      This SALE AND SERVICING AGREEMENT, dated as of  _______, 200_ (the
"Agreement" or the "Sale and Servicing Agreement"), is by and among ______
MORTGAGE INVESTMENT TRUST 200_-__, a Delaware statutory trust, as issuer
(the "Issuer"), CWABS, INC., a Delaware corporation, as depositor (the
"Depositor"), ____________________________________, as indenture trustee
(the "Indenture Trustee"), ____________________, as trust administrator
(the "Trust Administrator") and master servicer (the "Master Servicer"),
_________________________, as servicer (the "Servicer"), and
____________________________, as seller (the "Seller").

                             PRELIMINARY STATEMENT

      WHEREAS, the Depositor has acquired all of the rights, title and
interest of the Seller in certain conventional, adjustable rate,
residential mortgage loans identified in Schedule A hereto (the "Mortgage
Loans") on a servicing-retained basis from the Seller pursuant to the
Mortgage Loan Purchase Agreement, and at the Closing Date is the owner of
the Mortgage Loans and the other property being conveyed by it to the
Issuer hereunder for inclusion in the Trust Estate;

      WHEREAS, the Depositor has duly authorized the execution and
delivery of this Agreement to provide for the conveyance to the Issuer of
the Mortgage Loans and the other property constituting the Trust Estate;

      WHEREAS, on the Closing Date, the Depositor will acquire the Notes
and the Ownership Certificate from the Issuer as consideration for its
transfer to the Issuer of the Mortgage Loans and the other property
constituting the Trust Estate;

      WHEREAS, pursuant to the Indenture, the Issuer will pledge the
Mortgage Loans and the other property constituting the Trust Estate to the
Indenture Trustee as security for the Notes;

      WHEREAS, the Seller desires that the Servicer service the Mortgage
Loans upon such transfer to the Issuer pursuant to this Agreement, and the
Servicer has agreed to do so;

      WHEREAS, the Master Servicer shall be obligated under this
Agreement, among other things, to supervise the servicing of the Mortgage
Loans on behalf of the Issuer, and shall have the right, under certain
circumstances, to terminate the rights and obligations of the Servicer
under this Agreement upon the occurrence and continuance of a Servicer
Event of Default as provided herein;

      WHEREAS, the parties hereto acknowledge and agree that, at the
direction of the Depositor, the Seller will assign all of its rights with
respect to the Mortgage Loans (other than the servicing rights) to the
Indenture Trustee;

      WHEREAS, the Issuer has entered into certain agreements in
connection with the issuance of the Notes, including (i) the Depository
Agreement and (ii) the Indenture (the Depository Agreement, the Indenture,
the Trust Agreement and the Custodial Agreement being hereinafter referred
to collectively as the "Related Agreements");

      WHEREAS, pursuant to the Related Agreements, the Issuer is required
to perform certain duties in connection with (a) the Notes and the
collateral therefor pledged pursuant to the

<PAGE>

Indenture (the "Collateral") and (b) the undivided subordinate beneficial
ownership interest in the Issuer represented by the Ownership Certificate;

      WHEREAS, the Issuer desires to have the Trust Administrator perform
certain of the duties of the Issuer referred to in the preceding clause,
and to provide such additional services consistent with the terms of this
Agreement and the Related Agreements as the Issuer or the Owner Trustee
may from time to time reasonably request; and

      WHEREAS, the Trust Administrator has the capacity to provide the
services required hereby and is willing to perform such services for the
Issuer or the Owner Trustee on the terms set forth herein.

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

                                      2

<PAGE>

      The following table sets forth (or describes) the Class designation,
Note Interest Rate, initial Class Principal Amount and minimum
denomination for each Class of Notes issued pursuant to the Indenture.

                                               Initial
       Class                               Class Principal         Minimum
    Designation      Note Interest Rate        Amount           Denominations
-------------------- ------------------    ---------------     ----------------
[Class AF-1A].......    Variable (1)        $ __________       $     25,000
[Class AF-1B].......    Variable (1)        $ __________       $     25,000
[Class AF-2]........    Variable (1)        $ __________       $     25,000
[Class AF-3]........    Variable (1)        $ __________       $     25,000
[Class AF-4]........    Variable (1)        $ __________       $     25,000
[Class AF-5A].......    Variable (1)        $ __________       $     25,000
[Class AF-5B].......    Variable (1)        $ __________       $     25,000
[Class AF-6]........    Variable (1)        $ __________       $     25,000
[Class MF-1]........    Variable (1)        $ __________       $    100,000
[Class MF-2]........    Variable (1)        $ __________       $    100,000
[Class MF-3]........    Variable (1)        $ __________       $    100,000
[Class MF-4]........    Variable (1)        $ __________       $    100,000
[Class MF-5]........    Variable (1)        $ __________       $    100,000
[Class MF-6]........    Variable (1)        $ __________       $    100,000
[Class MF-7]........    Variable (1)        $ __________       $    100,000
[Class MF-8]........    Variable (1)        $ __________       $    100,000
[Class BF]..........    Variable (1)        $ __________       $    100,000
[Class 2-AV-1]......    Variable (1)        $ __________       $     25,000
[Class 2-AV-1]......    Variable (1)        $ __________       $     25,000
[Class 2-AV-2]......    Variable (1)        $ __________       $     25,000
[Class 3-AV-1]......    Variable (1)        $ __________       $     25,000
[Class 3-AV-2]......    Variable (1)        $ __________       $     25,000
[Class 3-AV-3]......    Variable (1)        $ __________       $     25,000
[Class 3-AV-4]......    Variable (1)        $ __________       $     25,000
[Class MV-1]........    Variable (1)        $ __________       $    100,000
[Class MV-2]........    Variable (1)        $ __________       $    100,000
[Class MV-3]........    Variable (1)        $ __________       $    100,000
[Class MV-4]........    Variable (1)        $ __________       $    100,000
[Class MV-5]........    Variable (1)        $ __________       $    100,000
[Class MV-6]........    Variable (1)        $ __________       $    100,000
[Class MV-7]........    Variable (1)        $ __________       $    100,000
[Class MV-8]........    Variable (1)        $ __________       $    100,000
[Class BV]..........    Variable (1)        $ __________       $    100,000

---------------
(1) See the definition of "Note Interest Rate" herein.

                                      3
<PAGE>

                                   ARTICLE I

                                  DEFINITIONS

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

      Accounts:  Any or all of the Custodial Accounts, the Escrow
Accounts, the Collection Account, the Interest Rate Cap Account and any
other accounts created or maintained by the Trust Administrator or the
Servicer pursuant to this Agreement.

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

      Accrual Period:  With respect to any Payment Date and the Notes, the
period beginning on the immediately preceding Payment Date (or, in the
case of the first Payment Date, beginning on the Closing Date) and ending
on the day immediately preceding the related Payment Date.

      Additional Designated Information:  As defined in Section 11.02.

      Adjustable Rate Notes:  The [Class AF-1A] Notes, the [Group AV]
Notes and the Adjustable Rate Subordinate Notes.

      Adjustable Rate Cumulative Loss Trigger Event: With respect to a
Payment Date on or after the Adjustable Rate Stepdown Date, an Adjustable
Rate Cumulative Loss Trigger Event occurs if (x) the aggregate amount of
Realized Losses on the Mortgage Loans in [Pool 2] and [Pool 3] from the
Cut-off Date for each such Mortgage Loan to (and including) the last day
of the related Due Period (reduced by the aggregate amount of any
Recoveries related to the Mortgage Loans in [Pool 2] and [Pool 3] received
through the last day of that Due Period) exceeds (y) the applicable
percentage, for such Payment Date, of the sum of the aggregate Cut-off
Date Principal Balance of the Initial Mortgage Loans in [Pool 2] and [Pool
3], as set forth below:

                                      4

<PAGE>

               Payment Date                      Percentage
               ------------                      ----------

               _____ 200_ -- _____ 200_......... _____% with respect to
                                                 ______ 200_, plus an
                                                 additional 1/12th of ____%
                                                 for each month thereafter
                                                 through ______ 200_
               _____ 200_ -- _____ 200_......... _____% with respect to
                                                 ______ 200_, plus an
                                                 additional 1/12th of ____%
                                                 for each month thereafter
                                                 through ______ 200_
               _____ 200_ -- _____ 200_......... _____% with respect to
                                                 ______ 200_, plus an
                                                 additional 1/12th of ____%
                                                 for each month thereafter
                                                 through ______ 200_
               _____ 200_ and thereafter........ ____%

            Adjustable Rate Delinquency Trigger Event: With respect to any
Payment Date on or after the Adjustable Rate Stepdown Date, an Adjustable
Rate Delinquency Trigger Event exists if the Rolling [Sixty-Day]
Delinquency Rate for outstanding Mortgage Loans in [Pool 2] and [Pool 3]
equals or exceeds the product of (x) the Adjustable Rate Senior
Enhancement Percentage for such Payment Date and (y) the applicable
percentage listed below for the most senior class of outstanding [Group
AV] Notes and Adjustable Rate Subordinate Notes:

                               Class             Percentage

                       [Group AV]............      _____%
                       [Class MV-1]..........      _____%
                       [Class MV-2]..........      _____%
                       [Class MV-3]..........      _____%
                       [Class MV-4]..........      _____%
                       [Class MV-5]..........      _____%
                       [Class MV-6]..........      _____%
                       [Class MV-7]..........      _____%
                       [Class MV-8]..........      _____%
                       [Class BV]............      _____%

      Adjustable Rate Excess Overcollateralization Amount:  With respect
to any Payment Date, an amount equal to the excess, if any, of the
Adjustable Rate Overcollateralized Amount for such Payment Date over the
Adjustable Rate Overcollateralization Target Amount for such Payment Date.

      Adjustable Rate Pool Excess Cashflow:  With respect to any Payment
Date the sum of (i) the amount remaining after the distribution of
interest to Noteholders for such Payment Date pursuant to Section 6.02(c),
(ii) the amount remaining after the distribution of principal to

                                      5
<PAGE>

Noteholders for such Payment Date, pursuant to Section 6.02(e) and (iii)
the Adjustable Rate Overcollateralization Reduction Amount for such
Payment Date, if any.

      Adjustable Rate OC Floor:  For any Payment Date, an amount equal to
____% of the sum of the aggregate Cut-off Date Principal Balance of the
Initial Mortgage Loans in [Pool 2] and [Pool 3] the [Pool 2] Pre-Funded
Amount and the [Pool 3] Pre-Funded Amount.

      Adjustable Rate Overcollateralization Deficiency Amount:  With
respect to any Payment Date, the amount, if any, by which the Adjustable
Rate Overcollateralization Target Amount exceeds the Adjustable Rate
Overcollateralized Amount on such Payment Date (after giving effect to
distribution of the Principal Distribution Amount (other than the portion
thereof consisting of the Extra Principal Distribution Amount) for [Pool
2] and [Pool 3] on such Payment Date).

      Adjustable Rate Overcollateralization Reduction Amount:  With
respect to any Payment Date, an amount equal to the lesser of (i) the
Adjustable Rate Excess Overcollateralization Amount for such Payment Date
and (ii) the aggregate Principal Remittance Amount for [Pool 2] and [Pool
3] for such Payment Date.

      Adjustable Rate Overcollateralization Target Amount:  With respect
to any Payment Date (a) prior to the Adjustable Rate Stepdown Date, an
amount equal to ___% of the sum of the aggregate Cut-off Date Principal
Balance of the Initial Mortgage Loans in [Pool 2] and [Pool 3], the [Pool
2] Pre-Funded Amount and the [Pool 3] Pre-Funded Amount, and (b) on or
after the Adjustable Rate Stepdown Date, the greater of (i) an amount
equal to ____% of the aggregate Stated Principal Balance of the Mortgage
Loans in [Pool 2] and [Pool 3] for the current Payment Date and (ii) the
Adjustable Rate OC Floor; provided, however, that if an Adjustable Rate
Trigger Event is in effect on any Payment Date, the Adjustable Rate
Overcollateralization Target Amount will be the Adjustable Rate
Overcollateralization Target Amount as in effect for the prior Payment
Date.

      Adjustable Rate Overcollateralized Amount:  With respect to any
Payment Date, the amount, if any, by which (x) the sum of the aggregate
Stated Principal Balance of the Initial Mortgage Loans in [Pool 2] and
[Pool 3] and any amount on deposit in the Pre-Funding Account in respect
of [Pool 2] and [Pool 3] for such Payment Date exceeds (y) the sum of the
aggregate Note Principal Amount of the [Group AV] Notes and the Adjustable
Rate Subordinate Notes as of such Payment Date (after giving effect to
distribution of the Principal Remittance Amounts for [Pool 2] and [Pool 3]
to be made on such Payment Date and, in the case of the Payment Date
immediately following the end of the Funding Period, any amounts to be
released from the Pre-Funding Account in respect of [Pool 2] and [Pool 3]).

      Adjustable Rate Senior Enhancement Percentage:  With respect to a
Payment Date on or after the Adjustable Rate Stepdown Date, the fraction
(expressed as a percentage) (1) the numerator of which is the excess of
(a) the aggregate Stated Principal Balance of the Mortgage Loans in [Pool
2] and [Pool 3] for the preceding Payment Date over (b) (i) before the
Note Principal Amounts of the [Group AV] Notes have been reduced to zero,
the sum of the Note Principal Amounts of the [Group AV] Notes, or (ii)
after such time, the Note Principal Amount of the most senior Class of
Adjustable Rate Subordinate Notes outstanding, as of the Business

                                      6
<PAGE>

Day immediately preceding the Payment Date, and (2) the denominator of which
is the aggregate Stated Principal Balance of the Mortgage Loans in [Pool 2]
and [Pool 3] for the preceding Payment Date.

      Adjustable Rate Stepdown Date:  The later to occur of (x) the
Payment Date in ______ 200_ and (y) the first Payment Date on which the
aggregate Note Principal Amount of the [Group AV] Notes (after calculating
anticipated distributions on such Payment Date) is less than or equal to
____% of the aggregate Stated Principal Balance of the Mortgage Loans in
[Pool 2] and [Pool 3] for such Payment Date.

      Adjustable Rate Subordinate Class Principal Distribution Amount:
With respect to any Payment Date and any Class of Adjustable Rate
Subordinate Notes, the excess of (1) the sum of (a) the aggregate Note
Principal Amount of the [Group AV] Notes (after taking into account
distribution of the [Group AV] Principal Distribution Amount for such
Payment Date), (b) the aggregate Note Principal Amount of any Class(es) of
Adjustable Rate Subordinate Notes that are senior to the subject Class (in
each case, after taking into account distribution of the Adjustable Rate
Subordinate Class Principal Distribution Amount(s) for such senior
Class(es) of Notes for such Payment Date), and (c) the Note Principal
Amount of the subject Class of Adjustable Rate Subordinate Notes
immediately prior to such Payment Date over (2) the lesser of (a) the
product of (x) [100]% minus the Stepdown Target Subordination Percentage
for the subject Class of Notes and (y) the aggregate Stated Principal
Balance of the Mortgage Loans in [Pool 2] and [Pool 3] for such Payment
Date and (b) the aggregate Stated Principal Balance of the Mortgage Loans
in [Pool 2] and [Pool 3] for such Payment Date minus the Adjustable Rate
OC Floor; provided, however, that if such Class of Adjustable Rate
Subordinate Notes is the only Class of Adjustable Rate Subordinate Notes
outstanding on such Payment Date, that Class will be entitled to receive
the entire remaining Principal Distribution Amount for [Pool 2] and [Pool
3] until the Note Principal Amount thereof is reduced to zero.

      Adjustable Rate Subordinate Notes:  The [Class MF-1], [Class MF-2],
[Class MF-3], [Class MF-4], [Class MF-5], [Class MF-6], [Class MF-7],
[Class MF-8] and [Class BV] Notes.

      Adjustable Rate Trigger Event:  With respect to any Payment Date on
or after the Adjustable Rate Stepdown Date, either an Adjustable Rate
Delinquency Trigger Event with respect to that Payment Date or an
Adjustable Rate Cumulative Loss Trigger Event with respect to that Payment
Date.

      Advance:  With respect to each Servicer Remittance Date and each
Mortgage Loan, an amount equal to the Scheduled Payment (with the interest
portion of such Scheduled Payment adjusted to the Mortgage Loan Remittance
Rate, in the case of the Servicer, or to the Net Mortgage Rate, in the
case of the Master Servicer) that was due on the Mortgage Loan on the Due
Date in the related Collection Period, and that (i) was delinquent at the
close of business on the related Determination Date and (ii) was not the
subject of a previous Advance, but only to the extent that such amount is
expected, in the reasonable judgment of the Servicer or Master Servicer,
as applicable, to be recoverable from collections or other recoveries in
respect of such Mortgage Loan.

      Advance Facility:  As defined in Section 4.11(a) hereof.

                                      7
<PAGE>

      Advance Facility Notice:  As defined in Section 4.11(a) hereof.

      Advancing Person:  As defined in Section 4.11(a) hereof.

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

      Aggregate Collateral Balance:  As of any date of determination, an
amount equal to the Aggregate Loan Balance plus the amount on deposit in
the Pre-Funded Account.

      Aggregate Loan Balance:  As of any date of determination, an amount
equal to the aggregate of the Stated Principal Balances of the Mortgage
Loans as of such date.

      Agreement:  This Sale and Servicing Agreement and all amendments and
supplements hereto.

      Ancillary Income:  All income derived from the Mortgage Loans,
excluding Servicing Fees, Master Servicing Fees and Prepayment Premiums
attributable to the Mortgage Loans and other amounts treated as payment
proceeds of the Mortgage Loans, including but not limited to, late
charges, fees received with respect to checks or bank drafts returned by
the related bank for non-sufficient funds, assumption fees, optional
insurance administrative fees and all other incidental fees and charges.

      Applied Realized Loss Amount:  With respect to any Payment Date and
(i) [Pool 1] and the Fixed Rate Subordinate Notes, the amount, if any, by
which, the aggregate Note Principal Amount of the Fixed Rate Notes (after
all distributions of principal on such Payment Date) exceeds the sum of
(x) the Stated Principal Balance of the Mortgage Loans in [Pool 1] for
such Payment Date and (y) the amount on deposit in the Pre-Funding Account
in respect of [Pool 1],, (ii) [Pool 2] and [Pool 3] and the Adjustable
Rate Subordinate Notes, the amount, if any, by which, the aggregate Note
Principal Amount of the Adjustable Rate Notes (after all distributions of
principal on such Payment Date) exceeds the sum of (x) the aggregate
Stated Principal Balance of the Mortgage Loans in [Pool 2] and [Pool 3]
and (y) the amount on deposit in the Pre-Funding Account in respect of
[Pool 2] and [Pool 3] and (iii) [Pool 2] and the [Class 2-A-2] Notes,
after the Note Principal Amounts of the Adjustable Rate Subordinate Notes
have been reduced to zero, the amount, if any, by which, the aggregate
Note Principal Amount of the [Group 2-AV] Notes (after all distributions
of principal on such Payment Date) exceeds the sum of (x) the aggregate
Stated Principal Balance of the Mortgage Loans in [Pool 2] and (y) the
amount on deposit in the Pre-Funding Account in respect of [Pool 2].

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

                                      8
<PAGE>

      Assignment of Mortgage:  An assignment of the Mortgage, notice of
transfer or equivalent instrument, in recordable form, sufficient under
the laws of the jurisdiction wherein the related Mortgaged Property is
located to reflect the assignment of the Mortgage to the Indenture Trustee
for the benefit of Noteholders, which assignment, notice of transfer or
equivalent instrument may be in the form of one or more blanket
assignments covering the Mortgage Loans secured by Mortgaged Properties
located in the same jurisdiction, if permitted by law; provided, however,
that neither the Issuer nor the Indenture Trustee shall be responsible for
determining whether any such assignment is in recordable form.

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

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

      Bankruptcy Code:  The United States Bankruptcy Code of 1986, as
amended.

      Basis Risk Shortfall:  With respect to any Class of Notes and any
Payment Date, the amount by which (a) the amount of interest calculated at
the Note Interest Rate applicable to such Class for such date, determined
without regard to the applicable Net Funds Cap for such date (but with
regard to the Fixed Rate Cap) exceeds (b) the amount of interest
calculated at the applicable Net Funds Cap.

      Bloomberg Screen LIBO Page:  The display designated as page "BBAM"
on the Bloomberg L.P. (or such other page as may replace the BBAM page on
that service for the purpose of displaying London interbank offered rates
of major banks).

      Book-Entry Notes:  As defined in the Indenture.

      Business Day:  Any day other than (i) a Saturday or a Sunday or (ii)
a day on which banking institutions in New York, New York or, if other
than New York, the city in which the Corporate Trust Office of the
Indenture Trustee is located, or the States of California, Delaware,
Maryland or Minnesota are authorized or obligated by law or executive
order to be closed.

      Cap Agreement Assignment Agreement:  The assignment agreement dated
as of the Closing Date among ________________________, the Issuer and the
Cap Counterparty.

      Cap Counterparty:  _____________________________, as counterparty
under the Interest Rate Cap Agreements.

      Certificate:  The Ownership Certificate.

                                      9
<PAGE>

      Certificate Registrar:  As defined in the Trust Agreement, the
initial Certificate Registrar shall be the Trust Administrator.

      Certificateholder:  Any registered holder of the Ownership
Certificate.

      Certification Party:  As defined in Section 11.05.

      Certifying Person:  As defined in Section 11.05.

      Civil Relief Act:  The Servicemembers Civil Relief Act, as such may
be amended from time to time, and any similar state laws.

      Class:  All Notes bearing the same class designation.

      Class A Notes:  Collectively, the [Class AF-1A], [Class AF-1B],
[Class AF-2], [Class AF-3], [Class AF-4], [Class AF-5A], [Class AF-5B],
[Class AF-6], [Class 2-AV-1], [Class 2-AV-2]; [Class 3-AV-1], [Class
3-AV-2], [Class 3-AV-3] and [Class 3-AV-4] Notes.

      [Class AF-1A] Cap Agreement:  The interest rate cap agreement
transaction evidenced by the related Confirmation (as assigned to the
Trust pursuant to the Cap Agreement Assignment Agreement), with respect to
the Class [AF-1A] Notes.

      [Class AF-1A] Cap Agreement Payment Date:  With respect to the
[Class AF-1A] Cap Agreement, the Business Day immediately preceding the
related Payment Date, beginning with the Payment Date in ________ 200_ and
ending with the Payment Date in ________ 200_.

      [Class AF-5B] Available Funds:  With respect to any Payment Date,
funds allocated from amounts available pursuant to this Agreement to make
distributions on the [Class AF-5B] Notes on such Payment Date, other than
any Insured Amounts.

      [Class AF-5B] Insurer:  ________________ in its capacity as insurer
under the [Class AF-5B] Policy, and any permitted successor or assign.

      [Class AF-5B] Insurer Contact Person:  The officer designated by the
Master Servicer to provide information to the [Class AF-5B] Insurer
pursuant to Section 6.07(i)].

      [Class AF-5B] Insurer Default:  As defined in Section 6.07(l).

      [Class AF-5B] Policy:  The irrevocable Note Guaranty Insurance
Policy, No. ______________, including any endorsements thereto, issued by
________ with respect to the [Class AF-5B] Notes, in the form attached
hereto as Exhibit [O].

      [Class AF-5B] Premium:  For any Payment Date is the fee payable to
the [Class AF-5B] Insurer in respect of its services as [Class AF-5B]
Insurer that accrues at the [Class AF-5B] Policy Premium Rate for the
[Class AF-5B] Notes on a balance equal to the Note Principal Amount of the
[Class AF-5B] Notes immediately prior to such Payment Date.   The [Class
AF-5B] Premium shall be computed on the basis of a 360-day year consisting
of twelve 30-day months.

                                      10
<PAGE>

      [Class AF-5B] Policy Premium Rate:  The "Premium Percentage" as
defined in the [Class AF-5B] Policy.

      [Class AF-5B] Reimbursement Amount:  As to any Payment Date, (i) all
Insured Payments paid by the [Class AF-5B] Insurer, but for which the
[Class AF-5B] Insurer has not been reimbursed prior to such Payment Date
pursuant to Section 6.02 hereof, plus (ii) interest accrued on such
Insured Payments not previously repaid, calculated at the Late Payment
Rate from the date such Insured Payments were made.

      Class B Notes:  Collectively, the Class [BF] and Class [BV] Notes.

      Class C Notes:  Collectively, the Class [CF] and Class [CV] Notes.

      Class M Notes:  Collectively, the [Class MF-1], [Class MF-2], [Class
MF-3], [Class MF-4], [Class MF-5], [Class MF-6], [Class MF-7], [Class
MF-8], [Class MV-1], [Class MV-2], [Class MV-3], [Class MV-4], [Class
MV-5], [Class MV-6], [Class MV-7] and [Class MV-8] Notes.

      Class P Notes:  Collectively, the Class [PF] and Class [PV] Notes.

      Class Principal Amount:  With respect to each Class of Notes, the
aggregate of the Note Principal Amounts of all Notes of such Class at the
date of determination.

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

      Closing Date:  _______, 200_.

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

      Collateral:  As defined in the Indenture.

      Collection Account:  A separate account established and maintained
by the Trust Administrator for the benefit of the Indenture Trustee
pursuant to Section 5.07.

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

      Commission:  The U.S. Securities and Exchange Commission.

      Compensating Interest Payment:  With respect to any Payment Date, an
amount equal to the lesser of (x) the aggregate Prepayment Interest
Shortfall Amount with respect to such Payment Date and (y) the Servicing
Fee payable to the Servicer in respect of such Payment Date.

                                      11
<PAGE>

      Condemnation Proceeds:  All awards of settlements in respect of a
Mortgaged Property, whether permanent or temporary, partial or entire, by
exercise of the power of eminent domain or condemnation, to the extent not
required to be released to a Mortgagor in accordance with the terms of the
related Mortgage Loan documents.

      Confirmation:  Any of the Confirmations dated __________, 200_
evidencing a transaction between the Cap Counterparty and
__________________, an affiliate of the Depositor, relating to the
Interest Rate Cap Agreements.

      Control:  The meaning specified in Section 8-106 of the New York UCC.

      Corporate Trust Office:  With respect to (i) the Trust
Administrator, the principal corporate trust office of the Trust
Administrator at which, at any particular time, its corporate trust
business shall be administered, which office at the date of execution of
this Agreement for purposes of transfers and exchanges and for presentment
and surrender of the Notes and for payment thereof is located at
____________________, __________________, Attention:  __________________,
and for all other purposes is located at
____________________,___________________________, Attention:
________________; (ii) the Certificate Registrar, the principal office of
the Certificate Registrar at which at any particular time its corporate
trust business shall be administered, which office at the date of
execution of this Agreement is located at the Corporate Trust Office of
the Trust Administrator, or at such other address as the Certificate
Registrar may designate from time to time by notice to the Noteholders and
the Trust, or the principal corporate trust office of any successor
Certificate Registrar at the address designated by such successor
Certificate Registrar by notice to the Noteholders and the Trust; and
(iii) the Indenture Trustee, the principal office of the Indenture Trustee
at which at any particular time its corporate trust business shall be
administered, which office at the date of execution of this Agreement is
located at _____________________, Attention: ___________________, or at
such other address as the Indenture Trustee may designate from time to
time by notice to the Noteholders and the Trust, or the principal
corporate trust office of any successor Indenture Trustee at the address
designated by such successor Indenture Trustee by notice to the
Noteholders and the Trust.

      Credit Comeback Excess Cashflow:  With respect to any Payment Date,
any amounts in the Credit Comeback Excess Account available for such
Payment Date.

      Credit Comeback Excess Amount:  With respect to the Credit Comeback
Loans in [Pool 1] and any Payment Date, the portion of the sum of the
following (without duplication) attributable to the excess, if any, of the
actual mortgage rate on each Credit Comeback Loan and the Mortgage Rate on
such Credit Comeback Loan:  (i) all scheduled interest collected during
the related Due Period with respect to the Credit Comeback Loans, (ii) all
Advances relating to interest with respect to the Credit Comeback Loans,
(iii) all Compensating Interest with respect to the Credit Comeback Loans
and (iv) Liquidation Proceeds with respect to the Credit Comeback Loans
collected during the related Due Period (to the extent such Liquidation
Proceeds relate to interest), less all Nonrecoverable Advances relating to
interest reimbursed during the related Due Period.

                                      12
<PAGE>

      Credit Comeback Loan:  Any Mortgage Loan in [Pool 1] for which the
related Mortgage Rate is subject to reduction (not exceeding [0.375]% per
annum) for good payment history of Scheduled Payments by the related
Mortgagor.

      Current Interest:  With respect to any Class of Notes and any
Payment Date, will equal the aggregate amount of interest accrued at the
applicable Note Interest Rate during the related Accrual Period on the
Class Principal Amount of such Class immediately prior to such Payment
Date, provided, however, that for any Class of Subordinate Notes and for
any Payment Date, Current Interest shall be reduced by the amount
specified in clause (a) of the definition of Deferred Interest, if any,
for such Class and Payment Date.

      Custodial Account:  The separate custodial account (other than an
Escrow Account) established and maintained by the Servicer pursuant to
Section 4.02(d) of this Agreement.

      Custodial Agreement:  The custodial agreement relating to the
custody of certain of the Mortgage Loans, substantially in the form
attached as Exhibit D hereto, among the Custodian, the Issuer and the
Indenture Trustee, as acknowledged by the Seller, the Depositor, the
Master Servicer, the Trust Administrator and the Servicer, dated as of
_______, 200_.

      Custodian:  The custodian appointed pursuant to the Custodial
Agreement, and any successor thereto.  The initial Custodian is

      Cut-off Date:  In the case of any Initial Mortgage Loan, the later
of (x) _________, 200_ and (y) the date of origination of such Mortgage
Loan (the "Initial Cut-off Date"), and in the case of any Subsequent
Mortgage Loan, the later of (x) the first day of the month of the related
Subsequent Transfer Date and (y) the date of origination of such
Subsequent Mortgage Loan (the related "Subsequent Cut-off Date").  When
used with respect to any Mortgage Loan the "Cut-off Date" shall mean the
related Cut-off Date.

      Cut-off Date Balance:  The Aggregate Loan Balance as of the Cut-off
Date.

      Cut-off Date Collateral Balance:  The Cut-off Date Balance.

      Cut-off Date Principal Balance:  As to any Mortgage Loan, the Stated
Principal Balance thereof as of the close of business on the Cut-off Date.

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

      Deferred Interest:  For any Class of Subordinate Notes and any
Payment Date, the sum of (a) the aggregate amount of interest accrued at
the applicable Note Interest Rate during the related Accrual Period on the
Principal Deficiency Amount for the Class, (b) any amounts due pursuant to
clause (a) for such Class for prior Payment Dates that remain unpaid and
(c) interest accrued during the Accrual Period related to such Payment
Date on the amount in clause (b) at the Note Interest Rate applicable to
such Class.

      Deficiency Amount:  With respect to:

                                      13
<PAGE>

            (a)  any Payment Date prior to the Last Scheduled Payment
      Date, the sum of (i) the excess, if any, of the Current Interest on
      the [Class AF-5B] Notes net of any interest shortfalls resulting
      from Prepayment Interest Shortfalls and any interest shortfalls
      resulting from the application of the Civil Relief Act, or similar
      state or local laws, over [Class AF-5B] Available Funds for such
      Payment Date, and (ii) for any Payment Date after the Note Principal
      Amount of the Fixed Rate Subordinate Notes has been reduced to zero,
      the excess, if any, of (A) the Note Principal Amount of the [Class
      AF-5B] Notes over (B) the sum of the aggregate Stated Principal
      Balance of the [Pool 1] Mortgage Loans, in each case taking into
      account all distributions to be made on such Payment Date;

            (b)  the Last Scheduled Payment Date, an amount equal to the
      sum of (i) the excess, if any, of the Current Interest on the [Class
      AF-5B] Notes net of any interest shortfalls resulting from
      Prepayment Interest Shortfalls and any interest shortfalls resulting
      from the application of the Relief Act, or similar state or local
      laws over the [Class AF-5B] Available Funds for such Payment Date
      and (ii) the Note Principal Amount of the [Class AF-5B] Notes on
      such Last Scheduled Payment Date (after taking into account all
      distributions to be made to the [Class AF-5B] Notes on such Payment
      Date); and

            (c)  any date on which the redemption of the Notes has been
      directed or consented to by the [Class AF-5B] Insurer, the excess of
      (i) the amount required to pay the outstanding Note Principal Amount
      of the [Class AF-5B] Notes in full, together with accrued and unpaid
      interest thereon through the date of payment of the [Class AF-5B]
      Notes and (ii) the [Class AF-5B] Available Funds for that Payment
      Date.

      Definitive Notes:  As defined in the Indenture.

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

      Delinquency Rate:  With respect to any calendar month, the fraction,
expressed as a percentage, the numerator of which is the aggregate
outstanding principal balance of all Mortgage Loans 60 or more days
Delinquent (including all foreclosures, bankruptcies and REO Properties)
as of the close of business on the last day of such month, and the
denominator of which is the Aggregate Collateral Balance as of the close
of business on the last day of such month.

      Delinquent:  For reporting purposes, a Mortgage Loan is "delinquent"
when any payment contractually due thereon has not been made by the close
of business on the Due Date therefor.  Such Mortgage Loan is "30 days
Delinquent" if such payment has not been received by the close of business
on the corresponding day of the month immediately succeeding the month in
which such payment was first due, or, if there is no such corresponding
day (e.g., as when a 30-day month follows a 31-day month in which a
payment was due on the 31st day of such month), then on the last day of
such immediately succeeding month.  Similarly for "60 days Delinquent" and

                                      14
<PAGE>

the second immediately succeeding month and "90 days Delinquent" and the
third immediately succeeding month.

      Depositor:  CWABS, Inc., a Delaware corporation having its principal
place of business in California, or its successors in interest.

      Depository Agreement:  The agreement dated _______, 200_, among the
Issuer and The Depository Trust Company, as the initial Clearing Agency,
relating to the Book-Entry Notes.

      Determination Date:  With respect to each Payment Date, the 15th day
of the month in which such Payment Date occurs, or, if such 15th day is
not a Business Day, the next succeeding Business Day.

      Due Date:  The day of the calendar month on which the Scheduled
Payment is due on a Mortgage Loan, exclusive of any days of grace.
Pursuant to Section 4.03(d), with respect to any Mortgage Loans for which
payment from the Mortgagor is due on a day other than the first day of the
month, such Mortgage Loans will be treated as if the Scheduled Payment is
due on the first day of the immediately succeeding month (other than with
respect to the calculation of the repurchase price).

      Due Period:  [With respect to any Payment Date, the period beginning
on the second day of the calendar month preceding the calendar month in
which such Payment Date occurs and ending on the first day of the month in
which such Payment Date occurs].

      EDGAR:  The Commission's Electronic Data Gathering, Analysis and
Retrieval system.

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

      Eligible Institution:  Any of the following:

      (i)   An institution whose:

            (A)   commercial paper, short-term debt obligations, or other
                  short-term deposits are rated at least "A-1+" or
                  long-term unsecured debt obligations are rated at least
                  "AA-" by S&P (or assigned comparable ratings by the

                                      15
<PAGE>

                  other Rating Agencies), if the amounts on deposit are to
                  be held in the account for no more than 365 days; or

            (B)   commercial paper, short-term debt obligations, demand
                  deposits, or other short-term deposits are rated at
                  least "A-2" by S&P (or assigned comparable ratings by the
                  other Rating Agencies), if the amounts on deposit are to
                  be held in the account for no more than 30 days and are
                  not intended to be used as credit enhancement.  Upon the
                  loss of the required rating set forth in this clause
                  (ii), the accounts shall be transferred immediately to
                  accounts which have the required rating.  Furthermore,
                  commingling by the Servicer is acceptable at the A-2
                  rating level if the Servicer is a bank, thrift or
                  depository and provided the Servicer has the capability
                  to immediately segregate funds and commence remittance
                  to an Eligible Account upon a downgrade; or

      (ii)  the corporate trust department of a federal depositor
            institution or state-chartered depositor institution subject
            to regulations regarding fiduciary funds on deposit similar to
            Title 12 of the U.S. Code of Federal Regulation Section
            9.10(b), which, in either case, has corporate trust powers and
            is acting in its fiduciary capacity.

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

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

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

      (iii) repurchase agreements collateralized by Direct Obligations or
            securities guaranteed by GNMA, Fannie Mae or FHLMC with any
            registered broker/dealer subject to Securities Investors'
            Protection Corporation jurisdiction or any

                                      16
<PAGE>

            commercial bank insured by the FDIC, if such broker/dealer or bank
            has an uninsured, unsecured and unguaranteed obligation rated by
            each Rating Agency in its highest short-term rating category;

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

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

      (vi)  a Qualified GIC;

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

      (viii)      any other demand, money market, common trust fund or
            time deposit or obligation, or interest bearing or other
            security or investment (including those managed or advised by
            the Indenture Trustee, the Master Servicer, the Trust
            Administrator, or any Affiliate thereof), (A) rated in the
            highest rating category by each Rating Agency or (B) that
            would not adversely affect the then current rating assigned by
            each Rating Agency to any of the Notes.  Such investments in
            this subsection (viii) may include money market mutual funds
            or common trust estates, including any fund for which
            ____________________ (the "Bank") in its capacity other than
            as the Master Servicer, the Trust Administrator or an
            affiliate thereof serves as an investment advisor,
            administrator, shareholder servicing agent, and/or custodian
            or subcustodian, notwithstanding that (x) the Bank, the
            Indenture Trustee, the Master Servicer or any affiliate
            thereof charges and collects fees and expenses from such funds
            for services rendered, (y) the Bank, the Indenture Trustee,
            the Trust Administrator, the Master Servicer or any affiliate
            thereof charges and collects fees and expenses for services
            rendered pursuant to this Agreement, and (z) services
            performed for such funds and pursuant to this

                                      17
<PAGE>

            Agreement may converge at any time. The Bank or an affiliate
            thereof is specifically authorized to charge and collect from the
            Issuer such fees as are collected from all investors in such funds
            for services rendered to such funds (but not to exceed investment
            earnings thereon);

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

      Entitlement Order:  The meaning specified in Section 8-102(a)(8) of
the New York UCC (i.e., generally, orders directing the transfer or
redemption of any Financial Asset).

      Environmental Problem Property:  A Mortgaged Property or REO
Property that is in violation of any environmental law, rule or regulation.

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

      Errors and Omissions Insurance:  Errors and Omissions Insurance to
be maintained by the Servicer in accordance with Section 4.02.

      Errors and Omission Insurance Policy:  Any Errors and Omission
Insurance policy required to be obtained by the Servicer satisfying the
requirements of this Agreement.

      Escrow Account:  The separate escrow account (other than a Custodial
Account) established and maintained by the Servicer pursuant to Section
4.02(f) of this Agreement.

      Escrow Payments:  With respect to any Mortgage Loan, the amounts
constituting ground rents, taxes, assessments, water rates, sewer rents,
municipal charges, mortgage insurance premiums, fire and hazard insurance
premiums, condominium charges, and any other payments required to be
escrowed by the Mortgagor with the mortgagee pursuant to the Mortgage or
any other document.

      Excess [Class AF-1A] Cap Amount:  As defined in Section 6.06(c).

      Excess [Class 2AV] Cap Amount:  As defined in Section 6.06(d).

      Excess [Class 3AV] Cap Amount:  As defined in Section 6.06(e)

      Excess Subordinate Cap Amount:  As defined in Section 6.06(f).

      Exchange Act:  The Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder.

                                      18
<PAGE>

      Exchange Act Reports:  Any reports on Form 10-D, Form 8-K and Form
10-K required to be filed by the Depositor with respect to the Trust Fund
under the Exchange Act.

      Extra Principal Distribution Amount:  With respect to any Payment
Date and (A) [Pool 1], the lesser of (1) the Fixed Rate
Overcollateralization Deficiency Amount and (2) the sum of the Fixed Rate
Pool Excess Cashflow and the Credit Comeback Excess Amount available for
payment thereof and (B) each of [Pool 2] and [Pool 3], the lesser of (1)
the Adjustable Rate Overcollateralization Deficiency Amount and (2) the
Adjustable Rate Pool Excess Cashflow available for payment thereof, to be
allocated between [Pool 2] and [Pool 3], pro rata, based on the Principal
Remittance Amount for each such Pool for such Payment Date.

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

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

      FHA:  The Federal Housing Administration, an agency within HUD.

      FHA Approved Mortgagee:  Those institutions which are approved by
FHA to act as servicer and mortgagee of record pursuant to FHA Regulations.

      FHA Regulations:  Regulations promulgated by HUD under the National
Housing Act, codified in Title 24 of the Code of Federal Regulations, and
other HUD issuances relating to FHA Loans, including the related
handbooks, circulars, notices and mortgagee letters.

      Fidelity Bond:  Any fidelity bond to be maintained by the Servicer
in accordance with Section 4.02(m).

      Financial Asset:  The meaning specified in Section 8-102(a) of the
New York UCC.

      Fixed Rate Cap:  With respect to any Payment Date, a per annum rate
equal to ___%.

      Fixed Rate Notes:  The [Class AF-1B], [Class AF-2], [Class AF-3],
[Class AF-4], [Class AF-5A], [Class AF-5B], [Class AF-6] and [Class BF]
Notes.

      Fixed Rate Cumulative Loss Trigger Event: With respect to a Payment
Date on or after the Fixed Rate Stepdown Date, a Fixed Rate Cumulative
Loss Trigger Event occurs if (x) the aggregate amount of Realized Losses
on the Mortgage Loans in [Pool 1] from the Cut-off Date for each such
Mortgage Loan to (and including) the last day of the related Due Period
(reduced by the aggregate amount of any Recoveries related to [Pool 1]
received through the last day of that Due Period) exceeds (y) the
applicable percentage, for such Payment Date, of the sum of the aggregate
Cut-off Date Principal Balance of the Initial Mortgage Loans in [Pool 1]
and the [Pool 1] Pre-Funded Amount, as set forth below:

         Payment Date                        Percentage
         ------------                        ----------

                                      19
<PAGE>

         Payment Date                        Percentage
         ------------                        ----------

         _____ 200_ -- _____ 200_............ _____% with respect to ______
                                             200_, plus an additional
                                             1/12th of ____% for each
                                             month thereafter through
                                             ______ 200_
         _____ 200_ -- _____ 200_............ _____% with respect to ______
                                             200_, plus an additional
                                             1/12th of ____% for each
                                             month thereafter through
                                             ______ 200_
         _____ 200_ -- _____ 200_............ _____% with respect to ______
                                             200_, plus an additional
                                             1/12th of ____% for each
                                             month thereafter through
                                             ______ 200_
         _____ 200_ and thereafter.......... ____%

      Fixed Rate Delinquency Trigger Event: With respect to any Payment
Date on or after the Fixed Rate Stepdown Date, a Fixed Rate Delinquency
Trigger Event exists if the Rolling [Sixty-Day] Delinquency Rate for
outstanding Mortgage Loans in [Pool 1] equals or exceeds the product of
(x) the Fixed Rate Senior Enhancement Percentage for such Payment Date and
(y) the applicable percentage listed below for the most senior class of
outstanding [Group AF] Notes and Fixed Rate Subordinate Notes:

                               Class             Percentage

                       [Group AF]............     _______%
                       [Class MF-1]..........     _______%
                       [Class MF-2]..........     _______%
                       [Class MF-3]..........     _______%
                       [Class MF-4]..........     _______%
                       [Class MF-5]..........     _______%
                       [Class MF-6]..........     _______%
                       [Class MF-7]..........     _______%
                       [Class MF-8]..........     _______%
                       [Class BF]............     _______%

      Fixed Rate Excess Overcollateralization Amount:  With respect to any
Payment Date, an amount equal to the excess, if any, of the Fixed Rate
Overcollateralized Amount for such Payment Date over the Fixed Rate
Overcollateralization Target Amount for such Payment Date.

      Fixed Rate Pool Excess Cashflow:  With respect to any Payment Date
the sum of (i) the amount remaining after the distribution of interest to
Noteholders and the payment of the Class [AF 5B] Premium and any Class [AF
5B] Reimbursement Amount to the [Class AF-5B] Insurer, in each case for
such Payment Date pursuant to Section 6.02(b), and (ii) the amount
remaining after the distribution of principal to Noteholders and the
payment of any unpaid Class [AF 5B]

                                      20
<PAGE>

Premium and any unpaid Class [AF 5B\ Reimbursement Amount to the [Class AF-5B]
Insurer, in each case for such Payment Date pursuant to Section 6.02(d) and
(iii) the Fixed Rate Overcollateralization Reduction Amount for such Payment
Date, if any.

      Fixed Rate OC Floor:  An amount equal to ____% of the aggregate
Cut-off Date Principal Balance of the Initial Mortgage Loans in [Pool 1]
and the [Pool 1] Pre-Funded Amount.

      Fixed Rate Overcollateralization Deficiency Amount:  With respect to
any Payment Date, the amount, if any, by which the Fixed Rate
Overcollateralization Target Amount exceeds the Fixed Rate
Overcollateralized Amount on such Payment Date (after giving effect to
distributions in respect of the Principal Remittance Amount for [Pool 1]
on such Payment Date).

      Fixed Rate Overcollateralization Reduction Amount:  With respect to
any Payment Date, an amount equal to the lesser of (i) the Fixed Rate
Excess Overcollateralization Amount for such Payment Date and (ii) the
Principal Remittance Amount for [Pool 1] for such Payment Date.

      Fixed Rate Overcollateralization Target Amount:  With respect to any
Payment Date (a) prior to the Fixed Rate Stepdown Date, an amount equal to
___% of the sum of the aggregate Cut-off Date Principal Balance of the
Initial Mortgage Loans in [Pool 1] and the [Pool 1] Pre-Funded Amount (b)
on or after the Fixed Rate Stepdown Date, the greater of (i) an amount
equal to ____% of the aggregate Stated Principal Balance of the Mortgage
Loans in [Pool 1] for the current Payment Date and (ii) the Fixed Rate OC
Floor; provided, however, that if a Fixed Rate Trigger Event is in effect
on any Payment Date, the Fixed Rate Overcollateralization Target Amount
will be the Fixed Rate Overcollateralization Target Amount as in effect
for the prior Payment Date.

      Fixed Rate Overcollateralized Amount:  With respect to any Payment
Date, the amount, if any, by which (x) the aggregate Stated Principal
Balance of the Initial Mortgage Loans in [Pool 1] for such Payment Date
and any amount on deposit in the Pre-Funding Account in respect of [Pool
1] exceeds (y) the aggregate Note Principal Amount of the [Group AF] Notes
and the Fixed Rate Subordinate Notes as of such Payment Date (after giving
effect to distributions of the Principal Remittance Amount for [Pool 1] to
be made on such Payment Date and, in the case of the Payment Date
immediately following the end of the Funding Period, any amounts to be
released from the Pre-Funding Account in respect of [Pool 1]).

      Fixed Rate Senior Enhancement Percentage:  With respect to a Payment
Date on or after the Fixed Rate Stepdown Date, the fraction (expressed as
a percentage) (1) the numerator of which is the excess of (a) the
aggregate Stated Principal Balance of the Mortgage Loans in [Pool 1] for
the preceding Payment Date over (b) (i) before the Note Principal Amounts
of the [Group AF] Notes have been reduced to zero, the sum of the Note
Principal Amounts of the [Group AF] Notes, or (ii) after such time, the
Note Principal Amount of the most senior Class of Fixed Rate Subordinate
Notes outstanding, as of the related Master Servicer Advance Date, and (2)
the denominator of which is the aggregate Stated Principal Balance of the
Mortgage Loans in [Pool 1] for the preceding Payment Date.

      Fixed Rate Subordinate Class Principal Distribution Amount:  With
respect to any Payment Date and any Class of Fixed Rate Subordinate Notes
the excess of (1) the sum of (a) the

                                      21
<PAGE>

aggregate Note Principal Amount of the [Group AF] Notes (after taking into
account distribution of the [Group AF] Principal Distribution Amount for such
Payment Date), (b) the aggregate Note Principal Amount of any Class(es) of
Fixed Rate Subordinate Notes that are senior to the subject Class (in each
case, after taking into account distribution of the Fixed Rate Subordinate
Class Principal Distribution Amount(s) for such senior Class(es) of Notes for
such Payment Date), and (c) the Note Principal Amount of such Class of Fixed
Rate Subordinate Notes immediately prior to the subject Payment Date over (2)
the lesser of (a) the product of (x) 100% minus the Stepdown Target
Subordination Percentage for the subject Class of Notes and (y) the aggregate
Stated Principal Balance of the Mortgage Loans in [Pool 1] for such Payment
Date and (b) the aggregate Stated Principal Balance of the Mortgage Loans in
[Pool 1] for such Payment Date minus the Fixed Rate OC Floor; provided,
however, that if such Class of Fixed Rate Subordinate Notes is the only Class
of Fixed Rate Subordinate Notes outstanding on such Payment Date, that Class
will be entitled to receive the entire remaining Principal Distribution Amount
for [Pool 1] until the Note Principal Amount thereof is reduced to zero.

      Fixed Rate Stepdown Date:  The later to occur of (x) the Payment
Date in ______ 200_ and (y) the first Payment Date on which the aggregate
Note Principal Amount of the [Group AF] Notes (after calculating
anticipated distributions on such Payment Date) is less than or equal to
______% of the aggregate Stated Principal Balance of the Mortgage Loans in
[Pool 1] for such Payment Date.

      Fixed Rate Subordinate Notes:  The [Class MF-1], [Class MF-2],
[Class MF-3], [Class MF-4], [Class MF-5], [Class MF-6], [Class MF-7],
[Class MF-8] and [Class BF] Notes.

      Fixed Rate Trigger Event:  With respect to any Payment Date on or
after the Fixed Rate Stepdown Date, consists of either a Fixed Rate
Delinquency Trigger Event with respect to that Payment Date or a Fixed
Rate Cumulative Loss Trigger Event with respect to that Payment Date.

      Form 10-D Disclosure Item:  With respect to any Person, any material
litigation or governmental proceedings pending against such Person, or
against any of the Trust Fund, the Depositor, the Trust Administrator, the
Indenture Trustee, the Owner Trustee, the Servicer, the Master Servicer or
any Subservicer, if such Person has actual knowledge thereof.

      Form 10-K Disclosure Item:  With respect to any Person, (a) any Form
10-D Disclosure Item and (b) any affiliations or relationships between
such Person and any Item 1119 Party.

      Freddie Mac or 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.

      Funding Period:  The period from the Closing Date to and including
the earlier to occur of (x) the date the amount in the Pre-Funding Account
is less than $[25,000] and (y) ________ ___, 200_.

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

                                      22
<PAGE>

      [Group 2-AV] Cap Agreement:  The interest rate cap agreement
transaction evidenced by the related Confirmation (as assigned to the
Trust pursuant to the Cap Agreement Assignment Agreement), with respect to
the [Class 2-AV-1] and [Class 2-AV-2] Notes.

      [Group 2-AV] Cap Agreement Payment Date:  With respect to the [Group
AV] Cap Agreement, the Business Day immediately preceding the related
Payment Date, beginning with the Payment Date in __________ 200_ and
ending with the Payment Date in _______200_.

      [Group 2-AV] Notes:  The [Class 2-AV-1] and [Class 2-AV-2] Notes.

      [Group 2-AV] Principal Distribution Amount:  With respect to any
Payment Date, the product of (x) the [Group AV] Principal Distribution
Target Amount and (y) a fraction, the numerator of which is the [Group
2-AV] Principal Distribution Target Amount and the denominator of which is
the sum of the [Group 2-AV] Principal Distribution Target Amount and
[Group 3-AV] Principal Distribution Target Amount.

      [Group 2-AV] Principal Distribution Target Amount:  With respect to
any Payment Date, the excess of (1) the aggregate Note Principal Amount of
the [Group 2-AV] Notes immediately prior to such Payment Date, over (2)
the lesser of (x) _____% of the aggregate Stated Principal Balance of the
Mortgage Loans in [Pool 2] for such Payment Date and (y) the aggregate
Stated Principal Balance of the Mortgage Loans in [Pool 2] for such
Payment Date minus ___% of the aggregate Stated Principal Balance of the
Mortgage Loans in [Pool 2] and the original [Pool 2] Pre-Funded Amount as
of the Cut-off Date.

      [Group 3-AV] Cap Agreement:  The interest rate cap agreement
transaction evidenced by the related Confirmation (as assigned to the
Trust pursuant to the Cap Agreement Assignment Agreement), with respect to
the [Class 3-AV-1], [Class 3-AV-2], [Class 3-AV-3] and [Class 3-AV-4]
Notes.

      [Group 3-AV] Cap Agreement Payment Date:  With respect to the [Group
AV] Cap Agreement, the Business Day immediately preceding the related
Payment Date, beginning with the Payment Date in __________ 200_ and
ending with the Payment Date in _______200_.

      [Group 3-AV] Notes:  The [Class 3-AV-1], [Class 3-AV-2], [Class
3-AV-3] and [Class 3-AV-4] Notes.

      [Group 3-AV] Principal Distribution Amount:  With respect to any
Payment Date, the product of (x) the [Group AV] Principal Distribution
Target Amount and (y) a fraction, the numerator of which is the [Group
3-AV] Principal Distribution Target Amount and the denominator of which is
the sum of the [Group 2-AV] Principal Distribution Target Amount and the
[Group 3-AV] Principal Distribution Target Amount.

      [Group 3-AV] Principal Distribution Target Amount:  With respect to
any Payment Date, the excess of (1) the aggregate Note Principal Amount of
the [Group 3-AV] Notes immediately prior to such Payment Date, over (2)
the lesser of (x) ____% of the aggregate Stated Principal Balance of the
Mortgage Loans in [Pool 3] for such Payment Date and (y) the aggregate
Stated Principal Balance of the Mortgage Loans in [Pool 3] for such
Payment Date minus ___% of the

                                      23
<PAGE>

sum of the aggregate Stated Principal Balance of the Mortgage Loans in [Pool
3] and the original [Pool 3] Pre-Funded Amount as of the Cut-off Date.

      [Group AF] Notes:  The [Class AF-1A], [Class AF-1B], [Class AF-2],
[Class AF-3], [Class AF-4], [Class AF-5A], [Class AF-5B] and [Class AF-6]
Notes.

      [Group AF] Principal Distribution Amount:  With respect to any
Payment Date, the excess of (1) the aggregate Note Principal Amount of the
[Group AF] Notes immediately prior to such Payment Date, over (2) the
lesser of (x) ____% of the aggregate Stated Principal Balance of the
Mortgage Loans in [Pool 1] for such Payment Date and (y) the aggregate
Stated Principal Balance of the Mortgage Loans in [Pool 1] and the
original [Pool 1] Pre-Funded Amount as of the Cut-off Date for such
Payment Date minus the Fixed Rate OC Floor.

      [Group AV] Notes:  The [Group 2-AV] and [Group 3-AV] Notes

      Guidelines:  As defined in Section 4.02(u).

      Holder or Noteholder:  The registered holder of any Note or
Ownership Certificate as recorded on the books of the Note Registrar or
the Certificate Registrar except that, solely for the purposes of taking
any action or giving any consent pursuant to this Agreement, any Note
registered in the name of the Depositor, the Master Servicer, the
Servicer, the Seller, the Trust Administrator or the Indenture Trustee or
any Affiliate thereof (unless any such Person owns [100]% of a Class)
shall be deemed not to be outstanding in determining whether the requisite
percentage necessary to effect any such consent has been obtained, except
that, in determining whether the Indenture Trustee and Trust Administrator
shall be protected in relying upon any such consent, only Notes and an
Ownership Certificate which a Responsible Officer thereof has actual
knowledge to be so held shall be disregarded.  The Indenture Trustee and
Trust Administrator may request and conclusively rely on certifications by
the Depositor in determining whether any Note or Ownership Certificate is
registered to an Affiliate of the Depositor.

      HUD:  The United States Department of Housing and Urban Development,
or any successor thereto and including the Federal Housing Commissioner
and the Secretary of Housing and Urban Development where appropriate under
the FHA Regulations.

      Indenture:  The Indenture dated as of _______, 200_, among the
Issuer, the Trust Administrator and the Indenture Trustee, as such may be
amended or supplemented from time to time.

      Indenture Event of Default:  As defined in Section 5.01 of the
Indenture.

      Indenture Trustee:  ____________________________________, not in its
individual capacity but solely as Indenture Trustee, or any successor in
interest.

      Independent:  When used with respect to any Accountants, a Person
who is "independent" within the meaning of Rule 2-01(b) of the Securities
and Exchange Commission's Regulation S-X.  When used with respect to any
other Person, a Person who (a) is in fact independent of another specified
Person and any Affiliate of such other Person, (b) does not have

                                      24
<PAGE>

any material direct financial interest in such other Person or any Affiliate
of such other Person, and (c) is not connected with such other Person or
any Affiliate of such other Person as an officer, employee, promoter,
underwriter, trustee, partner, director or Person performing similar
functions.

      Index:  The index specified in the related Mortgage Note for
calculation of the Mortgage Rate thereof.

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

      Insurance Proceeds:  With respect to each Mortgage Loan (other than
by the [Class AF-5B] Insurer under the [Class AF-5B] Policy), proceeds of
insurance policies insuring the Mortgage Loan or the related Mortgaged
Property, if applicable, including the proceeds of any hazard or flood
insurance policy reduced by expenses incurred by the Servicer in
connection with procuring such proceeds, applied to the restoration and
repair of the related mortgaged property or to be paid to the borrower
pursuant to the mortgage note or state law.

      Insured Payments:  With respect to any Payment Date, the aggregate
amount actually paid by the [Class AF-5B] Insurer to the Trust
Administrator in respect of (i) Insured Amounts for a Payment Date and
(ii) Preference Amounts for any given Business Day.

      Interest Carry Forward Amount:  With respect to each Class of
interest-bearing Notes and each Payment Date, the excess of (i) the
Current Interest for such Class with respect to prior Payment Dates over
(ii) the amount actually distributed to such Class with respect to
interest on such prior Payment Dates.

      Interest Margin:  For each Class of Notes and any Payment Date, the
applicable percentage set forth for such class in the following table:

                                  Interest        Interest
                   Class         Margin (1)      Margin (2)
              ---------------- --------------  -------------
              [AF-1A].........       ____%           ____%
              [AF-1B].........       ____%           ____%
              [AF-2]..........       ____%           ____%
              [AF-3]..........       ____%           ____%
              [AF-4]..........       ____%           ____%
              [AF-5A].........       ____%           ____%
              [AF-5B].........       ____%           ____%
              [AF-6]..........       ____%           ____%
              [MF-1]..........       ____%           ____%
              [MF-2]..........       ____%           ____%
              [MF-3]..........       ____%           ____%
              [MF-4]..........       ____%           ____%
              [MF-5]..........       ____%           ____%
              [MF-6]..........       ____%           ____%
              [MF-7]..........       ____%           ____%
              [MF-8]..........       ____%           ____%

                                      25
<PAGE>

              [BF]............       ____%           ____%
              [2-AV-1]........       ____%           ____%
              [2-AV-2]........       ____%           ____%
              [3-AV-1]........       ____%           ____%
              [3-AV-2]........       ____%           ____%
              [3-AV-3]........       ____%           ____%
              [3-AV-4]........       ____%           ____%
              [MV-1]..........       ____%           ____%
              [MV-2]..........       ____%           ____%
              [MV-3]..........       ____%           ____%
              [MV-4]..........       ____%           ____%
              [MV-5]..........       ____%           ____%
              [MV-6]..........       ____%           ____%
              [MV-7]..........       ____%           ____%
              [MV-8]..........       ____%           ____%
              [BV]............       ____%           ____%
              --------------

      (1) For any Payment Date occurring prior to the Stepup Date.

      (2) For any Payment Date occurring on or after the Stepup Date.

      Interest Rate Cap Account:  A separate account established and
maintained by the Trust Administrator for the benefit of the Noteholders
pursuant to Section 6.06.

      Interest Rate Cap Agreement:  The [Class AF-1A] Cap Agreement, the
[Group 2-AV] Cap Agreement, the [Group 3-AV] Cap Agreement or the
Subordinate Cap Agreement, as applicable.

      Interest Rate Cap Agreement Payment Date:  A [Class AF-1A] Cap
Agreement Payment Date, [Group 2-AV] Cap Agreement Payment Date, [Group
3-AV] Cap Agreement Payment Date or Subordinate Cap Agreement Payment
Date, as the case may be.

      Interest Rate Cap Receipt: With respect to any Interest Rate Cap
Agreement Payment Date, any amount received by the Trust Administrator
from the Cap Counterparty under any Interest Rate Cap Agreement.

      Interest Remittance Amount:  With respect to each Pool and any
Payment Date, (a) the sum of, without duplication, (1) all interest
collected (other than the interest portion of Payaheads) or advanced in
respect of Scheduled Payments on the Mortgage Loans in such Pool during
the related Collection Period by the Servicer, the Master Servicer or the
Indenture Trustee (solely in its capacity as successor Master Servicer),
minus, (x) to the extent provided under Sections 4.02(e)(3) and (4) and
Sections 5.08(i) and (ii) herein, previously unreimbursed Advances due to
the Servicer, the Master Servicer or the Indenture Trustee (solely in its
capacity as successor Master Servicer), to the extent allocable to
interest and the allocable portion of previously unreimbursed Servicing
Advances with respect to the Mortgage Loans in such Pool during the
related Prepayment Period, (y) the related Servicing Fee and the Master
Servicing Fee with respect to such Mortgage Loans in such Pool and (z) all
Prepayment Premiums received with respect to such Mortgage Loans during
the related Prepayment Period, (2) any Compensating Interest Payments or
payments in respect of Prepayment Interest Shortfalls paid by the Servicer
or the Master Servicer pursuant to Section 5.21 with respect to the
related

                                      26
<PAGE>

Prepayment Period with respect to the Mortgage Loans in such Pool,
(3) the portion of any Purchase Price or Substitution Amount paid with
respect to the Mortgage Loans in such Pool during the related Prepayment
Period allocable to interest, and (4) all Net Liquidation Proceeds,
Insurance Proceeds and any other recoveries collected with respect to the
Mortgage Loans in such Pool during the related Prepayment Period, to the
extent allocable to interest, as reduced by (b) such Pool's pro rata share
of any costs, expenses, fees or liabilities due to the Master Servicer,
the Servicer, the Indenture Trustee, the Custodian, the Owner Trustee or
the Trust Administrator to the extent provided in this Agreement, the
Trust Agreement, the Indenture and the Custodial Agreement.

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

      Issuer:  The Delaware statutory trust known as the "______ Mortgage
Investment Trust 200_-__."

      Issuer Order or 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 Indenture Trustee and the Trust Administrator.

      Item 1119 Party:  The Depositor, the Seller, the Master Servicer,
the Servicer, any Subservicer, the Indenture Trustee, the Trust
Administrator, the Owner Trustee, any originator identified in the
Prospectus Supplement, the Cap Counterparty and any other material
transaction party, as identified in Exhibit I hereto, as updated pursuant
to Section 11.04.

      Last Scheduled Payment Date:  With respect to the [Class AF-5B]
Notes, the Payment Date occurring in __________ 20__.

      LIBOR:  (a)  With respect to the first Accrual Period, the per annum
rate of ____%.  With respect to each subsequent Accrual Period, a per
annum rate determined on the LIBOR Determination Date in the following
manner by the Trust Administrator on the basis of the "Interest Settlement
Rate" set by the British Bankers' Association (the "BBA") for one-month
United States dollar deposits, as such rates appear on the Telerate Page
3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date.

      (b)   If on such a LIBOR Determination Date, the BBA's Interest
Settlement Rate does not appear on the Telerate Page 3750 as of 11:00 a.m.
(London time), or if the Telerate Page 3750 is not available on such date,
the Trust Administrator will determine such rate on the basis of the
offered rates of the Reference Banks for one-month United States dollar
deposits, as such rates appear on the Reuters Screen LIBO Page or the
Bloomberg Screen LIBO Page, in either case as of 11:00 a.m. (London time)
on such LIBOR Determination Date.

      (c)   If LIBOR is determined under clause (b) above, on each LIBOR
Determination Date, LIBOR for the related Accrual Period for the Notes
will be established by the Trust Administrator as follows:

            (1)   If  on  such   LIBOR   Determination   Date  two  or  more
      Reference  Banks  provide  such  offered  quotations,  LIBOR  for  the
      related  Accrual Period for the Notes shall

                                      27
<PAGE>

      be the arithmetic  mean of such offered  quotations  (rounded upwards
      if necessary to the nearest whole multiple of [0.03125]%).

            (2)   If  on  such  LIBOR  Determination  Date  fewer  than  two
      Reference  Banks  provide  such  offered  quotations,  LIBOR  for  the
      related   Accrual   Period  shall  be  the  higher  of  (x)  LIBOR  as
      determined  on the  previous  LIBOR  Determination  Date  and  (y) the
      Reserve Interest Rate.

      (d)   The establishment of LIBOR by the Trust Administrator and the
Trust Administrator's subsequent calculation of the Note Interest Rate
applicable to each Class of Notes for the relevant Accrual Period, in the
absence of manifest error, will be final and binding.

      LIBOR Business Day:  Any day on which banks in London, England and
The City of New York are open for conducting transactions in foreign
currency and exchange.

      LIBOR Determination Date:  The second LIBOR Business Day immediately
preceding the commencement of each Accrual Period for any Notes.

      Limited Exchange Act Reporting Obligations:  The obligations of the
Master Servicer under Section 4.08 and Section 5.24 with respect to notice
and information to be provided to the Depositor and Article XI (except
Section 11.07(a)(1) and (2)).

      Liquidated Mortgage Loan:  Any defaulted Mortgage Loan as to which
the Master Servicer or the Servicer, as applicable, has determined that
all amounts that it expects to recover from or on account of such Mortgage
Loan have been recovered (exclusive of any possibility of a deficiency
judgment).

      Liquidation Expenses:  Expenses that are incurred by the Master
Servicer or the Servicer, as applicable, in connection with the
liquidation of any defaulted Mortgage Loan and are not recoverable under
the applicable primary mortgage insurance policy, if any, including,
without limitation, foreclosure and rehabilitation expenses, legal
expenses and unreimbursed amounts, if any, expended pursuant to Section
4.02(c), 4.02(k) or 4.02(p).

      Liquidation Proceeds:  Cash received in connection with the
liquidation of a defaulted Mortgage Loan, whether through the sale or
assignment of such Mortgage Loan, trustee's sale, foreclosure sale,
payment in full, discounted payoff or otherwise, or the sale of the
related REO Property, if the Mortgaged Property is acquired in
satisfaction of the Mortgage Loan.

      Loan Number and Borrower Identification Mortgage Loan Schedule:
With respect to any Subsequent Transfer Date, the Loan Number and Borrower
Identification Mortgage Loan Schedule delivered in connection with such
Subsequent Transfer Date pursuant to Section 2.01(f).  Each Loan Number
and Borrower Identification Mortgage Loan Schedule shall contain the
information specified in the definition of "Mortgage Loan Schedule" with
respect to the Subsequent Mortgage Loans conveyed on such Subsequent
Transfer Date, and each Loan Number and Borrower Identification Mortgage
Loan Schedule shall be deemed to be included in the Mortgage Loan Schedule.

                                      28
<PAGE>

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

      Majority Noteholders:  Until such time as the sum of the Class
Principal Amounts of all Classes of Notes has been reduced to zero, the
holder or holders of in excess of [50]% of the aggregate Class Principal
Amount of all Classes of Notes (accordingly, the holder of the Ownership
Certificate shall be excluded from any rights or actions of the Majority
Noteholders during such period); and thereafter, the holder of the
Ownership Certificate.

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

      Master Servicer Event of Default:  Any one of the conditions or
circumstances enumerated in Section 8.01(a).

      Master Servicing Fee:  As to any Payment Date and each Mortgage
Loan, an amount equal to the product of (i) one-twelfth of the Master
Servicing Fee Rate and (ii) the Stated Principal Balance of such Mortgage
Loan as of the first day of the related Collection Period.

      Master Servicing Fee Rate:  ______%.

      Material Defect:  With respect to any Mortgage Loan, as defined in
Section 2.02(c) hereof.

      Maturity Date:  With respect to any Class of Notes, the Payment Date
in ____ 20__.

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

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

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

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

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

      Mortgage Loan:  A mortgage loan that is conveyed to the Issuer
pursuant to this Agreement on the Closing Date (an "Initial Mortgage
Loan") or a mortgage loan that is conveyed to the Issuer pursuant to a
Subsequent Transfer Agreement on a Subsequent Transfer Date (a "Subsequent
Mortgage Loan"), which mortgage loan includes, without limitation, the

                                      29
<PAGE>

mortgage loan documents, the Scheduled Payments, Principal Prepayments,
Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, any
related REO Property, REO Disposition Proceeds, and all other rights,
benefits, proceeds and obligations arising from or in connection with such
mortgage loan.  The Initial Mortgage Loans subject to this Agreement are
identified on the Mortgage Loan Schedule annexed hereto as Schedule A and
have an aggregate Stated Principal Balance as of the Cut-off Date of
$_________________.   Any Subsequent Mortgage Loan conveyed pursuant to a
Subsequent Transfer Agreement shall be added to the Mortgage Loan Schedule
as of the Subsequent Transfer Date.

      Mortgage Loan Purchase Agreement:  The mortgage loan purchase and
assignment agreement dated as of _______, 200_, for the sale of the
Mortgage Loans by Seller to the Depositor.

      Mortgage Loan Remittance Rate:  With respect to each Mortgage Loan,
the Mortgage Rate minus the Servicing Fee Rate.

      Mortgage Loan Schedule:  The schedule attached hereto as Schedule A,
which shall identify each Mortgage Loan, as such schedule may be amended
from time to time to reflect the addition of Mortgage Loans to, or the
deletion of Mortgage Loans from, the Trust Estate.  Such schedule shall
set forth, among other things, the following information with respect to
each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii) the
Mortgagor's name; (iii) the street address of the Mortgaged Property
including the city, state and zip code; (iv) the original principal amount
of the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the
Index; (vii) the first Mortgage Rate adjustment date; (viii) the monthly
payment of principal and interest at origination; (ix) the Servicing Fee
Rate; (x) the Master Servicer Fee Rate; and (xi) whether such Mortgage
Loan is subject to a Prepayment Premium for voluntary prepayments by the
Mortgagor, the term during which such Prepayment Premiums are imposed and
the method of calculation of the Prepayment Premium.  The Servicer shall
be responsible for providing the Indenture Trustee, the Custodian and the
Master Servicer with all amendments to the Mortgage Loan Schedule.

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

      Mortgaged Property:  The underlying real property securing a
Mortgage Loan.

      Mortgage Rate:  As to any Mortgage Loan, the per annum rate at which
interest accrues on such Mortgage Loan, as determined under the related
Mortgage Note as reduced by the applications of the Civil Relief Act.

      Mortgagor:  The obligor on a Mortgage Note.

      NAS Factor:  For any Payment Date set forth below, the percentage
set forth in the following table:

        Payment Date                                       Percentage
        _____ 200_ - _______ 200_.......................       __%
        _____ 200_ - _______ 200_.......................       __%

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<PAGE>

        _____ 200_ - _______ 200_.......................       __%
        _____ 200_ - _______ 200_.......................       __%
        _____ 200_ and thereafter.......................       __%

      NAS Principal Distribution Amount:  For any Payment Date, an amount
equal to the product of (i) the [Class AF-6] Portion for such Payment
Date, (ii) any amounts distributed to the [Group AF] Notes pursuant to
Section 6.02 for such Payment Date and (iii) the NAS Factor for such
Payment Date.

      Net Funds Cap:  With respect to any Payment Date, an annual rate
equal to:

      (i) in the case of the [Group AF] Notes, the weighted average of the
Net Mortgage Rates of the Mortgage Loans in [Pool 1] as of the first day
of the related Collection Period, adjusted to reflect the accrual of
interest on an actual/360 basis;

      (ii) in the case of the [Group 2-AV] Notes, the weighted average of
the Net Mortgage Rates of the Mortgage Loans in [Pool 2] as of the first
day of the related Collection Period, adjusted to reflect the accrual of
interest on an actual/360 basis;

      (iii) in the case of the [Group 3-AV] Notes, the weighted average of
the Net Mortgage Rates of the Mortgage Loans in [Pool 3] as of the first
day of the related Collection Period, adjusted to reflect the accrual of
interest on an actual/360 basis;

      (iv) in the case of each class of Fixed Rate Subordinate Notes, the
weighted average of the Net Mortgage Rates of the Mortgage Loans in [Pool
1] as of the first day of the related Collection Period, weighted on the
basis of the excess of the Pool Balance for [Pool 1] as of the first day
of the related Collection Period over the aggregate of the Class Principal
Amounts of the [Group AF] Notes immediately prior to that Payment Date,
and adjusted to reflect the accrual of interest on an actual/360 basis; and

      (v)  in the case of each class of Adjustable Rate Subordinate Notes,
the weighted average of (a) the weighted average of the Net Mortgage Rates
of the Mortgage Loans in [Pool 2] as of the first day of the related
Collection Period and (b) the weighted average of the Net Mortgage Rates
of the Mortgage Loans in [Pool 3] as of the first day of the related
Collection Period, weighted on the basis of the excess of (x) in the case
of clause (iii)(a), the excess of the Pool Balance for [Pool 2] as of the
first day of the related Collection Period over the aggregate of the Class
Principal Amounts of the [Group 2-AV] Notes immediately prior to that
Payment Date and (y) in the case of clause (iii)(b), the excess of the
Pool Balance for [Pool 3] as of the first day of the related Collection
Period over the Class Principal Amount of the [Group 3-AV] Notes
immediately prior to that Payment Date, and adjusted to reflect the
accrual of interest on an actual/360 basis.

      Net Liquidation Proceeds:  With respect to any Liquidated Mortgage
Loan, the related Liquidation Proceeds, Insurance Proceeds and
Condemnation Proceeds received and retained in connection with the
liquidation of such Mortgage Loan net of (i) Liquidation Expenses and (ii)
any related unreimbursed Advances and Servicing Advances, if any.

                                      31
<PAGE>

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

      Net Rate Carryover:  With respect to any Class of interest bearing
Notes and any Payment Date, the sum of (A) the excess of (i) the amount of
interest that such Class would otherwise have accrued for such Payment
Date had the Note Interest Rate for such Class and the related Accrual
Period not been determined based on the applicable Net Funds Cap, over
(ii) the amount of interest accrued on such Class at the applicable Net
Funds Cap for such Payment Date and (B) the Net Rate Carryover for such
Class for all previous Payment Dates not previously paid pursuant to
Section 6.02, together with interest thereon at the then-applicable Note
Interest Rate for such Class, without giving effect to the applicable Net
Funds Cap.

      New York UCC:  The Uniform Commercial Code as in effect in the State
of New York.

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

      Nonrecoverable Advance:  Any Servicing Advance or Advance previously
made or proposed to be made in respect of a Mortgage Loan by the Servicer
which, in the reasonable discretion of the Servicer will not or, in the
case of a proposed Servicing Advance or Advance, would not, ultimately be
recoverable by the Servicer from the related Mortgagor, related
Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO
Disposition Proceeds or otherwise.  The determination by the Servicer that
all or a portion of a Servicing Advance or Advance would be a
Nonrecoverable Advance shall be evidenced by an Officer's Certificate
delivered to the Master Servicer setting forth such determination and a
reasonable explanation thereof.

      Note:  Any [Class AF-1A], [Class AF-1B], [Class AF-2], [Class AF-3],
[Class AF-4], [Class AF-5A], [Class AF-5B], [Class AF-6], [Class MF-1],
[Class MF-2], [Class MF-3], [Class MF-4], [Class MF-5], [Class MF-6],
[Class MF-7], [Class MF-8], [Class BF], [Class 2-AV-1], [Class 2-AV-2],
[Class 3-AV-1], [Class 3-AV-2], [Class 3-AV-3], [Class 3-AV-4], [Class
MV-1], [Class MV-2], [Class MV-3], [Class MV-4], [Class MV-5], [Class
MV-6], [Class MV-7], [Class MV-8], [Class BV], [Class PF], [Class PV],
[Class CF] or [Class CV] Note.

      Note Interest Rate:  With respect to each Class of Notes on any
Payment Date, the least of (1) LIBOR plus the Interest Margin for such
Class and such Payment Date, (2) the applicable Net Funds Cap for such
Payment Date and (3) the Fixed Rate Cap.

      Note Principal Amount:  With respect to any Note, the initial
principal amount thereof on the Closing Date, less the amount of all
principal payments previously paid with respect to such Note.

      Note Register and Note Registrar:  As defined in the Indenture.

      Officer's Certificate:  A certificate signed by the Chairman of the
Board, any Vice Chairman, the President, any Senior Vice President, any
Vice President or any Assistant Vice President of a Person.

                                      32
<PAGE>

      Operative Agreements:  The Trust Agreement, the Certificate of Trust
of the Issuer, this Agreement, the Mortgage Loan Purchase Agreement, the
Indenture, the Custodial Agreement, the Depository Agreement, each
Interest Rate Cap Agreement, the Cap Agreement Assignment Agreement and
each other document contemplated by any of the foregoing to which the
Depositor, the Seller, the Master Servicer, the Servicer, the Owner
Trustee, the Trust Administrator, the Indenture Trustee, the Custodian or
the Issuer is a party.

      Opinion of Counsel:  A written opinion of counsel, reasonably
acceptable in form and substance to the Seller, the Trust Administrator,
the Indenture Trustee and/or the Master Servicer, as applicable, and who
may be in house or outside counsel to the Seller, the Servicer, the
Depositor, the Master Servicer, the Trust Administrator or the Indenture
Trustee but which must be Independent outside counsel with respect to any
such opinion of counsel concerning federal income tax or ERISA matters.

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

      Overcollateralization Amount:  With respect to any Payment Date will
be equal to the amount, if any, by which (x) the Aggregate Collateral
Balance for such Payment Date exceeds (y) the aggregate Class Principal
Amount of the Notes, in each case after giving effect to payments on such
Payment Date.

      Overcollateralization Deficiency Amount:  With respect to any
Payment Date, the excess, if any, of the Targeted Overcollateralization
Amount for that Payment Date over the Overcollateralization Amount for
that Payment Date.

      Ownership Certificate:  An equity certificate representing a 100%
undivided beneficial ownership interest in the Trust, substantially in the
form attached as part of Exhibit A to the Trust Agreement.

      Owner Trustee:  _____________________, a ____________________, and
any successor in interest, not in its individual capacity, but solely as
owner trustee under the Trust Agreement.

      Owner Trustee Fee:  The annual fee payable to the Owner Trustee by
the Trust Administrator pursuant to the Fee Letter Agreement specified in
Section 7.03 of the Trust Agreement during the term of this Agreement.

      Payahead:  With respect to any Mortgage Loan and any Due Date
therefor, any Scheduled Payment received by the Servicer during any
Collection Period in addition to the Scheduled Payment due on such Due
Date, intended by the related Mortgagor to be applied on a subsequent Due
Date or Due Dates.

      Paying Agent:  As defined in the Indenture.  The initial Paying
Agent shall be the Trust Administrator.

                                      33
<PAGE>

      Payment Date:  The [25th] day of each month or, if such [25th] day
is not a Business Day, the next succeeding Business Day, commencing in
________ 200_.

      Percentage Interest:  The Percentage Interest evidenced thereby
shall equal (i) with respect to the Ownership Certificate, the Percentage
Interest on the face of such certificate; or (ii) with respect to any
Note, the initial Note Principal Amount thereof, divided by the initial
Class Principal Amount of all Notes of the same Class.

      Performance Certification:  As defined in Section 11.05.

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

      Plan:  An employee benefit plan or other retirement arrangement
which is subject to Section 406 of ERISA and/or Section 4975 of the Code
or any entity whose underlying assets include such plan's or arrangement's
assets by reason of their investment in the entity.

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

      Pool:  [Pool 1], [Pool 2] or [Pool 3] as applicable.

      [Pool 1]:  The portion of the Mortgage Pool identified as [Pool 1].

      [Pool 1] Pre-Funded Amount:  The portion of the Pre-Funded Amount
allocable for purchase of Subsequent Mortgage Loans as [Pool 1] Mortgage
Loans on the Closing Date, which shall equal $_________________.

      [Pool 1] Senior Notes:  The [Class AF-1A], [Class AF-1B], [Class
AF-2], [Class AF-3], [Class AF-4], [Class AF-5A], [Class AF-5B] and [Class
AF-6] Notes.

      [Pool 2]:  The portion of the Mortgage Pool identified as [Pool 2].

      [Pool 2] Pre-Funded Amount:  The portion of the Pre-Funded Amount
allocable for purchase of Subsequent Mortgage Loans as [Pool 2] Mortgage
Loans on the Closing Date, which shall equal $___________________.

      [Pool 2] Senior Notes:  The [Class 2-AV-1] and [Class 2-AV-2] Notes.

      [Pool 2] Sequential Trigger Event:  With respect to any Payment Date
(i) prior to the Payment Date in ______ 200_, if (x) the aggregate amount
of Realized Losses on the Mortgage Loans in [Pool 2] from the Cut-off Date
for each such Mortgage Loan to (and including) the last day of the related
Due Period (reduced by the aggregate amount of any Recoveries related to
the Mortgage Loans in [Pool 2] received through the last day of that Due
Period) exceeds (y) ______% of the sum of the aggregate Cut-off Date
Principal Balance of the Initial Mortgage Loans in [Pool 2] and the [Pool
2] Pre-Funded Amount or (ii) on or after the Payment Date in ______ 200_,
if an Adjustable Rate Trigger Event is in effect.

                                      34
<PAGE>

      [Pool 3]:  The portion of the Mortgage Pool identified as [Pool 3].

      [Pool 3] Pre-Funded Amount:  The portion of the Pre-Funded Amount
allocable for purchase of Subsequent Mortgage Loans as [Pool 3] Mortgage
Loans on the Closing Date, which shall equal $__________________.

      [Pool 3] Senior Notes:  The [Class 3-AV-1], [Class 3-AV-2], [Class
3-AV-3] and [Class 3-AV-4] Notes.

      Pool Balance:  With respect to each Pool and any Payment Date, the
aggregate of the Stated Principal Balances of the Mortgage Loans in such
Pool.

      Prepayment Interest Excess Amount:  For any Servicer Remittance Date
and any Principal Prepayment received during the portion of the related
Prepayment Period occurring from and including the first day through the
fifteenth day of the calendar month in which such Servicer Remittance Date
occurs, an amount equal to interest (to the extent received) due in
connection with such Principal Prepayment.

      Preference Amount:  Any payment of principal or interest on a [Class
AF-5B] Note which has become Due for Payment and which was made to a
Holder by or on behalf of the Trust Fund, which has been deemed a
preferential transfer and was previously recovered from the Holder
pursuant to the United States Bankruptcy Code in accordance with a final,
non-appealable order of a court of competent jurisdiction.

      Preference Claim:  As defined in Section 6.07(h).

      Pre-Funded Amount:  The amount deposited in the Pre-Funding Account
on the Closing Date, which shall equal $________________.

      Pre-Funding Account:  The separate Eligible Account created and
maintained by the Trust Administrator pursuant to this Agreement in the
name of the Trust Administrator for the benefit of the Noteholders and
designated "_______________________, in trust for registered holders of
___________, Asset-Backed Notes, Series 200_-__."  Funds in the
Pre-Funding Account shall be held in trust for the Noteholders for the
uses and purposes set forth in this Agreement.

      Prepayment Interest Shortfall Amount:  With respect to any voluntary
Principal Prepayment in full or in part by the Mortgagor on any Mortgage
Loan that is received during the period from the first day of the
Prepayment Period through the last day of the calendar month preceding the
related Payment Date, the amount, if any, by which one month's interest at
the Mortgage Rate minus the Servicing Fee, in the case of the Servicer, or
at the Net Mortgage Rate, in the case of the Master Servicer, for such
Mortgage Loan on the amount of such Principal Prepayment exceeds the
amount of interest received from such Mortgagor in respect of such
Principal Prepayment.

      Prepayment Period:  With respect to any Payment Date, the period
beginning from and including the sixteenth day of the month preceding the
month in which such Payment Date

                                      35
<PAGE>

occurs (or, in the case of the initial prepayment period, beginning on the
Cut-off Date) to and including the fifteenth day of the month in which such
Payment Date occurs.

      Prepayment Premiums:  Any prepayment fees and penalties to be paid
by the Mortgagor on a Mortgage Loan in the case of a full or partial
voluntary prepayment of such Mortgage Loan during the related Prepayment
Period.

      Prime Rate:  The prime rate of the United States money center
commercial banks as published in The Wall Street Journal, Northeast
Edition.

      Principal Deficiency Amount:  With respect to any class of
Subordinate Notes and any Payment Date, the lesser of (a) the excess, if
any, of (1) the Total Principal Deficiency Amount over (2) the aggregate
of the Principal Deficiency Amounts for the classes of Subordinate Notes,
if any, that have a lower priority of payment than the subject class and
(b) the Class Principal Amount of the subject class of Notes immediately
prior to such Payment Date.

      Principal Distribution Amount:  With respect to each Payment Date
and a Pool, the sum of (i) the Principal Remittance Amount for such Pool
for such Payment Date, (ii) the Extra Principal Distribution Amount for
such Pool for such Payment Date and (iii) with respect to the Payment Date
immediately following the end of the Funding Period, the amount, if any,
remaining in the Pre-Funding Account at the end of the Funding Period (net
of any investment income therefrom) allocable to such Pool.

      Principal Payment Amount:  With respect to each Pool for any Payment
Date, an amount equal to the Principal Remittance Amount for such Pool for
such date minus the Aggregate Overcollateralization Release Amount
attributable to such Pool for such Payment Date.

      Principal Prepayment:  Any payment or other recovery of principal on
a Mortgage Loan, including any payment or other recovery of principal in
connection with the repurchase of a Mortgage Loan by the Seller, the
Servicer or any other Person received in advance of such Mortgage Loan's
scheduled Due Date.

      Principal Remittance Amount:  With respect to any Payment Date and
for each Pool, (a) the sum of (i) all principal collected (other than the
principal portion of Payaheads) or advanced in respect of Scheduled
Payments on the Mortgage Loans in such Pool during the related Collection
Period whether by the Servicer, the Master Servicer or any successor
Master Servicer (less unreimbursed Advances due to the Master Servicer,
the Servicer or the Indenture Trustee as successor Master Servicer, or any
other successor Master Servicer, with respect to such Pool, and any
unreimbursed Servicing Advances, in each case, to the extent allocable to
principal and to the extent provided under Sections 4.02(e)(3) and (4) and
Sections 5.08(i) and (ii)), (ii) all Principal Prepayments in full or in
part received during the related Prepayment Period on the Mortgage Loans
in such Pool, (iii) the Stated Principal Balance of each Mortgage Loan in
such Pool that was purchased from the Trust Estate during the related
Prepayment Period, (iv) the portion of any Substitution Amount paid with
respect to any Deleted Mortgage Loan relating to a Mortgage Loan in such
Pool during the related Prepayment Period allocable to principal, (v) all
Net Liquidation Proceeds, Insurance Proceeds, REO Disposition Proceeds and
other Recoveries collected with respect to such Mortgage Loans in such
Pool during the related Prepayment

                                      36

<PAGE>

Period, to the extent allocable to principal and (vi) all other unscheduled
collections and recoveries in respect of principal during the related
Prepayment Period, as reduced by (b) such Pool's pro rata share of: other
costs, expenses, fees or liabilities reimbursable to the Indenture Trustee,
the Owner Trustee, the Custodian, the Trust Administrator, the Master Servicer
and the Servicer to the extent provided in this Agreement, the Trust
Agreement, the Indenture and the Custodial Agreement and to the extent not
reimbursed from the Interest Remittance Amount, or otherwise.

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

      Property Charges:  As defined in Section 4.02(i).

      Prospectus:  The Prospectus Supplement, together with the
accompanying prospectus dated _________, 200_.

      Prospectus Supplement:  The prospectus supplement dated _____, 200_
relating to the Notes.

      Purchase Price:  With respect to the purchase of a Mortgage Loan or
related REO Property pursuant to this Agreement, an amount equal to the
sum of (a) 100% of the unpaid principal balance of such Mortgage Loan, (b)
accrued interest thereon at the applicable Mortgage Rate, from the date as
to which interest was last paid to (but not including) the Due Date in the
Collection Period during which such Mortgage Loan or REO Property is being
so purchased; (c) if applicable, the fair market value of the REO Property
and all other property being purchased; (d) any unreimbursed Servicing
Advances with respect to such Mortgage Loan; and (e) any costs and damages
incurred by the Trust Estate associated with any violation of applicable
federal, state or local anti-predatory or anti-abusive lending laws with
respect to the related Mortgage Loan.  The Master Servicer and the
Servicer shall be reimbursed from the Purchase Price for any Mortgage Loan
or related REO Property for any Advances made or other amounts advanced
with respect to such Mortgage Loan that are reimbursable to the Master
Servicer or the Servicer under this Agreement, together with any accrued
and unpaid Servicing Fee and Master Servicing Fee with respect to such
Mortgage Loan.

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

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

            (ii)  provide  that the  Trust  Administrator  on  behalf of the
      Indenture  Trustee may exercise all of the rights under such  contract
      or surety  bond  without  the  necessity  of taking  any action by any
      other Person;

                                      37
<PAGE>

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

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

            (v)   provide that the funds  reinvested  thereunder and accrued
      interest  thereon be  returnable to the  Collection  Account not later
      than the Business Day prior to any Payment Date.

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

      [Qualified REIT Subsidiary:  A direct or indirect 100% owned
subsidiary of a REIT that satisfies the requirements of Section 856(i) of
the Code.]

      Qualifying Substitute Mortgage Loan:  In the case of a Mortgage Loan
substituted for a Deleted Mortgage Loan pursuant to the terms of this
Agreement, a Mortgage Loan that, on the date of such substitution, (i) has
an outstanding Stated Principal Balance (or in the case of a substitution
of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate
Stated Principal Balance), after application of all Scheduled Payments due
during or prior to the month of substitution, not in excess of, and not
more than [5]% less than, the outstanding Stated Principal Balance of the
Deleted Mortgage Loan as of the Due Date in the calendar month during
which the substitution occurs, (ii) has a Mortgage Rate not less than, and
not more than [0.50]% higher than, the Mortgage Rate on the Deleted
Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less
than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) has a
minimum Mortgage Rate not less than the minimum Mortgage Rate of the
Deleted Mortgage Loan, (v) has a gross margin equal to or greater than the
gross margin of the Deleted Mortgage Loan, (vi) (a) has a next adjustment
date not later than the next adjustment date on the Deleted Mortgage Loan,
(b) has an initial periodic rate cap not less than the Deleted Mortgage
Loan and (c) has a subsequent periodic rate cap not less than the Deleted
Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage Loan,
(viii) has a remaining stated term to maturity not longer than 18 months
and not more than 18 months shorter than the remaining stated term to
maturity of the related Deleted Mortgage Loan, (ix) is current as of the
date of substitution, (x) has a Loan-to-Value Ratio as of the date of
substitution equal to or lower than the Loan-to-Value Ratio of the Deleted
Mortgage Loan as of such date, (xi) has been underwritten by the Seller in
accordance with the same underwriting criteria and guidelines as the
Deleted Mortgage Loan, (xii) has a risk grading determined by the Seller
at least equal to the risk grading assigned on the Deleted Mortgage Loan,
(xiii) is secured by the same property type

                                      38
<PAGE>

as the Deleted Mortgage Loan, (xiv) conforms to each representation and
warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan
Purchase Agreement, (xv) has the same first lien position as the Deleted
Mortgage Loan, (xvi) is covered by a primary mortgage insurance policy if the
Deleted Mortgage Loan was so covered, (xvii) contains provisions covering the
payment of Prepayment Premium by the Mortgager for early prepayment of the
Mortgage Loan at least as favorable to the Trust as the Deleted Mortgage Loan,
(xviii) has a maturity date not later than the maturity date of the latest
maturing Mortgage Loan in the Mortgage Pool as of the Closing Date, (xix) has
the same Index as the Deleted Mortgage Loan, (xx) if originated on or after
November 27, 2003, is not a "high cost" loan subject to the New Jersey Home
Ownership Security Act of 2003 and (xxi) if originated on or after January 1,
2004 is not a "high-cost" loan subject to the New Mexico Home Loan Protection
Act. In the event that one or more mortgage loans are substituted for one or
more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall
be determined on the basis of aggregate Stated Principal Balances, the
Mortgage Rates described in clause (ii) hereof shall be determined on the
basis of weighted average Mortgage Rates, the risk gradings described in
clause (xii) hereof shall be satisfied as to each such mortgage loan, the
terms described in clause (viii) hereof shall be determined on the basis of
weighted average remaining term to maturity, the Loan-to-Value Ratios
described in clause (x) hereof shall be satisfied as to each such mortgage
loan and, except to the extent otherwise provided in this sentence, the
representations and warranties described in clause (xiv) hereof must be
satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate,
as the case may be.

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

      Realized Loss:  With respect to each Liquidated Mortgage Loan, an
amount equal to (i) the unpaid principal balance of such Mortgage Loan as
of the date of liquidation, minus (ii) Liquidation Proceeds received, to
the extent allocable to principal, net of amounts that are reimbursable
therefrom to the Master Servicer or the Servicer with respect to such
Mortgage Loan (other than Advances of principal) including Liquidation
Expenses.  In determining whether a Realized Loss is a Realized Loss of
principal, Liquidation Proceeds shall be allocated, first, to payment of
Liquidation Expenses, then to accrued unpaid interest and finally to
reduce the principal balance of the Mortgage Loan.

      Record Date:  With respect to each Payment Date and each Class of
Notes, the Business Day prior to the related Payment Date, and with
respect to any Class of Definitive Notes, the last Business Day of the
month immediately preceding the month in which the Payment Date occurs
(or, in the case of the first Payment Date, the Closing Date).

      Recovery:  With respect to any Liquidated Mortgage Loan, an amount
received in respect of principal on such Mortgage Loan which has
previously been allocated as a Realized Loss to a Class or Classes of
Notes net of reimbursable expenses.

      Redemption Date:  The first Payment Date on which _____________________
is permitted to exercise its right to purchase the assets of the Trust
pursuant to Section 9.02 hereof.

      Reference Banks:  Leading banks selected by the Trust Administrator
and engaged in transactions in Eurodollar deposits in the international
Eurocurrency market (1) with an

                                      39
<PAGE>

established place of business in London, (2) whose quotations appear on the
Reuters Screen LIBO Page or the Bloomberg Screen LIBO Page on the
Determination Date in question, (3) which have been designated as such by the
Trust Administrator and (4) not controlling, controlled by, or under common
control with, the Depositor, the Indenture Trustee, the Trust Administrator,
the Master Servicer, the Servicer, the Seller or any successor servicer.

      Regulation AB:  Subpart 229.1100 - Asset Backed Securities
(Regulation AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be amended
from time to time, and subject to such clarification and interpretation as
have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
(Jan. 7, 2005)) or by the staff of the Commission, or as may be provided
by the Commission or its staff from time to time.

      REIT:  A real estate investment trust within the meaning of section
856 of the Code.

      Relevant UCC:  The Uniform Commercial Code as in effect in the
applicable jurisdiction.

      REO Disposition:  The final sale by the Servicer of any REO Property.

      REO Disposition Proceeds:  All amounts received with respect to an
REO Disposition pursuant to Section 4.02(p).

      REO Property:  A Mortgaged Property acquired by the Servicer through
foreclosure or deed in lieu of foreclosure in connection with a defaulted
Mortgage Loan.

      Reportable Event:  Any event required to be reported on Form 8-K,
and in any event, the following:

      (a)   entry into a definitive agreement related to the Trust Fund,
the Notes or the Mortgage Loans, or an amendment to an Operative
Agreement, even if the Depositor is not a party to such agreement (e.g., a
servicing agreement with a servicer contemplated by Item 1108(a)(3) of
Regulation AB);

      (b)   termination of an Operative Agreement (other than by
expiration of the agreement on its stated termination date or as a result
of all parties completing their obligations under such agreement), even if
the Depositor is not a party to such agreement (e.g., a servicing
agreement with a servicer contemplated by Item 1108(a)(3) of Regulation
AB);

      (c)   with respect to the Master Servicer only, if the Master
Servicer becomes aware of any bankruptcy or receivership with respect to
the Seller, the Depositor, the Master Servicer, the Servicer, any
Subservicer, the Trust Administrator, the Indenture Trustee, the Cap
Counterparty, any enhancement or support provider contemplated by Items
1114(b) or 1115 of Regulation AB, or any other material party contemplated
by Item 1101(d)(1) of Regulation AB;

      (d)   with respect to the Trust Administrator, the Master Servicer
and the Depositor only, the occurrence of an early amortization,
performance trigger or other event, including an event of default under
this Agreement;

                                      40
<PAGE>

      (e)   any amendment to this Agreement;

      (f)   the resignation, removal, replacement, substitution of the
Master Servicer, the Servicer, any Subservicer, the Trust Administrator or
the Indenture Trustee;

      (g)   with respect to the Master Servicer and the Servicer only, if
the Master Servicer or the Servicer becomes aware that (i) any material
enhancement or support specified in Item 1114(a)(1) through (3) of
Regulation AB or Item 1115 of Regulation AB that was previously applicable
regarding one or more classes of the Notes has terminated other than by
expiration of the contract on its stated termination date or as a result
of all parties completing their obligations under such agreement; (ii) any
material enhancement specified in Item 1114(a)(1) through (3) of
Regulation AB or Item 1115 of Regulation AB has been added with respect to
one or more classes of the Notes; or (iii) any existing material
enhancement or support specified in Item 1114(a)(1) through (3) of
Regulation AB or Item 1115 of Regulation AB with respect to one or more
classes of the Notes has been materially amended or modified; and

      (h)   with respect to the Trust Administrator, the Servicer, the
Master Servicer and the Depositor only, a required distribution to Holders
of the Notes is not made as of the required Payment Date under this
Agreement.

      Reporting Subcontractor:  With respect to the Servicer, the Master
Servicer, the [Indenture Trustee], or the Trust Administrator, any
Subcontractor determined by such Person pursuant to Section 11.08(b) to be
"participating in the servicing function" within the meaning of Item 1122
of Regulation AB.  References to a Reporting Subcontractor shall refer
only to the Subcontractor of such Person and shall not refer to
Subcontractors generally.

      Reserve Interest Rate:  The rate per annum that the Trust
Administrator determines to be either (1) the arithmetic mean (rounded
upwards if necessary to the nearest whole multiple of [0.03125]%) of the
one-month United States dollar lending rates which New York City banks
selected by the Trust Administrator are quoting on the relevant LIBOR
Determination Date to the principal London offices of leading banks in the
London interbank market or, (2) in the event that the Trust Administrator
can determine no such arithmetic mean, the lowest one-month United States
dollar lending rate which New York City banks selected by the Trust
Administrator are quoting on such LIBOR Determination Date to leading
European banks.

      Responsible Officer:  Any vice president, any assistant vice
president, any assistant secretary, any associate, any assistant
treasurer, or any other officer of the Indenture Trustee or the Trust
Administrator, as applicable, customarily performing functions similar to
those performed by any of the above-designated officers and, in each case,
having direct responsibility for the administration of the Operative
Agreements and also, with respect to a particular matter, any other officer
to whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject.

      Reuters Screen LIBO Page:  The display designated as page "LIBOR01"
on the Reuters Monitor Money Rates Service (or such other page as may
replace the LIBOR01 page on that service for the purpose of displaying
London interbank offered rates of major banks).

                                      41
<PAGE>

      Rolling [Sixty-Day] Delinquency Rate:  With respect to any Payment
Date on or after the Stepdown Date and any Pool or Pools, the average of
the [Sixty-Day] Delinquency Rates for such Pool or Pools and such Payment
Date and the two immediately preceding Payment Dates

      Rolling Three Month Delinquency Rate:  With respect to any Payment
Date, the average of the Delinquency Rates for each of the three (or one
and two, in the case of the first and second Payment Dates, respectively)
immediately preceding calendar months.

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

      Sarbanes-Oxley Certification:  As defined in Section 11.05.

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

      Securities Act:  The Securities Act of 1933, as amended

      Securities Intermediary:  The Person acting as Securities
Intermediary under this Agreement (which is ____________________), its
successor in interest, and any successor Securities Intermediary appointed
pursuant to Section 6.04.

      Security Entitlement:  The meaning specified in Section 8-102(a)(17)
of the New York UCC.

      Seller:  ____________________________.

      [Seller Shortfall Interest Requirement:  With respect to the Business
Day immediately preceding the Payment Date in each of ________ 200_, ________
200_ and ________ 200_, is the sum of:

      (a)   the product of: (1) the excess of the aggregate Stated
Principal Balances for such Payment Date of the Mortgage Loans (including
the Subsequent Mortgage Loans, if any) owned by the Trust Fund at the
beginning of the related Due Period, over the aggregate Stated Principal
Balance for such Payment Date have a scheduled payment of interest due in
the related Due Period, and (2) a fraction, the numerator of which is the
weighted average Net Mortgage Rate of such Mortgage Loans (including such
Subsequent Mortgage Loans, if any) (weighted on the basis of the Stated
Principal Balances thereof for such Payment Date) and the denominator of
which is 12; and

      (b)   the lesser of:

                                      42
<PAGE>

            (i)   the product of: (1) the amount on deposit in the
Pre-Funding Account at the beginning of the related Due Period, and (2) a
fraction, the numerator of which is the weighted average Net Mortgage Rate
of the Mortgage Loans (including Subsequent Mortgage Loans, if any) owned
by the Trust Fund at the beginning of the related Due Period (weighted on
the basis of the Stated Principal Balances thereof for such Payment Date)
and the denominator of which is 12; and

            (ii)  the excess of (x) the sum of the amount of Current
Interest and Interest Carry Forward Amount due and payable on the
interest-bearing Notes and the [Class AF-5B] Premium, in each case for
such Payment Date, over (y) Interest Remittance Amount otherwise available
to pay Current Interest and the Interest Carry Forward Amount on the
interest-bearing Notes for such Payment Date (after giving effect to the
addition of any amounts in clause (a) of this definition of Seller
Shortfall Interest Requirement to Interest Remittance Amount for such
Payment Date).

      Senior Enhancement Percentage:  For any Payment Date, the fraction,
expressed as a percentage, the numerator of which is the sum of the
aggregate Class Principal Amounts of the Subordinate Notes and the
Overcollateralization Amount (which, for purposes of this definition only,
shall not be less than zero) in each case after giving effect to payments
on such Payment Date and the denominator of which is the Aggregate
Collateral Balance for such Payment Date.

      Senior Note:  Any [Class AF-1A], [Class AF-1B], [Class AF-2], [Class
AF-3], [Class AF-4], [Class AF-5A], [Class AF-5B], [Class AF-6], [Class
2-AV-1], [Class 2-AV-2], [Class 3-AV-1], [Class 3-AV-2], [Class 3-AV-3] or
[Class 3-AV-4] Note.

      Servicer:  _________________________, or its successor in interest
or assigns or any successor to the Servicer under this Agreement as herein
provided.

      Servicer Event of Default:  Any one of the conditions or
circumstances enumerated in Section 4.07 with respect to the Servicer.

      Servicer Remittance Date:  The Business Day prior to each Payment
Date, commencing in _________ 200_.

      Servicing Advances:  All customary, reasonable and necessary "out of
pocket" costs and expenses other than Advances (including reasonable
attorneys' fees and disbursements) incurred in the performance by the
Servicer of its servicing obligations, including, but not limited to, the
cost of (a) the preservation, inspection, restoration and protection of
the Mortgaged Property, (b) any enforcement or administrative or judicial
proceedings, including foreclosures, (c) the management and liquidation of
the Mortgaged Property if the Mortgaged Property is acquired in
satisfaction of the Mortgage, (d) taxes, assessments, water rates, sewer
rents and other charges which are or may become a lien upon the Mortgaged
Property and fire and hazard insurance coverage and (e) any losses
sustained by the Servicer with respect to the liquidation of the Mortgaged
Property.  Notwithstanding anything to the contrary herein, in the event
the Servicer determines in its reasonable judgment that a Servicing
Advance is a Nonrecoverable Advance, the Servicer shall be under no
obligation to make such Servicing Advance.

      Servicing Criteria:  The "servicing criteria" set forth in Item
1122(d) of Regulation AB.

                                      43
<PAGE>

      Servicing Fee:  As to any Payment Date and each Mortgage Loan, an
amount equal to the product of (a) one-twelfth of the Servicing Fee Rate
and (b) the Stated Principal Balance of such Mortgage Loan as of the first
day of the related Collection Period.

      Servicing Fee Rate:  With respect to each Mortgage Loan, ___% per
annum.

      Servicing File:  The items pertaining to a particular Mortgage Loan
including, but not limited to, the computer files, data disks, books,
records, data tapes, notes, and all additional documents generated as a
result of or utilized in originating and/or servicing each Mortgage Loan,
which are held in trust for the Indenture Trustee by the Servicer.

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

      Servicing Standard:  The servicing and administration of the
Mortgage Loans for which the Servicer is responsible hereunder (a) in the
same manner in which, and with the same care, skill, prudence and
diligence with which, the Servicer generally services and administers
similar mortgage loans with similar mortgagors (i) for other third
parties, giving due consideration to customary and usual standards of
practice of prudent institutional residential mortgage lenders servicing
their own loans or (ii) held in the Servicer's own portfolio, (b) with a
view to the maximization of the recovery on such Mortgage Loans on a net
present value basis and the best interests of the Trust or any Person to
which the Mortgage Loans may be transferred by the Trust, (c) without
regard to (i) any relationship that the Servicer or any affiliate thereof
may have with the related Mortgagor or any other party to the
transactions, (ii) the right of the Servicer to receive compensation or
other fees for its services rendered pursuant to this Agreement, (iii) the
obligation of the Servicer to make Servicing Advances, (iv) the ownership,
servicing or management by the Servicer or any affiliate thereof for
others of any other mortgage loans or mortgaged properties, and (v) any
debt the Servicer or any affiliate of the Servicer has extended to any
mortgagor or any affiliate of such mortgagor and (d) in accordance with
the applicable state, local and federal laws, rules and regulations.

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

                                      44
<PAGE>

      Stepdown Date:  The later to occur of (1) the Payment Date in
________ 200_ and (2) the first Payment Date on which on which the Senior
Enhancement Percentage (calculated for this purpose after giving effect to
payments or other recoveries in respect of the Mortgage Loans during the
related Collection Period, but before giving effect to payments on any
Notes on such Payment Date) is greater than or equal to _____%.

      Stepdown Target Subordination Percentage:  For any Class of
Subordinate Notes, the respective percentage indicated in the following
table:

                                          Stepdown Target
                                           Subordination
                                            Percentage

                 [MF-1]                        ____%
                 [MF-2]                        ____%
                 [MF-3]                        ____%
                 [MF-4]                        ____%
                 [MF-5]                        ____%
                 [MF-6]                        ____%
                 [MF-7]                        ____%
                 [MF-8]                        ____%
                 [BF]                          ____%
                 [MV-1]                        ____%
                 [MV-2]                        ____%
                 [MV-3]                        ____%
                 [MV-4]                        ____%
                 [MV-5]                        ____%
                 [MV-6]                        ____%
                 [MV-7]                        ____%
                 [MV-8]                        ____%
                 [BV]                          ____%

      Stepup Date:  The first Payment Date after the Payment Date on which
the Aggregate Collateral Balance is less than or equal to _____% of the
sum of the Aggregate Collateral Balance as of the Cut-off Date.

      Subcontractor:  Any vendor, subcontractor or other Person that is
not responsible for the overall servicing (as "servicing" is commonly
understood by participants in the mortgage-backed securities market) of
Mortgage Loans but performs one or more discrete functions identified in
Item 1122(d) of Regulation AB with respect to the Mortgage Loans under the
direction or authority of the Servicer, the Master Servicer, a
Subservicer, the Trust Administrator or the Indenture Trustee, as the case
may be.

      Subordinate Cap Agreement:  The interest rate cap agreement
transaction evidenced by the related Confirmation (as assigned to the
Trust pursuant to the Cap Agreement Assignment Agreement), with respect to
the Subordinate Notes.

                                      45
<PAGE>

      Subordinate Cap Agreement Payment Date:  With respect to the
Subordinate Cap Agreement, the Business Day immediately preceding the
related Payment Date, beginning with the Payment Date in _________ 200_
and ending with the Payment Date in __________ 200_.

      Subordinate Note:  Any [Class MF-1], [Class MF-2], [Class MF-3],
[Class MF-4], [Class MF-5], [Class MF-6], [Class MF-7], [Class MF-8],
[Class BF], [Class MV-1], [Class MV-2], [Class MV-3], [Class MV-4], [Class
MV-5], [Class MV-6], [Class MV-7], [Class MV-8] or [Class BV] Note.

      Subordinate Priority:  As defined in clause 6.02(d)(i).

      Subsequent Deposit:  With respect to any Subsequent Transfer Date,
an amount equal to the aggregate of all amounts in respect of (i)
principal of the related Subsequent Mortgage Loans due after the related
Subsequent Cut-off Date and received by the Master Servicer on or before
such Subsequent Transfer Date and not applied in computing the Cut-off
Date Principal Balance thereof and (ii) interest on the such Subsequent
Mortgage Loans due after such Subsequent Cut-off Date and received by the
Master Servicer on or before the Subsequent Transfer Date.

      Subsequent Cut-off Date:  As defined in the definition of Cut-off
Date.

      Subsequent Mortgage Loan:  Any Mortgage Loan conveyed to the Trustee
on a Subsequent Transfer Date, and listed on the related Loan Number and
Borrower Identification Mortgage Loan Schedule delivered pursuant to
Section 2.01(f).  When used with respect to a single Subsequent Transfer
Date, "Subsequent Mortgage Loan" shall mean a Subsequent Mortgage Loan
conveyed to the Trust Administrator on such Subsequent Transfer Date.

      Subsequent Transfer Agreement:  A Subsequent Transfer Agreement
substantially in the form of Exhibit [P] hereto, executed and delivered by
the Issuer, the Depositor, the Master Servicer and the Trust Administrator
as provided in Section 2.01(d).

      [Subsequent Transfer Date:  For any Subsequent Transfer Agreement,
the "Subsequent Transfer Date" identified in such Subsequent Transfer
Agreement; provided, however, the Subsequent Transfer Date for any
Subsequent Transfer Agreement must be a Business Day and may not be a date
earlier than the date on which the Subsequent Transfer Agreement is
executed and delivered by the parties thereto pursuant to Section 2.01(d).]

      [Subsequent Transfer Date Purchase Amount:  With respect to any
Subsequent Transfer Date, the "Subsequent Transfer Date Purchase Amount"
identified in the related Subsequent Transfer Agreement which shall be an
estimate of the aggregate Stated Principal Balances of the Subsequent
Mortgage Loans identified in such Subsequent Transfer Agreement.]

      [Subsequent Transfer Date Transfer Amount:  With respect to any
Subsequent Transfer Date, an amount equal to the lesser of (i) the
aggregate Stated Principal Balances as of the related Subsequent Cut-off
Dates of the Subsequent Mortgage Loans conveyed on such Subsequent
Transfer Date, as listed on the related Loan Number and Borrower
Identification Mortgage Loan Schedule delivered pursuant to Section
2.01(f) and (ii) the amount on deposit in the Pre-Funding Account.]

                                      46
<PAGE>

      Subservicer:  Any servicer subservicing any Mortgage Loans pursuant
to a subservicing agreement.  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.

      Substitution Amount:  The amount, if any, by which the Stated
Principal Balance of a Deleted Mortgage Loan exceeds the Stated Principal
Balance of the related Qualifying Substitute Mortgage Loan, or aggregate
Stated Principal Balance, if applicable, plus unpaid interest thereon, any
related unpaid Advances or Servicing Advances (including any interest on
such unpaid Advances or Servicing Advances), unpaid Servicing Fees and
unpaid Master Servicing Fees and the amount of any costs and damages
incurred by the Trust Fund associated with a violation of any applicable
federal, state or local predatory or abusive lending law in connection
with the origination of such Deleted Mortgage Loan.

      Target Amount:  With respect to any Payment Date, an amount equal to
the Aggregate Collateral Balance as of such Payment Date minus the
Targeted Overcollateralization Amount for such Payment Date.

      Telerate Page 3750:  The display currently so designated as "Page
3750" on the Moneyline Telerate Service (or such other page selected by
the Master Servicer as may replace Page 3750 on that service for the
purpose of displaying daily comparable rates on prices).

      Termination Price:  The sum, as calculated by the Servicer, of (a)
100% of the aggregate outstanding principal balance of the Mortgage Loans,
plus accrued interest thereon at the applicable Mortgage Rate, (b) any
costs and damages incurred by the Trust associated with a violation of any
applicable federal, state or local predatory or abusive lending law, (c)
the fair market value of the REO Property and all other property being
purchased, (d) any unreimbursed Servicing Advances, (e) any Basis Risk
Shortfall and Unpaid Basis Risk Shortfall amounts and (f) all other
amounts to be paid or reimbursed to the Master Servicer, the Trust
Administrator, the Indenture Trustee, the Owner Trustee and the Custodian.

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

      Total Remittance Amount:  With respect to any Payment Date, the sum
of (i) the Interest Remittance Amount for all Pools for such Payment Date
and (ii) Principal Remittance Amount for all Pools for such Payment Date.

      Total Principal Deficiency Amount:  With respect to any Payment
Date, the excess, if any, of the aggregate Class Principal Amount of the
Notes after giving effect to payments on such Payment Date over the
Aggregate Collateral Balance as of the last day of the related Collection
Period.

      Trust or Trust Fund:  The Issuer.

      Trust Account Property:  The Trust Account, all amounts and
investments held from time to time in the Trust Account (whether in the
form of deposit accounts, physical property, book-

                                      47
<PAGE>

entry securities, uncertificated securities, securities entitlements,
investment property or otherwise) and all proceeds of the foregoing.

      Trust Account:  The Collection Account.

      Trust Agreement:  The trust agreement dated _______, 200_, between
the Depositor and the Owner Trustee, as amended and restated on _______,
200_, among the Depositor, the Trust Administrator and the Owner Trustee,
as such may be amended or supplemented from time to time.

      Trust Estate:  The assets of the Issuer and pledged by the Issuer to
the Indenture Trustee under the Indenture, which assets consist of all
accounts, accounts receivable, contract rights, general intangibles,
chattel paper, instruments, documents, money, deposit accounts,
certificates of deposit, goods, notes, drafts, letters of credit, advices
of credit, investment property, uncertificated securities and rights to
payment of any and every kind consisting of, arising from or relating to
any of the following:  (a) the Mortgage Loans listed in the Mortgage Loan
Schedule, and principal due and payable after the Cut-off Date, but not
including interest and principal due and payable on any Mortgage Loans on
or before the Cut-off Date, together with the Mortgage Files relating to
such Mortgage Loans; (b) any Insurance Proceeds, REO Property, Liquidation
Proceeds, REO Disposition Proceeds and other recoveries (in each case,
subject to clause (a) above), (c) the Collection Account, any Custodial
Account, any Escrow Account, the Interest Rate Cap Account and all amounts
deposited therein pursuant to the applicable provisions of this Agreement,
(d) any Insurance Policies, (e) the rights of the Depositor under the
Mortgage Loan Purchase Agreement, (f) the rights of the Trust under each
Interest Rate Cap Agreement and (g) all income, revenues, issues,
products, revisions, substitutions, replacements, profits, rents and all
cash and non-cash proceeds of the foregoing.

      UCC:  The Uniform Commercial Code as enacted in the relevant
jurisdiction.

      Underwriters:  _________________________________.

      Unpaid Basis Risk Shortfall:  With respect to any Payment Date and
any Class of Notes, the aggregate of all Basis Risk Shortfalls with
respect to such Class remaining unpaid from all previous Payment Dates,
plus interest accrued thereon at the applicable Note Interest Rate
(calculated without giving effect to the applicable Net Funds Cap).

      Unpaid Realized Loss Amount:  For the [Class 2-AV-2] Notes and any
Class of Subordinate Certificates and any Payment Date, (x) the portion of
the aggregate Applied Realized Loss Amount previously allocated to that
Class remaining unpaid from prior Payment Dates minus (y) any increase in
the Note Principal Amount of that Class due to the allocation of
Recoveries to the Note Principal Amount of that Class [P]ursuant to
Section 6.02.

      Voting Interests:  The portion of the voting rights of all the Notes
that is allocated to any Note for purposes of the voting provisions of
this Agreement.  At all times during the term of this Agreement, [99]% of
all voting rights will be allocated among the holders of the Notes as
provided below.  The portion of such voting rights allocated to any Class
of Notes will be based on the fraction, expressed as a percentage, the
numerator of which is the Class Principal Amount of such Class as of the
date of determination and the denominator of which is the aggregate Class

                                      48
<PAGE>

Principal Amount of the Notes as of such date.  At all times during the
term of the Indenture and this Agreement, the holders of the Ownership
Certificate will be allocated [1]% of the voting rights for so long as the
Class remains outstanding.  The voting rights allocation to any Class of
Notes or the Ownership Certificate will be allocated among all holders of
each such Class or Ownership Certificate in proportion to their respective
Note Principal Amounts of such Notes or Percentage Interests of the
Ownership Certificate.

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

        Section 1.03.  Calculations With Respect to Accrued Interest.  Accrued
interest, if any, on any Note shall be calculated based upon a 360-day year
and the actual number of days in each Accrual Period.

                                  ARTICLE II

                         CONVEYANCE OF MORTGAGE LOANS

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

        (a) Mortgage Loans. As of the Closing Date, in consideration of the
Issuer's delivery of the Notes and the Ownership Certificate to the Depositor
or its designee, and concurrently with the execution and delivery of this
Agreement, the Depositor does hereby transfer, assign, set over, deposit with
and otherwise convey to the Issuer, without recourse, subject to Section 3.01,
in trust, all the right, title and interest of the Depositor in and to the
Mortgage Loans. Such conveyance includes, without limitation, the right to all
payments of principal and interest received on or with respect to the Mortgage
Loans on and after the Cut-off Date (other than payments of principal and
interest due on or before such date), and all such payments due after such
date but received prior to such date and intended by the related Mortgagors to
be applied after such date together with all of the Depositor's right, title
and interest in any REO Property and the proceeds thereof, the Depositor's
rights under any Insurance Policies related to the Mortgage Loans, the
Depositor's security interest in any collateral pledged to secure the Mortgage
Loans, including the Mortgaged Properties and any proceeds of the foregoing,
to have and to hold, in trust; and the Indenture Trustee declares that,
subject to the review provided for in Section 2.02, it has received and shall
hold the Trust Estate, as Indenture Trustee, in trust, for the benefit and use
of the Noteholders and for the purposes and subject to the terms and
conditions set forth in this Agreement, and, concurrently with such receipt,
the Issuer has issued and delivered the Notes and the Ownership Certificate to
or upon the order of the Depositor, in exchange for the Mortgage Loans and the
other property of the Trust Estate.

                                      49
<PAGE>

      Concurrently with the execution and delivery of this Agreement, the
Depositor does hereby assign to the Issuer all of its rights and interest
under the Mortgage Loan Purchase Agreement but without delegation of any
of its obligations thereunder.  The Issuer hereby accepts such assignment,
and shall be entitled to exercise all the rights of the Depositor under
the Mortgage Loan Purchase Agreement as if, for such purpose, it were the
Depositor.  Upon the issuance of the Notes, ownership in the Trust Estate
shall be vested in the Issuer, subject to the lien created by the
Indenture in favor of the Indenture Trustee, for the benefit of the
Noteholders.  The foregoing sale, transfer, assignment, set-over, deposit
and conveyance does not and is not intended to result in creation or
assumption by the Indenture Trustee of any obligation of the Depositor,
the Seller, or any other Person in connection with the Mortgage Loans or
any other agreement or instrument relating thereto except as specifically
set forth herein.

      The Depositor further agrees to cause ________________________ to
assign all of its right, title and interest in and to the interest rate
corridor transaction evidenced by each Confirmation to the Issuer, and all
such right, title and interest shall be deemed to have been assigned by
________________________ to the Depositor and by the Depositor to the
Issuer.

        (b)   Subject to the execution and delivery of the related Subsequent
Transfer Agreement as provided by Section 2.01(d) and the terms and
conditions of this Agreement, the Depositor sells, transfers, assigns,
sets over and otherwise conveys to the Issuer, without recourse, on each
Subsequent Transfer Date, all the right, title and interest of the
Depositor in and to the related Subsequent Mortgage Loans, including all
interest and principal received and receivable by the Depositor on or with
respect to such Subsequent Mortgage Loans after the related Subsequent
Cut-off Date (to the extent not applied in computing the Cut-off Date
Principal Balance thereof) or deposited into the Collection Account by the
Master Servicer on behalf of such Seller as part of any related Subsequent
Deposit as provided in this Agreement, other than principal due on such
Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off
Date and interest accruing prior to the related Subsequent Cut-off Date.

      Immediately upon the conveyance of the Subsequent Mortgage Loans
referred to in the preceding paragraph, the Depositor sells, transfers,
assigns, sets over and otherwise conveys to the Trustee for benefit of the
Noteholders and the [Class AF-5B] Insurer, without recourse, all right
title and interest in the Subsequent Mortgage Loans.

        (c)   The Depositor has entered into this Agreement in consideration
for the purchase of the Mortgage Loans by the Issuer and has agreed to take
the actions specified herein.

        (d)   On any Business Day during the Funding Period designated by the
[Depositor] to the Issuer, the Depositor and trust Administrator shall
complete, execute and deliver a Subsequent Transfer Agreement.  After the
execution and delivery of such Subsequent Transfer Agreement, on the
Subsequent Transfer Date, the Trust Administrator shall set aside in the
Pre-Funding Account an amount equal to the related Subsequent Transfer
Date Purchase Amount.

        (e)   The transfer of Subsequent Mortgage Loans on the Subsequent
Transfer Date is subject to the satisfaction of each of the following
conditions:

                                      50
<PAGE>

            (1) the Trust Administrator and the Underwriters will be provided
      Opinions of Counsel addressed to the Rating Agencies as with respect to
      the sale of the Subsequent Mortgage Loans conveyed on such Subsequent
      Transfer Date (such opinions being substantially similar to the opinions
      delivered on the Closing Date to the Rating Agencies with respect to the
      sale of the Initial Mortgage Loans on the Closing Date), to be delivered
      as provided in Section 2.01(f);

            (2) the execution and delivery of such Subsequent Transfer
      Agreement or conveyance of the related Subsequent Mortgage Loans does
      not result in a reduction or withdrawal of the any ratings assigned to
      the Notes by the Ratings Agencies (without regard to the [Class AF-5B]
      Policy, in the case of the [Class AF-5B] Notes);

            (3) the Depositor shall deliver to the Trust Administrator an
      Officer's Certificate confirming the satisfaction of each of the
      conditions set forth in this Section 2.01(e) required to be satisfied by
      such Subsequent Transfer Date;

            (4) each Subsequent Mortgage Loan conveyed on such Subsequent
      Transfer Date satisfies the representations and warranties applicable to
      it under this Agreement, provided, however, that with respect to a
      breach of a representation and warranty with respect to a Subsequent
      Mortgage Loan set forth in this clause (4), the obligation under this
      Agreement of the applicable Seller, to cure, repurchase or replace such
      Subsequent Mortgage Loan shall constitute the sole remedy against such
      Seller respecting such breach available to Noteholders, the Depositor or
      the Trust Administrator;

            (5) the Subsequent Mortgage Loans conveyed on such Subsequent
      Transfer Date were selected in a manner reasonably believed not to be
      adverse to the interests of the Noteholders;

            (6) no Subsequent Mortgage Loan conveyed on such Subsequent
      Transfer Date was [30] or more days delinquent;

            (7) following the conveyance of the Subsequent Mortgage Loans on
      such Subsequent Transfer Date, the characteristics of each Pool will not
      vary by more than the amount specified below (other than the percentage
      of Mortgage Loans secured by Mortgaged Properties located in the State
      of California, which will not exceed [50]% of the Mortgage Pool and the
      percentage of mortgage loans in the Credit Grade Categories of "C" or
      below, which will not exceed [10]% of the Mortgage Loans in each Pool)
      from the characteristics listed below; provided that for the purpose of
      making such calculations, the characteristics for any Initial Mortgage
      Loan made will be taken as of the Initial Cut-off Date and the
      characteristics for any Subsequent Mortgage Loans will be taken as of
      the Subsequent Cut-off Date; and

[Pool 1]
                                                                   Permitted
                                                                  Variance or
Characteristic                                       Value           Range
--------------------------                        ------------  ---------------
Average Stated Principal Balance............        $______            __%
Weighted Average Mortgage Rate..............        _____%            ____%

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<PAGE>

Weighted Average Original Loan-to-Value Ratio       _____%             _%
Weighted Average Remaining Term to Maturity.      ___ months        _ months
Weighted Average Credit Bureau Risk Score...      ___ points        _ points

[Pool 2]
                                                                    Permitted
                                                                   Variance or
Characteristic                                       Value            Range
Average Stated Principal Balance............        $______           ____%
Weighted Average Mortgage Rate..............        _____%            ____%
Weighted Average Original Loan-to-Value Ratio       _____%            ____%
Weighted Average Remaining Term to Maturity.      ___ months        _ months
Weighted Average Credit Bureau Risk Score...      ___ points        _ points

[Pool 3]
                                                                    Permitted
                                                                   Variance or
Characteristic                                       Value            Range
Average Stated Principal Balance............        $______           ____%
Weighted Average Mortgage Rate..............        _____%            ____%
Weighted Average Original Loan-to-Value Ratio       _____%            ____%
Weighted Average Remaining Term to Maturity.      ___ months        _ months
Weighted Average Credit Bureau Risk Score...      ___ points        _ points

            (8) none of the Sellers or the Depositor is insolvent and neither
      of the Sellers nor the Depositor will be rendered insolvent by the
      conveyance of Subsequent Mortgage Loans on such Subsequent Transfer
      Date.

      The Trustee shall not be required to investigate or otherwise verify
compliance with these conditions, except for its own receipt of documents
specified above, and shall be entitled to rely on the required Officer's
Certificate.

(f)   Within [six] Business Days after each Subsequent Transfer Date, upon
(1) delivery to the Trustee by the Depositor of the Opinions of Counsel
referred to in Section 2.01(e)(1) and (e)(9), (2) delivery to the Trustee
by the [Depositor] (on behalf of each Seller) of a Loan Number and
Borrower Identification Mortgage Loan Schedule reflecting the Subsequent
Mortgage Loans conveyed on such Subsequent Transfer Date and the Mortgage
Pool into which each Subsequent Mortgage Loan was conveyed, (3) deposit in
the Collection Account by the Master Servicer on behalf of the Sellers of
the applicable Subsequent Deposit, and (4) delivery to the Trust
Administrator by the Depositor of an Officer's Certificate confirming the
satisfaction of each of the conditions precedent set forth in this Section
2.01(f), the Trustee shall pay the Depositor the Subsequent Transfer Date
Transfer Amount from such funds that were set aside in the Pre-Funding
Account pursuant to Section 2.01(d).  The positive difference, if any,
between the Subsequent Transfer Date Transfer Amount and the Subsequent
Transfer Date Purchase Amount shall be re-invested by the Trust
Administrator in the Pre-Funding Account.

                                      52

<PAGE>

      The Trustee shall not be required to investigate or otherwise verify
compliance with the conditions set forth in the preceding paragraph,
except for its own receipt of documents specified above, and shall be
entitled to rely on the required Officer's Certificate.

      Within [thirty] days after each Subsequent Transfer Date, the
Depositor shall deliver to the Trustee a letter of a nationally recognized
firm of independent public accountants stating whether or not the
Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date
conform to the characteristics described in Section 2.01(e)(6) and (7).

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

            (i) the original Mortgage Note, endorsed either (A) in blank or
      (B) in the form of the Form of Endorsement set forth in Exhibit A-4
      hereto (or Exhibit B-6 to the Custodial Agreement), or with respect to
      any lost Mortgage Note, an original Lost Note Affidavit, in the form set
      forth in Exhibit C hereto (or Exhibit B-5 to the Custodial Agreement),
      stating that the original Mortgage Note was lost, misplaced or
      destroyed, together with a copy of the related Mortgage Note;

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

            (iii) the original Mortgage with evidence of recording thereon,
      and the original recorded power of attorney, if the Mortgage was
      executed pursuant to a power of attorney, with evidence of recording
      thereon or, if such Mortgage or power of attorney has been submitted for
      recording but has not been returned from the applicable public recording
      office, has been lost or is not otherwise available, a copy of such
      Mortgage or power of attorney, as the case may be, certified by an
      Officer's Certificate of the Depositor to be a true and complete copy of
      the original submitted for recording;

            (iv) with respect to each Non-MERS Mortgage Loan, an original
      Assignment of Mortgage, in form and substance acceptable for recording.
      The Mortgage shall be assigned either (A) in blank, without recourse, or
      (B) so long as ____________________________________ is the Indenture
      Trustee, to "____________________________________, as Indenture Trustee
      of the ______ Mortgage Investment Trust 200_-__", without recourse or
      (C) to the order of the Indenture Trustee;

            (v) an original copy of any intervening assignment of Mortgage
      showing a complete chain of assignments or, in the case of an
      intervening assignment that has been lost, a written Opinion of Counsel
      for the Seller that such original intervening assignment is not required
      to enforce the Indenture Trustee's interest in the Mortgage Loans;

            (vi) the original or a certified copy of lender's title insurance
      policy (or, in lieu thereof, a commitment to issue such title insurance
      policy, with an original or a certified

                                      53
<PAGE>

      copy of such title insurance policy to follow as soon after the Closing
      Date as reasonably practicable) or attorney's opinion of title and
      abstract of title;

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

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

      The Depositor and the Seller acknowledge and agree that the form of
endorsement attached hereto as Exhibit A-4 is intended to effect the
transfer to the Indenture Trustee, for the benefit of the Noteholders, of
the Mortgage Notes and the Mortgages.

      (h) Assignments of Mortgage with respect to each Non-MERS Mortgage Loan
shall be recorded; provided, however, that such Assignments need not be
recorded if, on or prior to the Closing Date, the Seller delivers an Opinion
of Counsel (which must be Independent counsel) acceptable to the Rating
Agencies, to the effect that recording in such states is not required to
protect the Indenture Trustee's interest in the related Non-MERS Mortgage
Loans.

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

      (j) For Mortgage Loans (if any) that have been prepaid in full after the
Cut-off Date and prior to the Closing Date, the Depositor, in lieu of
delivering the above documents, herewith delivers to the Indenture Trustee, or
to the Custodian on behalf of the Indenture Trustee, an Officer's Certificate
which shall include a statement to the effect that all amounts received in
connection with such prepayment that are required to be deposited in the
Collection Account pursuant to Section 5.07 have been so deposited. All
original documents that are not delivered to the Indenture Trustee or the
Custodian on behalf of the Indenture Trustee shall be held by the Servicer in
trust for the benefit of the Indenture Trustee and the Noteholders.

                                      54
<PAGE>

        Section 2.02.     Acceptance of Trust Estate; Review of Documentation.

      (a) Subject to the provisions of Section 2.01, the Issuer acknowledges
receipt of the assets transferred by the Depositor of the assets included in
the Trust Estate and has directed that the documents referred to in Section
2.01 and all other assets included in the definition of "Trust Estate" be
delivered to the Indenture Trustee (or the Custodian) on its behalf.

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

      (b) Within [45] days after the Closing Date with respect to the Initial
Mortgage Loans and within [90] days after the Subsequent Transfer Date with
respect to the Subsequent Mortgage Loans, the Indenture Trustee or the
Custodian on behalf of the Indenture Trustee, will, for the benefit of
Noteholders, review each Mortgage File to ascertain that all required
documents set forth in Section 2.01 have been received and appear on their
face to contain the requisite signatures by or on behalf of the respective
parties thereto, and shall deliver to the Depositor, the Master Servicer and
the Servicer (and the Indenture Trustee if delivered by the Custodian) an
Interim Certification in the form annexed hereto as Exhibit A-2 (or in the
form annexed to the Custodial Agreement as Exhibit B-2, as applicable) to the
effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
(other than any Mortgage Loan prepaid in full or any specifically identified
in such certification as not covered by such certification), (i) all of the
applicable documents specified in Section 2.01(b) are in its possession and
(ii) such documents have been reviewed by it and appear to relate to such
Mortgage Loan. The Indenture Trustee, or the Custodian on behalf of the
Indenture Trustee, shall determine whether such documents are executed and
endorsed, but shall be under no duty or obligation to inspect, review or
examine any such documents, instruments, certificates or other papers to
determine that the same are valid, binding, legally effective, properly
endorsed, genuine, enforceable or appropriate for the represented purpose or
that they have actually been recorded or are in recordable form or that they
are other than what they purport to be on their face. Neither the Indenture
Trustee nor the Custodian shall have any responsibility for verifying the
genuineness or the legal effectiveness of or authority for any signatures of
or on behalf of any party or endorser or for the perfection or priority of any
document.

      (c) If in the course of the review described in paragraph (b) above the
Indenture Trustee or the Custodian discovers any document or documents
constituting a part of a Mortgage File that is missing, does not appear
regular on its face (i.e., is mutilated, damaged, defaced, torn or otherwise
physically altered) or appears to be unrelated to the Mortgage Loans
identified in the Mortgage Loan Schedule, as applicable (each, a "Material
Defect"), the Indenture Trustee, or the Custodian on behalf of the Indenture
Trustee, discovering such Material Defect shall identify the Mortgage Loan to
which such Material Defect relates in the Interim Certification delivered to
the Depositor and the Master Servicer. Within [90] days of its receipt of such
notice, the Seller

                                      55
<PAGE>

shall be required to cure such Material Defect (and, in such event, the Seller
shall provide the Indenture Trustee with an Officer's Certificate confirming
that such cure has been effected). If the Seller does not so cure such
Material Defect, if a loss has been incurred with respect to such Mortgage
Loan that would, if such Mortgage Loan were not purchased from the Trust
Estate, constitute a Realized Loss, and such loss is attributable to the
failure of the Seller to cure such Material Defect, the Seller shall
repurchase the related Mortgage Loan from the Trust Estate at the Purchase
Price. A loss shall be deemed to be attributable to the failure of the Seller
to cure a Material Defect if, as determined by the Seller acting in good
faith, absent such Material Defect, such loss would not have been incurred.
The Seller may, in lieu of repurchasing a Mortgage Loan pursuant to this
Section 2.02, substitute for such Mortgage Loan a Qualifying Substitute
Mortgage Loan subject to the provisions of Section 3.03. The failure of the
Indenture Trustee or the Custodian to deliver the Interim Certification within
[45] days after the Closing Date or [90] days after the Subsequent transfer
Date shall not affect or relieve the Seller of its obligation to repurchase
any Mortgage Loan pursuant to this Section 2.02 or any other Section of this
Agreement requiring the repurchase of Mortgage Loans from the Trust Estate.

      (d) Within [180] days following the Closing Date with respect to the
Initial Mortgage Loans and within [180] days following the Subsequent Transfer
Date with respect to the Subsequent Mortgage Loans, the Indenture Trustee, or
the Custodian, shall deliver to the Depositor, the Master Servicer and the
Servicer (and the Indenture Trustee if delivered by the Custodian) a Final
Certification substantially in the form attached as Exhibit A-3 (or in the
form annexed to the Custodial Agreement as Exhibit B-3, as applicable)
evidencing the completeness of the Mortgage Files in its possession or
control, with any exceptions noted thereto.

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

      (f) Notwithstanding anything to the contrary contained herein, each of
the parties hereto acknowledges that the Custodian shall perform the
applicable review of the Mortgage Loans and respective certifications thereof
as provided in the Custodial Agreement.

      (g) Upon execution of this Agreement, the Depositor hereby delivers to
the Indenture Trustee and the Indenture Trustee acknowledges a receipt of the
Mortgage Loan Purchase Agreement.

      (h) For purposes of the determinations required to be made by the
Indenture Trustee or the Custodian pursuant to paragraphs (a) through (d) of
this Section 2.02, the Indenture Trustee or the Custodian, as applicable,
shall be entitled to conclusively rely upon the diskette, tape or other
electronic media provided by or on behalf of the Seller with respect to the
Mortgage Loans as to whether (i) any guarantee was executed in connection with
any Mortgage Loan, (ii) any assumption, modification or substitution agreement
was executed in connection with any Mortgage Loan, (iii) primary mortgage
guaranty insurance is required with respect to any Mortgage Loan or (iv) any
security agreement or equivalent instrument was executed in connection with
any Mortgage Loan.

Section 2.03.     Grant Clause.

                                      56
<PAGE>

      (a) It is intended that the conveyance by the Depositor to the Issuer of
the Mortgage Loans, as provided for in Section 2.01, be construed as a sale by
the Depositor to the Issuer of the Mortgage Loans and other assets in the
Trust Estate for the benefit of the Noteholders. Further, it is not intended
that any such conveyance be deemed to be a pledge of the Mortgage Loans by the
Depositor to the Issuer to secure a debt or other obligation of the Depositor.
However, in the event that the Mortgage Loans are held to be property of the
Depositor or if for any reason this Agreement is held or deemed to create a
security interest in the Mortgage Loans and other assets in the Trust Estate,
then it is intended that (a) this Agreement shall also be deemed to be a
security agreement within the meaning of Articles 8 and 9 of the New York UCC
(or the Relevant UCC if not the New York UCC); (b) the conveyances provided
for in Section 2.01 shall be deemed to be (1) a grant by the Depositor to the
Issuer of a security interest in all of the Depositor's right (including the
power to convey title thereto), title and interest, whether now owned or
hereafter acquired, in and to (A) the Mortgage Loans, including the Mortgage
Notes, the Mortgages, any related insurance policies and all other documents
in the related Mortgage Files, (B) all amounts payable pursuant to the
Mortgage Loans in accordance with the terms thereof and (C) any and all
general intangibles consisting of, arising from or relating to any of the
foregoing, and all proceeds of the conversion, voluntary or involuntary, of
the foregoing into cash, instruments, securities or other property, including
without limitation all Liquidation Proceeds, all Insurance Proceeds, all
amounts from time to time held or invested in the Collection Account, whether
in the form of cash, instruments, securities or other property and (2) an
assignment by the Depositor to the Issuer of any security interest in any and
all of the Depositor's right (including the power to convey title thereto),
title and interest, whether now owned or hereafter acquired, in and to the
property described in the foregoing clauses (1)(A) through (C); (c) the
possession by the Indenture Trustee or any other agent of the Issuer of
Mortgage Notes, and such other items of property as constitute instruments,
money, negotiable documents or chattel paper shall be deemed to be "possession
by the secured party," or possession by a purchaser or a person designated by
such secured party, for purposes of perfecting the security interest pursuant
to the New York UCC and any other Relevant UCC (including, without limitation,
Section 9-313, 8-313 or 8-321 thereof); and (d) notifications to persons
holding such property, and acknowledgments, receipts or confirmations from
persons holding such property, shall be deemed notifications to, or
acknowledgments, receipts or confirmations from, financial intermediaries,
bailees or agents (as applicable) of the Issuer for the purpose of perfecting
such security interest under applicable law.

      (b) The Depositor and, at the Depositor's direction, the Issuer shall,
to the extent consistent with this Agreement, take such reasonable actions as
may be necessary to ensure that, if this Agreement were deemed to create a
security interest in the Mortgage Loans and the other property of the Trust
Estate, such security interest would be deemed to be a perfected security
interest of first priority under applicable law and will be maintained as such
throughout the term of this Agreement. Without limiting the generality of the
foregoing, the Depositor shall prepare and file any UCC financing statements
that are necessary to perfect the Indenture Trustee's security interest in or
lien on the Mortgage Loans, as evidenced by an Officer's Certificate of the
Depositor, and furnish a copy of each such filed financing statement to the
Trust Administrator. The Trust Administrator shall prepare and file, at the
expense of the Issuer, all filings necessary to maintain the effectiveness of
any original filings necessary under the Relevant UCC to perfect the Indenture
Trustee's security interest in or lien on the Mortgage Loans, including
without limitation (x) continuation statements, and (y) to the extent that a
Responsible Officer of the

                                      57
<PAGE>

Trust Administrator has received written notice of such change or transfer,
such other statements as may be occasioned by (1) any change of name of the
Seller, the Depositor or the Issuer, (2) any change of location of the place
of business or the chief executive office of the Seller or the Depositor or
(3) any transfer of any interest of the Seller or the Depositor in any
Mortgage Loan.

      Neither the Depositor nor the Issuer shall organize under the law of
any jurisdiction other than the State under which each is organized as of
the Closing Date (whether changing its jurisdiction of organization or
organizing under an additional jurisdiction) without giving [30] days'
prior written notice of such action to its immediate and mediate
transferee, including the Indenture Trustee.  Before effecting such
change, each of the Depositor or the Issuer proposing to change its
jurisdiction of organization shall prepare and file in the appropriate
filing office any financing statements or other statements necessary to
continue the perfection of the interests of its immediate and mediate
transferees, including the Indenture Trustee, in the Mortgage Loans.  In
connection with the transactions contemplated by this Agreement and the
Indenture, each of the Depositor and the Issuer authorizes its immediate
or mediate transferee to file in any filing office any initial financing
statements, any amendments to financing statements, any continuation
statements, or any other statements or filings described in this Section
2.03(b).

      (c) The Depositor shall not take any action inconsistent with the sale
by the Depositor of all of its right, title and interest in and to the Trust
Estate and shall indicate or shall cause to be indicated in its records and
records held on its behalf that ownership of each Mortgage Loan and the other
property of the Issuer is held by the Issuer. In addition, the Depositor shall
respond to any inquiries from third parties with respect to ownership of a
Mortgage Loan or any other property of the Trust Estate by stating that it is
not the owner of such Mortgage Loan and that ownership of such Mortgage Loan
or other property of the Trust Estate is held by the Issuer on behalf of the
Noteholders.

      Section 2.04. Option to Contribute Derivative Instrument.

      At any time on or after the Closing Date, the Seller shall have the
right to contribute to, and deposit into, the Trust a derivative contract
or comparable instrument (a "Derivative Instrument").  The Derivative
Instrument may have a notional amount in excess of the sum of the
beneficial interests in the Trust.  Any such instrument shall constitute a
fully prepaid agreement.  The Trust Administrator shall have no tax
reporting duties with respect to any such Derivative Instrument.

                                 ARTICLE III

                        REPRESENTATIONS AND WARRANTIES

      Section 3.01. Representations and Warranties of the Depositor and the
Seller.

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

            (i) This Agreement constitutes a legal, valid and binding
      obligation of the Depositor, enforceable against the Depositor in
      accordance with its terms, except as

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<PAGE>

      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in
      effect affecting the enforcement of creditors' rights in general and
      except as such enforceability may be limited by general principles of
      equity (whether considered in a proceeding at law or in equity);

            (ii) Immediately prior to the transfer by the Depositor to the
      Trust Estate of each Mortgage Loan, the Depositor had good and equitable
      title to each Mortgage Loan (insofar as such title was conveyed to it by
      the Seller) subject to no prior lien, claim, participation interest,
      mortgage, security interest, pledge, charge or other encumbrance or
      other interest of any nature;

            (iii) As of the Closing Date, the Depositor has transferred all
      right, title and interest in the Initial Mortgage Loans to the Trust
      Estate;

            (iv) As of the Subsequent Transfer Date, the Depositor has
      transferred all right, title and interest in the Subsequent Mortgage
      Loans to the Trust Estate

            (v) The Depositor has not transferred the Mortgage Loans to the
      Trust Estate with any intent to hinder, delay or defraud any of its
      creditors;

            (vi) The Depositor has been duly organized and is validly existing
      as a corporation in good standing under the laws of the State of
      Delaware, with full power and authority to own its assets and conduct
      its business as presently being conducted; and

      (b) The Seller hereby represents and warrants to the Issuer, the
Indenture Trustee for the benefit of Noteholders, the Trust Administrator, the
Master Servicer and the Depositor as of the Closing Date or such other date as
is specified, that:

            (i) the Seller is a ______________, duly organized validly
      existing and in good standing under the laws of the _____________, and
      has the corporate power to own its assets and to transact the business
      in which it is currently engaged. The Seller is duly qualified to do
      business as a foreign corporation and is in good standing in each
      jurisdiction in which the character of the business transacted by it or
      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 Seller;

            (ii) the Seller has the corporate 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 corporate
      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 Seller enforceable in
      accordance with its terms, except as enforcement of such terms may be
      limited by bankruptcy, insolvency or similar laws affecting the
      enforcement of creditors' rights generally and by the availability of
      equitable remedies;

            (iii) the Seller 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

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<PAGE>

      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
      Seller will not violate any provision of any existing law or
      regulation or any order or decree of any court applicable to the
      Seller or any provision of the articles of incorporation or bylaws
      of the Seller, or constitute a material breach of any mortgage,
      indenture, contract or other agreement to which the Seller is a
      party or by which the Seller may be bound;

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

(vi)  [the Seller has been organized in conformity with the requirements
      for qualification as a REIT; the Seller has filed an election to be
      treated as a REIT for federal income tax purposes; and the Seller
      currently qualifies as, and it proposes to operate in a manner that
      will enable it to continue to qualify as, a REIT.]

      (c) The Seller hereby represents and warrants to the Issuer, the
Indenture Trustee for the benefit of Noteholders, the Trust Administrator, the
Master Servicer and the Depositor as of the Closing Date with respect to the
Initial Mortgage Loans and the Subsequent Transfer Date with respect to the
Subsequent Transfer Date or such other date as is specified, with respect to
the Mortgage Loans, the representations and warranties set forth in Schedule
II of the Mortgage Loan Purchase Agreement.

      (d) To the extent that any fact, condition or event with respect to a
Mortgage Loan constitutes a breach of a representation or warranty of the
Seller under subsection (c) above or the Mortgage Loan Purchase Agreement, the
only right or remedy of the Indenture Trustee or any Certificateholder
hereunder shall be their rights to enforce the obligations of the Seller under
any applicable representation or warranty made by it. The Indenture Trustee on
behalf of the Issuer acknowledges that the Depositor shall have no obligation
or liability with respect to any breach of any representation or warranty with
respect to the Mortgage Loans (except as set forth in Section 3.01(a)(ii))
under any circumstances.

      Section 3.02. Discovery of Breach. It is understood and agreed that the
representations and warranties (i) of the Depositor set forth in Section
3.01(a), (ii) of the Seller set forth in Section 3.01(b) and (c) and (iii) of
the Servicer pursuant to Section 4.05 of this Agreement, shall each survive
delivery of the Mortgage Files and the Assignment of Mortgage of each Mortgage
Loan to the Indenture Trustee and shall continue throughout the term of this
Agreement. With respect to the representations and warranties which are made
to the best of the Seller's knowledge, if it is discovered by the Depositor,
the Seller, the Trust Administrator, the Indenture Trustee, the Master
Servicer, the Underwriters or the Servicer that the substance of such
representation and warranty is inaccurate and such inaccuracy materially and
adversely affects

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<PAGE>

the value of the Mortgage Loans or the interests of the Noteholders or the
Indenture Trustee therein, notwithstanding such Seller's lack of knowledge
with respect to the substance of such representation or warranty, remedies for
breach will apply to such inaccuracy. Any breach of the representation and
warranty set forth in clauses (g), (ss), (tt) and (vv) of Schedule II of the
Mortgage Loan Purchase Agreement shall be deemed to materially and adversely
affect the interest of the Trust in that Mortgage Loan, notwithstanding the
Seller's lack of knowledge with respect to the substance of such
representation and warranty. Upon discovery by any of the Depositor, the
Master Servicer, the Trust Administrator or the Indenture Trustee of a breach
of any of such representations and warranties made by the Seller that
adversely and materially affects the value of the related Mortgage Loan, the
party discovering such breach shall give prompt written notice to the other
parties. Within [60] days of the discovery by the Seller of a breach of any
representation or warranty given to the Indenture Trustee by the Seller or the
Seller's receipt of written notice of such a breach, the Seller shall either
(a) cure such breach in all material respects, (b) repurchase such Mortgage
Loan or any property acquired in respect thereof from the Indenture Trustee at
the Purchase Price or (c) substitute a Qualifying Substitute Mortgage Loan for
the affected Mortgage Loan.

Section 3.03.     Repurchase, Purchase or Substitution of Mortgage Loans.

      (a) With respect to any Mortgage Loan repurchased by the Seller pursuant
to Section 3.02(b) of this Agreement, the principal portion of the funds in
respect of such repurchase of a Mortgage Loan will be considered a Principal
Prepayment and the Purchase Price shall be deposited in the Collection
Account. Upon receipt by the Trust Administrator of the full amount of the
Purchase Price for a Deleted Mortgage Loan and notification thereof has been
made to the Indenture Trustee, or upon receipt of notification from the
Custodian that it had received the Mortgage File for a Qualifying Substitute
Mortgage Loan substituted for a Deleted Mortgage Loan (and any applicable
Substitution Amount), the Indenture Trustee shall release or cause to be
released and reassign to the Depositor or the Seller, as applicable, the
related Mortgage File for the Deleted Mortgage Loan and shall execute and
deliver such instruments of transfer or assignment, in each case without
recourse, representation or warranty, as shall be necessary to vest in such
party or its designee or assignee title to any Deleted Mortgage Loan released
pursuant hereto, free and clear of all security interests, liens and other
encumbrances created by this Agreement and the Indenture, which instruments
shall be prepared by the Servicer and the Indenture Trustee shall have no
further responsibility with respect to the Mortgage File relating to such
Deleted Mortgage Loan.

      (b) With respect to each Qualifying Substitute Mortgage Loan to be
delivered to the Indenture Trustee (or its custodian) in exchange for a
Deleted Mortgage Loan: (i) the Depositor or the Seller, as applicable, must
deliver to the Indenture Trustee (or a Custodian) the Mortgage File for the
Qualifying Substitute Mortgage Loan containing the documents set forth in
Section 2.01(b) along with a written certification certifying as to the
delivery of such Mortgage File and containing the granting language set forth
in Section 2.01(a); and (ii) the Seller and the Depositor will be deemed to
have made, with respect to such Qualifying Substitute Mortgage Loan, each of
the representations and warranties made by it with respect to the related
Deleted Mortgage Loan. As soon as practicable after the delivery of any
Qualifying Substitute Mortgage Loan hereunder, the Indenture Trustee, at the
expense of the Depositor and at the direction and with the cooperation of the
Servicer shall (i) with respect to a Qualifying Substitute Mortgage Loan that
is

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<PAGE>

a Non-MERS Mortgage Loan, cause the Assignment of Mortgage to be recorded
by the Servicer if required pursuant to Section 2.01(c), or (ii) with respect
to a Qualifying Substitute Mortgage Loan that is a MERS Mortgage Loan, cause
to be taken such actions as are necessary to cause the Indenture Trustee (on
behalf of the Issuer) to be clearly identified as the owner of each such
Mortgage Loan on the records of MERS if required pursuant to Section 2.01(c).

                                  ARTICLE IV

                      ADMINISTRATION AND SERVICING OF THE
                        MORTGAGE LOANS BY THE SERVICER

Section 4.01.     Seller's Engagement of Servicer to Perform Servicing
Responsibilities.

      (a) Contract for Servicing; Possession of Servicing Files. The Seller,
as the owner of the servicing rights, by execution and delivery of this
Agreement, does hereby contract with the Servicer for the servicing of the
Mortgage Loans for the benefit of the Issuer and the Indenture Trustee. The
Servicer shall maintain a Servicing File with respect to each Mortgage Loan in
order to service such Mortgage Loans pursuant to this Agreement and each
Servicing File delivered to the Servicer shall be held in trust by the
Servicer for the benefit of the Issuer and the Indenture Trustee; provided,
however, that the Servicer shall not have any liability for any Servicing
Files (or portions thereof) not delivered by the Seller. The Servicer's
possession of any portion of the Mortgage Loan documents shall be at the will
of the Indenture Trustee for the sole purpose of facilitating servicing of the
related Mortgage Loan pursuant to this Agreement, and such retention and
possession by the Servicer shall be in a custodial capacity only. The
ownership of each Mortgage Note, Mortgage, and the contents of the Servicing
File shall be vested in the Indenture Trustee and the ownership of all records
and documents with respect to the related Mortgage Loan prepared by or which
come into the possession of the Servicer shall immediately vest in the
Indenture Trustee and shall be retained and maintained, in trust, by the
Servicer at the will of the Indenture Trustee in such custodial capacity only.
The Servicing File retained by the Servicer pursuant to this Agreement shall
be identified in accordance with the Servicer's file tracking system to
reflect the ownership of the related Mortgage Loan by the Indenture Trustee.
The Servicer shall release from its custody the contents of any Servicing File
retained by it only in accordance with this Agreement.

      (b) Books and Records. All rights arising out of the Mortgage Loans
shall be vested in the Indenture Trustee, subject to the Servicer's rights to
service and administer the Mortgage Loans hereunder in accordance with the
terms of this Agreement. All funds received on or in connection with a
Mortgage Loan, other than the Master Servicing Fee, the Servicing Fee and
other compensation and reimbursement to which the Servicer and the Master
Servicer are entitled as set forth herein, including but not limited to
Section 4.04(c), Section 5.07(e) and Section 5.21 shall be received and held
by them in trust for the benefit of the Indenture Trustee pursuant to the
terms of this Agreement.

            The Servicer shall forward to the Custodian original documents
evidencing an assumption, modification, consolidation or extension of any
Mortgage Loan entered into in accordance with Section 4.02(a) within one
week of their execution; provided, however, that the Servicer shall
provide the Custodian with a Servicer certified true copy of any such
document

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<PAGE>

submitted for recordation within one week of its execution, and
shall provide the original of any document submitted for recordation or a
copy of such document certified by the appropriate public recording office
to be a true and complete copy of the original within [120] days of its
submission for recordation.

Section 4.02.     Servicing of the Mortgage Loans.

      (a) Servicer to Service. The Servicer, acting directly or through one or
more sub-servicers as provided in Section 4.09 shall service and administer
the Mortgage Loans from and after the Closing Date and, except where prior
consent or approval of the Master Servicer is required under this Agreement,
shall have full power and authority, acting alone, to do any and all things in
connection with such servicing and administration which the Servicer may deem
necessary or desirable, consistent with the terms of this Agreement and with
the Servicing Standard.

            Consistent with the terms of this Agreement, the Servicer may
waive, modify or vary any term of any Mortgage Loan or consent to the
postponement of strict compliance with any such term or in any manner
grant indulgence to any Mortgagor, including (i) waiving any late payment
charge and (ii) extending the due dates for payments due on a Mortgage
Note for a period not greater than [120] days; provided, however, that the
maturity of any Mortgage Loan shall not be extended past the date on which
the final payment is due on the latest maturing Mortgage Loan as of the
Cut-off Date.  Such waiver, modification, postponement or indulgence may
be made if in the Servicer's reasonable and prudent determination such
waiver, modification, postponement or indulgence is not materially adverse
to the interests of the Issuer, the Indenture Trustee and the Noteholders;
provided, however, that unless the Servicer has obtained the prior written
consent of the Master Servicer, the Servicer shall not permit any
modification with respect to any Mortgage Loan that would change the
Mortgage Rate, defer or forgive the payment of principal or interest,
reduce or increase the outstanding principal balance (except for actual
payments of principal) or change the final maturity date on such Mortgage
Loan, other than as provided in clauses (i) and (ii) of the immediately
preceding sentence.  In the event of any such modification which permits
the deferral of interest or principal payments on any Mortgage Loan, the
Servicer shall, on the Business Day immediately preceding the Servicer
Remittance Date in any month in which any such principal or interest
payment has been deferred, make an Advance in accordance with Section
4.03(c) in an amount equal to the difference between (a) such month's
principal and one month's interest at the Mortgage Loan Remittance Rate on
the unpaid principal balance of such Mortgage Loan and (b) the amount paid
by the Mortgagor.  The Servicer shall be entitled to reimbursement for
such advances to the same extent as for all other Advances made pursuant
to Section 4.03.  Without limiting the generality of the foregoing, the
Servicer shall continue, and is hereby authorized and empowered, to
execute and deliver on behalf of itself, the Issuer and the Indenture
Trustee, all instruments of satisfaction or cancellation, or of partial or
full release, discharge and all other comparable instruments, with respect
to the Mortgage Loans and with respect to the Mortgaged Properties.  The
Indenture Trustee shall execute and deliver to the Servicer powers of
attorney (on the standard form used by the Indenture Trustee) and other
documents, furnished to it by the Servicer and reasonably satisfactory to
the Indenture Trustee, necessary or appropriate to enable the Servicer to
carry out its servicing and administrative duties under this Agreement;
provided that the Indenture Trustee shall not be liable for the actions of
the Servicer under any such

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<PAGE>

powers of attorney. Promptly after the execution of any assumption,
modification, consolidation or extension of any Mortgage Loan, the Servicer
shall forward to the Master Servicer copies of any documents evidencing such
assumption, modification, consolidation or extension.

            In servicing and administering the Mortgage Loans, the
Servicer shall adhere to the Servicing Standard.  Notwithstanding the
appointment of any sub-servicer pursuant to Section 4.09, the Servicer
shall remain liable for the performance of all of the servicing
obligations and responsibilities under this Agreement.

      (b) Servicer Discretion. In managing the liquidation of defaulted
Mortgage Loans, the Servicer will have sole discretion, subject to the terms
of this Agreement, to sell defaulted Mortgage Loans; provided, however, that
the Servicer shall not take any action that is inconsistent with or prejudices
the interests of the Noteholders in any Mortgage Loan or the rights and
interests of the Depositor, the Indenture Trustee and the Noteholders under
this Agreement.

      (c) Collection and Liquidation of Mortgage Loans. Continuously from the
Closing Date, until the date each Mortgage Loan ceases to be subject to this
Agreement, the Servicer shall proceed diligently to collect all payments due
under each of the Mortgage Loans when the same shall become due and payable
and shall take special care in ascertaining and estimating Escrow Payments and
all other charges that will become due and payable with respect to the
Mortgage Loans and each related Mortgaged Property, to the end that the
installments payable by the Mortgagors will be sufficient to pay such charges
as and when they become due and payable.

            The Servicer shall use its best efforts, consistent with the
Servicing Standard to foreclose upon or otherwise comparably convert the
ownership of such Mortgaged Properties as come into and continue in
default and as to which no satisfactory arrangements can be made for
collection of delinquent payments pursuant to Section 4.02(a).  The
Servicer shall use its best efforts to realize upon defaulted Mortgage
Loans in such a manner as will maximize the receipt of principal and
interest by the Trust, taking into account, among other things, the timing
of foreclosure proceedings.  The foregoing is subject to the provisions
that, in any case in which Mortgaged Property shall have suffered damage,
the Servicer shall not be required to expend its own funds toward the
restoration of such property unless it shall determine in its discretion
(i) that such restoration will increase the proceeds of liquidation of the
related Mortgage Loan to the Issuer after reimbursement to itself for such
expenses, and (ii) that such expenses will be recoverable by the Servicer
through Insurance Proceeds or Liquidation Proceeds from the related
Mortgaged Property.  In the event that any payment due under any Mortgage
Loan and not otherwise postponed, deferred or waived pursuant to Section
4.02 is not paid when the same becomes due and payable, or in the event
the Mortgagor fails to perform any other covenant or obligation under the
Mortgage Loan and such failure continues beyond any applicable grace
period, the Servicer shall take such action as (1) shall be consistent
with the Servicing Standard and (2) the Servicer shall determine prudently
to be in the best interest of the Issuer, the Indenture Trustee and the
Noteholders.  In the event that any payment due under any Mortgage Loan is
not otherwise postponed, deferred or waived pursuant to Section 4.02(a)
and remains delinquent for a period of [105] days or any other default
continues for a period of [105] days beyond the expiration of any grace or
cure period, the Servicer shall commence foreclosure

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proceedings. The Servicer shall notify the Master Servicer in writing of the
commencement of foreclosure proceedings on a monthly basis no later than the
[fifth] Business Day of each month (which notification may be included within
the monthly reports submitted to the Master Servicer under Section 4.03(b)
this Agreement). In such connection, the Servicer shall be responsible for all
costs and expenses incurred by it in any such proceedings; provided, however,
that it shall be entitled to reimbursement thereof from the related Mortgaged
Property, as contemplated in Sections 4.02(e) and 4.02(p) or as otherwise
provided in Section 4.02(e)(4).

            Notwithstanding the generality of the preceding paragraph, the
Servicer shall take such actions generally in accordance with the
Servicer's established default timeline and in accordance with the
Servicing Standard with respect to each Mortgage Loan and Mortgagor for
which there is a delinquency until such time as the related Mortgagor is
current with all payments due under the Mortgage Loan.

      (d) Establishment of and Deposits to Custodial Account.

            (i) The Servicer shall segregate and hold all funds collected and
      received pursuant to the Mortgage Loans separate and apart from any of
      its own funds and general assets and shall initially establish and
      maintain one or more Custodial Accounts, in the form of time deposit or
      demand accounts, each of which accounts shall be titled
      "_________________________ in trust for
      ____________________________________, as Indenture Trustee, for ______
      Mortgage Investment Trust 200_-__ Asset-Backed Notes, Series 200_-__"
      and referred to herein as a "Custodial Account." Each Custodial Account
      shall be an Eligible Account. Any funds deposited in the Custodial
      Account may be invested in Eligible Investments subject to the
      provisions of Section 4.02(j) hereof. Funds deposited in the Custodial
      Account may be drawn on by the Servicer in accordance with Section
      4.02(e) hereof. The creation of any Custodial Account shall be evidenced
      by a letter agreement in the form of Exhibit E hereto. A copy of such
      certification or letter agreement shall be furnished to the Indenture
      Trustee, the Master Servicer and, upon request, to any subsequent owner
      of the Mortgage Loans. The Servicer shall deposit or cause to be
      deposited into the Custodial Account, no later than the Business Day
      following the Closing Date, any amounts received with respect to the
      Mortgage Loans representing Scheduled Payments on the Mortgage Loans due
      after the Cut-off Date and unscheduled payments received on or after the
      Cut-off Date and on or before the Closing Date.

            (ii) The Servicer shall deposit in the Custodial Account on a
      daily basis, but not more than [two] Business Days after receipt by the
      Servicer and retain therein, the following collections received by the
      Servicer and payments made by the Servicer after the related Cut-off
      Date (other than scheduled payments of principal and interest due on or
      before the related Cut-off Date), as applicable:

                        (1) all payments on account of principal on the
                  Mortgage Loans, including all Principal Prepayments and all
                  Prepayment Premiums;

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<PAGE>

                        (2) all payments on account of interest on the
                  Mortgage Loans adjusted to the Mortgage Loan Remittance
                  Rate;

                        (3) all Liquidation Proceeds (net of Liquidation
                  Expenses);

                        (4) all Insurance Proceeds including amounts required
                  to be deposited pursuant to Section 4.02(k) (other than
                  proceeds to be held in the Escrow Account and applied to the
                  restoration and repair of the Mortgaged Property or released
                  to the Mortgagor in accordance with Section 4.02(k));

                        (5) all Condemnation Proceeds that are not applied to
                  the restoration or repair of the Mortgaged Property or
                  released to the Mortgagor in accordance with Section
                  4.02(o);

                        (6) with respect to each Principal Prepayment in full
                  or in part, the Prepayment Interest Shortfall Amount, if
                  any, for the month of payment. Such deposit shall be made
                  from the Servicer's own funds, without reimbursement
                  therefor, up to a maximum amount per month in the aggregate
                  of the Servicing Fee, actually received for such month for
                  the Mortgage Loans;

                        (7) all Advances made by the Servicer pursuant to
                  Section 4.03(c);

                        (8) any amounts received from the Seller, the
                  Depositor or any other person giving representations and
                  warranties with respect to the Mortgage Loans, in connection
                  with the repurchase of any Mortgage Loan;

                        (9) any amounts required to be deposited by the
                  Servicer pursuant to Section 4.02(k) in connection with the
                  deductible clause in any blanket hazard insurance policy;

                        (10) any amounts received with respect to or related
                  to any REO Property or REO Disposition Proceeds pursuant to
                  Section 4.02(p); and

                        (11) any other amounts required to be deposited in the
                  Custodial Account pursuant to this Agreement.

            The  foregoing  requirements  for  deposit  into  the  Custodial
      Account  shall be  exclusive,  it being  understood  and agreed  that,
      without  limiting the  generality  of the  foregoing,  payments in the
      nature of the Servicing Fee,  Prepayment  Interest  Excess Amounts and
      Ancillary  Income  need  not be  deposited  by the  Servicer  into the
      Custodial  Account.  Any  interest  paid  on  funds  deposited  in the
      Custodial  Account  by the  depository  institution  maintaining  such
      account  shall  accrue to the benefit of the Servicer

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<PAGE>

      and the Servicer shall be entitled to retain and withdraw such interest
      from the Custodial Account pursuant to Section 4.02(e). Additionally,
      any other benefit derived from the Custodial Account associated with the
      receipt, disbursement and accumulation of principal, interest, taxes,
      hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

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

            (iv) The Servicer shall be responsible for reviewing and
      reconciling each Custodial Account and Escrow Account in accordance with
      industry standards of prudent residential mortgage loan servicers, and
      shall act promptly to resolve any discrepancies in any such account. The
      Servicer shall be responsible and liable for all expenses incurred by
      the other parties hereto resulting from, and all consequences for, the
      Servicer's failure to properly and promptly reconcile each such account.

      (e) Permitted Withdrawals from Custodial Account.

            The Servicer shall,  from time to time,  withdraw funds from the
      Custodial Account for the following purposes:

                              (1) to make payments to the Master Servicer in
                        the amounts and in the manner provided for in Section
                        4.03(a);

                              (2) in the event the Servicer has elected not to
                        retain the Servicing Fee out of any Mortgagor payments
                        on account of interest or other recovery of interest
                        with respect to a particular Mortgage Loan (including
                        late collections of interest on such Mortgage Loan, or
                        interest portions of Insurance Proceeds, Liquidation
                        Proceeds or Condemnation Proceeds) prior to the
                        deposit of such Mortgagor payment or recovery into the
                        Custodial Account, to pay to itself the related
                        Servicing Fee from all such Mortgagor payments on
                        account of interest or other such recovery for
                        interest with respect to that Mortgage Loan;

                              (3) to reimburse itself for unreimbursed
                        Advances and Servicing Advances, the Servicer's right
                        to reimburse itself pursuant to this subclause (3)
                        with respect to any Mortgage Loan being limited to
                        related Liquidation Proceeds (net of Liquidation
                        Expenses), Condemnation Proceeds, Insurance Proceeds,
                        REO Disposition Proceeds and other amounts received in
                        respect of

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<PAGE>

                        the related REO Property, and such other amounts as
                        may be collected by the Servicer from the Mortgagor or
                        otherwise relating to such Mortgage Loan, it being
                        understood that, in the case of any such
                        reimbursement, the Servicer's right thereto shall be
                        prior to the rights of the Noteholders;

                              (4) to reimburse itself for any previously
                        unreimbursed Advances or Servicing Advances that it
                        determines are Nonrecoverable Advances, it being
                        understood, in the case of each such reimbursement,
                        that the Servicer's right thereto shall be prior to
                        the rights of the Noteholders;

                              (5) to pay itself investment earnings on funds
                        deposited in the Custodial Account;

                              (6) to transfer funds to another Eligible
                        Account in accordance with Section 4.02(j) hereof;

                              (7) to invest funds in certain Eligible
                        Investments in accordance with Section 4.02(d)(i) and
                        Section 4.02(j) hereof;

                              (8) to withdraw funds deposited in error;

                              (9) to clear and terminate the Custodial Account
                        upon the termination of this Agreement; and

                              (10) to pay itself any Prepayment Interest
                        Excess Amount.

      (f) Establishment of and Deposits to Escrow Account. The Servicer shall
segregate and hold all funds collected and received pursuant to a Mortgage
Loan constituting Escrow Payments separate and apart from any of its own funds
and general assets and shall establish and maintain one or more Escrow
Accounts, in the form of time deposit or demand accounts, titled
"_________________________ in trust for ____________________________________,
as Indenture Trustee, for ______ Mortgage Investment Trust 200_-__." The
Escrow Accounts shall be established with an Eligible Institution. Nothing
herein shall require the Servicer to compel a Mortgagor to establish an Escrow
Account in violation of applicable law. Funds deposited in the Escrow Account
may be drawn on by the Servicer in accordance with Section 4.02(g). The
creation of any Escrow Account shall be evidenced by a letter agreement in the
form of Exhibit F hereto. A copy of such certification or letter agreement
shall be furnished to the Master Servicer.

            The Servicer shall deposit in the Escrow Account or Accounts
on a daily basis, and retain therein:

            (i) all Escrow Payments collected on account of the Mortgage
      Loans, for the purpose of effecting timely payment of any such items as
      required under the terms of this Agreement; and

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<PAGE>

            (ii) all amounts representing Insurance Proceeds or Condemnation
      Proceeds which are to be applied to the restoration or repair of any
      Mortgaged Property.

            The Servicer shall make withdrawals from the Escrow Account
only to effect such payments as are required under this Agreement, as set
forth in Section 4.02(g).  The Servicer shall be entitled to retain any
interest earnings paid on funds deposited in the Escrow Account by the
depository institution, other than interest on escrowed funds required by
law to be paid to the Mortgagor.  To the extent required by law, the
Servicer shall pay interest on escrowed funds to the Mortgagor
notwithstanding that the Escrow Account may be non-interest bearing or the
interest earnings paid thereon are insufficient for such purposes.

      (g) Permitted Withdrawals from Escrow Account. Withdrawals from the
Escrow Account or Accounts may be made by the Servicer only:

            (i) to effect timely payments of ground rents, taxes, assessments,
      water rates, mortgage insurance premiums, condominium charges, fire and
      hazard insurance premiums or other items constituting Escrow Payments
      for the related Mortgage;

            (ii) to reimburse the Servicer for any Servicing Advance of an
      Escrow Payment made by the Servicer with respect to a related Mortgage
      Loan, but only from amounts received on the related Mortgage Loan which
      represent late collections of Escrow Payments thereunder;

            (iii) to refund to any Mortgagor any funds found to be in excess
      of the amounts required to be escrowed under the terms of the related
      Mortgage Loan;

            (iv) to the extent permitted by applicable law, for transfer to
      the Custodial Account and application to reduce the principal balance of
      the Mortgage Loan in accordance with the terms of the related Mortgage
      and Mortgage Note;

            (v) for application to restoration or repair of the Mortgaged
      Property in accordance with Section 4.02(o);

            (vi) to pay to the Servicer, or any Mortgagor to the extent
      required by law, any interest paid on the funds deposited in the Escrow
      Account; and

            (vii) to clear and terminate the Escrow Account on the termination
      of this Agreement.

            The Servicer will be responsible for the administration of the
Escrow Accounts and will be obligated to make Servicing Advances to the
Escrow Account in respect of its obligations under this 4.02(g),
reimbursable from the Escrow Accounts or Custodial Account to the extent
not collected from the related Mortgagor, anything to the contrary
notwithstanding, when and as necessary to avoid the lapse of insurance
coverage on the Mortgaged Property, or which the Servicer knows, or in
servicing the Mortgage Loans in accordance with the Servicing Standard
should know, is necessary to avoid the loss of the Mortgaged Property due
to a tax sale or the foreclosure as a result of a tax lien.  If any such
payment has not been made and the Servicer receives notice of a tax lien
with respect to the Mortgage being imposed, the Servicer

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<PAGE>

will advance or cause to be advanced funds (which will constitute a Servicing
Advance) necessary to discharge such lien on the Mortgaged Property in order
to prevent loss of title to the Mortgaged Property.

      (h) Notification of Adjustments. With respect to each Mortgage Loan, the
Servicer shall adjust the Mortgage Rate on the related interest rate
adjustment date and shall adjust the Scheduled Payment on the related mortgage
payment adjustment date, if applicable, in compliance with the requirements of
applicable law and the related Mortgage and Mortgage Note. The Servicer shall
execute and deliver any and all necessary notices required under applicable
law and the terms of the related Mortgage Note and Mortgage regarding the
Mortgage Rate and Scheduled Payment adjustments. The Servicer shall promptly,
upon written request therefor, deliver to the Master Servicer such
notifications and any additional applicable data regarding such adjustments
and the methods used to calculate and implement such adjustments. Upon the
discovery by the Servicer or the receipt of notice from the Master Servicer
that the Servicer has failed to adjust a Mortgage Rate or Scheduled Payment in
accordance with the terms of the related Mortgage Note, the Servicer shall
immediately deposit in the Custodial Account from its own funds the amount of
any interest loss or deferral caused the Seller thereby.

      (i) Payment of Taxes, Insurance and Other Charges.

            (i) With respect to each Mortgage Loan which provides for Escrow
      Payments, the Servicer shall maintain accurate records reflecting the
      status of ground rents, taxes, assessments, water rates, sewer rents,
      and other charges which are or may become a lien upon the Mortgaged
      Property and the status of fire and hazard insurance coverage and shall
      obtain, from time to time, all bills for the payment of such charges
      (including renewal premiums) ("Property Charges") and shall effect
      payment thereof prior to the applicable penalty or termination date,
      employing for such purpose deposits of the Mortgagor in the Escrow
      Account which shall have been estimated and accumulated by the Servicer
      in amounts sufficient for such purposes, as allowed under the terms of
      the Mortgage. The Servicer shall effect timely payment of all such
      charges (which will constitute Servicing Advances) irrespective of each
      Mortgagor's faithful performance in the payment of the same or the
      making of the Escrow Payments if necessary to avoid a lien or loss on
      the Mortgaged Property.

            (ii) To the extent that a Mortgage does not provide for Escrow
      Payments, the Servicer shall make Servicing Advances from its own funds
      to effect payment of all Property Charges upon receipt of notice of any
      failure to pay on the part of the Mortgagor, or at such other time as
      the Servicer determines to be in the best interest of the Trust;
      provided, that in any event the Servicer shall pay such charges on or
      before any date by which payment is necessary to preserve the lien
      status of the Mortgage. The Servicer shall pay any late fee or penalty
      (which will constitute Servicing Advances) which is payable due to any
      delay in payment of any Property Charge and necessary to avoid a lien on
      or loss on Mortgage Property.

      (j) Protection of Accounts. The Servicer may transfer the Custodial
Account or the Escrow Account to a different Eligible Institution from time to
time. Such transfer shall be made only upon obtaining the consent of the
Master Servicer, which consent shall not be withheld

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<PAGE>

unreasonably, and the Servicer shall give notice to the Master Servicer and
the Indenture Trustee of any change in the location of the Custodial Account.

            The Servicer shall bear any expenses, losses or damages
sustained by the Master Servicer or the Indenture Trustee if the Custodial
Account and/or the Escrow Account are not Eligible Accounts.

            Amounts on deposit in the Custodial Account may be invested at
the option of the Servicer, but only in Eligible Investments.  Any such
Eligible Investment with respect to the Custodial Account shall mature no
later than [two] Business Days prior to the Servicer Remittance Date in
each month; provided, however, that if such Eligible Investment is an
obligation of an Eligible Institution (other than the Servicer) that
maintains the Custodial Account, then such Eligible Investment may mature
on the related Servicer Remittance Date.  Any such Eligible Investment
shall be made in the name of the Servicer in trust for the benefit of the
Indenture Trustee.  All income on or gain realized from any such Eligible
Investment shall be for the benefit of the Servicer and may be withdrawn
at any time by the Servicer.  Any losses incurred in respect of any such
investment shall be deposited in the Custodial Account by the Servicer out
of its own funds immediately as realized.  If, at any time, the amount on
deposit in the Custodial Account exceeds the amount of the applicable FDIC
insurance, such excess above the amount of the applicable FDIC insurance
shall be invested in Eligible Investments.

      (k) Maintenance of Hazard Insurance. The Servicer shall cause to be
maintained for each Mortgage Loan hazard insurance such that all buildings
upon the related Mortgaged Property are insured by a generally acceptable
insurer acceptable under the Servicing Standard against loss by fire, hazards
of extended coverage and such other hazards as are customary in the area where
the Mortgaged Property is located, in an amount which is at least equal to the
lesser of (i) the replacement value of the improvements securing such Mortgage
Loan and (ii) the greater of (a) the outstanding principal balance of the
Mortgage Loan plus accrued interest thereon and the good faith estimate of the
Servicer of the related Liquidation Expenses to be incurred in connection
therewith and (b) an amount such that the proceeds thereof shall be sufficient
to prevent the Mortgagor or the loss payee from becoming a co-insurer. The
Servicer shall be under no obligation to require any Mortgagor to obtain
earthquake or other additional insurance and shall be under no obligation
itself to maintain any such additional insurance on property acquired in
respect of a Mortgage Loan, other than pursuant to such applicable laws and
regulations as shall at any time be in force and as shall require such
additional insurance.

            If upon origination of the Mortgage Loan the related Mortgaged
Property was located in an area identified in the Federal Register by the
Flood Emergency Management Agency as having special flood hazards (and
such flood insurance has been made available), a flood insurance policy
meeting the requirements of the current guidelines of the Federal
Insurance Administration shall be in effect with a generally acceptable
insurance carrier acceptable under the Servicing Standard in an amount
representing coverage equal to the lesser of (i) the minimum amount
required, under the terms of coverage, to compensate for any damage or
loss on a replacement cost basis (or the unpaid balance of the mortgage if
replacement cost coverage is not available for the type of building
insured) and (ii) the maximum amount of insurance which is available under
the Flood Disaster Protection Act of 1973, as amended. If at any time
during the term of the Mortgage Loan, the Servicer determines in
accordance with

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<PAGE>

applicable law and pursuant to the Servicing Standard that a Mortgaged
Property is located in a special flood hazard area and is not covered by flood
insurance or is covered in an amount less than the amount required by the
Flood Disaster Protection Act of 1973, as amended, the Servicer shall notify
the related Mortgagor that the Mortgagor must obtain such flood insurance
coverage, and if said Mortgagor fails to obtain the required flood insurance
coverage within [thirty] days after such notification, the Servicer shall
immediately force place the required flood insurance on the Mortgagor's
behalf.

            The Servicer shall cause to be maintained on each Mortgaged
Property such other or additional insurance as may be required pursuant to
such applicable laws and regulations as shall at any time be in force and
as shall require such additional insurance, or pursuant to the
requirements of any private mortgage guaranty insurer, or as may be
required to conform with the Servicing Standard.

            In the event that the Master Servicer or the Servicer shall
determine that the Mortgaged Property should be insured against loss or
damage by hazards and risks not covered by the insurance required to be
maintained by the Mortgagor pursuant to the terms of the Mortgage, the
Servicer shall communicate and consult with the Mortgagor with respect to
the need for such insurance and bring to the Mortgagor's attention the
desirability of protection of the Mortgaged Property.

            All policies required hereunder shall name the Servicer as
loss payee and shall be endorsed with standard or union mortgagee clauses,
without contribution, which shall provide for at least [30] days' prior
written notice of any cancellation, reduction in amount or material change
in coverage.

            The Servicer shall not interfere with the Mortgagor's freedom
of choice in selecting either his insurance carrier or agent; provided,
however, that the Servicer shall not accept any such insurance policies
from insurance companies unless such companies are generally acceptable
under the Servicing Standard.  The Servicer shall determine that such
policies provide sufficient risk coverage and amounts, that they insure
the property owner, and that they properly describe the property address.
The Servicer shall notify the Mortgagor of the expiration of any such
insurance and, prior to force placing any insurance, will permit the
Mortgagor a grace period (not to exceed [60] days) to obtain renewal
coverage.

            Pursuant to Section 4.02(d), any amounts collected by the
Servicer under any such policies (other than amounts to be deposited in
the Escrow Account and applied to the restoration or repair of the related
Mortgaged Property, or property acquired in liquidation of the Mortgage
Loan, or to be released to the Mortgagor, in accordance with the Servicer's
normal servicing procedures) shall be deposited in the Custodial Account
subject to withdrawal pursuant to Section 4.02(e).

      (l) Maintenance of Mortgage Impairment Insurance. In the event that the
Servicer shall obtain and maintain a blanket policy insuring against losses
arising from fire and hazards covered under extended coverage on all of the
Mortgage Loans, then, to the extent such policy provides coverage in an amount
equal to the amount required pursuant to Section 4.02(k) and otherwise
complies with all other requirements of Section 4.02(k), it shall conclusively
be

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<PAGE>

deemed to have satisfied its obligations as set forth in Section 4.02(k).
Any amounts collected by the Servicer under any such policy relating to a
Mortgage Loan shall be deposited in the Custodial Account subject to
withdrawal pursuant to Section 4.02(e). Such policy may contain a deductible
clause, in which case, in the event that there shall not have been maintained
on the related Mortgaged Property a policy complying with Section 4.02(k), and
there shall have been a loss which would have been covered by such policy, the
Servicer shall deposit in the Custodial Account at the time of such loss the
amount not otherwise payable under the blanket policy because of such
deductible clause, such amount to deposited from the Servicer's funds, without
reimbursement therefor. Upon request of the Master Servicer or the Indenture
Trustee, the Servicer shall cause to be delivered to such person a certified
true copy of such policy and a statement from the insurer thereunder that such
policy shall in no event be terminated or materially modified without [30]
days' prior written notice to the Master Servicer and the Indenture Trustee.

      (m) Maintenance of Fidelity Bond and Errors and Omissions Insurance. The
Servicer shall maintain with responsible companies, at its own expense, a
blanket Fidelity Bond and an Errors and Omissions Insurance Policy, with broad
coverage on all officers, employees or other persons acting in any capacity
requiring such persons to handle funds, money, documents or papers relating to
the Mortgage Loans ("Servicer Employees"). Any such Fidelity Bond and Errors
and Omissions Insurance Policy shall be in the form of the Mortgage Banker's
Blanket Bond and shall protect and insure the Servicer against losses,
including forgery, theft, embezzlement, fraud, errors and omissions and
negligent acts of such Servicer Employees. Such Fidelity Bond and Errors and
Omissions Insurance Policy also shall protect and insure the Servicer against
losses in connection with the release or satisfaction of a Mortgage Loan
without having obtained payment in full of the indebtedness secured thereby.
No provision of this Section 4.02(m) requiring such Fidelity Bond and Errors
and Omissions Insurance Policy shall diminish or relieve the Servicer from its
duties and obligations as set forth in this Agreement. The minimum coverage
under any such bond and insurance policy shall be at least equal to the
coverage amounts which are acceptable for the Servicer as determined by Fannie
Mae and Freddie Mac. Upon the request of the Master Servicer or the Indenture
Trustee, the Servicer shall cause to be delivered to such party a certified
true copy of such fidelity bond and insurance policy and a statement from the
surety and the insurer that such fidelity bond and insurance policy shall in
no event be terminated or materially modified without [30] days' prior written
notice to the Master Servicer and the Indenture Trustee.

      (n) Inspections. The Servicer shall inspect the Mortgaged Property as
often as deemed necessary by the Servicer to assure itself that the value of
the Mortgaged Property is being preserved. In addition, the Servicer shall
inspect the Mortgaged Property and/or take such other actions as may be
necessary or appropriate in accordance with the Servicing Standard or as may
be required by the primary mortgage guaranty insurer. The Servicer shall keep
a written report of each such inspection.

      (o) Restoration of Mortgaged Property. The Servicer need not obtain the
approval of the Master Servicer or the Indenture Trustee prior to releasing
any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied
to the restoration or repair of the Mortgaged Property if such release is in
accordance with the Servicing Standard. At a minimum,

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<PAGE>

the Servicer shall comply with the following conditions in connection with any
such release of Insurance Proceeds or Condemnation Proceeds:

            (i) the Servicer shall receive satisfactory independent
      verification of completion of repairs and issuance of any required
      approvals with respect thereto;

            (ii) the Servicer shall take all steps necessary to preserve the
      priority of the lien of the Mortgage, including, but not limited to
      requiring waivers with respect to mechanics' and materialmen's liens;
      and

            (iii) pending repairs or restoration, the Servicer shall place the
      Insurance Proceeds or Condemnation Proceeds in the Escrow Account.

      (p) Title, Management and Disposition of REO Property. In the event that
title to any Mortgaged Property is acquired in foreclosure or by deed in lieu
of foreclosure, the deed or certificate of sale shall be taken in the name of
the Indenture Trustee or its nominee (which shall include the Servicer) in
trust for the benefit of the Noteholders, or in the event the Indenture
Trustee is not authorized or permitted to hold title to real property in the
state where the REO Property is located, or would be adversely affected under
the "doing business" or tax laws of such state by so holding title, the deed
or certificate of sale shall be taken in the name of such Person or Persons as
shall be consistent with an Opinion of Counsel obtained by the Servicer (with
a copy delivered to the Indenture Trustee) from any attorney duly licensed to
practice law in the state where the REO Property is located. The Person or
Persons holding such title other than the Indenture Trustee shall acknowledge
in writing that such title is being held as nominee for the Indenture Trustee.

            The Servicer shall manage, conserve, protect and operate each
REO Property for the Indenture Trustee solely for the purpose of its
prompt disposition and sale.  The Servicer, either itself or through an
agent selected by the Servicer, shall manage, conserve, protect and
operate the REO Property in the same manner that it manages, conserves,
protects and operates other foreclosed property for its own account, and
in the same manner that similar property in the same locality as the REO
Property is managed.  The Servicer shall attempt to sell the same (and may
temporarily rent the same for a period not greater than one year, except
as otherwise provided below) on such terms and conditions as the Servicer
deems to be in the best interest of the Issuer, the Indenture Trustee and
the Noteholders.

            If the Servicer hereafter becomes aware that a Mortgaged
Property is an Environmental Problem Property, the Servicer will notify
the Master Servicer of the existence of the Environmental Problem
Property.  Additionally, the Servicer shall set forth in such notice a
description of such problem, a recommendation to the Master Servicer
relating to the proposed action regarding the Environmental Problem
Property, and the Servicer shall carry out the recommendation set forth in
such notice.  Notwithstanding the foregoing, the Servicer shall obtain the
Master Servicer's prior written consent to any expenditures proposed to
remediate Environmental Problem Properties or to defend any claims
associated with Environmental Problem Properties if such expenses, in the
aggregate, are expected to exceed $[100,000].  Failure to provide written
notice of disapproval of the expenditure within [five] Business Days of
receipt of such request for prepaid expenditures shall be deemed an
approval of such

                                      74
<PAGE>

expenditure. If the Servicer has received reliable instructions to the effect
that a Mortgaged Property is an Environmental Problem Property (e.g., Servicer
obtains a broker's price opinion which reveals the potential for such
problem), the Servicer will not accept a deed-in-lieu of foreclosure upon any
such Mortgaged Property without first obtaining a preliminary environmental
investigation for that Mortgaged Property.

            The Servicer shall also maintain on each REO Property fire and
hazard insurance with extended coverage in amount which is at least equal
to the maximum insurable value of the improvements which are a part of
such property and, to the extent required and available under the Flood
Disaster Protection Act of 1973, as amended, flood insurance in the amount
required above, which may be in the form of a blanket policy.  Any amounts
collected by the Servicer under any such policy relating to a Mortgage
Loan shall be deposited in the Custodial Account subject to withdrawal
pursuant to Section 4.02(e).  Such policy may contain a deductible clause,
in which case, in the event that there shall not have been maintained on
the related Mortgaged Property a policy complying with Section 4.02(k),
and there shall have been a loss which would have been covered by such
policy, the Servicer shall deposit in the Custodial Account at the time of
such loss the amount not otherwise payable under the blanket policy
because of such deductible clause, such amount to deposited from the
Servicer's funds, without reimbursement therefor.

            The proceeds of sale of the REO Property shall be promptly
deposited in the Custodial Account.  As soon as practical thereafter the
expenses of such sale shall be paid and the Servicer shall reimburse
itself pursuant to Section 4.02(e) for any related unreimbursed Servicing
Advances, unpaid Servicing Fees and unreimbursed advances made pursuant to
this Section or Section 4.03.

            The Servicer shall make Servicing Advances of all funds
necessary for the proper operation, management and maintenance of the REO
Property, including the cost of maintaining any hazard insurance pursuant
to Section 4.02(k), such advances to be reimbursed from the disposition or
liquidation proceeds of the REO Property or pursuant to Section
4.02(e)(4).  The Servicer shall make monthly remittances on each Servicer
Remittance Date to the Master Servicer of the net cash flow from the REO
Property (which shall equal the revenues from such REO Property net of the
expenses described in this Section 4.02(p) and of any reserves reasonably
required from time to time to be maintained to satisfy anticipated
liabilities for such expenses).

      (q) Real Estate Owned Reports. Together with the statement furnished
pursuant to Section 4.03(b), the Servicer shall furnish to the Master Servicer
on or before the [18th] calendar day in each month a statement with respect to
any REO Property covering the operation of such REO Property for the previous
month and the Servicer's efforts in connection with the sale of such REO
Property and any rental of such REO Property incidental to the sale thereof
for the previous month. That statement shall be accompanied by such other
information as the Master Servicer shall reasonably request.

      (r) Liquidation Reports. Upon the foreclosure sale of any Mortgaged
Property or the acquisition thereof by the Indenture Trustee pursuant to a
deed in lieu of foreclosure, the Servicer

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<PAGE>

shall submit to the Indenture Trustee and the Master Servicer a monthly
liquidation report with respect to such Mortgaged Property.

      (s) Reports of Foreclosures and Abandonments of Mortgaged Property.
Following the foreclosure sale or abandonment of any Mortgaged Property, the
Servicer shall report such foreclosure or abandonment as required pursuant to
Section 6050J of the Code.

      (t) Prepayment Premiums. The Servicer or any designee of the Servicer
shall not waive any Prepayment Premium with respect to any Mortgage Loan that
contains a Prepayment Premium and that prepays during the term of the premium.
If the Servicer or its designee fails to collect the Prepayment Premium upon
any prepayment of any Mortgage Loan that contains a Prepayment Premium, the
Servicer shall pay to the Master Servicer or the Trust Administrator at such
time (by deposit to the Custodial Account) an amount equal to amount of the
Prepayment Premium that was not collected. Notwithstanding the above, the
Servicer or its designee may waive a Prepayment Premium without paying the
Issuer the amount of the Prepayment Premium if (i) the Mortgage Loan is in
default (defined as [61] days or more delinquent) and such waiver would
maximize recovery of total proceeds taking into account the value of such
Prepayment Premium and the related Mortgage Loan or (ii) if the prepayment is
not a result of a refinancing by the Servicer or any of its affiliates and the
Mortgage Loan is foreseen to be in default and such waiver would maximize
recovery of total proceeds taking into account the value of such Prepayment
Premium and the related Mortgage Loan or (iii) the collection of the
Prepayment Premium would be in violation of applicable federal, state or local
laws or would be deemed "predatory" thereunder.

      (u) Compliance with Safeguarding Customer Information Requirements. The
Servicer has implemented and will maintain security measures designed to meet
the objectives of the Interagency Guidelines Establishing Standards for
Safeguarding Customer Information published in final form on February 1, 2001,
66 Fed. Reg. 8616, and the rules promulgated thereunder, as amended from time
to time (the "Guidelines").

      (v) Presentment of Claims and Collection of Proceeds. The Servicer shall
prepare and present on behalf of the Indenture Trustee and the Noteholders all
claims under the Insurance Policies with respect to the Mortgage Loans, and
take such actions (including the negotiation, settlement, compromise or
enforcement of the insured's claim) as shall be necessary to realize recovery
under such policies. Any proceeds disbursed to the Servicer in respect of such
policies or bonds shall be promptly deposited in the Custodial Account upon
receipt, except that any amounts realized that are to be applied to the repair
or restoration of the related Mortgaged Property as a condition requisite to
the presentation of claims on the related Mortgage Loan to the insurer under
any applicable Insurance Policy need not be so deposited (or remitted).

      (w) Purchase of Defaulted Mortgage Loans. The Servicer, in its sole
discretion, shall have the right to elect (by written notice sent to the
Indenture Trustee and the Trust Administrator) to purchase for its own account
from the Trust Estate any Mortgage Loan that is [90] days or more Delinquent
at a price equal to the Purchase Price; provided, however, that the Servicer
may only exercise this right on or after the last day of the calendar month in
which such Mortgage Loan became [90] days Delinquent (such month, the
"Eligible Purchase Month"); provided further, that any such Mortgage Loan
which becomes current but thereafter becomes

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<PAGE>

Delinquent may only be purchased by the Servicer pursuant to this Section
4.02(w) in any ensuing Eligible Purchase Month. The principal portion of the
funds in respect of such purchase of a Mortgage Loan will be considered a
Principal Prepayment and the Purchase Price shall be deposited in the
Collection Account. Upon receipt by the Trust Administrator of the full amount
of the Purchase Price for such Mortgage Loan and notification thereof has been
made to the Indenture Trustee, the Indenture Trustee shall release or cause to
be released and reassign to the Servicer the related Mortgage File for such
Mortgage Loan and shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, representation or warranty, as
shall be necessary to vest in such party or its designee or assignee title to
any such Mortgage Loan released pursuant hereto, free and clear of all
security interests, liens and other encumbrances created by this Agreement and
the Indenture, which instruments shall be prepared by the Servicer and the
Indenture Trustee shall have no further responsibility with respect to the
Mortgage File relating to such [90] days Delinquent Mortgage Loan purchased by
the Seller.

      Section 4.03. Payments To the Master Servicer.

      (a) Remittances. On each Servicer Remittance Date, the Servicer shall
remit on a scheduled/scheduled basis by wire transfer of immediately available
funds to the Master Servicer (a) all amounts deposited in the Custodial
Account as of the close of business on the last day of the related Collection
Period (net of charges against or withdrawals from the Custodial Account
pursuant to Section 4.02(e)), plus (b) all Advances, if any, which the
Servicer is obligated to make pursuant to Section 4.03(c), minus (c) any
amounts attributable to Principal Prepayments, Liquidation Proceeds, Insurance
Proceeds, Condemnation Proceeds or REO Disposition Proceeds received after the
applicable Prepayment Period, which amounts shall be remitted on the following
Servicer Remittance Date, together with any Compensating Interest required to
be deposited in the Custodial Account in accordance with Section
4.02(d)(ii)(6) and Section 4.04(c), and minus (d) any amounts attributable to
Scheduled Payments collected but due on a Due Date or Due Dates subsequent to
the first day of the month in which such Servicer Remittance Date occurs,
which amounts shall be remitted on the Servicer Remittance Date next
succeeding the Due Date related to such Scheduled Payment.

            With respect to any remittance received by the Master Servicer
after the Servicer Remittance Date on which such remittance was due as
provided above, the Servicer shall pay to the Master Servicer interest on
any such late remittance at an annual rate equal to the Prime Rate,
adjusted as of the date of each change, plus three percentage points, but
in no event greater than the maximum amount permitted by applicable law.
Such interest shall be deposited in the Custodial Account by the Servicer
on the date such late remittance is made and shall cover the period
commencing with the day following such Servicer Remittance Date and ending
with the Business Day on which such remittance is made, both inclusive.
The payment by the Servicer of any such interest shall not be deemed an
extension of time for payment or a waiver of any Servicer Event of Default
by the Servicer.

            All remittances required to be made to the Master Servicer
shall be made to the following wire account or to such other account as
may be specified by the Master Servicer from time to time:

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            ____________________
            _________________
            ABA#:  ___________
            Account Name:  ___________________
            Account Number:  __________
            Reference:  ____________________

      (b) Statements to Master Servicer and Trust Administrator. On the [18th]
day of each calendar month (or, if such [18th] day is not a Business Day, then
no later than noon (Eastern Time) on the immediately preceding Business Day),
the Servicer shall furnish to the Master Servicer (i) a monthly remittance
advice in the format set forth in Exhibit G-1 hereto (including the
information in Exhibit G-1A), a monthly defaulted loan report in the format
set forth in Exhibit G-2 hereto (or in such other format mutually agreed to
between the Servicer and the Master Servicer) and, with respect to each
Mortgage Loan with respect to which a Realized Loss occurred during the
immediately preceding calendar month, a realized loss report in the format set
forth in Exhibit G-3 hereto (or in such other format mutually agreed to
between the Servicer and the Master Servicer), in each case relating to the
period ending on the last day of the preceding calendar month and (ii) all
such information required pursuant to clause (i) above on a magnetic tape or
other similar media reasonably acceptable to the Master Servicer. No later
than [two] Business Days after the end of each Prepayment Period, the Servicer
shall furnish to the Master Servicer a monthly report containing such
information regarding prepayments of Mortgage Loans during such Prepayment
Period and in a format as mutually agreed to between the Servicer and the
Master Servicer.

            Such monthly remittance advice shall also be accompanied by a
supplemental report provided to the Master Servicer and the Seller which
includes on an aggregate basis for the previous calendar month (i) the
amount of any insurance claims filed, (ii) the amount of any claim
payments made and (iii) the amount of claims denied or curtailed.  The
Master Servicer will convert such data into a format acceptable to the
Trust Administrator and provide monthly reports to the Trust Administrator
pursuant to the Trust Agreement.

            In addition, not more than [75] days after the end of each
calendar year, commencing December 31, 200_, the Servicer shall provide
(as such information becomes reasonably available to the Servicer) to the
Master Servicer and the Trust Administrator such information concerning
the Mortgage Loans and annual remittances to the Master Servicer therefrom
as is necessary for the Trust Administrator to prepare the reports
required by Section 5.09(c).  Such obligation of the Servicer shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Servicer to the Master Servicer and
the Trust Administrator pursuant to any requirements of the Code as from
time to time are in force.  The Servicer shall also provide to the Trust
Administrator such information as may be requested by it and required for
the completion of any tax reporting responsibility of the Trust
Administrator within such reasonable time frame as shall enable the Trust
Administrator to timely file each Schedule Q (or other applicable tax
report or return) required to be filed by it.

      (c) Advances by Servicer. On the Business Day immediately preceding each
Servicer Remittance Date, the Servicer shall deposit in the Custodial Account
from its own funds or from amounts held for future payment, or a combination
of both, an amount equal to all

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Advances for the related Servicer Remittance Date. Any amounts held for future
payment and so used shall be replaced by the Servicer by deposit in the
Custodial Account on or before any future Servicer Remittance Date if funds in
the Custodial Account on such Servicer Remittance Date shall be less than
remittances to the Master Servicer required to be made on such Servicer
Remittance Date. The Servicer shall keep appropriate records of such amounts
and will provide such records to the Master Servicer upon request.

            The Servicer's obligation to make such Advances as to any
Mortgage Loan will continue through the last Scheduled Payment due prior
to the payment in full of the Mortgage Loan, or through the last
Remittance Date prior to the Remittance Date for the payment of all
Liquidation Proceeds and other payments or recoveries (including Insurance
Proceeds and Condemnation Proceeds) with respect to the related Mortgage
Loan.

      (d) Due Dates Other Than the First of the Month. Mortgage Loans having
Due Dates other than the first day of a month shall be accounted for as
described in this Section 4.03(d). Any Scheduled Payment due on a day other
than the first day of each month shall be considered due on the first day of
the month following the month in which that payment is due as if such payment
were due on the first day of that month. For example, a Scheduled Payment due
on August 15 shall be considered to be due on September 1. Any Scheduled
Payment due and collected on a Mortgage Loan after the Cut-off Date shall be
deposited in the Custodial Account. For Mortgage Loans with Due Dates on the
first day of a month, deposits to the Custodial Account begin with the
Scheduled Payment due on the first of the month following the Cut-off Date.

      (e) Credit Reporting. For each Mortgage Loan, in accordance with its
current servicing practices, the Servicer will accurately and fully report its
underlying borrower credit files to each of the following credit repositories
or their successors: Equifax Credit Information Services, Inc., Trans Union,
LLC and Experian Information Solution, Inc., on a monthly basis in a timely
manner.

      Section 4.04. General Servicing Procedures.

      (a) Transfers of Mortgaged Property. The Servicer shall use its best
efforts to enforce any "due-on-sale" provision contained in any Mortgage or
Mortgage Note and to deny assumption by the person to whom the Mortgaged
Property has been or is about to be sold whether by absolute conveyance or by
contract of sale, and whether or not the Mortgagor remains liable on the
Mortgage and the Mortgage Note. When the Mortgaged Property has been conveyed
by the Mortgagor, the Servicer shall, to the extent it has knowledge of such
conveyance, exercise its rights to accelerate the maturity of such Mortgage
Loan under the "due-on-sale" clause applicable thereto; provided, however,
that the Servicer shall not exercise such rights if prohibited by law from
doing so.

            If the Servicer reasonably believes it is unable under
applicable law to enforce such "due-on-sale" clause, the Servicer shall
enter into (i) an assumption and modification agreement with the person to
whom such property has been conveyed pursuant to which such person becomes
liable under the Mortgage Note and the original Mortgagor remains liable
thereon or (ii) in the event the Servicer is unable under applicable law
to require that the original

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Mortgagor remain liable under the Mortgage Note and the Servicer has the prior
consent of the primary mortgage guaranty insurer, a substitution of liability
agreement with the seller of the Mortgaged Property pursuant to which the
original Mortgagor is released from liability and the buyer of the Mortgaged
Property is substituted as Mortgagor and becomes liable under the Mortgage
Note. In connection with any such assumption, neither the Mortgage Rate borne
by the related Mortgage Note, the timing of principal or interest payments on
the Mortgage Loan, the term of the Mortgage Loan nor the outstanding principal
amount of the Mortgage Loan shall be changed.

            To the extent that any Mortgage Loan is assumable, the Servicer
shall inquire diligently into the creditworthiness of the proposed transferee,
and shall use the underwriting criteria for approving the credit of the
proposed transferee which are used by the Servicer, its affiliates or Fannie
Mae with respect to underwriting mortgage loans of the same type as the
Mortgage Loans. If the credit of the proposed transferee does not meet such
underwriting criteria, the Servicer diligently shall, to the extent permitted
by the Mortgage or the Mortgage Note and by applicable law, accelerate the
maturity of the Mortgage Loan.

            Notwithstanding the foregoing paragraph or any other provision of
this Agreement, the Servicer shall not be deemed to be in default, breach or
any other violation of its obligations hereunder by reason of any assumption
of a Mortgage Loan by operation of law or any assumption which the Servicer
may be restricted by law from preventing, for any reason whatsoever.

      (b) Satisfaction of Mortgages and Release of Mortgage Files. Upon the
payment in full of any Mortgage Loan, or the receipt by the Servicer of a
notification that payment in full will be escrowed in a manner customary for
such purposes, the Servicer shall notify the Master Servicer in the monthly
remittance advice as provided in Section 4.03(b), and may request the release
of any Mortgage Loan Documents from the Custodian in accordance with the
Custodial Agreement.

            If the Servicer satisfies or releases a Mortgage without first
having obtained payment in full of the indebtedness secured by the Mortgage,
the Servicer shall deposit into the Custodial Account the entire outstanding
principal balance, plus all accrued interest on such Mortgage Loan, on the day
preceding the Servicer Remittance Date in the month following the date of such
release. The Servicer shall maintain the Fidelity Bond and Errors and
Omissions Insurance Policy as provided for in Section 4.02(m) insuring the
Servicer against any loss it may sustain with respect to any Mortgage Loan not
satisfied in accordance with the procedures set forth herein.

      (c) Servicing Compensation. As consideration for servicing the Mortgage
Loans subject to this Agreement, the Servicer shall be paid in the aggregate
the relevant Servicing Fee for each Mortgage Loan remaining subject to this
Agreement during any month or part thereof. Such Servicing Fee shall be
payable monthly and retained by the Servicer, or as otherwise provided in
Section 4.02(e)(2). The obligation of the Issuer to pay the Servicing Fee is
limited to, and the Servicing Fee is payable from, the interest portion
(including recoveries with respect to interest from Liquidation Proceeds) of
such Scheduled Payment collected by the Servicer, or as otherwise provided in
Section 4.02(e)(2). Additional servicing compensation in the form of

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Ancillary Income shall be retained by the Servicer and is not required to be
deposited in the Custodial Account.

            The Servicer shall be required to pay all expenses incurred by it
in connection with its servicing activities hereunder and shall not be
entitled to reimbursement thereof except as specifically provided for herein.

            The Servicing Fee payable to or retained by the Servicer with
respect to any Collection Period shall be reduced by the aggregate Prepayment
Interest Shortfall Amount for the related Prepayment Period required to be
deposited in the Custodial Account and remitted to the Master Servicer on the
related Servicer Remittance Date. The Servicer shall be obligated to remit to
the Master Servicer on each Servicer Remittance Date the aggregate Prepayment
Interest Shortfall Amount, only up to an amount equal to in the aggregate the
Servicing Fee the Servicer is entitled to receive for such Collection Period.

      (d) [Reserved]

      (e) Annual Compliance Certifications.

            (i) No later than March 15 of each calendar year, commencing with
      the year 200_, the Servicer shall, and shall cause each Subservicer to,
      at its own expense, deliver to the Depositor, the Seller, the Master
      Servicer, the Indenture Trustee and the Trust Administrator a servicer's
      certificate stating, as to each signer thereof, that (i) a review of the
      activities of such Person during such preceding fiscal year (or
      applicable portion thereof) and of performance of such Person under this
      Agreement, or in the case of a Subservicer the applicable Subservicing
      Agreement or primary servicing agreement, has been made under such
      officers' supervision, and (ii) to the best of such officers' knowledge,
      based on such review, such Person has fulfilled all its obligations
      under this Agreement, or in the case of a Subservicer the applicable
      Subservicing Agreement or primary servicing agreement, in all material
      respects throughout such year (or applicable portion thereof), or, if
      there has been a failure to fulfill any such obligation in any material
      respect, specifying each such default known to such officers and the
      nature and status thereof including the steps being taken by the
      Servicer or Subservicer to remedy such default.

            (ii) The Servicer shall indemnify and hold harmless the Issuer,
      the Depositor, the Indenture Trustee, the Owner Trustee, the Trust
      Administrator and the Master Servicer and their respective officers,
      directors, agents and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments and other costs and expenses arising out of or based upon a
      breach by the Servicer or any of its officers, directors, agents or
      affiliates of its obligations under this Section 4.04(e) for the
      negligence, bad faith or willful misconduct of the Servicer in
      connection therewith. If the indemnification provided for herein is
      unavailable or insufficient to hold harmless any of the foregoing
      parties, then the Servicer agrees that it shall contribute to the amount
      paid or payable by the indemnified party or parties as a result of the
      losses, claims, damages or liabilities of the indemnified party or

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      parties in such proportion as is appropriate to reflect the relative
      fault of the indemnified party or parties on the one hand and the
      Servicer on the other in connection with a breach of the Servicer's
      obligations under this Section 4.04(e) or the Servicer's negligence, bad
      faith or willful misconduct in connection therewith.

      (f) Inspection. The Servicer shall provide the Indenture Trustee and the
Master Servicer, upon [five] Business Days' advance notice, during normal
business hours, access to all records maintained by the Servicer in respect of
its rights and obligations hereunder and reasonable access to officers of the
Servicer responsible for such obligations. Upon request, the Servicer shall
furnish to the Indenture Trustee and the Master Servicer its most recent
publicly available financial statements and such other information relating to
its capacity to perform its obligations under this Agreement. Notwithstanding
anything to the contrary in this Section 4.04, nothing in this Agreement shall
limit the obligation of the Servicer to observe any applicable law prohibiting
disclosure of information regarding the Mortgagors and the failure of the
Servicer to provide access as provided in this Section 4.04(f) as a result of
such obligation shall not constitute a breach of this Section 4.04(f).

      Section 4.05. Representations, Warranties and Agreements.

      (a) Representations, Warranties and Agreements of the Servicer. The
Servicer, as a condition to the consummation of the transactions contemplated
hereby, hereby makes the following representations and warranties to the
Master Servicer, the Depositor, the Seller and the Indenture Trustee and the
Trust Administrator, as of the Closing Date:

            (i) Due Organization and Authority. The Servicer is a corporation
      duly organized, validly existing and in good standing under the laws of
      the jurisdiction of its formation and has all licenses necessary to
      carry on its business as now being conducted; the Servicer has the full
      corporate power and authority to execute and deliver this Agreement and
      to perform in accordance herewith; the execution, delivery and
      performance of this Agreement (including all instruments of transfer to
      be delivered pursuant to this Agreement) by the Servicer and the
      consummation of the transactions contemplated hereby have been duly and
      validly authorized; this Agreement evidences the valid, binding and
      enforceable obligation of the Servicer (except to the extent bankruptcy,
      insolvency, reorganization, fraudulent conveyance or similar laws affect
      the enforcement of creditor's rights generally) and all requisite
      corporate action has been taken by the Servicer to make this Agreement
      valid and binding upon the Servicer in accordance with its terms;

            (ii) Ordinary Course of Business. The consummation of the
      transactions contemplated by this Agreement are in the ordinary course
      of business of the Servicer;

            (iii) No Conflicts. Neither the execution and delivery of this
      Agreement, the acquisition of the servicing responsibilities by the
      Servicer or the transactions contemplated hereby, nor the fulfillment of
      or compliance with the terms and conditions of this Agreement, will (a)
      conflict with or result in a breach of any of the terms, conditions or
      provisions of the Servicer's charter or by-laws or any legal restriction
      or constitute a default under any of the foregoing, (b) materially
      conflict with, result in a material breach, violation or acceleration
      of, or result in a material default under, the

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      terms of any other agreement or instrument to which the Servicer is a
      party or by which it may be bound, (c) result in a material violation of
      any law, rule, regulation, order, judgment or decree to which the
      Servicer or its property is subject or (d) materially impair the ability
      of the Servicer to act as Servicer hereunder with respect to the
      Mortgage Loans;

            (iv) Ability to Perform. The Servicer does not believe, nor does
      it have any reason or cause to believe, that it cannot perform each and
      every covenant contained in this Agreement;

            (v) No Litigation Pending. There is no action, suit, proceeding or
      investigation pending or, to the Servicer's knowledge, threatened
      against the Servicer which, either in any one instance or in the
      aggregate, may result in any material adverse change in the business,
      operations, financial condition, properties or assets of the Servicer,
      or in any material impairment of the right or ability of the Servicer to
      carry on its business substantially as now conducted, or in any material
      liability on the part of the Servicer, or which would draw into question
      the validity of this Agreement or of any action taken or to be taken in
      connection with the obligations of the Servicer contemplated herein, or
      which would be likely to impair materially the ability of the Servicer
      to perform under the terms of this Agreement;

            (vi) No Consent Required. No consent, approval, authorization or
      order of any court or governmental agency or body is required for the
      execution, delivery and performance by the Servicer of or compliance by
      the Servicer with this Agreement, or if required, such approval has been
      obtained prior to the Closing Date;

            (vii) No Default. The Servicer is not in default, and no event or
      condition exists that after the giving of notice or lapse of time or
      both, would constitute an event of default under any material mortgage,
      indenture, contract, agreement, judgment, or other undertaking, to which
      the Servicer is a party or which purports to be binding upon it or upon
      any of its assets, which default could impair materially the ability of
      the Servicer to perform under the terms of this Agreement;

            (viii) Ability to Service. The Servicer is an FHA Approved
      Mortgagee in good standing to service mortgages, and has not been
      suspended as a mortgagee or servicer by the FHA and has the facilities,
      procedures and experienced personnel necessary for the sound servicing
      of mortgage loans of the same type as the Mortgage Loans. No event has
      occurred, including but not limited to a change in insurance coverage,
      which would make the Servicer unable to comply with HUD, FHA eligibility
      requirements or which would require notification to any of HUD or FHA;

            (ix) No Untrue Information. Neither this Agreement nor any
      statement, report or other document furnished or to be furnished
      pursuant to this Agreement or in connection with the transactions
      contemplated hereby contains any untrue statement of a material fact or
      omits to state a material fact necessary to make the statements
      contained therein not misleading; and

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            (x) No Commissions to Third Parties. The Servicer has not dealt
      with any broker or agent or anyone else who might be entitled to a fee
      or commission in connection with this transaction other than the Seller.

      (b) Remedies for Breach of Representations and Warranties of the
Servicer. It is understood and agreed that the representations and warranties
set forth in Sections 4.05(a) shall survive the engagement of the Servicer to
perform the servicing responsibilities as of the Closing Date hereunder and
the delivery of the Servicing Files to the Servicer and shall inure to the
benefit of the Master Servicer and the Indenture Trustee. Upon discovery by
the Servicer, the Master Servicer or the Indenture Trustee of a breach of any
of the foregoing representations and warranties which materially and adversely
affects the ability of the Servicer to perform its duties and obligations
under this Agreement or otherwise materially and adversely affects the value
of the Mortgage Loans, the Mortgaged Property or the priority of the security
interest on such Mortgaged Property or the interests of the Master Servicer or
the Indenture Trustee, the party discovering such breach shall give prompt
written notice to the other parties.

            Within [60] days of the earlier of either discovery by or notice
to the Servicer of any breach of a representation or warranty set forth in
Section 4.05(a) which materially and adversely affects the ability of the
Servicer to perform its duties and obligations under this Agreement or
otherwise materially and adversely affects the value of the Mortgage Loans,
the Mortgaged Property or the priority of the security interest on such
Mortgaged Property, the Servicer shall use its best efforts promptly to cure
such breach in all material respects and, if such breach cannot be cured, the
Servicer shall, at the Indenture Trustee's or the Master Servicer's option,
assign its rights and obligations under this Agreement (or with respect to the
affected Mortgage Loans) to a successor servicer. Such assignment shall be
made in accordance with Sections 4.06(b) and 4.06(c).

            In addition, the Servicer shall indemnify all other parties to
this Agreement and hold each of them harmless against any losses, damages,
penalties, fines, forfeitures, reasonable and necessary legal fees and related
costs, judgments, and other costs and expenses resulting from any claim,
demand, defense or assertion based on or grounded upon, or resulting from, a
breach of the Servicer's representations and warranties contained in Section
4.05.

            Any cause of action against the Servicer relating to or arising
out of the breach of any representations and warranties made in Section
4.05(a) shall accrue upon (i) discovery of such breach by the Servicer or
notice thereof by the Master Servicer, the Depositor or the Indenture Trustee
to the Servicer, (ii) failure by the Servicer to cure such breach within the
applicable cure period, and (iii) demand upon the Servicer by the Master
Servicer or the Indenture Trustee for compliance with this Agreement.

      (c) Additional Indemnification by the Servicer. The Servicer shall
indemnify the Master Servicer, the Depositor, the Issuer, the Indenture
Trustee, the Owner Trustee, and the Trust Administrator and hold each of them
harmless against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments,
and any other costs, fees and expenses (collectively, the "Liabilities") that
the indemnified party may sustain in any way related to the failure of the
Servicer to perform its duties and service the Mortgage Loans in accordance
with the terms of this Agreement. The Servicer shall immediately

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notify the Master Servicer, the Depositor, the Indenture Trustee, the Owner
Trustee and the Trust Administrator if a claim is made by a third party with
respect to this Agreement or the Mortgage Loans that may result in such
Liabilities, and the Servicer shall assume (with the prior written consent of
the indemnified party) the defense of any such claim and pay all expenses in
connection therewith, including counsel fees, promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or any
indemnified party in respect of such claim and follow any written instructions
received from such indemnified party in connection with such claim. The
Servicer shall be reimbursed promptly from the Trust Fund for all amounts
advanced by it pursuant to the preceding sentence except when the claim is in
any way related to the Servicer's indemnification pursuant to this Section
4.05(c), or the failure of the Servicer to service and administer the Mortgage
Loans in accordance with the terms of this Agreement.

      Section 4.06. The Servicer.

      (a) Merger or Consolidation of the Servicer. The Servicer shall keep in
full effect its existence, rights and franchises as a corporation, and shall
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 duties under this Agreement.

            Any Person into which the Servicer may be merged or consolidated,
or any corporation resulting from any merger, conversion or consolidation to
which the Servicer shall be a party, or any Person succeeding to the business
of the Servicer, shall be the successor of the Servicer hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, provided,
however, that the successor or surviving Person shall be an institution (i)
having a net worth of not less than $[15,000,000], and (ii) which is a FHA
Approved Mortgagee in good standing.

            As a condition to the effectiveness of any merger or
consolidation, at least 15 calendar days prior to the effective date of any
merger or consolidation of the Servicer, the Servicer shall provide (x)
written notice to the Depositor and the Master Servicer of any successor
pursuant to this Section and (y) in writing and in form and substance
reasonably satisfactory to the Depositor, all information reasonably requested
by the Depositor in order to comply with its reporting obligation under Item
6.02 of Form 8-K.

      (b) Limitation on Liability of the Servicer and Others. Neither the
Servicer nor any of the directors, officers, employees or agents of the
Servicer shall be under any liability to the Master Servicer, the Depositor,
the Issuer, the Indenture Trustee or the Trust Administrator 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 Servicer or any such person against any breach
of warranties or representations made herein, or failure to perform its
obligations in strict compliance with any standard of care set forth in this
Agreement, or any liability which would otherwise be imposed by reason of any
breach of the terms and conditions of this Agreement (except to the extent
otherwise covered by Section 4.05(c)). The Servicer and any director, officer,
employee or agent of the Servicer may rely in good faith on any document of
any kind prima facie properly executed and submitted by any Person respecting
any matters arising hereunder. The Servicer shall not be under any obligation

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to appear in, prosecute or defend any legal action which is not incidental to
its duties to service the Mortgage Loans in accordance with this Agreement and
which in its opinion may involve it in any expense or liability; provided,
however, that the Servicer may undertake any such action which it may deem
necessary or desirable in respect of this Agreement and the rights and duties
of the parties hereto. In such event, the Servicer shall be entitled to
reimbursement from the Trust Fund for the reasonable legal expenses and costs
of such action.

            The Servicer and any director, officer, employee or agent of the
Servicer shall be indemnified and held harmless by the Trust against any and
all Liabilities incurred in connection with any legal action relating to this
Agreement or the Notes, except to the extent such Liabilities resulted from or
arose out of the negligence, bad faith or willful misfeasance in the
performance of the Servicer's (or any director, officer, employee or agent of
the Servicer) duties hereunder or by reason of its reckless disregard of its
obligations and duties hereunder.

      (c) Limitation on Resignation and Assignment by the Servicer. This
Agreement has been entered into with the Servicer in reliance upon the
independent status of the Servicer, and the representations as to the adequacy
of its servicing facilities, plant, personnel, records and procedures,
integrity, reputation and financial standing, and the continuance thereof.
Therefore, except as expressly provided in this Section 4.06(c) and in
Sections 4.02(a) and 4.09, the Servicer shall neither assign its rights under
this Agreement or the servicing hereunder nor delegate its duties hereunder or
any portion thereof, or sell or otherwise dispose of all or substantially all
of its property or assets without, in each case, the prior written consent of
the Seller, the Master Servicer and the Trust Administrator, which consent, in
the case of an assignment of rights or delegation of duties, shall be granted
or withheld in the discretion of the Seller, the Master Servicer and the Trust
Administrator; provided, that in each case, there must be delivered to the
Seller, the Master Servicer, the Indenture Trustee and the Trust Administrator
a letter from each Rating Agency to the effect that such transfer of servicing
or sale or disposition of assets will not result in a qualification,
withdrawal or downgrade of the then-current rating of any of the Notes.

            The Servicer shall not resign from the obligations and duties
hereby imposed on it except by mutual consent of the Servicer and the Master
Servicer, or upon the determination that its duties hereunder are no longer
permissible under applicable law and such incapacity cannot be cured by the
Servicer. Any such determination permitting the resignation of the Servicer
shall be evidenced by an Opinion of Counsel to such effect delivered to the
Seller, the Master Servicer and the Indenture Trustee which Opinion of Counsel
shall be in form and substance reasonably acceptable to each of them. No such
resignation shall become effective until a successor shall have assumed the
Servicer's responsibilities and obligations hereunder in the manner provided
in Section 4.08 and the Depositor shall have received the information
described in the following sentence. As a condition to the effectiveness of
any such resignation, at least 15 calendar days prior to the effective date of
such resignation, the Servicer shall provide (x) written notice to the
Depositor of any successor pursuant to this Section and (y) in writing and in
form and substance reasonably satisfactory to the Depositor, all information
reasonably requested by the Depositor in order to comply with its reporting
obligation under Item 6.02 of Form 8-K with respect to a successor Master
Servicer.

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            Without in any way limiting the generality of this Section
4.06, in the event that the Servicer either shall assign this Agreement or
the servicing responsibilities hereunder or delegate its duties hereunder
or any portion thereof or sell or otherwise dispose of all or
substantially all of its property or assets, except to the extent
permitted by and in accordance with this Section 4.06 and in Sections
4.02(a) and 4.09, without the prior written consent of the Seller, the
Master Servicer, the Indenture Trustee and the Trust Administrator, then
such parties shall have the right to terminate this Agreement upon notice
given as set forth in Section 4.07, without any payment of any penalty or
damages and without any liability whatsoever to the Servicer or any third
party.

      (d) Successor Servicers. The provisions of Sections 4.06(a), (b), and
(c) shall apply to any successor to the Servicer hereunder.

      Section 4.07. Termination for Cause.

            Any of the following occurrences shall constitute an event of
default (each, a "Servicer Event of Default") on the part of the Servicer:

                              (1) any failure by the Servicer to remit to the
                        Master Servicer any payment required to be made under
                        the terms of this Agreement which continues unremedied
                        for a period of [two] Business Days after the date
                        upon which written notice of such failure, requiring
                        the same to be remedied, shall have been given to the
                        Servicer by the Master Servicer; or

                              (2) failure by the Servicer duly to observe or
                        perform in any material respect any other of the
                        covenants or agreements on the part of the Servicer
                        set forth in this Agreement (except with respect to a
                        failure related to a Limited Exchange Act Reporting
                        Obligation) which continues unremedied for a period of
                        [30] days after the date on which written notice of
                        such failure, requiring the same to be remedied, shall
                        have been given to the Servicer by the Master
                        Servicer; provided that the [thirty-day] cure period
                        shall not apply to the failure to comply with the
                        requirements set forth in Section 4.04(e), Section
                        4.06(a) (with respect to notice to the Depositor),
                        Section 4.06(c) (with respect to notice to the
                        Depositor) or Article XI, for which the grace period
                        shall not exceed the lesser of 10 calendar days or
                        such period in which the applicable Exchange Act
                        Report can be filed timely (without taking into
                        account any extensions); or

                              (3) failure by the Servicer to maintain its
                        license to do business or service residential mortgage
                        loans in any jurisdiction where the Mortgaged
                        Properties are located except where the failure to so
                        maintain such license does not have a material adverse
                        effect on the Servicer's ability to service the
                        Mortgage Loans; or

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                              (4) a decree or order of a court or agency or
                        supervisory authority having jurisdiction for the
                        appointment of a conservator or receiver or liquidator
                        in any insolvency, readjustment of debt, including
                        bankruptcy, marshalling of assets and liabilities or
                        similar proceedings, or for the winding-up or
                        liquidation of its affairs, shall have been entered
                        against the Servicer and such decree or order shall
                        have remained in force undischarged or unstayed for a
                        period of [60] days; or

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

                              (6) the Servicer shall admit in writing its
                        inability to pay its debts generally as they become
                        due, file a petition to take advantage of any
                        applicable insolvency, bankruptcy or reorganization
                        statute, make an assignment for the benefit of its
                        creditors, voluntarily suspend payment of its
                        obligations or cease its normal business operations
                        for [three] Business Days; or

                              (7) the Servicer ceases to be a FHA Approved
                        Mortgagee; or

                              (8) the Servicer attempts to assign the
                        servicing of the Mortgage Loans or its right to
                        servicing compensation hereunder or the Servicer or
                        attempts to assign this Agreement or the servicing
                        responsibilities hereunder or to delegate its duties
                        hereunder or any portion thereof in a manner not
                        permitted under this Agreement; or

                              (9) the net worth of the Servicer shall be less
                        than $[15,000,000]; or

                              (10) failure by the Servicer to duly perform,
                        within the required time period, its obligations under
                        Section 4.04(e) or 4.04(d) which failure continues
                        unremedied for a period of [7] days after the date on
                        which written notice of such failure, requiring the
                        same to be remedied, shall have been given to the
                        Servicer by the Master Servicer.

            In each and every such case, so long as a Servicer Event of
Default shall not have been remedied, in addition to whatsoever rights the
Master Servicer or the Indenture Trustee may have at law or equity to
damages, including injunctive relief and specific performance, the Master
Servicer, by notice in writing to the Servicer and the Depositor, may
terminate all the

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rights and obligations of the Servicer under this Agreement and in and to the
servicing contract established hereby and the proceeds thereof; provided that
in the event of a Servicer Event of Default related to the obligations set
forth in Section 4.04(e), Section 4.06(a) (with respect to notice to the
Depositor), Section 4.06(c) (with respect to notice to the Depositor) and
Article XI, the Servicer may only be terminated at the direction of the
Depositor.

            Upon receipt by the Servicer of such written termination
notice, all authority and power of the Servicer, under this Agreement,
whether with respect to the Mortgage Loans or otherwise, shall pass to and
be vested in a successor servicer appointed by the Master Servicer, in
accordance with Section 4.08(a).  Upon written request from the Master
Servicer, the Servicer shall prepare, execute and deliver to the successor
servicer any and all documents and other instruments, place in such
successor's possession all Servicing Files, and do or cause to be done all
other acts or things necessary or appropriate to effect the purposes of
such notice of termination, including but not limited to the transfer and
endorsement or assignment of the Mortgage Loans and related documents, at
the Servicer's sole expense.  The Servicer shall cooperate with the
Seller, the Master Servicer, the Indenture Trustee and such successor in
effecting the termination of the Servicer's responsibilities and rights
hereunder, including without limitation, the transfer to such successor
for administration by it of all cash amounts which shall at the time be
credited by the Servicer to the Custodial Account or Escrow Account or
thereafter received with respect to the Mortgage Loans.

            By a written notice, the Master Servicer may waive any default
by the Servicer in the performance of its obligations hereunder and its
consequences.  Upon any waiver of a past default, such default shall cease
to exist, and any Servicer Event of Default arising therefrom shall be
deemed to have been remedied for every purpose of this Agreement.  No such
waiver shall extend to any subsequent or other default or impair any right
consequent thereon except to the extent expressly so waived.

            The Depositor shall not be entitled to terminate the rights
and obligations of the Servicer pursuant to subparagraph (2) if a failure
of the Servicer to identify a Subcontractor "participating in the
servicing function" within the meaning of Item 1122 of Regulation AB was
attributable solely to the role or functions of such Subcontractor with
respect to mortgage loans other than the Mortgage Loans.

      Section 4.08. Successor to Servicer, Miscellaneous Provisions.

      (a) Successor to the Servicer. Simultaneously with the termination of
the Servicer's responsibilities and duties under this Agreement pursuant to
Section 4.05, 4.06, or 4.07, the Master Servicer shall (i) within [90] days of
the Servicer's notice of such termination, succeed to and assume all of the
Servicer's responsibilities, rights, duties and obligations under this
Agreement, or (ii) appoint a successor having the characteristics set forth in
clauses (i) and (ii) of the second paragraph of Section 4.06(a) and which
shall succeed to all rights and assume all of the responsibilities, duties and
liabilities of the Servicer under this Agreement simultaneously with the
termination of the Servicer's responsibilities, duties and liabilities under
this Agreement. Any successor to the Servicer (other than the Master Servicer)
shall be subject to the approval of the Master Servicer and the Trust
Administrator. Any approval of a successor servicer by the Master Servicer and
the Trust Administrator, shall, if the successor servicer is not at that time
a

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servicer of other Mortgage Loans for the Trust, be conditioned upon the
receipt by the Master Servicer, the Seller, the Indenture Trustee and the
Trust Administrator of a letter from each Rating Agency to the effect that
such transfer of servicing will not result in a qualification, withdrawal or
downgrade of the then-current rating of any of the Notes. At least 15 calendar
days prior to the effective date of any such appointment, (x) the Master
Servicer shall provide written notice to the Depositor of such successor
pursuant to this Section 4.08 and (y) such successor servicer shall provide to
the Depositor in writing and in form and substance reasonably satisfactory to
the Depositor, all information reasonably requested by the Depositor in order
to comply with its reporting obligation under Item 6.02 of Form 8-K with
respect to a successor servicer. In the event that the Master Servicer assumes
the duties of the Servicer as set forth herein, the Master Servicer shall
provide the Depositor in writing and in form and substance reasonably
satisfactory to the Depositor, all information reasonably requested by the
Depositor in order to comply with its reporting obligation under Item 6.02 of
Form 8-K with respect to a successor servicer. In connection with such
appointment and assumption, the Master Servicer may make such arrangements for
the compensation of such successor out of payments on Mortgage Loans as it and
such successor shall agree; provided, however, that no such compensation shall
be in excess of that permitted the Servicer under this Agreement. In the event
that the Servicer's duties, responsibilities and liabilities under this
Agreement should be terminated pursuant to the aforementioned sections, the
Servicer shall discharge such duties and responsibilities during the period
from the date it acquires knowledge of such termination until the effective
date thereof with the same degree of diligence and prudence which it is
obligated to exercise under this Agreement (including continuing to make
Advances during such transition period pursuant to Section 4.03(c)) and shall
take no action whatsoever that might impair or prejudice the rights or
financial condition of its successor. The resignation or removal of the
Servicer pursuant to the aforementioned sections shall not become effective
until a successor shall be appointed pursuant to this Section 4.08(a) and
shall in no event relieve the Servicer of the representations and warranties
made pursuant to Sections 4.05 and the remedies available to the Master
Servicer, the Indenture Trustee and the Seller under Sections 4.08(b) and
4.05(b) and (c), it being understood and agreed that the provisions of such
Sections 4.08(b) and 4.05(b) and (c) shall be applicable to the Servicer
notwithstanding any such resignation or termination of the Servicer, or the
termination of this Agreement. Neither the Master Servicer, in its capacity as
successor servicer, nor any other successor servicer shall be responsible for
the lack of information and/or documents that it cannot otherwise obtain
through reasonable efforts.

            Within a reasonable period of time, but in no event later than
[30] days following the appointment of a successor entity, the Servicer shall
prepare, execute and deliver to the successor entity any and all documents and
other instruments, place in such successor's possession all Servicing Files,
and do or cause to be done all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, including but not
limited to the transfer of any Mortgage Notes and the related documents. The
Servicer shall cooperate with the Indenture Trustee, the Master Servicer or
the Seller, as applicable, and such successor in effecting the termination of
the Servicer's responsibilities and rights hereunder and the transfer of
servicing responsibilities to the successor Servicer, including without
limitation, the transfer to such successor for administration by it of all
cash amounts which shall at the time be credited by the Servicer to the
Custodial Account or Escrow Account or thereafter received with respect to the
Mortgage Loans.

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            Any successor appointed as provided herein shall execute,
acknowledge and deliver to the Indenture Trustee, the Servicer, the Master
Servicer, the Trust Administrator and the Seller an instrument (i) accepting
such appointment, wherein the successor shall make the representations and
warranties set forth in Section 4.05(a) and provide for the same remedies set
forth in such Section herein and (ii) an assumption of the due and punctual
performance and observance of each covenant and condition to be performed and
observed by the Servicer under this Agreement, whereupon such successor shall
become fully vested with all the rights, powers, duties, responsibilities,
obligations and liabilities of the Servicer, with like effect as if originally
named as a party to this Agreement. Any termination or resignation of the
Servicer or termination of this Agreement pursuant to Sections 4.05, 4.06 and
4.07 shall not affect any claims that the Seller, the Master Servicer, the
Indenture Trustee or the Trust Administrator may have against the Servicer
arising out of the Servicer's actions or failure to act prior to any such
termination or resignation.

            The Servicer shall deliver promptly to the successor servicer the
funds in the Custodial Account and Escrow Account(s) and all Mortgage Loan
documents and related documents and statements held by it hereunder and the
Servicer shall account for all funds and shall execute and deliver such
instruments and do such other things as may reasonably be required to more
fully and definitively vest in the successor all such rights, powers, duties,
responsibilities, obligations and liabilities of the Servicer.

            Upon a successor's acceptance of appointment as such, it shall
notify the Indenture Trustee, the Trust Administrator, the Seller and Master
Servicer and the Depositor of such appointment.

      (b) Costs. The Seller shall pay the legal fees and expenses of its
attorneys. Costs and expenses incurred in connection with the transfer of the
servicing responsibilities, including fees for delivering Servicing Files,
shall be paid by (i) the terminated or resigning Servicer if such termination
or resignation is a result of an occurrence of a termination event under
Section 4.05(b) or 4.07, and (ii) to the extent not paid by such Servicer, and
in all other cases, by the Trust.

      Section 4.09. Sub-Servicers and Sub-Servicing Agreements.

      (a) The Servicer may enter into sub-servicing agreements for any
servicing and administration of Mortgage Loans with any institution that is
acceptable to the Seller and that is in compliance with the laws of each state
necessary to enable it to perform its obligations under such sub-servicing
agreement. The Servicer shall give notice to the Rating Agencies and the
Master Servicer of the appointment of any sub-servicer. The Servicer shall not
enter into any sub-servicing agreement that does not provide for the servicing
of the Mortgage Loans specified therein on a basis consistent with the terms
of this Agreement or that otherwise violates the provisions of this Agreement.
The Servicer may enter into, and make amendments to, any sub-servicing
agreement or enter into different forms of sub-servicing agreements; provided,
however, that any such amendments or forms shall be consistent with and not
violate the provisions of this Agreement.

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      (b) For purposes of this Agreement the Servicer shall be deemed to have
received payments on Mortgage Loans when any sub-servicer has received such
payments. With respect to the Servicer's obligations under Section 4.03(a) to
make deposits in the Custodial Account maintained by the Servicer, the
Servicer shall be deemed to have made such deposits when any sub-servicer has
made such deposits into a sub-servicing account if permitted by the related
sub-servicing agreement.

      (c) Any sub-servicing agreement and any other transactions or services
relating to the Mortgage Loans involving a sub-servicer shall be deemed to be
between the sub-servicer and the Servicer alone and the Master Servicer and
the Indenture Trustee shall not be deemed parties thereto and shall have no
claims, rights, obligations, duties or liabilities with respect to any
sub-servicer, except that the Indenture Trustee shall have such claims or
rights that arise as a result of any funds held by a sub-servicer in trust for
or on behalf of the Issuer. Notwithstanding the execution of any sub-servicing
agreement, the Servicer shall not be relieved of any liability hereunder and
shall remain obligated and liable for the servicing and administration of the
Mortgage Loans.

      (d) The Servicer shall be entitled to terminate any sub-servicing
agreement and the rights and obligations of any sub-servicer pursuant to any
sub-servicing agreement in accordance with the terms and conditions of such
sub-servicing agreement but only with the prior consent of the Seller. In the
event of termination of any sub-servicer, all servicing obligations of such
sub-servicer shall be assumed simultaneously by the Servicer without any act
or deed on the part of such sub-servicer or the Servicer, and the Servicer
either shall service directly the related Mortgage Loans or shall enter into a
sub-servicing agreement with a successor sub-servicer. The Servicer shall give
written notice to the Seller, Master Servicer and Indenture Trustee of the
termination of any sub-servicer.

      (e) Any sub-servicing agreement shall include the provision that such
agreement may be immediately terminated by the Master Servicer or the
Indenture Trustee, in accordance with the terms of this Agreement, in the
event that the Servicer shall, for any reason, no longer be the Servicer
(including termination due to a Servicer Event of Default) (i) without fee or
(ii) clearly and unambiguously states that any termination fee is the sole
responsibility of the Servicer and none of the Seller, Depositor, Master
Servicer, Indenture Trustee or the Issuer has any liability therefor,
regardless of the circumstances surrounding such termination.

      Section 4.10. Miscellaneous Servicing Provisions.

      (a) Protection of Confidential Information. The Servicer shall keep
confidential and shall not divulge to any party, without the Seller's prior
written consent, any nonpublic information pertaining to the Mortgage Loans or
any borrower thereunder, except to the extent that it is appropriate for the
Servicer to do so in working with legal counsel, special servicers, auditors,
taxing authorities or other governmental agencies.

      (b) No Personal Solicitation. For as long as the Servicer services the
Mortgage Loans, it covenants that it will not, and that it will ensure that
its affiliates and agents will not, directly solicit or provide information
for any other party to solicit for prepayment or refinancing of any of the
Mortgage Loans by the related mortgagors. It is understood that promotions

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undertaken by the Servicer which are directed to the general public at large,
or certain segments thereof, shall not constitute solicitation as that term is
used in this Section 4.10(b).

      (c) Intention of the Parties. It is the intention of the Seller and the
Servicer that the Seller is conveying, and the Servicer is receiving, only a
contract for servicing the Mortgage Loans. Accordingly, the parties hereby
acknowledge that the Trust remains the sole and absolute owner of the Mortgage
Loans (other than the servicing rights) and all rights related thereto,
subject to the lien of the Indenture.

      Section 4.11. Advance Facility.

      (a) The Servicer is hereby authorized to enter into a facility (an
"Advance Facility") with any Person which provides that such Person (an
"Advancing Person") agrees to fund some or all of the Advances and/or
Servicing Advances required to be made by the Servicer pursuant to this
Agreement or that the Servicer may pledge or assign its rights to be
reimbursed for Advances and/or Servicing Advances, directly or indirectly, to
an Advancing Person, although no such Advance Facility shall reduce or
otherwise affect the Servicer's obligation to fund such Advances and/or
Servicing Advances. If the Servicer enters into an Advance Facility, the
Servicer and the related Advancing Person shall deliver to the Indenture
Trustee, the Master Servicer and the Trust Administrator at the respective
addresses set forth in Section 10.07 hereof a written notice (an "Advance
Facility Notice"), stating the identity of the Advancing Person. If the
Servicer enters into such an Advance Facility pursuant to this Section 4.11,
upon reasonable request of the Advancing Person, the Trust Administrator shall
execute a letter of acknowledgment prepared by the Servicer, confirming its
receipt of notice of the existence of such Advance Facility. To the extent
that an Advancing Person previously identified in the Advance Facility Notice
funds any Advance or any Servicing Advance and the Servicer provides the Trust
Administrator with an Officer's Certificate that such Advancing Person is
entitled to reimbursement, such Advancing Person shall be entitled to receive
reimbursement pursuant to this Agreement for such amount to the extent
provided in Section 4.11(c). Such Officer's Certificate must specify the
amount of the reimbursement, the remittance date, the written payment
instructions for the Advancing Person, the Section of this Agreement that
permits the applicable Advance or Servicing Advance to be reimbursed and
either the section(s) of the Advance Facility that entitle the Advancing
Person to receive reimbursement from the Trust Administrator, rather than the
Servicer, or proof of an event of default by the Servicer under the Advance
Facility entitling the Advancing Person to reimbursement from the Trust
Administrator. The Trust Administrator shall not have any duty or liability
with respect to any calculation of any reimbursement to be paid to an
Advancing Person and shall be entitled to conclusively rely without
independent investigation on the Officer's Certificate provided pursuant to
this Section 4.11. An Advancing Person whose obligations hereunder are limited
to the funding of Advances and/or Servicing Advances, or who merely receives
an assignment or pledge of the Servicer's rights to be reimbursed for Advances
and/or Servicing Advances, shall not be required to meet the qualifications of
the Servicer or any sub-servicer and will not be deemed to be a sub-servicer
under this Agreement.

      (b) None of the Depositor, the Master Servicer, the Trust Administrator
or the Indenture Trustee shall, as a result of the existence of any Advance
Facility, have any additional duty or liability with respect to the
calculation or payment of any reimbursement for Advances or

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Servicing Advances, nor, as a result of the existence of any Advance Facility,
shall the Depositor, the Master Servicer, the Trust Administrator or the
Indenture Trustee have any additional responsibility to track or monitor the
administration of the Advance Facility or the reimbursement for Advances or
Servicing Advances, except, in the case of the Trust Administrator, to remit
reimbursements in accordance with payment instructions received pursuant to
Section 4.11(a). The Servicer shall indemnify the Depositor, the Master
Servicer, the Trust Administrator, the Indenture Trustee, any successor
Servicer and the Issuer for any claim, loss, liability or damage resulting
from any claim by the Advancing Person, except to the extent that such claim,
loss, liability or damage resulted from or arose out of the negligence,
recklessness or willful misconduct on the part of the Depositor, the Master
Servicer, the Trust Administrator, the Indenture Trustee, any successor
Servicer or the Issuer, as the case may be, or failure by the successor
Servicer, the Master Servicer or the Trust Administrator, as the case may be,
to remit funds as required by this Agreement or the commission of an act or
omission to act by the successor Servicer, the Master Servicer or the Trust
Administrator, as the case may be, and the passage of any applicable cure or
grace period, such that, in the case of the Master Servicer, a Master Servicer
Event of Default occurs under this Agreement, or in the case of the successor
Servicer, the Master Servicer or the Trust Administrator, such entity is
subject to termination for cause under this Agreement.

      (c) If an Advance Facility is entered into, and if the Servicer so
notifies the Trust Administrator, then the Servicer shall not seek
reimbursement for any Advance or Servicing Advance made by an Advancing Person
under Section 6.05, but instead the Servicer shall remit the amounts relating
to Advances to the Master Servicer for inclusion in the monthly remittance
made to the Trust Administrator on a Servicer Remittance Date in accordance
with this Agreement. The Trust Administrator, upon its receipt of an Officer's
Certificate in accordance with Section 4.11 hereof, shall pay to the Advancing
Person or to a trustee, agent or custodian designated in the Officer's
Certificate specified in Section 4.11(a), reimbursements for Advances and
Servicing Advances from the Collection Account to the same extent the Servicer
would have been permitted to reimburse itself from its Custodial Account for
such Advances and/or Servicing Advances in accordance with Sections 4.02(e)
and 6.05, had the Servicer itself funded such Advance or Servicing Advance.

      (d) All Advances and Servicing Advances made pursuant to the terms of
this Agreement shall be deemed made and shall be reimbursed on a "first
in-first out" (FIFO) basis, such that an advance made earlier in time with
respect to any Mortgage Loan shall be reimbursed to the Servicer who made that
advance, before reimbursement of an advance made later in time with respect to
that Mortgage Loan, and a predecessor Servicer's advances with respect to any
particular Mortgage Loan shall be reimbursed before reimbursement of a
successor Servicer's advances with respect to such Mortgage Loan.

      (e) In making its determination that any Advance or Servicing Advance
theretofore made has become a Nonrecoverable Advance, the Servicer shall apply
the same criteria in making such determination regardless of whether such
Advance or Servicing Advance shall have been made by the Servicer or any
predecessor Servicer.

      (f) The Servicer shall maintain and provide to any successor Servicer
and, upon request, the Master Servicer, the Trust Administrator and the
Indenture Trustee a detailed

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accounting on a loan-by-loan basis as to amounts advanced by, pledged or
assigned to, and reimbursed to any Advancing Person. The successor Servicer
shall be entitled to rely on any such information provided by the predecessor
Servicer, and the successor Servicer shall not be liable for any errors in
such information.

      (g) Any amendment to this Section 4.11 or to any other provision of this
Agreement that may be necessary or appropriate to effect the terms of an
Advance Facility as described generally in this Section 4.11, including
amendments to add provisions relating to a successor Servicer, may be entered
into by the parties hereto without the consent of any Noteholder, provided
that such amendment complies with Section 10.03. All reasonable costs and
expenses (including attorneys' fees) of each party hereto of any such
amendment shall be borne solely by the Servicer. The parties hereto hereby
acknowledge and agree that: (a) the Advances and/or Servicing Advances
financed by and/or pledged to an Advancing Person under any Advance Facility
are obligations owed to the Servicer payable only from the cash flows and
proceeds received under this Agreement for reimbursement of Advances and/or
Servicing Advances only to the extent provided herein, and the Indenture
Trustee, the Owner Trustee, the Trust Administrator, the Master Servicer and
the Issuer are not, as a result of the existence of any Advance Facility,
separately obligated or liable to repay any Advances and/or Servicing Advances
financed by the Advancing Person; (b) the Servicer will be responsible for
remitting to the Advancing Person the applicable amounts collected by it as
reimbursement for Advances and/or Servicing Advances funded by the Advancing
Person, subject to the provisions of this Agreement and except to the extent
an election is made to remit all such reimbursements to the Trust
Administrator as described in Section 4.11(c); and (c) none of the Master
Servicer, the Trust Administrator and the Indenture Trustee shall have any
responsibility to track or monitor the administration of the financing
arrangement between the Servicer and any Advancing Person.

                                  ARTICLE V

           ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS
             BY THE MASTER SERVICER AND THE TRUST ADMINISTRATOR

      Section 5.01. Duties of the Master Servicer; Representations and
                    Warranties.

      (a) For and on behalf of the Issuer, the Indenture Trustee and the
Noteholders, the Master Servicer shall master service the Mortgage Loans from
and after the Closing Date in accordance with the provisions of this Article
V. The Master Servicer hereby represents and warrants to the Depositor, the
Issuer, the Indenture Trustee, the Trust Administrator and the Servicer, as of
the Closing Date, that:

            (i) it is validly existing and in good standing as a
      _____________________ and as Master Servicer has full power and
      authority to transact any and all business contemplated by this
      Agreement and to execute, deliver and comply with its obligations under
      the terms of this Agreement, the execution, delivery and performance of
      which have been duly authorized by all necessary corporate action on the
      part of the Master Servicer;

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<PAGE>

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

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

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

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

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

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

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

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

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            (x) the Master Servicer has obtained an Errors and Omissions
      Insurance Policy and a Fidelity Bond in accordance with Section 5.02
      each of which is in full force and effect, and each of which provides at
      least such coverage as is required hereunder; and

            (xi) the information about the Master Servicer under the heading
      "The Master Servicer" in the Prospectus Supplement does not include an
      untrue statement of a material fact and does not omit to state a
      material fact, with respect to the statements made, necessary in order
      to make the statements in light of the circumstances under which they
      were made not misleading.

      (b) It is understood and agreed that the representations and warranties
set forth in this Section 5.01 shall survive the execution and delivery of
this Agreement. The Master Servicer shall indemnify the Depositor, the Issuer,
the Indenture Trustee, the Owner Trustee, the Trust Administrator and the
Servicer and hold them harmless against any loss, damages, penalties, fines,
forfeitures, legal fees and related costs, judgments, and other costs and
expenses resulting from any claim, demand, defense or assertion based on or
grounded upon, or resulting from, a breach of the Master Servicer's
representations and warranties contained in this Section 5.01. It is
understood and agreed that the enforcement of the obligation of the Master
Servicer set forth in this Section to indemnify the foregoing parties as
provided in this Section constitutes the sole remedy (other than as set forth
in Section 8.01) of such parties respecting a breach of the foregoing
representations and warranties. Such indemnification shall survive any
termination of the Master Servicer as Master Servicer hereunder, and any
termination of this Agreement.

            Any cause of action against the Master Servicer relating to or
arising out of the breach of any representations and warranties made in this
Section shall accrue upon discovery of such breach by the Depositor, the
Issuer, the Indenture Trustee, the Trust Administrator or the Servicer or
notice thereof by any one of such parties to the other parties.
Notwithstanding anything in this Agreement to the contrary, the Master
Servicer shall not be liable for special, indirect or consequential losses or
damages of any kind whatsoever (including, but not limited to, lost profits).

      Section 5.02. Master Servicer Fidelity Bond and Master Servicer Errors
                    and Omissions Insurance Policy.

      (a) The Master Servicer, at its expense, shall maintain in effect a
Fidelity Bond and a Errors and Omissions Insurance Policy, affording coverage
with respect to all directors, officers, employees and other Persons acting on
the Master Servicer's behalf, and covering errors and omissions in the
performance of the Master Servicer's obligations hereunder. The Master
Servicer's Errors and Omissions Insurance Policy and the Master Servicer
Fidelity Bond shall be in such form and amount that would be consistent with
coverage customarily maintained by master servicers of mortgage loans similar
to the Mortgage Loans and shall by its terms not be cancelable without
[thirty] days' prior written notice to the Indenture Trustee. The Master
Servicer shall provide the Depositor and the Indenture Trustee, upon request,
with a copy of such policy and fidelity bond. The Master Servicer shall (i)
require the Servicer to maintain an Errors and Omissions Insurance Policy and
a Fidelity Bond in accordance with the provisions of Section 4.02(m) of this
Agreement, (ii) cause the Servicer to provide to the Master Servicer

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certificates evidencing that such policy and bond is in effect and to furnish
to the Master Servicer any notice of cancellation, non-renewal or modification
of the policy or bond received by it, as and to the extent provided in Section
4.02(m) of the Agreement, and (iii) furnish copies of such policies and of the
certificates and notices referred to in clause (ii) to the Indenture Trustee
upon request.

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

      Section 5.03. Master Servicer's Financial Statements and Related
Information. For each year this Agreement is in effect, the Master Servicer
shall deliver to the Trust Administrator, the Indenture Trustee, each Rating
Agency and the Depositor a copy of its annual unaudited financial statements
on or prior to May 31 of each year, beginning May 31, 200_. Such financial
statements shall include a balance sheet, income statement, statement of
retained earnings, statement of additional paid in capital, statement of
changes in financial position and all related notes and schedules and shall be
in comparative form, certified by a nationally recognized firm of Independent
Accountants to the effect that such statements were examined and prepared in
accordance with generally accepted accounting principles applied on a basis
consistent with that of the preceding year.

      Section 5.04. Power to Act; Procedures.

      (a) The Master Servicer shall master service the Mortgage Loans,
provided that the Master Servicer shall not take, or knowingly permit the
Servicer to take, any action that is inconsistent with or prejudices the
interests of the Issuer, the Indenture Trustee or the Noteholders in any
Mortgage Loan or the rights and interests of the Depositor, the Issuer, the
Indenture Trustee and the Noteholders under this Agreement and the Indenture.
The Master Servicer shall represent and protect the interests of the Issuer,
the Indenture Trustee and the Noteholders in the same manner as it protects
its own interests in mortgage loans in its own portfolio in any claim,
proceeding or litigation regarding a Mortgage Loan. Without limiting the
generality of the foregoing, the Master Servicer in its own name, and the
Servicer, to the extent such authority is delegated to such Servicer under
this Agreement, is hereby authorized and empowered by the Indenture Trustee
when the Master Servicer or such Servicer, as the case may be, believes it
appropriate in its best judgment and in accordance with the Servicing
Standard, to

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execute and deliver, on behalf of itself and the Noteholders, the Trust
Administrator, the Indenture 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 Indenture Trustee shall furnish
the Master Servicer, upon request, with any powers of attorney (on the
standard form used by the Indenture Trustee) empowering the Master Servicer or
the Servicer to execute and deliver instruments of satisfaction or
cancellation, or of partial or full release or discharge, and to foreclose
upon or otherwise liquidate Mortgaged Property, and to appeal, prosecute or
defend in any court action relating to the Mortgage Loans or the Mortgaged
Property, in accordance with this Agreement, and the Indenture Trustee shall
execute and deliver such other documents as the Master Servicer may request,
necessary or appropriate to enable the Master Servicer to master service the
Mortgage Loans and carry out its duties hereunder, and to allow the Servicer
to service the Mortgage Loans in each case in accordance with the Servicing
Standard (and the Indenture Trustee or the Trust Administrator shall have no
liability for misuse of any such powers of attorney by the Master Servicer or
the Servicer). If the Master Servicer or the Indenture Trustee has been
advised that it is likely that the laws of the state in which action is to be
taken prohibit such action if taken in the name of the Indenture Trustee or
that the Indenture Trustee would be adversely affected under the "doing
business" or tax laws of such state if such action is taken in its name, then
upon request of the Indenture Trustee, the Master Servicer shall join with the
Indenture Trustee in the appointment of a co-trustee pursuant to Section 6.10
of the Indenture. In no event shall the Master Servicer, without the Indenture
Trustee's written consent: (i) initiate any action, suit or proceeding solely
under the Indenture Trustee's name without indicating the Master Servicer's
representative capacity or (ii) take any action with the intent to cause, and
which actually does cause, the Indenture Trustee to be registered to do
business in any state. The Master Servicer shall indemnify the Indenture
Trustee for any and all costs, liabilities and expenses incurred by the
Indenture Trustee in connection with the negligent or willful misuse of such
powers of attorney by the Master Servicer. In the performance of its duties
hereunder, the Master Servicer shall be an independent contractor and shall
not, except in those instances where it is taking action in the name of the
Indenture Trustee, be deemed to be the agent of the Indenture Trustee.

      (b) In master servicing and administering the Mortgage Loans, the Master
Servicer shall employ procedures and exercise the same care that it
customarily employs and exercises in master servicing and administering loans
for its own account, giving due consideration to the Servicing Standard where
such practices do not conflict with this Agreement. Consistent with the
foregoing, the Master Servicer may, and may permit the Servicer to, in its
discretion (i) waive any late payment charge and (ii) extend the due dates for
payments due on a Mortgage Note for a period not greater than [120] days;
provided, however, that the maturity of any Mortgage Loan shall not be
extended past the date on which the final payment is due on the latest
maturing Mortgage Loan as of the Cut-off Date. In the event of any extension
described in clause (ii) above, the Master Servicer shall make or cause the
Servicer to make Advances on the related Mortgage Loan in accordance with the
provisions of Section 4.03 on the basis of the amortization schedule of such
Mortgage Loan without modification thereof by reason of such extension.

      Section 5.05. Enforcement of Servicer's and Master Servicer's
                    Obligations.

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      (a) The Master Servicer shall not be required to (i) take any action
with respect to the servicing of any Mortgage Loan that the Servicer is not
required to take under this Agreement and (ii) cause the Servicer to take any
action or refrain from taking any action if this Agreement does not require
the Servicer to take such action or refrain from taking such action.

      (b) The Master Servicer, for the benefit of the Issuer, the Indenture
Trustee and the Noteholders, shall enforce the obligations of the Servicer
hereunder, and shall, in the event that the Servicer fails to perform its
obligations in accordance herewith, terminate the rights and obligations of
the Servicer hereunder and either act as servicer of the related Mortgage
Loans or cause other parties hereto to either assume the obligations of the
Servicer under this Agreement (or agree to execute and deliver a successor
servicing or sub-servicing agreement with a successor servicer). Such
enforcement, including, without limitation, the legal prosecution of claims,
termination of servicing or sub-servicing rights and the pursuit of other
appropriate remedies, shall be in such form and carried out to such an extent
and at such time as the Master Servicer, in its good faith business judgment,
would require were it the owner of the related Mortgage Loans. The Master
Servicer shall pay the costs of such enforcement at its own expense, and shall
be reimbursed therefor initially (i) from a general recovery resulting from
such enforcement only to the extent, if any, that such recovery exceeds all
amounts due in respect of the related Mortgage Loans, (ii) from a specific
recovery of costs, expenses or attorneys' fees against the party against whom
such enforcement is directed, and then, (iii) to the extent that such amounts
are insufficient to reimburse the Master Servicer for the costs of such
enforcement, from the Collection Account.

      Section 5.06. [Reserved]

      Section 5.07. Collection Account.

      (a) On the Closing Date, the Trust Administrator shall open and shall
thereafter maintain a segregated account held in trust in the name of the
Securities Intermediary (the "Collection Account"), entitled "Collection
Account, ____________________________________, as Indenture Trustee, in trust
for Holders of the ______ Mortgage Investment Trust 200_-__, Asset-Backed
Notes, Series 200_-__." The Collection Account shall relate solely to the
Notes issued by the Issuer, and funds deposited in the Collection Account
shall not be commingled with any other monies.

      (b) The Collection Account shall be an Eligible Account. If an existing
Collection Account ceases to be an Eligible Account, the Trust Administrator
shall establish a new Collection Account that is an Eligible Account within
[10] days and transfer all funds and investment property on deposit in such
existing Collection Account into such new Collection Account.

      (c) The Trust Administrator shall give to the Master Servicer and the
Indenture Trustee prior written notice of the name and address of the
depository institution at which the Collection Account is maintained and the
account number of such Collection Account. The Trust Administrator shall take
such actions as are necessary to cause the depository institution holding the
Collection Account to hold such account in the name of the Indenture Trustee.
On each Payment Date, the entire amount on deposit in the Collection Account
relating to the

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Mortgage Loans (subject to permitted withdrawals set forth in Section 5.08),
other than amounts not included in Interest Remittance Amount or Principal
Remittance Amount to be paid to Noteholders for such Payment Date, shall be
applied to make the requested payment of principal and/or interest on each
class of Notes.

      (d) The Master Servicer shall deposit or cause to be deposited in the
Collection Account on the earlier of the applicable Payment Date and [one]
Business Day following receipt thereof, the following amounts received or
payments made by the Master Servicer (other than in respect of principal of
and interest on the Mortgage Loans due on or before the Cut-off Date):

            (i) all remittances from the Custodial Account to the Master
      Servicer pursuant to Section 4.03;

            (ii) all Advances made by the Servicer or the Master Servicer
      pursuant to Section 6.05 hereof and any payment in respect of Prepayment
      Interest Shortfalls paid by the Master Servicer pursuant to Section 5.21
      hereof; and

            (iii) the Purchase Price of any Mortgage Loan repurchased by the
      Depositor or the Seller during the related Prepayment Period or any
      other Person and any Substitution Amount related to any Qualifying
      Substitute Mortgage Loan.

      (e) Funds in the Collection Account may be invested by the Trust
Administrator in Eligible Investments selected by and at the written direction
of the Trust Administrator, which shall mature not later than [one] Business
Day prior to the next Payment Date (or on the Payment Date with respect to any
Eligible Investment of the Trust Administrator or any other fund managed or
advised by it or any Affiliate) and any such Eligible Investment shall not be
sold or disposed of prior to its maturity. All such Eligible Investments shall
be made in the name of the Master Servicer in trust for the benefit of the
Indenture Trustee and the Noteholders. All income and gain realized from any
Eligible Investment shall be for the benefit of the Master Servicer and shall
be subject to its withdrawal or order from time to time, subject to Section
5.08 and shall not be part of the Trust Estate. The amount of any losses
incurred in respect of any such investments shall be deposited in such
Collection Account by the Master Servicer out of its own funds, without any
right of reimbursement therefor, immediately as realized. The foregoing
requirements for deposit in the Collection Account are exclusive, it being
understood and agreed that, without limiting the generality of the foregoing,
payments of interest on funds in the Collection Account and payments in the
nature of late payment charges, assumption fees and other incidental fees and
charges relating to the Mortgage Loans need not be deposited by the Master
Servicer in the Collection Account and may be retained by the Master Servicer
or the Servicer, as applicable, as additional servicing compensation. If the
Master Servicer deposits in the Collection Account any amount not required to
be deposited therein, it may at any time withdraw such amount from such
Collection Account.

      Section 5.08. Application of Funds in the Collection Account. The Trust
Administrator may, from time to time, make, or cause to be made, withdrawals
from the Collection Account for the following purposes:

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

            (ii) to reimburse the Master Servicer or the Servicer following a
      final liquidation of a Mortgage Loan for any previously unreimbursed
      Advances made by any such party (A) that such party determines in good
      faith will not be recoverable from amounts representing late recoveries
      of payments of principal or interest respecting the particular Mortgage
      Loan as to which such Advance was made or from Liquidation Proceeds,
      Condemnation Proceeds, REO Disposition Proceeds or Insurance Proceeds
      with respect to such Mortgage Loan and/or (B) to the extent that such
      unreimbursed Advances exceed the related Liquidation Proceeds or
      Insurance Proceeds, it being understood, in the case of each such
      reimbursement, that the Master Servicer's or Servicer's right thereto
      shall be prior to the rights of the Noteholders;

            (iii) to reimburse the Master Servicer or the Servicer from
      Liquidation Proceeds for Liquidation Expenses and for amounts expended
      by it pursuant to Section 4.02(o) in good faith in connection with the
      restoration of damaged property and, to the extent that Liquidation
      Proceeds after such reimbursement exceed the unpaid principal balance of
      the related Mortgage Loan, together with accrued and unpaid interest
      thereon at the applicable Mortgage Rate less the applicable Servicing
      Fee Rate and Master Servicing Fee Rate for such Mortgage Loan to the Due
      Date next succeeding the date of its receipt of such Liquidation
      Proceeds, to pay to the Master Servicer or the Servicer out of such
      excess the amount of any unpaid assumption fees, late payment charges or
      other Mortgagor charges on the related Mortgage Loan and to retain any
      excess remaining thereafter as additional servicing compensation, it
      being understood, in the case of any such reimbursement or payment, that
      such Master Servicer's or Servicer's right thereto shall be prior to the
      rights of the Noteholders;

            (iv) to pay to the Depositor or the Seller or any other Person, as
      applicable, with respect to each Mortgage Loan or REO Property acquired
      in respect thereof that has been purchased pursuant to this Agreement,
      all amounts received thereon and not paid on the date on which the
      related repurchase was effected, and to pay to the applicable party any
      Advances and Servicing Advances to the extent specified in the
      definition of Purchase Price;

            (v) to the extent not paid by the Servicer, to pay any Insurance
      Premium with respect to a Mortgage Loan;

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            (vi) to pay to the Master Servicer income earned on the investment
      of funds on deposit in the Collection Account;

            (vii) on each Payment Date, to make payment to the Noteholders in
      the amounts and in the manner provided for in Section 6.02 for the
      related Payment Date (to the extent collected by the Master Servicer or
      the Servicer);

            (viii) on each Payment Date, to make payment to the Ownership
      Certificate, all Prepayment Premiums received during the immediately
      preceding Prepayment Period;

            (ix) to make payment to itself, the Master Servicer, the Servicer,
      the Indenture Trustee, the Custodian, the Owner Trustee and others
      pursuant to any provision of this Agreement, the Trust Agreement, the
      Indenture or the Custodial Agreement;

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

            (xi) to clear and terminate the Collection Account pursuant to
      Article IX; and

            (xii) to reimburse a successor master servicer (solely in its
      capacity as successor master servicer), for any fee or advance
      occasioned by a termination of the Master Servicer, and the assumption
      of such duties by the Indenture Trustee as successor master servicer or
      a successor master servicer appointed by the Indenture Trustee pursuant
      to Section 8.01, in each case to the extent not reimbursed by the
      terminated Master Servicer, it being understood, in the case of any such
      reimbursement or payment, that the right of the Master Servicer or the
      Indenture Trustee thereto shall be prior to the rights of the
      Noteholders.

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

      Section 5.09. Reports to Indenture Trustee and Noteholders.

      (a) On each Payment Date, the Trust Administrator shall make available
to the Indenture Trustee and each Noteholder, a report setting forth the
following information (on the basis of Mortgage Loan level information
obtained from the Servicer):

            (i) the aggregate amount of the payment to be made on such Payment
      Date to the Holders of each Class of Notes, to the extent applicable,
      allocable to principal on the Mortgage Loans, including Liquidation
      Proceeds and Insurance Proceeds, stating separately the amount
      attributable to scheduled principal payments and unscheduled payments in
      the nature of principal;

            (ii) the aggregate amount of the payment to be made on such
      Payment Date to the Holders of each Class of Notes allocable to interest
      and the calculation thereof;

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            (iii) the amount, if any, of any payment to the Holder of the
      Ownership Certificate;

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

            (v) the total number of Mortgage Loans, the aggregate Stated
      Principal Balance of all the Mortgage Loans as of the close of business
      on the last day of the related Collection Period, after giving effect to
      payments allocated to principal reported under clause (i) above;

            (vi) the Class Principal Amount of each Class of Notes, to the
      extent applicable, as of such Payment Date after giving effect to
      payments allocated to principal reported under clause (i) above;

            (vii) the amount of all Prepayment Premiums distributed to the
      Ownership Certificate;

            (viii) the amount of any Realized Losses incurred with respect to
      the Mortgage Loans (x) in the applicable Prepayment Period and (y) in
      the aggregate since the Cut-off Date;

            (ix) the amount of the Servicing Fee paid during the Collection
      Period to which such payment relates;

            (x) the number and aggregate Stated Principal Balance of Mortgage
      Loans, as reported to the Trust Administrator by the Servicer, (a)
      remaining outstanding, (b) delinquent 30 to 59 days on a contractual
      basis, (c) delinquent 60 to 89 days on a contractual basis, (d)
      delinquent 90 or more days on a contractual basis, (e) as to which
      foreclosure proceedings have been commenced as of the close of business
      on the last Business Day of the calendar month immediately preceding the
      month in which such Payment Date occurs, (f) in bankruptcy and (g) that
      are REO Properties;

            (xi) the aggregate Stated Principal Balance of any Mortgage Loans
      with respect to which the related Mortgaged Property became an REO
      Property as of the close of business on the last Business Day of the
      calendar month immediately preceding the month in which such Payment
      Date occurs;

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

            (xiii) the aggregate outstanding Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls, if any, for each Class of Notes, after giving
      effect to the payments made on such Payment Date;

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            (xiv) the Note Interest Rate applicable to such Payment Date with
      respect to each Class of Notes;

            (xv) the Interest Remittance Amount and the Principal Remittance
      Amount applicable to such Payment Date;

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

            (xvii) any Overcollateralization Deficiency Amount after giving
      effect to the payments made on such Payment Date; and

            (xviii) LIBOR with respect to such Payment Date.

      In the case of information furnished pursuant to subclauses (i),
(ii) and (vi) above, the amounts shall (except in the case of the report
delivered to the holder of the Ownership Certificate) be expressed as a
dollar amount per $[1,000] of original principal amount of Notes.

      The Trust Administrator will make such report and additional loan level
information (and, at its option, any additional files containing the same
information in an alternative format) available each month to the Rating
Agencies and Noteholders via the Trust Administrator's website. The Trust
Administrator's website can be accessed at ______________. Assistance in using
the website can be obtained by calling the Trust Administrator's customer
service desk at ________________. Such parties that are unable to use the
website are entitled to have a paper copy mailed to them via first class mail
by notifying the Trust Administrator at ____________________,
________________________ (or for overnight deliveries at
_________________________), and indicating such. The Trust Administrator shall
have the right to change the way such statements are distributed in order to
make such distribution more convenient and/or more accessible to the above
parties and the Trust Administrator shall provide timely and adequate
notification to all above parties regarding any such changes.

      The foregoing information and reports shall be prepared and determined
by the Trust Administrator based solely on Mortgage Loan data provided to the
Trust Administrator by the Master Servicer (in a format agreed to by the Trust
Administrator and the Master Servicer) no later than the Payment Date. In
preparing or furnishing the foregoing information, the Trust Administrator and
the Master Servicer shall be entitled to rely conclusively on the accuracy of
the information or data regarding the Mortgage Loans and the related REO
Property that has been provided to the Master Servicer by the Servicer, and
neither the Trust Administrator nor the Master Servicer shall be obligated to
verify, recompute, reconcile or recalculate any such information or data. The
Trust Administrator, the Indenture Trustee, the Custodian and the Master
Servicer shall be entitled to conclusively rely on all of such data and
information provided to the Master Servicer and shall have no liability for
any errors in such data or information.

      (b) Upon the reasonable advance written request of any Noteholder that
is a savings and loan, bank or insurance company, which request, if received
by the Indenture Trustee shall

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be forwarded promptly to the Trust Administrator, the Trust Administrator
shall provide, or cause to be provided (or, to the extent that such
information or documentation is not required to be provided by the Servicer,
shall use reasonable efforts to obtain such information and documentation from
the Servicer, and provide), to such Noteholder such reports and access to
information and documentation regarding the Mortgage Loans as such Noteholder
may reasonably deem necessary to comply with applicable regulations of the
Office of Thrift Supervision or its successor or other regulatory authorities
with respect to an investment in the Notes; provided, however, that the Trust
Administrator shall be entitled to be reimbursed by such Noteholder for actual
expenses incurred in providing such reports and access.

      (c) Within [90] days, or such shorter period as may be required by
statute or regulation, after the end of each calendar year, the Trust
Administrator shall have prepared and shall make available to each Person who
at any time during the calendar year was a Noteholder of record, and make
available to Security Owners (identified as such by the Clearing Agency) in
accordance with applicable regulations, a report summarizing the items
provided to the Noteholders pursuant to Section 5.09(a) on an annual basis as
may be required to enable such Holders to prepare their federal income tax
returns; provided, however, that this Section 5.09(c) shall not be applicable
where relevant reports or summaries are required elsewhere in this Agreement.
Such information shall include the amount of original issue discount accrued
on each Class of Notes and information regarding the expenses of the Issuer.
The Trust Administrator shall be deemed to have satisfied such requirement if
it forwards such information in any other format permitted by the Code. The
Master Servicer shall provide the Trust Administrator with such information as
is necessary for the Trust Administrator to prepare such reports.

      (d) The Trust Administrator shall furnish any other information that is
required by the Code and regulations thereunder to be made available to
Noteholders. The Master Servicer shall provide the Trust Administrator with
such information as is necessary for the Trust Administrator to prepare such
reports (and the Trust Administrator may rely solely upon such information).

      Section 5.10. Termination of Servicer; Successor Servicers.

      (a) The Master Servicer shall be entitled to terminate the rights and
obligations of the Servicer upon the occurrence of a Servicer Event of Default
as set forth in Section 4.07; provided, however, that in the event of
termination of the Servicer, the Master Servicer shall provide for the
servicing of the Mortgage Loans by a successor servicer as provided in Section
4.08.

      The parties acknowledge that notwithstanding the preceding sentence,
there may be a transition period, not to exceed [90] days, in order to effect
the transfer of servicing to a successor servicer. The Master Servicer shall
be entitled to be reimbursed by the Servicer (or by the Trust Estate, if the
Servicer is unable to fulfill its obligations hereunder) for all costs
associated with the transfer of servicing, including without limitation, any
costs or expenses associated with the complete transfer of all servicing data
and the completion, correction or manipulation of such servicing data, as may
be required by the Master Servicer to correct any

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errors or insufficiencies in the servicing data or otherwise to enable the
Master Servicer to service the Mortgage Loans properly and effectively.

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

      (c) If the Master Servicer acts as a successor Servicer, it will have no
obligation to make an Advance if it determines in its reasonable judgment that
such Advance would constitute a Nonrecoverable Advance.

      Section 5.11. Master Servicer Liable for Enforcement. The Master
Servicer shall use commercially reasonable efforts to ensure that the Mortgage
Loans are serviced in accordance with the provisions of this Agreement and
shall use commercially reasonable efforts to enforce the provisions of Article
IV for the benefit of the Noteholders. The Master Servicer shall be entitled
to enter into any agreement with any Servicer for indemnification of the
Master Servicer and nothing contained in this Agreement shall be deemed to
limit or modify such indemnification. Except as expressly set forth herein,
the Master Servicer shall have no liability for the acts or omissions of the
Servicer in the performance by such Servicer of its obligations under Article
IV.

      Section 5.12. Assumption of Master Servicing by Indenture Trustee.

      (a) In the event the Master Servicer shall for any reason no longer be
the Master Servicer (including by reason of any Master Servicer Event of
Default under Section 8.01 of this Agreement), the Indenture Trustee shall
thereupon assume all of the rights and obligations of such Master Servicer
hereunder. The Indenture Trustee, its designee or any successor master
servicer appointed by the Indenture Trustee shall be deemed to have assumed
all of the Master Servicer's interest herein, except that the Master Servicer
shall not thereby be relieved of any liability or obligations of the Master
Servicer accruing prior to its replacement as Master Servicer, and shall be
liable to the Indenture Trustee, and hereby agrees to indemnify and hold
harmless the Indenture Trustee from and against all costs, damages, expenses
and liabilities (including reasonable attorneys' fees) incurred by the
Indenture Trustee as a result of such liability or obligations of the Master
Servicer and in connection with the Indenture Trustee's assumption (but not
its performance, except to the extent that costs or liability of the Indenture
Trustee are created or increased as a result of negligent or wrongful acts or
omissions of the Master Servicer prior to its replacement as Master Servicer)
of the Master Servicer's obligations, duties or responsibilities thereunder.

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

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      Section 5.13. [Reserved]

      Section 5.14. Release of Mortgage Files.

      (a) Upon (i) becoming aware of the payment in full of any Mortgage Loan
or (ii) the receipt by the Master Servicer of a notification that payment in
full has been or will be escrowed in a manner customary for such purposes, the
Master Servicer will, or will cause the Servicer to, promptly notify the
Indenture Trustee (or the Custodian) by a certification (which certification
shall include a statement to the effect that all amounts received in
connection with such payment that are required to be deposited in the
Collection Account maintained by the Trust Administrator pursuant to Section
5.07 have been or will be so deposited) of a Servicing Officer and shall
request (on the form attached to the Custodial Agreement) the Indenture
Trustee or the Custodian, to deliver to the Servicer the related Mortgage
File. Upon receipt of such certification and request, the Indenture Trustee or
the Custodian (with the consent, and at the direction of the Indenture
Trustee), shall promptly release the related Mortgage File to the Servicer and
the Indenture Trustee shall have no further responsibility with regard to such
Mortgage File. Upon any such payment in full, the Master Servicer is
authorized, and the Servicer is authorized, to give, as agent for the
Indenture Trustee, as the mortgagee under the Mortgage that secured the
Mortgage Loan, an instrument of satisfaction (or assignment of mortgage
without recourse) regarding the Mortgaged Property subject to the Mortgage,
which instrument of satisfaction or assignment, as the case may be, shall be
delivered to the Person or Persons entitled thereto against receipt therefor
of such payment, it being understood and agreed that no expenses incurred in
connection with such instrument of satisfaction or assignment, as the case may
be, shall be chargeable to the Collection Account.

      (b) From time to time and as appropriate for the servicing or
foreclosure of any Mortgage Loan, the Indenture Trustee shall execute such
documents as shall be prepared and furnished to the Indenture Trustee by the
Master Servicer, or by the Servicer, as applicable, (in a form reasonably
acceptable to the Indenture Trustee) and as are necessary for the prosecution
of any such proceedings. The Indenture Trustee or the Custodian, shall, upon
request of the Master Servicer or of the Servicer, as applicable, and delivery
to the Indenture Trustee or the Custodian, of a trust receipt signed by a
Servicing Officer substantially in the form attached to the Custodial
Agreement, release the related Mortgage File held in its possession or control
to the Master Servicer (or the Servicer, as applicable). Such trust receipt
shall obligate the Master Servicer or the Servicer, as applicable, to return
the Mortgage File to the Indenture Trustee or the Custodian, as applicable,
when the need therefor by the Master Servicer or the Servicer, as applicable,
no longer exists unless the Mortgage Loan shall be liquidated, in which case,
upon receipt of a certificate of a Servicing Officer similar to that
hereinabove specified, the trust receipt shall be released by the Indenture
Trustee or the Custodian, as applicable, to the Master Servicer or the
Servicer as applicable.

      Section 5.15. Documents, Records and Funds in Possession of Master
Servicer To Be Held for Indenture Trustee.

      (a) The Master Servicer shall transmit, or cause the Servicer to
transmit, to the Indenture Trustee such documents and instruments coming into
the possession of the Master Servicer or the Servicer from time to time as are
required by the terms hereof to be delivered to

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

      (b) All Mortgage Files and funds collected or held by, or under the
control of, the Master Servicer or the Servicer, in respect of any Mortgage
Loans, whether from the collection of principal and interest payments or from
Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
Servicer or by the Servicer for and on behalf of the Indenture Trustee as the
Indenture Trustee's agent and bailee for purposes of perfecting the Indenture
Trustee's security interest therein as provided by relevant Uniform Commercial
Code or laws; provided, however, that the Master Servicer and the Servicer
shall be entitled to setoff against, and deduct from, any such funds any
amounts that are properly due and payable to the Master Servicer or the
Servicer under this Agreement and shall be authorized to remit such funds to
the Trust Administrator in accordance with this Agreement.

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

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

      Section 5.16. Opinion. On or before the Closing Date, the Master
Servicer shall cause to be delivered to the Depositor, the Seller, the
Indenture Trustee, the Issuer, the Trust Administrator and the Servicer one or
more Opinions of Counsel, dated the Closing Date, in form and substance
reasonably satisfactory to the Depositor, as to the due authorization,
execution and delivery of this Agreement by the Master Servicer and the
enforceability thereof.

      Section 5.17. [Reserved]

      Section 5.18. [Reserved]

      Section 5.19. [Reserved]

      Section 5.20. Indenture Trustee To Retain Possession of Certain
Insurance Policies and Documents. The Indenture Trustee (or the Custodian on
behalf of the Indenture Trustee) shall retain possession and custody of the
originals of the primary mortgage insurance policies or certificate of
insurance if applicable and any certificates of renewal as to the foregoing as
may be issued from time to time as contemplated by this Agreement. Until all
amounts payable in respect of the Notes have been paid in full and the Master
Servicer otherwise has fulfilled its obligations under this Agreement, the
Indenture Trustee (or the Custodian) shall also retain possession and custody
of each Mortgage File in accordance with and subject to the terms and
conditions of this Agreement. The Master Servicer shall promptly deliver or
cause the Servicer to deliver to the Indenture Trustee (or the Custodian),
upon the execution or receipt thereof the originals of the primary mortgage
insurance policies and any certificates of renewal thereof, and such other
documents or instruments that constitute portions of the Mortgage File that
come into the possession of the Master Servicer or the Servicer from time to
time.

      Section 5.21. Compensation to the Master Servicer. Pursuant to Section
5.07(e), all income and gain realized from any investment of funds in the
Collection Account shall be for the benefit of the Master Servicer as
compensation. Notwithstanding the foregoing, the Master Servicer shall deposit
in the Collection Account, on or before the related Payment Date, an amount
equal to the lesser of (i) its master servicing compensation with respect to
such Payment Date and (ii) the amount of any Compensating Interest Payment
required to be paid by the Servicer with respect to such Payment Date pursuant
to this Agreement, but which is not paid by the Servicer on its behalf. The
Master Servicer shall be required to pay all expenses incurred by it in
connection with its activities hereunder and shall not be entitled to
reimbursement therefor except as provided in this Agreement.

      Section 5.22. [Reserved]

      Section 5.23. Reports to the Indenture Trustee.

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      (a) Not later than [30] days after each Payment Date, the Trust
Administrator shall, upon request, forward to the Indenture Trustee a
statement, deemed to have been certified by a officer of the Trust
Administrator, setting forth the status of the Collection Account maintained
by the Trust Administrator as of the close of business on the related Payment
Date, indicating that all payments required by this Agreement to be made by
the Trust Administrator have been made (or if any required payment has not
been made by the Trust Administrator, specifying the nature and status
thereof) and showing, for the period covered by such statement, the aggregate
of deposits into and withdrawals from the Collection Account maintained by the
Trust Administrator. Copies of such statement shall be provided by the Trust
Administrator, upon request, to the Depositor, Attention: _______ 200_-__ and
any Noteholders (or by the Indenture Trustee at the Trust Administrator's
expense if the Trust Administrator shall fail to provide such copies to the
Noteholders (unless (i) the Trust Administrator shall have failed to provide
the Indenture Trustee with such statement or (ii) the Indenture Trustee has no
actual knowledge of the Trust Administrator's failure to provide such
statement)).

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

      (c) All information, reports and statements prepared by the Master
Servicer under this Agreement shall be based on information supplied to the
Master Servicer by the Servicer without independent verification thereof and
the Master Servicer shall be entitled to rely on such information.

      Section 5.24. Annual Officer's Certificate as to Compliance.

      (a) The Master Servicer shall (and shall cause any subservicer to)
deliver to the Indenture Trustee and the Depositor no later than the 15th of
March of each calendar year, commencing in March 200_, an Officer's
Certificate, certifying that with respect to the period ending on the
immediately preceding December 31: (i) a review of the activities of such
Person during the preceding calendar year or portion thereof has been made
under such Servicing Officer's supervision, (ii) to the best of such Servicing
Officer's knowledge, based on such review, such Person has fulfilled its
obligations under this Agreement in all material respects throughout such
year, or, if there has been a failure to fulfill any such obligation in any
material respect, specifying each such failure known to such Servicing Officer
and the nature and status thereof, (iii) nothing has come to the attention of
such Servicing Officer to lead such Servicing Officer to believe that the
Servicer has failed to perform any of its duties, responsibilities and
obligations set forth in Article IV hereunder in all material respects
throughout such year, or, if there has been a material default in the
performance or fulfillment of any such duties, responsibilities or
obligations, specifying each such default known to such Servicing Officer and
the nature and status thereof, and (iv) the Master Servicer has received from
the Servicer an annual certificate of compliance and a copy of such Servicer's
1122 Servicing Criteria-Assessment, or, if any such certificate or report has
not been received by the Master Servicer, the Master Servicer is using its
best reasonable efforts to obtain such certificate or report.

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      (b) Copies of such statements shall be provided to any Noteholder upon
request, by the Master Servicer or by the Indenture Trustee at the Master
Servicer's expense if the Master Servicer failed to provide such copies
(unless (i) the Master Servicer shall have failed to provide the Indenture
Trustee with such statement or (ii) the Indenture Trustee has no actual
knowledge of the Master Servicer's failure to provide such statement).

      Section 5.25. [Reserved]

      Section 5.26. Merger or Consolidation. Any Person into which the Master
Servicer may be merged or consolidated, or any Person resulting from any
merger, conversion, other change in form or consolidation to which the Master
Servicer shall be a party, or any Person succeeding to the business of the
Master Servicer, shall be the successor to the Master Servicer hereunder,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the successor or resulting Person to the Master
Servicer shall be a Person that shall be qualified and approved (or that have
an Affiliate that is qualified and approved) to service mortgage loans for
Fannie Mae or FHLMC and shall have a net worth of not less than $[15,000,000].

            As a condition to the effectiveness of any merger or
consolidation, at least 15 calendar days prior to the effective date of
any merger or consolidation of the Master Servicer, the Master Servicer
shall provide (x) written notice to the Depositor of any successor
pursuant to this Section and (y) in writing and in form and substance
reasonably satisfactory to the Depositor, all information reasonably
requested by the Depositor in order to comply with its reporting
obligation under Item 6.02 of Form 8-K with respect to the resignation of
the Master Servicer.

      Section 5.27. Resignation of Master Servicer. Except as otherwise
provided in Sections 5.26 and this Section 5.27 hereof, the Master Servicer
shall not resign from the obligations and duties hereby imposed on it unless
it determines that the Master Servicer's duties hereunder are no longer
permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it and cannot be cured.
Any such determination permitting the resignation of the Master Servicer shall
be evidenced by an Opinion of Counsel that shall be Independent to such effect
delivered to the Indenture Trustee. No such resignation shall become effective
until (a) the Indenture Trustee shall have assumed, or a successor master
servicer shall have been appointed by the Indenture Trustee and until such
successor shall have assumed, the Master Servicer's responsibilities and
obligations under this Agreement and (b) the Depositor shall have received the
information described in the following sentence. As a condition to the
effectiveness of any such resignation, at least 15 calendar days prior to the
effective date of such resignation, the Master Servicer shall provide (x)
written notice to the Depositor of any successor pursuant to this Section and
(y) in writing and in form and substance reasonably satisfactory to the
Depositor, all information reasonably requested by the Depositor in order to
comply with its reporting obligation under Item 6.02 of Form 8-K with respect
to a successor master servicer. Notice of such resignation shall be given
promptly by the Master Servicer and the Depositor to the Indenture Trustee.

      Section 5.28. Assignment or Delegation of Duties by the Master Servicer.
Except as expressly provided herein, the Master Servicer shall not assign or
transfer any of its rights,

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benefits or privileges hereunder to any other Person, or delegate to or
subcontract with, or authorize or appoint any other Person to perform any of
the duties, covenants or obligations to be performed by the Master Servicer
hereunder, unless the Indenture Trustee and the Depositor shall have consented
to such action; provided, however, that the Master Servicer shall have the
right without the prior written consent of the Indenture Trustee or the
Depositor to delegate or assign to or subcontract with or authorize or appoint
an Affiliate of the Master Servicer to perform and carry out any duties,
covenants or obligations to be performed and carried out by the Master
Servicer hereunder. In no case, however, shall any such delegation,
subcontracting or assignment to an Affiliate of the Master Servicer relieve
the Master Servicer of any liability hereunder. Notice of such permitted
assignment shall be given promptly by the Master Servicer to the Depositor and
the Indenture Trustee. If, pursuant to any provision hereof, the duties of the
Master Servicer are transferred to a successor master servicer, the entire
amount of compensation payable to the Master Servicer pursuant hereto,
including amounts payable to or permitted to be retained or withdrawn by the
Master Servicer pursuant to Section 5.21 hereof, shall thereafter be payable
to such successor master servicer.

      Section 5.29. Limitation on Liability of the Master Servicer and Others.

      (a) The Master Servicer undertakes to perform such duties and only such
duties as are specifically set forth in this Agreement.

      (b) No provision of this Agreement shall be construed to relieve the
Master Servicer from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct; provided, however, that the
duties and obligations of the Master Servicer shall be determined solely by
the express provisions of this Agreement, the Master Servicer shall not be
liable except for the performance of such duties and obligations as are
specifically set forth in this Agreement; no implied covenants or obligations
shall be read into this Agreement against the Master Servicer and, in absence
of bad faith on the part of the Master Servicer, the Master Servicer may
conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any certificates or opinions furnished to
the Master Servicer and conforming to the requirements of this Agreement.

      (c) Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Indenture Trustee or the Noteholders for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, or for
errors in judgment; provided, however, that this provision shall not protect
the Master Servicer or any such person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in its performance of its duties or by reason of reckless disregard for its
obligations and duties under this Agreement. The Master Servicer and any
director, officer, employee or agent of the Master Servicer shall be entitled
to indemnification by the Trust Estate and will be held harmless against any
loss, liability or expense incurred in connection with any legal action
relating to this Agreement, the Notes or any other Operative Agreement other
than any loss, liability or expense incurred by reason of willful misfeasance,
bad faith or negligence in the performance of his or its duties hereunder or
by reason of reckless disregard of his or its obligations and duties
hereunder. The Master Servicer and any director, officer, employee or agent of
the Master Servicer may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any

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matters arising hereunder. The Master Servicer shall be under no obligation to
appear in, prosecute or defend any legal action that is not incidental to its
duties to master service the Mortgage Loans in accordance with this Agreement
and that in its opinion may involve it in any expenses or liability; provided,
however, that the Master Servicer may in its sole discretion undertake any
such action that it may deem necessary or desirable with respect to this
Agreement and the rights and duties of the parties hereto and the interests of
the Noteholders 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 Master Servicer shall be entitled to be
reimbursed therefor out of the Collection Account it maintains as provided by
Section 4.08.

      Section 5.30. Indemnification; Third Party Claims. The Master Servicer
agrees to indemnify the Depositor, the Issuer, the Indenture Trustee, the
Owner Trustee and the Servicer and hold them harmless against any and all
claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments, and any other costs, liability, fees and expenses that the
Depositor, the Issuer, the Indenture Trustee, the Owner Trustee or the
Servicer may sustain as a result of the failure of the Master Servicer to
perform its duties and master service the Mortgage Loans in compliance with
the terms of this Agreement. The Depositor, the Issuer, the Indenture Trustee,
the Owner Trustee and the Servicer shall immediately notify the Master
Servicer if a claim is made by a third party with respect to this Agreement,
the Mortgage Loans entitling the Depositor, the Issuer, the Indenture Trustee,
the Owner Trustee or the Servicer to indemnification under this Section 5.30,
whereupon the Master Servicer shall assume the defense of any such claim and
pay all expenses in connection therewith, including counsel fees, and promptly
pay, discharge and satisfy any judgment or decree which may be entered against
it or them in respect of such claim. The failure to provide such immediate
notice shall not affect the Master Servicer's obligation pursuant to this
Section 5.30 to indemnify the Depositor, the Issuer, the Indenture Trustee,
the Owner Trustee and the Servicer, except to the extent that the Master
Servicer is materially prejudiced by such failure to notify.

      Section 5.31. Alternative Index. In the event that the Servicer notifies
the Master Servicer in writing that the Index for any Mortgage Loan, as
specified in the related Mortgage Note, becomes unavailable for any reason,
the Master Servicer shall select an alternative index in accordance with the
terms of such Mortgage Note or, if such Mortgage Note does not make provision
for the selection of an alternative index in such event, the Master Servicer
shall, subject to applicable law, select an alternative index based on
information comparable to that used in connection with the original Index and,
in either case, such alternative index shall thereafter be the Index for such
Mortgage Loan.

      Section 5.32. Transfer of Servicing. The Servicer agrees that it shall
provide written notice to the Master Servicer and the Indenture Trustee
[thirty] days prior to any proposed transfer or assignment by the Seller of
the servicing of the Mortgage Loans. In addition, the ability of the Servicer
to transfer or assign the servicing hereunder to a successor servicer shall be
subject to the following conditions:

            (i) Receipt of written consent of the Master Servicer to such
      transfer;

            (ii) Such successor servicer must be a FHA Approved Mortgagee;

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            (iii) Such successor servicer must satisfy the servicer
      eligibility standards set forth in Section 4.06(a);

            (iv) Such successor servicer must execute and deliver to the
      Master Servicer and the Indenture Trustee an agreement, in form and
      substance reasonably satisfactory to the Master Servicer and the
      Indenture Trustee, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each
      covenant and condition to be performed and observed by the Servicer;

            (v) If the successor servicer is not a Servicer of Mortgage Loans
      at the time of the transfer, there must be delivered to the Indenture
      Trustee a letter from each Rating Agency to the effect that such
      transfer of servicing will not result in a qualification, withdrawal or
      downgrade of the then-current rating of any of the Notes;

            (vi) The Seller shall, at its cost and expense, take such steps,
      or cause the terminated Servicer to take such steps, as may be necessary
      or appropriate to effectuate and evidence the transfer of the servicing
      of the Mortgage Loans to such successor servicer, including, but not
      limited to, the following: (A) to the extent required by the terms of
      the Mortgage Loans and by applicable federal and state laws and
      regulations, the Seller shall cause the prior Servicer to timely mail to
      each obligor under a Mortgage Loan any required notices or disclosures
      describing the transfer of servicing of the Mortgage Loans to the
      successor servicer; (B) prior to the effective date of such transfer of
      servicing, the Seller shall cause the prior Servicer to transmit to any
      related insurer notification of such transfer of servicing; (C) on or
      prior to the effective date of such transfer of servicing, the Seller
      shall cause the prior Servicer to deliver to the successor servicer all
      Mortgage Loan Documents and any related records or materials; (D) on or
      prior to the effective date of such transfer of servicing, the Seller
      shall cause the prior Servicer to transfer to the successor servicer,
      or, if such transfer occurs after a Servicer Remittance Date but before
      the next succeeding Payment Date, to the Trust Administrator, all funds
      held by the prior Servicer in respect of the Mortgage Loans; (E) on or
      prior to the effective date of such transfer of servicing, the Seller
      shall cause the prior Servicer to, after the effective date of the
      transfer of servicing to the successor servicer, continue to forward to
      such successor servicer, within [one] Business Day of receipt, the
      amount of any payments or other recoveries received by the prior
      Servicer, and to notify the successor servicer of the source and proper
      application of each such payment or recovery; and (F) the Seller shall
      cause the prior Servicer to, after the effective date of transfer of
      servicing to the successor servicer, continue to cooperate with the
      successor servicer to facilitate such transfer in such manner and to
      such extent as the successor servicer may reasonably request; and

            (vii) Such successor servicer shall provide to the Depositor in
      writing and in form and substance reasonably satisfactory to the
      Depositor, all information reasonably requested by the Depositor in
      order to comply with its reporting obligation under Item 6.02 of Form
      8-K with respect to a successor servicer.

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                                  ARTICLE VI

                      DEPOSITS AND PAYMENTS TO HOLDERS

      Section 6.01. The Collection Account.

      (a) The Trust Administrator shall establish and maintain in the name of
the Notes Intermediary the Collection Account as provided in Section 5.07,
which account shall be pledged to the Indenture Trustee for the benefit of the
Noteholders.

      (b) The Trust Administrator shall make withdrawals from the Collection
Account only for the purposes set forth in Section 5.08.

      Section 6.02. Payments from the Collection Account.

      (a) [On each Payment Date, the Trust Administrator (or the Paying Agent
on behalf of the Trust Administrator) shall withdraw from the Collection
Account the Total Remittance Amount (to the extent such amount is on deposit
in the Collection Account) and shall pay such amount as specified in this
Section. All allocations and payments made between and with respect to [Pool
1], [Pool 2] and [Pool 3] in this Section shall be made concurrently.]

      (b) [On each Payment Date, the Trust Administrator (or the Paying Agent
on behalf of the Trust Administrator) shall pay the Interest Remittance Amount
for [Pool 1] for such date [in the following order of priority] in accordance
with the report of the Trust Administrator:

            (i) from the Interest Remittance Amount for [Pool 1],
      [concurrently] to the [Class AF-5B] Insurer, the [Class AF-5B] Premium
      for such Payment Date and to each Class of [Group AF] Notes, the Current
      Interest and Interest Carry Forward Amount for each such Class and such
      Payment Date, [pro rata], based on their respective entitlements,

            (ii) from the remaining Interest Remittance Amount for [Pool 1],
      [sequentially]:

                  (a)   to the [Class AF-5B] Insurer, any [Class AF-5B]
                  Reimbursement Amount,

                  (b)   to the [Class MF-1] Notes, the Current Interest
                  for such Class,

                  (c)   to the [Class MF-2] Notes, the Current Interest
                  for such Class,

                  (d)   to the [Class MF-3] Notes, the Current Interest
                  for such Class,

                  (e)   to the [Class MF-4] Notes, the Current Interest
                  for such Class,

                  (f)   to the [Class MF-5] Notes, the Current Interest
                  for such Class,

                  (g)   to the [Class MF-6] Notes, the Current Interest
                  for such Class,

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<PAGE>

                  (h)   to the [Class MF-7] Notes, the Current Interest
                  for such Class,

                  (i)   to the [Class MF-8] Notes, the Current Interest
                  for such Class,

                  (j)   to the Class [BF] Notes, the Current Interest for
                  such Class, and

                  (k)   [any remainder as part of the Fixed Rate Pool
                  Excess Cashflow.]

      (c) [On each Payment Date, the Trust Administrator (or the Paying Agent
on behalf of the Trust Administrator) shall pay the Interest Remittance Amount
for [Pool 2] and [Pool 3] for such date [in the following order of priority]
in accordance with the report of the Trust Administrator:

            (i) [concurrently]:

                  (a)   from Interest Remittance Amount for [Pool 2],
                  [concurrently] to each Class of [Group 2-AV] Notes, the
                  Current Interest and Interest Carry Forward Amount for
                  each such Class and such Payment Date, [pro rata], based
                  on their respective entitlements,

                  (b)   from Interest Remittance Amount for [Pool 3],
                  [concurrently] to each Class of [Group 3-AV] Notes, the
                  Current Interest and Interest Carry Forward Amount for
                  each such Class and such Payment Date, [pro rata], based
                  on their respective entitlements,

            (ii) from the remaining Interest Remittance Amount for [Pool 2]
      and [Pool 3], to each Class of [Group AV] Notes, any remaining Current
      Interest and Interest Carry Forward Amount not paid pursuant to Section
      6.02(c)(i), [pro rata], based on the Note Principal Amounts thereof, to
      the extent needed to pay any Current Interest and Interest Carry Forward
      Amount for each such Class; provided that Interest Remittance Amount
      remaining after such allocation to pay any Current Interest and Interest
      Carry Forward Amount based on the Note Principal Amounts of the Notes
      will be distributed to each Class of [Group AV] Notes with respect to
      which there remains any unpaid Current Interest and Interest Carry
      Forward Amount (after the distribution based on Note Principal Amounts),
      [pro rata], based on the amount of such remaining unpaid Current
      Interest and Interest Carry Forward Amount,

            (iii) from the remaining Interest Remittance Amount for [Pool 2]
      and [Pool 3], [sequentially]:

                  (a)   to the [Class MV-1] Notes, the Current Interest
                  for such Class,

                  (b)   to the [Class MV-2] Notes, the Current Interest
                  for such Class,

                  (c)   to the [Class MV-3] Notes, the Current Interest
                  for such Class,

                  (d)   to the [Class MV-4] Notes, the Current Interest
                  for such Class,

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<PAGE>

                  (e)   to the [Class MV-5] Notes, the Current Interest
                  for such Class,

                  (f)   to the [Class MV-6] Notes, the Current Interest
                  for such Class,

                  (g)   to the [Class MV-7] Notes, the Current Interest
                  for such Class,

                  (i)   to the [Class MV-8] Notes, the Current Interest
                  for such Class,

                  (j)   to the Class [BV] Notes, the Current Interest for
                  such Class, and

                  (k)   [any remainder as part of the Adjustable Rate Pool
                  Excess Cashflow.]

      (d) [On each Payment Date, the Trust Administrator (or the Paying Agent
on behalf of the Trust Administrator) shall pay the Principal Remittance
Amount for [Pool 1] (with the Principal Distribution Amount exclusive of the
portion thereof consisting of the Extra Principal Distribution Amount being
applied first and the Extra Principal Distribution Amount being applied
thereafter) for such date in accordance with the report of the Trust
Administrator [as follows]:

            (i) with respect to any Payment Date prior to the Fixed Rate
      Stepdown Date or on which a Fixed Rate Trigger Event is in effect, from
      the Principal Distribution Amount for [Pool 1], [sequentially]:

                  (A)   to the [Class AF] Notes and to the [Class AF-5B]
                  Insurer, in the order and priorities set forth in clause
                  (3)(A) below,

                  (B)   to the [Class MF-1] Notes, until the Note
                  Principal Amount thereof is reduced to zero,

                  (C)   to the [Class MF-2] Notes, until the Note
                  Principal Amount thereof is reduced to zero,

                  (D)   to the [Class MF-3] Notes, until the Note
                  Principal Amount thereof is reduced to zero,

                  (E)   to the [Class MF-4] Notes, until the Note
                  Principal Amount thereof is reduced to zero,

                  (F)   to the [Class MF-5] Notes, until the Note
                  Principal Amount thereof is reduced to zero,

                  (G)   to the [Class MF-6] Notes, until the Note
                  Principal Amount thereof is reduced to zero,

                  (H)   to the [Class MF-7] Notes, until the Note
                  Principal Amount thereof is reduced to zero,

                                     118
<PAGE>

                  (I)   to the [Class MF-8] Notes, until the Note
                  Principal Amount thereof is reduced to zero,

                  (J)   to the [Class BF] Notes, until the Note Principal
                  Amount thereof is reduced to zero, and

                  (K)   [any remainder as part of the Fixed Rate Pool
                  Excess Cashflow].

            (ii) with respect to any Payment Date on or after the Fixed Rate
      Stepdown Date and so long as a Fixed Rate Trigger Event is not in effect
      from the Principal Distribution Amount for [Pool 1], [sequentially]:

                  (A)   in an amount up to the [Group AF] Principal
                  Distribution Amount, to the [Group AF] Notes in the
                  order and priorities set forth in clause (iii)(B) below,
                  until the Note Principal Amounts thereof are reduced to
                  zero,

                  (B)   to the [Class AF-5B] Insurer, any remaining [Class
                  AF-5B] Premium and any remaining [Class AF-5B]
                  Reimbursement Amount, in each case that has not been
                  paid from Interest Remittance Amount for [Pool 1] for
                  such Payment Date,

                  (C)   to the [Class MF-1] Notes, the Fixed Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (D)   to the [Class MF-2] Notes, the Fixed Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (E)   to the [Class MF-3] Notes, the Fixed Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (F)   to the [Class MF-4] Notes, the Fixed Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (G)   to the [Class MF-5] Notes, the Fixed Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (H)   to the [Class MF-6] Notes, the Fixed Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                                     119
<PAGE>

                  (I)   to the [Class MF-7] Notes, the Fixed Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (J)   to the [Class MF-8] Notes, the Fixed Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (K)   to the [Class BF] Notes, the Fixed Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero, and

                  (L)   [any remainder as part of the Fixed Rate Pool
                  Excess Cashflow].

            (iii) On each Payment Date on which any principal amounts are to
      be distributed to the [Group AF] Notes and the [Class AF-5B] Insurer
      pursuant to clause (i)(A) or to the [Group AF] Notes pursuant to clause
      (ii)(A) above, such amounts shall be distributed to the [Group AF] Notes
      and, if applicable, the [Class AF-5B] Insurer, [in the following order
      of priority]:

                  (A)   For each Payment Date prior to the Fixed Rate
                  Stepdown Date or on which a Fixed Rate Trigger Event is
                  in effect,

                        (1) the NAS Principal Distribution Amount to the
                        [Class AF-6] Notes, until the Note Principal Amount
                        thereof is reduced to zero,

                        (2) [concurrently], to the [Class AF-1A] and [Class
                        AF-1B] Notes, [pro rata] based on their respective
                        Note Principal Amounts, until their respective Note
                        Principal Amounts are reduced to zero,

                        (3) [sequentially], to the [Class AF-2], [Class AF-3]
                        and [Class AF-4] Notes, in that order, in each case
                        until the Note Principal Amount thereof is reduced to
                        zero,

                        (4) [concurrently], to the [Class AF-5A] Notes and the
                        [Class AF-5B] Insurer, [pro rata] (based on, with
                        respect to clause (x), the Note Principal Amount of
                        the [Class AF-5A] Notes, and with respect to clause
                        (y), the Note Principal Amount of the [Class AF-5B]
                        Notes):

                              (a)   to the [Class AF-5A] Notes, until the
                              Note Principal Amount thereof is reduced to
                              zero, and

                              (b)   [sequentially]:

                                    (i)   to the [Class AF-5B] Insurer,
                                    any remaining [Class AF-5B] Premium
                                    that has not been paid from

                                     120
<PAGE>

                                    Interest Remittance Amount for [Pool 1]
                                    for such Payment Date, and

                                    (ii)  to the [Class AF-5B] Notes,
                                    until the Note Principal Amount
                                    thereof is reduced to zero,

                        (5) to the [Class AF-6] Notes without regard to the
                        NAS Principal Distribution Amount, until the Note
                        Principal Amount thereof is reduced to zero, and

                        (6) to the [Class AF-5B] Insurer, any remaining [Class
                        AF-5B] Reimbursement Amount that has not been paid
                        from Interest Remittance Amount for [Pool 1] for such
                        Payment Date.

                  (B)   For each Payment Date on or after the Fixed Rate
                  Stepdown Date and so long as a Fixed Rate Trigger Event
                  is not in effect,

                        (1) the NAS Principal Distribution Amount to the
                        [Class AF-6] Notes, until the Note Principal Amount
                        thereof is reduced to zero,

                        (2) [concurrently], to the [Class AF-1A] and [Class
                        AF-1B] Notes, [pro rata] based on their respective
                        Note Principal Amounts, until their respective Note
                        Principal Amounts are reduced to zero,

                        (3) [sequentially], to the [Class AF-2], [Class AF-3]
                        and [Class AF-4] Notes, in that order, in each case
                        until the Note Principal Amount thereof is reduced to
                        zero,

                        (4) [concurrently], to the [Class AF-5A] Notes and the
                        [Class AF-5B] Notes, [pro rata], based on the Note
                        Principal Amounts thereof, until the Note Principal
                        Amounts thereof are reduced to zero, and

                        (5) to the [Class AF-6] Notes without regard to the
                        NAS Principal Distribution Amount, until the Note
                        Principal Amount thereof is reduced to zero.

      [Notwithstanding the foregoing order of priority, on any Payment
Date on which the aggregate Note Principal Amount of the [Group AF] Notes
is greater than the sum of the aggregate Stated Principal Balance of the
Mortgage Loans in [Pool 1] and any amount on deposit in the Supplemental
Loan Account in respect of [Pool 1], any principal amounts to be
distributed to the [Group AF] Notes and the [Class AF-5B] Insurer shall be
distributed first, [concurrently] to each Class of [Group AF] Notes, [pro
rata], based on the Note Principal Amounts thereof, in each case until the
Note Principal Amount thereof is reduced to zero, and second, to the
[Class AF-5B] Insurer, any remaining [Class AF-5B] Premium and any
remaining [Class AF-5B] Reimbursement Amount].]

                                     121
<PAGE>

      (e) [On each Payment Date, the Trust Administrator (or the Paying Agent
on behalf of the Trust Administrator) shall pay the Principal Remittance
Amount for [Pool 2] and [Pool 3] (with the Principal Distribution Amount
exclusive of the portion thereof consisting of the Extra Principal
Distribution Amount being applied first and the Extra Principal Distribution
Amount being applied thereafter) for such date in accordance with the report
of the Trust Administrator [as follows]:

            (i) with respect to any Payment Date prior to the Adjustable Rate
            Stepdown Date or on which an Adjustable Rate Trigger Event is in
            effect, [sequentially]:

                  (A)   [concurrently]:

                        (1)   from the Principal Distribution Amount for
                        [Pool 2], [sequentially]:

                              (a)   to each Class of [Group 2-AV] Notes,
                              in the order and priorities set forth in
                              Section 6.02(e)(iii) below, until the Note
                              Principal Amounts thereof are reduced to
                              zero;  and

                              (b)   to each Class of [Group 3-AV] Notes
                              (after the distribution of the Principal
                              Distribution Amount from [Pool 3] as
                              provided in Section 6.02(d)(1)(A)(ii)(a)
                              below), in the order and priorities set
                              forth in Section 6.02(d)(4) below, until the
                              Note Principal Amounts thereof are reduced
                              to zero;

                        (2)   from the Principal Distribution Amount for
                        [Pool 3], [sequentially]:

                              (a)   to each Class of [Group 3-AV] Notes,
                              in the order and priorities set forth in
                              Section 6.02(d)(4) below, until the Note
                              Principal Amounts thereof are reduced to
                              zero;  and

                              (b)   to each Class of [Group 2-AV] Notes
                              (after the distribution of the Principal
                              Distribution Amount from [Pool 2] as
                              provided in Section 6.02(e)(i)(A)(1)(a)
                              above), in the order and priorities set
                              forth in Section 6.02(e)(3) below, until the
                              Note Principal Amounts thereof are reduced
                              to zero;

                  (B)   from the remaining Principal Distribution Amounts
                  for [Pool 2] and [Pool 3], [sequentially]:

                        (1)   to the [Class MV-1] Notes, until the Note
                        Principal Amount thereof is reduced to zero,

                                     122
<PAGE>

                        (2)   to the [Class MV-2] Notes, until the Note
                        Principal Amount thereof is reduced to zero,

                        (3)   to the [Class MV-3] Notes, until the Note
                        Principal Amount thereof is reduced to zero,

                        (4)   to the [Class MV-4] Notes, until the Note
                        Principal Amount thereof is reduced to zero,

                        (5)   to the [Class MV-5] Notes, until the Note
                        Principal Amount thereof is reduced to zero,

                        (6)   to the [Class MV-6] Notes, until the Note
                        Principal Amount thereof is reduced to zero,

                        (7)   to the [Class MV-7] Notes, until the Note
                        Principal Amount thereof is reduced to zero,

                        (8)   to the [Class MV-8] Notes, until the Note
                        Principal Amount thereof is reduced to zero,

                        (9)   to the [Class BV] Notes, until the Note
                        Principal Amount thereof is reduced to zero, and

                        (10)  [any remainder as part of the Adjustable
                        Rate Pool Excess Cashflow].

            (ii) with respect to any Payment Date on or after the Adjustable
            Rate Stepdown Date and so long as an Adjustable Rate Trigger Event
            is not in effect, from the Principal Distribution Amounts for
            [Pool 2] and [Pool 3], [sequentially]:

                  (A)   in an amount up to the [Group AV] Principal
                  Distribution Target Amount, [pro rata] based on the
                  related [Group AV] Principal Distribution Allocation
                  Amount for the [Group 2-AV] Notes and the [Group 3-AV]
                  Notes, respectively, [concurrently], to (I) each Class
                  of [Group 2-AV] Notes, in an amount up to the [Group
                  2-AV] Principal Distribution Amount in the order and
                  priorities set forth in clause (3) below, until the Note
                  Principal Amounts thereof are reduced to zero and (II)
                  each Class of [Group 3-AV] Notes, in an amount up to the
                  [Group 3-AV] Principal Distribution Amount in the order
                  and priorities set forth in clause (4) below, until the
                  Note Principal Amounts thereof are reduced to zero;
                  provided, however, that if the aggregate Note Principal
                  Amount of the [Group 2-AV] Notes or [Group 3-AV] Notes
                  is reduced to zero then any remaining unpaid [Group AV]
                  Principal Distribution Target Amount will be distributed
                  to the remaining [Group AV] Notes in the order and
                  priorities set forth in clause (3) or clause (4) below,
                  as the case may be,

                                     123
<PAGE>

                  (B)   to the [Class MV-1] Notes, the Adjustable Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (C)   to the [Class MV-2] Notes, the Adjustable Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (D)   to the [Class MV-3] Notes, the Adjustable Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (E)   to the [Class MV-4] Notes, the Adjustable Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (F)   to the [Class MV-5] Notes, the Adjustable Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero,

                  (G)   to the [Class MV-6] Notes, the Adjustable Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero

                  (H)   to the [Class MV-7] Notes, the Adjustable Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero

                  (I)   to the [Class MV-8] Notes, the Adjustable Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero

                  (J)   to the [Class BV] Notes, the Adjustable Rate
                  Subordinate Class Principal Distribution Amount for such
                  Class until the Note Principal Amount thereof is reduced
                  to zero, and

                  (K)   [any remainder as part of the Adjustable Rate Pool
                  Excess Cashflow].

            (iii) On each Payment Date on which any principal amounts are to
            be distributed to the [Group 2-AV] Notes, such amounts shall be
            distributed [concurrently], to the [Class 2-AV-1] and [Class
            2-AV-2] Notes [pro rata], based on the Note Principal Amounts
            thereof, in each case until the Note Principal Amount thereof is
            reduced to zero; provided, however, that if a Group [2] Sequential
            Trigger Event is in effect, then any principal amounts to be
            distributed to the [Class 2-AV] Notes will be distributed
            [sequentially], to the [Class 2-AV-1] and [Class 2-AV-2] Notes, in
            that order, in each case until the Note Principal Amount thereof
            is reduced to zero.

                                     124
<PAGE>

            (iv) On each Payment Date on which any principal amounts are to be
            distributed to the [Group 3-AV] Notes, such amounts shall be
            distributed [sequentially], to the [Class 3-AV-1], [Class 3-AV-2],
            [Class 3-AV-3] and [Class 3-AV-4] Notes, in that order, in each
            case until the Note Principal Amount thereof is reduced to zero;
            provided, however, that on any Payment Date on which (x) the
            aggregate Note Principal Amount of the [Group AV] Notes is greater
            than the sum of the aggregate Stated Principal Balance of the
            Adjustable Rate Mortgage Loans and (y) the aggregate Note
            Principal Amount of the [Group 3-AV] Notes is greater than the sum
            of the aggregate Stated Principal Balance of the [Pool 3] Mortgage
            Loans, any principal amounts to be distributed to the [Group 3-AV]
            Notes will be distributed [pro rata], based on the Note Principal
            Amounts thereof, in each case until the Note Principal Amount
            thereof is reduced to zero.]

      (f) [On each Payment Date, the Trust Administrator (or the Paying Agent
on behalf of the Trust Administrator) shall pay the Fixed Rate Pool Excess
Cashflow for such date and, in the case of clauses (1), (3), (5), (7), (9),
(11), (13), (15), (17) and (19) below, any amounts in the Credit Comeback
Excess Account available for such Payment Date, shall be paid to the Classes
of Notes [in the following order of priority], in each case first to the
extent of the remaining Credit Comeback Excess Cashflow, if applicable, and
second to the extent of the remaining Fixed Rate Pool Excess Cashflow:

            (i) to the Holders of the Class or Classes of [Group AF] Notes and
      Fixed Rate Subordinate Notes then entitled to receive distributions in
      respect of principal, in an amount equal to the Extra Principal
      Distribution Amount for [Pool 1], payable to such Holders as part of the
      Principal Distribution Amount for [Pool 1] pursuant to Section 6.02(d)
      above; provided, however, that Credit Comeback Excess Cashflow (if any)
      shall only be distributed pursuant to this clause, if the Fixed Rate
      Overcollateralization Target Amount has at any previous time been met;

            (ii) to the Holders of the [Class MF-1] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (iii) to the Holders of the [Class MF-1] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (iv) to the Holders of the [Class MF-2] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (v) to the Holders of the [Class MF-2] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (vi) to the Holders of the [Class MF-3] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (vii) to the Holders of the [Class[MF-3] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

                                     125
<PAGE>

            (viii) to the Holders of the [Class MF-4] Notes, in an amount
      equal to any Interest Carry Forward Amount for such Class;

            (ix) to the Holders of the [Class MF-4] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (x) to the Holders of the [Class MF-5] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (xi) to the Holders of the [Class MF-5] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (xii) to the Holders of the [Class MF-6] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (xiii) to the Holders of the [Class MF-6] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for such Class;

            (xiv) to the Holders of the [Class MF-7] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (xv) to the Holders of the [Class MF-7] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (xvi) to the Holders of the [Class MF-8] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (xvii) to the Holders of the [Class MF-8] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for such Class;

            (xviii) to the Holders of the [Class BF] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (xix) to the Holders of the [Class BF] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (xx) to each Class of [Class AF] Notes and Fixed Rate Subordinate
      Notes (in the case of the [Class AF-1A] Notes after application of
      [Class AF-1A] Cap Agreement to cover Net Rate Carryover), [pro rata]
      based on the Note Principal Amounts thereof, to the extent needed to pay
      any unpaid Net Rate Carryover for each such Class; and then any Fixed
      Rate Pool Excess Cashflow remaining after such allocation to pay Net
      Rate Carryover based on the Note Principal Amounts of the Notes shall be
      distributed to each Class of [Class AF] Notes and Fixed Rate Subordinate
      Notes with respect to which there remains any unpaid Net Rate Carryover,
      [pro rata], based on the amount of such unpaid Net Rate Carryover;

            (xxi) if the Adjustable Rate Overcollateralization Target Amount
      has at any previous time been met, to the Holders of the Class or
      Classes of [Class AV] Notes and

                                     126
<PAGE>

      Adjustable Rate Subordinate Notes then entitled to receive distributions
      in respect of principal, payable to such Holders as part of the
      Principal Distribution Amount as described under Section 6.02(e) above,
      in an amount equal to the Extra Principal Distribution Amount for [Pool
      2] and [Pool 3] not covered by the Adjustable Rate Pool Excess Cashflow
      allocated [pro rata] based on the Extra Principal Distribution Amount
      for [Pool 2] and [Pool 3] not covered by the Adjustable Rate Pool Excess
      Cashflow;

            (xxii) to the holders of the [Class 2-AV-2] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class 2-AV-2] Notes
      remaining undistributed after application of the Adjustable Rate Pool
      Excess Cashflow;

            (xxiii) to the Holders of the [Class MV-1] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MV-1] Notes
      remaining undistributed after application of the Adjustable Rate Pool
      Excess Cashflow;

            (xxiv) to the Holders of the [Class MV-2] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MV-2] Notes
      remaining undistributed after application of the Adjustable Rate Pool
      Excess Cashflow;

            (xxv) to the Holders of the [Class MV-3] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for the [Class MV-3] Notes remaining
      undistributed after application of the Adjustable Rate Pool Excess
      Cashflow;

            (xxvi) to the Holders of the [Class MV-4] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MV-4] Notes
      remaining undistributed after application of the Adjustable Rate Pool
      Excess Cashflow;

            (xxvii) to the Holders of the [Class MV-5] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MV-5] Notes
      remaining undistributed after application of the Adjustable Rate Pool
      Excess Cashflow;

            (xxviii) to the Holders of the [Class MV-6] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MV-6] Notes
      remaining undistributed after application of the Adjustable Rate Pool
      Excess Cashflow;

            (xxix) to the Holders of the [Class MV-7] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MV-7] Notes
      remaining undistributed after application of the Adjustable Rate Pool
      Excess Cashflow;

            (xxx) to the Holders of the [Class MV-8] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for the [Class MV-8] Notes remaining
      undistributed after application of the Adjustable Rate Pool Excess
      Cashflow;

            (xxxi) to the Holders of the [Class BV] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for the [Class BV] Notes remaining
      undistributed after application of the Adjustable Rate Pool Excess
      Cashflow; and

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            (xxxii) any amounts remaining shall be paid by the Trust
      Administrator to the Ownership Certificate.

      (g) [On each Payment Date, the Trust Administrator (or the Paying
Agent on behalf of the Trust Administrator) shall pay the Adjustable Rate Pool
Excess Cashflow to the Classes of Notes [in the following order of priority]:

            (i) to the Holders of the Class or Classes of [Group AV]Notes and
      Adjustable Rate Subordinate Notes then entitled to receive distributions
      in respect of principal, in an aggregate amount equal to the Extra
      Principal Distribution Amount for [Pool 2] and [Pool 3], payable to such
      Holders of each such Class as part of the Principal Distribution Amount
      for [Pool 2] and [Pool 3] pursuant to Section 6.02(e) above;

            (ii) [pro rata], to the Holders of the [Class 2-AV-2] Notes, in an
      amount equal to the Unpaid Realized Loss Amount for such Class;

            (iii) to the Holders of the [Class MV-1] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (iv) to the Holders of the [Class MV-1] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (v) to the Holders of the [Class MV-2] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (vi) to the Holders of the [Class MV-2] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (vii) to the Holders of the [Class MV-3] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (viii) to the Holders of the [Class MV-3] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for such Class;

            (ix) to the Holders of the [Class MV-4] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (x) to the Holders of the [Class MV-4] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (xi) to the Holders of the [Class MV-5] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (xii) to the Holders of the [Class MV-5] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (xiii) to the Holders of the [Class MV-6] Notes, in an amount
      equal to any Interest Carry Forward Amount for such Class;

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            (xiv) to the Holders of the [Class MV-6] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (xv) to the Holders of the [Class MV-7] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (xvi) to the Holders of the [Class MV-7] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for such Class;

            (xvii) to the Holders of the [Class MV-8] Notes, in an amount
      equal to any Interest Carry Forward Amount for such Class;

            (xviii) to the Holders of the [Class MV-8] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for such Class;

            (xix) to the Holders of the [Class BV] Notes, in an amount equal
      to any Interest Carry Forward Amount for such Class;

            (xx) to the Holders of the [Class BV] Notes, in an amount equal to
      the Unpaid Realized Loss Amount for such Class;

            (xxi) to each Class of [Group AV] Notes and Adjustable Rate
      Subordinate Notes (in each case after application of amounts received
      under the applicable Interest Rate Cap Agreement to cover Net Rate
      Carryover), [pro rata] based on the Note Principal Amounts thereof, to
      the extent needed to pay any Net Rate Carryover for each such Class
      remaining after application of amounts under the applicable Interest
      Rate Cap Agreement; provided that any Adjustable Rate Pool Excess
      Cashflow remaining after such allocation to pay Net Rate Carryover based
      on the Note Principal Amounts of the Notes shall be distributed to each
      Class of [Group AV]Notes and Adjustable Rate Subordinate Notes with
      respect to which there remains any unpaid Net Rate Carryover (after the
      distribution based on Note Principal Amounts), [pro rata], based on the
      amount of such unpaid Net Rate Carryover;

            (xxii) if the Fixed Rate Overcollateralization Target Amount has
      at any previous time been met, to the Holders of the Class or Classes of
      [Group AF] Notes and Fixed Rate Subordinate Notes then entitled to
      receive distributions in respect of principal, payable to such Holders
      as part of the Principal Distribution Amount pursuant to Section 6.02(d)
      above, in an amount equal to the Extra Principal Distribution Amount for
      [Pool 1] not covered by the Fixed Rate Pool Excess Cashflow or Credit
      Comeback Excess Cashflow;

            (xxiii) to the Holders of the [Class MF-1] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the ]Class MF-1] Notes
      remaining undistributed after application of the Fixed Rate Pool Excess
      Cashflow and Credit Comeback Excess Cashflow;

            (xxiv) to the Holders of the [Class MF-2] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MF-2] Notes
      remaining undistributed after

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      application of the Fixed Rate Pool Excess Cashflow and Credit Comeback
      Excess Cashflow;

            (xxv) to the Holders of the [Class MF-3] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for the [Class MF-3] Notes remaining
      undistributed after application of the Fixed Rate Pool Excess Cashflow
      and Credit Comeback Excess Cashflow;

            (xxvi) to the Holders of the [Class MF-4] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MF-4] Notes
      remaining undistributed after application of the Fixed Rate Pool Excess
      Cashflow and Credit Comeback Excess Cashflow;

            (xxvii) to the Holders of the [Class MF-5] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MF-5] Notes
      remaining undistributed after application of the Fixed Rate Pool Excess
      Cashflow and Credit Comeback Excess Cashflow;

            (xxviii) to the Holders of the [Class MF-6] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MF-6] Notes
      remaining undistributed after application of the Fixed Rate Pool Excess
      Cashflow and Credit Comeback Excess Cashflow;

            (xxix) to the Holders of the [Class MF-7] Notes, in an amount
      equal to the Unpaid Realized Loss Amount for the [Class MF-7] Notes
      remaining undistributed after application of the Fixed Rate Pool Excess
      Cashflow and Credit Comeback Excess Cashflow;

            (xxx) to the Holders of the [Class MF-8] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for the [Class MF-8] Notes remaining
      undistributed after application of the Fixed Rate Pool Excess Cashflow
      and Credit Comeback Excess Cashflow;

            (xxxi) to the Holders of the [Class BF] Notes, in an amount equal
      to the Unpaid Realized Loss Amount for the [Class BF] Notes remaining
      undistributed after application of the Fixed Rate Pool Excess Cashflow
      and Credit Comeback Excess Cashflow; and

            (xxxii) any amounts remaining shall be paid by the Trust
      Administrator to the Ownership Certificate.

      (h) On the Redemption Date, the Trust Administrator (or the Paying Agent
on behalf of the Trust Administrator) shall pay to each Class of Notes the
related Termination Price therefor, as set forth in the Indenture.

      Section 6.03. [Reserved].

      Section 6.04. Control of the Trust Account and Deferred Interest.

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      (a) The Depositor and the Issuer hereby appoint ____________________ as
Securities Intermediary with respect to the Trust Account, and the Issuer has,
pursuant to the Indenture, granted to the Indenture Trustee, for the benefit
of the Noteholders, a security interest to secure all amounts due Noteholders
hereunder in and to the Trust Account and the Security Entitlements to all
Financial Assets credited to the Trust Account, including without limitation
all amounts, securities, investments, Financial Assets, investment property
and other property from time to time deposited in or credited to the Trust
Account and all proceeds thereof. Amounts held from time to time in the Trust
Account will continue to be held by the Securities Intermediary for the
benefit of the Indenture Trustee, as collateral agent, for the benefit of the
Noteholders. Upon the termination of the Issuer or the discharge of the
Indenture, the Indenture Trustee shall inform the Securities Intermediary of
such termination. By acceptance of their Notes or interests therein, the
Noteholders shall be deemed to have appointed ____________________ as
Securities Intermediary. ____________________ hereby accepts such appointment
as Securities Intermediary.

      (b) With respect to the Trust Account Property credited to the Trust
Account, the Securities Intermediary agrees that:

            (i) with respect to any Trust Account Property that is held in
      deposit accounts, each such deposit account shall be subject to the
      exclusive custody and control of the Securities Intermediary, and the
      Securities Intermediary shall have sole signature authority with respect
      thereto;

            (ii) the sole assets permitted in the Trust Account shall be those
      as the Securities Intermediary agrees to treat as Financial Assets; and

            (iii) any such Trust Account Property that is, or is treated as, a
      Financial Asset shall be physically delivered (accompanied by any
      required endorsements) to, or credited to an account in the name of, the
      Securities Intermediary or other eligible institution maintaining the
      Trust Account in accordance with the Securities Intermediary's customary
      procedures such that the Securities Intermediary or such other
      institution establishes a Security Entitlement in favor of the Indenture
      Trustee with respect thereto over which the Securities Intermediary or
      such other institution has Control;

      (c) The Securities Intermediary hereby confirms that (A) the Trust
Account is an account to which Financial Assets are or may be credited, and
the Securities Intermediary shall, subject to the terms of this Agreement,
treat the Indenture Trustee, as collateral agent, as entitled to exercise the
rights that comprise any Financial Asset credited to the Trust Account, (B)
all Trust Account Property in respect of the Trust Account will be promptly
credited by the Securities Intermediary to such account, and (C) all
securities or other property underlying any Financial Assets credited to the
Trust Account shall be registered in the name of the Securities Intermediary,
endorsed to the Securities Intermediary or in blank or credited to another
securities account maintained in the name of the Securities Intermediary and
in no case will any Financial Asset credited to the Trust Account be
registered in the name of the Depositor or the Issuer, payable to the order of
the Depositor or the Issuer or specially endorsed to the Depositor or the
Issuer, except to the extent the foregoing have been specially endorsed to the
Securities Intermediary or in blank;

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      (d) The Securities Intermediary hereby agrees that each item of property
(whether investment property, Financial Asset, security, instrument or cash)
credited to the Trust Account shall be treated as a Financial Asset;

      (e) If at any time the Securities Intermediary shall receive an
Entitlement Order from the Indenture Trustee (or the Trust Administrator on
its behalf) directing transfer or redemption of any Financial Asset relating
to the Trust Account, the Securities Intermediary shall comply with such
Entitlement Order without further consent by the Depositor, the Issuer or any
other Person. If at any time the Indenture Trustee or the Trust Administrator
notifies the Securities Intermediary in writing that the Issuer has been
terminated or the Indenture discharged in accordance herewith and with the
Trust Agreement or the Indenture, as applicable, and the security interest
granted pursuant to the Indenture has been released, then thereafter if the
Securities Intermediary shall receive any order from the Depositor or the
Issuer directing transfer or redemption of any Financial Asset relating to the
Trust Account, the Securities Intermediary shall comply with such Entitlement
Order without further consent by the Indenture Trustee or any other Person;

      (f) In the event that the Securities Intermediary has or subsequently
obtains by agreement, operation of law or otherwise a security interest in the
Trust Account or any Financial Asset credited thereto, the Securities
Intermediary hereby agrees that such security interest shall be subordinate to
the security interest of the Indenture Trustee. The Financial Assets credited
to the Trust Account will not be subject to deduction, set-off, banker's lien,
or any other right in favor of any Person other than the Indenture Trustee
(except that the Securities Intermediary may set-off (i) all amounts due to it
in respect of its customary fees and expenses for the routine maintenance and
operation of the Trust Account and (ii) the face amount of any checks which
have been credited to the Trust Account but are subsequently returned unpaid
because of uncollected or insufficient funds);

      (g) There are no other agreements entered into between the Securities
Intermediary in such capacity and the Depositor or the Issuer with respect to
the Trust Account. In the event of any conflict between this Agreement (or any
provision of this Agreement) and any other agreement now existing or hereafter
entered into, the terms of this Agreement shall prevail;

      (h) The rights and powers granted under the Indenture and herein to the
Indenture Trustee have been granted in order to perfect its security interest
in the Trust Account and the Security Entitlements to the Financial Assets
credited thereto, and are powers coupled with an interest and will neither be
affected by the bankruptcy of the Depositor or the Issuer nor by the lapse of
time. The obligations of the Securities Intermediary hereunder shall continue
in effect until the security interest of the Indenture Trustee in the Trust
Account, and in such Security Entitlements, has been terminated pursuant to
the terms of this Agreement and the Indenture Trustee or the Issuer, as
applicable, has notified the Securities Intermediary of such termination in
writing; and

      (i) Notwithstanding anything else contained herein, the Depositor and
the Issuer agree that the Trust Account will be established only with the
Securities Intermediary or another institution meeting the requirements of
this Section, which by acceptance of its appointment as Securities
Intermediary agrees substantially as follows: (1) it will comply with
Entitlement

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Orders related to the Trust Account issued by the Indenture Trustee, as
collateral agent, without further consent by the Depositor or the Issuer,
without further consent by the Depositor; (2) until termination of the Issuer
or discharge of the Indenture, it will not enter into any other agreement
related to such accounts pursuant to which it agrees to comply with
Entitlement Orders of any Person other than the Indenture Trustee, as
collateral agent, or the Trust Administrator on its behalf; and (3) all assets
delivered or credited to it in connection with such account and all
investments thereof will be promptly credited to the applicable account.

      (j) Notwithstanding the foregoing, the Issuer shall have the power,
revocable by the Indenture Trustee or by the Owner Trustee with the consent of
the Indenture Trustee, to instruct the Indenture Trustee, the Trust
Administrator and the Master Servicer to make withdrawals and payments from
the Trust Account for the purpose of permitting the Master Servicer, the Trust
Administrator or the Owner Trustee to carry out its respective duties
hereunder or permitting the Indenture Trustee to carry out its duties under
the Indenture.

      (k) Each of the Depositor and the Issuer agrees to take or cause to be
taken such further actions, to execute, deliver and file or cause to be
executed, delivered and filed such further documents and instruments
(including, without limitation, any financing statements under the Relevant
UCC or this Agreement) as may be necessary to perfect the interests created by
this Section in favor of the Issuer and the Indenture Trustee and otherwise
fully to effectuate the purposes, terms and conditions of this Section. The
Depositor shall:

            (i) promptly execute, deliver and file any financing statements,
      amendments, continuation statements, assignments, Notes and other
      documents with respect to such interests and perform all such other acts
      as may be necessary in order to perfect or to maintain the perfection of
      the Issuer's and the Indenture Trustee's security interest in the Trust
      Account Property; and

            (ii) make the necessary filings of financing statements or
      amendments thereto within [five] days after the occurrence of any of the
      following: (1) any change in its corporate name or any trade name or its
      jurisdiction of organization; (2) any change in the location of its
      chief executive office or principal place of business; and (3) any
      merger or consolidation or other change in its identity or corporate
      structure and promptly notify the Issuer and the Indenture Trustee of
      any such filings.

            (iii) Neither the Depositor nor the Issuer shall organize under
      the law of any jurisdiction other than the State under which each is
      organized as of the Closing Date (whether changing its jurisdiction of
      organization or organizing under an additional jurisdiction) without
      giving [30] days prior written notice of such action to its immediate
      and mediate transferee, including the Indenture Trustee. Before
      effecting such change, each of the Depositor or the Issuer proposing to
      change its jurisdiction of organization shall prepare and file in the
      appropriate filing office any financing statements or other statements
      necessary to continue the perfection of the interests of its immediate
      and mediate transferees, including the Indenture Trustee, in the Trust
      Account Property. In connection with the transactions contemplated by
      the Operative Agreements relating to the Trust Account Property, each of
      the Depositor and the Issuer authorizes its immediate or mediate
      transferee to file in any filing office any initial financing
      statements, any

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      amendments to financing statements, any continuation statements, or any
      other statements or filings described in this Section 6.04.

      None of the Securities Intermediary or any director, officer,
employee or agent of the Securities Intermediary shall be under any
liability to the Indenture Trustee or the Noteholders for any action
taken, or not taken, in good faith pursuant to this Agreement, or for
errors in judgment; provided, however, that this provision shall not
protect the Securities Intermediary against any liability to the Indenture
Trustee or the Noteholders which would otherwise be imposed by reason of
the Securities Intermediary's willful misconduct, bad faith or negligence
in the performance of its obligations or duties hereunder.  The Securities
Intermediary and any director, officer, employee or agent of the
Securities Intermediary may rely in good faith on any document of any kind
which, prima facie, is properly executed and submitted by any Person
respecting any matters arising hereunder.  The Securities Intermediary
shall be under no duty to inquire into or investigate the validity,
accuracy or content of such document.  The Issuer shall indemnify the
Securities Intermediary for and hold it harmless against any loss,
liability or expense arising out of or in connection with this Agreement
and carrying out its duties hereunder, including the costs and expenses of
defending itself against any claim of liability, except in those cases
where the Securities Intermediary has been guilty of bad faith, negligence
or willful misconduct.  The foregoing indemnification shall survive any
termination of this Agreement or the resignation or removal of the
Securities Intermediary.

      Section 6.05. Advances by Master Servicer and Servicer.

      (a) Subject to Section 4.03(c), Advances shall be made in respect of
each Servicer Remittance Date as provided herein. If, on any Determination
Date, the Servicer determines that any Scheduled Payments due during the
related Collection Period have not been received, such Servicer shall advance
such amount to the extent provided in Section 4.03(c) hereof. If any Servicer
fails to remit Advances required to be made under Section 4.03(c) hereof, the
Master Servicer shall itself make, or shall cause the successor Servicer to
make, such Advance on the Servicer Remittance Date immediately following such
Determination Date. If the Master Servicer determines that an Advance is
required, it shall on the Business Day immediately prior to the related
Payment Date remit to the Trust Administrator from its own funds (or funds
advanced by the applicable Servicer) for deposit in the Collection Account
immediately available funds in an amount equal to such Advance. The Master
Servicer and the Servicer shall be entitled to be reimbursed from the
Collection Account, and the Servicer shall be entitled to be reimbursed from
its respective Custodial Account, for all Advances made by it as provided in
Section 4.02(e). Notwithstanding anything to the contrary herein, in the event
the Master Servicer determines in its reasonable judgment that an Advance is a
Nonrecoverable Advance, the Master Servicer shall be under no obligation to
make such Advance.

      (b) In the event that the Master Servicer or Servicer fails for any
reason to make an Advance required to be made pursuant to this Section 6.05,
the Indenture Trustee, as successor Master Servicer, shall, on or before the
related Payment Date, deposit in the Collection Account an amount equal to the
excess of (a) Advances required to be made by the Master Servicer or the
Servicer that would have been deposited in such Collection Account over (b)
the amount of any Advance made by the Master Servicer or the Servicer with
respect to such Payment Date; provided, however, that the Indenture Trustee as
successor Master Servicer shall be required to

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make such Advance only if it is not prohibited by law from doing so and it has
determined that such Advance would be recoverable from amounts to be received
with respect to such Mortgage Loan, including late payments, Liquidation
Proceeds, Insurance Proceeds, or otherwise. The Indenture Trustee shall be
entitled to be reimbursed from the Collection Account for Advances made by it
pursuant to this Section 6.05 as if it were the Master Servicer and shall be
entitled to receive all compensation and fees of the Master Servicer in
accordance with Section 8.01(b).

      Section 6.06. The Interest Rate Cap Agreements.

      (a) The Trust Administrator shall establish and maintain an Eligible
Account in its name, in trust for the benefit of the Noteholders, the Interest
Rate Cap Account.

      (b) The Trust Administrator shall deposit any Interest Rate Cap Receipts
received with respect to any Interest Rate Cap Agreement Payment Date into the
Interest Rate Cap Account. Amounts on deposit in the Interest Rate Cap Account
shall remain uninvested.

      (c) On each [Class AF-1A] Cap Agreement Payment Date, the Trust
Administrator shall withdraw from the Interest Rate Cap Account any Interest
Rate Cap Receipts from the [Class AF-1A] Cap Agreement to make payments in the
order of priority and to the extent specified in Section 6.02(f)(iii)(1);
provided, that on each Payment Date on which there is a payment received by
the Trust Administrator under the [Class AF-1A] Cap Agreement that is based on
a notional amount in excess of the aggregate Class Principal Amount of the
Class [1A1] and Class [1A__] Notes (such amount, the "Excess [Class AF-1A] Cap
Amount"), then the Trust Administrator shall pay (i) the Excess [Class AF-1A]
Cap Amount to the Ownership Certificate and (ii) the excess of such Interest
Rate Cap Receipts over the Excess [Class AF-1A] Cap Amount for such Payment
Date in the order of priority and to the extent specified in Section
6.02(f)(iii)(1) of this Agreement.

      (d) On each [Group 2-AV] Cap Agreement Payment Date, the Trust
Administrator shall withdraw from the Interest Rate Cap Account any Interest
Rate Cap Receipts from the [Group 2-AV] Cap Agreement to make payments in the
order of priority and to the extent specified in Section 6.02(f)(iii)(2);
provided, that on each Payment Date on which there is a payment received by
the Trust Administrator under the [Group 2-AV] Cap Agreement that is based on
a notional amount in excess of the aggregate Class Principal Amount of the
[Class 2-AV-1] and [Class 2-AV-1] Notes (such amount, the "Excess [Class 2-AV]
Cap Amount"), then the Trust Administrator shall pay (i) the Excess [Group
2-AV] Cap Amount to the Ownership Certificate and (ii) the excess of such
Interest Rate Cap Receipts over the Excess [Group 2-AV] Cap Amount for such
Payment Date in the order of priority and to the extent specified in Section
6.02(f)(iii)(2) of this Agreement.

      (e) On each [Group 3-AV] Cap Agreement Payment Date, the Trust
Administrator shall withdraw from the Interest Rate Cap Account any Interest
Rate Cap Receipts from the [Group 3-AV] Cap Agreement to make payments in the
order of priority and to the extent specified in Section 6.02(f)(iii)(2);
provided, that on each Payment Date on which there is a payment received by
the Trust Administrator under the [Group 3-AV] Cap Agreement that is based on
a notional amount in excess of the aggregate Class Principal Amount of the
[Class 3-AV-1], [Class 3-AV-2], [Class 3-AV-3] and [Class 3-AV-4] Notes (such
amount, the "Excess

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[Group 3-AV] Cap Amount"), then the Trust Administrator shall pay (i) the
Excess [Group 3-AV] Cap Amount to the Ownership Certificate and (ii) the
excess of such Interest Rate Cap Receipts over the Excess [Group 3-AV] Cap
Amount for such Payment Date in the order of priority and to the extent
specified in Section 6.02(f)(iii)(2) of this Agreement.

      (f) On each Subordinate Cap Agreement Payment Date, the Trust
Administrator shall withdraw from the Interest Rate Cap Account any Interest
Rate Cap Receipts from the Subordinate Cap Agreement to make payments in the
order of priority and to the extent specified in Section 6.02(f)(iii)(3);
provided, that on each Payment Date on which there is a payment received by
the Trust Administrator under the Subordinate Cap Agreement that is based on a
notional amount in excess of the aggregate Class Principal Amount of the
Subordinate Notes (such amount, the "Excess Subordinate Cap Amount"), then the
Trust Administrator shall pay (i) the Excess Subordinate Cap Amount to the
Ownership Certificate and (ii) the excess of such Interest Rate Cap Receipts
over the Excess Subordinate Cap Amount for such Payment Date in the order of
priority and to the extent specified in Section 6.02(f)(iii)(3) of this
Agreement.

      (g) On the Payment Date in _________ 200_, after any amounts therefrom
have been paid in accordance with Section 6.06(c), (d) and (e) above, any
amounts remaining in the Interest Rate Cap Account shall be paid by the Trust
Administrator to the Ownership Certificate, and the Interest Rate Cap Account
shall be terminated by the Trust Administrator.

      Section 6.07. [[Class AF-5B] Policy; Rights of the [Class AF-5B]
                    Insurer.

      (a) If, on the [third] Business Day before any Payment Date, the Trust
Administrator determines that a there will be a Deficiency Amount for such
Payment Date, the Trust Administrator shall determine the amount of any such
deficiency and shall give notice to the [Class AF-5B] Insurer by telephone or
telecopy of the amount of such deficiency, confirmed in writing by notice
substantially in the form of Exhibit A to the [Class AF-5B] Policy, by
________, [New York time] on such [third] Business Day. The Trust
Administrator's responsibility for delivering the notice to the [Class AF-5B]
Insurer as provided in the preceding sentence is limited to the availability,
timeliness and accuracy of the information provided by the Master Servicer.

      (b) In the event the Trust Administrator receives a certified copy of an
order of the appropriate court that any scheduled payment of principal or
interest on a [Class AF-5B] Note has been voided in whole or in part as a
preference payment under applicable bankruptcy law, the Trust Administrator
shall (i) promptly notify the [Class AF-5B] Insurer and (ii) comply with the
provisions of the [Class AF-5B] Policy, to obtain payment by the [Class AF-5B]
Insurer of such voided scheduled payment. In addition, the Trust Administrator
shall mail notice to all Holders of the [Class AF-5B] Notes so affected that,
in the event that any such Holder's scheduled payment is so recovered, such
Holder will be entitled to payment pursuant to the terms of the [Class AF-5B]
Policy, a copy of which shall be made available to such Holders by the Trust
Administrator. The Trust Administrator shall furnish to the [Class AF-5B]
Insurer its records listing the payments on the affected [Class AF-5B] Notes,
if any, that have been made by the Trust Administrator and subsequently
recovered from the affected Holders, and the dates on which such payments were
made by the Trust Administrator.

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      (c) At the time of the execution hereof, and for the purposes hereof,
the Trust Administrator shall establish a special purpose trust account in the
name of the Trust Administrator for the benefit of Holders of the [Class
AF-5B] Notes (the "[Class AF-5B] Policy Payments Account") over which the
Trust Administrator shall have exclusive control and sole right of withdrawal.
The [Class AF-5B] Policy Payments Account shall be an Eligible Account. The
Trust Administrator shall deposit any amount paid under the [Class AF-5B]
Policy into the [Class AF-5B] Policy Payments Account and distribute such
amount only for the purposes of making the payments to Holders of the [Class
AF-5B] Notes, in respect of the related Deficiency Amount for which the
related claim was made under the [Class AF-5B] Policy. Such amounts shall be
allocated by the Trust Administrator to Holders of [Class AF-5B] Notes
affected by such shortfalls in the same manner as principal and interest
payments are to be allocated with respect to such Certificates pursuant to
Section 6.02. It shall not be necessary for such payments to be made by checks
or wire transfers separated from the checks or wire transfers used to make
regular payments hereunder with funds withdrawn from the Collection Account.
However, any payments made on the [Class AF-5B] Notes from funds in the [Class
AF-5B] Policy Payments Account shall be noted as provided in subsection (e)
below. Funds held in the [Class AF-5B] Policy Payments Account shall not be
invested by the Trust Administrator.

      (d) Any funds received from the [Class AF-5B] Insurer for deposit into
the [Class AF-5B] Policy Payments Account pursuant to the [Class AF-5B] Policy
in respect of a Payment Date or otherwise as a result of any claim under the
[Class AF-5B] Policy shall be applied by the Trust Administrator directly to
the payment in full (i) of the related Deficiency Amount on such Payment Date
or (ii) of other amounts payable under the [Class AF-5B] Policy. Funds
received by the Trust Administrator as a result of any claim under the [Class
AF-5B] Policy shall be used solely for payment to the Holders of the [Class
AF-5B] Notes and may not be applied for any other purpose, including, without
limitation, satisfaction of any costs, expenses or liabilities of the Trust
Administrator, the Master Servicer or the Trust Fund. Any funds remaining in
the [Class AF-5B] Policy Payments Account on the [first] Business Day after
each Payment Date shall be remitted promptly to the [Class AF-5B] Insurer in
accordance with the instructions set forth in Section 6.02.

      (e) The Trust Administrator shall keep complete and accurate records in
respect of (i) all funds remitted to it by the [Class AF-5B] Insurer and
deposited into the [Class AF-5B] Policy Payments Account and (ii) the
allocation of such funds to (A) payments of interest on and principal in
respect of any [Class AF-5B] Notes and (B) the amount of funds available to
make distributions on the [Class AF-5B] Notes pursuant to Sections 6.02. The
[Class AF-5B] Insurer shall have the right to inspect such records at
reasonable times during normal business hours upon [three] Business Days'
prior notice to the Trust Administrator.

      (f) The Trust Administrator acknowledges, and each Holder of a [Class
AF-5B] Note by its acceptance of the [Class AF-5B] Note agrees, that, without
the need for any further action on the part of the [Class AF-5B] Insurer or
the Trust Administrator, to the extent the [Class AF-5B] Insurer makes
payments, directly or indirectly, on account of principal of or interest on
any [Class AF-5B] Notes, the [Class AF-5B] Insurer will be fully subrogated to
the rights of the Holders of such [Class AF-5B] Notes to receive such
principal and interest from the Trust Fund. The Holders of the [Class AF-5B]
Notes, by acceptance of the [Class AF-5B] Notes, assign their rights as
Holders of the [Class AF-5B] Notes to the extent of the [Class AF-5B]
Insurer's interest

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with respect to amounts paid under the [Class AF-5B] Policy. Anything herein
to the contrary notwithstanding, solely for purposes of determining the [Class
AF-5B] Insurer's rights, as applicable, as subrogee for payments distributable
pursuant to Section 6.02, any payment with respect to distributions to the
[Class AF-5B] Notes which is made with funds received pursuant to the terms of
the [Class AF-5B] Policy shall not be considered payment of the [Class AF-5B]
Notes from the Trust Fund and shall not result in the distribution or the
provision for the distribution in reduction of the Note Principal Amount of
the [Class AF-5B] Notes within the meaning of Article VI.

      (g) Upon its becoming aware of the occurrence of an Event of Default,
the Trust Administrator shall promptly notify the [Class AF-5B] Insurer of
such Event of Default.

      (h) The Trust Administrator shall promptly notify the [Class AF-5B]
Insurer of either of the following as to which it has actual knowledge: (A)
the commencement of any proceeding by or against the Depositor commenced under
the United States bankruptcy code or any other applicable bankruptcy,
insolvency, receivership, rehabilitation or similar law (an "Insolvency
Proceeding") and (B) the making of any claim in connection with any Insolvency
Proceeding seeking the avoidance as a preferential transfer (a "Preference
Claim") of any distribution made with respect to the [Class AF-5B] Notes as to
which it has actual knowledge. Each Holder of a [Class AF-5B] Note, by its
purchase of [Class AF-5B] Notes, and the Trust Administrator hereby agrees
that the [Class AF-5B] Insurer (so long as no [Class AF-5B] Insurer Default
exists) may at any time during the continuation of any proceeding relating to
a Preference Claim direct all matters relating to such Preference Claim,
including, without limitation, (i) the direction of any appeal of any order
relating to any Preference Claim and (ii) the posting of any surety,
supersedes or performance bond pending any such appeal. In addition and
without limitation of the foregoing, the [Class AF-5B] Insurer shall be
subrogated to the rights of the Trust Administrator and each Holder of a
[Class AF-5B] Note in the conduct of any Preference Claim, including, without
limitation, all rights of any party to an adversary proceeding action with
respect to any court order issued in connection with any such Preference
Claim.

      (i) The Master Servicer shall designate a [Class AF-5B] Insurer Contact
Person who shall be available to the [Class AF-5B] Insurer to provide
reasonable access to information regarding the Mortgage Loans. The initial
[Class AF-5B] Insurer Contact Person is to the attention of Secondary
Marketing.

      (j) The Trust Administrator shall surrender the [Class AF-5B] Policy to
the [Class AF-5B] Insurer for cancellation upon the reduction of the Note
Principal Amount of the [Class AF-5B] Notes to zero.

      (k) For so long as there is no continuing default by the [Class AF-5B]
Insurer under its obligations under the [Class AF-5B] Policy (a "[Class AF-5B]
Insurer Default"), each Holder of a [Class AF-5B] Note agrees that the [Class
AF-5B] Insurer shall be treated by the Depositor, the Master Servicer and the
Trust Administrator as if the [Class AF-5B] Insurer were the Holder of all of
the [Class AF-5B] Notes, for the purpose (and solely for the purpose) of the
giving of any consent, the making of any direction or the exercise of any
voting or other control rights otherwise given to the Holders of the [Class
AF-5B] Notes hereunder.

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      (l) With respect to this Section 6.07, the terms "Receipt" and
"Received" shall mean actual delivery to the [Class AF-5B] Insurer, if any,
prior to _______, [New York time], on a Business Day; delivery either on a day
that is not a Business Day or after _____, [New York time], shall be deemed to
be Receipt on the next succeeding Business Day. If any notice or certificate
given under the [Class AF-5B] Policy by the Trust Administrator is not in
proper form or is not properly completed, executed or delivered, it shall be
deemed not to have been Received. The [Class AF-5B] Insurer shall promptly so
advise the Trust Administrator and the Trust Administrator may submit an
amended notice.

      (m) All notices, statements, reports, certificates or opinions required
by this Agreement to be sent to the Rating Agencies or the [Class AF-5B]
Noteholders shall also be sent at such time to the [Class AF-5B] Insurer.

      (n) The [Class AF-5B] Insurer shall be an express third party
beneficiary of this Agreement for the purpose of enforcing the provisions
hereof to the extent of the [Class AF-5B] Insurer's rights explicitly
specified herein as if a party hereto.

      (o) All references herein to the ratings assigned to the Notes and to
the interests of any Noteholders shall be without regard to the [Class AF-5B]
Policy, in the case of the [Class AF-5B] Notes.]

                                 ARTICLE VII

                       ADMINISTRATION OF THE AGREEMENTS

      Section 7.01. Duties of the Trust Administrator.

      (a) The Trust Administrator agrees to perform all of the duties of the
Issuer under the Depository Agreement. In addition to its duties performed
under the Depository Agreement, the Trust Administrator shall take such action
that is the duty of the Issuer to take with respect to the following matters
under the Trust Agreement, this Agreement and the Indenture:

            (i) the duty to cause the Note Register to be kept if the Issuer
      assumes the duties of Note Registrar, and to give the Indenture Trustee
      notice of any appointment of a new Note Registrar and the location, or
      change in location, of the Note Register (Section 2.04 of the
      Indenture);

            (ii) the duty to cause the Certificate Register to be kept if the
      Issuer assumes the duties of Certificate Registrar, and to give the
      Owner Trustee notice of any appointment of a new Certificate Registrar
      and the location, or change in location, of the Certificate Register
      (Section 3.03 of the Trust Agreement);

            (iii) causing the preparation of the Notes for execution by the
      Owner Trustee upon the registration of any transfer or exchange of the
      Notes (Sections 2.04 and 2.05 of the Indenture);

            (iv) causing the preparation of Definitive Notes in accordance
      with the instructions of any Clearing Agency, the duty to attempt to
      locate a qualified successor to

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      the Clearing Agency, if necessary, and the preparation of written notice
      to the Indenture Trustee of termination of the book-entry system through
      the Clearing Agency (Section 2.12 of the Indenture);

            (v) the maintenance of an office for registration of transfer or
      exchange of Notes (Section 3.02 of the Indenture);

            (vi) the maintenance of an office for registration of transfer or
      exchange of the Ownership Certificate (Section 3.08 of the Trust
      Agreement);

            (vii) the calculation of accrual of original issue discount and
      the amortization of premium on the Notes (clause (v) of the fourth
      paragraph of Section 3.03 of the Indenture);

            (viii) upon written notice or actual knowledge thereof, the
      notification to the Indenture Trustee and each Rating Agency of a
      Servicer Event of Default or a Master Servicer Event of Default under
      this Agreement (Section 3.07(d) of the Indenture);

            (ix) upon written notice or actual knowledge thereof, the delivery
      of notice to the Indenture Trustee and each Rating Agency of each
      Indenture Event of Default under the Indenture (Section 3.19 of the
      Indenture);

            (x) the furnishing of the Indenture Trustee with the names and
      addresses of Holders of Notes during any period when the Indenture
      Trustee is not the Note Registrar (Section 7.01 of the Indenture);

            (xi) causing the preparation of any continuation statements or
      amendments necessary to protect the Collateral (Section 3.05 of the
      Indenture);

            (xii) the mailing to the Noteholders of notices with respect to
      their consent to any supplemental indentures (Sections 9.01, 9.02, 9.03
      and 9.06 of the Indenture); and

            (xiii) any other duties expressly required to be performed by the
      Trust Administrator under the Indenture or the Trust Agreement.

      (b) The Seller shall undertake the duties of the Issuer with respect to
the following matters under the Indenture:

            (i) to cause the preparation of Issuer Orders (and execute the
      same on behalf of the Issuer) (Sections 9.01 and 9.02);

            (ii) to obtain Opinions of Counsel with respect to the execution
      of supplemental indentures and, if necessary, to mail to the Noteholders
      notices with respect to their consent to such supplemental indentures
      (Sections 9.01, 9.02, 9.03 and 9.07 of the Indenture);

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            (iii) the preparation (but not the execution) of the annual
      Officer's Certificate regarding the Issuer's compliance with the terms
      of the Indenture (Section 3.09 of the Indenture); and

            (iv) causing the preparation of an Officer's Certificate and the
      obtaining of the Opinion of Counsel (which shall not be at the expense
      of the Trust Administrator) with respect to any request by the Issuer to
      the Indenture Trustee to take any action under the Indenture (Sections
      4.01 and 11.01 of the Indenture);

            (v) the compliance with any request of the Indenture Trustee with
      respect to the sale of the Collateral in a commercially reasonable
      manner if an Indenture Event of Default shall have occurred and be
      continuing under the Indenture (Section 5.04 of the Indenture); and

            (vi) causing the preparation of an Issuer Request and Officer's
      Certificate (and executing the same on behalf of the Issuer) and the
      obtaining of an Opinion of Counsel (which shall not be at the expense of
      the Trust Administrator), if necessary, for the release of the
      Collateral, as defined in the Indenture (Section 8.03 of the Indenture).

      (c) The Issuer will indemnify the Owner Trustee, the Seller and the
Trust Administrator, and their respective agents for, and hold them harmless
against, any losses, liability or expense incurred without gross negligence or
bad faith on their part, arising out of or in connection with the acceptance
or administration of the transactions contemplated by the Trust Agreement or
this Agreement, including the reasonable costs and expenses of defending
themselves against any claim or liability in connection with the exercise or
performance of any of their powers or duties under the Trust Agreement, the
Indenture or this Agreement.

      (d) Subject to subsection (e) of this Section 7.01, and in accordance
with the directions of the Owner Trustee, the Trust Administrator shall
perform or supervise the performance of such other activities in connection
with the Collateral (including the Operative Agreements) as are not covered by
any of the foregoing provisions and as are expressly requested in writing by
the Owner Trustee and are reasonably within the capability of the Trust
Administrator.

      (e) In carrying out the foregoing duties or any of its other obligations
under this Agreement, the Trust Administrator may enter into transactions with
or otherwise deal with any of its Affiliates; provided, however, that the
terms of any such transactions or dealings shall be in accordance with any
directions received from the Issuer and shall be, in the Trust Administrator's
opinion, no less favorable to the Issuer than would be available from
unaffiliated parties.

      In carrying out the foregoing duties or any of its other obligations
under this Agreement, the Trust Administrator shall be subject to the same
standard of care and have the same rights, indemnifications and immunities as
the Indenture Trustee under the Indenture, including, without limitation, the
right to reimbursement and indemnification on behalf of the Issuer from funds
in the Collection Account for all losses, costs and expenses of any kind or
nature (including without limitation attorneys' fees and disbursements)
incurred by the Trust Administrator (including

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without limitation in its various capacities as Paying Agent, Certificate
Paying Agent, Certificate Registrar and Note Registrar) in connection with the
performance of its duties hereunder or under any other Operative Agreement.

      The Trust Administrator in its capacity as the Certificate
Registrar, and upon a request received from the Owner Trustee, shall
promptly notify the Certificateholders of (i) any change in the Corporate
Trust Office of the Owner Trustee, (ii) any amendment to the Trust
Agreement requiring notice be given to the Certificateholders and (iii)
any other notice required to be given to the Certificateholders by the
Owner Trustee under the Trust Agreement.

      Section 7.02. Duties of the Trust Administrator With Respect to the
                    Indenture, the Trust Agreement and this Agreement.

      (a) The Trust Administrator shall take all appropriate action with
respect to the following matters under the Indenture, the Trust Agreement and
this Agreement:

            (i) the duties of an authenticating agent for authentication of
      the Notes (Sections 2.01, 2.02, 2.05 and 2.10 of the Indenture);

            (ii) the duties of Note Registrar to be kept (Sections 2.03, 2.04
      and 2.07 of the Indenture);

            (iii) to provide notices and instructions to the Clearing Agency
      (Section 2.11 of the Indenture);

            (iv) the duties of Paying Agent (Sections 3.03, 4.01, 4.02 and
      5.02 of the Indenture); and

            (v) the duties of agent or attorney-in-fact for the purposes of
      filing amendments and continuation statements for the Issuer (Section
      3.05 of the Indenture).

      (b) The Issuer will indemnify the Owner Trustee and the Trust
Administrator, and their respective agents for, and hold them harmless
against, any losses, liability or expense incurred without gross negligence or
bad faith on their part, arising out of or in connection with the acceptance
or administration of the transactions contemplated by the Trust Agreement or
this Agreement, including the reasonable costs and expenses of defending
themselves against any claim or liability in connection with the exercise or
performance of any of their powers or duties under the Trust Agreement, the
Indenture or this Agreement.

      Section 7.03. Records. The Trust Administrator shall maintain
appropriate books of account and records relating to services performed
hereunder, which books of account and records shall be accessible for
inspection by the Issuer and the Depositor at any time during normal business
hours.

      Section 7.04. Compensation. The Trust Administrator will perform the
duties and provide the services called for under Sections 7.01 and 7.02 above
for such compensation as shall be agreed upon between the Trust Administrator
and the Master Servicer.

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      Section 7.05. Additional Information to be Furnished to the Issuer. The
Depositor shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

      Section 7.06. Independence of the Trust Administrator. For all purposes
of this Agreement, the Trust Administrator shall be an independent contractor
and shall not be subject to the supervision of the Issuer or the Owner Trustee
with respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the Trust
Administrator shall have no authority to act for or represent the Issuer or
the Owner Trustee in any way and shall not otherwise be deemed an agent of the
Issuer or the Owner Trustee.

      Section 7.07. No Joint Venture. Nothing contained in this Agreement (i)
shall constitute the Trust Administrator or the Depositor, respectively, and
either of the Issuer or the Owner Trustee, as members of any partnership,
joint venture, association, syndicate, unincorporated business or other
separate entity, (ii) shall be construed to impose any liability as such on
any of them or (iii) shall be deemed to confer on any of them any express,
implied or apparent authority to incur any obligation or liability on behalf
of the others.

      Section 7.08. Other Activities of Trust Administrator and the Depositor.
Nothing herein shall prevent the Trust Administrator, the Depositor or their
respective Affiliates from engaging in other businesses or, in its sole
discretion, from acting in a similar capacity as an Trust Administrator for
any other person or entity even though such person or entity may engage in
business activities similar to those of the Issuer or the Owner Trustee.

      Section 7.09. Resignation and Removal of Trust Administrator.

      (a) Subject to Section 7.09(d) hereof, the Trust Administrator may
resign its duties hereunder by providing the Issuer with at least [60] days'
prior written notice.

      (b) Subject to Section 7.09(d) hereof, the Issuer may remove the Trust
Administrator without cause by providing the Trust Administrator with at least
[60] days' prior written notice.

      (c) Subject to Section 7.09(d) hereof, the Issuer may remove the Trust
Administrator immediately upon written notice of termination from the Issuer
to the Trust Administrator if any of the following events shall occur;
provided that in the event of a breach related to the obligations set forth in
Section 7.09(d) (with respect to notice to the Depositor) or Article XI, the
Trust Administrator may only be terminated at the direction of the Depositor:

            (i) the Trust Administrator shall default in the performance of
      any of its duties under this Agreement ((except with respect to a
      failure related to a Limited Exchange Act Reporting Obligation) and,
      after notice of such default, shall not cure such default within [ten]
      days (or, if such default cannot be cured in such time, shall not give
      within [ten] days such assurance of cure as shall be reasonably
      satisfactory to the Issuer provided that the [ten-day] cure period shall
      not apply to the failure to comply with the requirements set forth in
      Section 7.09(d) (with respect to notice to the Depositor) or Article XI,
      for which the grace period shall not exceed the lesser of 10 calendar
      days or

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      such period in which the applicable Exchange Act Report can be filed
      timely (without taking into account any extensions)); or

            (ii) a court having jurisdiction in the premises shall (x) enter a
      decree or order for relief, which decree or order shall not have been
      vacated within [60] days, in respect of the Trust Administrator in any
      involuntary case under any applicable bankruptcy, insolvency or other
      similar law now or hereafter in effect, or (y) appoint a receiver,
      liquidator, assignee, custodian, trustee, sequestrator or similar
      official for the Trust Administrator or any substantial part of its
      property, or (z) order the winding-up or liquidation of the Trust
      Administrator's affairs; or

            (iii) the Trust Administrator shall commence a voluntary case
      under any applicable bankruptcy, insolvency or other similar law now or
      hereafter in effect, shall consent to the entry of an order for relief
      in an involuntary case under any such law, or shall consent to the
      appointment of a receiver, liquidator, assignee, trustee, custodian,
      sequestrator or similar official for the Trust Administrator or any
      substantial part of its property, shall consent to the taking of
      possession by any such official of any substantial part of its property,
      shall make any general assignment for the benefit of creditors or shall
      fail generally to pay its debts as they become due.

      The Trust Administrator agrees that if any of the events specified
in clauses (ii) or (iii) of this Section 7.09(c) shall occur, it shall
give written notice thereof to the Issuer and the Indenture Trustee within
[seven] days after the occurrence of such event.

      The Depositor shall not be entitled to terminate the rights and
obligations of the Trust Administrator pursuant to subparagraph (c)(i) if
a failure of the Trust Administrator to identify a Subcontractor
"participating in the servicing function" within the meaning of Item 1122
of Regulation AB was attributable solely to the role or functions of such
Subcontractor with respect to mortgage loans other than the Mortgage Loans.

      (d) No resignation or removal of the Trust Administrator pursuant to
this Section shall be effective until (i) a successor Trust Administrator
shall have been appointed by the Issuer in accordance with the Trust
Agreement, (ii) such successor Trust Administrator shall have agreed in
writing to be bound by the terms of this Agreement in the same manner as the
Trust Administrator is bound hereunder and (iii) the Depositor shall have
received the information described in the following sentence. As a condition
to the effectiveness of any such resignation, at least 15 calendar days prior
to the effective date of such resignation, the Trust Administrator shall
provide (x) written notice to the Depositor of any successor pursuant to this
Section and (y) in writing and in form and substance reasonably satisfactory
to the Depositor, all information reasonably requested by the Depositor in
order to comply with its reporting obligation under Item 6.02 of Form 8-K with
respect to a successor trust administrator. If a successor Trust Administrator
does not take office within [60] days after the retiring Trust Administrator
resigns or is removed, the resigning or removed Trust Administrator or the
Issuer may petition any court of competent jurisdiction for the appointment of
a successor Trust Administrator.

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      (e) The appointment of any successor Trust Administrator shall be
effective only after receipt of a letter from each Rating Agency to the effect
that such proposed appointment will not cause a reduction or withdrawal of the
then current ratings of the Notes.

      (f) Subject to Sections 7.09(d) and 7.09(e) above, the Trust
Administrator acknowledges that upon the appointment of a successor Master
Servicer pursuant to Section 8.01, the Trust Administrator shall immediately
resign and such successor Master Servicer shall automatically become the Trust
Administrator under this Agreement. Any such successor Master Servicer shall
be required to agree to assume the duties of the Trust Administrator under the
terms and conditions of this Agreement and the other Operative Agreements in
its acceptance of appointment as successor Master Servicer.

      Section 7.10. Action upon Termination, Resignation or Removal of the
Trust Administrator. Promptly upon the effective date of termination of this
Agreement or the resignation or removal of the Trust Administrator pursuant to
Section 7.09 hereof, the Trust Administrator shall be entitled to be paid all
reimbursable expenses, including any reasonable out-of-pocket attorneys' fees,
accruing to it to the date of such termination, resignation or removal. The
Trust Administrator shall forthwith upon such termination pursuant to Section
7.09 deliver to the successor Trust Administrator all property and documents
of or relating to the Collateral then in the custody of the Trust
Administrator, or if this Agreement has been terminated, to the Depositor. In
the event of the resignation or removal of the Trust Administrator pursuant to
Section 7.09, the Trust Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Trust Administrator.

                                 ARTICLE VIII

                     MASTER SERVICER EVENTS OF DEFAULT

      Section 8.01. Master Servicer Events of Default; Indenture Trustee To
Act; Appointment of Successor.

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

            (i) Any failure by the Master Servicer to furnish to the Trust
      Administrator the Mortgage Loan data sufficient to prepare the reports
      described in Section 5.09(a) which continues unremedied for a period of
      [one] Business Day after the date upon which written notice of such
      failure shall have been given to such Master Servicer by the Indenture
      Trustee or the Trust Administrator or to such Master Servicer and the
      Indenture Trustee by the Holders of not less than [25]% of the Class
      Principal Amount of each Class of Notes affected thereby; or

            (ii) Any failure on the part of the Master Servicer duly to
      observe or perform in any material respect any other of the covenants or
      agreements on the part of the Master Servicer (except with respect to a
      failure related to a Limited Exchange Act Reporting Obligation)
      contained in this Agreement which continues unremedied for a period of
      [30]

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      days after the date on which written notice of such failure, requiring
      the same to be remedied, shall have been given to the Master Servicer by
      the Indenture Trustee or the Trust Administrator or to the Master
      Servicer and the Indenture Trustee by the Majority Noteholders; or

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

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

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

            (vi) The Master Servicer shall be dissolved, or shall dispose of
      all or substantially all of its assets, or consolidate with or merge
      into another entity or shall permit another entity to consolidate or
      merge into it, such that the resulting entity does not meet the criteria
      for a successor servicer as specified in Section 5.26 hereof; or

            (vii) If a representation or warranty set forth in Section 5.01
      hereof shall prove to be incorrect as of the time made in any respect
      that materially and adversely affects the interests of the Noteholders,
      and the circumstance or condition in respect of which such
      representation or warranty was incorrect shall not have been eliminated
      or cured within [30] days after the date on which written notice of such
      incorrect representation or warranty shall have been given to the Master
      Servicer by the Indenture Trustee or the Trust Administrator, or to the
      Master Servicer and the Indenture Trustee by the Majority Noteholders;
      or

            (viii) A sale or pledge of any of the rights of the Master
      Servicer hereunder or an assignment of this Agreement by the Master
      Servicer or a delegation of the rights or duties of the Master Servicer
      hereunder shall have occurred in any manner not otherwise permitted
      hereunder and without the prior written consent of the Indenture Trustee
      and the Majority Noteholders; or

            (ix) The Master Servicer has notice or actual knowledge that the
      Servicer at any time is not either an FHA Approved Mortgagee, and the
      Master Servicer has not terminated the rights and obligations of such
      Servicer under this Agreement and replaced

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      the Servicer with an FHA Approved Mortgagee within [60] days of the date
      the Master Servicer receives such notice or acquires such actual
      knowledge; or

            (x) Any failure of the Master Servicer to remit to the Trust
      Administrator any Advance required to be made to the Trust Administrator
      for the benefit of Noteholders under the terms of this Agreement, which
      failure continues unremedied as of the close of business on the Business
      Day prior to a Payment Date.

      If a Master Servicer Event of Default described in clauses (i)
through (ix) of this Section 8.01 shall occur, then, in each and every
case, subject to applicable law, so long as any such Master Servicer Event
of Default shall not have been remedied within any period of time
prescribed by this Section 8.01, the Indenture Trustee, upon obtaining
actual knowledge thereof, by notice in writing to the Master Servicer may,
and shall, if so directed by the Majority Noteholders, terminate all of
the rights and obligations of the Master Servicer hereunder and in and to
the Mortgage Loans and the proceeds thereof; provided that in the event of
a Master Servicer Event of Default related to the obligations set forth in
Section 5.24(a), Section 4.08(a) (with respect to notice to the Depositor)
or Article XI, the Master Servicer may only be terminated at the direction
of the Depositor.  If a Master Servicer Event of Default described in
clause (x) of this Section 8.01 shall occur, then, in each and every case,
subject to applicable law, so long as such Master Servicer Event of
Default shall not have been remedied within the time period prescribed by
clause (x) of this Section 8.01, the Indenture Trustee, by notice in
writing to the Master Servicer, shall promptly terminate all of the rights
and obligations of the Master Servicer hereunder and in and to the
Mortgage Loans and the proceeds thereof.  On or after the receipt by the
Master Servicer of such written notice, all authority and power of the
Master Servicer, and only in its capacity as Master Servicer under this
Agreement, whether with respect to the Mortgage Loans or otherwise, shall
pass to and be vested in the Indenture Trustee pursuant to and under the
terms of this Agreement; and the Indenture Trustee is hereby authorized
and empowered to execute and deliver, on behalf of the defaulting Master
Servicer as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether
to complete the transfer and endorsement or assignment of the Mortgage
Loans and related documents or otherwise.  The defaulting Master Servicer
agrees to cooperate with the Indenture Trustee in effecting the
termination of the defaulting Master Servicer's responsibilities and
rights hereunder as Master Servicer including, without limitation,
notifying the Servicer of the assignment of the master servicing function
and providing the Indenture Trustee or its designee all documents and
records in electronic or other form reasonably requested by it to enable
the Indenture Trustee or its designee to assume the defaulting Master
Servicer's functions hereunder and the transfer to the Indenture Trustee
for administration by it of all amounts which shall at the time be or
should have been deposited by the defaulting Master Servicer in the
Collection Account maintained by such defaulting Master Servicer and any
other account or fund maintained with respect to the Notes or thereafter
received with respect to the Mortgage Loans.  The Master Servicer being
terminated shall bear all reasonable out-of-pocket costs of a master
servicing transfer, including but not limited to those of the Indenture
Trustee, legal fees and expenses, accounting and financial consulting fees
and expenses, and costs of amending the Agreement, if necessary.  In
addition, if during the period that the Depositor is required to file
Exchange Act Reports with respect to the Trust Fund, the Master Servicer
shall fail to observe or perform any of the obligations that constitute a
Limited Exchange Act Reporting Obligation or

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the obligations set forth in Section 5.24(a), Section 4.08(a) or Section
11.01(a)(1) and (2), and such failure continues for the lesser of [10]
calendar days or such period in which the applicable Exchange Act Report can
be filed timely (without taking into account any extensions), so long as such
failure shall not have been remedied, the Trust Administrator shall, but only
at the direction of 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 Noteholder hereunder. The
Depositor shall not be entitled to termintate the rights and obligations of
the Master Servicer if a failure of the Master Servicer to identify a
Subcontractor "participating in the servicing function" within the meaning of
Item 1122 of Regulation AB was the attributable solely to the role or
functions of such Subcontractor with respect to mortgage loans other than the
Mortgage Loans.

      The Indenture Trustee shall be entitled to be reimbursed from the
Master Servicer (or by the Trust Estate, if the Master Servicer is unable
to fulfill its obligations hereunder) for all costs associated with the
transfer of servicing from the predecessor Master Servicer, including,
without limitation, any costs or expenses associated with the complete
transfer of all servicing data and the completion, correction or
manipulation of such servicing data as may be required by the Indenture
Trustee to correct any errors or insufficiencies in the servicing data or
otherwise to enable the Indenture Trustee to master service the Mortgage
Loans properly and effectively.  If the terminated Master Servicer does
not pay such reimbursement within [thirty] days of its receipt of an
invoice therefor, such reimbursement shall be an expense of the Trust
Estate and the Indenture Trustee shall be entitled to withdraw such
reimbursement from amounts on deposit in the Collection Account pursuant
to Section 5.08(ix); provided that the terminated Master Servicer shall
reimburse the Trust Estate for any such expense incurred by the Trust
Estate; and provided, further, that the Indenture Trustee shall take such
action, if any, as provided in the Indenture and as directed by the
Noteholders pursuant thereto with respect to pursuing any remedy against
any party obligated to make such reimbursement.

      Notwithstanding the termination of its activities as Master
Servicer, each terminated Master Servicer shall continue to be entitled to
reimbursement to the extent provided in Section 5.08 to the extent such
reimbursement relates to the period prior to such Master Servicer's
termination.

      If any Master Servicer Event of Default shall occur, of which a
Responsible Officer of the Indenture Trustee has actual knowledge, the
Indenture Trustee shall promptly notify each Rating Agency and the
Depositor of the nature and extent of such Master Servicer Event of
Default.  The Trust Administrator or the Master Servicer shall immediately
give written notice to the Indenture Trustee upon the Master Servicer's
failure to remit Advances on the date specified herein.

      In the event that the Indenture Trustee assumes the duties of the
Master Servicer as set forth herein, the Indenture Trustee shall provide
the Depositor in writing and in form and substance reasonably satisfactory
to the Depositor, all information reasonably requested by the Depositor in
order to comply with its reporting obligation under Item 6.02 of Form 8-K
with respect to a successor master servicer.

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      (b) On and after the time the Master Servicer receives a notice of
termination from the Indenture Trustee pursuant to Section 8.01(a) or the
Indenture Trustee receives the resignation of the Master Servicer evidenced by
an Opinion of Counsel pursuant to Section 5.27, the Indenture Trustee, unless
another master servicer shall have been appointed, shall be the successor in
all respects to the Master Servicer in its capacity as such under this
Agreement and the transactions set forth or provided for herein and shall have
all the rights and powers and be subject to all the responsibilities, duties
and liabilities relating thereto and arising thereafter placed on the Master
Servicer hereunder, including the obligation to make Advances; provided,
however, that any failure to perform such duties or responsibilities caused by
the Master Servicer's failure to provide information required by this
Agreement shall not be considered a default by the Indenture Trustee
hereunder. In addition, the Indenture Trustee shall have no responsibility for
any act or omission of the Master Servicer prior to the issuance of any notice
of termination and shall have no liability relating to the representations and
warranties of the Master Servicer set forth in Section 5.01. In the Indenture
Trustee's capacity as such successor, the Indenture Trustee shall have the
same limitations on liability herein granted to the Master Servicer. As
compensation therefor, the Indenture Trustee shall be entitled to receive all
compensation payable to the Master Servicer under this Agreement.

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

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reason of any failure to make, or any delay in making, any payment hereunder
or any portion thereof caused by (i) the failure of the Master Servicer to
deliver, or any delay in delivering, cash, documents or records to it, (ii)
the failure of the Master Servicer to cooperate as required by this Agreement,
(iii) the failure of the Master Servicer to deliver the Mortgage Loan data to
the Indenture Trustee as required by this Agreement or (iv) restrictions
imposed by any regulatory authority having jurisdiction over the Master
Servicer.

      As a condition to any such succession, such successor master
servicer shall provide to the Depositor in writing and in form and
substance reasonably satisfactory to the Depositor, all information
reasonably requested by the Depositor in order to comply with its
reporting obligation under Item 6.02 of Form 8-K with respect to a
successor master servicer.

      Section 8.02. Additional Remedies of Indenture Trustee Upon Master
Servicer Event of Default. During the continuance of any Master Servicer Event
of Default, so long as such Master Servicer Event of Default shall not have
been remedied, the Indenture Trustee, in addition to the rights specified in
Section 8.01, shall have the right, in its own name and as trustee of an
express trust, to take all actions now or hereafter existing at law, in equity
or by statute to enforce its rights and remedies and to protect the interests,
and enforce the rights and remedies, of the Noteholders (including the
institution and prosecution of all judicial, administrative and other
proceedings and the filings of proofs of claim and debt in connection
therewith). Except as otherwise expressly provided in this Agreement, no
remedy provided for by this Agreement shall be exclusive of any other remedy,
and each and every remedy shall be cumulative and in addition to any other
remedy, and no delay or omission to exercise any right or remedy shall impair
any such right or remedy or shall be deemed to be a waiver of any Master
Servicer Event of Default.

      Section 8.03. Waiver of Defaults. The Majority Noteholders may, on
behalf of all Noteholders, waive any default or Master Servicer Event of
Default by the Master Servicer in the performance of its obligations
hereunder, except that a default in the making of any required deposit to the
Collection Account that would result in a failure of the Trust Administrator
or the Paying Agent to make any required payment of principal of or interest
on the Notes may only be waived with the consent of [100]% of the affected
Noteholders. Notwithstanding the foregoing, in the event of a Master Servicer
Event of Default related to the obligations set forth in Section 5.24, Section
4.08(a) (with respect to notice to the Depositor) and Article XI, only the
Depositor may waive such Master Servicer Event of Default. Upon any waiver of
a past default, such default shall cease to exist, and any Master Servicer
Event of Default arising therefrom shall be deemed to have been remedied for
every purpose of this Agreement. No such waiver shall extend to any subsequent
or other default or impair any right consequent thereon except to the extent
expressly so waived.

      Section 8.04. Notification to Holders. Upon termination of the Master
Servicer or appointment of a successor to the Master Servicer, in each case as
provided herein, the Indenture Trustee shall promptly mail notice thereof by
first class mail to the Noteholders at their respective addresses appearing on
the applicable Register. The Indenture Trustee shall also, within [45] days
after the occurrence of any Master Servicer Event of Default known to the
Indenture Trustee, give written notice thereof to Noteholders, unless such
Master Servicer Event

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of Default shall have been cured or waived prior to the issuance of such
notice and within such [45] day period.

      Section 8.05. Directions by Noteholders and Duties of Indenture Trustee
During Master Servicer Event of Default. During the continuance of any Master
Servicer Event of Default, the Majority Noteholders may direct the time,
method and place of conducting any proceeding for any remedy available to the
Indenture Trustee, or exercising any trust or power conferred upon the
Indenture Trustee, under this Agreement; provided, however, that the Indenture
Trustee shall be under no obligation to pursue any such remedy, or to exercise
any of the trusts or powers vested in it by this Agreement (including, without
limitation, (i) the conducting or defending of any administrative action or
litigation hereunder or in relation hereto and (ii) the terminating of the
Master Servicer or any successor master servicer from its rights and duties as
master servicer hereunder) at the request, order or direction of any of the
Noteholders, unless such Noteholders shall have offered to the Indenture
Trustee security or indemnity reasonably satisfactory to it against the cost,
expenses and liabilities which may be incurred therein or thereby; and,
provided further, that, the Indenture Trustee shall have the right to decline
to follow any such direction if the Indenture Trustee, in accordance with an
Opinion of Counsel, determines that the action or proceeding so directed may
not lawfully be taken or if the Indenture Trustee in good faith determines
that the action or proceeding so directed would involve it in personal
liability for which it is not indemnified to its satisfaction or be unjustly
prejudicial to the non assenting Noteholders.

      Section 8.06. Action Upon Certain Failures of the Master Servicer and
Upon Master Servicer Event of Default. In the event that a Responsible Officer
of the Indenture Trustee or the Trust Administrator shall have actual
knowledge of any action or inaction of the Master Servicer that would become a
Master Servicer Event of Default upon the Master Servicer's failure to remedy
the same after notice, the Indenture Trustee or Trust Administrator, as
applicable, shall give notice thereof to the Master Servicer.

                                  ARTICLE IX

                                  TERMINATION

      Section 9.01. Termination. The respective obligations and
responsibilities of the Master Servicer, the Trust Administrator, the
Depositor, the Issuer, the Servicer and the Indenture Trustee created hereby
(other than obligations expressly stated to survive the termination of the
Trust) shall terminate on the day after the day on which the Notes are paid in
full (including payment pursuant to Section 9.02 below) (the "Termination
Date").

      Section 9.02. Termination Prior to Maturity Date; Optional Redemption.

      (a) On the Payment Date following the Determination Date on which the
Aggregate Collateral Balance is less than [20]% of the Aggregate Collateral
Balance as of the Cut-off Date, _____________________________ acting directly
or through one or more Affiliates, shall have the option to purchase the
Mortgage Loans, any REO Property and any other property remaining in the Trust
for a price equal to the Termination Price. The Master Servicer and the
Servicer will be reimbursed from the Termination Price for any outstanding
Advances, Servicing Advances

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and unpaid Servicing Fees, Master Servicing Fees and other amounts not
previously reimbursed pursuant to the provisions of this Agreement, as
applicable, and the Trust Administrator, the Owner Trustee and the Indenture
Trustee (including in its capacity as Custodian, if applicable) shall be
reimbursed for any previously unreimbursed amounts for which they are entitled
to be reimbursed pursuant to this Agreement, the Indenture, the Custodial
Agreement (to the extent not paid by the Seller pursuant to the Custodial
Agreement) or the Trust Agreement, as applicable. If such option is exercised,
the Trust will be terminated resulting in a mandatory redemption of the Notes.
_____________________ shall deliver written notice of its intention to
exercise such option to the Issuer, the Trust Administrator, the Indenture
Trustee and the Master Servicer not less than [15] days prior to the
applicable Payment Date. If _____________________ fails to exercise such
option prior to the Stepup Date, the Note Interest Rate for each class of
Notes will be increased as set forth herein beginning on the Stepup Date and
for each Payment Date thereafter. _____________________ shall deliver written
notice of its intention to exercise such option to the Issuer, the Indenture
Trustee and the Master Servicer not less than [ten] days prior to the
applicable Payment Date.

      In connection with such purchase, _____________________ shall direct
the Servicer to remit to the Trust Administrator all amounts then on
deposit in the Custodial Account (other than amounts permitted to be
withdrawn by it pursuant to Section 4.02(e)) for deposit to the Collection
Account.

      (b) In addition, if ______________________ does not exercise its
purchase option pursuant to subsection (a) of this Section 9.02, then, on the
Payment Date following the Determination Date on which the Aggregate
Collateral Balance is less than [10]% of the Aggregate Collateral Balance as
of the Cut-off Date, the Servicer acting directly or through one or more
Affiliates, shall have the option to purchase the Mortgage Loans, any REO
Property and any other property remaining in the Trust for a price equal to
the Termination Price. All conditions applying to _____________________'s
right to purchase the Mortgage Loans pursuant to paragraph (a) above shall
also apply to the Servicer's right.

      (c) Promptly following any such purchase pursuant to paragraph (a) or
(b) of this Section and receipt of an Officer's Certificate of
_____________________ or of the Servicer, as applicable, that the purchase
price has been deposited in the Collection Account, the Indenture Trustee or
the applicable Custodian shall release the Mortgage Files to the purchaser of
such Mortgage Loans pursuant to this Section 9.02, or otherwise upon its
order.

      Section 9.03. Certain Notices upon Final Payment. The Master Servicer or
the Trust Administrator, as applicable, shall give the Issuer, the Indenture
Trustee, the Owner Trustee, each Rating Agency, each Noteholder and the
Depositor at least [30] days' prior written notice of the date on which the
Trust is expected to terminate in accordance with Section 9.01, or the date on
which the Notes will be redeemed in accordance with Section 9.02. Not later
than the [fifth] Business Day in the Collection Period in which the final
payment in respect to the Notes is payable to the Noteholders, the Indenture
Trustee shall mail to the Noteholders a notice specifying the procedures with
respect to such final payment. The Trust Administrator on behalf of the
Indenture Trustee shall give a copy of such notice to each Rating Agency at
the time such notice is given to Noteholders. Following the final payment
thereon, such Notes shall become

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void, no longer outstanding and no longer evidence any right or interest in
the Mortgage Loans, the Mortgage Files or any proceeds of the foregoing.

                                  ARTICLE X

                           MISCELLANEOUS PROVISIONS

      Section 10.01. Binding Nature of Agreement; Assignment. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns.

      Section 10.02. Entire Agreement. This Agreement contains the entire
agreement and understanding among the parties hereto with respect to the
subject matter hereof, and supersedes all prior agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof.

      Section 10.03. Amendment.

      (a) This Agreement may be amended from time to time by the parties
hereto, without notice to or the consent of any of the Holders of the Notes,
(i) to cure any ambiguity, (ii) to conform the provisions of this Agreement to
the information contained in the Prospectus or to correct or supplement any
provision herein, (iii) to make any other provision with respect to matters or
questions arising under this Agreement or (iv) to add, delete, or amend any
provision in order to comply with any requirements imposed by the Code, ERISA
and their related regulations. No such amendment effected pursuant to the
preceding sentence shall, as evidenced by an Opinion of Counsel (which shall
be an expense of the party requesting such amendment and shall not be an
expense of the Trust or the Indenture Trustee), (1) affect the status of the
Notes as debt for federal income tax purposes or (2) only in the case of an
amendment effected pursuant to clause (iii) of such sentence, adversely affect
in any material respect the interests of any Holder. Prior to entering into
any amendment without the consent of Holders pursuant to this paragraph, the
Indenture Trustee may require an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that such amendment is
permitted under this paragraph. Any such amendment shall be deemed not to
adversely affect in any material respect any Holder, if the Indenture Trustee
receives written confirmation from each Rating Agency that such amendment will
not cause such Rating Agency to reduce the then current ratings assigned to
the Notes.

      (b) This Agreement may also be amended from time to time by the parties
hereto with the consent of (i) the Holders of each Class of Notes affected
thereby evidencing Voting Interests aggregating not less than [66-2/3]% of
each such Class and (ii) the Holder of the Ownership Certificate, for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or modifying in any manner the rights
of Noteholders; provided, however, that no such amendment may (i) reduce in
any manner the amount of, or delay the timing of, payments that are required
to be made in respect of any Notes without the consent of the Holder of each
such Note affected thereby or (ii) reduce the

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<PAGE>

percentage of Notes the Holders of which are required to consent to any such
amendment without the consent of the Holders of [100]% of the Class Principal
Amount of the Notes. For purposes of this paragraph, references to "Holder" or
"Holders" shall be deemed to include, in the case of Book-Entry Notes, the
related Note Owners.

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

      (d) It shall not be necessary for the consent of Holders under this
Section 10.03 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Holders shall be subject to such reasonable regulations
as the Indenture Trustee may prescribe.

      Section 10.04. Acts of Noteholders. Except as otherwise specifically
provided herein, whenever Noteholder action, consent or approval is required
under this Agreement, such action, consent or approval shall be deemed to have
been taken or given on behalf of, and shall be binding upon, all Noteholders
if the Majority Noteholders agree to take such action or give such consent or
approval.

      Section 10.05. Recordation of Agreement. To the extent permitted by
applicable law, this Agreement, or a memorandum thereof if permitted under
applicable law, is subject to recordation in all appropriate public offices
for real property records in all of 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 Depositor on direction and
at the expense of Holders of not less than [66-2/3]% of the Note Principal
Amount of the Notes and of the Holder of the Ownership Certificate requesting
such recordation, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Noteholders, or is necessary for the administration or servicing of the
Mortgage Loans.

      Section 10.06. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE
GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      Section 10.07. Notices. All demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if
mailed by overnight courier, addressed as follows or delivered by facsimile
(or such other address as may hereafter be furnished to the other party by
like notice):

            (i) if to the Seller:

                  ____________________________
                  ___________________________

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<PAGE>

                  ________________________
                  Attention:  _____________________________
                  Telephone:  ____________
                  Facsimile:  ____________

                  with a copy to:
                  ___________________

(ii)  if to the Servicer:

                  _________________________
                  _________________________
                  Attention:  _________________________
                  Telephone:  _____________
                  Facsimile:  ____________

                  with a copy to:
                  ____________________

(iii) if to the Master Servicer:

                  ____________________
                  _______________
                  ________________
                  Attention: _______________________________
                  __________________________
                  __________________________
                  Telephone:  ______________
                  Facsimile:   _____________

(iv)  if to the Trust Administrator:

                  ____________________
                  ______________
                  _________________
                  Attention:  ___________________________
                  ______________________________
                  ______________________________
                  Telephone:  ____________
                  Facsimile:   _____________

(v)   if to the Indenture Trustee:

                  ____________________________________
                  __________________________

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<PAGE>

                  _______________________
                  Attention:  ______________________
                  Telephone:  _____________
                  Facsimile:  ____________

(vi)  if to the Depositor:

                  CWABS, Inc.
                  4500 Park Granada
                  Calabasas, California 91302
                  Attention: _______ 200____

(vii) if to the Issuer:

                  c/o ___________________
                  ________________
                  _____________________
                  _______________________
                  Attention:  ______________________

      All demands, notices and communications to a party hereunder shall
be in writing and shall be deemed to have been duly given when delivered
to such party at the relevant address, facsimile number or electronic mail
address set forth above or at such other address, facsimile number or
electronic mail address as such party may designate from time to time by
written notice in accordance with this Section 10.07.

      Section 10.08. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or of the Notes or
the rights of the Holders thereof.

      Section 10.09. Indulgences; No Waivers. Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, remedy, power or privilege preclude any
other or further exercise of the same or of any other right, remedy, power or
privilege, nor shall any waiver of any right, remedy, power or privilege with
respect to any occurrence be construed as a waiver of such right, remedy,
power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have
granted such waiver.

      Section 10.10. Headings Not To Affect Interpretation. The headings
contained in this Agreement are for convenience of reference only, and they
shall not be used in the interpretation hereof.

      Section 10.11. Benefits of Agreement. Nothing in this Agreement or in
the Notes, express or implied, shall give to any Person, other than the
parties to this Agreement and their

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<PAGE>

successors hereunder and the Holders of the Notes, any benefit or any legal or
equitable right, power, remedy or claim under this Agreement. Notwithstanding
the foregoing, (i) the Owner Trustee shall be an express third-party
beneficiary of this Agreement and (ii) _____________________ shall be an
express third-party beneficiary with respect to Section 9.02.

      Section 10.12. Special Notices to the Rating Agencies.

      (a) The Servicer shall give prompt notice to each Rating Agency of the
occurrence of any of the following events of which it has notice:

            (i) any amendment to this Agreement pursuant to Section 10.03; and

            (ii) the making of a final payment hereunder.

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

if to [Moody's]:

      [Moody's Investors Service, Inc.
      99 Church Street
      New York, New York 10004
      Fax no.:  (212) 553-4392]

if to [S&P]:

      [Standard & Poor's Ratings Services, a division
      of The McGraw-Hill Companies, Inc.
      55 Water Street
      New York, New York  10041
      Fax no.:  (212) 438-2661]

      (c) The Trust Administrator shall make available to the Rating Agencies
each report prepared pursuant to Section 5.09.

      Section 10.13. Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original, and all of
which together shall constitute one and the same instrument.

      Section 10.14. Execution by the Issuer. It is expressly understood and
agreed by the parties hereto that (a) this Agreement is executed and delivered
by __________________, not individually or personally but solely as Owner
Trustee of the Issuer, in the exercise of the powers and authority conferred
and vested in it as trustee, (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 _____________________
but is made and intended for the purpose of binding only the Issuer, (c)
nothing herein contained shall be construed as creating any liability on
______________________, individually or personally, to

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<PAGE>

perform any covenant either expressed or implied contained herein, all such
liability, if any, being expressly waived by the parties hereto and by any
person claiming by, through or under the parties hereto and (d) under no
circumstances shall ______________________ 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 any other document.

                                     158
<PAGE>

                                  ARTICLE XI
                            EXCHANGE ACT REPORTING

      Section 11.01. Filing Obligations.

            The Master Servicer, the Servicer, the Trust Administrator, the
[Indenture Trustee], the Custodian, the Owner Trustee and the Seller shall
reasonably cooperate with the Depositor in connection with the satisfaction of
the Depositor's reporting requirements under the Exchange Act with respect to
the Trust Fund. In addition to the information specified below, if so
requested by the Depositor for the purpose of satisfying its reporting
obligation under the Exchange Act, the Master Servicer, the Servicer, the
Trust Administrator, the [Indenture Trustee], the Custodian, the Owner Trustee
and the Seller shall (and the Servicer and the Master Servicer shall cause
each related Subservicer to) provide the Depositor with (a) such information
which is available to such Person without unreasonable effort or expense and
within such timeframe as may be reasonably requested by the Depositor to
comply with the Depositor's reporting obligations under the Exchange Act and
(b) to the extent such Person is a party (and the Depositor is not a party) to
any agreement or amendment required to be filed, copies of such agreement or
amendment in EDGAR-compatible form.

      Section 11.02. Form 10-D Filings.

      (a) In accordance with the Exchange Act, the Trust Administrator shall
prepare for filing and file within 15 days after each Payment Date (subject to
permitted extensions under the Exchange Act) with the Commission with respect
to the Trust Fund, a Form 10-D with copies of the Monthly Report and, to the
extent delivered to the Trust Administrator, no later than 10 days following
the Payment Date, such other information identified by the Depositor or the
Master Servicer, in writing, to be filed with the Commission (such other
information, the "Additional Designated Information"). If the Depositor or
Master Servicer directs that any Additional Designated Information is to be
filed with any Form 10-D, the Depositor or Master Servicer, as the case may
be, shall specify the Item on Form 10-D to which such information is
responsive and, with respect to any Exhibit to be filed on Form 10-D, the
Exhibit number. Any information to be filed on Form 10-D shall be delivered to
the Trust Administrator in EDGAR-compatible form or as otherwise agreed upon
by the Trust Administrator and the Depositor or the Master Servicer, as the
case may be, at the [Servicer's] expense, and any necessary conversion to
EDGAR-compatible format will be at the Depositor's expense. At the reasonable
request of, and in accordance with the reasonable directions of, the Depositor
or the Master Servicer, subject to the two preceding sentences, the Trust
Administrator shall prepare for filing and file an amendment to any Form 10-D
previously filed with the Commission with respect to the Trust Fund. The
[Master Servicer] shall sign the Form 10-D filed on behalf of the Trust Fund.

      (b) No later than each Payment Date, each of the Master Servicer, the
Servicer, the Trust Administrator, the Owner Trustee and the [Indenture
Trustee] shall notify (and the Servicer and the Master Servicer shall cause
any related Subservicer to notify) the Depositor and the Master Servicer of
any Form 10-D Disclosure Item, together with a description of any such Form
10-D Disclosure Item in form and substance reasonably acceptable to the
Depositor. In addition to such information as the Master Servicer, the
Servicer, the Trust Administrator and the [Indenture Trustee] are obligated to
provide pursuant to other provisions of this Agreement, if so

                                     159
<PAGE>

requested by the Depositor, each of the Master Servicer, the Servicer, the
Trust Administrator and the [Indenture Trustee] shall provide such information
which is available to the Master Servicer, the Servicer, the Trust
Administrator and the [Indenture Trustee], as applicable, without unreasonable
effort or expense regarding the performance or servicing of the Mortgage Loans
(in the case of the Master Servicer, the [Indenture Trustee] and the Trust
Administrator, based on the information provided by the Servicer) as is
reasonably required to facilitate preparation of distribution reports in
accordance with Item 1121 of Regulation AB. Such information shall be provided
concurrently with the remittance reports in the case of the Servicer and the
reports to the noteholders in the case of the Trust Administrator and the
[Indenture Trustee], commencing with the first such report due not less than
five Business Days following such request.

      (c) The Trust Administrator shall not have any responsibility to file
any items (other than those generated by it) that have not been received in a
format suitable (or readily convertible into a format suitable) for electronic
filing via the EDGAR system and shall not have any responsibility to convert
any such items to such format (other than those items generated by it or that
are readily convertible to such format). The Trust Administrator shall have no
liability to the Noteholders, the Trust Fund, the Master Servicer, the
[Indenture Trustee] or the Depositor with respect to any failure to properly
prepare or file any of Form 10-D to the extent that such failure is not the
result of any negligence, bad faith or willful misconduct on its part.

      Section 11.03. Form 8-K Filings.

            The Master Servicer shall prepare and file on behalf of the Trust
Fund any Form 8-K required by the Exchange Act. [Each Form 8-K must be signed
by the Master Servicer.] Each of the Master Servicer, the Servicer (and the
Servicer and the Master Servicer shall cause any related Subservicer to
promptly notify), the Trust Administrator, the Owner Trustee and the
[Indenture Trustee] shall promptly notify the Depositor and the Master
Servicer (if the notifying party is not the Master Servicer), but in no event
later than one (1) Business Day after its occurrence, of any Reportable Event
of which it has actual knowledge. Each Person shall be deemed to have actual
knowledge of any such event to the extent that it relates to such Person or
any action or failure to act by such Person.

      Section 11.04. Form 10-K Filings.

            Prior to March 30th of each year, commencing in 20[ ] (or such
earlier date as may be required by the Exchange Act), the Master Servicer
shall prepare and file on behalf of the Trust Fund a Form 10-K, in form and
substance as required by the Exchange Act. A senior officer in charge of the
servicing function of the Master Servicer shall sign each Form 10-K filed on
behalf of the Trust Fund. Such Form 10-K shall include as exhibits each (i)
annual compliance statement described under Section 5.24, (ii) annual report
on assessments of compliance with servicing criteria described under Section
11.07 and (iii) accountant's report described under Section 11.07. Each Form
10-K shall also include any Sarbanes-Oxley Certification required to be
included therewith, as described in Section 11.05.

            If the Item 1119 Parties listed on Exhibit I have changed since
the Closing Date, no later than March 1 of each year, the [Depositor/Master
Servicer] shall provide each of the Master Servicer, the Servicer (and the
Servicer and the Master Servicer shall provide any related

                                     160
<PAGE>

Subservicer), the Trust Administrator, the Owner Trustee and the [Indenture
Trustee] with an updated Exhibit I setting forth the Item 1119 Parties. No
later than March 15 of each year, commencing in 20[ ], the Master Servicer,
the Servicer, the Trust Administrator, the Owner Trustee and the [Indenture
Trustee] shall notify (and the Servicer and the Master Servicer shall cause
any related Subservicer to notify) the Depositor and the Master Servicer of
any Form 10-K Disclosure Item, together with a description of any such Form
10-K Disclosure Item in form and substance reasonably acceptable to the
Depositor. Additionally, each of the Master Servicer, the Servicer, the Trust
Administrator and the [Indenture Trustee] shall provide, and shall cause each
Reporting Subcontractor retained by the Master Servicer, the Servicer, the
Custodian, the Trust Administrator or the [Indenture Trustee], as applicable,
and in the case of the Servicer and the Master Servicer shall cause each
related Subservicer, to provide, the following information no later than March
15 of each year in which a Form 10-K is required to be filed on behalf of the
Trust Fund: (i) if such Person's report on assessment of compliance with
servicing criteria described under Section 11.07 or related registered public
accounting firm attestation report described under Section 11.07 identifies
any material instance of noncompliance, notification of such instance of
noncompliance and (ii) if any such Person's report on assessment of compliance
with servicing criteria or related registered public accounting firm
attestation report is not provided to be filed as an exhibit to such Form
10-K, information detailing the explanation why such report is not included.

      Section 11.05. Sarbanes-Oxley Certification.

      (a) Each Form 10-K shall include a certification (the "Sarbanes-Oxley
Certification") required by Rules 13a-14(d) and 15d-14(d) under the Exchange
Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and the rules
and regulations of the Commission promulgated thereunder (including any
interpretations thereof by the Commission's staff)). No later than March 15 of
each year, beginning in 20[ ], the Depositor, the Master Servicer, the
Servicer, the Trust Administrator, the Custodian and the [Indenture Trustee]
shall (unless such person is the Certifying Person), and the Servicer and the
Master Servicer shall cause each related Subservicer to, provide to the Person
who signs the Sarbanes-Oxley Certification (the "Certifying Person") a
certification (each, a "Performance Certification"), in the form attached
hereto as Exhibit H-1 (in the case of the Servicer and any Subservicer) and
Exhibit H-2 (in the case of the Trust Administrator, the Custodian and the
[Indenture Trustee]), on which the Certifying Person, the entity for which the
Certifying Person acts as an officer, and such entity's officers, directors
and Affiliates (collectively with the Certifying Person, "Certification
Parties") can reasonably rely. The senior officer in charge of the servicing
function of the Master Servicer shall serve as the Certifying Person on behalf
of the Trust Fund. Neither the Master Servicer nor the Depositor will request
delivery of a certification under this clause unless the Depositor is required
under the Exchange Act to file an annual report on Form 10-K with respect to
the Trust Fund. In the event that prior to the filing date of the Form 10-K in
March of each year, the Servicer, the Trust Administrator, the Custodian, the
[Indenture Trustee] or the Depositor has actual knowledge of information
material to the Sarbanes-Oxley Certification, the Trust Administrator, the
Custodian, the Servicer, the [Indenture Trustee] or the Depositor, as the case
may be, shall promptly notify the Master Servicer and the Depositor. The
respective parties hereto agree to cooperate with all reasonable requests made
by any Certifying Person or Certification Party in connection with such
Person's attempt to conduct any due diligence that such Person reasonably
believes to be

                                     161
<PAGE>

appropriate in order to allow it to deliver any Sarbanes-Oxley Certification
or portion thereof with respect to the Trust Fund.

      Section 11.06. Form 15 Filing.

            Prior to January 30 of the first year in which the Depositor
is able to do so under applicable law, the Depositor shall file a Form 15
relating to the automatic suspension of reporting in respect of the Trust
Fund under the Exchange Act.

      Section 11.07. Report on Assessment of Compliance and Attestation.

      (a) On or before March 15 of each calendar year, commencing in 20[ ]:

            (1) Each of the Master Servicer, the Servicer, the Trust
      Administrator, the Custodian and the [Indenture Trustee] shall deliver
      to the Depositor and the Master Servicer a report (in form and substance
      reasonably satisfactory to the Depositor) regarding the Master
      Servicer's, the Servicer's, the Trust Administrator's, the Custodian's
      or the [Indenture Trustee]'s, as applicable, assessment of compliance
      with the Servicing Criteria during the immediately preceding calendar
      year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and
      Item 1122 of Regulation AB. Such report shall be signed by an authorized
      officer of such Person and shall address each of the Servicing Criteria
      specified on a certification substantially in the form of Exhibit J
      hereto delivered to the Depositor concurrently with the execution of
      this Agreement. To the extent any of the Servicing Criteria are not
      applicable to such Person, with respect to asset-backed securities
      transactions taken as a whole involving such Person and that are backed
      by the same asset type backing the Notes, such report shall include such
      a statement to that effect. The Depositor and the Master Servicer, and
      each of their respective officers and directors shall be entitled to
      rely on upon each such servicing criteria assessment.

            (2) Each of the Master Servicer, the Servicer, the Trust
      Administrator, the Custodian and the [Indenture Trustee] shall deliver
      to the Depositor and the Master Servicer a report of a registered public
      accounting firm reasonably acceptable to the Depositor that attests to,
      and reports on, the assessment of compliance made by Master Servicer,
      the Servicer, the Trust Administrator, the Custodian or the [Indenture
      Trustee], as applicable, and delivered pursuant to the preceding
      paragraphs. Such attestation shall be in accordance with Rules
      1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and
      the Exchange Act, including, without limitation that in the event that
      an overall opinion cannot be expressed, such registered public
      accounting firm shall state in such report why it was unable to express
      such an opinion. Such report must be available for general use and not
      contain restricted use language. To the extent any of the Servicing
      Criteria are not applicable to such Person, with respect to asset-backed
      securities transactions taken as a whole involving such Person and that
      are backed by the same asset type backing the Notes, such report shall
      include such a statement to that effect.

                                     162
<PAGE>

            (3) Each of the Servicer and the Master Servicer shall cause each
      Subservicer and each Reporting Subcontractor to deliver to the Depositor
      an assessment of compliance and accountant's attestation as and when
      provided in paragraphs (a) and (b) of this Section 11.07.

            (4) Each of the Trust Administrator, the Custodian and the
      [Indenture Trustee] shall cause each Reporting Subcontractor to deliver
      to the Depositor and the Master Servicer an assessment of compliance and
      accountant's attestation as and when provided in paragraphs (a) and (b)
      of this Section.

            (5) The Master Servicer, the Servicer, the Trust Administrator,
      the Custodian and the [Indenture Trustee] shall execute (and the
      Servicer and the Master Servicer shall cause each related Subservicer to
      execute, and the Master Servicer, the Servicer, the Trust Administrator,
      the Custodian and the [Indenture Trustee] shall cause each Reporting
      Subcontractor to execute) a reliance certificate to enable the
      Certification Parties to rely upon each (i) annual compliance statement
      provided pursuant to Section 5.24, (ii) annual report on assessments of
      compliance with servicing criteria provided pursuant to this Section
      11.07 and (iii) accountant's report provided pursuant to this Section
      11.07 and shall include a certification that each such annual compliance
      statement or report discloses any deficiencies or defaults described to
      the registered public accountants of such Person to enable such
      accountants to render the Notes provided for in this Section 11.07. In
      the event the Master Servicer, the Servicer, any Subservicer, the Trust
      Administrator, the Custodian or Reporting Subcontractor is terminated or
      resigns during the term of this Agreement, such Person shall provide a
      certification to the Certifying Person pursuant to this Section 11.07
      with respect to the period of time it was subject to this Agreement or
      provided services with respect to the Trust Fund, the Notes or the
      Mortgage Loans.

            (b) Each assessment of compliance provided by a Subservicer
      pursuant to Section 11.07(a)(3) shall address each of the Servicing
      Criteria specified on a certification substantially in the form of
      Exhibit J hereto delivered to the Depositor concurrently with the
      execution of this Agreement or, in the case of a Subservicer
      subsequently appointed as such, on or prior to the date of such
      appointment. An assessment of compliance provided by a Subcontractor
      pursuant to Section 11.07(a)(3) or (4) need not address any elements of
      the Servicing Criteria other than those specified by the Master
      Servicer, the Servicer, the Trust Administrator, the Custodian or the
      [Indenture Trustee], as applicable, pursuant to Section 11.07(a)(1).

      Section 11.08. Use of Subservicers and Subcontractors.

      (a) Each of the Master Servicer and the Servicer shall cause any
Subservicer used by the Servicer (or by any Subservicer), respectively, for
the benefit of the Depositor to comply with the provisions of Section 5.24 and
Section 4.04(e), respectively, and this Article XI to the same extent as if
such Subservicer were the Servicer or the Master Servicer, as the case may be
(except with respect to the Master Servicer's duties with respect to preparing
and filing any Exchange Act Reports or as the Certifying Person). Each of the
Master Servicer and the Servicer shall be responsible for obtaining from each
related Subservicer and delivering to the Depositor any servicer compliance
statement required to be delivered by such Subservicer under Section

                                     163
<PAGE>

5.24 and Section 4.04(e), respectively, any assessment of compliance and
attestation required to be delivered by such Subservicer under Section 11.07
and any certification required to be delivered to the Certifying Person under
Section 11.05 as and when required to be delivered. As a condition to the
succession to any Subservicer as subservicer under this Agreement by any
Person (i) into which such Subservicer may be merged or consolidated, or (ii)
which may be appointed as a successor to any Subservicer, the Servicer shall
provide to the Depositor, at least 15 calendar days prior to the effective
date of such succession or appointment, (x) written notice to the Depositor of
such succession or appointment and (y) in writing and in form and substance
reasonably satisfactory to the Depositor, all information reasonably requested
by the Depositor in order to comply with its reporting obligation under Item
6.02 of Form 8-K.

      (b) It shall not be necessary for the Master Servicer, the Servicer, any
Subservicer, the Trust Administrator, the Custodian or the [Indenture Trustee]
to seek the consent of the Depositor or any other party hereto to the
utilization of any Subcontractor. The Master Servicer, the Servicer, the Trust
Administrator, the Custodian or the [Indenture Trustee], as applicable, shall
promptly upon request provide to the Depositor (or any designee of the
Depositor, such as the Servicer or administrator) a written description (in
form and substance satisfactory to the Depositor) of the role and function of
each Subcontractor utilized by such Person (or in the case of the Servicer or
the Master Servicer, any Subservicer), specifying (i) the identity of each
such Subcontractor, (ii) which (if any) of such Subcontractors are
"participating in the servicing function" within the meaning of Item 1122 of
Regulation AB, and (iii) which elements of the Servicing Criteria will be
addressed in assessments of compliance provided by each Subcontractor
identified pursuant to clause (ii) of this paragraph.

            As a condition to the utilization of any Subcontractor determined
to be a Reporting Subcontractor, the Master Servicer, the Servicer, the Trust
Administrator, the Custodian or the [Indenture Trustee], as applicable, shall
cause any such Subcontractor used by such Person (or in the case of the
Servicer or the Master Servicer, any Subservicer) for the benefit of the
Depositor to comply with the provisions of Sections 11.07 and 11.09 of this
Agreement to the same extent as if such Subcontractor were the Master
Servicer, the Servicer, the Trust Administrator, the Custodian or the
[Indenture Trustee], as applicable (except with respect to the Master
Servicer's duties with respect to preparing and filing any Exchange Act
Reports or as the Certifying Person). The Master Servicer, the Servicer, the
Trust Administrator, the Custodian or the [Indenture Trustee], as applicable,
shall be responsible for obtaining from each Subcontractor and delivering to
the Depositor and the Master Servicer, any assessment of compliance and
attestation required to be delivered by such Subcontractor under Section
11.07, in each case as and when required to be delivered.

      Section 11.09. Amendments.

            In the event the parties to this Agreement desire to further
clarify or amend any provision of this Article XI, this Agreement shall be
amended to reflect the new agreement between the parties covering matters
in this Article XI pursuant to Section 10.03, which amendment shall not
require any Opinion of Counsel or Rating Agency confirmations or the
consent of any Noteholder.

                                     164
<PAGE>

      If, during the period that the Depositor is required to file
Exchange Act Reports with respect to the Trust Fund, the Master Servicer
is no longer an Affiliate of the Depositor, the Depositor shall assume the
obligations and responsibilities of the Master Servicer in this Article XI
with respect to the preparation and filing of the Exchange Act Reports
and/or acting as the Certifying Person, if the Depositor has received
indemnity from such successor Master Servicer satisfactory to the
Depositor, and such Master Servicer has agreed to provide a Sarbanes-Oxley
Certification to the Depositor substantially in the form of Exhibit M.

                                     165
<PAGE>

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

                                    ______ MORTGAGE INVESTMENT TRUST
                                    200_-__,
                                    as Issuer

                                    By:   ________________________, not in
                                          its individual capacity but
                                          solely as Owner Trustee

                                    By:__________________________________
                                    Name:
                                    Title:

                                    CWABS, INC.,
                                    as Depositor

                                    By:__________________________________
                                    Name:
                                    Title:
                                    ____________________________________,
                                    not in its individual capacity but
                                    solely as Indenture Trustee

                                    By:  _______________________________
                                    Name:
                                    Title:

                                    ____________________,
                                    as Trust Administrator and Master
                                    Servicer

                                    By: ________________________________
                                    Name:
                                    Title:

                        Sale and Servicing Agreement

                                     166
<PAGE>

                                    _________________________,
                                    as Servicer

                                    By: ______________________________
                                    Name:
                                    Title:

                                    ____________________________, as Seller

                                    By: ________________________________
                                    Name:
                                    Title:

With Respect to Article XI only

_________________________, as Owner Trustee

By:_____________________
Name:
Title:

                        Sale and Servicing Agreement

<PAGE>

STATE OF                )
                        : ss.:
COUNTY OF               )

            On this ___ day of ___________ 200_, before me, personally
appeared ____________, known to me to be a _______ of
____________________, one of the corporations that executed the within
instrument, and also known to me to be the person who executed it on
behalf of said corporation, and acknowledged to me that such corporation
executed the within instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                    __________________________________
                                    Notary Public

[NOTARIAL SEAL]

                Notary page to Sale and Servicing Agreement

<PAGE>

STATE OF CALIFORNIA     )
                        : ss.:
COUNTY OF LOS ANGELES   )

            On the ___ day of ___________ 200_, before me, personally
appeared __________, known to me to be a _________________ of CWABS, Inc.,
one of the corporations that executed the within instrument and also known
to me to be the person who executed it on behalf of said corporation, and
acknowledged to me that such corporation executed the within instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                    __________________________________
                                    Notary Public

[NOTARIAL SEAL]

                Notary page to Sale and Servicing Agreement

<PAGE>

STATE OF                )
                        : ss.:
COUNTY OF               )

            On the ____ of ___________ 200_, before me, a Notary Public in
and for said State, personally appeared ______________ known to me to be a
_____________ of ____________________________________, one of the
corporations that executed the within instrument and also known to me to
be the person who executed it on behalf of said corporation, and
acknowledged to me that such corporation executed the within instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                    __________________________________
                                    Notary Public

[NOTARIAL SEAL]

                Notary page to Sale and Servicing Agreement

<PAGE>

STATE OF         )
                 : ss.:
COUNTY OF        )

            On the ____ of ___________ 200_, before me, a Notary Public in
and for said State, personally appeared ______________ known to me to be a
_____________ of ____________________, a national banking association that
executed the within instrument and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that
such corporation executed the within instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                    __________________________________
                                    Notary Public

[NOTARIAL SEAL]

                Notary page to Sale and Servicing Agreement

<PAGE>

STATE OF                )
                        : ss.:
COUNTY OF               )

            On the ____ of ___________ 200_, before me, a Notary Public in
and for said State, personally appeared ______________ known to me to be a
_____________ of _________________________, one of the corporations that
executed the within instrument and also known to me to be the person who
executed it on behalf of said corporation, and acknowledged to me that
such corporation executed the within instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                    __________________________________
                                    Notary Public

[NOTARIAL SEAL]

                Notary page to Sale and Servicing Agreement

<PAGE>

STATE OF                )
                        : ss.:
COUNTY OF               )

            On the ____ of ___________ 200_, before me, a Notary Public in
and for said State, personally appeared ______________ known to me to be a
_____________ of ____________________________, one of the corporations
that executed the within instrument and also known to me to be the person
who executed it on behalf of said corporation, and acknowledged to me that
such corporation executed the within instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                    __________________________________
                                    Notary Public

[NOTARIAL SEAL]

                Notary page to Sale and Servicing Agreement

<PAGE>

                                EXHIBIT A-1

                       FORM OF INITIAL CERTIFICATION

                                                _________________
                                                      Date

[Indenture                             [Trust
Trustee]________________________       Administrator]________________________
_______________________                _______________________
Attention:  __________________         Attention:  __________________

[CWABS, Inc.                           ____________________________________
4500 Park Granada                      _______________________
Calabasas, California 91302]           _______________________
                                       Attention:  __________________

      Re:   Sale and Servicing Agreement (the "Sale and Servicing
            Agreement") dated as of _______, 200_ by and among [CWABS,
            Inc.], as Depositor, ____________________________________, as
            Indenture Trustee, ____________________, as Trust
            Administrator and Master Servicer, ______ Mortgage Investment
            Trust 200____, as Issuer, _________________________, as
            Servicer, and ____________________________, as Seller___________

Ladies and Gentlemen:

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

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

                                    [Custodian]

                                    By:_____________________________________
                                       Name:
                                       Title:

                                     A-1-1

<PAGE>

                                EXHIBIT A-2

                       FORM OF INTERIM CERTIFICATION

                                                _________________
                                                      Date

[Indenture                             [Trust
Trustee]________________________       Administrator]________________________
_______________________                _______________________
Attention:  __________________         Attention:  __________________

[CWABS, Inc.                           ____________________________________
4500 Park Granada                      _______________________
Calabasas, California 91302]           _______________________
                                       Attention:  __________________

      Re:   Sale and Servicing Agreement (the "Sale and Servicing
            Agreement") dated as of _______, 200_ by and among [CWABS,
            Inc.], as Depositor, ____________________________________, as
            Indenture Trustee, ____________________, as Trust
            Administrator and Master Servicer, ______ Mortgage Investment
            Trust 200____, as Issuer, _________________________, as
            Servicer, and ____________________________, as Seller ____________

Ladies and Gentlemen:

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

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

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

                                    [Custodian]

                                    By:_____________________________________

                                     A-2-1

<PAGE>

                                        Name:
                                        Title:

<PAGE>

                                EXHIBIT A-3

                        FORM OF FINAL CERTIFICATION
                        ---------------------------

                                                _________________
                                                      Date

[Indenture                             [Trust
Trustee]________________________       Administrator]________________________
_______________________                _______________________
Attention:  __________________         Attention:  __________________

[CWABS, Inc.                           ____________________________________
4500 Park Granada                      _______________________
Calabasas, California 91302]           _______________________
                                       Attention:  __________________

      Re:   Sale and Servicing Agreement (the "Sale and Servicing
            Agreement") dated as of _______, 200_ by and among [CWABS,
            Inc.], as Depositor, ____________________________________, as
            Indenture Trustee, ____________________, as Trust
            Administrator and Master Servicer, ______ Mortgage Investment
            Trust 200____, as Issuer, _________________________, as
            Servicer, and ____________________________, as Seller ____________

Ladies and Gentlemen:

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

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

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

                                    [Custodian]

                                    By:_____________________________________

                                     A-3-1

<PAGE>

                                        Name:
                                        Title:

<PAGE>

                                EXHIBIT A-4
                                -----------

                            FORM OF ENDORSEMENT
                            -------------------

      Pay to the order of ____________________________________, as
indenture trustee (the "Indenture Trustee") under the Sale and Servicing
Agreement dated as of _______, 200_ by and among [CWABS, Inc.], as
Depositor, the Indenture Trustee, ____________________, as Trust
Administrator and Master Servicer, ______ Mortgage Investment Trust
200_-__, as Issuer, _________________________, as Servicer, and
____________________________, as Seller, relating to ______ Mortgage
Investment Trust 200_-__ Asset-Backed Notes, Series 200_-__, without
recourse.

                                    __________________________________
                                    [current signatory on note]

                                    By:_______________________________
                                        Name:
                                        Title:

                                     A-4-1

<PAGE>

                                 EXHIBIT B
                                 ---------

                                 [Reserved]

                                      B-1

<PAGE>

                                 EXHIBIT C

                        FORM OF LOST NOTE AFFIDAVIT

      I, _________________________________________, being duly sworn, do
hereby state under oath that:

      1.    I am a duly elected ______________________ of
____________________________ (the "Company") and am duly authorized to
make this affidavit.

      2.    This affidavit is being delivered in connection with the
transfer of the Mortgage Loan described in Paragraph 3 hereof by the
Company pursuant to the Sale and Servicing Agreement, dated as of _______,
200_, among ______ Mortgage Investment Trust 200_-__, as Issuer, [CWABS,
Inc.], as Depositor, ____________________, as Master Servicer and as Trust
Administrator, _________________________, as Servicer,
____________________________, as Seller, and
____________________________________, as Indenture Trustee, relating to
the ______ Mortgage Investment Trust 200_-__ Asset-Backed Notes, Series
200_-__ (the "Agreement").

      3.    The ______________ is the payee under the following described
Mortgage Note ("Mortgage Note") which evidences the obligation of the
borrower(s) to repay the Mortgage Loan:

      Loan Number: __________________________________
      Mortgage Note Date:_____________________________
      Borrower(s): ___________________________________
      Original Payee (if not the Company): ___________
      Original Amount:________________________________
      Mortgage Rate: _________________________________
      Address of Mortgaged Property: _________________
      ________________________________________________

      4.    The Company is the lawful owner of the Mortgage Note and has
not cancelled, altered, assigned or hypothecated the Mortgage Note.

      5.    A thorough and diligent search for the executed original
Mortgage Note was undertaken and was unsuccessful.

      6.    Attached hereto is a true and correct copy of the Mortgage
Note.

      7.    The Mortgage Note has not been endorsed by the Company in any
manner inconsistent with its transfer of the Mortgage Loan under the
Mortgage Loan Purchase Agreement.

      8.    Without limiting the generality of the rights and remedies of
the Indenture Trustee contained in the Agreement, the Company hereby
confirms and agrees that in the event the inability to produce the
executed original Mortgage Note results in a breach of the

                                      C-1

<PAGE>

representations, warranties and covenants appearing in Section 2 of the
Mortgage Loan Purchase Agreement and Section 3.01 of the Agreement, the
Company shall repurchase the Mortgage Loan at the Purchase Price and
otherwise in accordance with Section 3.03 of the Agreement.  In addition,
the Company covenants and agrees to indemnify the Indenture Trustee and
the Trust from and hold them harmless against any and all losses,
liabilities, damages, claims or expenses  arising from the Company's
failure to have delivered the Mortgage Note to the Indenture Trustee,
including without limitation any such losses, liabilities, damages, claims
or expenses arising from any action to enforce the indebtedness evidenced
by the Mortgage Note or any claim by any third party who is the holder of
such indebtedness by virtue of possession of the Mortgage Note.

      9.    In the event that the Company locates the executed original
Mortgage Note, it shall promptly provide the Mortgage Note to the
Indenture Trustee.

      10.   Capitalized terms used but not otherwise defined herein shall
have the meanings given to them in the Agreement.

Date: _______________________

                                    ______________________________
                                    (signature)

                                    ______________________________
                                    (print name)

                                    ______________________________
                                    (print title)

                                      C-2

<PAGE>

                                 EXHIBIT D

                            CUSTODIAL AGREEMENT

                                      D-1

<PAGE>

                                 EXHIBIT E
                                 ---------

                     CUSTODIAL ACCOUNT LETTER AGREEMENT

                                                ______________ __, ____

To:   ______________________

      ______________________

      ______________________
      (the "Depository")

            As Servicer under the Sale and Servicing Agreement dated as of
_______, 200_, by and among [CWABS, Inc.], as Depositor, you, as Indenture
Trustee, ____________________, as Trust Administrator and Master Servicer,
______ Mortgage Investment Trust 200____, as Issuer,
_________________________, as Servicer and ____________________________,
as Seller (the "Sale and Servicing Agreement"), we hereby authorize and
request you to establish an account, as a Custodial Account pursuant to
Section 4.02(d) of the Sale and Servicing Agreement, designated as
"_________________________ in trust for____________________, as Indenture
Trustee for ______ Mortgage Investment Trust 200____."  All deposits in
the account shall be subject to withdrawal therefrom by order signed by
the Servicer.  This letter is submitted to you in duplicate.  Please
execute and return one original to us.

                                    _________________________
                                          Servicer

                                    By: ________________________________
                                        Name: __________________________
                                        Title: _________________________
                                        Date:  _________________________

                                     E-1

<PAGE>

            The undersigned, as Depository, hereby certifies that the
above described account has been established under Account Number
__________, at the office of the Depository indicated above, and agrees to
honor withdrawals on such account as provided above.

                                    ________________________________________
                                                    Depository

                                    By: ____________________________________
                                        Name:
                                        Title:
                                        Date:

                                     E-2

<PAGE>

                                   EXHIBIT F

                        ESCROW ACCOUNT LETTER AGREEMENT

                                                ______________ __, ____

To:   ______________________

      ______________________

      ______________________
      (the "Depository")

            As Servicer under the Sale and Servicing Agreement dated as of
_______, 200_, by and among [CWABS, Inc.], as Depositor, you, as Indenture
Trustee, ____________________, as Trust Administrator and Master Servicer,
______ Mortgage Investment Trust 200____, as Issuer,
_________________________, as Servicer and ____________________________, as
Seller (the "Sale and Servicing Agreement"), we hereby authorize and request
you to establish an account, as an Escrow Account pursuant to Section 4.02(f)
of the Sale and Servicing Agreement, designated as "_________________________
in trust for _________________________, as Indenture Trustee for ______
Mortgage Investment Trust 200____." All deposits in the account shall be
subject to withdrawal therefrom by order signed by the Servicer. This letter
is submitted to you in duplicate. Please execute and return one original to
us.

                                    _________________________
                                          Servicer

                                    By: ________________________________
                                        Name: __________________________
                                        Title: _________________________
                                        Date:  _________________________

                                     F-1

<PAGE>

            The undersigned, as Depository, hereby certifies that the
above described account has been established under Account Number ______,
at the office of the Depository indicated above, and agrees to honor
withdrawals on such account as provided above.

                                    _______________________________________
                                                    Depository

                                    By: ___________________________________
                                        Name:
                                        Title:
                                        Date:

                                     F-2

<PAGE>

                                EXHIBIT G-1

                     FORM OF MONTHLY REMITTANCE ADVICE

                     [On file with the Master Servicer]

                                     G-1-1

<PAGE>

                                EXHIBIT G-2

             STANDARD LAYOUT FOR MONTHLY DEFAULTED LOAN REPORT

                     [On file with the Master Servicer]

                                    G-2-1

<PAGE>

                                                                 Exhibit G-3

                       Form 332 Realized Loss Report
                            --------------------

                       [On file with Master Servicer]

                                     G-3-1

<PAGE>

                                EXHIBIT H-1

                     FORM OF PERFORMANCE CERTIFICATION
                           (Servicer/Subservicer)

                   [On file with the Trust Administrator]

                                     H-1-1

<PAGE>

                                EXHIBIT H-2

                     FORM OF PERFORMANCE CERTIFICATION
             (Trust Administrator/Indenture Trustee/Custodian)

                   [On file with the Trust Administrator]

                                     H-2-1

<PAGE>

                                 EXHIBIT I

                                  FORM OF
                   SERVICING CRITERIA TO BE ADDRESSED IN
                     ASSESSMENT OF COMPLIANCE STATEMENT

      The assessment of compliance to be delivered by [the Servicer] [the
Master Servicer] [Indenture Trustee] [Trust Administrator] [Name of
Subservicer] shall address, at a minimum, the criteria identified as below
as "Applicable Servicing Criteria":
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                    Servicing Criteria                                                  Applicable Servicing
                                                                                                              Criteria
-------------------------------------------------------------------------------------------------------------------------------
       Reference                                        Criteria
-------------------------------------------------------------------------------------------------------------------------------
                                          General Servicing Considerations
--------------------                                                                                              -------------
<S>                 <C>                                                                                           <C>
1122(d)(1)(i)       Policies and procedures are instituted to monitor any performance or other
                    triggers and events of default in accordance with the transaction agreements.
--------------------                                                                                              -------------
                    If any material servicing activities are outsourced to third parties,
1122(d)(1)(ii)      policies and procedures are instituted to monitor the third party's performance and
                    compliance with such servicing activities.
--------------------                                                                                              -------------
1122(d)(1)(iii)     Any requirements in the transaction agreements to maintain a back-up
                    servicer for the mortgage loans are maintained.
--------------------                                                                                              -------------
                    A fidelity bond and errors and omissions policy is in effect on the party participating in
                    the servicing function throughout the reporting period in
1122(d)(1)(iv)      the amount of coverage required by and otherwise in accordance with the
                    terms of the transaction agreements.
--------------------                                                                                              -------------
                                         Cash Collection and Administration
--------------------                                                                                              -------------
                    Payments on mortgage loans are deposited into the appropriate custodial bank accounts and
                    related bank clearing accounts no more than two business days
1122(d)(2)(i)       following receipt, or such other number of days specified in the transaction
                    agreements.
--------------------                                                                                              -------------
1122(d)(2)(ii)      Disbursements made via wire transfer on behalf of an obligor or to an
                    investor are made only by authorized personnel.
--------------------                                                                                              -------------
                    Advances of funds or guarantees regarding collections, cash flows or
1122(d)(2)(iii)     distributions, and any interest or other fees charged for such advances, are made, reviewed
                    and approved as specified in the transaction agreements.
--------------------                                                                                              -------------
                    The related accounts for the transaction, such as cash reserve accounts or accounts
                    established as a form of overcollateralization, are separately
1122(d)(2)(iv)      maintained (e.g., with respect to commingling of cash) as set forth in the
                    transaction agreements.
--------------------                                                                                              -------------
                    Each custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes of this
1122(d)(2)(v)       criterion, "federally insured depository institution" with respect to a foreign financial
                    institution means a foreign financial institution that meets the requirements of Rule
                    13k-1(b)(1) of the Securities Exchange Act.
--------------------                                                                                              -------------
1122(d)(2)(vi)      Unissued checks are safeguarded so as to prevent unauthorized access.
--------------------                                                                                              -------------
                    Reconciliations are prepared on a monthly basis for all asset-backed securities related
                    bank accounts, including custodial accounts and related bank clearing accounts. These
                    reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after
                    the bank statement cutoff date, or such other number of days specified in the transaction
1122(d)(2)(vii)     agreements; (C) reviewed and approved by someone other than the person who prepared the
                    reconciliation; and (D) contain explanations for reconciling items. These reconciling items
                    are resolved within 90 calendar days of their original identification, or such other number
                    of days specified in the
--------------------                                                                                              -------------

                                                         I-1
<PAGE>

-------------------------------------------------------------------------------------------------------------------------------
                                    Servicing Criteria                                                  Applicable Servicing
                                                                                                              Criteria
-------------------------------------------------------------------------------------------------------------------------------
       Reference                                        Criteria
-------------------------------------------------------------------------------------------------------------------------------
                    transaction agreements.
--------------------                                                                                              -------------
                                         Investor Remittances and Reporting
--------------------                                                                                              -------------
                    Reports to investors, including those to be filed with the Commission, are maintained in
                    accordance with the transaction agreements and applicable Commission requirements.
                    Specifically, such reports (A) are prepared in accordance with timeframes and other terms
                    set forth in the transaction agreements; (B) provide information calculated in accordance
1122(d)(3)(i)       with the terms specified in the transaction agreements; (C) are filed with the Commission
                    as required by its rules and regulations; and (D) agree with investors' or the Trust
                    Administrator's records as to the total unpaid principal balance and number of mortgage
                    loans serviced by the Servicer.
--------------------                                                                                              -------------
                    Amounts due to investors are allocated and remitted in accordance with
1122(d)(3)(ii)      timeframes, distribution priority and other terms set forth in the
                    transaction agreements.
--------------------                                                                                              -------------
                    Disbursements made to an investor are posted within two business days to the
1122(d)(3)(iii)     Servicer's investor records, or such other number of days specified in the
                    transaction agreements.
--------------------                                                                                              -------------
1122(d)(3)(iv)      Amounts remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank statements.
--------------------                                                                                              -------------
                                              Pool Asset Administration
--------------------                                                                                              -------------
1122(d)(4)(i)       Collateral or security on mortgage loans is maintained as required by the transaction
                    agreements or related mortgage loan documents.
--------------------                                                                                              -------------
1122(d)(4)(ii)      Mortgage loan and related documents are safeguarded as required by the
                    transaction agreements.
--------------------                                                                                              -------------
                    Any additions, removals or substitutions to the asset pool are made,
1122(d)(4)(iii)     reviewed and approved in accordance with any conditions or requirements in
                    the transaction agreements.
--------------------                                                                                              -------------
                    Payments on mortgage loans, including any payoffs, made in accordance with the related
                    mortgage loan documents are posted to the Servicer's obligor records maintained no more
                    than two business days after receipt, or such other number of days specified in the
1122(d)(4)(iv)      transaction agreements, and allocated to principal, interest or other items (e.g., escrow)
                    in accordance with the related mortgage loan documents.
--------------------                                                                                              -------------
1122(d)(4)(v)       The Servicer's records regarding the mortgage loans agree with the Servicer's records with
                    respect to an obligor's unpaid principal balance.
--------------------                                                                                              -------------
                    Changes with respect to the terms or status of an obligor's mortgage loans
                    (e.g., loan modifications or re-agings) are made, reviewed and approved by
1122(d)(4)(vi)      authorized personnel in accordance with the transaction agreements and
                    related pool asset documents.
--------------------                                                                                              -------------
                    Loss mitigation or recovery actions (e.g., forbearance plans, modifications
                    and deeds in lieu of foreclosure, foreclosures and repossessions, as
1122(d)(4)(vii)     applicable) are initiated, conducted and concluded in accordance with the timeframes or
                    other requirements established by the transaction agreements.
--------------------                                                                                              -------------
                    Records documenting collection efforts are maintained during the period a mortgage loan is
                    delinquent in accordance with the transaction agreements. Such records are maintained on
                    at least a monthly basis, or such other period specified in the transaction agreements,
1122(d)(4)(viii)    and describe the entity's activities in monitoring delinquent mortgage loans including,
                    for example, phone calls, letters and payment rescheduling plans in cases where
                    delinquency is deemed temporary (e.g., illness or unemployment).
--------------------                                                                                              -------------
1122(d)(4)(ix)      Adjustments to interest rates or rates of return for mortgage loans with variable rates are
                    computed based on the related mortgage loan documents.
--------------------                                                                                              -------------

                                                         I-2
<PAGE>

-------------------------------------------------------------------------------------------------------------------------------
                                    Servicing Criteria                                                  Applicable Servicing
                                                                                                              Criteria
-------------------------------------------------------------------------------------------------------------------------------
       Reference                                        Criteria
-------------------------------------------------------------------------------------------------------------------------------
                    Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds
                    are analyzed, in accordance with the obligor's mortgage loan documents, on at least an
                    annual basis, or such other period specified in the transaction agreements; (B) interest on
                    such funds is paid, or credited, to obligors in accordance with applicable mortgage
1122(d)(4)(x)       loan documents and state laws; and (C) such funds are returned to the obligor within
                    30 calendar days of full repayment of the related mortgage loans, or such other number of
                    days specified in the transaction agreements.
--------------------                                                                                              -------------
                    Payments made on behalf of an obligor (such as tax or insurance payments) are made on or
                    before the related penalty or expiration dates, as indicated on the appropriate bills or
                    notices for such payments, provided that such support has been received by the servicer at
1122(d)(4)(xi)      least 30 calendar days prior to these dates, or such other number of days specified in the
                    transaction agreements.
--------------------                                                                                              -------------
                    Any late payment penalties in connection with any payment to be made on behalf of an
                    obligor are paid from the servicer's funds and not charged to
1122(d)(4)(xii)     the obligor, unless the late payment was due to the obligor's error or
                    omission.
--------------------                                                                                              -------------
                    Disbursements made on behalf of an obligor are posted within two business
1122(d)(4)(xiii)    days to the obligor's records maintained by the servicer, or such other number of days
                    specified in the transaction agreements.
--------------------                                                                                              -------------
1122(d)(4)(xiv)     Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in
                    accordance with the transaction agreements.
--------------------                                                                                              -------------
                    Any external enhancement or other support, identified in Item 1114(a)(1)
1122(d)(4)(xv)      through (3) or Item 1115 of Regulation AB, is maintained as set forth in the
                    transaction agreements.
-------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                    [NAME OF SERVICER] [NAME OF MASTER
                                    SERVICER] [NAME OF TRUST
                                    ADMINISTRATOR] [NAME OF INDENTURE
                                    TRUSTEE] [NAME OF SUBSERVICER]

                                    Date: _________________________

                                    By:  ________________________________
                                    Name:
                                    Title:

                                           I-3
<PAGE>

                                 EXHIBIT J
                             Item 1119 Parties
                            ASSET-BACKED NOTES,
                               Series 200_-__

                                       [Date]

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Party                       Contact Information
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                                      J-1

<PAGE>

                                 EXHIBIT K

                  [FORM OF] [CLASS AF-5B] INSURANCE POLICY

                       [On file with the Custodian.]

                                      K-1

<PAGE>

                                 EXHIBIT L

                  [FORM OF] SUBSEQUENT TRANSFER AGREEMENT

                       [On file with the Custodian.]

                                      L-1

<PAGE>

                                 EXHIBIT M

                   [FORM OF] SARBANES-OXLEY CERTIFICATION
                      (Replacement of Master Servicer)

                       [On file with the Custodian.]

                                      L-1

<PAGE>

                                 SCHEDULE A
                                 ----------
                           MORTGAGE LOAN SCHEDULE

                       [On file with the Custodian.]

                                 Schedule A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]